December 4, 2015 Results Jan Sep (MUS$) 2014 2015 EBITDA (before - PowerPoint PPT Presentation

December 4, 2015

Results Jan – Sep (MUS$) 2014 2015 EBITDA (before Fair Value) 42.6 23.6 22.2 18.4 12.7 10.8 2.0 0.2 Fishing Salmon Other Seafood TOTAL Profit / Loss 11.0 10.1 2.1 0.1 -1.0 -1.7 -12.7 -13.1 Fishing Salmon Other Seafood TOTAL 2

Development: Last 4 mobile quarters EBITDA (MUS$) Revenues (MUS$) X% EBITDA/Revenues 496 489 485 483 462 459 453 448 13,3% 12,4% 12,0% 439 11,0% 66.1 10,2% 60.0 10,0% 58.7 53.0 47.1 45.1 5,6% 2,7% 25.5 0,4% 11.9 2.0 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 3

Driver: Pelagic Fishing Sardine: Lower fishing quota (-18%) and bans due to low fish size. Jack Mackerel: Delay in catches, but recovery as of Q3. Anchovy: Lower industrial quota (-14%) and initial delay, but more third parties purchases; Weak Q4 due to “El Niño” phenomenon. Sardine Jack Mackerel 38 96 29 Anchovy 38 70-75 23 16 22 46 31 42-43 3 19 19 2 8 4 43 129 4 40 40 100-110 28 27 20 18 18 2014 2015 2014 2015 2014 2015 2014 2015 E 2014 2015 E Q1 Q2 Q3 Q4 Year Thousands of tons In the case of the sardine, and anchovy, catches include own and third parties. 4 Company’s estimations are based on current information, which could change due to deviations

Global Fishing Quotas 2015 - 2016 Global Fishing Quotas for Chile Tons 2015 2016 Sardine 323,400 (1) 284,000 Langostino Lobster 8,027 5,111 Anchovy 618,252 677,652 (2) (1) Global Fishing Quota for sardine was revised and raised to 478,000 tons in Q3-15 (2) Recommendation of scientific and technical committee ORP Global Fishing Quotas for South Pacific (in 2015, Chile got 65% of this quota) Tons 2015 2016 Jack Mackerel 460,000 460,000 (3) (1) Recommendation of scientific and technical committee 5

Industrial quota Tendering- Sardine Fully exploited fishery, managed with global catch quota and is at a level equal to or greater than 90% of their maximum sustainable performance  auction of maximum Industrial fraction according to Fishery Law (15%). • Industrial fraction corresponds to 22% of the global quota, so 3.3% is tendered. • Auction gives rise to LTP-B, 20 years renewable. • Camanchaca owns 18.3% of the industrial fraction, or 4.03% of the global quota  0.6% of its global share is auctioned. • 40% of the total auction is reserved for small businesses, so that the industrial sector can access a maximum of 1.98% of the global quota, and will drop from 22% to 20.68% • Camanchaca can access up to 40% of the total, i.e. a maximum of 1.32% of the global quota. After the auction Camanchacas ’ quota could be: • In the best case, 22.93% of the industrial fraction (4.74% global share, an increase of 0.72% of this quota) • In the worst case, 16.55% of the industrial fraction (3.42% global share, 0.6% less) Auction mode: Closed envelope. Deadlines: 1. Administrative Background: December 10, 2015 2. Economic offer and award: December 17, 2015 6

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$ x ton (Camanchaca) Peru’s Fishing Nov to Jan: May to Jul: Nov to Jan: May to Jul: Nov to Jan: May to Jul: Quota: 2.5 M Ton 2.5 MM Ton 1.1 M Ton 2 M Ton No quota 2.6 MM Ton (68% catched) (98% catched) Prime Fishmeal Price (Chile) IFFO Q4 as of Week 47 2,247 2015 2,013 1,850 1,844 1,871 1,813 1,803 1,613 1,567 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 1,763 1,605 1,789 7

Higher Stocks of fishmeal, fish oil and mussels (valued at cost) September 30, 2015 December 31, 2014 Months of VOLUME ThUS$ VOLUME ThUS$ Production SALMON Atlantic Salmon and Trout (Tons) 4,952 2.3 29,138 6,021 37,889 Salmon Total 29,138 37,889 FISHING 10,392 2.4 12,416 4,879 5,492 Fishmeal (Tons) Fish oil (Tons) 1,545 1.5 2,596 692 984 Frozen Jack Mackerel (Tons) 2,879 2.3 1,686 1,418 1,058 Canned Fish (thousands of boxes) 230 2.9 3,532 169 3,211 Langostino Lobster (Tons) 416 5.4 5,461 382 4,789 Fishing Total 25,691 15,534 OTHER SEAFOOD Mussels (Tons) 2,713 3.8 6,113 1,230 3,026 Abalone (Tons) 129 7.3 2,900 117 2,915 Scallops (Tons) 21 1.1 183 80 1,108 Other Seaafood Total (Tons) 9,196 7,049 COMPANY TOTAL 64,025 60,472 8

Driver: Favorable Salmon Sanitary Conditions 2014 2015 Mortality – Atlantic Salmon % in closed cycle 14.2% 12.0% 11.7% 10.5% 10.2% 9.8% 9.8% 9.0% 8.7% 5.4% 10.0% 9.5% 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 1.34 1.34 1.30 1.32 1.30 1.00 Q1 Q2 Q3 Q4 Year 9 Company’s estimations are based on current information, which could change due to deviations

Cost reduction Atlantic Salmon - Cost ex-cage liveweight (US$ x kg) 3.81 3.72 3.63 3.35 Others 3.16 3.07 3.02 2.95 2.92 Medicine Labor Smolt OPEX Feed Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 3.01 3.46 Improvements in cost mainly for better diets and feeding techniques, coupled with better processes in freshwater. 10

Driver: Atlantic Salmon Price Drop in prices due to devaluations of currencies against the USD 2014 2015 US$ x kg WFE (Salmones Camanchaca) Harvest (Thousands of Tons) 6.0 5.8 Δ -22% 5.6 Δ -20% Δ -19% 5.4 5.2 4.8 4.7 4.5 4.5 4.4 4.4 4.2 15-18 14,3 11,6 43-46 11,2 10,8 39,3 9,2 5,0 4,9 .500 E E Q1 Q2 Q3 Q4 Year 11 Company’s estimations are based on current information, which could change due to deviations

Atlantic Salmon Price: Long-term trend Urner Barry Trim C 2-3 - US$/Lb 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 nov-15 jan-04 may-04 sep-04 jan-05 may-05 sep-05 jan-06 may-06 sep-06 jan-07 may-07 sep-07 jan-08 may-08 sep-08 jan-09 may-09 sep-09 jan-10 may-10 sep-10 jan-11 may-11 sep-11 jan-12 may-12 sep-12 jan-13 may-13 sep-13 jan-14 may-14 sep-14 jan-15 may-15 sep-15 In November, market prices 35% below its trendline. If we could have sold at trend price: + US$ 30 million as of September 2015. 12

Camanchaca’s Atlantic Salmon RMP Camanchaca vs Market (Salmonex, January 2012 = Base 100) Urner Barry Salmonex Camanchaca 180 160 140 117 120 105 100 100 89 74 80 74 60 Camanchaca’s RMP (Raw Material Return) higher than the Urner Barry and Salmonex indexes (+88 y +66 cents respectively as of September 2015) . 13

Development of Atlantic Salmon Margins Despite significant improvements in costs, tight margins due to price situation 11th region sites 10th region sites Leptepu Porcelana Raw Material Cost and RMP Loncochalgua Base 100 = RMP January 2013 Licha |Puelche| Benjamín Lamalec 200 Pilpilehue |--Mañihueico--| Tahuenahuec Ahoní Contao 180 Izaza Cabudahue Cahuelmó Fiordo Largo |------------Islotes---------| |-----Izaza----| 160 |--Pilpilehue--| |--Edw.--| |---Cabudahue---| 140 |F.Largo| 120 |-------P.Arg.------| 100 80 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 RM cost before processing RMP 14 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 1.4 1.2 1.0 0.8 0.6 0.4 0.39 0.2 0.0 -0.24 -0.2 -0.4 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Atlantic Salmon Business includes other Revenues and Costs due to services and sales to third parties, and intercompany salmon sales to our offices abroad. 15

Development of Atlantic Salmon Margins - EBIT (US$/Kg WFE) Camanchaca better than their Chilean peers in the last 12 months 1.50 1.00 0.50 0.00 CAMANCHACA E1 (0.50) E2 E3 (1.00) E4 E5 (1.50) (2.00) (2.50) Q1 Q2 Q3 Q4 Q1 Q2 Q3 2014 2015 16

Development of Atlantic Salmon Margins - EBIT (US$/Kg WFE) As of Q3 2015: Camanchaca is the only Chilean stock exchange listed company with positive EBIT/Kg 1.24 0.94 0.84 0.65 0.10 0.08 (0.37) (0.43) (0.85) (1.44) SalMar Norway Royal Salmon Lerøy Seafood Marine Harvest Grieg Seafood CAMANCHACA E1 E3 E2 E4 17

Reconstruction and Insurances - Petrohué Pisciculture Reconstruction : • In September, the new Hatchery starts operations with 2.88 million eggs. • In November, the alevin process was completed successfully. Hatchery Fry 2: alevin process Insurances : • In October, Insurance Biomass was settled for US$ 2.1 million. • In November, the Company received US$ 4.8 million as an advance for the insurance of fixed assets that will help finance the pisciculture rebuilding 18

Driver: Diesel Price Drop from Q4 2014 2014 2015 US$ x lt 0.84 0.84 0.82 0.81 0.70 0.54 0.54 0.53 0.52 0.49 0.51 0.47 E E Q1 Q2 Q3 Q4 Year At constant volume, fuel cost save as of September 2015 of US$ 5.4 million. 19 Company’s estimations are based on current information, which could change due to deviations