PRESENTATION AGROSUPER M A R C H 2 0 1 9 AG E N DA AGRO GROSUPER - PowerPoint PPT Presentation

PRESENTATION AGROSUPER M A R C H 2 0 1 9

AG E N DA • AGRO GROSUPER SUPER AT A GLANCE • OUR BUSI BUSINESS NESS MO MODEL DEL • NEW ACQ CQUI UISI SITI TIONS NS • FINA NAL L CO CONSI NSIDERA DERATI TIONS NS

AG R O S U P E R AT A G L AN C E

AGROSUPER 2018 PRO FORMA STABILITY AND FINANCIAL SOLVENCY THE LEADING FOOD COMPANY IN CHILE US$ 3,5 BN Income 2018 US$ 2,6 BN CAGR (1) ’10-’18 7,2% US$ 621 MM EBITDA 2018 US$ 433 MM CAGR (1) ’10-’18 6,9% US$ 879 MM NFD (2) 2018 US$ 404 MM DFN / EBITDA 1,0x US$ 2,2 BN Equity 2018 US$ 1,7 BN CAGR (1) ’10-’18 6,0% US$ 875 MM US$ 919 MM US$ 165 MM US$ 224 MM US$ 385 MM PRO FORMA US$ 1,3 BN 4 (1) CAGR: Compound annual growth rate (2) NFD: Net Financial Debt Exchange Rate ( Balance Sheet ) $694,77. Exchange Rate (Income Statement) $640,29.

OUR GROWING HISTORY Agrosuper acquired a relevant share of Sopraval S.A. and began Acquired AquaChile • Charcuterie (ham/ Agrosuper reached its Turkey business (Salmon) and reached Gonzalo Vial founded sausages) and Salmon 99.8% of Sopraval S.A. 99.7% of property through a Agrosuper as a businesses were through a successful Chicken processing chicken egg producer successful Secondary PO launched Secondary PO begins 1955 1960 1974 1983 1989 1990 1996 2002 2011 2018 2019+ First exports of Pork ProducNon Acquired Friosur chicken and pork. starts assets (Salmon) First I nternaNonal Offices , beginning in Italy Live Chicken producVon and distribuVon SUCCESSFUL TRACK RECORD IN INDUSTRY 5

OUR GROWING HISTORY Ex Expo port rt Ev EvoluMon ( (Th Thou ousands of of to tonnes) ) 360 333 305 292 283 281 278 248 CAGR: 15,1% 232 215 195 153 148 132 109 77 48 47 29 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 SUCCESSFUL TRACK RECORD IN INDUSTRY (1) CAGR: Compound annual growth rate 6 Exchange Rate $640,29.

COMPANY LEADER IN FOOD SEGMENT CONSISTENTLY SUPERIOR MARGINS AMONG ITS COMPETITORS AND PEERS � FO FOOD INDUSTRY AVERAGE 22,0% PR PROTEIN INDUS EIN INDUSTRY A Y AVERA VERAGE 8,1% E 8,1% 34,7% 27,5% 26,5% 21,1% 20,1% 20,1% 16,8% 18,2% 14,4% 10,8% 8,7% 8,3% 7,7% 7,9% 7,4% 7,4% 4,3% 3,6% » Recognized performance in developed markets and greater exposure in emerging markets » High quality standards and product specializaVon » VerVcal integraVon in the enVre producVve and commercial processes » Preferred brand in local market and internaVonal specialized niches 7 Sources: Agrosuper, Bloomberg. (*) Campofrío 2017 and JBS est.

O U R B U S IN E SS M ODE L

COMPETITIVE PILLAR THE CORNERSTONE OF OUR BUSINESS MODEL 2. 1. The Right Industry Leader in Food Segment 6. 3. VerNcal IntegraNon & Sustainability Traceability 5. 4. Solid Financial PosiNon & InnovaNon & OperaNonal Efficiency Development of Product 9 Atractivos de Inversión

1. THE RIGHT INDUSTRY AND THE RIGHT PROTEINS � CHILE: CHILE: A C A COUNTR OUNTRY OF C Y OF COMPETITIVE OMPETITIVE INCREAS INCRE ASE OF ANIMAL PR E OF ANIMAL PROTEIN C TEIN CONS ONSUMP UMPTION TION AD ADVANT ANTAGE GES ConsumpNon Per Capita Worldwide grams / person / day 120 100 80 60 40 20 0 2012/14 2024 2012/14 2024 2012/14 2024 Emerging Less developed Developed Markets countries countries Animal Vegetal » As GDP increases, the consumpVon of protein rises » Biosecurity: Natural barriers and sustainability plus a too. Amplified by the growth in the urbanizaVon strong regulatory framework rate and the middle class populaVon. » Climate and geographic advantages » There is a strong trend for healthy food, where » Long and stable insVtuVonal reputaVon white meats and fish are most preferred » Worldwide commercial agreements 10

2. COMPANY LEADER IN FOOD SEGMENT RECOGNIZED PERFORMANCE WITH STRONG BRANDS 2.030 products, with the highest standards in quality and product specializaNon. • More than 2.030 er (1) (1) Local Lo al mark market lead leader Main producer of Chicken, Pork and Turkey. #1 #1 #1 8,4% 20,2% 16,8% 50,6% 53,6% 80,0% 11,6% Agrosuper Others 29,6% 29,1% Other’s imports. US$ 629 MM US$ 473 MM US$ 77 MM 11 Sources: Agrosuper. Exchange Rate $640,29 (1) Market Share 2018 by kg.

2. DIVERSIFICATION AND STRONG BRANDS DIVERSITY OF PRODUCTS, MARKETS AND CLIENTS � SA SALES BY BUSINESS AREA DISTRIBUTION OF EX DIS TRIBUTION OF EXPOR PORTS B S BY BUSINE Y BUSINESS SS Sales 2018: US$ 2,6 BN Sales 2018 Pro Forma: US$ 3,5 BN 1% 1% 1% 12% 6% Chicken Chicken Chicken 9% Chicken 21% 31% 25% Pork Pork Pork Pork 34% 15% 23% Turkey Turkey Turkey Turkey 37% 60% 6% Salmon Salmon Salmon Salmon 8% 5% Processed 39% Processed Processed Processed 26% Meat Meat Meat Meat 35% Other Other 5% SALES BY MARKET SA MAIN CUS MA IN CUSTOMER MERS S Sales 2018: US$ 2,6 BN Sales 2018 Pro Forma: US$ 3,5 BN None of the customers represents more than 9% of the sales 8,8% 8,2% 5,7% 43% 44% National National 3,3% Export Export 57% 56% 2,2% 1,5% 1,3% 1,2% 0,9% 0,9% 0,8% 0,8% 1 2 3 4 5 6 7 8 9 10 11 12 12 Sources: Agrosuper. Exchange Rate $640,29

2. DIVERSIFICATION AND STRONG BRANDS DIVERSITY OF PRODUCTS, MARKETS AND CLIENTS � EUROPA 7,6% Rusia AMÉRICA 18,8% E 17,0% 14,5% E.UU China Japón 8,7% Corea del Sur 5,0% ASIA México CHILE ÁFRICA 28,4% Otros Commercial offices 13 Anexos 13

3. VERTICAL INTEGRATION AND TRACEABILITY TRACEABILITY IN THE WHOLE VALUE CHAIN AND CAPTURE OF MARGINS WITH BIOSECURITY � FEEDI EEDING NG BREEDI BREEDING NG PRO PROCESSI CESSING NG OWN WN BREEDI BREEDING NG FOR R CO COMMERCI MMERCIAL L LI LIVESTO ESTOCK CK DISTRI DI STRIBUTI BUTION N PO POINTS NTS OF SA SALES LES FINA NAL L CO CONSUMER NSUMER MO MORE RE THA THAN N 1 1 MI MILLI LLION N TO TONNES NNES IN N PRO PRODUCTI DUCTION N CA CAPA PACI CITY TY 14

3. VERTICAL INTEGRATION AND TRACEABILITY STRONG DISTRIBUTION CHAIN – CLOSE CONTACT WITH OUR CUSTOMERS � Arica and Parinacota Region Tarapacá Region Antofagasta Region Atacama Region Coquimbo Region Valparaíso Region MR O´Higgins Region Maule Region Atlanta, USA Genova, Italia Bio Bio Region Shanghai, China Araucanía Region Tokyo, Japan Mexico City, Mexico Los Ríos Region Los Lagos Region Hong Kong, China Aysén Region Magallanes Region Presence in 67 countries worldwide Local 29 6 InternaYonal Offices Distribu0on Centers 15

4. SOLID FINANCIAL POSITION AND OPERATIONAL EFFICIENCY FOCUS IN THE OPERATIONAL EFFICIENCY GIVES POSITIVE RESULTS � INTERNATIONAL BENCHMARK WITH THE INDUSTRY In 2015, Agrosuper hired Agri Stats, a US company that provides specialized benchmark services for the protein » industry in various countries. This benchmark has allowed Agrosuper to idenKfy its compeKKve advantages, operaKonal and costs opportuniKes in the whole value chain. Based on this benchmark, Agrosuper has been able to beVer align its investments and improvement iniKaKves with » its strategy. EFFICIENCY AND PRODUCTIVITY PROJECTS Technological improvement and biosecurity reinforcement in all producKve faciliKes » Increased producKvity in animal producKon and processing plants » Updated models for primary and secondary distribuKon systems » IncorporaKon of new SAP modules in order to integrate the whole value chain » Search of energy efficiencies and producKvity » 16

4. SOLID FINANCIAL POSITION AND OPERATIONAL EFFICIENCY CONSTANTLY GROWTHING AND STRONG CASH FLOW GENERATION � Turkey event (avian flu) Aquaculture general 100% 3 health event Sustainable Sus ainable gr growth th in in Sales (USD BN) Sales (USD BN) Pork Facility 2,56 2,58 Poultry event 90% 2,45 paralizaVon Aquaculture Asian ban in 2,34 2,36 2, 5 80% event (ISA Virus) Pork Market Earthquake 2,00 70% 1,85 2 1,75 Poultry event 60% 1,43 1,48 1,41 50% 1, 5 1,15 40% 1 30% 20% 18% 18% 18% 17% 17% 17% 12% 12% 11% 20% 8% 6% 0, 5 10% 0% 0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Ingresos Mg. EBITDA EBIT EBITDA – CA – CAPEX PEX (USD MM) (USD MM) 336 308 309 293 Ability to delay CAPEX Ability to delay 219 204 CAPEX 155 112 70 70 -18 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 -91 EBITDA 139 151 91 254 309 155 245 421 395 470 489 433 17 CAPEX 230 80 22 50 197 173 26 85 102 161 180 278 17

4. SOLID FINANCIAL POSITION AND OPERATIONAL EFFICIENCY CONSTANTLY GROWING AND STRONG CASH FLOW GENERATION � NET FINANCIAL DEB NET FINANCIAL DEBT / EBITD T / EBITDA A NET FINANCIAL DEB NET FINANCIAL DEBT / E T / EQUITY QUITY 0,68 4,96 4,43 0,53 3,64 0,47 3,06 0,42 0,38 0,37 2,39 0,31 0,29 1,94 0,25 0,23 1,42 1,01 0,90 0,89 0,07 0,23 0,03 0,11 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 18 Sources: Agrosuper. Exchange Rate $640,29 18