Estrictamente Privado y Confidencial. CREDICORP XV ANDEAN INVESTORS CONFERENCE Lima, Peru September 2017

Transcription

1 CREDICORP XV ANDEAN INVESTORS CONFERENCE Lima, Peru September

2 AGENDA I. ILC at a Glance II. ILC: Value Proposal a. Proven expertise in realizing value b. Industries with growth potential + internal improvement opportunities c. Disciplined capital management and strict corporate governance practices III. Closing Remarks IV. Appendix 2 2

3 I. ILC at a Glance 3

4 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 sectors. We favor the creation of value, efficiency and sustainability, guided by the values of our Controller, the Chilean Construction Chamber (CChC). Sectors where ILC participates ROE-Net Inc. LTM June 2017 (1) Dividend Yield LTM June 2017 Financial & Health 16.2% - US$172 m. 12.7% at IPO s price Local Risk Rating AA+ AuM as of June 2017 (1) US$63 bill. in AFP Habitat, Confuturo and Corpseguros Consolidated Employees ~12,200 in Chile and Peru (1) FX: CLP$650/USD$ Source: ILC, Superintendencia de Pensiones Chile, Superintendencia de Banca, Seguros y AFP Perú, Asociación de Aseguradores de Chile 4 4

5 II. ILC: Value Proposal 5

6 ILC: VALUE PROPOSAL 1. Proven expertise in realizing value 2. Industries with growth potential + internal improvement opportunities 3. Disciplined capital management and strict corporate governance practices 6 6

7 FOCUS ON THE FINANCIAL AND HEALTH SECTORS 2012 Pre-IPO 96% 67.5% 99.9% 89.9% 99.9% 32.9% 99.9% Pension Funds (Chile) Disability & Survivorship Insurance (Chile) Healthcare Network (Chile) Mandatory Health Insurance (Chile) IT Platform (Chile) School Network (Chile) Financial Sector Health Sector IT Education Today 67% 33% Float: ~50% international investors ~50% local investors 40.3% 99.9% 50.6% 99.9% 99.9% 99.9% Partnership with Pension Funds (Chile & Peru) Life Insurances (Chile) Corporate Banking (Chile) Healthcare Network (Chile) Mandatory Health Insurance (Chile) Supplementary Health Insurance (Chile) Financial Sector Health Sector Source: ILC Executed in

8 GREATER DIVERSIFICATION OF RESULTS ILC: Ordinary Net Result 2012 (IPO) ILC: Ordinary Net Result LTM June % 4% 5% 5% 4% 10% 45% US$91.5 million US$172.2 million 80% -1% (ILC Individual, Others and Vida Camara) 39% -8% (ILC Individual and Others) AFP Habitat and Isapre Consalud reduced their impact on results from 97% in 2012 to 49% in last twelve months as of June 2017 Source: ILC 8 8

9 CONSISTENT RETURN GENERATION Estrictamente Privado y Confidencial Ordinary net result growth ( ) +14.1% CAGR 1 Average Dividend yield (1) ( ) 8.7% annual 3 Extraordinary net result ( ) ~US$90 m. annually (average) 2 CAPEX ( ) 450 US$ m. 4 ILC: Net Result and ROE Evolution US$ m % 60% 50% % 40% % 18% 33 14% 15% % 20% 10% LTM June % (1) Dividend yield at IPO s price Source: ILC. FX: 650 CLP$ / USD$ Ordinary Net Result Extraordinary Net Result ROE (%) 9 9

10 ILC: VALUE PROPOSAL 1. Proven expertise in realizing value 2. Industries with growth potential + internal improvement opportunities 3. Disciplined capital management and strict corporate governance practices 10 10

11 2017: ORGANIZATIONAL STRUCTURE READY TO FACE GROWTH Company Sector Demographic and Economic Factors (exogenous) Internal Improvement Opportunities (endogenous) Search for Regional Expansion (endogenous) Financial Financial 2013 Financial 2015 Health 2008 Health 1984 Health Future Source: ILC 11 11

12 LIFE INSURANCE INDUSTRY: DEMOGRAPHIC AND ECONOMIC POTENTIAL Interest Rate: Programmed Withdrawal vs. Annuity Retirement Alternative Breakdown Annuity Programmed Withdrawal Annuity Programmed Withdrawal 3.83% 3.92% 3.24% 2.85% 3.26% 2.91% 2.74% 2.39% 34,788 38,804 39,218 36% 37% 39% 64% 63% 61% 43,693 48,851 47,030 29% 29% 31% 71% 71% 69% LTM June 2017 Annuity Industry Gross Premiums (US$ m.) Annuity Mkt. Share (Direct Premiums, LTM June 2017) 3,752 4,296 3,882 Others 25.6% Consorcio & CN Life 17.4% 2,922 3,044 2,820 Bice Vida 9.3% US$3,882 m. Metlife 16.4% LTM June 2017 Confuturo & Corpseguros 14.9% Penta Vida 16.2% Source: AACh, SVS, Superintendencia Pensiones. 12 FX: 650 CLP$ / USD$ 12

13 Leverage (x) Estrictamente Privado y Confidencial CONFUTURO: REFOCUSING ITS INVESTMENT STRATEGY Acquisition: November 2013 Acquisition price US$ 134 m. Participation acquired 67.0% Multiple acquisition (P/B) 0.83x Strategy: Financial turnaround New asset allocation Lower leverage derived from new investment strategy Minority stake acquisition at 0.84x P/B Annuity Direct Premiums (US$ m.) AuM (US$ m.) % 580 7, % 8, LTM June 2017 Portfolio Risk (June 2017) Sura Principal Metlife Confuturo Corpseguros Security Euroamérica Bice Vida Consorcio Penta Vida 2013 June % 6% % Real Estate % Stocks Net Result (US$ m.) % 5% 10% 15% LTM June % Equity / AuM (8) % 3% ROE LTM Inversiones Confuturo June % Source: AACh, SVS and ILC. FX: 650 CLP$ / US$

14 CHILEAN BANKING INDUSTRY: PROFITABLE AND GROWING GDP vs Bank Loans Growth (Chile) Internal Credit Provided by Banking Sector 2015 (% GDP) 17% 14% 13% 11% 12% 194% 190% 174% 147% 134% 119% 111% 8% 5.8% 5.8% 5.5% 4.0% 1.9% 2.3% 6% 1.6% 68% 47% 37% GDP Growth (real) Loans Growth (nominal) Chilean Banking Industry ROE IGPA Comparative ROE % 17.5% 14.7% 14.8% 17.2% 14.2% Industry 2016 ROE Banking 13.1% 11.0% Retail 12.6% Construction & Real Estate 9.9% Basic Materials 5.8% Industrial 2.4% Source: SBIF, World Bank, Bloomberg, BCS, Banco Central de Chile 14 14

15 BANCO INTERNACIONAL: REDUCING GAPS WITHIN THE INDUSTRY Acquisition: November 2015 Acquisition price US$ 100 m. Participation acquired 50.6% Multiple acquisition (P/B) 1.29x Strategy: Turnaround Focus on small and medium size companies Risk and efficiency management Growth in loans Loans (US$ m.) Risk Expenses (US$ m.) Net Income (US$ m.) 1,322 1, % -17% % 16.1 ROE LTM June % June 2016 June 2017 LTM June 2016 LTM June 2017 LTM June 2016 LTM June 2017 Efficiency (June 2017, %) Reciprocity (1) (June 2017, %) Credit Rating (June 2017) AAA AA AA AA- A+ AA+ BI Security BBVA Scotia Bice Bice Scotia BBVA Security BI Scotia BICE BBVA Security - ILC (1) Time deposits / Total liabilities 15 Source: SBIF, Banco Internacional. FX: 650 CLP$ / USD$ 15

16 Per Capita Health Expenditure PPA (US$/hab.) Estrictamente Privado y Confidencial CHILEAN HEALTHCARE INDUSTRY: LACK IN SUPPLY FOR GROWING DEMAND GDP vs. Health Expenditure 2015 (PPA, per Capita) 10,000 Demographic Evolution (Population by Age) 7,500 USA 4% 7% 10% Switzerland 5,000 2 X Germany Japan Australia Spain 2,500 Chile OECD Mexico Turkey 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Per Capita GDP PPA (US$/hab.) Physicians (Every 1,000 Habitants) 56% 64% 69% 40% 29% 21% Beds (Every 1,000 Habitants) Source: OECD Health Statistics 2015, Health at a Glance 2015, World Bank, INE 16 16

17 RED SALUD: LOOKING FOR OPERATIONAL EXCELLENCE Red Salud First-class healthcare assets across Chile Estimated CAPEX next 3Y ~US$ 100 m. Minority stake acquisition at 0.94x P/B (June 2016) Strategy: Operational turnaround Focus on efficiency and working capital Improve synergies among the network New corporate governance / image renewal EBITDA (US$ m.) Net Result (US$ m.) Net Debt / EBITDA % -9 bps 10.0% 12.0% 11.0% 10.0% % x 5.3x +7% 5.3x % 8.0% 7.0% 6.0% x 5.1x 5.0x 4.9x 4.8x 4.9x % - 4.7x LTM June 2016 LTM June 2017 LTM June 2016 LTM June 2017 June 2016 June 2017 EBITDA EBITDA Mg. Number of Beds Comparable EBITDA Margins 1, Company EBITDA Mg. 1H16 EBITDA Mg. 1H % 16.9% 11.8% 9.6% 13.7% 9.6% 16.6% 3.8% Source: ILC, Clínicas de Chile AG (November 2016). FX: 650 CLP$ / USD$ 17 17

18 ILC PRUDENTIAL ASSOCIATION IN AFP HABITAT In March 2016 ILC associated with Prudential in AFP Habitat, in order to expand their footprint in the Latam pension industry Prudential at a glance: Prudential s presence in Latam Founded in 1875 Presence in more than 40 countries Products: Life insurances Annuities Retirement products Mutual funds Investment management 2006 Life insurance Pensions 1998 US$1,334 trillion in AuM / US$3.7 trillion in life insurances 49,000 employees Market cap.: US$48 billion Source: Prudential 18 18

19 Average Taxable Income (US$) Estrictamente Privado y Confidencial HABITAT CHILE: CONSOLIDATION IN THE HIGH-INCOME SEGMENT AFP Habitat has a strong presence and recognition in the Chilean pension industry: Average Taxable Income in Chile (US$) Investment Returns (Chilean Pesos) Additional Taxable Income AFP Habitat Average Taxable Income Industry Rank Pension Fund Returns (L3Y, June 2017) ,046 1,098 1,130 Dec Dec Dec Dec Dec Dec Dec Dec June 2017 Habitat Capital Cuprum Modelo Planvital Provida Fund A Fund B Fund C Fund D Fund E Market Share by Contributors (June 2017) Market Share by AuM (June 2017) Provida 28.3% Capital 17.0% Provida 25.5% Capital 19.5% 5.2 million Cuprum 8.0% Planvital 3.4% US$194 billion Cuprum 19.8% Planvital 11.7% Habitat 21.2% Modelo 4.5% Modelo 13.8% Source: Superintendencia de Pensiones. FX: CLP$650 per USD$ Habitat 27.2% 19 19

20 PERUVIAN PENSION INDUSTRY: FAVORABLE SCENARIO DRIVEN BY DEMOGRAPHY AND LOW LABOR FORMALITY Peruvian Labor Force Breakdown (2015) Workers: 15.9 m. Independent 35% Formal 27% Investment Returns PPPS (1) Rank Pension Fund Returns (L3Y, June 2017) Habitat Integra Prima Profuturo Fund Fund Dependent 65% Informal 73% Fund Market Share: AuM and Affiliates (June 2017) AuM per Affiliate June 2017 (US$) Profuturo 25.9% Prima 31.7% Habitat 2.8% US$44 billion Integra 39.6% Profuturo 28.1% Prima 23.3% 6.4 million Habitat 17.4% Integra 31.2% 8,791 9,388 6,369 6,911 1,110 Habitat Integra Prima Profuturo PPPS (1) PPPS: Peruvian Private Pension System Source: SUNAT, INEI, CELADE, SBS. FX: 3.25 PEN$ / USD$ 20 20

21 CONSALUD AND VIDA CÁMARA Estrictamente Privado y Confidencial Consalud Facing an adverse scenario due to higher loss ratios and judicializations Commercial know-how Currently implementing efficiency improvements Vida Cámara #5 largest company in supplemental health insurances in Chile Experience in collective contracts New CEO and commercial turnaround Market Share Isapres by Beneficiaries (June 2017) Market Share Supplemental Health Insurances by Premiums (June 2017) Banmédica 21.0% Vida Tres 4.4% Nueva Masvida 15.8% Otros 32.8% Metlife 22.4% 3.3 m. US$593 m. Cruz Blanca 20.9% Colmena 17.6% Security Previsión 12.4% Consalud 20.2% Vida Cámara 9.9% Euroamérica Chilena Consolidada 11.4% 11.2% Source: ILC, AACh, Superintendencia Salud. FX: 650 CLP$ / US$ 21 21

22 ILC: VALUE PROPOSAL 1. Proven expertise in realizing value 2. Industries with growth potential + internal improvement opportunities 3. Disciplined capital management and strict corporate governance practices 22 22

23 DISCIPLINED CAPITAL MANAGEMENT Estrictamente Privado y Confidencial ILC s net debt US$280 million (1) Consolidated net debt US$905 million (1) ILC s cash US$95 million (1) Debt: 66% Bonds 34% Banks (1) ILC Rating Risk AA+ Amortization Schedule ILC (June 2017, US$ m.) 158 Bank Loans ILC-C ILC-D ILC-F ILC-H Net Financial Debt / Total Equity 0.38x 0.55x (1) ILC Financial data as of June 2017 FX: 650 CLP$ / US$ 0.85x 0.69x 1.2x 1.0x 0.74x Dec Dec Dec Dec June 2017 NFD / Equity Cov. C - Series Cov. D,F & H - Series Dividend Policy by Subsidiary 6M17 Distr. Net Income (Th. US$) Dividend Policy (%) Ownership (%) Habitat 56,022 90% 40.3% Red Salud 1, % 99.9% Consalud 7, % 99.9% Vida Cámara 4, % 99.9% Inversiones Confuturo 62,167 30% 99.9% Banco Internacional 7,696 30% 50.6% Total 140,

24 STRICT CORPORATE GOVERNANCE STANDARDS 100% The Company is controlled by the Chilean Construction Chamber, a non-profit entity, which annually elects five of the seven directors of ILC during its Shareholders Meeting International Investors 16.1% Local Investors 16.9% 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 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 an independent Board of Directors and Management, who maximize the return of its company 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 24 24

25 3. Closing Remarks 25

26 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 26 26

27 4. Appendix 27

28 SUMMARIZED FINANCIAL STATEMENTS AND SUBSIDIARIES FIGURES B al ance S heet Th. US$ June 2017 Dec NON I NSURANCE ACTI VI TY ASSETS 1,414,448 1,403,245 Total Current Assets 390, ,203 Total Non Current Assets 1,024,413 1,002,042 TOTAL I NSURANCE ACTI VI TY ASSETS 9,023,893 8,805,848 TOTAL BANKI NG ACTI VI TY ASSETS 2,170,424 2,081,163 TOTAL ASSETS 12,608,765 12,290,255 NON-I NSURANCE ACTI VI TY LI ABI LI TI ES 1,110,858 1,064,812 Total Current Liabilities 517, ,661 Total Non Current Liabilities 593, ,150 I NSURANCE ACTI VI TY LI ABI LI TI ES 8,313,541 8,191,883 BANKI NG ACTI VI TY LI ABI LI TI ES 1,992,086 1,893,417 TOTAL LI ABI LI TI ES 11,416,485 11,150,111 Equity Attributable to Owners of the Parent Company 1,081,966 1,025,120 Non-Controlling Interests 110, ,024 TOTAL EQUI TY 1,192,279 1,140,144 TOTAL LI ABI LI TI ES + EQUI TY 12,608,765 12,290,255 Income S tatement Th. US$ 6M17 6M16 NON-I NSURANCE ACTI VI TY Operating result 21,869 12,634 Non operating result 18, Profit (loss) before tax 39,948 12,846 Profit (loss) from discontinuing operations 0 342,811 Non-I nsurance activity profit 37, ,706 I NSURANCE ACTI VI TY Operating result 88,826 55,657 Non operating result 279 (15,042) Profit (loss) before tax 89,105 40,616 I nsurance activity profit 72,010 36,519 BANKI NG ACTI VI TY Operating result 2,307 6,121 Non operating result (25) 21 Profit (loss) before tax 2,282 6,141 Banking activity profit 2,564 5,427 PROFI T (LOSS) FOR THE PERI OD Profit attributable to owners of the parent company 109, ,602 Profit attributable to non-controlling interest 2,741 13,050 Individual Results (LTM June 2017, Th. US$) AFP Habitat Confuturo Corpseguros Banco Internacional Red Salud Consalud Vida Camara Industry Pension Funds Life Insurance Life Insurance Bank Healthcare Provider Mandatory health insurance Voluntary health insurance Revenues 262, , ,875 80, , ,081 69,047 EBITDA / EBITDAE N.A. N.A. N.A. N.A. 52,366 N.A. N.A. Net Income 158,721 41,893 43,629 15,765 6,946 16,820 8,020 Assets 620,182 5,226,440 3,602,110 2,125, , , ,213 Liabilities 137,328 4,893,635 3,302,829 1,984, , ,105 46,621 Equity 482, , , , ,297 24,721 61,592 Net Financial Debt (44,811) (7,922) 67,880 48, ,848 (19,207) (1,171) % ownership ILC 40.3% 99.9% 99.9% 50.6% 99.9% 99.9% 99.9% Figures as of June 2017 / FX: CLP$ per USD$ 28 Inversiones Confuturo Net Debt: US$151 m./ ILC Net Debt: US$362 m. / ILC s SG&As LTM June 2017: US$6.2 m. 28

29 PENSION NET SALARY GROSS SALARY Estrictamente Privado y Confidencial ILC PARTICIPATES IN NON-DISCRETIONARY INDUSTRIES Pension Funds Pensions Health Insurance Healthcare Providers 10% Mandatory contribution: Fee:1.27% of gross salary Voluntary Savings 7% Mandatory contribution Voluntary additional contribution 0% - 40% Taxes Voluntary contribution Programmed withdrawal Annuity 29 29

30 CHILEAN PENSION FUNDS REPRESENTED 69% OF GDP IN 2016 Market Players (all private) Fee (% on gross salary, capped at ~US$2,600) Taxable Income (Average, US$) 1.27% US$ 1, % 1.48% 1.45%* 0.41% 0.77% US$ 2,078 US$ 822 US$ 994 US$ 1,172 US$ % 6% 4 Affiliates 10.2 million 6 16% 3 20% 15% 1 13% % 8% 4 Contributors 5.3 million 17% 6 21% 14% % 2 36% Pensioners 1.4 million 5 8% % 21% 7% 5% % 20% AuM US$193 Billion 6 27% 3% 5% Invested in: Distribution of assets in the Industry by type of fund 17% D 19% E 97% correspond to dependent workers A 13% 15% B With a return of: 10.8% 10.6% Return of Funds 2017 (Real Terms) 8.8% 8.5% 6.6% 6.3% 3.9% 3.7% 2.3% 2.1% 19% C 4 36% Fund A Fund B Fund C Fund D Fund E FX: CLP$650 per USD$. Source: Superintendencia de Pensiones E A Lower risk Higher risk 30 *As of the end of 2016 AFP Provida s fee was 1.54% 30 Habitat Industry

31 PERUVIAN PRIVATE PENSION FUNDS REPRESENTED 27% OF TOTAL GDP IN 2016 Market Players (all private, in addition to a state owned institution) Fee* (% on income / % over AuM) % 0.38% % Income % AuM % 1.20% 0.87% 1.25% 1.20% 1.07% % Income % AuM % Income % AuM % Income % AuM Annual Contribution per Contributor / AuM per Contributor (US$) 620 Annual Contrib. 930 AuM per Affiliate 1,025 Annual Contrib. 8,232 AuM per Affiliate 1,218 Annual Contrib. 8,923 AuM per Affiliate 944 Annual Contrib. 6,596 AuM per Affiliate 28% Affiliates 6.3 million 4 18% 1 Contributors 2.8 million 25% 4 19% % Pensioners 0.09 million % 43.5% 3 23% 2 31% 3 25% 2 31% % 2 3 AuM US$43.8 billion 3% 25% 32% % Invested in: FX: PEN 3.3 per US$. Source: Superintendencia de Banca, Seguros y AFP AuM Breakdown by Fund US$43.8 billion 0. Lower risk 71.5% II. 73% II. 15.9% III. III. 15% 0 1% 11.6% I. 11% I. 0.9% 0 III. Higher risk With a return of: Return of Funds 2016 (Real Terms) Habitat System 7.1% 7.5% 8.5% 6.5% 7.% 4.5% Fund I. Fund II. Fund III

32 97% OF CHILEANS ARE COVERED BY HEALTH INSURANCES, OF WHICH 75% IS MANAGED BY THE PUBLIC SECTOR (FONASA) Supporter (7% on taxable salary, capped at aprox US$3,000; with an average contribution of 10% in the case of Isapres) Government Insurer Isapre Fonasa Others Total Beneficiaries 3.3 M Total Beneficiaries 13.5 M Total Beneficiaries 1.1 M Banmédica 20.7% Consalud 20.7% Armed Forces Chilean Army Masvida 16.8% Optima 0.6% Vida Tres 4.3% Cruz Blanca 20.9% Colmena 15.9% Chilean Navy Chilean Air Force Chilean Police Market share at the level of beneficiaries to open Isapres A - B C - D Provider Private sector, according to chosen plans with Isapres Public sector Public sector and some private providers Private sector, according to chosen plans with Isapres Market Players (Private and open) Average Contribution (Annual, US$) US$ 1,193 E A US$ 1,491 US$ 1,349 US$ 1,519 D US$ 367 * US$ 1,461 US$ 1,365 Loss Ratio 86.7% 87.5% 86.3% 84.9% C 43.2% 88.2% 87.9% Source: Superintendencia de Salud, statistics 2014 FX: CLP$650 per US$ Dimensionamiento del Sector de Salud Privado en Chile

33 THE PRIVATE HEALTHCARE SYSTEM PLAYS AN IMPORTANT ROLE TO MEET CHILEAN DEMAND FOR HEALTH Total Health Expenditure 8.8% of GDP Public 54% Doctors ~ 30 thousand Public 48% Geographic Distribution of Doctors in Chile North 2,418 doctors 83.7 habitants by doctor Geriatric and Phys. Clinics Mutuals Hospitals and Clinics ~ % 3.4% Others 8.6% 53.7% Public Hospitals Private 46% Private 52% Private Clinics 22.7% Nurses ~99 thousand Public 54% Dentists ~ 16 thousand Public 30% Center - North 21,899 doctors 47.1 habitants by doctor Center - South 4,415 doctors 75.7 habitants by doctor Geriatric and Phys. Clinics Mutuals Red Salud: 11 private clinics 2% 4% Beds ~ 38 thousand Others 10% 66% Public Hospitals Private 46% Private 70% South 1,264 doctors 85.1 habitants by doctor Private Clinics 18% Red Salud: 858 beds Source: Dimensionamiento del Sector de Salud Privado en Chile 2014 Health at a Glance

34 Disclaimer: The information contained herein has been prepared to assist prospective investors in making their own analysis and evaluation of Inversiones La Construcción S.A. and its subsidiaries (the Company ) and does not purport to contain all the information that a potential investor may desire. This presentation includes forwardlooking statements regarding the Company s commercial, financial and operational outlook, that could be affected for a number of different reasons, such as changes in the economy, regulation, its subsidiaries and other future conditions. Forward-looking statements involve risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied. Therefore, they are subject to change and the Company undertakes no obligation to publicly update or revise any forward looking statements to reflect events or circumstances that may arise after the date of this presentation. Prospective investors are urged to also review the main risks as defined by the Company, which are described in Note 5 of the Company s Financial Statements. It is the sole and complete responsibility of the prospective investor to determine the use of the information provided and is therefore solely responsible for investment decisions or any other operation in the stock market made on the basis of it. IR Contact Information: Trinidad Valdés / / tvaldes@ilcinversiones.cl / Gustavo Maturana / / gmaturana@ilcinversiones.cl / 34