June 2, 2016 All figures in millions of dollars Revenues: Jan Mar - PowerPoint PPT Presentation

June 2, 2016

All figures in millions of dollars Revenues: Jan – Mar +7% 2015 2016 110.9 103.8 +8% 82.8 76.9 +7% -1% 20.7 19.4 7.4 7.3 Fishing Salmon Other Seafood TOTAL 2

Results Jan – Mar 2015 2016 EBITDA (before Fair Value) 8.2 4.1 0.3 -0.2 -1.2 -4.3 -6.0 -7.3 Fishing Salmon Other Seafood TOTAL Profit/Loss 4.3 1.4 -0.3 -0.5 -2.7 -3.0 -3.6 -7.0 Fishing Salmon Other Seafood TOTAL 3

Development: Last 4 mobile quarters EBITDA Revenues X% EBITDA/Revenues 496 489 485 483 462 459 453 446 13.3% 439 12.4% 12.0% 11.0% 66.1 60.0 10.2% 58.7 10.0% 53.0 47.1 45.1 5.6% 4.9% 25.5 2.3% 21.6 10.1 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 4

Pelagic Fishing Anchovy: No catches due to impact of El Niño. Thousands of tons 95 27 22 21 20 18 87 1 2015 2016 2015 2016 E 2015 2016 2015 2016 2015 2016 E Q1 Q2 Q3 Q4 Year Anchovy catches include own and third parties. 5 Company’s estimations are based on current information, which could change due to deviations

Pelagic Fishing J. Macker.: Favorable fishing conditions (56% of the annual quota catched in 1Q 2016). Higher catches vs Q1 2015, but low presence in the 8 th region (third parties). Sardine: Thousands of tons 115 Jack Mackerel 89 Sardine 42 31 23 44 4 73 19 29 23 45 22 19 8 7 2 2015 2016 2015 2016 E 2015 2016 2015 2016 2015 2016 E Q1 Q2 Q3 Q4 Year Sardine catches include own and third parties. 6 Company’s estimations are based on current information, which could change due to deviations

Fishmeal Price Prices hit a peak in Q1 2015, and fell after normalization of the Peruvian quotas. Current prices show recovery due to the effects of El Niño and expectations of lower quota for Peru (under 2 M ton). US$ / ton (Camanchaca) Peru’s Fishing Quota (North-Centre Region): Prime May to Jul: Nov to Jan: May to Jul: Nov to Jan: May to Jul: Nov to Jan: Fishmeal 2.6 MM Ton 2.5 M Ton 2.5 MM Ton 1.1 M Ton 2 M Ton No quota Price (Chile) (98% catched) (68% catched) (99% catched) IFFO Week 20 2,247 2016 2,013 1,850 1,844 1,813 1,803 1,825 1,760 1,613 1,567 1,570 1,532 1,492 1,398 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 1,763 1,605 1,780 7

China: port off-takes and stocks Stocks in China bellow the average and higher port off-takes to final consumers Source: IFFO 8

Stocks (valued at cost) March 31, 2016 December 31, 2015 March 31, 2015 Months of VOLUME ThUS$ VOLUME ThUS$ ThUS$ Production SALMON Atlantic Salmon (Tons) 4,864 2.2 34,089 7,458 42,198 32,940 Salmon Total 34,089 42,198 32,940 FISHING 7,873 1.8 8,136 5,793 6,937 12,454 Fishmeal (Tons) Fish oil (Tons) 1,987 1.9 2,314 846 1,896 1,534 Frozen Jack Mackerel (Tons) 378 0.3 222 1,185 694 14 Canned Fish (thousands of boxes) 632 8.0 6,373 43 664 2,100 Langostino Lobster (Tons) 85 1.1 1,308 225 2,824 3,880 Fishing Total 18,353 13,015 19,982 OTHER SEAFOOD 2,521 3.5 5,337 2,280 5,304 3,884 Mussels (Tons) Abalone (Tons) 82 4.6 1,855 86 1,969 3,711 Scallops (Tons) 19 1.0 147 19 157 857 Other Seaafood Total (Tons) 7,339 7,430 8,452 COMPANY TOTAL 59,781 62,643 61,374 Rise in canned fish due to productive focus and decrease in salmon due to higher sales with less production 9

Algae Bloom in Chile: Feb-Mar 2016 • Industry impact: neighborhoods 1, 2, 3, 6, 7 and 10 (10th region) • Mortality of ~25 million fish • 45 sites affected • Estimated impacts for Camanchaca: • 93% mortality in 3 sites (~2.7 million fish) • Estimated Direct Impact after insurances: US$ 5 – 7 million • Camanchaca adjustments due to lower activity: 2015 2016 E Hatcheries Units 5 3 Harvests Th Ton WFE 43 30 Fresh water sites Units 19 16 Harvested sea sites Units 11 7 Salmon staff 2015 3T 2016 E Puerto Montt (Harvest) 546 363 Tomé (value added plant) 988 520 TOTAL 1,534 883 Company’s estimations are based on current information, which could change due to deviations 10

Atlantic Salmon Sanitary Conditions (closed cycle) Mortality 2015 2016 64.3% 43.0% 20.0% 14.2% 12.9% 10.9% 40% 8.7% 5.4% 15% Q1 Q2 Q3 Q4 Year Economic Feed Conversion Rate 2.88 1.90 1.60 1.36 1.35 1.35 1.35 1.30 1.80 1.40 - Q1 Q2 Q3 Q4 Year Company’s estimations are based on current information, which could change due to deviations 11

Cost reduction Atlantic Salmon - Cost ex-cage liveweight (US$ / kg) 3.81 3.72 3.66 3.35 Others 3.07 3.08 3.02 2.95 2.92 Medicine Labor Smolt OPEX Feed Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 3.01 3.41 Impacts in Q4-15 and Q1-16 due to SRS and lower oxygen in the 10 th region since October 2015. 12

Atlantic Salmon Price Prices upwards due to decreasing global supply. 2016 lower harvests due to algae bloom. Price (US$ / Kg WFE) Harvest (Thousands of Tons) 2016 2015 5.5 5.2 4.8 4.5 4.4 4.4 Δ +22% 4.2 Δ +18% 4.1 Δ -12% 43 15.6 30 11.6 11.2 9.1 6.5 4.9 E E Q1 Q2 Q3 Q4 Year 13 Company’s estimations are based on current information, which could change due to deviations

Atlantic Salmon Price: Long-term trend Urner Barry Equivalent Trim C 2-3 *- US$/Lb 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 may-16 jan-04 jul-04 jan-05 jul-05 jan-06 jul-06 jan-07 jul-07 jan-08 jul-08 jan-09 jul-09 jan-10 jul-10 jan-11 jul-11 jan-12 jul-12 jan-13 jul-13 jan-14 jul-14 jan-15 jul-15 jan-16 Market prices on its trend line due to falling global supply. Effect on Camanchaca’s prices: starting from the 2nd quarter. * Equivalent Trim C 14

Hike in price Prices every week: Chilean salmon (UB trim D 3-4 lb) UB price hike to levels of US$ 5.95 /lb Source: ABG Sundal Collier (05/16/2016) 15

Camanchaca’s Atlantic Salmon RMP Camanchaca vs Market (Salmonex, January 2013 = Base 100) Urner Barry Salmonex Camanchaca 180 160 140 120 100 80 60 ene-13 abr-13 jul-13 oct-13 ene-14 abr-14 jul-14 oct-14 ene-15 abr-15 jul-15 oct-15 ene-16 abr-16 March 2016: Camanchaca prices below UBarry and Salmonex indexes (-86 and -55 cents respectively) due to sharp rise in the spot price. Q1 2016: Tie with Salmonex and 8 cents below UBarry. 16

Price GAP 2016 By Country Average price per Lb - Miami - Fillet Trim D 2-4 (Norway Price = Base 100) 120 100 83 80 63 60 40 20 0 Jan Feb Mar Apr May Chile Norway Canada Price GAP reduction in the last 5 months 17

Development of Atlantic Salmon Margins Negative margin in Q1 2016, but reversed in April Leptepu 11th region sites 10th region sites Raw Material Cost and RMP (Raw Material Return) Cahuelmó Base 100 = RMP January 2013 Leptepu Porcelana |-----Ahoní-----| Loncochalgua Licha Benjamín Puelche Johnson 2 210 Lamalec Pilpilehue Tahuenahuec |--Pilpilehue--| Mañihueico |-Forsyth-| Ahoní 190 Contao Izaza |---Cabudahue---| Cabudahue Izaza Porc. Cahuelmó 170 Fiordo Largo |F.Largo| Loncoch. Islotes Edwards |-Marilmó-| 150 |-------P.Arg.------| 130 110 90 70 Jun-16 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 RM cost before processing RMP 18 Company’s estimations are based on current information, which could change due to deviations

Development of Atlantic Salmon Margins EBIT (US$/Kg WFE) before Fair Value 1.0 0.87 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.6 -0.72 -0.8 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 0.64 -0.10 Atlantic Salmon Business includes other Revenues and Costs due to services and sales to third parties, and intercompany salmon sales to our offices abroad. 19

Benchmarking Jan – Mar 2016 Salmon Producers with Public Information Gross Margin (before FV) x Revenues -16 -14 -12 -10 -8 -6 -4 -2 0 0% E5 -2% Camanchaca -4% E4 -6% E2 E1 -8% -10% -12% -14% -16% E6 E3 -18% -20% Gross Margin (before FV) / Revenues 20

Crisis in Chiloé Presence of red tide (Alexandrium Catenella) in the 10 th region causes social conflicts in Chiloé SALMON • Stoppage of primary process plants (17 days): • Calbuco: 10th region harvest processing plant • Quellón: 11th region harvest processing plant • Detention of harvests, production and fresh salmon sales • Impact of 8-day supply for the US market MUSSELS • 1 of the 3 farming sites is already open • Impact on mussel plant in Rauco, where operations will be resumed with third parties raw material and after that, with our own raw material Estimated impacts for Camanchaca: US$ 1.3 - 1.6 million 21 Company’s estimations are based on current information, which could change due to deviations

Diesel Price: favorable effects on costs US$/lt 2015 2016 0.54 0.54 0.50 0.49 -44% 0.43 0.40 0.40 0.30 0.35 0.35 Q1 Q2 Q3 Q4 Year Q1 2016: A constant volume, fuel savings of US$ 1.1 million. 22 Company’s estimations are based on current information, which could change due to deviations