Press release 3Q 2015

EMPRESAS AQUACHILE S.A. RESULTS FOR 3RD QUARTER 2015

November 2015

1.

About AquaChile

03

2.

Quarterly Summary

04

3.

Analysis of Results

06

4.

Balance Sheet Analysis

13

5.

Cash Flow Analysis

15

6.

Financial Covenants and Production Indicators

16

7.

Relevant Events

18

8.

Outlook

20

9.

Consolidated Balance Sheet

21

10.

Income Statement

22

11.

Historical Harvests and Smolts Stocking

23

2

ABOUT EMPRESAS AQUACHILE S.A.

Is a Chilean company that produces food from aquaculturefarmed 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 sales of US$ 472.6 million on September 30, 2015. This is a 15% decrease in comparison to the same period in 2014 (Δ-US$ 82.9 million).

At operating level the EBITDA pre fair value adjustment for September 2015 (this is before the value adjustment of the fish biomass at fair value) achieved US$ -39.8 million, which is higher than the US$ +56.7 million reported the previous year.

The company presented a loss in September 2015 of US$ -68.9 million, this is lower than the US$ +4.0 million in profits reported during the same period the previous year.

The low sales reported for 2015 in comparison to the same period the previous year is mainly explained by the lower sales of the Sea Trout, Pacific salmon and Tilapia that in all represent US$ 76 million, of which US$ 34.6 million were attributed to a lower sales volume (Δ-8,222 tons WFE) and US$ 41.5 million at a lower exporting sales price.

The company has obtained lower mortality rates, good levels of growth and the marginal production costs have shown a low trend, in line with the strategy that the company has gone after, which is centered on increasing productivity and decreasing the indirect production costs.

04

QUARTERLY SUMMARY

The Company’s consolidated sales were a total of US$ 134.7 million during the 3Q15, which represents a decrease of 15% in comparison with the valued sales reported for the 3Q14. It is true that during the third quarter there was an increase in the sales of all the species, the revenues for the sales of the Atlantic Salmon (Δ-7%), Sea Trout (Δ-16%) and Tilapia (Δ-6%) decreased in comparison to the same period the previous year due to a decrease in the international export prices: Atlantic Salmon (Δ-22%), the Sea trout (Δ-30%), the Pacific salmon (Δ-4%) and Tilapia (Δ−22%).

The consolidated EBITDA reached US$ -26.1 million during the 3Q15, which can be compared to the US$ +2.5 million reported for the same period 2014, due to a decrease in the margins of the Atlantic Salmon, the Sea Trout and the Tilapia, mainly explained by the low price adjustment.

AquaChile reported a US$ -21.3 million loss during the 3Q15, in comparison to the US$ -2.1 million loss reported during the same period the previous year. The observed decrease is mainly explained by the lower margin reported for the Atlantic salmon, the Sea Trout and the Tilapia, which could not be compensated by the positive net effect of the biomass valorization at fair value of US$ +12.4 million reported in the quarter.

The Company’s net financial debt totaled US$ 304.4 million for the 3Q15, showing a US$ 27.8 million increase in comparison to the close of the 4Q14. In fact, on July 23, 2015 the company subscribed for a new syndicated credit of US$ 290 million, and up to this day US$ 275.6 million have been withdrawn to prepay the total financial debt that was due on June 30, 2015 for the salmon segment of US$ 246 million and the rest was destined to guarantee an efficient and more effective administration of the stock in the present business cycle.

05

ANALYSIS OF RESULTS

SUMMARY OF MAIN CONSOLIDATED FIGURES ∆yoy

2014

555,463

-15%

779,106

-64,620

34,380

-

48,016

-39,815

56,652

-

78,444

-

-8.4%

10.2%

-

10.1%

-2,060

-934%

-68,880

4,041

-

1,421

22,326

18,303

22%

71,150

67,605

5%

101,541

EBIT / KG WFE SALMON AND SEA TROUT

-1.48

-0.22

-565%

-0.85

0.52

-

0.50

TILAPIA SALES - WFE TONS

4,643

4,363

6%

14,157

14,883

-5%

18,577

EBIT / KG WFE TILAPIA

-0.48

-0.10

-371%

-0.28

-0.05

-468%

-0.13

cifras en miles de us$

3q15

3q14

134,660

157,935

-15%

472,564

EBIT PRE FV ADJ.(1)

-35,287

-4,519

-681%

EBITDA PRE FV ADJ. (2)

-26,064

2,491

-

-19.4%

1.6%

-21,296

SALES

EBITDA PRE FV ADJ. MARGIN NET INCOME SALMON AND SEA TROUT SALES - WFE TONS

∆qoq acum 2015 acum 2014

(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$ 134.7 million, which is less than the US$ 157.9 million reported during the same period 2014. In fact, the sales revenue for the finished product of Atlantic salmon decreased 7% (Δ-US$ 5.8 million), the Sea Trout by 16% (Δ-US$ 4.7 million) and Tilapia by 6% (Δ-US$ 0.8 million). To the above the decrease of the revenues for the Fish Feed segment is added

1

(Δ-US$ 0.7 million) as also the decrease in the revenues of “Other Business1” segment (Δ-US$ 13.6 million). The last item is explained by the decrease of the third party sales of the finished product. All of the above can be partially compensated by the increase in the sales of the Pacific salmon (Δ+US$ 2.3 million).

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)

226 193 158

224

202

191

192

172

158

152 100

146

135

96 56

1Q12 2Q12

3Q12

4Q12 1Q13

2Q13 3Q13 4Q13 1Q14

2Q14 3Q14 4Q14

1Q15

2Q15

Other Income

Sales 3Q15

3Q15

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

Sales 3Q14

Atlantic Salmon

158

Sea Trout

11 -17

Pacific Salmon

2

4 -9

Tilapia

0

∆ Price

-2

Fish feed

1

-1

135 -14

∆ Volume

07

ANALYSIS OF RESULTS

QUARTERLY EBITDA TREND (US$ MILLIONS)

39 25

22

19

15 5 2

0 -2 -12

-12 -18

-19

-21

-26

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

QUARTERLY NET INCOME TREND (US$ MILLIONS)

26

11 2 -2

-5

-5

-2

-3

-10 -17

-12

-17

-21

-28

1Q12

2Q12

3Q12

4Q12

1Q13

2Q13

-36

3Q13

4Q13

1Q14

2Q14

3Q14

4Q14

1Q15

2Q15

3Q15

08

ANALYSIS OF RESULTS

Consolidated EBITDA pre Fair Value adjustments1 (*) for the 3Q15 reached US$ -26.1 million, in comparison to the US$ +2.5 million of the same period the previous year. The reason for this decrease was the drop in the sales margin of the Atlantic salmon, the Sea Trout and the Tilapia, that were mainly affected by the decrease in the export sales price. That is why the EBITDA margin (EBITDA over the revenues) reported during the 3Q15 is -19.4%, in comparison with the 1.6% reported during the same period 2014.

The company recognizes a US$ 12.4 million profit during the third quarter 2015 for the “Net Effect of valuing the biomass at fair value�, which is higher than the US$ 2.3 million profit reported during the 3Q14. The reasons for this are mainly: i) recognition of a higher cost due to valuing at fair value of the harvested and sold biomass during the period of US$ +20.2 million, which is higher than the higher cost of US$ +2.6 million reported during the same period of the previous year, mainly due to the negative differences presented between the prices that the biological assets of the Atlantic Salmon and the Sea Trout were valued at during the first nine months of 2015, and the prices of

the biological assets of the same two species were valued at during the same period of 2014; ii) the reversal of a provision of the net realizable value for harvest of the biomass that is currently being reared of US$ +3.7 million.

This provision was not necessary to do during 2014. The above was partially compensated by: i) the recognition of the value adjustment of the fish biomass being raised of US$ -12.6 million wich is lower than the US$ -1.4 million reported during the same period the previous year mainly due to the low market prices for the salmon and sea trout; and ii) for the reversal net of provision for a smaller value of US$ +1.0 million of the finished product carried out during the period, which is less than the US$ +1.1 million carried out during the same period the previous year.

(*) 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.

1

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.

09

ANALYSIS OF RESULTS

ANALYSIS OF PHYSICAL SALES, VALUED, AND MARGIN BY SEGMENT 3q15

3q14

TON WFE

15,978

13,494

MUS$

72,707

78,471

4.55

5.82

∆tot acum 15 acum 14

∆ y oy

2014

31%

54,335 318,527

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

US$ / KG WFE MUS$

18%

46,794

35,753

-7% 227,322

218,827

4%

4.86

6.12

-21%

5.86

-22,902 -5,626 -307% -43,381

9,956

-

13,841

-0.93

0.28

-

0.25

19%

15,993

17,776

-10%

23,182

-16%

71,916

111,102

-30%

4.50

6.25

-28%

6.06

15,768

-

16,534

-22%

US$ / KG WFE

-1.43

-0.42 -244%

TON WFE

5,710

4,781

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

MUS$ US$ / KG WFE

23,976 28,683

-35% 140,395

4.20

6.00

MUS$

-9,614

1,619

- -19,565

US$ / KG WFE

-1.68

0.34

-

-1.22

0.89

-

0.71

TON WFE

638

29

2134%

8,364

14,076

-41%

24,023

114 2034%

114,396

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

MUS$

2,422

35,872

67,698

-47%

US$ / KG WFE

3.80

3.97

-4%

4.29

4.81

-11%

4.76

MUS$

-554

-69

-701%

2,340

9,400

-75%

20,079

US$ / KG WFE

-0.87

-2.42

64%

0.28

0.67

-58%

0.84

TON WFE

4,643

4,363

6%

14,157

14,883

-5%

18,577

MUS$

12,782

13,587

-6%

40,769

45,905

-11%

57,213

2.75

3.11

-12%

2.88

3.08

-7%

3.08

MUS$

-2,217

-442

-401%

-4,014

-743

-440%

-2,438

US$ / KG WFE

-0.48

-0.10

-371%

-0.28

-0.05

-468%

-0.13

TILAPIA SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

US$ / KG WFE

The Atlantic Salmon business saw a -7% decrease (Δ-US$ 5.8 million) in its income during the 3Q15 in comparison to the same period 2014, due to a 22% decrease in the sales price which could not be compensated by the 18% increase in the sales volume (Δ+2,483 WFE tons). On its part the EBIT Pre FV Adj. showed a US$ -22.9 million loss in comparison to the US$ -5.6 million reported during the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ -1.43 / Kg WFE (in comparison to the US$ -0.42 / Kg WFE for the same time the previous year). The negative margin reported for the quarter is mainly explained by the decrease in the export price.

The Sea Trout business saw a 16% (Δ-US$ 4.7 million) decrease during the 3Q15 in comparison to the same period 2014, due to a 30% decrease of the average sales price which could not be compensated by the 19% (∆+929 WFE tons) in the sales volume. As for the EBIT Pre FV Adj., it presented a US$ -9.6 million loss in comparison to the US$ +1.6 million reported for the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ -1.68 / Kg WFE (in comparison to the US$ +0.34 / Kg WFE the same time last year).

The observed decrease in margins is due to the decrease in the export price and in a smaller measure to the increase in the sales cost in comparison to the same period the previous year.

The ring tons) increase in les prices. For its US$ -0.07 million ched US$ -0.87 /

Pacific or Coho Salmon business saw a 2034% increase (Δ US$ +2.3 million) duthe 3Q15 in comparison with the same period 2014, due to a 2134% (∆+609 WFE the sales volume, which was partially compensated by the 4% decrease in the sapart, the EBIT Pre FV Adj. demonstrated a US$ -0.6 million loss, in comparison to the reported for the same period 2014. At unit level, the EBIT Pre FV Adj. / Kg WFE reaKg WFE (in comparison to the US$ -2.42 / Kg WFE the same period the previous year).

The Tilapia business saw a 6% (Δ-US$ 0.8 million) decrease in its income during the 3Q15 in comparison to the same period 2014, due to a 12% decrease in the sales price that could not be compensated by the 6% increase (Δ+280 tons WFE) in the sales volume. The EBIT Pre FV Adj. showed a US$ -2.2 million loss in comparison to the US$ -0.4 million reported during the same period 2014. At unit level the EBIT Pre FV Adj. / Kg WFE reached US$ -0.48 / Kg WFE (in comparison to the US$ -0.1 / Kg WFE the same time the previous year). The decrease observed in the margins is mainly explained by the decrease in the international export price.

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

TON WFE

26,969 22,667

19%

85,307

82,488

3%

120,117

MUS$

111,887 120,855

-7% 375,880

443,531

-15%

630,531

4.41

5.38

-18%

5.25

-681% -64,620

34,380

-

48,016

0.42

-

0.40

US$ / KG WFE MUS$ US$ / KG WFE

4.15

5.33

-35,287

-4,519

-1.31

-22%

-0.20 -556%

-0.76

10

ANALYSIS OF RESULTS

CONSOLIDATED INCOME STATEMENT figures in thus$ SALES OPERATIONAL COST

(1)

OPERATIONAL MARGIN OTHER COST AND OPERATING EXPENSES (2)

3q15

3q14

∆tot acum 2015

acum 2014

∆yoy

2014

134,660

157,935

-15%

472,564

555.463

-15%

779,106

-152,977

-146,862

-18,317

11,072

4%

-486,785

-472,639

3%

-665,148

-

-14,222

82,824

-

113,958

-7,747

-8,580

-10%

-25,594

-26,172

-2%

-35,513

-26,064

2,491

-

-39,815

56,652

-

78,444

% EBITDA / Sales

-19.4%

1.6%

-8.4%

10.2%

DEPRECIATION & AMORTIZATION

-9,223

-7,010

32%

-24,805

-22,272

11%

-30,428

-35,287

-4,519

-681%

-64,620

34,380

-

48,016

EBITDA PRE FV ADJ.

EBIT PRE FV ADJ. NET REVENUES FROM BIOLOGICAL ASSETS (3) EBIT POST FV ADJ. FINANCIAL EXPENSES FINANCIAL INCOME OTHER NON OPERATING ITEMS INCOME TAXES NET INCOME % Net Income / Sales

(4)

10.1%

12,357

2,316

433%

-19,788

-25,742

23%

-31.606

-22,930

-2,203

-941%

-84,409

8,638

-

16,411

-4,269

-1,937

120%

-8,271

-6,524

27%

-8,643

138

123

12%

423

452

-6%

595

1,515

1,944

-22%

1,495

3,088

-52%

-1,764

4,250

13

31962%

21,882

-1,613

-

-5,178

-21,296

-2,060

-934%

-68,880

4,041

-

1,421

-15.8%

-1.3%

-14.6%

0.7%

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

Source: AquaChile

11

ANALYSIS OF RESULTS

Operating Costs saw a total of US$ 153 million in the quarter, 4% higher than what was achieved for the 3Q14, the reason for this being the sales volume increased for all the species. Plus if you compare this with the operational costs (measured as a percentage over sales), this reached 114% of revenues, 21 percentage points under the reported percentage for the 3Q14 mainly associated to the decrease in the international prices.

THE NET 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$ -8.9 million loss during the 3Q15, (US$ -1.4 million loss reported for the 3Q14).

This concept can be broken down in the following manner: i) US$ -12.6 million (US$ -1.4 million reported for the 3Q14) corresponds to “Value adjustment for the fish biomass being raised”; and ii) US$ +3.6 million (US$ 0 million for the 3Q14) correspond to the reversal of a provision of the net realization value of the harvesting of the fish that are currently being reared. 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$ +21.2 million profit for the 3Q15 (US$ +3.7 million for the 3Q14). This is broken down the fo-

llowing manner: i) US$ +20.2 million (US$ +2.6 million during the 3Q14) corresponds to a higher cost per fair value of the harvested and sold biological assets; and ii) US$ +1.0 million (US$ 1.2 million in the 3Q14) correspond to the net reversal provision for the lower net disposal value of the finished products of this period.

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$ +12.4 million for the 3Q15. This is higher than the US$ +2.3 million reported for the 3Q14.

Other Operating Costs and Expenses showed a 10% decrease in comparison with the same period of the previous year. In effect, the distribution Costs presented a 8.9% decrease and the administration Expenses had a 10.8% decrease.

Non-operating results showed a US$ -2,6 million loss for the 3Q15 in comparison to the US$ 0.1 million gain reported for the same period the previous year. This difference is mainly explained by the financial cost increase associated to the new syndicated credit.

Expense for Income Tax presented a US$ 4.3 million credit which is a positive comparison to the US$ 0.01 million credit for the same period the previous year.

The company reported a period of US$ -21.3 million loss in comparison to the US$ -2.1 million loss reported for the same period 2014.

12

BALANCE SHEET

CONSOLIDATED BALANCE SHEET

2013 figures in thus$

1q13

2014

2015

2q13

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q15

3q15

∆3q15 o 4q14

CURRENT ASSETS

486,530

440,131

420,735

469,657

496,337

468,978

464,748

480,425

432,476

386,987

383,470

-20.2%

NON CURRENT ASSETS

396,059

409,874

410,542

423,345

410,387

413,430

442,181

419,477

433,614

440,680

437,043

4.2%

TOTAL ASSETS

882,589 850,005

831,277 893,002

906,724

882,408

906,929

899,902 866,090

827,667

820,513

-8.8%

CURRENT LIABILITIES

200,549

214,043

195,261

221,375

224,698

309,574

307,567

328,405

309,857

321,393

173,036

-47.3%

NON CURRENT LIABILITIES

290,840

272,680

274,664

268,149

267,681

163,534

173,965

150,089

146,500

132,450 294,949

96.5%

TOTAL LIABILITIES

491,389 486,723 469,925 489,524

492,379

473,108

481,532

478,494

456,357

453,843

467,985

-2.2%

EQUITY

382,443 354,309 352,709

394,173

405,205

400,113

416,401

413,105

401,584

366,060

345,328

-16.4%

9,305

9,140

9,187

8,996

8,303

8,149

7,764

7,200

-13.3%

831,277 893,002

906,724

882,408

906,929

899,902 866,090

827,667

820,513

-8.8%

MINORITY INTEREST

TOTAL EQUITY AND LIABILITIES

8,757

8,973

882,589 850,005

8,643

Source: AquaChile

Current Assets presented a 20.2% decrease (Δ-US$ 97.0 million) in comparison with the observed numbers of the 4Q14. This is mainly explained by: i) a US$ 54.0 million decrease in the “Trade and other receivable accounts, bank accounts” mainly associated with the sales made during the 3Q15 in comparison to the 4Q14; ii) a US$ 22.7 million decrease in the “Current Biological Assets” associated to the harvest and sale of salmon during the period to the lower valorization at fair value of the biomass that is being reared reported for September 2015 in comparison to December 2014 and to the US$ -5.7 million for the lower realization value at harvest of the biomass that is currently being reared, not valued at fair value; iii) a US$ 13.4 million decrease in the Account receivable with related companies; and iv) a US$ 7,9 million decrease in the account “Cash and Cash Flow Equivalent”.

Non-current assets presented a 4.2% increase (Δ+US$ 17.6 million) in comparison with the observed numbers of the 4Q14. This is mainly explained by: i) a US$ +7.2 million increase in the account receivable from non-current related companies associated to them reclassifying from a short to a long term; and ii) a US$ 22.6 million increase in the “Assets of the Deferred Taxes”. All of the above was partially compensated by a US$ 9.2 million decrease in the account “Properties, plants and equipment” and a US$ 4.0 million decrease in the account “Non-current Biological Assets”.

The Current Liability showed a 47.3% decrease (Δ−US$ 155.4 million) in comparison with the observed numbers of the 4Q14. This is explained by: i) a US$ 117.3 million de-

13

BALANCE SHEET

crease in the “Other current financial liabilities” account associated to restructuring the financial debt taken place on July 23, 2015, where the company made a pre-payment of the total debt associated to the syndicated loan of June 2011 (outstanding balance to this day of the US$ 246 million pre-payment, where US$ 134 million were recorded in a short term) and a new bullet syndicated loan was contracted for December 2016 for the amount of US$ 275.6 million; and ii) a US$ 39.1 million decrease in the “Trade payables and other accounts payable”.

ted to the restructuring of the financial debt taken out on July 23, 2015.

Total Equity (including the non-controlling interests) of the company, had a US$ -68.9 million decrease associated to the accumulated loss of the period.

The Non-current Liability showed a 96.5% increase (Δ-US$ 144.9 million) in comparison with the numbers observed for the 4Q14. This is mainly explained by a US$ 145 million increase in “Other Non-current Financial Liabilities” associa-

AQUACHILE FINANCIAL DEBT 2013 figures in thus$ (I) OTHERS FINANTIAL LIABITIES CURRENT

2014

1q13 2q13

3q13

4q13

11,259

31,409

2q14

3q14

2015 4q14

1q15

2q15

3q15

∆3q15 o 4q14

31,579

34,251

128,546

129,970

133,214

136,232

148,192

15,927

-88.0%

(II) OTHERS FINANTIAL LIABITIES NON CURRENT

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

262,812

158,949

158,915

143,312

138,935

125,527

288,443

101.3%

TOTAL INTEREST BEARING DEBT (I) + (II)

292,615 291,293 297,854 294,473

297,063 287,495 288,885 276,526

275,167

273,719

304,370

10.1%

19,483

24,507

14,461

11,622

-40.3%

247,366 243,044 266,955 257,043

250,661

259,258

292,747

13.9%

CASH AND CASH EQUIVALENTS NET INTEREST BEARING DEBT

37,185

25,253

1q14

11,201

14,026

17,935

255,430 280,091 283,828 276,537

49,697

44,451

21,930

Source: AquaChile

On the other hand, AquaChile’s Net financial debt reached US$ 292.7 million, higher than the US$ 257.0 million reported on December 31, 2014

14

CASH FLOW ANALYSIS

CONSOLIDATED CASH FLOW

figures in thus$

acum 2015

2014

acum 2014

NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES

-12,958

53,696

29,885

NET CASH FLOWS FROM (USED IN) INVESTMENT ACTIVITIES

-18,346

-26,811

-16,493

NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES

23,909

-24,527

-8,684

NET INCREASE (DECREASE) OF CASH AND CASH EQUIVALENTS

-7,861

1,548

3,995

CASH AND CASH EQUIVALENT AT THE START OF THE PERIOD

19,483

17,935

17,935

CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD

11,622

19,483

21,930

Source: AquaChile

The behavior of the consolidated Cash Flow main components on September 30, 2015 in comparison to September 30, 2014 is the following:

The investment activity meant an expenditure of US$ -18.3 million on September 30, 2015. At the same period the previous year the expenditure was US4 -16.5 million.

The company presented a total net cash flow of US$ -7.9 million on September 30, 2015. At the same time the previous year there was a US$ +4.0 million cash flow reported.

Financing activities generated a US$ +23.9 million cash flow on September 30, 2015. During the same period the previous year the company presented a net expenditure of US$ -8.7 million.

The operating activities on September 30, 2015 generated a US$ -13.0 million cash flow, less than the US$ +29.9 million reported for the same period 2014.

15

COVENANTS AND PRODUCTION INDICATORS

FINANCIAL COVENANTS In the month of June 2015, Empresas AquaChile S.A. signed an agreement with a group of crediting banks – leaded by the Rabobank- regarding the main terms and conditions for a new syndicated credit. To improve on this Empresas AquaChile S.A. and affiliate on June 23, 2015 agreed with their current crediting banks to renew the quotas for 30 days of the tranches of the company’s bank debt that expires on that day for US$ 122,539,638, agreeing to pay this at the end of the referred time limit plus on that day, they will prepay all the rest of the debt that expires in 2018.

The new credit considers a financing of US$ 290,000,000 which was used to pay all the bank debt of the salmon segment on July 23, 2015 for the amount of $246,289,638.

Having this additional generated credit available allows a needed flexibility to guarantee a more efficient and effective management of the stocks in the current business cycle; to include a bilateral convenience that already exists with the DnB Bank Agency in Chile, with the same credit

structure; to reduce the number of crediting banks; and later to restructure on time all the company’s debt at long term under more favorable market conditions with the expectation of a more stable international market.

New financial obligations have been defined with the signing of this new credit contract on July 23, 2015 calculated over the Consolidated Financial Statements of Empresas AquaChile S.A. on June 30, 2015, and on March 31st, June 30th, September 30th, and December 31st of the following years in reference to the Equity ratio levels, Ned Adjusted Financial Debt (NIBD Adjusted / EBITDA Adjusted, the liquidity level, and the Maximum Debt levels, as shown in the following:

financial covenants*

2q-15

3q-15

4q-15

1q-16

2q-16

3q-16

4q-16

EQUITY RATIO 1

42.5%

42.5%

42.5%

42.5%

42.5%

42.5%

42.5%

NIBD ADJUSTED / EBITDA ADJUSTED 2

5.75X

7.25X

7.5X

5.0X

4.5X

4.5X

4.5X

LIQUIDITY 3

1.2X

1,2X

1.2X

1.2X

1.2X

1.2X

1.2X

MAXIMUM DEBT (M US$) 4

320

320

320

320

320

320

320

(1) Equity Ratio: Ratio between the consolidated cash accounts called “Total Equity” and “Total Assets”; (2) NIBD Adjusted / EBITDA Adjusted: the result of adding the following accounts to the consolidated balance: /a/ Other financial liabilities, current; plus /b/ Other financial liabilities, non-current; plus /c/ Liabilities with suppliers with more than 120 days of duration minus /d/ the cash and cash equivalent. All of the above without considering any financial liability, whether current or noncurrent, suppliers with more than 120 days of duration and cash and cash equivalent of Group ACl and Alitec S.A.. All of the above divided by the EBITDA Adjusted of the last 12 months defined as a result of the following operation: /a/ Total Sales; minus /b/ Sales cost; minus /c/ Administration expenses; minus /d/ Distribution expenses; and plus /e/ Depreciation and amortization expenses, excluding the following consignments /a/, /b/, /c/, /d/ and /e/ of the Group ACl S.A. and Alitec S.A. (3) Liquidity: All of the current assets divided by the total of the current liabilities, excluding from this last one the sum of the indebted amounts under the Restructured Obligations, and excluding from the current asset the fish biomass that is not considered in the harvesting plans of the next following twelve months to the corresponding Measurement Date.

(4) Maximum Debt: Corresponds to the sum of the following accounts from the Consolidated Balance: /a/ Other financial liabilities, current; and /b/ Other financial liabilities, non-current.

Considering that lately the international export prices for the salmonid species have been kept at a low level, the operational results on September 2015 have been affected and the accumulated EBITDA has become insufficient during the last twelve months to comply with the covenants

of the NIBD Adjusted / EBITDA Adjusted. Having an adequate quorum the banks were able to authorize not measuring the ratio of the NIBD Adjusted / EBITDA Adjusted for the 3Q15.

16

COVENANTS AND PRODUCTION INDICATORS

measure as of september, 30th:

2015

covenant

EQUITY RATIO

43.0%

> O IGUAL 42.5%

ACCOMPLISH

2.1

> O IGUAL A 1.2X

ACCOMPLISH

304.4

< O IGUAL US$ 320 MM

ACCOMPLISH

CURRENT LIQUIDITY MAX DEBT

The company and the owing companies have given a complete compliance to the determined obligations on September 30, 2015 and they have kept all of the substantial aspects

status

of the statements and decided insurances in the Contract for Reprogramming the Liabilities.

PRODUCTIVE INDICATORS

3q15

3q14 acum 15 acum 14

22,238

22,332

72,218

75,140

13

13

35

31

40

1,711

1,718

2,063

2,424

2,701

#

38

40

38

40

40

TONS WFE

585

558

1,900

1,879

2,701

ATLANTIC SALMON

KG / M3

6.00

6.40

6.00

6.40

5.80

PACIFIC SALMON

KG / M3

6.90

6.80

6.90

6.80

7.90

SEA TROUT

KG / M3

4.00

3.80

4.00

3.80

4.90

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

TONS WFE # TONS WFE

2014 108,025

FARMING DENSITY**

SURVIVAL CLOSED GROUP*** ATLANTIC SALMON

%

84%

79%

86%

84%

86%

PACIFIC SALMON

%

---

---

95%

85%

89%

SEA TROUT

%

80%

89%

85%

87%

86%

* 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 third quarter 585 Tons WFE. Farming densities on September 30, 2105 at the aquaculture grow-out sea licenses per species are the following: i) Atlantic salmon: 6.0 Kg/ m3; ii) Pacific salmon: 6.9 Kg/ m3; and iii) Sea trout: 4.0 Kg/m3.

On the other hand, Survival rates observed in the groups that closed on September 30, 2015 were the following: i) Atlantic salmon: 84%; and ii) Sea trout: 80%.

17

RELEVANT EVENTS

RELEVANT EVENTS

On January 19, 2015 an Essential Fact was sent communicating that the Company had subscribed a memorandum of understanding (the CTA) with the Norwegian Company Marine Harvest ASA (“Marine Harvest”) with the idea of going forward with the agreements and necessary proceedings to merge Marine Harvest Chile S.A. (“Marine Harvest Chile”), Chilean affiliate of Marine Harvest, with Empresas AquaChile S.A. (“AquaChile”), this last one being the surviving entity (henceforth the “Operation”) in agreeing with the stipulated terms and conditions of the CTA.

15, 2017 on the amount of shares owned by Marine Harvest that would be necessary for them to choose the majority of the Board of Directors of the combined entity. In virtue of this disposition Marine Harvest, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will be members of a controlling group with the agreement of a joint action. Furthermore, Mr. Victor Hugo Puchi will remain as President of the combined entity and will lead the current administration teams in the process of the potential merge and combined business.

In virtue of the Operation, Marine Harvest Chile is going to merge by incorporation to AquaChile including the recently acquired assets of Acuinova. Immediately after the potential merge, the current shareholders of AquaChile will be owners of 57.2% of the combined entity’s shares and Marine Harvest will be owner of 42.8% of this entity’s shares.

In conformity to the CTA, the potential merge will be subjected – besides the respective agreement of the shareholders meeting of AquaChile – that an agreement be made between the parties related with the definite document of the Operation; to the approval of its respective Board of Directors; and in the case of AquaChile their shareholders also; to a reciprocal due diligence process of both Companies; and, to the approval of the relevant authorities. The parties expect that the Operation will be concreted during the third quarter 2015.

Under the context of the potential merge, Marine Harvest has accepted to keep its shareholding participation in the combined entity up to June 15, 2016. After this, from June 15, 2016 to June 15, 2017, Marine Harvest will have the option of acquiring a higher percentage of the AquaChile’s shares through a public acquisition offer (“OPA”) which allows them a minimum of 55% of all AquaChile’s shares. The price of this OPA will be the highest between US$0.8856 per share and the market price for the AquaChile share at the moment of the OPA. The minimum price of US$0.8856 per share represents an award of approximately 41% in comparison to the pondered average of AquaChile’s share during the last 30 days before this day. On their part, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A., entities where the Puchi and Fischer families currently have a 33.03% of AquaChile, each one, have accepted the compromise of selling a sufficient number of shares at the OPA to assure Marine Harvest 55% of the combined entity, if the OPA is launched.

The respective obligations of keeping the share participation of Marine Harvest and the sale in the OPA of Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuicolas S.A. will be closed after June 15, 2017.

Also, Marine Harvest ASA, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will subscribe a definite document with which Inversiones Patagonia Limitada and Holding Salmones S.A. and Inversiones Acuícolas S.A. will have the right to vote up to June

On April 22, 2015 the Essential Fact was sent informing the eruption of the Calbuco Volcano. It was informed that the company’s personnel was evacuated and are safe and sound, and that there were no records that the facilities of Empresas AquaChile S.A. and affiliates were damaged.

On April 30, 2015 the Ordinary Shareholders’ Meeting was held where the following agreements were adopted: The Annual Minutes, Balance, Financial Statements and report from the External Auditing Company were approved. All of these are in reference to the year finished on December 31, 2014. The members that were elected to form part of the Board were Mr. Victor Hugo Puchi Acuña, Mr. Humberto Fischer Llop, Mr. Mario Puchi Acuña, Mr. Claudio Fischer Llop, Mr. Alejandro Pérez Rodriguez, Mr. Piero Solari Donaggio and Ms. Pilar Lamana Gaete, she is as independent.

The remuneration of the members of the Board was fixed for 2015; and the expense account of the Board for 2014 was approved. The remuneration for the members of the Board of Directors Committee was fixed as also the budget for the Board of Directors Committee for 2015. The firm PricewaterhouseCoopers was designated as the external independent auditors for examining the accounting, inventory, balance and financial statements of 2015. The El Mostrador Newspaper was designated for the company’s publications.

18

HECHOS RELEVANTES

On April 30, 2015 an Essential Fact was sent informing that the Board of Director’s Meeting was held on April 30, 2015 where they agreed to elect as President of the Board of Empresas AquaChile S.A. Mr. Victor Hugo Puchi Acuña. In the same meeting, la Independent Director Ms. Pilar Lamana Gaete proceeded on designating Mr. Huberto Fischer Llop and Mr. Alejandro Pérez Rodriguez to have part in the Board of Directors Committee of the Company together with her, in conformity to what is stated in Article 50bis of the Law Nº 18.046.v On June 9, 2015 an Essential Fact was sent to inform that the possible merge operation with Marine Harvest Chile was cancelled by mutual consent since neither parties could reach a definite agreement. This possible merge was subject to a series of condition precedents, which includes concluding final agreements, a satisfactory conclusion of the due diligence from both parties and the approval of the relevant authorities.

AquaChile firmly believes in the importance of consolidating the Chilean salmon industry and they will continue in this endeavor.

In June 2015, Empresas AquaChile S.A. agreed with a group of creditors’ bank – leaded by Rabobank – the main terms and conditions of a new syndicated loan. To refine the above Empresas AquaChile S.A. and an affiliate on June 23, 2015 agreed with their current creditor banks to extend for thirty days the quotas of the tranches of the bank debt of the company that expired on this day for the amount of US$122,539,638, agreeing to pay in accordance to the stipulated time limit and more – on the same day – to prepay the total of the rest of the debt that expired in 2018.

The new syndicated loan – on the date that this is published has already been refined – considers a financing of up to US$290,000,000 agreed to pay the totality of the bank debt of US$246,289,638. Having generated this additional loan allows the necessary flexibility to assure an efficient and more effective administration of the stocks in the present business cycle.

In the same meeting, the indebted companies make a novation of their loans thus concentrating the new debts in this contract in Empresas AquaChile S.A. making itself the only new debtor.

19

OUTLOOK

GROWTH IN THE HARVESTING VOLUME PROJECTED FOR THE 4Q15 - A 26% increase in total harvests in comparison with the same period the previous year - A 28% increase in Salmon harvests in comparison with the same period the previous year - A 5% increase in Tilapia harvests in comparison with the same period the previous year The harvesting plans for the fourth quarter 2015 project 42,192 WFE tons of Salmon and Sea trout, and 3,786 WFE tons of Tilapia.

HISTORICAL AND PROJECTED HARVESTS 2011

2012

2013

2015

2014

3q15

4q15

tons wfe

Real

Real

Real

Real

Real

Real

Real

Real

Real.

Real

Real.

Proy.

ATLANTIC SALMON

15,224

17,132

53,119

14,720

10,108

17,636

16,431

58,895

20,092

13,554

15,937

21,264

SEA TROUT

26,458

33,104

28,139

11,073

5,784

4,697

4,211

25,765

4,636

5,063

5,710

4,335

PACIFIC SALMON

25,578

34,574

20,994

11,122

0

0

12,243

23,365

6,636

0

591

16,593

TOTAL SALMONIDS

67,260

84,811

102,252

36,915

15,892

22,332

32,886

108,025

31,363

18,617

22,238

42,192

17,232

21,341

23,806

5,633

4,853

4,493

3,605

18,584

4,924

4,731

4,441

3,786

84,492

106,152

126,058

42,548

20,745

26,826

36,490

126,609

36,287

23,348

26,679

45,978

2011

2012

2013

FY

FY

FY

1q14

2q14

2014 3q14

4q14

2014

1q15

2q15

3q15

4q15e

2014%

13%

210%

96%

-39%

16%

19%

11%

36%

-23%

-10%

29%

SEA TROUT

-9%

25%

-15%

-7%

9%

-19%

-19%

-8%

-58%

8%

22%

3%

PACIFIC SALMON

24%

35%

-39%

18%

6%

11%

-40%

TOTAL SALMONIDS

34%

26%

21%

28%

-27%

6%

8%

6%

-15%

-17%

0%

28%

TILAPIA COSTA RICA & PANAMA

-9%

24%

12%

-7%

-27%

-31%

-22%

-22%

-13%

5%

-1%

5%

TOTAL SALMONIDS AND TILAPIA

22%

26%

19%

22%

-27%

-3%

4%

0%

-15%

-13%

-1%

26%

TILAPIA COSTA RICA & PANAMA TOTAL SALMONIDS AND TILAPIA

Var % AoA y ToT ATLANTIC SALMON

1q14

2q14

3q14

4q14

2014

1q15

2q15

2015

36%

Source: AquaChile

It is not AquaChileâ&#x20AC;&#x2122;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.

20

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET 2013 figures in thus$

2014

2015

1q13

2q13

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q15

3q15

486,530

440,131

420.735

469,657

496,337

468,978

464,748

480,425

432,476

386,987

383,470

-20%

37,185

11,201

14,026

17,935

49,697

44,451

21,930

19,483

24,507

14,461

11,622

-40%

0

0

0

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

3,260

2,730

14%

ACCOUNTS RECEIVABLES - CURRENT

82,551

95,977

79,577

88,184

117,802

73,314

72,515

106,557

72,207

54,776

52,551

-51%

8,018

8,697

6,925

23,910

8,668

20,974

18,513

19,938

16,047

7,864

6,502

-67%

CURRENT ASSETS CASH AND CASH EQUIVALENTS OTHER FINANCIAL ASSETS - CURRENT

ACCOUNTS RECEIVABLESWITH RELATED COMPANIES - CURRENT BIOLOGICAL ASSETS - CURRENT - INVENTORY

3q15 o 4q14

347,044

316,223

311,728

332,538

311,850

325,045

347,675

327,360

310,922

302,569

305,976

-7%

TAX ASSETS - CURRENT

7,273

5,166

6,024

5,827

5,772

1,952

1,919

4,697

4,886

4,057

4,089

-13%

NON CURRENT ASSETS

396,059

409,874

410,542

423,345

410,387

413,430

442,181

419,477

433,614

440,680

437,043

4%

11,378

11,378

11,378

11,378

11,378

11,378

11,378

11,378

11,378

11,378

11,386

0%

1,117

1,052

1,071

1,013

933

857

790

737

684

675

1,862

153%

OTHER FINANCIAL ASSETS - NON CURRENT OTHER NON FINANCIAL ASSETS - NON CURRENT DOCUMENTS RECEIVABLES - NON CURRENT

150

150

150

150

150

150

150

150

150

150

0

-100%

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

11,083

10,620

207%

INVESTMENTS USING PARTICIPATION METHOD

3,482

3,727

3,737

1,413

1,339

1,403

1,164

974

922

913

914

-6%

INTANGIBLE ASSETS

37,479

37,652

37,712

40,728

40,707

40,676

40,856

40,949

40,987

41,016

41,134

0%

GOODWILL

59,349

59,423

59,314

54,989

54,989

54,989

54,989

53,247

53,247

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

216,673

213,002

-4%

BIOLOGICAL ASSETS - NON CURRENT

23,395

27,062

28,409

26,251

20,515

23,715

24,019

24,425

29,228

25,379

20,398

-16%

ASSETS BY DEFERRED TAX

56,107

63,359

64,290

51,184

47,793

49,368

77,956

61,924

65,657

80,166

84,480

36%

TOTAL ASSETS

882,589

850,005

831,277

893,002

906,724

882,408

906,929

899,902

866,090

827,667

820,513

-9%

CURRENT LIABILITIES

200,549

214,043

195,261

221,375

224,698

309,574

307,567

328,405

309,857

321,393

173,036

-47%

11,259

25,253

31,409

31,579

34,251

128,546

129,970

133,214

136,232

148,192

15,927

-88%

172,493

159,021

134,733

167,311

164,011

160,296

160,873

177,310

157,999

155,899

138,221

-22%

13,943

25,551

23,714

20,340

19,605

18,004

16,108

17,335

14,805

16,151

17,693

2%

189

11

0

1,896

1,964

23

38

39

67

142

290

646% 79%

OTHER FINANCIAL LIABILITIES, CURRENT ACCOUNTS PAYABLE - CURRENT ACCOUNTS PAYABLES WITH RELATED COMPANIES - CURRENT LIABILITIES FOR CURRENT TAXES PROVISIONS FOR EMPLOEYEE BENEFITS - CURRENT

469

518

592

249

700

721

578

507

754

1,009

905

2,196

3,689

4,813

0

4,167

1,984

0

0

0

0

0

0%

290,840

272,680

274,664

268,149

267,681

163,534

173,965

150,089

146,500

132,450

294,949

97%

OTHER FINANCIAL LIABILITIES, NON CURRENT

281,356

266,039

266,446

262,894

262,812

158,949

158,915

143,312

138,935

125,527

288,443

101%

OTHER ACCOUNTS PAYABLE - NON CURRENT

1,151

1,020

1,018

1,267

1,125

1,048

967

1,409

1,179

1,156

843

-40% 0%

OTHER NON FINANCIAL LIABILITIES - CURRENT NON CURRENT LIABILITIES

OTHER PROVISIONS - NON CURRENT

0

0

0

0

0

0

0

1,575

1,575

1,575

1,575

8,332

5,621

7,200

3,988

3,744

3,537

14,083

3,793

4,811

4,192

4,088

8%

TOTAL LIABILITIES

491,389

486,723

469,925

489,524

492,379

473,108

481,532

478,494

456,357

453,843

467,985

-2%

EQUITY

382,443

354,309

352,709

394,173

405,205

400,113

416,401

413,105

401,584

366,060

345,328

-16%

8,757

8,973

8,643

9,305

9,140

9,187

8,996

8,303

8,149

7,764

7,200

-13%

882,589

850,005

831,277

893,002

906,724

882,408

906,929

899,902

866,090

827,667

820,513

-9%

LIABILITIES BY DEFERRED TAX

MINORITY INTEREST TOTAL EQUITY AND LIABILITIES

Source: AquaChile

21

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT 2013 figures in thus$ SALES OPERATIONAL COST (1) OPERATIONAL MARGIN

OTHER COST AND OPERATING EXPENSES (2) EBITDA PRE FV ADJ.

DEPRECIATION & AMORTIZATION EBIT PRE FV ADJ.

2014

2015

1q13

2q13

3q13

4q13

1q14

2q14

3q14

4q14

1q15

2q15

3q15

∆ tot

151,563

192,532

191,393

202,387

225,791

171,737

157,935

223,643

192,196

145,707

134,660

-15%

-164,948

-195,922

-184,697

-174,337

-178,639

-147,136

-146,862

-192,510

-177,413

-156,395

-152,977

4%

-13,385

-3,389

6,695

28,051

47,152

24,601

11,072

31,133

14,783

-10,687

-18,317

-

-7,853

-8,497

-8,261

-8,862

-8,022

-9,570

-8,580

-9,340

-9,526

-8,321

-7,747

10%

-21,238

-11,886

-1,566

19,189

39,130

15,030

2,491

21,793

5,257

-19,008

-26,064

-

-5,927

-7,875

-6,384

-7,286

-8,140

-7,122

-7,010

-8,156

-7,888

-7,694

-9,223

-32%

-27,166

-19,761

-7,950

11,902

30,990

7,908

-4,519

13,637

-2,631

-26,702

-35,287

681%

NET REVENUES FROM BIOLOGICAL ASSETS (3)

25.540

-10,810

8,246

24,716

-15,572

-12,486

2,316

-5,864

-11,012

-21,134

12,357

433%

EBIT POST FV ADJ.

-1.625

-30,571

296

36,619

15,418

-4,578

-2,203

7,773

-13,643

-47,836

-22,930

-941%

FINANCIAL EXPENSES

-2,065

-2,324

-2,201

-2,679

-2,328

-2,259

-1,937

-2,119

-2,028

-1,973

-4,269

120%

210

121

96

162

134

195

123

143

147

138

138

12%

-226

-4,832

214

-1,388

1.231

-86

1,944

-4,852

1,183

-1,205

1,515

-22%

INCOME TAXES

-1,602

9,683

-335

-7,004

-3,310

1,684

13

-3,565

2,667

14,964

4,250

31962%

NET INCOME

-5,308

-27,924

-1,930

25,709

11,146

-5,045

-2,060

-2,619

-11,675

-35,913

-21,296

-934%

FINANCIAL INCOME OTHER NON OPERATING ITEMS (4)

(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.

Source: AquaChile

22

HISTORICAL HARVESTS AND SMOLTS STOCKING

HISTORICAL HARVESTS 2011 wfe tons ATLANTIC SALMON

real

2012 real

2014

2013

2015

real

1q14 real

2q14 real

3q14 real

4q14 real

2014 real

1q15 real

2q15 real

3q15 real

∆ tot 2015/2014

15,224

17,132

53,119

14,720

10,108

17,636

16,431

58,895

20,092

13,554

15,937

-10%

SEA TROUT

26,458

33,104

28,139

11,073

5,784

4,697

4,211

25,765

4,636

5,063

5,710

22%

PACIFIC SALMON

25,578

34,574

20,994

11,122

0

0

12,243

23,365

6,636

0

591

0%

67,260

84,811

102,252

36,915

15,892

22,332

32,886

108,025

31,363

18,617

22,238

0%

TOTAL SALMONIDS* TILAPIA COSTA RICA & PANAMA TOTAL SALMONIDS AND TILAPIA

17,232

21,341

23,806

5,633

4,853

4,493

3,605

18,584

4,924

4,731

4,441

-1%

84,492

106,151

126,058

42,548

20,745

26,826

36,490

126,609

36,287

23,348

26,679

-1%

2012

2013 real

1q14 real

2q14 real

3q14 real

4q14 real

2014 real

Source: AquaChile

HISTORICAL SMOLTS STOCKING 2011 thousands smolts

real

2014 ∆ tot 2015/2014

ATLANTIC SALMON

10,647

15,899

17,237

3,479

3,329

5,128

5,022

16,958

-2%

SEA TROUT

16,675

14,495

10,385

2,254

1,912

3,254

1,494

8,914

-14%

PACIFIC SALMON TOTAL SALMONIDS

10,519

10,014

8,278

5,676

797

0

884

7,357

-11%

37,842

40,408

35,900

11,409

6,038

8,382

7,400

33,229

-7%

Source: AquaChile

23

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.

24