EMPRESAS AQUACHILE S.A. RESULTS FOR 1 TH QUARTER May 2015

EMPRESAS AQUACHILE S.A. RESULTS FOR 1 TH QUARTER 2015 May 2015

1. About Empresas AquaChile S.A. 03 2. Quarterly Summary 04 3. Analysis of Results 06 4. Balance Sheet Analysis 13 5. Cash Flow Analysis 15 6. Financial Covenants and Productivity Indicators 16 7. Relevant Events 17 8. Outlook 19 9. Consolidated Balance Sheet 20 10. Consolidated Income Statement 21 11. Historical Harvests and Smolts Stocking 22 2

ABOUT EMPRESAS AQUACHILE S.A. Is a Chilean company that produces food from aquaculture-farmed species such as Atlantic salmon, Pacific Salmon, Sea Trout and Tilapia. AquaChile has operations in Chile, Costa Rica, Panama and the United States, selling and marketing their products around the world. The company is made up of a group of companies that strategically farm, produce and sell food. It gives employment to more than 5,600 people in Chile, the United States, Costa Rica and Panama (on December 31, 2014) and it is one of the biggest producers of Sea Trout and Pacific Salmon in the world, as well as the main supplier of fresh Tilapia to the United States. AquaChile is the main Salmon and Sea Trout producer in Chile with a 11.9% market share in 2014 in terms of exported net volumes (source: SalmonChile). The company has 150 aquaculture water licenses, giving them a solid base to grow and diversify. The company exports its products to more than 340 customers in more than 30 countries. The company is also an important Tilapia producer in Costa Rica and is starting to harvest Tilapia in Panama, being one of the main suppliers of fresh Tilapia to the United States, with a 20% market share in 2014 (source: Urner Barry) CONTACT EMPRESAS AQUACHILE S.A. Investor Relations investor.relations@aquachile.com Tel. (56-65) 2433600 / 550 For more information, visit www.aquachile.com 03

QUARTERLY SUMMARY AquaChile reported US$ 192.2 million in sales on March 31, 2015. This is a 15% decrease ( -US$ 34 million) in comparison to the same period in 2014. At operating level the EBITDA pre fair value adjustment accumulated for March 2015 (this is before the value adjustment of the fish biomass at fair value) achieved US$ 5.3 million, less than the US$ 39.1 million reported for the previous year. The company presented a US$ 11.7 million loss for March 2015, this is less than the $11.1 million profit reported during the same period the previous year. The exporting price scenario for 2015 in comparison to the same period the previous year was unfavorable for all of species, reporting a -19% drop in the sales price of the Sea trout, a -19% in the Atlantic salmon, a -5% in the Pacific salmon and a -1% in the Tilapia. The company has obtained lower mortality rates and during the first quarter of the year the average harvesting weight has been good in all the species. The health condition of the biomass in the water has been good in spite of the recently past summer where we had challenging conditions from the environmental point of view (hot summer with very little rain). 04

The Company s consolidated sales were a total of US$ 192.2 million during the 1Q15, which is a 15% decrease in comparison with the valued sales reported for the 1Q14. It is true that during the first quarter 2015 there was a decrease in the sales price for all the species and also a decrease in the physical sales of the Pacific salmon ( -40%), Sea Trout ( -31%), and Tilapia ( -15%) in comparison to the same period the previous year. This was not compensated by the increase in the physical sales price of the Atlantic salmon ( +31%). The consolidated EBITDA reached US$ +5.3 million during the 1Q15, in comparison to the US$ 39.1 million reported during the same period 2014 due to a decrease in the sales margin of the Atlantic salmon and Sea trout, mainly explained by an adjustment of the lower exporting prices and an increase in the costs of raw material of these two species. AquaChile reported a US$ -11.7 million loss during the 1Q15, in comparison to the US$ 11.1 million profit reported during the same period the previous year. The main explanation for this negative variation is the decrease in the sales margins of the Atlantic salmon and Sea trout. The Company s net financial debt totaled US$ 250.7 million for the 1Q15, showing a US$ 6.4 million decrease in comparison to the close of the 4Q14. This decrease is due to the increase in the company s Cash and Cash Equivalent" account which reached US$ 24.5 million for the 1Q15 (US$ 19.5 million for the 4Q14). 5

ANALYSIS OF RESULTS SUMMARY OF MAIN CONSOLIDATED FIGURES figures in thus$ 1q15 1q14 qoq 2014 Sales 192.196 225.791-15% 779.106 EBITDA PRE FV ADJ. (1) -2.631 30.990-48.016 EBITDA PRE FV ADJ. (2) 5.257 39.130-87% 78.444 EBITDA PRE FV ADJ. MARGIN 2,7% 17,3% -84% 10,1% NET INCOME -11.675 11.146-1.421 SALMON AND SEA TROUT SALES - WFE TONS 28.342 30.775-8% 101.541 EBIT / KG WFE SALMON AND SEA TROUT -0,08 1,03-0,50 TILAPIA SALES - WFE TONS 4.739 5.606-15% 18.577 EBIT / KG WFE TILAPIA -0,06-0,15 58% -0,13 (1) EBIT Pre FV Adj. (hereinafter, EBIT): Income from ordinary activities minus Cost of Sales (i.e. Gross Earnings pre Fair value), minus Administration Expenses minus Distribution Costs. All these figures are obtained directly from the company Income Statement. (2) EBITDA Pre FV Adj. (hereinafter, EBITDA): Income from ordinary activities minus Cost of Sales (i.e. Gross Earnings pre Fair value), minus Administration Expenses minus Distribution Costs plus Adjustment from Depreciation and Amortization Expenses. All these figures are obtained directly from the Income Statement and the note 16 (PP&E) from the company Financial Statements. The Sales Revenue for the quarter reached US$ 192.2 million, which is less than the US$ 225.8 million reported during the same period 2014. In fact, the sales revenue for the finished product of Pacific salmon decreased 42% ( -US$ 22.6 million), the Sea Trout by 44% ( -US$ 17.8 million) and Tilapia by 16% ( -US$ 2.7 million). On the other hand, there was a 6% increase in the sales revenues of the Atlantic salmon ( +US$ 5.1 million) and an increase in Other sales 1 ( +US$ 4.8 million) mainly because of the sales done in the United States by the affiliate AquaChile Inc of the finished product of the Friosur S.A. and Ventisqueros S.A. companies. 1 This includes selling the finished products of third parties, organic wastes, eggs, smolts, processing for third parties and laboratory and genetic services. 06

ANALYSIS OF RESULTS QUARTERLY SALES TREND (USD MILLIONS) 158 152 193 191 202 226 172 158 224 192 100 96 56 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 QUARTERLY CONSOLIDATED SALES ANALYSIS (PRICE AND VOLUME EFFECT) (USD MILLIONS) Sales 1Q14 Atlantic Salmon Sea Trout Pacific Salmon Tilapia Fish Feed Other Incomes Sales 1Q15 226 21-16 -8-10 -2-20 -0-3 -0 5 192 Price Volume 07

ANALYSIS OF RESULTS QUARTERLY EBITDA TREND (US$ MILLIONS) 39 25 19 15 22 0 2 5-2 -12-12 -18-21 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 QUARTERLY NET INCOME TREND (US$ MILLIONS) 26 2 11-17 -10-17 -2-5 -5-2 -3-12 -28 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 08

ANALYSIS OF RESULTS The consolidated EBITDA pre Fair Value adjustments 2 (*) reached US$ 5.3 million during the 1Q15, in comparison to the US$ 39.1 million of the same period the previous year. The reason for this observed decrease is mainly explained by an adjustment of the lower exporting prices and an increase in the costs of the raw material for the Atlantic salmon and the Sea trout. That is why the EBITDA margin (EBITDA over the revenues) reported during the 1Q15 is +2.7%, in comparison with the +17.3% reported during the same period 2014. The company recognizes a US$ -11.0 million loss during the first quarter 2015 for the Net Effect of valuing the biomass at fair value, which is higher than the US$ -15.6 million loss reported during the 1Q14. The reasons for this are: i) recognizing a higher cost due to valuing at fair value the harvested biomass sold in March 2015 at US$ +1.9 million. This amount is more than the higher US$ -32.3 million reported for the same period the previous year, the main reason for this was the negative difference presented between the prices at which the biological assets were valued for these two species in December 2013 and the first quarter of 2014; ii) a provision for a lower net disposal value of the finished product in March 2015 of US$ -5.8 million, the provision was not necessary to do during the first quarter of the previous year; and iii) recognizing the adjustment of valuing the biomass being raised at US$ -7.1 million 3 which is less than the US$ +16.7 million reported during the same period the year before, mainly due to lower market prices for the salmon and Sea trout (See Note 10 Biological Assets). 2 (*) In order to measure financial performance under the IFRS, AquaChile used the EBIT pre Fair Value adjustments parameters (before adjusting the revalue of the fish biomass at fair value). The fair value adjustments of the fish biomass come from a regulation under the IFRS to value the biomass at a fair value. Changes in the price and composition of the biomass during the period can have an impact on its value. AquaChile reported its EBIT before the fair value adjustments to show the performance of its operations during the period. It is important to emphasize that the fish biomass that is being reared and is now at a commercial weight is valued at fair value in accordance to the IFRS and for the effect AquaChile considers the market price, which is obtained for the sales most recently made by the company for the previous month and/or conservatively the price that was observed in the market that could be applied to future sales. Furthermore, AquaChile considers the product that is mainly sold by the company and where there does not exist a niche allowing the company to obtain higher revenues. The company uses the fillet Trim D of Atlantic salmon and the HG (Headed and Gutted) for sea trout and Pacific salmon. It is important to point out that among the fish species that it farms and sells, the company has Pacific salmon, which is a highly seasonal species. For this reason, it normally stocks the farm sites between the months of November and March of each year and harvests between the months of October and February when the fish reach the optimal commercial weights. However, many times the fish that are being reared reach an average weight that is higher than 2.5 kg WFE at the end of December or the 4th quarter of each year, and in accordance to the company s policies, are classified to be valued at fair value, generating an effect on the results due to the natural growth of the biomass. For the fish that have a lower weight than what is established for applying the fair value, the accumulated cost is considered at the end of the year. Furthermore, the company carries out a deterioration test on the biomass that are in the water that are to be harvested when there are adverse situations that could occur that might affect the salmon market and/or the health condition of the fish which the accumulated net effect would be reflected in the results. 3 Includes US$ -5.1 million of Fair Value for the on growing biomass as of march 31,2015. 09

ANALYSIS OF RESULTS ANALYSIS OF PHYSICAL SALES, VALUED, AND MARGIN BY SEGMENT figures in thus$ 1q15 1q14 qoq 2014 ATLANTIC SALMON SALES VOLUME 17.141 13.132 31% 54.335 SALES 88.497 83.401 6% 318.527 AVERAGE PRICE 5,16 6,35-19% 5,86 EBIT -5.462 16.767-13.841 EBIT / KG WFE -0,32 1,28-0,25 The Atlantic Salmon business saw a 6% increase ( US$ +5.1 million) in its income during the 1Q15 in comparison to the same period 2014, due to a 31% increase in the sales volume ( + 4,009 WFE tons), which was partially compensated by the 19% decrease in the sales prices. On its part the accumulated EBIT Pre FV Adj. showed a US$ -5.5 million loss in comparison to the US$ +16.8 million reported during the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ -0.32 / Kg WFE (in comparison to the US$ +1.28 / Kg WFE for the same time the previous year).the main reason for the decrease observed in the margins is the lower exporting price as also the increase in the cost of raw material in comparison to the same period 2014. SEA TROUT SALES VOLUME 4.322 6.261-31% 23.182 SALES 22.931 40.774-44% 140.395 AVERAGE PRICE 5,31 6,51-19% 6,06 EBIT -484 9.208-16.534 EBIT / KG WFE -0,11 1,47-0,71 The Sea trout business had a 44% ( -US$ 17.8 million) decrease during the 1Q15 in comparison to the same period 2014, due to a 31% decrease ( -1,939 WFE tons) in the sales volume and a 19% decrease in the sales price. As for the EBIT Pre FV Adj., it presented a US$ -0.5 million loss in comparison to the US$ +9.2 million reported for the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ -0.11 / Kg WFE (in comparison to the US$ +1.47 / Kg WFE the same time last year). The decrease observed in the margins is mainly explained by the decrease in the exporting price as also an increase in the cost of raw material in comparison to the same period 2014. PACIFIC SALMON SALES VOLUME 6.879 11.382-40% 24.023 SALES 30.650 53.200-42% 114.396 AVERAGE PRICE 4,46 4,67-5% 4,76 EBIT 3.612 5.856-38% 20.079 EBIT / KG WFE 0,53 0,51 2% 0,84 The Pacific salmon or Coho business saw a 42% decrease ( -US$ 22.6 million) during the 1Q15 in comparison with the same period 2014 due to a 40% ( - 4,503 WFE tons) decrease in the sales volume, and a 5% decrease in the sales price. For its part, the EBIT Pre FV Adj. demonstrated a US$ +3.6 million profit, in comparison to the US$ +5.9 million reported for the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ +0.53 / Kg WFE (in comparison to the US$ +0.51 / Kg WFE the same period the previous year). The main reason for the increase in the margins is because the costs for raw material was lower, which was slightly compensated by the drop in the exporting prices. TILAPIA SALES VOLUME 4.739 5.606-15% 18.577 SALES 14.125 16.829-16% 57.213 AVERAGE PRICE 2,98 3,00-1% 3,08 EBIT -298-841 65% -2.438 EBIT / KG WFE -0,06-0,15 58% -0,13 The Tilapia business saw a 16% ( -US$ 2.7 million) decrease in its income during the 1Q15 in comparison to the same period 2014, due to a 15% decrease ( -866 tons WFE) in the sales volume and a 1% decrease in the sales price. The EBIT Pre FV Adj. showed a US$ -0.3 million loss which is a positive comparison to the US$ -0.8 million reported during the same period 2014. At unit level the EBIT Pre FV Adj. / Kg WFE reached US$ -0.06 / Kg WFE (in comparison to the US$ -0.15 / Kg WFE the same time the previous year). An increase in the margins is due to the sales price increase. The improved margin is mainly due to lower costs of raw material in Costa Rica and also in Panama, which was slightly compensated by a slight decrease in the exporting price. TOTAL SALES VOLUME 33.081 36.380-9% 120.117 SALES 156.203 194.204-20% 630.531 AVERAGE PRICE 4,72 5,34-12% 5,25 EBIT -2.631 30.990-48.016 EBIT / KG WFE -0,08 0,85-0,40 10

ANALYSIS OF RESULTS CONSOLIDATED INCOME STATEMENT figures in thus$ 1q15 1q14 qoq 2014 SALES 192.196 225.791-15% 779.106 OPERATIONAL COST (1) -177.413-178.639-1% -665.880 OPERATIONAL MARGIN 14.783 47.152-69% 113.226 OTHER COST AND OPERATING EXPENSES (2) -9.526-8.022 19% -34.781 EBITDA PRE FV ADJ. 5.257 39.130-87% 78.444 % EBITDA / Sales 2,7% 17,3% - 10,1% DEPRECIATION & AMORTIZATION -7.888-8.140-3% -30.428 EBIT PRE FV ADJ. -2.631 30.990-48.016 NET REVENUES FROM BIOLOGICAL ASSETS (3) -11.012-15.572 29% -31.606 EBIT POST FV ADJ. -13.643 15.418-16.411 FINANCIAL EXPENSES -2.028-2.328-13% -8.643 FINANCIAL INCOME 147 134 10% 595 OTHER NON OPERATING ITEMS (4) 1.183 1.231-4% -1.764 INCOME TAXES 2.667-3.310 - -5.178 NET INCOME -11.675 11.146-1.421 % Net Income / Sales -6,1% 4,9% 0,2% (1) Cost of sales deducted Adjustment from depreciation and amortization expenses (2) Distribution costs plus Administration expenses (3) Fair Value of biological assets harvested and sold plus Fair Value of biological assets for the year (See Note 11 to the Financial Statements. Biological Assets) (4) Other income, by function plus Other expenses, by function plus Exchange rate differences plus Results from adjustment units Note: All the figures are obtained directly from the Income Statement and the note 16 (PP&E) from the company Financial Statements. 11

ANALYSIS OF RESULTS The Operational Costs saw a total of US$ 177.4 million in the quarter, 1% less than what was achieved for the 1Q14, the reason for this being the sales volume decrease during the quarter slightly compensated by the increase in the sales cost of the Atlantic salmon and Sea trout. Furthermore, if one compares the operating costs (measured as a percentage over sales), this reached 92.3% of revenues, 13 percentage points under the reported percentage for the 1Q14. NET EFFECT OF THE FAIR VALUE ADJUSTMENT OF THE BIOMASS Fair Value of the year s biological assets: The natural growth effect of the fish biomass being reared expressed by its reasonable value at the close of each period (ie. the sales prices minus the estimated costs at the point of sale), is recognized in accordance to the assessment done at each farm site and is based on the existing fish biomass at the close of each month. The details include the total number of fish being reared, their estimated average weight and the cost of the fish biomass. The value is estimated in the calculation according to the average weight the biomass has, multiplied by the value per kilogram seen at market price. The market price is obtained from the international price index or if not from the most recent sales made by the company. The higher or lower resulting value is reported in the Income Statement, under the concept Fair Value of the biological assets of the year. This concept had a US$ -7.1 million loss during the 1Q15, in comparison to the US$ +16.7 million profit reported for the 1Q15. The higher cost of the harvested and sold fish from this revaluation is reported in the Income statement under the concept Fair Value of the harvested and sold biological assets which saw a US$ -3.9 million loss for the 1Q15 (US$ -32.3 million for the 1Q14). This concept can be broken down in the following manner: i) US$ +1.9 million (US$ -32.3 million reported for the 1Q14) corresponds to the higher per fair value of the harvested and sold biological assets; and ii) US$ -5.7 million (US$ 0 million for the 1Q14) correspond to the reversal of a provision of the net disposal value of the finished products in the year. The net value of both revaluation effects are expressed in the line of Net effect of the fair value adjustment of the biomass which reached US$ -11.0 million for the 1Q15. This is higher than the US$ -15.6 million reported for the 1Q14. (To see more details see Note 10 of the Financial Statements: Biological Assets) Other Operating Costs and Expenses showed a 19% increase in comparison with the same period of the previous year. In effect, the Distribution Costs presented a 41.5% increase mainly due to an increase in the expenses in storing the finished products and an increase in the shipping expenses associated to a higher level of commercial activity of the company. The Administration Expenses presented an 11% decrease. Non-operating results showed a US$ -0.7 million loss for the quarter, a positive comparison with the US$ -1.0 million loss for the same period the previous year, mainly associated to the decrease in the financial expenses as a result of the repayments of the debt that were carried out in 2014. Expense for Income Tax presented a US$ 2.7 million credit which is a positive comparison with the US$ -3.3 million charge of the same period the previous year. The company presented a US$ 11.7 million loss for this period in comparison to the US$ 11.1 million profit reported for the same period 2014. 12

BALANCE SHEET ANALYSIS CONSOLIDATED BALANCE SHEET 2013 2014 2015 figures in thus$ 1q13 2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 1q15 o 4q14 CURRENT ASSETS 486.530 440.131 420.735 469.657 496.337 468.978 464.748 480.425 432.476-10,0% NON CURRENT ASSETS 396.059 409.874 410.542 423.345 410.387 413.430 442.181 419.477 433.614 3,4% TOTAL ASSETS 882.589 850.005 831.277 893.002 906.724 882.408 906.929 899.902 866.090-3,8% CURRENT LIABILITIES 200.549 214.043 195.261 221.375 224.698 309.574 307.567 328.405 309.857-5,6% NON CURRENT LIABILITIES 290.840 272.680 274.664 268.149 267.681 163.534 173.965 150.089 146.500-2,4% TOTAL LIABILITIES 491.389 486.723 469.925 489.524 492.379 473.108 481.532 478.494 456.357-4,6% EQUITY 382.443 354.309 352.709 394.173 405.205 400.113 416.401 413.105 401.584-2,8% MINORITY INTEREST 8.757 8.973 8.643 9.305 9.140 9.187 8.996 8.303 8.149-1,9% TOTAL EQUITY AND LIABILITIES 882.589 850.005 831.277 893.002 906.724 882.408 906.929 899.902 866.090-3,8% Current Assets presented a 10% decrease ( -US$ 47.9 million) in comparison with the observed numbers of the 4Q14. This is mainly explained by: i) a US$ 34.4 million decrease in the Accounts receivable, currents mainly associated with the lower sales during the 1Q15 in comparison to the 4Q14; ii) a US$ 31.0 million decrease in the Biological Assets, currents account mainly associated to the harvest and sale of the Pacific salmon and the Atlantic salmon during the first quarter of the year and to a lower valuing by fair value of the biomass being reared reported in March 2015 in comparison to December 2014; and iii) US$ 3.9 million decrease in the Accounts Receivable with related companies, current. All of the above was partially compensated by: i) a US$ 14.6 million increase in the Inventory, current account mainly associated to an increase in the finished product inventory due to an increase of the harvests that were carried out during the quarter; and ii) a US$ 5.0 million increase in the Cash and Cash equivalent account. Non-current Assets presented a 3.4% increase ( +US$ 14.1 million) in comparison with the observed numbers of the 4Q14. This is mainly explained by: i) US$ 7.7 million increase in the Accounts Receivable with related companies, non current associated to the reclassification from short to long term; ii) a US$ 4.8 million increase in the Biological asset, non current ; and iii) a US$ 3.7 million increase in the Asset by Deferred taxes. 13

BALANCE SHEET ANALYSIS Current Liability showed a 5.6% decrease ( -US$ 18.5 million) in comparison with the observed numbers of the 4Q14. This is explained by a US$ 19.3 million decrease in the Accounts Payable, current which was partially compensated by the US$ 3.0 million increase in the Other Financial Liabilities, current account associated to the report of the accrued interests and those not paid in the period and to reclassifying part of the debt to long term of the affiliate Grupo ACl from long to short term (US$ 4.4 million). Non-current Liability showed a 2.4% decrease ( -US$ 3.6 million) in comparison with the amounts observed for the 4Q14. This is mainly explained by a US$ 4.4 million decrease in Other Financial Liabilities, non current associated to the reclassifying of the debt of Grupo ACl from long to short term. Total Equity (including the non-controlling interests) of the company, saw a US$ 11.7 million decrease in comparison to December 2014, which is mainly explained by the accumulated loss of US$ 11.7 million during the period. AQUACHILE FINANCIAL DEBT 2013 2014 2015 figures in thus$ 1q13 2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 1q15 o 4q14 (I) OTHERS FINANTIAL LIABITIES CURRENT 11.259 25.253 31.409 31.579 34.251 128.546 129.970 133.214 136.232 2% (II) OTHERS FINANTIAL LIABITIES NON CURRENT 281.356 266.039 266.446 262.894 262.812 158.949 158.915 143.312 138.935-3% TOTAL INTEREST BEARING DEBT (I) + (II) 292.615 291.293 297.854 294.473 297.063 287.495 288.885 276.526 275.167 0% CASH AND CASH EQUIVALENTS 37.185 11.201 14.026 17.935 49.697 44.451 21.930 19.483 24.507 26% NET INTEREST BEARING DEBT 255.430 280.091 283.828 276.537 247.366 243.044 266.955 257.043 250.0661-2% On the other hand, AquaChile s Net financial debt reached US$ 250.0 million, less than the US$ 257.0 million reported on December 31, 2014. The reason for this decrease was the increase in the company s Cash and Cash Equivalent which reached US$ 24.5 million for the 1Q15 (US$ 19.5 million for the 4Q14). 14

CASH FLOW ANALYSIS CONSOLIDATED CASH FLOW figures in thus$ 1q15 1q14 NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES 15.107 35.997 NET CASH FLOWS FROM (USED IN) INVESTMENT ACTIVITIES -7.228-5.039 NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES -2.908 1.121 NET INCREASE (DECREASE) OF CASH AND CASH EQUIVALENTS 4.971 32.079 CASH AND CASH EQUIVALENT AT THE START OF THE PERIOD 19.483 17.935 CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD 24.507 49.697 The behavior of the consolidated Cash Flow main components on March 31, 2015 in comparison to March 31, 2014 is the following: The company presented a total net cash flow of US$ +5.0 million on March 31, 2015. At the same time the previous year there was a US$ +32.1 million cash flow reported. The investment activity meant an expenditure of US$ -7.3 million on March 31, 2015. At the same period the previous year the expenditure was US4-5.0 million. Financing activities generated a US$ -2.9 million cash flow on March 31, 2015, which is less than the US$ +1.1 million generated for the same period 2014. The operating activities on March 31, 2015 generated a US$ +15.1 million cash flow, which is lower than the US$ +36.0 million reported for the same period 2014. 15

FINANCIAL COVENANTS AND PRODUCTIVITY INDICATORS FINANCIAL COVENANTS The company s financial liabilities contracts consider financial obligations (covenants) calculated over the Consolidated Financial Statements of Empresas AquaChile S.A. on December 31, 2011 and on the 31 st of March, 30 th of June, 30 th of September and 31 st of December of the following years in reference to keeping the maximum leverage (net financial leverage) at a minimum coverage level of the net financial expenses and a maximum net-debt-to-ebitda ratio. Having met with the required quorum, the crediting banks authorized no mediation of the financial leverage, coverage of interests and net-debt-to-ebitda ratio on the levels agreed on in the credit agreement regarding the Financial Statements of March 31, 2015. - The Financial Leverage should be less or the same as 1.10 times on 03/31/2015 - The net -debt- to EBITDA ratio should be less or the same as 6.0 times on 03/31/2015 1q15 4q14 covenant status al 31.03.2015 FINANCIAL LEVERAGE (1) 1,05 1,09 < ó = 1,10x ACCOMPLISH NET INTEREST BEARING DEBT/EBITDA (2) 5,62 3,28 < ó = 6,00x ACCOMPLISH (1) (Total current liability + Total non-current liability Cash flow and cash equivalent) / (Total Equity) (2) (Other current financial liabilities + other non-current financial liabilities minus Cash and Cash equivalent) / EBITDA PRODUCTIVITY INDICATORS * Corresponds to fish farms that were in use at the end of the analyzed period. ** Farming density for sea licenses with farming at sea. *** Survival rate of the farmed fish groups closed. 1q15 1q14 2014 SALMON AND SEA TROUT HARVEST TONS WFE 31.363 36.915 108.025 HARVESTED FISH FARMS OR FISH FARMS THAT ARE BEING HARVESTED # 18 19 40 SALMON AND SEA TROUT HARVEST/ TONS WFE 1.742 1.943 2.701 HARVESTED FISH FARMS OR FISH FARMS THAT ARE BEING HARVESTED # 35 38 40 USED FISH FARMS* TONS WFE 896 785 2.701 SALMON AND SEA TROUT HARVEST / USED FISH FARMS* FARMING DENSITY** KG / M3 6,10 5,40 5,80 ATLANTIC SALMON KG / M3 1,60 1,10 7,90 PACIFIC SALMON KG / M3 5,60 5,10 4,90 SEA TROUT SURVIVAL CLOSED GROUP*** % 90% 89% 86% ATLANTIC SALMON % 95% 85% 89% PACIFIC SALMON % 91% 85% 86% The company presented a Salmon and Trout harvest (in tons WFE) / harvested farm sites or in harvest ratio during the period of March 31, 2015 of 1,742 Tons WFE. Farming densities on March 31, 2105 at the aquaculture grow-out sea licenses per species are the following: i) Atlantic salmon: 6.1 Kg/m 3 ; ii) Pacific salmon: 1.6 Kg/m 3 ; and iii) Sea trout: 5.6 Kg/m 3. Furthermore, survival rates observed in the groups that closed during the 1Q15 were the following: i) Atlantic salmon: 90%; ii) Pacific Salmon: 95%; and iii) Sea trout: 91%. 16

RELEVANT EVENTS RELEVANT EVENTS January 19, 2015 a Material Information was sent communicating that the Company has subscribed a memorandum of understanding (the CTA ) with the Norwegian Company Marine Harvest ASA ( Marine Harvest ) with the idea of advancing in the agreements and necessary procedures in order to merge Marine Harvest Chile S.A. ( Marine Harvest Chile ) a Chilean affiliate of Marine Harvest with the Empresas AquaChile S.A. ( AquaChile ), this last entity will be the surviving entity (henceforth the Operation ), in accordance to the stipulated terms and conditions of the CTA. Under the Operation, Marine Harvest Chile will merge by incorporation with AquaChile. This includes the recently acquired assets of Acuinova. Immediately after the potential merge, the current shareholders of AquaChile will be 57.2% owners of the entity s combined shares and Marine Harvest will be 42.8% owners of the entity s shares. Under the context of this potential merge, Marine Harvest has agreed to maintain a shareholders participation in the combined entity up to June 15, 2016. Later, starting from June 15, 2016 up to June 15, 2017, Marine Harvest will have the option of acquiring a higher percentage of AquaChile s shares through a takeover bid, giving them a minimum of 55% of AquaChile s total shares. The price of the takeover bid will be the highest between US$0.8856 per share and the market price of AquaChile s shares at the moment of the takeover bid. The minimum price of US$0.8856 per share represents an award of approximately 41% in regards to the weighted average of AquaChle s shares during 30 days before this date. On their part, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A., entities through with the Puchi and Fischer families currently have 33.03% of AquaChile, each, have accepted the commitment to sell enough shares during the takeover bid assuring Marine Harvest 55% of the combined entity, if the takeover bid ever occurs. Once June 15, 2017 has closed the corresponding obligations of Marine Harvest to maintain a shareholders participation and for Inversiones Pagatonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. to sell in the takeover bid is over. Furthermore, Marine Harvest ASA, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will subscribe a definitive document up to June 15, 2017 through which Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will have the right to vote on the amount of own shares Marine Harvest will need for them to elect the majority of the Directors in the combined entity. Under this provision Marine Harvest, Inversiones Patagonia Limitada, Holding Salmones S.A. andinversiones Acuícolas S.A. will be members of a controlling group with the agreement of working together. Also, Mr. Victor Hugo Puchi will remain as President of the combined entity and will lead the current management teams during the potential merge process and combining businesses. In accordance to the takeover bid and the respective agreement of AquaChile s shareholder s meeting, the potential merge is subject to the agreement between both parties in regards to the definitive document for the Operation; once both corresponding Board of Directors approve (and also the shareholders of AquaChile) a mutual due diligence process of both companies; and the approval of the relevant authorities. Both parties are expecting for the Operation to materialize during the third quarter 2015. 17

RELEVANT EVENTS RELEVANT EVENTS On April 22, 2015 the Material Information was sent informing the eruption of the Calbuco Volcano. Regarding this it indicated that the company s personnel had been evacuated and are safe, and that there were no damages done to the facilities of Empresas AquaChile S.A. and its Affiliates. On April 30, 2015 an Ordinary Shareholders Meeting was held were they agreed to the following: the Annual Report, the Balance, Financial Statements and the report from the External Auditing Company were approved. All of these are in reference to the year finished on December 31, 2014; Mr. Victor Hugo Puchi Acuña, Humberto Fischer Llop, Mario Puchi Acuña, Claudio Fischer Llop, Alejandro Pérez Rodriguez, Piero Solari Donaggio and Pilar Lamana Gaete were elected as members of the Board of Directors. Pilar Lamana Gaete is independent. The compensations for the members of the Board was fixed for 2015; the expense account of the Board of Directors 2014 was approved; the compensation for the members of the Board of Directors Committee was fixed as also the budget for the Board of Directors Committee for 2015; the PricewaterhouseCoopers firm was designated as the independent external auditors for checking the accounting, the equity, balance and the financial statements for 2015; and the El Mostrador newspaper was designated for publishing the company s ads. On April 30, 2015 the Material Information was sent informing that during the Board of Directors meeting held on April 30, 2015 Mr. Victor Hugo Puchi Acuña was elected as President of the Empresas AquaChile S.A. Board of Directors. In this same meeting, the Independent Director, Pilar Lamana Gaete proceeded in designating the directors Mr. Humberto Fischer Llop and Alejandro Pérez Rodriguez as part of the company s Board of Directors Committee together with her in accordance to what is stated in Article 50bis of Law N 18.046. 18

OUTLOOK GROWTH AND PROJECTED HARVEST VOLUME FOR THE 2Q15 - A 12% increase in total harvests in comparison with the same period the previous year - A 15% increase in Salmon harvests in comparison with the same period the previous year - A 1% decrease in Tilapia harvests in comparison with the same period the previous year The harvesting plans for the second quarter 2015 project 18,294 WFE tons of Salmon and Sea trout, and 4,904 WFE tons of Tilapia. HISTORICAL AND PROJECTED HARVESTS 2013 2014 2015 1q13 2q13 3q13 4q13 2013 1q14 2q14 3q14 4q14 2014 1q15 2q15 qoq wfe tons Real Real Real Real Real Real Real Real Real Real Real. Proj. 1q15/1q14 ATLANTIC SALMON 7.527 16.529 15.249 13.814 53.119 14.720 10.108 17.636 16.431 58.895 20.092 13.410 33% TROUT 11.876 5.298 5.780 5.186 28.139 11.073 5.784 4.697 4.211 25.765 4.636 4.884-16% PACIFIC SALMON 9.407 0 12 11.575 20.994 11.122 0 0 12.243 23.365 6.636 0 0% TOTAL SALMONIDS 28.810 21.827 21.041 30.574 102.252 36.915 15.892 22.332 32.886 108.025 31.363 18.294 15% TILAPIA COSTA RICA & PANAMÁ 6.074 6.627 6.485 4.620 23.806 5.633 4.853 4.493 3.605 18.584 4.924 4.904 1% TOTAL SALMONIDS AND TILAPIA 34.884 28.454 27.525 35.195 126.058 42.548 20.745 26.826 36.490 126.609 36.287 23.198 12% It is not AquaChile s policy to make public the projections of their results or the variables that can impact them in an important way. Nevertheless, we are expecting that Salmon and Sea Trout international export prices to remain the same or continue to rise, taking into consideration that the Chilean industry has moderated its fish stocks, the Norwegian industry has reached its production limits and the supply of salmon is expected to grow in the short and medium term in accordance with the growth of demand, which still remains robust in all of the markets where the company sells to. 19

CONSOLIDATED BALANCE SHEET CONSOLIDATED BALANCE SHEET 2013 2014 2015 figures in thus$ 1q13 2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 1q15 o 4q14 CURRENT ASSETS 486.530 440.131 420.735 469.657 496.337 468.978 464.748 480.425 432.476-10% CASH AND CASH EQUIVALENTS 37.185 11.201 14.026 17.935 49.697 44.451 21.930 19.483 24.507 26% OTHER FINANCIAL ASSETS - CURRENT 0 0 0 0 0 0 0 0 0 - OTHER NON FINANCIAL ASSETS - CURRENT 4.459 2.867 2.455 1.263 2.548 3.242 2.195 2.389 3.907 64% ACCOUNTS RECEIVABLES - CURRENT 82.551 95.977 79.577 88.184 117.802 73.314 72.515 106.557 72.207-32% ACCOUNTS RECEIVABLESWITH RELATED COMPANIES - CURRENT 8.018 8.697 6.925 23.910 8.668 20.974 18.513 19.938 16.047-20% BIOLOGICAL ASSETS - CURRENT - INVENTORY 347.044 316.223 311.728 332.538 311.850 325.045 347.675 327.360 310.922-5% TAX ASSETS - CURRENT 7.273 5.166 6.024 5.827 5.772 1.952 1.919 4.697 4.886 4% NON CURRENT ASSETS 396.059 409.874 410.542 423.345 410.387 413.430 442.181 419.477 433.614 3% OTHER FINANCIAL ASSETS - NON CURRENT 11.378 11.378 11.378 11.378 11.378 11.378 11.378 11.378 11.378 0% OTHER NON FINANCIAL ASSETS - NON CURRENT 1.117 1.052 1.071 1.013 933 857 790 737 684-7% DOCUMENTS RECEIVABLES - NON CURRENT 150 150 150 150 150 150 150 150 150 0% ACCOUNTS RECEIVABLES WITH RELATED COMPANIES - NON CURRENT 1.972 2.018 2.105 2.222 2.380 2.670 2.812 3.454 11.225 225% INVESTMENTS USING PARTICIPATION METHOD 3.482 3.727 3.737 1.413 1.339 1.403 1.164 974 922-5% INTANGIBLE ASSETS 37.479 37.652 37.712 40.728 40.707 40.676 40.856 40.949 40.987 0% GOODWILL 59.349 59.423 59.314 54.989 54.989 54.989 54.989 53.247 53.247 0% PROPERTIES, PLANTS & EQUIPMENTS 201.630 204.053 202.376 234.017 230.203 228.224 228.067 222.239 220.136-1% BIOLOGICAL ASSETS - NON CURRENT 23.395 27.062 28.409 26.251 20.515 23.715 24.019 24.425 29.228 20% ASSETS BY DEFERRED TAX 56.107 63.359 64.290 51.184 47.793 49.368 77.956 61.924 65.657 6% TOTAL ASSETS 882.589 850.005 831.277 893.002 906.724 882.408 906.929 899.902 866.090-4% CURRENT LIABILITIES 200.549 214.043 195.261 221.375 224.698 309.574 307.567 328.405 309.857-6% OTHER FINANCIAL LIABILITIES, CURRENT 11.259 25.253 31.409 31.579 34.251 128.546 129.970 133.214 136.232 2% ACCOUNTS PAYABLE - CURRENT 172.493 159.021 134.733 167.311 164.011 160.296 160.873 177.310 157.999-11% ACCOUNTS PAYABLES WITH RELATED COMPANIES - CURRENT 13.943 25.551 23.714 20.340 19.605 18.004 16.108 17.335 14.805-15% LIABILITIES FOR CURRENT TAXES 189 11 0 1.896 1.964 23 38 39 67 74% PROVISIONS FOR EMPLOEYEE BENEFITS - CURRENT 469 518 592 249 700 721 578 507 754 49% OTHER NON FINANCIAL LIABILITIES - CURRENT 2.196 3.689 4.813 0 4.167 1.984 0 0 0 - NON CURRENT LIABILITIES 290.840 272.680 274.664 268.149 267.681 163.534 173.965 150.089 146.500-2% OTHER FINANCIAL LIABILITIES, NON CURRENT 281.356 266.039 266.446 262.894 262.812 158.949 158.915 143.312 138.935-3% OTHER ACCOUNTS PAYABLE - NON CURRENT 1.151 1.020 1.018 1.267 1.125 1.048 967 1.409 1.179-16% OTHER PROVISIONS - NON CURRENT 0 0 0 0 0 0 0 1.575 1.575 0% LIABILITIES BY DEFERRED TAX 8.332 5.621 7.200 3.988 3.744 3.537 14.083 3.793 4.811 27% TOTAL LIABILITIES 491.389 486.723 469.925 489.524 492.379 473.108 481.532 478.494 456.357-5% EQUITY 382.443 354.309 352.709 394.173 405.205 400.113 416.401 413.105 401.584-3% MINORITY INTEREST 8.757 8.973 8.643 9.305 9.140 9.187 8.996 8.303 8.149-2% TOTAL EQUITY AND LIABILITIES 882.589 850.005 831.277 893.002 906.724 882.408 906.929 899.902 866.090-4% 20

CONSOLIDATED INCOME STATEMENT CONSOLIDATED INCOME STATEMENT 2013 2014 2015 figures in thus$ 1q13 2q13 3q13 4q13 1q14 2q14 3q14 4q14 1q15 qoq SALES 151.563 192.532 191.393 202.387 225.791 171.737 157.935 223.643 192.196-15% OPERATIONAL COST (1) -164.948-195.922-184.697-174.337-178.639-147.646-147.086-192.510-177.413-1% OPERATIONAL MARGIN -13.385-3.389 6.695 28.051 47.152 24.091 10.849 31.133 14.783-69% OTHER COST AND OPERATING EXPENSES (2) -7.853-8.497-8.261-8.862-8.022-9.061-8.358-9.340-9.526 19% EBITDA PRE FV ADJ. -21.238-11.886-1.566 19.189 39.130 15.030 2.491 21.793 5.257-87% DEPRECIATION & AMORTIZATION -5.927-7.875-6.384-7.286-8.140-7.122-7.010-8.156-7.888-3% EBIT PRE FV ADJ. -27.166-19.761-7.950 11.902 30.990 7.908-4.519 13.637-2.631 - NET REVENUES FROM BIOLOGICAL ASSETS (3) 25.540-10.810 8.246 24.716-15.572-12.486 2.316-5.864-11.012-29% EBIT POST FV ADJ. -1.625-30.571 296 36.619 15.418-4.578-2.203 7.773-13.643 - FINANCIAL EXPENSES -2.065-2.324-2.201-2.679-2.328-2.259-1.937-2.119-2.028-13% FINANCIAL INCOME 210 121 96 162 134 195 123 143 147 10% OTHER NON OPERATING ITEMS (4) -226-4.832 214-1.388 1.231-86 1.944-4.852 1.183-4% INCOME TAXES -1.602 9.683-335 -7.004-3.310 1.684 13-3.565 2.667 - NET INCOME -5.308-27.924-1.930 25.709 11.146-5.045-2.060-2.619-11.675 - (1) Cost of sales deducted Adjustment from depreciation and amortization expenses (2) Distribution costs plus Administration expenses (3) Fair Value of biological assets harvested and sold plus Fair Value of biological assets for the year (See Note 11 to the Financial Statements. Biological Assets) (4) Other income, by function plus Other expenses, by function plus Exchange rate differences plus Results from adjustment units Note: All the figures are obtained directly from the Income Statement and the note 16 (PP&E) from the company Financial Statements. 21

HISTORICAL HARVESTS AND SMOLTS STOCKING HISTORICAL HARVESTS 2013 1q13 2q13 3q13 4q13 2013 1q14 2q14 3q14 4q14 2014 1q15 qoq wfe tons real real real real real real real real real real real 2015/2014 ATLANTIC SALMON 7.527 16.529 15.249 13.814 53.119 14.720 10.108 17.636 16.431 58.895 20.092 36% TROUT 11.876 5.298 5.780 5.186 28.139 11.073 5.784 4.697 4.211 25.765 4.636-58% PACIFIC SALMON 9.407 0 12 11.575 20.994 11.122 0 0 12.243 23.365 6.636-40% TOTAL SALMONIDS 28.810 21.827 21.041 30.574 102.252 36.915 15.892 22.332 32.886 108.025 31.363-15% 2014 2015 TILAPIA COSTA RICA & PANAMA 6.074 6.627 6.485 4.620 23.806 5.633 4.853 4.493 3.605 18.584 4.924-13% TOTAL SALMONIDS AND TILAPIA 34.884 28.454 27.525 35.195 126.058 42.548 20.745 26.826 36.490 126.609 36.287-15% HISTORICAL SMOLTS STOCKING 2013 1q13 2q13 3q13 4q13 2013 1q14 2q14 3q14 4q14 2014 YoY thousands smolts real real real real real real real real real real 2014/2013 ATLANTIC SALMON 4.486 2.534 5.511 4.706 17.237 3.479 3.329 5.128 5.022 16.958-2% SEA TROUT 2.040 3.999 2.150 2.196 10.385 2.254 1.912 3.254 1.494 8.914-14% PACIFIC SALMON 4.198 4.080 0 0 8.278 5.676 797 0 884 7.357-11% TOTAL SALMONIDS 10.724 10.613 7.661 6.902 35.900 11.409 6.038 8.382 7.400 33.229-7% 2014 22

NOTE ON FORWARD-LOOKING STATEMENTS This report includes forward-looking statements. These may include words like anticipates, estimates, expects, projects, intends, plans, believes or other comparable expressions. Forward-looking statements do not represent past events, including statements on the beliefs and expectations of the company. These statements are based on current plans, estimates and projections, and therefore cannot be overrated. Forward-looking statements entail certain risks and uncertainties. The company notes that a significant number of factors could result in current results to differ materially from those contained in any forward-looking statement. These factors and uncertainties include in particular those described in the document that the company submitted to the Chilean Securities and Insurance Commission (SVS), section on Risk Factors. Forward-looking statements are related only to the date when they are made and the company assumes no obligation to publicly update any such statements in the presence of new information, future events or otherwise. This document purports to deliver general information on Empresas AquaChile S.A. Under no circumstance does it constitute an exhaustive analysis of the financial, productive, commercial and health situation of the company, and therefore any consideration on the advisability of acquiring or selling securities of the company would require the interested party to conduct an independent analysis. In accordance with applicable standards, Empresas AquaChile S.A. has sent its financial statements and notes to the Securities and Insurance Commission, which are available for consultation and analysis on its webpage at www.svs.cl and also at www.aquachile.com. 23