EMPRESAS AQUACHILE S.A. as of September 30th, 2017 November 28th, - PowerPoint PPT Presentation

Q3 2017 RESULTS PRESENTATION EMPRESAS AQUACHILE S.A. as of September 30th, 2017 November 28th, 2017

Highlights Financial Review Production ’ s Performance Sales Outlook

Highlights ♦ Atlantic Salmon ’ s price at similar levels compared to Q3 2016 but 40% up if comparing on a YoY basis. ♦ Trout ’ s price rose 7% compared to Q3 2016 and 28% if comparing whole cumulative periods (2017 YTD vs. 2016 YTD). ♦ Better sale prices and lower costs allowed an increase of 100% in the Operational Margin and of 203% in the EBITDA on a QoQ basis. ♦ Five quarters in a row with positive EBIT, EBITDA and Net Income ♦ Net Financial Debt presents a reduction of US$ 25,7 millions compared to December of 2016. ♦ Recovery of the Company ’ s productive capacity in progress. Pág. Nº3

Highlights Financial Review Production’s Performance Sales Outlook

Consolidated P&L ∆QoQ ∆YoY Figures in thousands US$ Q3-17 Q3-16 2017 YTD 2016 YTD 2016 Revenues 106.283 121.315 -12% 423.889 403.580 +5% 618.628 Cost of Goods Sold (1) -84.213 -110.267 -24% -312.060 -389.463 -20% -535.395 Operational Margin 22.070 11.048 +100% 111.829 14.117 +692% 83.233 Other costs and operating expenses (2) -6.629 -5.951 +11% -19.949 -20.427 -2% -26.999 EBITDA pre FV adj. 15.441 5.096 +203% 91.880 -6.310 - 56.235 % EBITDA / Revenues 14,5% 4,2% 21,7% -1,6% 9,1% Adjustment by depreciation and amortization -8.354 -6.567 +27% -24.731 -24.104 +3% -32.748 EBIT pre FV adj. 7.087 -1.470 - 67.149 -30.414 - 23.487 Net efect of biomass Fair Value Adj. (3) 10.043 23.402 -57% -4.416 57.731 - 59.916 EBIT post FV adj. 17.130 21.932 -22% 62.733 27.318 +130% 83.402 Financial expenses -4.579 -5.188 -12% -13.923 -13.262 +5% -18.957 Financial Income 226 147 +53% 752 451 +67% 664 Other non operational income/expenses (4) 903 1.695 -47% -395 -44.265 +99% -46.480 Income taxes -3.270 -9.700 -66% -15.454 1.082 - -11.733 Net Income 10.410 8.886 +17% 33.713 -28.676 - 6.896 % Revenues 9,8% 7,3% 8,0% -7,1% 1,1% (1) “Cost of Goods Sold” minus the “Adjustment by depreciation and amortization” (2) “Costs of Distribution” plus “Administration Expenses” (3) “Fair Value of harvested and sold biologic assets” plus “Fair Value of biologic assets of the exercise” (4) “Other Income” minus “Other Expenses” plus “Exchange Rate differences” plus “Result of units adjustments” Pág. Nº5

Quarterly Financial Ratios Evolution Sales (US$ millions) EBITDA* (US$ millions) 63 226 224 50 215 202 197 192 39 193 191 151 159 172 146 26 158 158 25 152 22 121 19 15 135 15 124 121 106 5 5 2 100 96 0 -1 56 -2 -10 -12 -12 -18 -21 -17 -19 -26 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 EBIT** (US$ / Kg WFE) Net Income (US$ millions) 36 1,75 1,73 26 1,56 18 1,03 0,82 10 0,74 9 11 0,52 5 0,40 0,34 2 0,01 -2 -3 -0,08 -2 -5 -5 -0,24 -0,22 -0,28 -8 -0,35 -10 -12 -0,63 -0,69 -17 -17 -0,92 -0,89 -1,13 -21 -1,23 -1,25 -1,48 -30 -30 -28 -36 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Q1-12 Q2-12 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 Pág. Nº6 * EBITDA & EBIT Pre Fair Value ** EBIT of Salmons and Trout

Financial Summary by Specie Q3-2017 2017 YTD Q3 Sales (US$) Atlantic Salmon Volume (Ton WFE): 7.682 28.971 Sales (Th. US$): 47.730 200.259 62% EBIT (Th. US$): 4.216 37.159 EBIT / Kg (US$/Kg WFE): 0,55 1,28 Volume (Ton WFE): 2.725 8.103 Trout Sales (Th. US$): 18.200 55.485 18% EBIT (Th. US$): 3.558 17.077 EBIT / Kg (US$/Kg WFE): 1,31 2,11 Pacific Salmon Volume (Ton WFE): 31 9.765 2% Sales (Th. US$): 186 48.246 EBIT (Th. US$): -89 14.395 EBIT / Kg WFE (US$/Kg WFE): -2,87 1,47 Volume (Ton WFE): 4.050 14.352 14% Tilapia Sales (Th. US$): 10.553 35.744 EBIT (Th. US$): -599 -1.482 EBIT / Kg WFE (US$/Kg WFE): -0,15 -0,10 Pág. Nº7

Balance Sheet ∆ YTD Sep 17 Dec 16 Figures in Th. US$ Total Assets 790,730 759,552 +0.5% Cash and cash equivalents 42,577 36,993 +93.7% Accounts receivables 49,093 82,383 -48.5% Biological assets - Inventory 301,844 257,327 -2.8% PP&A 188,586 179,413 +5.3% Others Assets 208,630 203,435 +3.2% Total Liabilities 425,088 430,972 +5.3% Financial Debt 254,609 274,648 -8.7% Accounts payable 114,902 124,379 -13.8% Others Liabilities 55,576 31,944 +56.5% Equity 365,642 328,580 +8.1% Total Equity and Liabilities 790,730 759,552 +0.5% ♦ Total Assets grew 4,1% between December 2016 and September 2017, mostly because of a higher collection of sales during the period and also due to a bigger volume of growing biomass. Adding to that, the consolidation of Salmones Chaicas also had an effect on the asset base ’ s growth. ♦ Total Liabilities show a decrease of 1,4%, pushed by the reduction of Financial Debt and the lower volume of Accounts Payables. Pág. Nº8

Cash Flow Summary (Thousands of US$) ∆ YoY 2017 YTD 2016 Operating activities 55,612 58,522 -5% ♦ The Operation Activities show an increase of MMUS$ 45 if Investment activities -11,110 8,532 - compared to Q3 2016 Financing activities -40,180 -39,369 +2% Net change in cash 5,584 27,547 -80% ♦ Cash at the end of the period 42,577 36,993 +15% The disbursement of MMUS$ 11,1 for Investment Activities is made up by 31% destined to the Cash variation (Figures in ThUS$) acquisition of Salmones Chaicas S.A. and by 69% related to +55,662 other investments in Fixed Assets. -11,110 ♦ On the Financing Activities side, as of 30 th of September 2017, 42,577 36,993 the Company registers two -40,230 amortizations of MMUS$ 15 each related to the Syndicated Debt . 31 Dec 2016 Operating Investment Financing 30 Sep 2017 Pág. Nº9

Highlights Financial Review Production ’ s Performance Sales Outlook

Summary by Specie: Atlantic Salmon Harvest weight evolution (Kg WFE) Harvests (Thousand tons. WFE) 21,4 20,1 6,0 18,1 17,6 16,4 16,5 16,1 15,9 15,2 14,7 13,6 5,35 4,5 13,8 11,8 10,1 10,0 3,0 7,6 7,5 5,9 5,4 1,5 0,0 mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 FCRe* Monthly mortality (%) Algae Bloom Quarterly 5% 2,27 4% 1,73 1,73 1,59 1,57 1,56 1,53 1,53 1,51 3% 1,49 1,46 1,42 1,39 1,43 2% 1% 0,75% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1-17 Q2-17 Q3-17 mar-12 jun-12 sept-12 dic-12 mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17 * Economic Feed Convertion Ratio Pág. Nº11

FCRe* Harvests (Thousand tons. WFE) Summary by Specie: Trout 1,35 2006 11,9 * Economic Feed Convertion Ratio Q1-13 5,3 Q2-13 1,48 2007 5,8 Q3-13 1,88 2009 Q4-13 5,1 11,1 Q1-14 1,53 2010 5,8 Q2-14 1,53 2011 4,7 Q3-14 Q4-14 4,2 1,53 2012 4,6 Q1-15 1,75 5,1 Q2-15 2013 5,7 Q3-15 1,50 2014 Q4-15 4,0 4,5 1,53 Q1-16 2015 0,3 Q2-16 1,32 2016 Q3-16 1,9 3,4 Quarterly Q4-16 1,54 Q1-17 3,6 Q1-17 1,38 Q2-17 1,9 Q2-17 3,3 Q3-17 1,29 Q3-17 0% 2% 4% 6% 8% 0,0 1,5 3,0 4,5 Monthly mortality (%) Harvest weight evolution (Kg WFE) mar-12 mar-13 jun-12 jun-13 sept-12 sept-13 dic-12 dic-13 mar-13 jun-13 mar-14 sept-13 jun-14 dic-13 sept-14 mar-14 dic-14 jun-14 mar-15 sept-14 jun-15 dic-14 mar-15 sept-15 jun-15 dic-15 sept-15 mar-16 dic-15 jun-16 mar-16 sept-16 jun-16 sept-16 dic-16 dic-16 mar-17 Pág. Nº12 mar-17 jun-17 jun-17 sept-17 3,1 sept-17 0,82%

Summary by Specie: Pacific Salmon Harvests (Thousand tons. WFE) Harvest weight evolution (Kg WFE) Temp 12-13 Temp 14-15 Temp 15-16 Temp 16-17 Temp 13-14 20,1 4,5 17,9 14,5 3,0 11,1 12,2 11,6 9,4 6,6 6,4 1,20 1,5 4,7 0,6 0,6 0,03 0,2 0,0 mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17 Q3-12 Q4-12 Q1-13 Q2-13 Q3-13 Q4-13 Q1-14 Q2-14 Q3-14 Q4-14 Q1-15 Q2-15 Q3-15 Q4-15 Q1-16 Q2-16 Q3-16 Q4-16 Q1-17 Q2-17 Q3-17 FCRe* Monthly mortality (%) Quarterly 6% 1,42 1,31 1,32 1,32 1,32 1,31 1,30 1,28 1,25 1,23 1,23 1,20 1,20 1,05 4% 1,56% 2% 0% mar-12 jun-12 sept-12 dic-12 mar-13 jun-13 sept-13 dic-13 mar-14 jun-14 sept-14 dic-14 mar-15 jun-15 sept-15 dic-15 mar-16 jun-16 sept-16 dic-16 mar-17 jun-17 sept-17 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Q1-17 Q2-17 Q3-17 * Economic Feed Convertion Ratio Pág. Nº13

Highlights Financial Review Production ’ s Performance Sales Outlook