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

December 4, 2015

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Results Jan – Sep (MUS$)

EBITDA (before Fair Value) Profit / Loss

2014 2015

• 1.0

11.0 0.1 10.1 2.1

• 13.1
• 1.7
• 12.7

Fishing Salmon Other Seafood TOTAL 18.4 22.2 2.0 42.6 12.7 10.8 0.2 23.6 Fishing Salmon Other Seafood TOTAL

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2.0 11.9 25.5 53.0 60.0 66.1 58.7 45.1 47.1 448 439 459 483 485 496 489 453 462 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 EBITDA (MUS$) Revenues (MUS$)

Development: Last 4 mobile quarters

10,0% 0,4% 2,7% 5,6% 11,0% 12,4% 13,3% X%

EBITDA/Revenues

12,0% 10,2%

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129 46 96 2014 2015 E Year 28 20 43 27 18 18 40 40 19 4 23 31 8 3 38 19 38 29 4 2 16 22 2014 2015 2014 2015 2014 2015 2014 2015 E Q1 Q2 Q3 Q4

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.

Driver: Pelagic Fishing

70-75 42-43 100-110

In the case of the sardine, and anchovy, catches include own and third parties. Company’s estimations are based on current information, which could change due to deviations

Thousands of tons

Jack Mackerel Anchovy Sardine

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Global Fishing Quotas 2015 - 2016

Global Fishing Quotas for Chile ORP Global Fishing Quotas for South Pacific (in 2015, Chile got 65% of this quota)

Tons 2015 2016 Sardine 323,400 (1) 284,000 Langostino Lobster 8,027 5,111 Anchovy 618,252 677,652 (2) Tons 2015 2016 Jack Mackerel 460,000 460,000 (3)

(1) Global Fishing Quota for sardine was revised and raised to 478,000 tons in Q3-15 (2) Recommendation of scientific and technical committee (1) Recommendation of scientific and technical committee

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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
• f 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

Industrial quota Tendering- Sardine

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Driver: Fishmeal Price

Prices hit a peak in Q1 2015, and fell after normalization of the Peruvian quota for the 1st season and then rise again due to a lower quota for the 2nd and due to El Niño risks.

US$ x ton (Camanchaca) 1,605 1,871 1,763 1,789

1,813 1,803 1,532 1,398 1,492 1,567 1,850 2,013 2,247 1,844 1,613 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

May to Jul: 2.5 MM Ton (68% catched) Nov to Jan: 2.5 M Ton May to Jul: 2 M Ton Nov to Jan: No quota May to Jul: 2.6 MM Ton (98% catched)

Peru’s Fishing Quota:

Nov to Jan: 1.1 M Ton

Prime Fishmeal Price (Chile) IFFO Q4 as of Week 47 2015

8 September 30, 2015 December 31, 2014 VOLUME Months of Production ThUS$ VOLUME ThUS$ SALMON Atlantic Salmon and Trout (Tons) 4,952 2.3 29,138 6,021 37,889 Salmon Total 29,138 37,889 FISHING Fishmeal (Tons) 10,392 2.4 12,416 4,879 5,492 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

Higher Stocks of fishmeal, fish oil and mussels

(valued at cost)

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Driver: Favorable Salmon Sanitary Conditions

2014 2015

10.0% 9.5%

10.2% 8.7% 9.0% 5.4% 11.7% 14.2% 9.8% 12.0% 9.8% 10.5% Q1 Q2 Q3 Q4 Year

1.30 1.32

1.41 1.35 1.55 1.30 1.34 1.36 1.44 1.35 1.42 1.34 1.00 Q1 Q2 Q3 Q4 Year Q4 2015: Increased SRS and sea lice.

Mortality – Atlantic Salmon % in closed cycle Economic Feed Conversion Rate – Atlantic Salmon

Company’s estimations are based on current information, which could change due to deviations

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Cost reduction

Atlantic Salmon - Cost ex-cage liveweight (US$ x kg)

3.46 3.01

Improvements in cost mainly for better diets and feeding techniques, coupled with better processes in freshwater.

3.63 3.16 3.72 3.81 3.35 3.07 2.95 2.92 3.02 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Others Medicine Labor Smolt OPEX Feed

11 4.2 4.4

6.0 4.8 5.8 4.5 5.4 4.4 5.2 4.5 5.6 4.7

.500

E E Q1 Q2 Q3 Q4 Year

Driver: Atlantic Salmon Price

Drop in prices due to devaluations of currencies against the USD US$ x kg WFE (Salmones Camanchaca)

10,8 5,0 9,2

39,3

11,6

Δ-20%

2014 2015

14,3 43-46 4,9 11,2

Δ-22% Δ-19%

15-18

Harvest (Thousands of Tons)

Company’s estimations are based on current information, which could change due to deviations

12 2.0 2.5 3.0 3.5 4.0 4.5 5.0 5.5 6.0 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

Atlantic Salmon Price: Long-term trend

Urner Barry Trim C 2-3 - US$/Lb

nov-15

In November, market prices 35% below its trendline. If we could have sold at trend price: + US$ 30 million as of September 2015.

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Camanchaca’s Atlantic Salmon RMP

Camanchaca vs Market (Salmonex, January 2012 = Base 100) Camanchaca’s RMP (Raw Material Return) higher than the Urner Barry and Salmonex indexes (+88 y +66 cents respectively as of September 2015).

100 74 74 117 89 105 60 80 100 120 140 160 180 Urner Barry Salmonex Camanchaca

14 80 100 120 140 160 180 200 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

Raw Material Cost and RMP Base 100 = RMP January 2013

RM cost before processing RMP Porcelana Benjamín Tahuenahuec Izaza Cabudahue Fiordo Largo Pilpilehue Ahoní Loncochalgua

Despite significant improvements in costs, tight margins due to price situation

Leptepu Cahuelmó Lamalec

Development of Atlantic Salmon Margins

Licha |Puelche| Contao

|--Mañihueico--|

|------------Islotes---------| |--Edw.--| |-----Izaza----| |F.Largo| |-------P.Arg.------| |---Cabudahue---| |--Pilpilehue--|

10th region sites 11th region sites

Company’s estimations are based on current information, which could change due to deviations

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EBIT (US$/Kg WFE) before Fair Value

Development of Atlantic Salmon Margins

Atlantic Salmon Business includes other Revenues and Costs due to services and sales to third parties, and intercompany salmon sales to our offices abroad. 0.39

• 0.24
• 0.4
• 0.2

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015

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Camanchaca better than their Chilean peers in the last 12 months

Development of Atlantic Salmon Margins - EBIT (US$/Kg WFE)

(2.50) (2.00) (1.50) (1.00) (0.50) 0.00 0.50 1.00 1.50 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2014 2015

CAMANCHACA E1 E2 E3 E4 E5

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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

Development of Atlantic Salmon Margins - EBIT (US$/Kg WFE)

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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.

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

Hatchery Fry 2: alevin process

19 0.47 0.51

0.84 0.54 0.84 0.54 0.82 0.49 0.70 0.52 0.81 0.53 E E Q1 Q2 Q3 Q4 Year

Driver: Diesel Price

2014 2015

At constant volume, fuel cost save as of September 2015 of US$ 5.4 million.

Drop from Q4 2014 US$ x lt

Company’s estimations are based on current information, which could change due to deviations

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Scallop Business Sale in Guanaqueros

* Book value

Assets as of September 2015 1 Concessions 447 aquaculture hectares (US$ 547 thousand) 2 Biomass 21.6 million of units (US$ 488 thousand) 3 Fixed Assets* US$ 261 thousand TOTAL US$ 1.3 million

Concessions Location

Guanaqueros, 4th region, Chile

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Basis of Scallop Business Sale in Guanaqueros

16.2 14.2 12.7 13.3 13.7 10.00

2011 2012 2013 2014 2015 E

Price (US$ / Kg)

More background:

• Peruvian scallop with competitive advantages.
• Labor costs in Chile with an upward trend in the north.
• 2012: Attempted sale of assets fails due to no interest from investors.
• 2014: Closure of Bahía Inglesa with an impact in profit of US$ 2.5 million.

Downward trend prices and historically negative EBIT

• 329
• 1,063
• 961
• 554
• 302

2011 2012 2013 2014 2015 E

EBIT (Th US$)

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Purchase offer for Scallop Business in Guanaqueros

• On October 27, 2015 a purchase offer for the assets was received.
• Price: US$ 1 million.
• Companies participating in the offer:
• Kosta Fria S.A.
• Inversiones Alcri Limitada.
• Inversiones Salar Chico Limitada (Cristián Fernández García, related to the controller).
• Offer includes:
• Aquaculture concessions.
• A wastewater treatment plant with equipment.
• Scallop biomass.
• Fixed Assets.
• The independent evaluator (Larrain Vial) considers that the fair value for assets is

equivalent to the amount of US$ 820,000 due to asset valuation (DCF method: US$ 294,000).

• Camanchaca’s Board approves the transaction subject to ratification of the

shareholders meeting that takes place on December 10, 2015.

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On October 26, the CPM of Camanchaca and its subsidiaries is certified.

• Certifying organization: BH Compliance.
• Certificates available on our Web site www.camanchaca.cl

Certificate of Crime Prevention Model (CPM) is obtained