Results Presentation 3Q17

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1 Multiexport Foods S.A. Results Presentation 3Q17 Santiago, November 2017

2 Agenda I. Highlights II. III. Financial Statements Supply, Demand and Prices IV. Farming Operation V. Perspectives 2

3 Highlights 3Q17 operating result: Good productive performance, recovery on harvest weights and lower ex-farm costs o o 3Q17 harvests of 18 Th. tons (+20% vs. 3Q16). Includes 1,400 tons of Coho Salmon Atlantic Salmon average weight of 5.1 kg for 3Q17 (industry: 5.1 kg) o Favorable sale prices for the quarter: 5.0 USD/lb* (-10% vs 3Q16) EBIT 3Q17 USD 24 million, accumulating USD 93 million up to tember o o 3Q17 EBIT/WFE Kg Atlantic Salmon: 1.40 vs (3Q16) 9M17 EBIT/WFE Kg Atlantic Salmon: 1.89 vs (9M16) EBITDA 3Q17 USD 28 million, accumulating USD 106 million up to tember Net Income up to tember USD 74 million Successful Syndicated Loan restructuring during tember Measured by the Urner Barry indicator that shows the average price for the Atlantic Salmon, D-Trim fillet, 3-4 lbs, in the US. 3

4 Agenda I. Highlights II. III. Financial Statements Supply, Demand and Prices IV. Farming Operation V. Perspectives 4

5 Consolidated Income Statement Main Indicators 3Q17 3Q16 Var. Var. % Var. % Harvests (WFE Tons*) 18,019 14,992 3,027 20% 49,622 36,969 34% Atlantic Salmon 16,619 14,992 1,627 11% 48,223 36,969 30% Coho Salmon 1,399-1,399 n/a 1,399 - n/a Sales (WFE Tons) 17,265 15,013 2,252 15% 50,256 40,783 23% Atlantic Salmon 16,556 15,013 1,543 10% 47,628 39,491 21% Coho Salmon n/a 2,628 1, % EBIT (USD/WFE Kg) Atlantic Salmon Coho Salmon Income Statement (Th. USD) 3Q17 3Q16 Var. Var. % Var. % Operating Revenues 115, ,820 7,393 7% 363, ,400 44% Cost of Sales -87,016-82,423-4,593 6% -258, ,651 13% SG&A -4,337-3, % -12,533-9,868 27% Operating EBIT *** 23,860 21,817 2,043 9% 92,504 13,881 - Fair Value adjustment of Biological Assets -4, ,575-12,332 27,306-55% Algae Bloom Loss Provision n/a - -8,989 - Net income 13,114 14,605-1,491-10% 74,104 19,383 - Operating EBITDA *** 28,338 25,980 2,357 9% 105,658 26,307 - * Whole Fish Equivalent: Unit of measure that corresponds to the live weight after starvation and bleed-out. ** Pre Fair Value adjustment Source: Multiexport Foods 5

USD/WFE Kg Atlantic Salmon operating margin EBIT pre-ifrs (USD/WFE Kg) 14 15 2016 2017 Unitary EBIT 9M17: +1.89 USD/WFE Kg 2.5 2.0 1.5 1.0 0.5 0.0-0.5-1.0-1.5 0.22-0.44-0.68 Unitary EBIT: +0.

6 USD/WFE Kg Atlantic Salmon operating margin EBIT pre-ifrs (USD/WFE Kg) Unitary EBIT 9M17: USD/WFE Kg Unitary EBIT: USD/WFE Kg FY FY Q1 Q2 Q3 Q4 Q1 Q2 Q USD/lb In spite of lower sale prices in comparison to 3Q16, there is an improvement in terms of ex-farm costs Good productive performance, low mortality rates and favorable average weights continued during the quarter Atlantic Salmon EBIT (USD/WFE Kg) UB TD 3-4 lbs Reference Price Source: Multiexport Foods 6

7 Consolidated Balance Sheet Balance Sheet (Th. USD) -17 Dec-16 Cash and Cash Equivalents 84,541 87,594 Inventories and Biological Assets 261, ,326 Accounts Receivable & Other Current Assets 47,028 63,989 PP&E 106, ,491 Other Assets 54,433 74,367 Total Assets 554, ,767 Financial Debt 100, ,981 Accounts Payable 76, ,499 Accounts Payable to Related Parties 6,721 3,250 Other Liabilities 41,727 35,853 Total Equity 330, ,184 Total Liabilities and Equity 554, ,767 Financial Ratios -17 Dec-16 Net Financial Debt (Th. USD) 15,609 52,387 Total Net Liabilities / Equity (x) Current Ratio (x) 3.65 s Cash: -USD 3.1 MM Operational Cash Flow: USD MM Debt Amortization: USD MM Dividends Payment: USD -5.5 MM Capex: USD MM Inv. + Biological Assets: +USD 43.6 MM Higher Biological Asset: USD MM Higher IFRS Adjustments (Fair Value): USD MM Lower Inventory: USD -4.4 MM Accounts Receivable & Other Current Assets: -USD 17.0 MM Lower valued sales in comparison to 4Q16 and final liquidation of Algae Bloom insurance Financial Debt: -USD 39.8 MM Syndicated Loan Amortization in ch and tember for a total of USD MM Syndicated Loan refinancing during tember 2017 Accounts Payable: -USD 30.4 MM Decrease due to the decision of Multiexport to prepay fish feed invoice Source: Multiexport Foods 7

8 M USD 3Q17 Consolidated Cash Flow (Th. USD) Negative operating cash flow due to the fish feed prepayment strategy 140, , ,282-13,723-4,388-16, ,000 80,000 60,000 Reposition / Maintenance 84,541 40,000 20,000 0 Syndicated Loan Amortization (refinancing) Initial cash Operation CAPEX Syndicated Loan Ending Cash Jun Source: Multiexport Foods 8

9 Syndicated Loan Refinancing Debt before refinancing USD million During tember USD 16.8 million were paid, leaving USD 100 million to be restructured New loan for USD 100 million considers biannual amortizations of USD 6 million until tember 2022 It also considers a USD 30 million working capital credit line available during the whole term of the loan Regular covenants for these kind of loans Amortization calendar: Old structure (USD million) Date Tranche A Tranche B Total Total % of total 35.5% 64.5% 100.0% New structure (USD million) Date Total Total (*) Considers payment of USD 16.8 million on the 15th of tember,

10 Agenda I. Highlights II. III. Financial Statements Supply, Demand and Prices IV. Farming Operation V. Perspectives 10

11 3Q17 Chilean Supply Th. USD FOB Atlantic Salmon Exports up to 3Q17 #2 58% Smoked Salmon exports from Chile Exporter Atlantic Trout Coho Total % Exp. Mitsubishi / Cermaq 281,680 21,206 76, ,116 11% Aquachile 197,530 50,197 61, ,756 9% Multiexport Foods 280,600 11,184 15, ,569 9% Australis 204,966 71,389 20, ,784 9% Los Fiordos 201, , ,456 7% ine Harvest 173, ,173 5% Invermar 133,156 12, ,694 4% Blumar 134, ,906 4% Antártica , ,203 4% Salmones Austral 94,806 28, ,292 4% Others 844, , ,906 1,142,000 34% Total 2,547, , ,956 3,364, % Smoked products export Multiexport Foods Puerto de Humos 6,869 Mitsubishi / Cermaq 6,028 South Wind 2,205 Patron 846 Otros 2,543 (9 companies) 25,710 Source: LexisNexis 11

USD/LB FOB MIAMI Atlantic Salmon Prices USA ket ATLANTIC SALMON PRICE: UB TRIM D 3-4 LBS 6.50 6.24 6.00 5.89 5.53 5.63 5.50 5.00 5.46 5.00 4.50 4.32 4.65 4.00 3.50 3.

12 USD/LB FOB MIAMI Atlantic Salmon Prices USA ket ATLANTIC SALMON PRICE: UB TRIM D 3-4 LBS Feb Apr Jun Aug Oct Nov Dec Spread 10y Avg 10y Q17: 5.89 USD/lb (2Q16: 5.46 USD/lb) +7.9% Source: Urner Barry 12

13 YEN/KG FOB JAPAN Coho Prices Japanese ket COHO PRICES: PREMIUM FROZEN HG Feb Apr Jun Aug Oct Nov Dec Spread 10y Avg 10y Q17: 865 JPY/kg (2Q16: 656) +31.9% Source: FIS 13

14 Agenda I. Highlights II. III. Financial Statements Supply, Demand and Prices IV. Farming Operation V. Perspectives 14

Productive performance Atlantic salmon Nov Nov Nov Atlantic Salmon Yield (WFE Kg / smolt) Multiexport vs. Chilean industry 6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 3.51 4.03 4.23 4.14 2013 Ind. 2014 Ind.

15 Productive performance Atlantic salmon Nov Nov Nov Atlantic Salmon Yield (WFE Kg / smolt) Multiexport vs. Chilean industry Ind Ind Ind YTD Ind * MEF 2017 YTD MEF 25% 20% 15% 19% Atlantic Salmon Accum. Mortality (%) Multiexport vs. Chilean industry 17% 14% 14% Atlantic Salmon Harvest Weight (WFE Kg) Multiexport vs. Chilean industry 10% 5% 0% 2013 Ind Ind Ind YTD Ind. 7%* 7% 2016 MEF 2017 YTD MEF Industry MEF 3.5 * Algae Bloom affected sites are not considered Source: Aquabench / Multiexport Foods 15

16 Chilean Industry Sanitary Condition Sea Lice Adult Sea Lice (avg. #) Source: ABG Sundal Collier 16

17 Nov Nov Nov Nov Nov Nov Nov Nov Nov Nov Apr Oct Apr Oct Apr Oct Apr Oct Apr Oct Apr Monthly mortality rates by specie 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Atlantic Salmon (%) MEF 0,5% 4.00% 3.50% 3.00% 2.50% 2.00% 1.50% 1.00% 0.50% 0.00% Trout (%) Coho Salmon (%) 4.00% 3.50% 3.00% 2.50% 2.00% Since June 2015 the company doesn t produce trout 1.50% 1.00% 0.50% 0.00% MEF 0,8% Source: Aquabench / Multiexport Foods 17

18 Agenda I. Highlights II. III. Financial Statements Supply, Demand and Prices IV. Farming Operation V. Perspectives 18

19 Biomass and stocking - Norway Smolt Stocking Norway Million smolts +1% last 12 months Source: ABG Sundal Collier / Multiexport Foods 19

20 Stocking - Chile Atlantic Salmon Millones de smolts Millones de smolts Millones de smolts 18.0 Atlantic Salmon Stocking 2017 Atlantic Salmon average monthly Stocking Period October - tember (12 months) ,4 Avg Feb Apr Jun Aug LTM 2015 LTM 2016 LTM 2017 LTM Last 3 years Atlantic Salmon Stocking Feb Apr Jun Aug Oct Nov Dec Source: Aquabench / Multiexport Foods Normalization of stocking levels during the last months: +4.1 % last 12 months -3.5% last 6 months 20

21 Mid-term Outlook Average harvest weights Chile: Harvest weights (salmon) Norway: Harvest weights (salmon) Source: ABG Sundal Collier 21

22 Harvest Projection Atlantic salmon Atlantic Salmon Th. WFE Tons E 2018E Norway 1,183 1,144 1,194 1,230 1,170 1,199 1,287 Chile Others Total 1,994 2,045 2,235 2,332 2,176 2,290 2,431 Growth E 2018E Norway 18% -3% 4% 3% -5% 2% 7% Chile 65% 30% 26% 3% -15% 11% 5% Others 10% -4% 4% 10% -1% 6% 5% Total 22% 3% 9% 4% -7% 5% 6% Source: ABG Sundal Collier / Multiexport Foods -2% ( ) 22

23 Global Atlantic Salmon Production America Th. WFE tons Growth (%) % 21% 40% 14% 20% 16% 700 0% 1% 20% 600-8% 11% 14% 0% 500 4% 1% -9% -4% -11% -20% % -40% % % % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2017E 2018E Chile Canada Q-o-Q Growth (%) - Previous Year Q-o-Q Growth (%) - Previous Quarter Th. WFE tons 1,500 1,300 1, Europe 8% 3% 2% 6% 7% 0% 7% 9% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Growth (%) 20% 0% -20% -40% -60% -80% -100% Source: ABGSC, MEF 2017E 2018E Norway UK Faroes Others Q-o-Q Growth (%) - Previous Year 23

24 Price outlook Atlantic salmon (Proyección 8 noviembre 2017) Forward Prices (NOK/Kg) Source: ABG Sundal Collier, Carnegie 24

25 Price outlook Atlantic salmon (Proyección 8 noviembre 2017) Source: ABG Sundal Collier, Carnegie 25

26 Fuente: Multiexport Foods MULTIEXPORT FOODS PERSPECTIVES

27 Multiexport Foods stocking and harvest Smolt Stocking Th. Smolts Q1-17 Q2-17 Q3-17 Q4-17E 2017E Atlantic Salmon 14,120 16,028 2,892 3,221 3,803 6,084 16,000 Coho Salmon 2,193 2,208 2,378 1, ,700 Total 16,313 18,235 5,270 4,543 3,803 6,084 19,700 Harvest WFE Tons Q1-17 Q2-17 Q3-17 Q4-17E 2017E H1-18E H2-18E 2018E Atlantic Salmon 60,234 56,681 54,284 15,261 16,342 16,619 16,378 64,600 34,000 34,000 68,000 Trout 2, Coho Salmon 6,519 6,042 6, ,399 9,001 10,400-9,000 9,000 Total 69,203 63,720 60,887 15,261 16,342 18,019 25,379 75,000 34,000 43,000 77,000 27

28 Ex-farm costs evolution Atlantic Salmon USD/WFE Kg Multiexport Foods Ex-farm costs Source: Multiexport Foods 28

29 Th. WFE Tons USD/kg WFE YEN/KG FOB JAPAN Coho Salmon Season Positive Season: o o o Historically low levels of inventories in Japan at the beginning of the season Sale prices above 800 YEN/kg, with more than 80% of the estimated harvest for the season sold (estimated harvest of WFE tons) Good productive performance on sea water sites Harvested volume and Ex-farm cost , FIS 4-6 Premium Harvested volume Ex-farm cost Source: Multiexport Foods, FIS 29

30 Multiexport Foods Thank you

Santiago, May 11 th, Results Presentation 1Q18

Santiago, May 11 th, Results Presentation 1Q18 Santiago, May 11 th, 2018 Results Presentation 1Q18 Agenda I. Highlights II. III. Financial Statements Supply, Demand and Prices IV. Farming Operation V. Prospects 2 Highlights EBIT 1Q18 USD 18.8 million