March 18, 2016 Revenues Jan Dec (MUS$) 2014 2015 -12% 496.4 - PowerPoint PPT Presentation

March 18, 2016

Revenues Jan – Dec (MUS$) 2014 2015 -12% 496.4 439.2 -6% -21% 278.5 262.8 184.4 145.8 -8% 33.5 30.6 Fishing Salmon Other Seafood TOTAL Revenues affected by slower catches and weak salar prices 2

Annual Revenues - Fishing 2014 2015 Revenues (US$ million) Volume (Ton) Average price (US$/Ton) 92 YTD Q4 2014 51,988 1,763 69 YTD Q4 2015 38,620 1,780 -25% 1,960 26 YTD Q4 2014 13,332 1,913 11 -58% YTD Q4 2015 5,729 Impact of lower catches (-29%) and lower yields of oil (-34%) due to El Niño 496.4 MUS$ -21% 439.2 278.5 262.8 184.4 145.8 33.5 30.6 Fishing Salmon Other Seafood TOTAL 3

Annual Revenues - Salmon Atlantic Salmon 2014 2015 Volume (Ton WFE) Average price (US$/Kg WFE) Revenues (US$ million) YTD Q4 2014 36,814 5.6 206 YTD Q4 2015 187 42,195 4.4 +15% -21% -9% • 2015 without trout vs US$ 12 mill. in 2014 • US$ 10 mill. of lower revenues for services to third parties • Harversts: 43 thousand tons in 2015 vs 39 thousand in 2014 -6% 496.4 MUS$ 439.2 278.5 262.8 184.4 145.8 33.5 30.6 Fishing Salmon Other Seafood TOTAL 4

Annual Revenues – Other Seafood Mussels 2014 2015 Revenues (US$ million) Volume (Ton) Average price (US$/Kg) YTD Q4 2014 8,422 23 2.7 YTD Q4 2015 8,877 2.7 24 +5% -1% +4% 28 thousand tons of processed raw material and production record in 2015 of 9,500 tons. (+10%) Higher stocks at the end of 2015 • Temporary block to the Russian market (fixed at the end of May) Other seafood in the north Scallops: Sales volume of 127 ton in 2015 (as of October) vs 254 ton in 2014 (-50%) 10% price drop Abalone: 2015 revenue of US $ 3.2 million (-20% vs 2014). 19% price drop 5

Results Jan – Dec (MUS$) 2014 2015 EBITDA (before Fair Value) 66.1 33.1 31.5 21.6 15.7 6.7 1.6 -0.8 Fishing Salmon Other Seafood TOTAL Profit/Loss 11.1 6.5 6.2 1.4 -1.5 -3.6 -6.8 -9.0 Fishing Salmon Other Seafood TOTAL 6

Development: Last 4 mobile quarters EBITDA (MUS$) Revenues (MUS$) X% EBITDA/Revenues 496 489 485 483 462 459 453 13.3% 12.4% 12.0% 439 439 11.0% 66.1 10.2% 60.0 10.0% 58.7 53.0 47.1 5.6% 45.1 4.9% 2.7% 25.5 21.6 11.9 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 7

Driver: Pelagic Fishing Sardine: Lower 2015 fishing quota (-18%) and early bans due to lower fish size. J. Macker.: Late catches, but recover as of Q3 2015. Anchovy: Lower 2015 industrial fishing quota (-14%) and late beginning, but with more purchases to third parties; weak Q4 due to El Niño. 271 249 Jack Mackerel 202 46 44 23 Sardine Anchovy 19 42 96 31 75 38 3 73 16 38 29 4 23 19 129 130 8 43 40 87 4 2 28 27 22 20 18 18 2014 2015 Quota 2014 2015 2014 2015 2014 2015 2014 2015 2016 Q1 Q2 Q3 Q4 Year Thousands of tons 2016 Quota: Considers sardine quota expansion estimation. In the case of the sardine, and anchovy, catches include own and third parties. 8 Company’s estimations are based on current information, which could change due to deviations

Driver: Fishmeal Price Prices hit a peak in Q1 2015, and fell after normalization of the Peruvian quota for the 1 st season and then rise again due to a lower quota for the 2 nd and due to El Niño risks. US$ / ton (Camanchaca) Peru’s Fishing Quota: May to Jul: Nov to Jan: May to Jul: Nov to Jan: May to Jul: Nov to Jan: 2.6 MM Ton 2.5 M Ton 2.5 MM Ton 1.1 M Ton 2 M Ton No quota (98% catched) (68% catched) (99% catched) Prime Fishmeal Price (Chile) 2,247 IFFO Week 8 2016 2,013 1,844 1,850 1,813 1,803 1,760 1,613 1,532 1,567 1,635 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 1,763 1,605 1,780 9

Higher Stocks of mussels and abalone. Normal fishing stocks (valued at cost) December 31, 2015 December 31, 2014 Months of VOLUME ThUS$ VOLUME ThUS$ Production SALMON Atlantic Salmon (Tons) 7,458 3.4 42,198 6,021 37,889 Salmon Total 42,198 37,889 FISHING Fishmeal (Tons) 5,793 1.3 6,937 4,879 5,492 Fish oil (Tons) 846 0.8 1,896 692 984 1,185 0.9 694 1,418 1,058 Frozen Jack Mackerel (Tons) Canned Fish (thousands of boxes) 43 0.5 664 169 3,211 Langostino Lobster (Tons) 225 2.9 2,824 382 4,789 Fishing Total 13,015 15,534 OTHER SEAFOOD Mussels (Tons) 2,280 3.2 5,304 1,230 3,026 Abalone (Tons) 86 4.9 1,969 117 2,915 19 1.0 157 80 1,108 Scallops (Tons) Other Seaafood Total (Tons) 7,430 7,049 COMPANY TOTAL 62,643 60,472 10

Driver: Favorable Salmon Sanitary Conditions 2014 2015 Mortality – Atlantic Salmon % in closed cycle 14.2% 12.9% 11.7% 10.9% 10.2% 9.8% 9.8% 9.0% 8.7% 5.4% Q1 Q2 Q3 Q4 Year Q4 2015: Increased SRS and sea lice. Economic Feed Conversion Rate – Atlantic Salmon 1.55 1.44 1.42 1.41 1.36 1.35 1.35 1.35 1.34 1.30 1.00 Q1 Q2 Q3 Q4 Year 11

Algae Bloom in Chile • Mainly affects neighborhoods 1, 2, 3, 6, 7 and 10 (10 th Region) • Mortality of approx. 24 million fish, equivalent to more than 39 thousand tons of biomass • Expected Chilean supply 2016: drop ~20% • Expected Global supply 2016: drop ~6% • Estimated impacts for Camanchaca: • 90% mortality in 3 sites (2.6 million fish) • 2016 lower harvests of 12,500 to 13,000 tons WFE (30% of annual production) • Estimated Direct Impact after insurances: US$ 5 million • No impact on 2017 harvests Company’s estimations are based on current information, which could change due to deviations 12

Cost reduction Atlantic Salmon - Cost ex-cage liveweight (US$ / kg) 3.81 3.72 3.35 3.16 Others 3.07 3.08 3.02 2.95 2.92 Medicine Labor Smolt OPEX Feed Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 3.01 3.41 Improvements in cost mainly for better diets and feeding techniques, coupled with better processes in freshwater. 13

Driver: Atlantic Salmon Price Drop in prices due to devaluations of currencies against the USD 2014 2015 US$ / kg WFE (Salmones Camanchaca) Harvest (Thousands of Tons) Δ -22% Δ -20% Δ -19% 6.0 Δ -21% 5.8 5.6 Δ -22% 5.4 5.2 4.8 4.5 4.4 4.4 4.1 14.3 15.6 11.6 43.3 11.2 10.8 39.3 9.2 5.0 4.9 .500 Q1 Q2 Q3 Q4 Year 2016 Harvests (E): 30 thousand tons WFE 14 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$/Lb 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 mar-16 jan-04 may-04 sep-04 jan-05 may-05 sep-05 jan-06 may-06 sep-06 jan-07 may-07 sep-07 jan-08 may-08 sep-08 jan-09 may-09 sep-09 jan-10 may-10 sep-10 jan-11 may-11 sep-11 jan-12 may-12 sep-12 jan-13 may-13 sep-13 jan-14 may-14 sep-14 jan-15 may-15 sep-15 jan-16 Market prices under its trend line with impact in 2015 of ~US$ 50 million compared to 2014 price and ~US$ 30 million compared to the trend line price. * Trim D = ~1,2 Trim C 15

Hike in price Prices every week: Chilean salmon (UB trim D 3-4 lb) Source: ABG Sundal Collier (03/17/2016) Price rises +US$ 1.2 / lb in the last weeks 16

Camanchaca’s Atlantic Salmon RMP Camanchaca vs Market (Salmonex, January 2012 = Base 100) Urner Barry Salmonex Camanchaca 180 160 140 117 120 100 100 100 89 88 80 74 60 In 2015, Camanchaca’s prices remain above the UBarry and Salmonex indexes (+96 and +76 cents respectively). 17

Development of Atlantic Salmon Margins Despite significant improvements in costs, tight margins due to price situation 11th region sites 10th region sites Raw Material Cost and RMP (Raw Material Return) Leptepu Base 100 = RMP January 2013 Porcelana Leptepu Loncochalgua Licha Puelche Benjamín Cahuelmó Lamalec 210 Pilpilehue Mañihueico Tahuenahuec Ahoní Contao |-----Ahoní-----| 190 Izaza Cabudahue Cahuelmó Izaza Fiordo Largo 170 Islotes |--Pilpilehue--| Edwards 150 |---Cabudahue---| 130 |F.Largo| 110 |-------P.Arg.------| 90 70 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 RM cost before processing RMP 18

Development of Atlantic Salmon Margins EBIT (US$/Kg WFE) before Fair Value 1.4 1.2 1.0 0.8 0.6 0.4 0.2 0.0 -0.2 -0.4 -0.53 -0.6 -0.8 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 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

Driver: Diesel Price Drop from Q4 2014 2014 2015 US$ / lt 0.84 0.84 0.82 0.81 0.70 0.54 0.54 0.50 0.49 0.43 0.00 Q1 Q2 Q3 Q4 Year At constant volume, fuel cost save in 2015 of US$ 6.2 million. 20