Ene - 2012 ABG Sundall Collier

Company Overview

Presentation prepared for ABG Sundal Collier

Alfonso Márquez de la Plata, CEO

Puerto Montt, Chile

January 2012

Agenda

1. Overview 2. AquaChile 3. Financial Review

4. Growth Plan

5. New Developments

Empresas AquaChile at a glance

3

• AquaChile is a Chilean company producing and

commercializing Atlantic Salmon, Pacific Salmon, Sea Trout

and Tilapia.

• Is the largest producer in Chile of Salmon and Sea Trout. Owns

149 aquacultures licenses which provides a solid basis for its

growth.

• Has more than 400 customers, in 50 countries and leads the

world production of Pacific Salmon and Sea Trout.

• 54 th tons of Salmon and Trout and 19 th tons of Tilapia (2010)

• 70 th tons of Salmon and Trout and 18 th tons of Tilapia (2011E)

• Figures as of September 2011 (MUS$ )

• Sales: 335.4

• EBITDA*: 62.4

• Net Income: 17.7

• Net Debt: 62.2

• Public since May 19, 2011

• Market capitalization of US$ 907 millions as of January 5, 2011

• Main Shareholders: Puchi and Fischer Family

Chilean Salmon Companies by Market Cap (MUS$ )**

Shareholder’s Structure***

*Before fair value biomass adjustment

Fischer

Family

33,0%

Puchi

Family

33,0% Pension

Funds

6,0%

Others

28,0%

Others

33,92%

907

417 405 380

101

*** As of December 31, 2011 **As of January 5, 2011

Source: The Company

Source: Bloomberg

93 79

138 128

213

326

501 484

553

440

388

1986 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

25 Years of Successful Track Record

4 4

Beginnings

• 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 on long term sustainability

• Advantages of diversification

Today

• Diversified business model

• Full vertical integration • High growth potential

• Industry consolidation capacity

Annual Sales In MUS$

Source: The Company

Focus in Diversification for Success

5

Main Figures*

Atla

ntic S

alm

on

Sales LTM MUS$ 51.6

WFE Tons Sales: 8,902

EBIT LTM MUS$ 12.8

% of Consolidated EBIT

% of Consolidated Sales

Se

a T

rout

Pa

cific

Sa

lmo

n

Tila

pia

* Figures in MUS$ as of September 30, 2011

Sales LTM MUS$ 131

WFE Tons Sales: 25,049

EBIT LTM MUS$ 28.6

Sales LTM MUS$105

WFE Tons Sales: 25,604

EBIT LTM MUS$ 25.2

Sales LTM MUS$ 50.9

WFE Tons Sales: 17,265

EBIT LTM MUS$ 2.6

18%

41%

36%

4%

15%

39%

31%

15%

Geographic Diversification

Lake

Bayano

Guanacaste

X and XI

Region

X and XI

Region

X and XI

Region

Source: The Company

Agenda

1. Overview 2. AquaChile 3. Financial Review

4. Growth Plan

5. New Developments

AquaChile: A World-Class player in the Salmon and Tilapia Industry

7

15 Years of Successful and Proven Genetic Development

State of the art Sea Licenses and Productive Assets

Global Presence and Reputation

Vertical integration throughout the value chain

Vertical integration throughout the value chain

8 * The feed plant will be finished during 2012

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

SALMON AND SEA TROUT

TILAPIA

GENETICS

FRESH WATER

Eggs & Smolts

SEA WATER

Farming

FEED

PROCESSING COMMERCIALIZATION

FRY

PRODUCTION

GENETICS

FARMING

FEED*

PROCESSING COMMERCIALIZATION

Source: The Company

Source: The Company

AquaChile: A World-Class player in the Salmon and Tilapia Industry

9

15 Years of Successful and Proven Genetic Development

State of the art Sea Licenses and Productive Assets

Global Presence and Reputation

Vertical integration throughout the value chain

Genetic: 15 Years of Successful and Proven Genetic Development

10

2,54

3,56

1999 2009

2,09

1,95 1,92

1,70 1,65

2007 2008 2009 2010 2011e

456

384

345

290

2007 2008 2009 2010

Source: The Company

Source: The Company Source: The Company

Universidad

de Chile

15%

AquaChile

83%

Others

2%

Increase in harvest weight of the Pacific Salmon In WFE kg

Improvement in Tilapia conversion factor of ACI Group

Reduction in the Tilapia’s on growing cycle In number of days

D 40%

D 19% D 36%

Aquainnovo: Created to be a world class center for genetic improvement in aquaculture

AquaChile: A World-Class player in the Salmon and Tilapia Industry

11

15 Years of Successful and Proven Genetic Development

State of the art Sea Licenses and Productive Assets

Global Presence and Reputation

Vertical integration throughout the value chain

21,7

4,8

Capacity

Fresh water: Wide Capacity and Flexibility

Sea Trout Pacific Salmon

Source: The Company

26.5

AquaChile will produce smolts to not only supply its needs but also to eventually sell to third

parties Production capacity in million of smolts

Concrete projects to support growth

Chaicas Project Smolts Project

Type of Facility Recirculation Hatchery Recirculation Hatchery

Capacity 120 million eggs and 12.6 million smolts 12.6 million smolts

Disease free eggs and smolts Yes Yes

Property Call option for 100% of the ownership 100%

Atlantic Salmon

41.6

17,8

Capacity

7,8

8,6

25,2

Capacity

Own Capacity Long Term Contract Projects Under Construction

12

17,8

Sea water: Largest and Non-Replicable Licenses Base

Licenses and neighborhood by producer

Largest licenses base and neighborhood presence in the industry

Capacity for organic growth

Operational and productive continuity

Continuous supply to clients

Species diversification

Natural, climate and sanitary risks diversification

Source: The Company

Company # Licenses % # Neighborhood %

AquaChile 149 14.3% 29 50.0%

Marine Harvest 141 13.5% 26 44.8%

Multiexport 86 8.3% 22 37.9%

Camanchaca 73 7.0% 14 24.1%

Los Fiordos 64 6.1% 12 20.7%

Mainstream 63 6.1% 16 27.6%

Unimarc 52 5.0% 14 24.1%

Australis 50 4.8% 12 20.7%

Pesca Chile 50 4.8% 10 17.2%

Otras 313 30,1%

Total 1,041 58

Source: The Company/Subpesca 2009

INDUSTRY Total of 24 neighborhoods

AQUACHILE 56 Licenses in 12 neighborhoods

50% of

neighborhoods Of the Los Lagos region

Los Lagos Region

Aysén Region

INDUSTRY Total of 34 neighborhoods

AQUACHILE 93 Licenses and 17 neighborhoods

50% of

neighborhoods Of the Aysén region

Licenses Neighborhoods

13

Processing : Installed Capacity to Absorb Growth

14

Diversity of Salmon Products

Source: The Company

Current production capacity of Chilean processing plants In thousands of WFE tons

6 plants with a total capacity of 191,000 tons, including one of the largest plants in the World

Whole HG Trim C

Portions Trim E Trim D

Whole

Breaded Filets

Filets

Diversity of Tilapia Products

68

16 25 25

36

21

Cardonal Cailín Hueñocoihue Antarfood Calbuco Costa Rica

Location Puerto Montt Calbuco Quellón Dalcahue Chonchi

Plant Type Value

Added

Value

Added

Whole

Salmon

Whole

Salmon

Value

Added

PAC-HACCP Certification

Yes Yes Yes Yes Yes

Guanacaste

Value

Added

Yes

AquaChile: A World-Class player in the Salmon and Tilapia Industry

15

15 Years of Successful and Proven Genetic Development

State of the art Sea Licenses and Productive Assets

Global Presence and Reputation

Vertical integration throughout the value chain

Commercialization : Global Presence and Reputation

16

Source: The Company

AquaChile has over 400 clients in more than 50 countries in the five continents

Operations

Exports from Chile in 2010 in nets tons

Exports from Costa Rica in 2010 in nets tons

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

Our Brands and Our Main Clients

17

Renowned Brands Reputable Clients

Agenda

1. Overview 2. AquaChile 3. Financial Review

4. Growth Plan

5. New Developments

Recovery and Profitability

19

Net Income In MUS$

EBITDA In MUS$

Revenues In MUS$

Sanitary Crisis: Caligus and ISA Virus

Legal change: Industry Revival

26 51

84

15

-75

-142

45 58

12% 16% 17%

3%

-14%

-32%

12% 15%

2004 2005 2006 2007 2008 2009 2010 2010 IFRS

Net Income Net Margin

43 80

136

49

-16 -40

58 67

20% 25% 27%

10%

-3%

-9%

15% 18%

2004 2005 2006 2007 2008 2009 2010 2010

IFRS

EBITDA EBITDA Margin

EBIT In MUS$

213

326

501 484

553

440 388 378

2004 2005 2006 2007 2008 2009 2010 2010

IFRS

35

68

120

33

-35

-64

44 50

2004 2005 2006 2007 2008 2009 2010 2010

IFRS

Source: The Company

Note: The gray bars represent values in Chilean GAAP

EBITDA Pre IFRS Adj. In MUS$

EBIT per kg Pre IFRS Adj. In US$ per WFE kg

Sales Volume, by specie In thousands of WFE tons

28,4

62,4

Acum. Q3 2010 Acum. Q3 2011

-1,1

0,4 0,5 0,3

1,4

0,9 1,1

0,3

Atlantic Salmon Pacific Salmon Sea Trout Tilapia

Acum. 3Q 2010 Acum. 3Q 2011

Net Income In MUS$

0,8

8,9

23,3

15,1

8,8 11,5

18,6

13,5

Atlantic Salmon Pacific Salmon Sea Trout Tilapia

Acum. 3Q 2010 Acum. 3Q 2011

4,4

17,7

Acum. Q3 2010 Acum. Q3 2011

Source: The Company

120%

20

Recovery and Profitability (Cont..)

305%

21

Net Debt / EBITDA In times

Net Debt In MUS$

2,07 1,79 1,28

6,07

- -

6,70

0,68

2004 2005 2006 2007 2008 2009 2010 Sep-11

LTM

88

144 174

300

389 397 389

62

2004 2005 2006 2007 2008 2009 2010 sep-11

IFRS PCGA IFRS PCGA

Solid Financial Position

Restructured Financial Debt Maturity Total Restructured Debt: MUS$ 182

0,0 0,0

7,5

18,7

58,5

33,7

41,2

22,5

2011 2012 2013 2014 2015 2016 2017 2018

Source: The Company

Source: The Company

22

Financial Summary

Source: The Company

(1) Operational Costs are calculated considering: Cost of Goods Sold minus depreciation, minus the higher cost of the biomass of fish sold arising from

the revaluation for their natural growth

(2) Other Costs and Operating Expense includes the accounts: "Distribution Costs" and "Sales General & Administration Expenses"

(3) Net Revenues from Biological Assets, is the profit for the natural growth of the biomass of unsold fish, plus the higher cost of the biomass of fish arising

from the revaluation for their natural growth, minus the profit for the natural growth of the biomass of fishes sold (See note 11. Biological Assets ).

In mUS$ 3Q10 2010 1Q11 2Q11 3Q11 LTM ∆ QoQ ∆ YoY

Sales 72.405 387.841 135.884 96.960 102.568 466.706 42% 31%

Operational Cost (1) -61.814 -299.848 -93.231 -80.235 -85.024 -345.443 38% 21%

OPERATIONAL MARGIN 10.590 87.993 42.653 16.724 17.545 121.263 66% 76%

Other Cost and Operating Expenses (2) -4.511 -30.269 -9.923 698 -5.297 -29.567 17% -5%

EBITDA pre FV adj. 6.079 57.724 32.730 17.421 12.248 91.697 101% 120%

Depreciation -2.118 -16.587 -4.890 -5.454 -4.105 -22.388 94% 67%

EBIT pre FV adj. 3.961 41.137 27.840 11.967 8.143 69.309 106% 142%

Net revenues from Biological Assets (3) -512 9.290 -9.948 4.211 -7.648 1.854 1393% 125%

EBIT post fair value adj. 3.449 50.427 17.892 16.178 495 71.163 -86% 150%

Other Non Operating Items 2.189 7.667 -8.391 -6.402 -2.034 289 -193% 78%

NET INCOME 5.638 58.093 9.501 9.776 -1.539 71.451 -127% 305%

EBITDA Margin

Total Assets 485.526 571.376 569.234 794.940 752.512 752.512 55% 336%

Total Liabilities 505.708 538.395 528.300 378.439 337.504 337.504 -33% 146%

Total Equity -20.182 32.981 40.934 416.501 415.008 415.008 -2156% -4423%

20112010 3Q11

Agenda

1. Overview 2. AquaChile 3. Financial Review

4. Growth Plan

5. New Developments

Growth Plan

24

29 15 22 55

77 95 102 21

30 28

37

39 39

39 39

24 23

27 27

29 32

32 32

18 19

18 24

27 31

36 41

92 72

88 110

151

179 202

215

2009 2010 2011e 2012e 2013e 2014e 2015e 2016e

Atlantic Salmon Sea Trout Pacific Salmon Total

Sales Volume1 In thousands of WFE tons per species

12 16 22 25 28 28

13 9

15 15

16 16

16 16

9 9

10 11

12 13

13 13

24 21

37 42

50 54 57 57

2009 2010 2011e 2012e 2013e 2014e 2015e 2016e

Sea Trout Pacific Salmon Total

Sowing In million of smolts

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

CAGR 20%

Source: The Company

Source: The Company

Agenda

1. Overview 2. AquaChile 3. Financial Review

4. Growth Plan

5. New Developments

New Developments

26

1. AquaInnovo – CITA

2. Salmones Chaicas

New Developments (Cont…)

27

www.verlasso.com

Source: The Company

New Developments (Cont…)

28

www.verlasso.com

Alejandro Cristian

Verlasso salmon

Verlasso farms

Source: The Company