Pressrelease3t14 eng final

EMPRESAS AQUACHILE S.A. RESULTS FOR THIRD QUARTER 2014

November 2014

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

18

9.

Consolidated Balance Sheet

19

10.

Consolidated Income Statement

20

11.

Historical Harvests and Smolts Stocking

21

2

ABOUT EMPRESAS AQUACHILE S.A.

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 5,900 people in Chile, the United States, Costa Rica and Panama 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 12.2% market share in 2013 in terms of exported net volumes (source: SalmonChile). The company has 151 aquaculture water licenses, giving them a solid base to grow and diversify.

The company exports its products to more than 300 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 26% market share in 2013 (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

EBITDA pre fair value adjustment of US$ +2.5 million during the 3Q14, which is higher than the US$ -1.6 million reported for the same period the previous year.

A loss of US$ -2.1 million, in comparison to the US$ -1.9 million loss reported during the same period the previous year.

Ratio of financial leverage of 1.08x for the 3Q14 in comparison to the 1.17x level reported for the 4Q13.

AquaChile reported accumulated sales of US$ 555.5 million on September 30, 2014. This is a 4% increase in comparison to the same period in 2013 (∆+US$ 20 million).

was favorable for all of species, noticeably the observed increase in the sales price for Sea trout (∆+38%), Pacific salmon (∆+35%) and Atlantic salmon (∆+13%).

At operating level the EBITDA pre fair value adjustment accumulated for September 2014 (this is before the value adjustment of the fish biomass at fair value) achieved US$ 56.7 million, which is higher than the US$ -34.7 million reported during the same period the previous year.

This meant the company obtained a 10.2% margin over its consolidated sales.

The company has obtained lower mortality rates and the average harvesting weight has increased in comparison to the same period of the previous year, due to sanitary and productive improvements observed in the industry during this period. However, during the second and third quarter there has been an increase in the costs of Atlantic salmon harvested, mainly due to a poorer productive performance of the fish in neighborhood 21B (Canal Perez Sur – XI Region). The main reason is that during their first months at sea, the fish were exposed to higher levels of sealice, which made an impact on later growth and conversion factors. All of the farm sites with a low performance were harvested during the third quarter.

The company’s earnings for the first nine months of 2014 were US$ +4.0 million, this is higher than the US$ -35.2 million reported during the same period the previous year.

The exporting price scenario for the first nine months of 2014 in comparison to the same period the previous year

1 EBITDA Pre FV Adj. (henceforth EBITDA): The income of ordinary activities minus the sales Cost (that means, the Gross Profit pre Fair Value), minus the Administration Expenses, minus the distribution Costs, plus the Adjustment on the depreciation and amortization expenses. All of these numbers have been directly taken from the Income Statement and from Note 16 (Plants, Properties and Equipment) and from the Company’s Financial Statements.

04

QUARTERLY SUMMARY

The Company’s consolidated sales were a total of US$ 157.9 million during the 3Q14, which represents a decrease of 17% in comparison with the valued sales reported for the 3Q13. It is true that during the third quarter there was a decrease in the physical sales of Atlantic salmon (∆-15%), Sea Trout (∆-28%), Pacific salmon (∆-99%) and Tilapia (∆-33%) in comparison to the same period the previous year. This was partially compensated by an increase in the sales price of the Sea trout (∆+9%), Atlantic salmon (∆+1%) and Tilapia (∆+9%) in comparison with the same quarter 2013.

The consolidated EBITDA reached US$ +2.5 million during the 3Q14, which can be compared positively to the US$ -1.6 million reported for the same period 2013. This increase is

mainly due to improved costs for Atlantic salmon and Sea Trout together with increased sales prices for salmon.

AquaChile reported a US$ -2.1 million loss during the 3Q14, in comparison to the US$ -1.9 million loss reported during the same period the previous year.

The Company’s net financial debt totalled US$ 267.0 million for the 3Q14, showing a US$ 9.6 million decrease in comparison to the close of the 4Q13. This decrease is due to the increase in the company’s “Cash and Cash Equivalent" account which reached US$ 21.9 million for the 3Q14 (US$ 17.9 million for the 4Q13) as well as the payment of the second quota of the syndicated capital credit of US$ 7.5 million paid in June 2014.

05

ANALYSIS OF RESULTS

SUMMARY OF MAIN CONSOLIDATED FIGURES figures in thus$

3q14

3q13

∆qoq

157,935

191,393

-17%

555,463

-4,519

-7,950

43%

2,491

-1,566

-

1.6%

-0.8%

NET INCOME

-2,060

SALMON AND SEA TROUT SALES - WFE TONS

SALES EBIT PRE FV ADJ.

(1)

EBITDA PRE FV ADJ. (2) EBITDA PRE FV ADJ. MARGIN

∆yoy

2013

535,488

4%

737,875

34,380

-54,877

-

-42,974

56,652

-34,690

-

-15,501

-

10.2%

-6.5%

-

-2.1%

-1,930

-7%

4,041

-35,162

-

-9,454

accum. 2014 accum. 2013

18,303

27,226

-33%

67,605

87,953

-23%

116,180

EBIT / KG WFE SALMON AND SEA TROUT

-0.22

-0.24

8%

0.52

-0.61

-

-0.33

TILAPIA SALES - WFE TONS

4,363

6,485

-33%

14,883

19,185

-22%

23,806

EBIT / KG WFE TILAPIA

-0.10

-0.21

52%

-0.05

-0.08

35%

-0.18

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.

Source: AquaChile

The Sales Revenue for the quarter reached US$ 157.9 million, which is less than the US$ 191.4 million reported during the same period 2013. In fact, the sales revenue for the finished product of Atlantic salmon decreased 14% (∆-US$ 12.6 million), Pacific salmon by 99% (∆-US$ 19.8 million) and Sea Trout by 21% (∆-US$ 7.7 million) and Tilapia by 27% (∆-US$ 5.0 million). All of the above is partially compensated by an increase in “Other sales2” due to the sales of the finished product

of Friosur S.A. and Ventisqueros S.A. in the United States done by the affiliate AquaChile Inc. The sales of Pacific salmon decreased in comparison with the same period the previous year due to the sales strategy of the 2012/2013 season, where the company planned to decrease the sales speed of this season with the idea of achieving better income for this species, selling a large part (approximately 70%) during the first semester 2013.

2 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)

226 193 166

158

103

172

158

152

136 97

191

202

100

96 56

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

QUARTERLY CONSOLIDATED SALES ANALYSIS (PRICE AND VOLUME EFFECT) (USD MILLIONS) Sales 3Q13

191

Atlantic salmon

1

Sea Trout

3 -13

Pacific salmon

Tilapia

Fish feed

Other

incomes

-1 -19

-11

11

2 -7

∆ Price

Sales 3Q14

158

0

∆ Volume

07

ANALYSIS OF RESULTS

QUARTERLY EBITDA TREND (USD MILLION) 39 33

33

25 19

17

15

12 0,3

2 -2 -12

-12 -18

-21

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

QUARTERLY NET INCOME TREND (USD MILLION) 37 26

10

11

10 2 -2

-2

-5

-5

-2

-10 -17

-17 -28

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

08

ANALYSIS OF RESULTS

Consolidated EBITDA pre Fair Value adjustments3 (*) reached US$ +2.5 million during the 3Q14, which is a positive comparison with the US$ -1.6 million of the same period the previous year. The observed improvement is due to greater margins attained mainly because of improved costs for Atlantic salmon and Sea Trout together with greater sales prices for salmon. That is why the EBITDA margin (EBITDA over the revenues) reported during the 3Q14 is +1.6%, in comparison with the -0.8% reported during the same period 2013.

The company recognizes a US$ +2.3 million profit during the third quarter 2014 for the “Net Effect of valuing the

biomass at fair value�, which is less than the US$ +8.2 million profit reported during the 3Q13. The reasons for this are mainly: i) recognition of a higher cost due to valuing at fair value during the 3Q14 of US$ +2.6 million, which is lower than the higher cost of US$ +4.6 million reported during the same period of the previous year; ii) the reversal of a provision of the net disposal value of US$ +1.2 million lower than the US$ +2.9 million reversal reported for the same period the previous year. All of the above was partially compensated by the recognition of the value adjustment of the fish biomass being raised of US$ -1.4 million, which is less than the US$ +0.8 million reported during the same period the previous year.

3 (*): 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.

09

ANALYSIS OF RESULTS

ANALYSIS OF PHYSICAL SALES, VALUED, AND MARGIN BY SEGMENT 3q14

figures in thus$

3q13 ∆qoq

accum.

2014

accum.

2013

∆yoy

2013

-3%

51,293

ATLANTIC SALMON SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

TON WFE

13,494

15,798

-15%

35,753

36,943

MUS$

78,471

91,111

-14%

218,827

200,147

5.82

5.77

1%

6.12

5.42

13%

5.61

MUS$

-5,626

-7,406

24%

9,956

-26,164

-

-18,108

US$ / KG WFE

-0.42

-0.47

11%

0.28

-0.71

-

-0.35

TON WFE

4,781

6,622

-28%

17,776

24,136

-26%

29,716

US$ / KG WFE

9% 287,838

SEA TROUT SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

28,683

36,422

-21%

111,102

109,496

1%

142,970

US$ / KG WFE

MUS$

6.00

5.50

9%

6.25

4.54

38%

4.81

MUS$

1,619

-2,277

-

15,768

-29,905

US$ / KG WFE

0.34

-0.34

-

0.89

-1.24

-

-0.97

29

4,806

-99%

14,076

26,873

-48%

35,171 134,294

- -28,838

PACIFIC SALMON SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

TON WFE MUS$

114

19,942

-99%

67,698

95,869

-29%

US$ / KG WFE

3.97

4.15

-4%

4.81

3.57

35%

3.82

MUS$

-69

3,111

-

9,400

2,658

254%

8,259

-2.42

0.65

-

0.67

0.10

575%

0.23

US$ / KG WFE

TILAPIA SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

TON WFE

4,363

6,485

-33%

14,883

19,185

-22%

23,806

MUS$

13,587

18,577

-27%

45,905

55,572

-17%

68,508

US$ / KG WFE

3.11

2.86

9%

3.08

2.90

6%

2.88

MUS$

-442

-1,377

68%

-743

-1,465

49%

-4,288

US$ / KG WFE

-0.10

-0.21

52%

-0.05

-0.08

35%

-0.18

The Atlantic salmon business saw a 14% decrease (∆-US$ 12.6 million) in its income during the 3Q14 in comparison to the same period 2013, due to a 15% decrease in the sales volume (∆-2,304 WFE tons), in spite of a 1% increase in the sales price. On its part the EBIT Pre FV Adj. showed a US$ -5.6 million loss which is a positive comparison with the US$ -7.4 million reported during the same period 2013. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ -0.42 / Kg WFE (in comparison to the US$ -0.47 / Kg WFE for the same time the previous year). The negative margin reported for the quarter is influenced by the increase in production costs of the harvests that were carried out in neighborhood 21B. These fish had a lower productive yield at the end of the on-growing cycle due to the effect of facing a high level of sealice during the early stages. All of the farm sites that had a poor performance were harvested during the third quarter.

The Sea trout business saw a 21% (∆-US$ 7.7 million) decrease during the 3Q14 in comparison to the same period 2013, due to a 28% decrease (∆-1,842 WFE tons) in the sales volume despite a 9% increase in the sales price. As for the EBIT Pre FV Adj., it presented a US$ +1.6 million profit which is a positive comparison with the US$ -2.3 million reported for the same period 2013. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ +0.34 / Kg WFE (in comparison to the US$ -0.34 / Kg WFE the same time last year). The observed increase in margins is due to the price increase as well as the sales cost decrease.

The Pacific or Coho salmon business saw a 99% decrease (∆-US$ 19.8 million) during the 3Q14 in comparison with the same period 2013, seeing valued sales of US$ 0.1 million. This is due to a ∆99% (∆-4,777 WFE tons) decrease in the sales volume, and a 4% decrease in the sales price. For its part, the EBIT Pre FV Adj. demonstrated a US$ -0.07 million loss, which is a negative comparison to the US$ +3.1 million reported for the same period 2013. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ -2.42 / Kg WFE (in comparison to the US$ +0.65 / Kg WFE the same period the previous year). This result is associated to the 2013/2014 season balances equivalent to only 29 WFE tons.

The Tilapia business saw a 27% (∆-US$ 5.0 million) decrease in its income during the 3Q14 in comparison to the same period 2013, due to a 33% decrease (∆-2,121 tons WFE) in the sales volume despite a 9% increase in the sales price. The EBIT Pre FV Adj. showed a US$ -0.4 million loss which is a positive comparison to the US$ -1.4 million reported during the same period 2013. At unit level the EBIT Pre FV Adj. / Kg WFE reached US$ -0.10 / Kg WFE (in comparison to the US$ -0.21 / Kg WFE the same time the previous year). An increase in the margins is due to the sales price increase. It is important to note, however, that the negative margin reported in the quarter is associated to an increase in processing costs and raw material in Costa Rica mainly associated to the lower harvesting weights obtained in the quarter.

TOTAL SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE Source: AquaChile

TON WFE

22,667

33,711

-33%

82,488

107,138

-23% 139,986

MUS$

120,855

166,052

-27%

443,531 461,084

-4% 633,610

5.33

4.93

8%

5.38

4.30

MUS$

-4,519

-7,950

43%

34,380

-54,877

US$ / KG WFE

-0.20

-0.24

15%

0.42

-0.51

US$ / KG WFE

25%

4.53

- -42,974 -

-0.31

10

ANALYSIS OF RESULTS

CONSOLIDATED INCOME STATEMENT figures in thus$ SALES OPERATIONAL COST

3q14

3q13

∆qoq

accum. 2014

accum. 2013

∆yoy

2013

157,935

191,393

-17%

555,463

535,488

4%

737,875

-147,086

-184,697

-20%

-473,371

-545,567

-13%

-720,853

OPERATIONAL MARGIN

10,849

6,695

62%

82,093

-10,079

-

17,022

OTHER COST AND OPERATING EXPENSES (2)

-8,358

-8,261

1%

-25,441

-24,611

3%

-32,523

2,491

-1,566

-

56,652

-34,690

-

-15,501

DEPRECIATION & AMORTIZATION

-7,010

-6,384

10%

-22,272

-20,186

10%

-27,473

EBIT PRE FV ADJ.

-4,519

-7,950

43%

34,380

-54,877

-

-42,974

2,316

8,246

-72%

-25,742

22,976

-

47,693

EBIT POST FV ADJ.

-2,203

296

-

8,638

-31,900

-

4,718

FINANCIAL EXPENSES

-1,937

-2,201

-12%

-6,524

-6,590

-1%

-9,269

(1)

EBITDA PRE FV ADJ.

NET REVENUES FROM BIOLOGICAL ASSETS (3)

FINANCIAL INCOME OTHER NON OPERATING ITEMS (4) INCOME TAXES NET INCOME

123

96

28%

452

427

6%

589

1,944

214

809%

3,088

-4,846

-

-5,998

13

-335

-

-1,613

7,746

-

505

-2,060

-1,930

-7%

4,041

-35,162

-

-9,454

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 10 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.

Source: AquaChile

11

ANALYSIS OF RESULTS

Operating Costs totalled US$ -147.1 million in the quarter, 20% less than what was achieved for the 3Q13, the reason for this being the sales volume decrease during the quarter as well as lower sales costs for Atlantic salmon and Sea trout in comparison with the previous year. Furthermore, if one compares operating costs (measured as a percentage over sales), this reached 93% of revenues, 3.4 percentage points under the reported percentage for the 3Q13.

NET EFFECT OF THE FAIR VALUE ADJUSTMENT OF THE BIOMASS Fair Value of the biological assets of the year: 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$ -0.2 million loss during the 3Q14, in comparison to the US$ +3.7 million profit reported for the 3Q13. This concept can be broken down in the following manner: i) US$ -1.4 million (US$ +0.8 million

reported for the 3Q13) corresponds to “Value adjustment for the fish biomass being raised”; and ii) US$ +1.2 million (US$ +2.9 million for the 3Q13) correspond to the reversal of a provision of the net disposal value of the finished products in the year. 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$ +2.6 million profit for the 3Q14 (US$ +4.6 million for the 3Q13).

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$ +2.3 million for the 3Q14. This is lower than the US$ +8.2 million reported for the 3Q13. (To see more details see Note 10 of the Financial Statements: Biological Assets) Other Operating Costs and Expenses showed a 1% increase in comparison with the same period of the previous year.

Non-operating results showed a US$ 0.1 million loss for the quarter, a positive comparison with the US$ -1.9 million loss for the same period the previous year. The difference can be explained mainly by the US$ 1.8 million profit from the currency exchange rate reported for the 3Q13. This is higher than the US$ -0.4 million reported for the 3Q13.

Expense for Income Tax presented a US$ +0.01 million provision which is a positive comparison with the US$ -0.3 million the same period the previous year.

The company presented a US$ -2.1 million loss for the 3Q14 in comparison to the US$ -1.9 million loss reported for the same period 2013.

12

BALANCE SHEET ANALYSIS

CONSOLIDATED BALANCE SHEET 2013 figures in thus$ CURRENT ASSETS

2014

1q13

2q13

3q13

4q13

1q14

2q14

3q14

486,530

440,131

420,735

469,657

496,337

468,978

464,748

-1.0%

∆3q14 o 4q13

NON CURRENT ASSETS

396,059

409,874

410,542

423,345

410,387

413,430

442,181

4.4%

TOTAL ASSETS

882,589

850,005

831,277

893,002

906,724

882,408

906,929

1.6%

CURRENT LIABILITIES

200,549

214,043

195,261

221,375

224,698

309,574

307,567

38.9%

NON CURRENT LIABILITIES

290,840

272,680

274,664

268,149

267,681

163,534

173,965

-35.1%

TOTAL LIABILITIES

491,389

486,723

469,925

489,524

492,379

473,108

481,532

-1.6%

EQUITY

382,443

354,309

352,709

394,173

405,205

400,113

416,401

5.6%

8,757

8,973

8,643

9,305

9,140

9,187

8,996

-3.3%

882,589

850,005

831,277

893,002

906,724

882,409

906,929

1.6%

MINORITY INTEREST

TOTAL EQUITY AND LIABILITIES Source: AquaChile

Current Assets presented a 1.0% decrease (∆-US$ 4.9 million) in comparison with the observed numbers of the 4Q13. This is mainly explained by: i) a US$ -30.8 million decrease in the “Accounts receivables - current” mainly associated with the sale of the 2013/2014 season of Pacific salmon and to the recovery of the generated returns; ii) a US$ -3.9 million decrease in the “Tax assets - current”. This was partially compensated by a US$ +15.1 million increase in the ” Biological assets - & Inventory” which is associated with the increase of Pacific salmon and Atlantic salmon biomass in comparison to December 31, 2013 as well as an increase in the finished product inventory.

Non-current assets presented a 4.4% increase (∆+US$ 18.8 million) in comparison with the observed numbers of the 4Q13. This is mainly explained by a US$ +26.8 million increase in the “Assets by deferred tax” due to a tax effect of a higher first category rate of tax associated to a recent tax reform on those that create assets of the deferred taxes (mainly accumulated tax loss). This is partially compensated by a US$ -6.0 million decrease in “Properties, plants and equipment” which includes US$ 0.9 million related to the assets that were damaged in the fire that occurred on April 1, 2014 that affected the cold storage and storehouses of the Cardonal processing plant and the US$ -2.2 million decrease in non-current biological assets.

13

BALANCE SHEET ANALYSIS

The Current Liability showed a 38.9% increase (∆+US$ 86.2 million) in comparison with the observed numbers of the 4Q13. This is explained by: i) a US$ +98.4 million increase in the “Other financial liabilities, current” account associated to reclassifying the US$ 104 million from the long term, net capital payment and the interests carried out as of September 2014. This is partially compensated by: i) the US$ -6.4 million decrease in “Accounts payable - current”; and ii) a US$ -4.2 million decrease in the “Accounts payables with related companies - current”.

tizations of the subsequent 12 months from long term to short term. These will be partially compensated by the US$ +10.1 million increase in “Liabilities by deferred tax” due to the effect of an increase in the tax rate for the first category associated to the recent tax reform on those that create liabilities for deferred taxes.

Total Equity (including the non-controlling interests) of the company, saw a US$ +21.9 million increase in comparison to December 2013, which is mainly explained by recognizing the US$ +18.2 million corresponding to the difference between the assets and liabilities of the reported deferred taxes which has a direct effect on increasing the tax rate on the first category once it was approved in the new tax reform; and also because of the accumulated US$+4.0 million profit reported during the period.

The Non-current Liability showed a 35.1% decrease (∆-US$ 94.2 million) in comparison with the numbers observed for the 4Q13. This is mainly explained by a US$ -104.0 million decrease in “Other financial liabilities, non current” associated to the reclassifying of debt amor-

AQUACHILE FINANCIAL DEBT 2013

2014

figures in thus$

1q13

2q13

3q13

4q13

1q14

2q14

3q14

∆3q14 o 4q13

(I) OTHERS FINANTIAL LIABITIES CURRENT

11,259

25,253

31,409

31,579

34,251

128,546

129,970

312%

(II) OTHERS FINANTIAL LIABITIES NON CURRENT

281,356 266,039 266,446 262,894

262,812

158,949

158,915

-40%

TOTAL INTEREST BEARING DEBT (I) + (II)

292,615

297,063 287,495 288,885

-2%

CASH AND CASH EQUIVALENTS NET INTEREST BEARING DEBT

37,185

291,293 297,854

11,201

294,473

14,026

17,935

255,430 280,091 283,828

276,537

49,697

44,451

21,930

22%

247,366 243,044 266,955

-3%

Source: AquaChile

On the other hand, AquaChile’s Net financial debt reached US$ 267.0 million, showing a US$ 9.6 million decrease in comparison to the close of the 4Q13. The reason for this decrease was the increase in the company’s Cash and

Cash Equivalent which reached US$ 21.9 million on September 30, 2014 (US$ 17.9 million for the 4Q13), as well as the payment of mandatory amortizations of the syndicated credit of the company.

14

CASH FLOW ANALYSIS

CONSOLIDATED CASH FLOW

figures in thus$

accum. 2014

accum. 2013

2013

NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES

29,885

1,665

24,241

NET CASH FLOWS FROM (USED IN) INVESTMENT ACTIVITIES

-16,493

-29,743

-38,264

NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES

-8,684

29,605

19,895

NET INCREASE (DECREASE) OF CASH AND CASH EQUIVALENTS

3,995

1,797

5,013

CASH AND CASH EQUIVALENT AT THE START OF THE PERIOD

17,935

12,922

12,922

CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD

21,930

14,026

17,935

Source: AquaChile

The behavior of the consolidated Cash Flow main components on September 30, 2014 in comparison to September 30, 2013 is the following:

observed in the market and to less investment in the working capital, explained by a decrease in the growth rate of the company’s production.

The company presented a total net cash flow of US$ +4.0 million on September 30, 2014. At the same time the previous year there was a US$ +1.8 million cash flow reported.

The investment activity meant an expenditure of US$ -16.5 million on September 30, 2014. At the same period the previous year the expenditure was US$ -29.7 million.

The operating activities on September 30, 2014 generated a US$ +29.9 million cash flow, which is higher than the US$ +1.7 million reported for the same period 2013. This increase is associated with a favorable scenario of the prices

Financing activities generated a US$ -8.7 million cash flow on September 30, 2014, which is less than the US$ +29.6 million generated for the same period 2013.

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 31st of March, 30th of June, 30th of September and 31st 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 netdebt-to-EBITDA ratio.

Nevertheless, and due to the low price scenario that the salmon industry presented during 2012 and the beginning of 2013, the company agreed with the Creditor banks to suspend the measure of those covenants that include EBITDA in its calculation until September 2014 inclusive.

NET LEVERAGE (1)

3q14

2013

covenant

status as of 09.30.2014

1.08

1.17

< or = 1.10x

ACCOMPLISH

1 (Total current liability + Total non-current liability – Cash flow and cash equivalent) / (Total Equity) Source: AquaChile

PRODUCTIVITY INDICATORS figures in thus$ SALMON AND SEA TROUT HARVEST HARVESTED FISH FARMS OR FISH FARMS THAT ARE BEING HARVESTED

TONS WFE #

SALMON AND SEA TROUT HARVEST / HARVESTED FISH FARMS OR FISH FARMS THAT ARE BEING HARVESTED TONS WFE USED FISH FARMS* SALMON AND SEA TROUT HARVEST / USED FISH FARMS*

3q14

3q13

accum. 2014

2013

22,332

21,041

75,140

102,252

13.0

16.0

31.0

42.0

1,718

1,315

2,424

2,435

#

40

43

40

40

TONS WFE

558

489

1,879

2,556

FARMING DENSITY** ATLANTIC SALMON

KG / M3

6,40

5.40

6.40

8.38

PACIFIC SALMON

KG / M3

6,80

6.10

6.80

9.68

SEA TROUT

KG / M3

3,80

4.50

3.80

5.88

ATLANTIC SALMON

%

79%

85%

84%

83%

PACIFIC SALMON

%

-

-

85%

86%

SEA TROUT

%

89%

76%

87%

76%

SURVIVAL CLOSED GROUP***

* 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.

Source: AquaChile

The company presented a Salmon and Trout harvest (in tons WFE) / harvested farm sites or in harvest ratio during the period of September 30, 2014 of 2,424 Tons WFE. Farming densities on September 30, 2104 at the aquaculture grow-out sea licenses per species are the following: i) Atlantic salmon: 6.4 Kg/ m3; ii) Pacific salmon: 6.8 Kg/ m3; and iii) Sea trout: 3.8 Kg/m3.

Furthermore, survival rates observed in the groups that closed on September 30, 2014 were the following: i) Atlantic salmon: 84%; ii) Pacific salmon: 85%; and iii) Sea trout: 87%.

16

RELEVANT EVENTS

RELEVANT EVENTS

On March 11, 2014 the Superintendency of Securities and Insurance was informed of the changes in Administration: the company’s Board of Directors who met in an extraordinary meeting were informed of and agreed to accept the voluntary resignation presented by Mr. Alfonso Márquez de la Plata Cortés, who was the General Manager of the company, based on personal reasons. The Board agreed to put on record the profound gratitude from each member of the Board to Mr. Alfonso Márquez de la Plata Cortés for his valuable work carried out for more than 10 years as an executive in the Empresas AquaChile S.A. Due to this resignation the Board of Directors agreed to designate Mr. Torben Petersen as General Manager of the company starting from April 1, 2014. Mr. Torben Petersen has a broad and well-known trajectory and experience in the salmon industry and has been linked at the same time with the company through the Salmones Chaicas S.A. project, an affiliate of the Company.

On April 2, 2014 a basic fact was sent to inform regarding the Fire Accident that occurred in the Facilities of the Cardonal Processing Plant, located in Puerto Montt. There are fire insurance and contents and damage coverage for the contracted suspension.

On April 24, 2014 there was an Ordinary Shareholders’ Meeting where they adopted the following agreements: the Annual Report, Balance, Financial Statements and report of the External Auditors Company, all of these in reference to the year completed on December 31, 2013; the remuneration for the members of the Board of Directors was fixed for 2014; the Board of Directors’ expense account was approved for 2013; the remuneration of the members of the Board Committee was fixed as also the budget for the Directors Committee for 2014; the PricewaterhouseCoopers firm was designated as the external independent auditors for reviewing the accounting, inventory, balance and the financial statements of 2014; and the El Mostrador newspaper was designated for carrying out all of the publications of the company.

On October 8 a basic fact was sent to inform that the Company has signed an agreement with Investment and Technology Limited, a controlling shareholder of Invermar S.A. (“Invermar”), stating that Empresas AquaChile S.A. (“AquaChile”) was purchasing a controlling share in the share ownership of Invermar. To this end, an agreement was proposed to the Creditor Banks for the capitalization terms of Invermar’s financial assets by the best possible means, whereby AquaChile would be able to acquire a controlling share of the company from Invermar’s current creditors; the reprogramming of the balance of this liability which might not have been capitalized; and a capital increase in Invermar of US$ 30 million completely paid and subscribed for by AquaChile, without putting aside the appointed subscription rights. This previously mentioned agreement is subject to compliance with the previous stipulations, consistent with carrying out due diligence to AquaChile’s satisfaction, in subscribing the agreement made with the Creditor Banks of Invermar and AquaChile, and to hold Invermar shareholders’ meetings, enabling the transaction, saving the right to other authorizations and agreements that are necessary to enable the projected transactions. Both parties have agreed to a time limit of November 30, 2014 to agree on the contract terms and other documents taking all the necessary actions with the competent authorities.

The market, as well as the Superintendency of Securities and Insurance will be notified as soon as the contracts have been signed to enable the projected transactions.

On November 3, 2014 an Essential Fact was sent to inform of a fire that took place in the Processing Plant of Hueñocoihue, located in Dalcahue, the Island of Chiloé at 2:00 am on November 2, 2014. The fire spread to different areas of this facility, completely destroying the facilities. The plant is covered by insurance.

This year, the Company has had to deal with two fires in April and November; they are covered by insurance and the claims are being processed. The Company has been analyzing studies to implement improvements as soon as possible and thereby ensure the safety of its facilities.

17

OUTLOOK

GROWTH AND PROJECTED HARVEST VOLUME FOR THE 4Q14 - A 14% increase in total harvests in comparison with the same period the previous year.

- A 17% increase in Salmon harvests in comparison with the same period the previous year.

- A 6% decrease in Tilapia harvests in comparison with the same period the previous year.

The harvesting plans for the fourth quarter 2014 project 35,628 WFE tons of Salmon and Sea trout, and 4,340 WFE tons of Tilapia.

HISTORICAL AND PROJECTED HARVESTS 2013

2014

1q13

2q13

3q13

4q13

2013

1q14

2q14

3q14

4q14

∆qoq

wfe tons

Real

Real

Real

Real

Real

Real

Real

Real

Proj.

4q14E/4q13

ATLANTIC SALMON

7,527

16,529

15,249

13,814

53,119

14,720

10,108

17,636

17,798

29%

TROUT

11,876

5,298

5,780

5,186

28,139

11,073

5,784

4,697

3,912

-25%

PACIFIC SALMON

9,407

0

12

11,575

20,994

11,122

0

0

13,918

20%

28,810

21,827

21,041

30,574

102,252

36,915

15,892

22,332

35,628

17%

6,074

6,627

6,485

4,620

23,806

5,633

4,853

4,493

4,340

-6%

34,884

28,454

27,525

35,195

126,058

42,548

20,745

26,826

39,968

14%

TOTAL SALMONIDS TILAPIA COSTA RICA & PANAMA TOTAL SALMONIDS AND TILAPIA

Source: AquaChile

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.

18

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET 2012 figures in thus$ CURRENT ASSETS CASH AND CASH EQUIVALENTS OTHER FINANCIAL ASSETS - CURRENT OTHER NON FINANCIAL ASSETS - CURRENT ACCOUNTS RECEIVABLES - CURRENT ACCOUNTS RECEIVABLESWITH RELATED COMPANIES - CURRENT

2013

2014

1q12

2q12

3q12

4q12

1q13

2q13

3q13

4q13

1q14

2q14

3q14

445,298

410,090

470,823

434,232

486,530

440,131

420,735

469,657

496,337

468,978

464,748

-1%

104,305

64,066

62,408

12,922

37,185

11,201

14,026

17,935

49,697

44,451

21,930

22% -100%

∆ 3q14 o 4q13

999

516

199

1,165

0

0

0

0

0

0

0

2,652

4,666

4,456

4,428

4,459

2,867

2,455

1,263

2,548

3,242

2,195

74%

104,811

77,361

92,698

85,338

82,551

95,977

79,577

103,355

117,802

73,314

72,515

-30% 112%

5,823

6,331

7,913

8,951

8,018

8,697

6,925

8,739

8,668

20,974

18,513

221,382

256,499

301,527

314,577

347,044

316,223

311,728

332,538

311,850

325,045

347,675

5%

TAX ASSETS - CURRENT

5,325

651

1,622

6,851

7,273

5,166

6,024

5,827

5,772

1,952

1,919

-67%

NON CURRENT ASSETS

382,420

402,711

442,510

397,594

396,059

409,874

410,542

423,345

410,387

413,430

442,181

4%

10,694

10,440

10,289

11,378

11,378

11,378

11,378

11,378

11,378

11,378

11,378

0%

1,261

1,229

1,256

1,190

1,117

1,052

1,071

1,013

933

857

790

-22%

BIOLOGICAL ASSETS - CURRENT - INVENTORY

OTHER FINANCIAL ASSETS - NON CURRENT OTHER NON FINANCIAL ASSETS - NON CURRENT DOCUMENTS RECEIVABLES - NON CURRENT ACCOUNTS RECEIVABLES WITH RELATED COMPANIES - NON CURRENT INVESTMENTS USING PARTICIPATION METHOD

150

150

150

150

150

150

150

150

150

150

150

0%

1,580

1,580

1,794

1,883

1,972

2,018

2,105

2,222

2,380

2,670

2,812

27%

4,179

4,938

4,187

3,595

3,482

3,727

3,737

1,413

1,339

1,403

1,164

-18%

INTANGIBLE ASSETS

38,250

37,052

37,167

38,962

37,479

37,652

37,712

40,728

40,707

40,676

40,856

0%

GOODWILL

51,448

51,448

53,247

54,989

59,349

59,423

59,314

54,989

54,989

54,989

54,989

0%

PROPERTIES, PLANTS & EQUIPMENTS

173,749

186,115

200,277

200,229

201,630

204,053

202,376

234,017

230,203

228,224

228,067

-3%

BIOLOGICAL ASSETS - NON CURRENT

27,192

26,789

27,533

27,174

23,395

27,062

28,409

26,251

20,515

23,715

24,019

-9%

ASSETS BY DEFERRED TAX

73,917

82,970

106,610

58,044

56,107

63,359

64,290

51,184

47,793

49,368

77,956

52%

TOTAL ASSETS

827,718

812,801

913,333

831,826

882,589

850,005

831,277

893,002

906,724

882,408

906,929

2%

CURRENT LIABILITIES

146,755

125,350

175,516

176,554

200,549

214,043

195,261

221,375

224,698

309,574

307,567

39% 312%

OTHER FINANCIAL LIABILITIES, CURRENT

13,197

11,799

12,820

9,111

11,259

25,253

31,409

31,579

34,251

128,546

129,970

122,178

104,776

150,259

154,237

172,493

159,021

134,733

167,311

164,011

160,296

160,873

-4%

ACCOUNTS PAYABLES WITH RELATED COMPANIES - CURRENT

3,190

6,169

9,106

10,437

13,943

25,551

23,714

20,340

19,605

18,004

16,108

-21%

LIABILITIES FOR CURRENT TAXES

5,536

684

1,006

314

189

11

0

1,896

1,964

23

38

-98%

373

387

473

226

469

518

592

249

700

721

578

132%

2,281

1,535

1,852

2,229

2,196

3,689

4,813

0

4,167

1,984

0

0%

NON CURRENT LIABILITIES

228,153

252,356

312,720

258,739

290,840

272,680

274,664

268,149

267,681

163,534

173,965

-35%

OTHER FINANCIAL LIABILITIES, NON CURRENT

185,469

198,773

251,882

251,705

281,356

266,039

266,446

262,894

262,812

158,949

158,915

-40%

OTHER ACCOUNTS PAYABLE - NON CURRENT

2,879

2,779

1,034

941

1,151

1,020

1,018

1,267

1,125

1,048

967

-24%

0

0

0

0

0

0

0

0

0

0

0

0%

39,805

50,804

59,804

6,093

8,332

5,621

7,200

3,988

3,744

3,537

14,083

253%

TOTAL LIABILITIES

374,908

377,706

488,236

435,293

491,389

486,723

469,925

489,524

492,379

473,108

481,532

-2%

EQUITY

431,228

414,012

404,099

387,654

382,443

354,309

352,709

394,173

405,205

400,113

416,401

6%

21,582

21,083

20,998

8,879

8,757

8,973

8,643

9,305

9,140

9,187

8,996

-3%

827,718

812,801

913,333

831,826

882,589

850,005

831,277

893,002

906,724

882,408

906,929

2%

ACCOUNTS PAYABLE - CURRENT

PROVISIONS FOR EMPLOEYEE BENEFITS - CURRENT OTHER NON FINANCIAL LIABILITIES - CURRENT

OTHER PROVISIONS - NON CURRENT LIABILITIES BY DEFERRED TAX

MINORITY INTEREST TOTAL EQUITY AND LIABILITIES Source: AquaChile

19

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT 2012 figures in thus$

2013

2014

1q12

2q12

qt12

4q12

1q13

2q13

3q13

4q13

1q14

2q14

3q14

157,855

99,839

95,743

56,101

151,563

192,532

191,393

202,387

225,791

171,737

157,935

-17%

-126,938

-92,874

-100,839

-67,443

-164,948

-195,922

-184,697

-175,286

-178,639

-147,646 -147,086

-20%

30,917

6,966

-5,096

-11,342

-13,385

-3,389

6,695

27,102

47,152

OTHER COST AND OPERATING EXPENSES (2)

-6,048

-6,674

-6,597

-6,415

-7,853

-8,497

-8,261

-7,912

EBITDA PRE FV ADJ.

24,870

292

-11,693

-17,757

-21,238

-11,886

-1,566

19,190

SALES OPERATIONAL COST (1) OPERATIONAL MARGIN

DEPRECIATION & AMORTIZATION EBIT PRE FV ADJ. NET REVENUES FROM BIOLOGICAL ASSETS (3)

∆ qoq

24,091

10,849

62%

-8,022

-9,061

-8,358

1%

39,130

15,030

2,491

-

-4,811

-3,927

-3,597

-4,066

-5,927

-7,875

-6,384

-7,287

-8,140

-7,122

-7,010

10%

20,060

-3,635

-15,290

-21,823

-27,166

-19,761

-7,950

11,902

30,990

7,908

-4,519

-43%

-22,899

-10,582

-7,037

-3,774

25,540

-10,810

8,246

24,716

-15,572

-12,486

2,316

-72%

EBIT POST FV ADJ.

-2,840

-14,217

-22,327

-25,597

-1,625

-30,571

296

36,619

15,418

-4,578

-2,203

-

FINANCIAL EXPENSES

-12%

-2,050

-1,949

-2,247

-2,243

-2,065

-2,324

-2,201

-2,679

-2,328

-2,259

-1,937

FINANCIAL INCOME

1,208

-132

-99

1,568

210

121

96

162

134

195

123

28%

OTHER NON OPERATING ITEMS (4)

-582

755

-11

2,756

-226

-4,832

214

-1,151

1,231

-86

1,944

809%

INCOME TAXES

5,979

-1,906

14,684

6,091

-1,602

9,683

-335

-7,241

-3,310

1,684

13

-

NET INCOME

1,714

-17,448

-9,998

-17,424

-5,308

-27,924

-1,930

25,709

11,146

-5,045

-2,060

7%

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 10 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 Source: AquaChile

20

HISTORICAL HARVESTS AND SMOLTS STOCKING

HISTORICAL HARVESTS 2011 wfe tons

2012

2011

real

1q12

2q12

real

real

2013

3q12

4q12

real

real

2012

real

2014

1q13

2q13

3q13

4q13

real

real

real

real

2013

1q14

2q14

3q14

real

real

real

real

∆ qoq

2014/2013

ATLANTIC SALMON

15,224

2,181

3,873

6,120

4,959

17,132

7,527

16,529

15,249

13,814

53,119

14,720

10,108

17,636

16%

TROUT

26,458

10,367

7,661

7,424

7,652

33,104

11,876

5,298

5,780

5,186

28,139

11,073

5,784

4,697

-19%

PACIFIC SALMON

25,578

13,801

0

648

20,124

34,574

9,407

0

12

11,575

20,994

11,122

0

0

-100%

TOTAL SALMONIDS

67,260

26,350

11,534

14,192

32,735

84,810

28,810

21,827

21,041

30,574

102,252

36,915

15,892

22,332

6%

TILAPIA COSTA RICA & PANAMA TOTAL SALMONIDS AND TILAPIA

17,232

5,368

5,607

5,359

5,007

21,341

6,074

6,627

6,485

4,620

23,806

5,633

4,853

4,493

-31%

84,492

31,718

17,141

19,551

37,742

106,151

34,884

28,454

27,525

35,195

126,058

42,548

20,745

26,826

-3%

Source: AquaChile

HISTORICAL SMOLTS STOCKING 2011

2012

2013

2011

1q12

2q12

ATLANTIC SALMON

10,647

5,668

TROUT

16,675

4,456

10,519

8,576

1,438

0

0

10,014

4,198

4,080

0

37,842

18,699

8,311

6,943

6,454

40,408

10,724

10,613

7,661

thousands smolts

PACIFIC SALMON TOTAL SALMONIDS

real

real

3q12

4q12

2012

2,392

4,174

3,665

15,899

4,486

4,481

2,770

2,789

14,495

2,040

real

real

real

real

1q13

real

2q13

3q13

4q13

2,534

5,511

4,706

17,237

8%

3,999

2,150

2,196

10,385

-28%

0

8,278

-17%

6,902

35,900

-11%

real

real

real

2013 real

∆ yoy

2013/2012

Source: AquaChile

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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. Forwardlooking 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.

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