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EMPRESAS AQUACHILE

Corporate Presentation March 2012

1


1

Overview

2

AquaChile

3

Financial Review

4

Sustainability and Stakeholders

5

New Developments

2


Empresas AquaChile at a glance.

AquaChile is a Chilean company that produces and commercializes Atlantic Salmon, Pacific Salmon, Sea Trout and Tilapia.

It owns inland farms in Costa Rica and the only three farming licenses granted in the Bayano Lake in Panama to produce Tilapia. It has more than

It has operations in Chile, Costa Rica, Panama and a commercial office in the United States.

50 400 customers in countries. Chilean Salmon Exports Ranking as of December 2011

It is the largest producer in Chile of Salmon and Sea Trout. It owns 149 sea licenses which provide a solid basis for its growth.

Source: Infotrade

3 /46


Empresas AquaChile at a glance.

2011 physical sales:

Figures as of December 2011:

65,089

17,240

WFE tons.

WFE tons.

Sales MUSD

Net Income MUSD

501.2

54.9

EBITDA* MUSD

Net Interest Bearing Debt MUSD

95.4

82.8

*Before fair value biomass adjustment

4 /46


Empresas AquaChile at a glance.

Chilean Salmon Companies by Market Cap (MUSD)*

Public since

May 19th, 2011 Market capitalization of

USD 970 million

Source: Bloomberg

as of March 13th, 2012 Main Shareholders:

Shareholder’s Structure**

Puchi and Fischer Families 2011 average daily trading volume

USD 2,0 million Source: The Company

*As of March 13th, 2012 ** As of December 31th, 2011

5 /46


25 years of succesful track record. Annual Sales InBeginnings MUSD

• 25 years of history • Merger with Salmones Pacífico Sur • Track record forming strategic alliances • Sustained growth

2006 – 2007 Period

• 3rd largest world producer • Global presence and reputation • IPO and acquisition plans

Crisis

• ISA virus effects • Financial restructuring • New legal framework focused in long term sustainability • Advantages of diversification

Today

• • • •

Diversified business model Vertical integration High growth potential Industry consolidation capacity

Revenues In MUSD

Source: The Company

6 /46


Focus in

diversification for success. Atlantic Salmon

Sales: MUSD 76.9 WFE Tons Sales: 14,251 EBIT: MUSD 14.6 EBIT/Kg WFE USD 1.03

19%

Sea Trout

Sales: MUSD 136.5 WFE Tons Sales: 25,366 EBIT: MUSD 29.8 EBIT/Kg WFE USD 1.18

39%

Pacific Salmon

% of Consolidated EBIT

Sales: MUSD 107.5 WFE Tons Sales: 25,473 EBIT: MUSD 28.8 EBIT/Kg WFE USD 1.13

38%

Tilapia

Main Figures*

Sales MUSD 47.5 WFE Tons Sales: 17,240 EBIT: MUSD 2.9 EBIT/Kg WFE USD 0.17

4%

* Figures in MUSD as of December 31, 2011

% of Consolidated Sales

Geographic Diversification

15%

X and XI Region

27%

X and XI Region

21%

X and XI Region

9%

Bayano Lake Guanacaste

Source: The Company

7 /46


1

Overview

2

AquaChile

3

Financial Review

4

Sustainability and Stakeholders

5

New Developments

8


Organic growth plan Supported by strong market fundamentals Sowing In million of smolts

13

12 11

11

16

16

13

13

16

16

15 9

9

13

17 16

9 3

11

2 2009

2010

2011

2012e Atlantic Salmon

Sales Volume1

22

25

28

28

2013e

2014e

2015e

2016e

Sea Trout

Pacific Salmon

Source: The Company

CAGR 20%

In thousands of WFE tons per species

202 179

151 110

92 18 24 21

72 19 23

82

24

17 25

27 37

29

30 1

25 14

2009

2010

2011

Atlantic Salmon

27 29

36 31

32

32

215 41 32

39

39

95

102

2015e

2016e

39

39 55

77

22

2012e

Sea Trout

(1) For estimates, we assume that tons harvested equal sales volume

2013e

Pacific Salmon

2014e

Tilapia

Source: The Company

9 /46


AquaChile: Strong organic growth plan based on unique assets

Sea Water: High quality and diversified license portfolio Fresh Water: Flexibility and excess installed capacity Processing: Installed capacity to absorb growth Vertical integration throughout the value chain Global presence and reputation

10 /46


Sea water: Unique, diversified and large license portfolio.

One of the largest sea licenses base and the largest presence within sanitary areas in the Chilean industry.

149 Sea licenses distributed in

29 Sanitary Areas -Geographic distribution -Organic growth capacity -Operational and productive continuity -Continuous supply to clients -Species diversification -Natural, climate and sanitary risk diversification

11 /46


Sea water: Unique, diversified and large license portfolio.

Los Lagos Region

Geographical diversification in sea licenses for Salmon and Sea Trout production.

INDUSTRY Total of 24 sanitary areas AQUACHILE 56 sea licenses in 12 sanitary areas

50% of sanitary areas of the Los Lagos Region

Aysen Region INDUSTRY Total of 34 sanitary areas AQUACHILE 93 sea licenses and 17 sanitary areas

50% of sanitary areas of the Aysen Region

Sea licenses

Sanitary areas 12 /46


Sea water: Sea licenses Xth Region.

Sea licenses Xth Region

Sea licenses used during 2012

Sea licenses not used during 2012 13 /46


Sea water: Sea licenses XIth Region.

Sea licenses XIth Region

Sea licenses used during 2012

Sea licenses not used during 2012 14 /46


Tilapia Costa Rica & Panama: Large water volume and favorable climate. Geographical diversification in Tilapia production Costa Rica -Strategic access to large volumes of high-quality water

Guanacaste

-Optimal location for logistics

Costa Rica Bayano Lake

-21,000 tons WFE capacity

Panama

Panama -The Company has the only three tilapia farming licenses granted in the Bayano Lake -Potential to produce over 20,000 ton WFE

15 /46


AquaChile: Strong organic growth plan based on unique assets

Sea Water: High quality and diversified license portfolio Fresh Water: Flexibility and excess installed capacity Processing: Installed capacity to absorb growth Vertical integration throughout the value chain Global presence and reputation

/46


Fresh water: Flexibility and excess installed capacity.

Geographical diversification in fresh water.

23*

hatcheries from the IXth Region to the XIth Region, including 1 hatchery near Santiago.

13**

fresh water farming licenses in the Xth and XIth Regions for Sea Trout and Coho smoltification.

7

brackish water licenses in the XIth Region for Coho smoltification.

* Four of them are rented under long term contract ** Two of them are rented under long term contract 17 /46


Fresh water: Flexibility and excess installed capacity. AquaChile produces smolts not only to supply its own needs but also to eventually sell them to third parties.

18 /46


AquaChile: Strong organic growth plan based on unique assets

Sea Water: High quality and diversified license portfolio Fresh Water: Flexibility and excess installed capacity Processing: Installed capacity to absorb growth Vertical integration throughout the value chain Global presence and reputation

19 /46


Processing: Installed capacity to absorb growth. 7 plants with a total capacity of 194,000 WFE tons, including one of the largest plant in the World Current production capacity of AquaChile’s processing plants In thousands of WFE tons

Plant Type

Value Added

Whole Salmon

Whole Salmon

Value Added

Value Added

Value Added

Value Added

PAC-HACCP Certification

Yes

Yes

Yes

Yes

Yes

Yes

Yes

Puerto Montt

Quellón

Dalcahue

Chonchi

Calbuco

Guanacaste

Panama

Location

Source: The Company

*Rented under long term contract

20 /46


Processing: Installed capacity to absorb growth. Chile

Costa Rica

Diversity of Salmon Products

Diversity of Tilapia Products

Whole

Trim D

HG

Trim C

Trim E

Portions

Whole

Fillets

Breaded Fillets 21 /46


AquaChile: Strong organic growth plan based on unique assets

Sea Water: High quality and diversified license portfolio Fresh Water: Flexibility and excess installed capacity Processing: Installed capacity to absorb growth Vertical integration throughout the value chain Global presence and reputation

22 /46


Vertical integration troughout the value chain. INTEGRATION

AquaChile is vertically integrated in the Salmon and Tilapia business. The Company adds value to all of its productive chain, from genetics up to commercialization.

SALMON AND SEA TROUT

FRESH WATER Eggs & Smolts

SEA WATER Farming

GENETICS

PROCESSING

COMMERCIALIZATION

PROCESSING

COMMERCIALIZATION

FEED

TILAPIA

FRY PRODUCTION

GENETICS

FARMING

FEED* FEED

23 /46


Genetics: 15 years of succesfull and proven genetic development. Aquainnovo: Created to be a world class center for genetic improvement in aquaculture Increase in harvest weight of the Pacific Salmon AquaChile 83%

In WFE kg

Universidad de Chile 15%

Δ+40%

Others 2%

Source: The Company

Reduction in the Tilapia’s on growing cycle

Improvement in Tilapia conversion factor of ACI Group

In number of days

Δ+36%

Δ+19%

Source: The Company

Source: The Company

24 /46


Genetics: 15 years of succesfull and proven genetic development.

Genetics in Salmon and Sea Trout

Genetics in Tilapia

25 /46


Fish feed plant: State of the art assets to feed our fish.

Joint venture with Biomar in Chile, one of the world’s leading suppliers of high performance fish feed.

126,000 tons of installed capacity.

Modular design allows the company to double its output capacity.

26 /46


AquaChile: Strong organic growth plan based on unique assets

Sea Water: High quality and diversified license portfolio Fresh Water: Flexibility and excess installed capacity Processing: Installed capacity to absorb growth Vertical integration throughout the value chain Global presence and reputation

27 /46


Commercialization: Global presence and reputation. AquaChile has over 400 clients in more than 50 countries in the five continents We have more than 19 years of experience in Asia and over 20 years in the fresh salmon market

Some 2011’s Figures

Destination of AquaChile’s main Salmon, Sea Trout and Tilapia sales In net tons

2,715,000

, 3.266

Boxes

315 32

234 85

, 4.947

42 42

, 5.596

143

145

, 23.276 21

, 3.690

810

3,171 Trucks

793

2.018 ,

848 , 1.113

Tilapia

21 78

, 1.859 36

1,813

127

Containers

23 2 803

Salmon

78

611

Cargo 767

1.681 ,

Operations Salmon and Sea Trout sales 2011 (net tons) Tilapia Sales 2011 (net tons)

Source: The Company

28 /46


AquaChile Inc: Servicing the United States from Miami.

Experienced customer service Reliability and commitment

We deliver!

The only Salmon & Tilapia company with operations inside Miami International Airport

Improved cold chain Less handling involved

29 /46


Our brands and

our main clients. Renowned Brands

Reputable Clients

30 /46


1

Overview

2

AquaChile

3

Financial Review

4

Sustainability and Stakeholders

5

New Developments

31


Recovery and

profitability.

Revenues

EBITDA Pre FV Adj.

In MUSD

In MUSD

Source: The Company

Sanitary Crisis: Caligus Legal change: and ISA Virus Industry Revival Source: The Company

32 /46


Recovery and

profitability.

Net Income

EBIT Pre FV Adj.

In MUSD

In MUSD

2010 IFRS

2011 IFRS

Source: The Company

Source: The Company

33 /46


Recovery and

profitability. Sales Volume, by specie

EBIT per kg Pre IFRS Adj.

In thousands of WFE tons

In USD per WFE kg

Source: The Company

EBITDA Pre IFRS Adj. In MUSD

Source: The Company

65%

Source: The Company

34 /46


Solid financial position.

Net Debt / EBITDA

PCGA

In times

Net Debt

IFRS

In MUSD

PCGA

IFRS

6.7 6.0

2.0

1.7

1.2

0.9

Source: The Company

Source: The Company

Restructured Financial Debt Maturity Total Restructured Debt: MUS$ 182

Source: The Company

35 /46


Financial

summary. 2011

2010 4Q10

2010

1Q11

2Q11

3Q11

4Q11

2011

∆QoQ

∆YoY

Sales

131,294

387,841

135,884

96,960

102,568

165,740

501,151

26%

29%

Operational cost (1)

-90,671

-309,524

-93,231

-80,235

-85,024

-126,364

-384,854

39%

24%

Operational margin

40,623

78,317

42,653

16,724

17,545

39,376

116,298

-3%

48%

Other cost and operating expenses (2)

-11,326

-20,593

-9,923

698

-5,297

-6,421

-20,944

-43%

2%

EBITDA pre FV adj.

29,297

57,724

32,730

17,421

12,248

32,955

95,355

12%

65%

Depreciation & Amortization

-7,939

-16,587

-4,890

-5,454

-4,105

-4,824

-19,273

-39%

16%

EBIT pre FV adj.

21,358

41,137

27,840

11,967

8,143

28,131

76,081

32%

85%

Net revenues from biological assets (3)

15,239

9,290

-9,948

4,211

-7,648

18.278

4,893

20%

-47%

EBIT post FV adj.

36,597

50,427

17,892

16,178

495

46,409

80,974

27%

61%

Other non operating items

17,116

7,667

-8,391

-6,402

-2,034

-9,271

-26,098

-154%

-440%

Financial expenses

-1,532

-11,521

-5,329

-6,115

-1,481

-1,047

-13,972

-32%

21%

USD Th

37

630

100

968

232

333

1,632

800%

159%

Other non operating items (4)

1,932

2,201

270

456

-33

-243

450

-113%

-80%

Income taxes

16,679

16,356

-3,432

-1,712

-751

-8,313

-14,209

-150%

-187%

Net income

53,713

58,093

9,501

9,776

-1,539

37,137

54,876

-31%

-6%

Total Assets

571,376

571,376

569,234

794,940

752,512

826,505

826,505

45%

45%

Total Liabilities

539,404

539,404

528,300

378,439

337,504

375,409

375,409

-30%

-30%

Total Equity

31,972

31,972

40,934

416,501

415,008

451,097

451,097

1311%

1311%

Financial income

Source: The Company

(1) “Cost of sales” deducted “Adjustment from depreciation and amortization expenses” (2) “Distribution costs” plus “Administration expenses” (3) “Fair Value of biological assets harvested and sold” plus “Fair Value of biological assets for the year” (See Note 11 to the Financial Statements. Biological Assets)

36 /46


1

Overview

2

AquaChile

3

Financial Review

4

Sustainability and Stakeholders

5

New Developments


Sustainability: New regulation with long term vision New regulation, more oversight and continuous improvement: Concrete results

Regulatory framework

Supervision and self-regulation

Results

Sernapesca workforce increase in X, XI and XII Regions

Mortality index

Fresh Water Smolts in lakes and estuaries Broodstock Biocontainment and bioexclusion Eggs

128

Sea Water All in/all out Fallowing Density Biocontainment and bioexclusion Macrozones

Farming Licences

Plants

Minimum Distance New concessions Time Transfer Loss

In %

88% 68

2009

2010

Source: Chile Transparente/Sernapesca

Harvest weight evolution

Source : Aquabench

Kg WFE

Self-regulation Active participation of industry actors in recent cases of sanitary code violations

Biocontainment and bioexclusion from harvesting until packing

Source: Aquabench

Source: The Company

Larger Size and Operational Scale

/46


Management and Board of Directors - Top management accumulate more than

300 years in the aquaculture industry

4 of the AquaChile’s founders plus other 3 directors with

- Board of Directors composed by

extensive experience in commodities production business, aquaculture and investments

39 /46


We are committed to our employees, our clients and the environment. -More than

4,800 employees in Chile, Costa Rica, Panama & United States OUR LABOR AND ENVIROMENTAL STANDARDS

-Benefits above legal requirements -On the job training -Costa Rica: ISO 14001:2004, OHSAS 18001:2007 and BAP for Global Aquaculture Alliance, the most demanding at present -Chile: Global GAP certification in progress -Social Responsibility Report available (www.aquachile.com/sustainability)

40 /46


We are committed to our employees, our clients and the environment.

-To produce quality, healthy and safe food

OUR CORPORATE SOCIAL RESPONSIBILITY PRINCIPLES

-To act in a proactive and respectful way towards the environment -To develop in a safe and healthy work environment -To benefit the communities and suppliers in the places where the company operates

41 /46


We are committed to our employees, our clients and the environment.

42 /46


1

Overview

2

AquaChile

3

Financial Review

4

Sustainability and Stakeholders

5

New Developments

43


Disease free recirculation hatchery: Chaicas.

44 /46


State of the art

research facility: Lenca.

45 /46


Harmoniously raised fish www.verlasso.com

Alejandro

Cristian

Verlasso salmon

Verlasso farms

46 /46


Fish feed in Costa Rica: association with Biomar.

47 /46


Pet food flavoring plant: association with SPF.

48 /46

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