World’s Largest Copper Producer Codelco in $1.038 Billion Sale of Common Shares in Chilean Power Company

February 1, 2011

Cleary Gottlieb represented long-standing client Corporación Nacional del Cobre de Chile (Codelco), the world’s largest copper producer and a Chilean state-owned company, in the sale of its entire 40% interest, held directly and indirectly by Codelco, in E.CL, formerly Edelnor. Codelco sold 424,251,415 common shares at a price to the public of 1,200 Chilean pesos per share. The offering was made to international investors in reliance on Rule 144A and Regulation S. The offering launched on January 14, priced on January 27 and closed on February 1 pursuant to a special auction conducted on the Santiago Stock Exchange.

E.CL is the largest energy generation company in northern Chile. GDF Suez, a French-based group active in the fields of electricity generation and distribution, natural gas and renewable energy, through Suez Energy Andino and its subsidiaries, controls 52.4% of E.CL’s common stock. E.CL did not receive any proceeds from the offering.