Estrictamente Privado y Confidencial COMPANY OVERVIEW - BTG PACTUAL VII LATIN AMERICAN CEO CONFERENCE

Transcription

1 COMPANY OVERVIEW - BTG PACTUAL VII LATIN AMERICAN CEO CONFERENCE New York - October

2 AGENDA ILC at a Glance ILC: Value Proposal Closing Remarks Appendix 2

3 ILC AT A GLANCE Mission: We aim to improve the quality of life of our clients, by offering them efficient and accessible services, mainly in the financial and health industries. We favor the creation of value, efficiency and sustainability, guided by the values of our controller, the Chilean Construction Chamber (CChC) Consolidated Net Income LTM* US$99 million AuM as of June 2016 US$52 billion in AFP Habitat and Inversiones Confuturo Risk Rating AA+ Dividend Yield for % at IPO s price ROE* 12.6% LTM June 2016 Consolidated Employees 12,900 approximately in Chile and Peru * Excluding the accounting extraordinary effect related to the association of ILC with Prudential in AFP Habitat for US$336,967 thousand 3 3

4 AGENDA ILC at a Glance ILC: Value Proposal Closing Remarks Appendix 4

5 ILC: VALUE PROPOSAL 6 Multiple avenues for consolidation & growth 1 High quality group, focused on non-discretionary industries Health care operation present in under-penetrated market offers higher profitability upside 5 2 Strategical expertise in realizing value Core business in financial services offers steady cash flow & operational know how 4 3 Generating shareholder value through disciplined capital management and strict corporate governance practices 5 5

6 1. High quality group, focused on non-discretionary industries 6

7 PENSION NET SALARY GROSS SALARY Estrictamente Privado y Confidencial ILC PARTICIPATES IN NON-DISCRETIONARY INDUSTRIES, MAINTAINING STRONG COMPETITIVE POSITIONS Pension Funds Pensions Health Insurance Healthcare Providers 10% Mandatory contribution: Fee:1.27% of gross salary 2 Voluntary Savings 7% Mandatory contribution Voluntary additional contribution 2 0% - 40% Taxes Voluntary contribution 6 2 Programmed withdrawal 2 Annuity 2 = market share position 7 7

8 2. Strategical expertise in realizing value 8

9 HOW WE HAVE CHANGED: FOCUS IN FINANCIAL AND HEALTH INDUSTRIES 2012 Pre-IPO 96% 67.5% 89.9% 99.9% 99.9% 32.9% 49.0% Financial Sector Health Sector IT Education Today 67% 33% Floating 50% Foreign Investors 50% Local Investors 40.3% 99.9% 50.6% 99.9% 99.9% 99.9% Partnership Financial Sector Health Sector 9 9

10 HOW WE HAVE CHANGED: ILC S NET INCOME BREAKDOWN ILC s ordinary net income 2010: Pre-IPO 6M16 21% Others 5% 10% 7% 46% 2% 72% 49% Others: -12% (mostly Vida Cámara and Consalud) AFP Habitat and Isapre Consalud reduced their contribution to ILC s result from approximately 90% in 2010 to 40% in the first half of

11 SINCE THE IPO IN 2012, ILC HAS ACCOMPLISHED THE FOLLOWING ACHIEVEMENTS: 1. Diversify its sources of net income, always focused in the financial and health industries 2010 Pensions 72% Healthcare 2% Isapre 21% Others 5% 6M16 Life Insurances 49% Pensions 46% Healthcare 10% Banking 7% Others -12% 2. Execute an important investment plan, without raising capital CAPEX: ~ US$450 mm. / ~ 30% ILC s market cap Mainly in Confuturo, Banco Internacional and Red Salud Covenant Deuda Net Financiera Financial Neta Debt / Patrimonio / Equity (times) Total 3. Maintain its risk rating (AA+) under a responsible capital management 0.2x 0.4x 0.5x 0.8x 0.5x 0.4x mar-16 jun Return value to shareholders ~6% / ~ 30% ILC s IPO stock price Annual dividend yield / Accumulated dividend yield since the IPO 5. Start Successful Turnarounds, execute greenfields and partnerships Turnaround Operational Turnaround Peru Greenfield Operation Financial Turnaround Association on AFP Habitat Peru Greenfield Operation 11 11

12 THESE MILESTONES HAVE RESULTED IN CONSISTENT RETURNS ILC s recurring and extraordinary net income has resulted in a dividend yield of ~6% annually, while investing ~30% of its market capitalization Recurring Net Income Growth ( ) +7% Real Annual 1 Dividend Yield ( ) +6% Real Annual 3 Extraordinary Net Income ( ) +19% Real Annual 2 Capex ( E) 450 USD mill. 4 USD mm % 50.0% % 19.3% 18.4% % 14.5% % % (3) -0.9% LTM June 2016 Recurring Businesses Extraordinary Net Income ROE (Right Axis) 60% 50% 40% 30% 20% 10% 0% -10% Source: ILC Fx: 650 CLP / USD 12 12

13 3. Generating shareholder value through disciplined capital management and strict corporate governance practices 13

14 ILC S DISCIPLINED CAPITAL MANAGEMENT HAS BEEN RECOGNIZED BY RATING AGENCIES Consolidated debt US$ billion ILC s debt US$235 million Consolidated net debt US$485 million ILC s cash US$102 million Rating AA+ Amortization schedule (US$ million) Net financial debt / Total equity 2 Bank Loan N 1 Bond C-Series Bond D-Series 1.20x 1.00x x 0.55x 0.85x 0.43x June 2016 NFD/Equity Cov. D-Series Cov. C-Series ILC s debt breakdown by type (June 2016) Dividend policy by subsidiary (for 6M16) Bonds 25% Banks 75% Distributable Income (US$ million) Dividend Policy (%) ILC s stake in subsidiary (%) Habitat 59 90% 40.3% Red Salud 6 100% 99.9% Consalud 2 100% 99.9% Vida Cámara (5) 100% 99.9% Inv. Confuturo 36 30% 99.9% Banco Internacional 5 30% 50.6% Total

15 BEING A HIGH QUALITY GROUP THAT ADDS VALUE REQUIRES STRICT CORPORATE GOVERNANCE STANDARDS The Company is controlled by the Chilean Construction Chamber, a non-profit social entity, which annually elects 6 of the 7 directors of ILC during its Shareholders Meeting International Investors 15.5% Local Investors 17.5% ILC elects Board Members 67.0% ILC s Board of Directors ILC s Management The Chairman is elected for one year, renewable for a second period. Afterwards, he assumes as Vice Chairman and then Director to give continuity to the Board Directors Committee Investment Committee ILC has a Committee of Directors, responsible for reviewing financial information and auditor s reports, related parties transactions, remuneration systems, internal auditing procedures, among others ILC has also an Investment Committee responsible for reviewing financial decisions undertaken by ILC Subsidiary s Board of Directors Subsidiary s Management Each of ILC s subsidiaries has and independent Board of Directors and Management, who maximize the return of its affiliate Other initiatives to enhance ILC s Corporate Governance: Corporate Governance Manual, Ethic Code, Crime Prevention Model, Whistle Blows Channel, Comptroller, Management Control Department, among others 15 15

16 ILC S VALUE GENERATION IS LED BY AN EXPERIENCED BOARD AND MANAGEMENT ALL ACROSS THE COMPANY ILC seeks to maintain a management team with proven experience in every industry where participates Experienced board members and managements Sergio Torretti C. Chairman Juan Benavides F. Chairman Joaquín Cortez H. Chairman James Callahan F. Chairman Alberto Etchegaray A. Chairman Pedro Grau B. Chairman Kurt Reichhard B. Chairman Pablo González F. CEO Cristián Rodríguez A. CEO Christian Abello P. CEO Mario Chamorro C. CEO Sebastián Reyes G. CEO Marcelo Dutilh L. CEO Felipe Allendes S. CEO 16 years experience 34 years experience 31 years experience 35 years experience 16 years experience 26 years experience 17 years experience results in a solid performance % 3.1% 8.4% 12.3% 11.4% 11.1% 12.4% 0.1% LTM Profit without encaje (US$ million) LTM -8 Net Profit (US$ million) LTM ROE (%) LTM EBITDA Margin (%) ILC enters the subsidiary ILC changes the strategy of the subsidiary 16 16

17 4. Core business in financial services offers steady cash flow & operational know-how 17

18 Average Taxable Income (US$) AuM (Billion US$) Estrictamente Privado y Confidencial AFP HABITAT: ESTABLISHED COMPANY WITH A SOLID MARKET POSITION AND PERFORMANCE, EXPANDING INTO PERU Since March 2016 ILC is associated with Prudential Financial Inc. in AFP Habitat, maintaining 40.3% of the property each AFP Habitat is consolidating its position in the high income segment in Chile, through an efficient operating model The Company is expanding its greenfield presence in Peru, were operates the auction for new affiliates in the private pension system (PPS) Average taxable income in Chile SG&A over AuM in Chile (LTM, June 2016) 1,300 1,200 1,100 1,000 Average Taxable Income Industry Additional Taxable Income AFP Habitat June Provida Habitat Cuprum Capital Planvital Modelo % 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% SG&A over AuM (%) #2 Player in Chile in terms of contributors, affiliates, AuM and voluntary Products as of December 2015 #1 in annual returns for all funds as of June 2016 FX: CLP$ per US$ Source: Superintendencia de Pensiones Chile 18 18

19 AuM (Million US$) 1 Auction new affiliates into the Peruvian PPS 2 Auction Estrictamente Privado y Confidencial AFP HABITAT: ESTABLISHED COMPANY WITH A SOLID MARKET POSITION AND PERFORMANCE, EXPANDING INTO PERU Affiliates & Market Share AFP Habitat Peru SG&A over AuM in Peru (LTM, June 2016) 18,000 16,000 Integra 14,000 12,000 10,000 Prima Profuturo 8,000 6,000 4,000 Larger scale 2, % 5.0% 10.0% 15.0% 20.0% Habitat Jun16 Habitat '15 Habitat '14 SG&A over AuM (%) AFP Habitat started greenfield operations in Peru, through the first auction for new affiliates into the Peruvian PPS in 2013 AFP Habitat has the lowest fee in the industry, with 0.38% over contribution and 1.25% over AuM FX: PEN$3.287 per US$ Source: Superintendencia de Pensiones Perú, INEI Perú, INE Chile #1 in annual returns in all funds as of June 2016 Peruvian pension funds industry presents an attractive perspective due to its large population of 31 million (vs. 17 million in Chile), and the low labor formality rate which is close to 30% (vs. 85% in Chile) 19 19

20 % 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% % 5.0% 0.0% -5.0% -10.0% 20. 0% 18. 0% 16. 0% 14. 0% 12. 0% 10. 0% 8.0% 6.0% 4.0% 2.0% 0.0% Estrictamente Privado y Confidencial INVERSIONES CONFUTURO: CONSOLIDATING ITS FOOTPRINT AS AN ANNUITY MARKET LEADER IN CHILE ILC entered the life insurance industry in 2013, through the acquisition of 67% of Inversiones Confuturo (former Corp Group Vida Chile) ILC reached 100% stake in Inversiones Confuturo after three capital increases and the acquisition a remaining participation in June 2016 The rationale behind this transaction is to add another retirement alternative to ILC, besides programmed withdrawals Inv. Confuturo Direct Premiums (M US$) & Market Share Inv. Confuturo AuM (B US$) & Market Share 9.4% 8.1% 8.5% 8.9% 17.0% 16.6% 16.3% 16.0% 15.9% 7.3% LTM June 2016 Net Result Confuturo + Corpseguros (M US$) ROE Inversiones Confuturo (Net Result / Ave. Equity) 10.6% 10.0% % 4.8% LTM LTM FX: CLP$661.37per US$ Source: SVS, AACh % 20 20

21 INVERSIONES CONFUTURO: CONSOLIDATING ITS FOOTPRINT AS AN ANNUITY MARKET LEADER IN CHILE The Company aims to strengthen its operational and financial performance in the annuity market, being a good alternative to the programmed withdrawal retirement Annuity Market Share (June 2016, Direct premiums) Leverage Evolution Others 27.3% Consorcio 18.0% Metlife 15.2% US$2.2 Billion Inv. Confuturo 16.7% Bice 9.0% Penta Vida 13.8% Result on Investments / Investment Portfolio June 2016 Confuturo Corpseguros Investment portfolio breakdown by Instrument 5.5% 5.3% 5.3% 3% 4% 5% 6% 8% 11% 13% 14% 15% 15% 4.9% 4.6% 4.3% 4.8% 4.6% 4.1% 4.2% 81% 79% 78% 75% 73% 5% 4% 3% 3% 3% LTM June June 2016 Confuturo Corpseguros Equity Fixed Income Real Estate Others Annuity / Programmed withdrawal preference (Chile, 2015): ~ 70% / 30% FX: CLP$ per US$. Source: Aseguradores de Chile, SVS, Superintendencia de Pensiones Chile Inv. Confuturo s Annuity Premiums 6M16 (% Total): ~85% of total Premiums 21 21

22 ROE Estrictamente Privado y Confidencial BANCO INTERNACIONAL: FOCUSED ON GENERATING MARKET RETURNS ILC controls Banco Internacional, Factoring Baninter and Baninter Corredora de Seguros since October 2015 Banco Internacional has a global market share of 0.6% and 1.0% in terms of total and commercial loans respectively The Company aims to strengthen its operational, commercial and risk performance, in order to reach industry returns Banco Internacional should strengthen its position in the small and medium size companies Second Chilean bank in terms of capitalization ratio as of December 2015 Chilean Bank Industry: ROE & Loans 30% 25% 20% 15% 10% Retail Falabella Ripley Consorcio HSBC Medium Size Bice Security I nternacional June '16 Large Size Scotiabank BBVA Estado BCI Chile Santander 5% Itaú-Corpbanca I nternacional '15 0% Loans (US$ Billion) Universal ROE Evolution Banco Internacional Loans Breakdown (June 2016) 16.8% 18.0% 18.6% 15.2% 17.5% 12.9% 14.7% 14.8% 17.2% 14.3% 12.1% 1.3% 3.7% 3.0% 0.1% 8.4% Commercial 96.9% US$1.3 Billion Personal Consumption 0.7% LTM June 2016 Mortage 2.4% Banco Internacional Industry Figures as of June FX: CLP$ per US$. Source: Superintendencia de Bancos e Instituciones Financieras 22 22

23 5. Health care operation present in under-penetrated market offers higher profitability upside 23

24 AVANSALUD TABANCURA BICENTENARIO MEGASALUD % 12% 10% 8% 6% 4% 2% 0% 16% 14% 12% 10% 8% 6% 4% 2% 0% 19% 19% 18% 18% 17% 17% 16% 16% 15% 20% 10% 0% -10% -20% -30% -40% Estrictamente Privado y Confidencial RED SALUD IS ONE OF THE LARGEST CHILEAN HEALTHCARE NETWORKS, WITH 11 HOSPITALS AND 31 OUTPATIENT CENTERS Occupancy Rate Revenues (M US$) and EBITDA Margin Main Focus for 2016 Outpatient services 13 % 12 % 12 % 12 % 9% 8% Red Salud s operational performance has been impacted by the important investment plan undertaken during the last 5 years for approximately US$300 million Inpatient & Outpatient services / Santiago 68.6% LTM 14% 13 % 13 % 11% 9% 6% Since end-2015 Red Salud reinforced its focus and strategy into one oriented to costefficiency and profitability. The latter is based on: Inpatient & Outpatient services / Santiago 83.8% LTM 19 % 18% 18% 17% 17% 17% Management Network Investments LTM Inpatient & Outpatient services / Santiago % % 6% % 14% 67.0% LTM -3 9% 24 24

25 25,00 20,00 15,00 10,00 5, % 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% Estrictamente Privado y Confidencial ILC PROVIDES MANDATORY AND SUPPLEMENTAL HEALTH INSURANCES THROUGH CONSALUD AND VIDA CAMARA Consalud has been impacted by a pronounced deterioration in margins due to a higher frequency and cost per beneficiary Market Share (Contributors) Total: 1.9 M Direct costs / Revenues Consalud 20.0% Consalud Colmena 17.0% Banmédica 82.8% 84.7% 84.2% 88.2% 89.1% Banmédica 19.8% Cruz Blanca Masvida Cruz Blanca 21.5% M16 Trials due to adjustments in contract s base price Masvida 16.7% Colmena Vida Tres Optima 4.0% 1.1% Vida Camara Beneficiaries Evolution (Th.) N Trials against Consalud Adjustment Base Price (%, real) 7.5% 5.4% 3.9% 2.9% 2.3% 4,156 9,760 12,156 19,181 11, M16 Consalud has developed complementary products to attract new contributors June Source: Superintendencia de Salud 25 25

26 6. Multiple avenues for consolidation & growth 26

27 2016 HAS BEEN MARKED BY MILESTONES THAT CONSOLIDATE ILC S PRESENCE IN THE FINANCIAL AND HEALTH INDUSTRIES Capitalization and consolidation of subsidiaries: Banco Internacional (US$100 million) Red Salud (US$23 million) Inversiones Confuturo (US$150 million) 1 Proceeds from association with Prudential in AFP Habitat US$370 million Return value to shareholders through an extraordinary dividend 2 Position AFP Habitat as a leader company in the Latam pension fund industry

28 BASED ON S FOCUSES, ILC HAS SEVERAL OPPORTUNITIES: AFP Habitat: Consolidate its association with Prudential Strengthen its regional footprint in Chile and Peru Inversiones Confuturo: Maintain its leadership in the growing annuity industry Further improve returns on investments, maintaining an adequate leverage Banco Internacional: Vida Camara: Consalud: Improve operational and administrative efficiency Focus in medium and small size companies Consolidate its new Management Team Consolidate in Supplemental Health Insurances Red Salud: Improve operational efficiency and synergies between the network Further improve efficiencies in costs and SG&A Continue developing innovative complementary products Consolidate its new Management Team 28 28

29 AGENDA ILC at a Glance ILC: Value Proposal Closing Remarks Appendix 29

30 INVESTMENT HIGHLIGHTS Estrictamente Privado y Confidencial One of the largest Asset Managers in Latam Consolidated controlling shareholder Demonstrated trackrecord in nondiscretionary industries Solid and stable credit risk rating Proven access to capital markets Attractive and consistent dividend yield 30 30

31 AGENDA ILC at a Glance ILC: Value Proposal Closing Remarks Appendix 31

32 ILC: a forward looking into

33 CHILEAN ANNUITIES INDUSTRY: STRONG DEMOGRAPHIC AND ECONOMIC FACTORS Evolution GWP (USD mm) Annuities vs. P. Withdrawals Sales Rate New Pensioners by SCOMP (1) 4,021 3,520 2,476 2,624 2,534 1,982 1, % 3.82% 3.23% 2.85% 3.12% 2.72% 43,693 38,804 39,218 35,246 34,788 12,871 14,165 15,100 16,724 12,586 30,822 18,522 22,202 24,639 24, LTM jun Programmed Withdrawal Annuities Annuities Programmed Withdrawal Market Share by GWP (LTM June 16) Market Share by AUM (June 16) Individual Account by Age Group (USD Th.) USD mm USD mm 44 Others 30% 18% 16% Others 44% 17% 16% % 12% 15% 9% 14% dec-02 jun-06 jun-11 jun Source: AACh, SVS and ILC (1) SCOMP: Electronic Consultation and Offer System for Annuities and Phased Withdrawals Fx: 650 CLP / USD 33 33

34 CHILEAN BANKING INDUSTRY: GROWTH & PROFITABILITY Gross Loans / GDP Evolution (%) Domestic Credit to Private Sector (% GDP) Chilean GDP vs Loans Growth 68% 27% 79% 30% 87% 35% 91% 37% 194% 190% 174% 147% 134% 119% 91% 68% 15.1% 7.7% 17.3% 14.3% 13.3% 9.3% 6.4% 6.4% 10.7% 12.2% 7.5% 6.7% 11.1% 41% 49% 52% 54% 47% 37% 3.0% jun-16 Other Loans / GDP Commercial Loans / GDP jun-16 GDP Growth Loans Growth Chilean Banking Industry ROE IGPA Companies 14.8% 18.7% 15.6% 15.9% 18.2% 14.7% 13.1% Industry ROE Banks 17.1% Commodities 4.8% Construction & REIT 12.7% Industrial -2.6% Retail 9.5% Jun-16 (LTM) Utilities 12.6% Source: Bloomberg Fx: 650 CLP / USD 36 34

35 CHILEAN HEALTHCARE INDUSTRY: UNDER-PENETRATED MARKET WITH DEVELOPING UPSIDE Healthcare Expenditure (as % of GDP) Per Capita Healthcare Expenditure (PPP USD) Historical Demographic Evolution % GDP Years Chile Czech Republic Poland Hungary Mexico Spain Italy UK Japan OECD France Germany Denmark Switzerland USA 0 3,000 6,000 9,000 12,000 Health Expenditure per Capita (US$) 4% 7% 10% 56% 64% 69% 40% 29% 21% Beds Private Healthcare Demand (2) Industry Players EBITDA Margins Company Beds 8.8 Company EBITDA Mg , (1) 15.5% % N/A N/A Source: OECD Health Statistics 2015, World Bank, INE, Asociación de Clínicas de Chile, ILC, FONASA, Isapres (1) Considers Davila and Santa Maria clinics (2) Includes beneficiaries from groups C and D (FONASA) and Isapres Population (mill.) 18.5% 16.0% 38 35

36 PERU: PROMISING MACROECONOMIC AND DEMOGRAPHIC OUTLOOK IN A HIGHLY CONCENTRATED INDUSTRY GDP Growth Demographic Dividend Dependent, Independent and Informal Workers 2.4% 3.3% 4.0% 4.5% Female Male E 2016F 2017F 2,000, ,000,000 Workers 15.8 mm. 58% 42% Indep. Dep. Workers 15.8 mm. 74% 26% Informal Formal Private Pension System (PPS) Affiliates & AUM Market Share: AUM & Affiliates PPS Players Contributors Growth 37,409 39,081 34,508 29,168 30,751 5,268 5,482 5,728 5,963 6, jun-16 Affiliates (miles) AUM (USD mm) Profuturo 26% AUM: USD 39,1 bn Prima 32% Habitat 2% Integra 40% Affiliates: 6,1 millions Profuturo 30% Prima 24% Habitat 13% Integra 33% dec-15 jun % 46.6% 4.4% (2.1%)(1.4%) 2.2% (0.2%) (3.4%) (0.3%) (2.9%) Habitat Integra Prima Profuturo Total SPP Source: JP Morgan, CELADE, SBS Fx: 650 CLP / USD 40 36

37 SUMMARIZED FINANCIAL STATEMENTS AND SUBSIDIARIES FIGURES Balance Sheet Th. US$ June 2016 June 2015 Variation NON-I NSURANCE ACTI VI TY ASSETS % Total Current Assets % Total non current assets % TOTAL I NSURANCE ACTI VI TY ASSET % TOTAL BANKI NG ACTI VI TY ASSETS % TOTAL ASSETS % 0 0 NON-I NSURANCE ACTI VI TY LI ABI LI T % Total current liabilities % Total non current liabilities % I NSURANCE ACTI VI TY LI ABI LI TI ES % BANKI NG ACTI VI TY LI ABI LI TI ES % TOTAL LI ABI LI TI ES % Equity attributable to owners of the parent co % Non-controlling interests % TOTAL EQUI TY % TOTAL LI ABI LI TI ES AND SHAREHOLD % I ncome Statement Th. US$ June 2016 June 2015 Variation NON-I NSURANCE ACTI VI TY Operating result % Non operating result 239 (15.279) -102% Profit (loss) before tax (2.422) -625% Profit (loss) from discontinuing operations % Non-I nsurance activity profit % I NSURANCE ACTI VI TY Operating result % Non operating result (15.107) % Profit (loss) before tax % I nsurance activity profit % BANKI NG ACTI VI TY Operating result Non operating result 21 - Profit (loss) before tax Banking activity profit PROFI T (LOSS) FOR THE PERI OD % Profit attributable to owners of the pa % Profit attributable to non-controlling in % I ndividual Results (LTM June 2016, Th. US$) AFP Habitat Co nfuturo Co rpseguro s Banco I nternacio nal Red Salud Co nsalud Vida Camara I ndustry Pensio n Funds Life I nsurance Life I nsurance Bank Healthcare Mandato ry health Vo luntary health Pro vider insurance insurance Revenues 242, , ,300 70, , , ,987 EBI TDA / EBI TDAE 149, ,329 5,658 - Net I nco me 122,885 10,758 39,978 6,018 8,681 1,543 (4,543) Assets 536,048 4,750,562 3,471,237 1,996, , , ,607 Liabilities 113,593 4,439,877 3,195,039 1,853, , , ,812 Equity 422, , , , ,867 12,323 51,795 % o wnership I LC 40.3% 99.9% 99.9% 50.6% 99.9% 99.9% 99.9% Market Capitalizatio n (U$ billio n) Figures as of June 2016 / FX: CLP$ per US$ 43 37

38 Disclaimer: This document provides information about ILC Inversiones S.A. In any case this constitutes a comprehensive analysis of the financial, operational and sales situation of the Company, so to evaluate whether to purchase or sell securities of the Company, the investor must conduct its own independent analysis. In compliance with the applicable rules, ILC Inversiones S.A. publishes this document in its web site ( and submits to the Superintendencia de Valores y Seguros, the financial statements of the company and its corresponding notes, which are available for consultation and review. Contact Information: Trinidad Valdés / IR Department / / tvaldes@ilcinversiones.cl / Camila Tagle / IR Department / / ctagle@ilcinversiones.cl / 44