Pressrelease 4q14 empresas aquachile s a

EMPRESAS AQUACHILE S.A. RESULTS FOR 4TH QUARTER 2014

March 2015

1.

About Empresas AquaChile S.A.

03

2.

Quarterly Summary

04

3.

Analysis of Results

06

4.

Balance Sheet Analysis

13

5.

Cash Flow Analysis

15

6.

Financial Covenants and Productivity Indicators

16

7.

Relevant Events

17

8.

Outlook

19

9.

Consolidated Balance Sheet

20

10.

Consolidated Income Statement

21

11.

Historical Harvests and Smolts Stocking

22

2

ABOUT EMPRESAS AQUACHILE S.A.

Is a Chilean company that produces food from aquaculture-farmed species such as Atlantic salmon, Pacific Salmon, Sea Trout and Tilapia. AquaChile has operations in Chile, Costa Rica, Panama and the United States, selling and marketing their products around the world. The company is made up of a group of companies that strategically farm, produce and sell food. It gives employment to more than 5,600 people in Chile, the United States, Costa Rica and Panama (on December 31, 2014) and it is one of the biggest producers of Sea Trout and Pacific Salmon in the world, as well as the main supplier of fresh Tilapia to the United States.

AquaChile is the main Salmon and Sea Trout producer in Chile with a 11.9% market share in 2014 in terms of exported net volumes (source: SalmonChile). The company has 150 aquaculture water licenses, giving them a solid base to grow and diversify.

The company exports its products to more than 340 customers in more than 30 countries.

The company is also an important Tilapia producer in Costa Rica and is starting to harvest Tilapia in Panama, being one of the main suppliers of fresh Tilapia to the United States, with a 20% market share in 2014 (source: Urner Barry)

CONTACT EMPRESAS AQUACHILE S.A. Investor Relations investor.relations@aquachile.com Tel. (56-65) 2433600 / 550 For more information, visit www.aquachile.com

03

QUARTERLY SUMMARY

EBITDA pre fair value adjustment1 of US$ +21.8 million during the 4Q14, which is higher than the US$ +19.2 million reported for the same period the previous year.

Revenues of US$ 223.6 million during the 4Q14, which is more than the US$ 202.4 million reported during the same period the previous year.

Ratio of financial leverage of 1.09x for the 4Q14 in comparison to the 1.17x level reported for the same period the previous year.

AquaChile reported accumulated sales of US$ 779.1 million on December 31, 2014. This is a 6% increase in comparison to the same period in 2013 (∆+US$ 41 million).

At operating level the EBITDA pre fair value adjustment accumulated for December 2014 (this is before the value adjustment of the fish biomass at fair value) achieved US$ 78.4 million, which is higher than the US$ -15.5 million reported during the same period the previous year. This meant the company obtained a 10.1% margin over its consolidated sales.

The exporting price scenario for 2014 in comparison to the same period the previous year was favorable for all of species, noticeably the observed increase in the sales price for Sea trout (∆+26%), Pacific salmon (∆+25%), Tilapia (∆+7%) and Atlantic salmon (∆+4%).

The company has faced 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, as also the production and prevention strategy that the company adopted.

The company’s earnings for 2014 were US$ +1.4 million, this is higher than the US$ -9.5 million reported during the same period the previous year.

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.

1

04

The Company’s consolidated sales were a total of US$ 223.6 million during the 4Q14, an 11% increase in the valued sales reported for the 4Q13. It is true that during the fourth quarter there was an increase in the physical sales of Atlantic salmon (∆+29%) and the Pacific salmon (∆+20%) in comparison to the same period the previous year. This was partially compensated by the decrease in the physical sales of the Sea trout (∆-3%), and Tilapia (∆-20%).

The consolidated EBITDA reached US$ +21.8 million during the 4Q14, which can be compared positively to the US$ +19.2 million reported for the same period 2013. This increase is mainly due to an increase in the sales volume and to the higher margins of the Pacific salmon, which can be mainly explained by the decrease in the costs of the raw material for that species. An increase in the Tilapia margin was also observed associated mainly to the increase in the sales price.

AquaChile reported a US$ -2.6 million loss during the 4Q14, in comparison to the US$ +25.7 profit reported du-

ring the same period the previous year. The main explanation for this negative variation is due to the decrease in the market price for the Atlantic salmon and Sea Trout which means recognizing a lower fair value for the Atlantic salmon biomass which also meant recognizing a lower net value of the inventory of the finished product, not only for the Sea Trout but also for the Atlantic salmon. Furthermore, the results of this period were affected due to recognizing US$ -5.0 million due to the loss of the assets in the Hueñocoihue processing plant, which was caused by a fire on November 2, 2014.

The Company’s net financial debt totaled US$ 257.0 million for the 4Q14, showing a US$ 19.5 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$ 19.5 million for the 4Q14 (US$ 17.9 million for the 4Q13) as well as the payment of the second and third quota of the syndicated loan of US$ 18.75 million paid in June and December 2014.

5

ANALYSIS OF RESULTS

SUMMARY OF MAIN CONSOLIDATED FIGURES figures in thus$ Sales

4q14

4q13

∆qoq

2014

2013

∆yoy

223.643

202.387

11%

779.106

737.875

6%

EBITDA PRE FV ADJ. (1)

13.637

11.902

15%

48.016

-42.974

-

EBITDA PRE FV ADJ.

21.793

19.189

14%

78.444

-15.501

-

(2)

EBITDA PRE FV ADJ. MARGIN

9,7%

9,5%

3%

10,1%

-2,1%

-

NET INCOME

-2.619

25.709

-

1.421

-9.454

-

SALMON AND SEA TROUT SALES - WFE TONS

33.935

28.228

20%

101.541

116.180

-13%

0,45

0,52

-13%

0,50

-0,33

-

TILAPIA SALES - WFE TONS

3.694

4.620

-20%

18.577

23.806

-22%

EBIT / KG WFE TILAPIA

-0,46

-0,61

25%

-0,13

-0,18

27%

EBIT / KG WFE SALMON AND SEA TROUT

(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$ 223.6 million, which is more than the US$ 202.4 million reported during the same period 2013. In fact, the sales revenue for the finished product of Atlantic salmon increased 14% (∆+US$ 12.0 million), Pacific salmon by 22% (∆+US$ 8.3 million). However, there was 2

a 12% decrease in the Sea Trout revenues (∆-US$ 4.2 million) as also a 13% for the revenues for Tilapia (∆-US$ 1.6 million). There was also an increase in “Other sales” 2 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.

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)

226 193 191 166

158

103

172

158

152

136 97

224

202

100

96 56

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

QUARTERLY CONSOLIDATED SALES ANALYSIS (PRICE AND VOLUME EFFECT) (USD MILLIONS) Sales 4Q13

Atlantic Salmon

Sea Trout

Pacific Salmon

Tilapia

Fish Feed

Other Sales Incomes 4Q14

224 202 1

23 -11

-3

8

1

1

7

-3

-1

∆ Price

∆ Volume

07

ANALYSIS OF RESULTS

QUARTERLY EBITDA TREND (US$ MILLIONS) 39

33

33

25

22

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 4Q14

QUARTERLY NET INCOME TREND (US$ MILLIONS) 37 26

10

11

10 2 -2

-2

-5

-5

-2

-3

-10 -17

-17 -28

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

08

ANALYSIS OF RESULTS

The consolidated EBITDA pre Fair Value adjustments3 (*) reached US$ +21.8 million during the 4Q14, which is a positive comparison with the US$ +19.2 million of the same period the previous year, and also in comparison to the US$ +2.5 million reported during the 3Q14. The reason for this observed improvement is the increase in sales volume and the improved sales margins of the Pacific salmon, mainly explained by the decrease in the costs of the raw material for this species. Also an improved margin for the Tilapia was observed mainly associated to the increase in the sales price. That is why the EBITDA margin (EBITDA over the revenues) reported during the 4Q14 is +9.7%, in comparison with the +9.5% reported during the same period 2013, and a +1.6% reported during the 3Q14.

The company recognizes a US$ -5.9 million loss during the fourth quarter 2014 for the “Net Effect of valuing the biomass at fair value�, which is less than the US$ +24.7 million profit reported during the 4Q13. The reasons for this are mainly: i) recognizing a value adjustment during the period of the fish being raised for US$ +0.4 million, this is less than the US$ +34.0 million profit recognized during the 4Q13, mainly associated to the drop in the market price for the Atlantic salmon, implicating a recognition of a lower fair value of the biomass of this species; ii) making a provision for the lower net value of the finished product of US$ -3,5 million which is associated to the decrease in the market price for the Atlantic salmon and the Sea Trout.

(*) 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.

3

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 4q14

4q13

∆qoq

2014

2013

∆yoy

SALES VOLUME

18.582

14.350

29%

54.335

51.293

6%

SALES

99.701

87.690

14%

318.527

287.838

11%

5,37

6,11

-12%

5,86

5,61

4%

3.884

8.056

-52%

13.841

-18.108

-

0,21

0,56

-63%

0,25

-0,35

-

figures in thus$

ATLANTIC SALMON

AVERAGE PRICE EBIT EBIT / KG WFE

The Atlantic Salmon business had a 14% increase (∆+US$ 12.0 million) in its revenues during the 4Q14 in comparison to the same period 2013, due to a 29% increase in the sales volume (∆+4,232 WFE tons), which was slightly compensated by the 12% decrease in the sales price. On its part the EBIT Pre FV Adj. showed a US$ +3.9 million profit in comparison with the US$ +8.1 million reported during the same period 2013. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ +0.21 / Kg WFE (in comparison to the US$ +0.56 / Kg WFE for the same time the previous year and to the US$ -0.42 / Kg WFE for the 3Q14). The smaller margin reported for the 4Q14 in comparison to the 4Q13 is explained by the decrease in the sales price, which could not be compensated by the decrease in the sales cost. On the other hand, the margin increase in comparison to the 3Q14 corresponds to the decrease in the sales cost that is associated to finishing off the harvests from neighborhood 21B, which was partially compensated by the decrease in the sales price.

SEA TROUT SALES VOLUME SALES

The Sea trout business saw a 12% (∆-US$ 4.2 million) decrease during the 4Q14 in comparison to the same period 2013, due to a 3% decrease (∆-173 WFE tons) in the sales volume and a 10% decrease in the sales price. As for the EBIT Pre FV Adj., it presented a US$ +0.8 million profit in comparison with the US$ 1.1 million reported for the same period 2013. At unit level, the EBIT Pre FV 26% Adj. / Kg WFE reached US$ +0.14 / Kg WFE (in comparison to the US$ +0.19 / Kg WFE the same time last year and to the US$ +0.34 / Kg WFE during the 3Q14). The observed decrease in margins is due to a decrease in the sales price which could not be compensated by the decrease - of the sales cost.

5.406

5.580

-3%

23.182

29.716

-22%

29.293

33.474

-12%

140.395

142.970

-2%

AVERAGE PRICE

5,42

6,00

-10%

6,06

4,81

EBIT

767

1.068

-28%

16.534

-28.838

EBIT / KG WFE

0,14

0,19

-26%

0,71

-0,97

9.947

8.289

20%

24.023

35.171

46.699

38.425

22%

114.396

134.294

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

4,69

4,63

1%

4,76

3,82

10.680

5.601

91%

20.079

8.259

1,07

0,68

59%

0,84

0,23

The Pacific salmon or Coho business saw a 22% increase (∆+US$ 8.3 million) in its revenues during the 4Q14 in comparison with the same period 2013, due to a 20% increase in the sales volume (∆+ 1,649 WFE tons), and a 1% increase in the sales price.

For its part, the EBIT Pre FV Adj. demonstrated a US$ +10.7 million profit, which is a positive comparison to the US$ +5.6 million reported for 25% the same period 2013. At unit level, the EBIT Pre FV Adj. / Kg WFE reached US$ +1.07 / Kg WFE (in comparison to the US$ +0.68 / Kg WFE the 143% same period the previous year). The main explanation for the improved margin was the reduced cost of the raw material of the fish that were 256% harvested in 2014/2015 purchased with the cost of the fish of the previous season.

-32%

-15%

TILAPIA

The Tilapia business saw a 13% (∆-US$ 1.6 million) decrease in its revenues during the 4Q14 in comparison to the same period 2013, due to a 20% decrease (∆-927 tons WFE) in the sales volume, even though there was a 9% increase in the sales price.

The EBIT Pre FV Adj. showed a US$ -1.7 million loss which is a positive comparison to the US$ -2.8 million reported during the 7% same period 2013. At unit level the EBIT Pre FV Adj. / Kg WFE reached US$ -0.46 / Kg WFE (in comparison to the US$ -0.61 / Kg WFE the same 43% time the previous year). An improvement in the margins is mainly explained by the increase in the sales price and a decrease in the sales cost.

27% However, it is necessary to state that the negative margin reported during the quarter is associated to an increase in the processing costs and the raw material in Costa Rica, which is mainly due to lower harvesting weights that were achieved during the quarter.

SALES VOLUME

3.694

4.620

-20%

18.577

23.806

-22%

SALES

11.308

12.936

-13%

57.213

68.508

-16%

3,06

2,80

9%

3,08

2,88

EBIT

AVERAGE PRICE

-1.695

-2.823

40%

-2.438

-4.288

EBIT / KG WFE

-0,46

-0,61

25%

-0,13

-0,18

TOTAL SALES VOLUME SALES AVERAGE PRICE EBIT EBIT / KG WFE

37.629

32.848

15%

120.117

139.986

187.000

172.525

8%

630.531

633.610

-14% 0%

4,97

5,25

-5%

5,25

4,53

16%

13.637

11.902

15%

48.016

-42.974

-

0,36

0.36

0%

0,40

-0,31

-

Source: AquaChile

10

ANALYSIS OF RESULTS

CONSOLIDATED INCOME STATEMENT figures in thus$

4q14

4q13

∆qoq

2014

2013

∆yoy

223.643

202.387

11%

779.106

737.875

6%

-192.510

-174.337

10%

-665.880

-719.904

-8%

31.133

28.051

11%

113.226

17.971

530%

OTHER COST AND OPERATING EXPENSES (2)

-9.340

-8.862

5%

-34.781

-33.473

4%

EBITDA PRE FV ADJ.

21.793

19.189

14%

78.444

-15.501

-

9,7%

9.5%

-

10,1%

-2,1%

-

DEPRECIATION & AMORTIZATION

-8.156

-7.286

12%

-30.428

-27.473

11%

EBIT PRE FV ADJ.

13.637

11.902

15%

48.016

-42.974

-

NET REVENUES FROM BIOLOGICAL ASSETS (3)

-5.864

24.716

-

-31.606

47.693

-

EBIT POST FV ADJ.

7.773

36.619

-79%

16.411

4.719

248%

FINANCIAL EXPENSES

-2.119

-2.679

-21%

-8.643

-9.269

-7%

143

162

-11%

595

589

1%

-4.852

-1.388

-249%

-1.764

-6.235

72%

SALES OPERATIONAL COST

(1)

OPERATIONAL MARGIN

% EBITDA / Sales

FINANCIAL INCOME OTHER NON OPERATING ITEMS

(4)

INCOME TAXES

-3.565

-7.004

-49%

-5.178

742

-

NET INCOME

-2.619

25.709

-

1.421

-9.454

-

-1,2%

12,7%

-

0,2%

-1,3%

-

% Net Income / Sales

“Cost of sales” deducted “Adjustment from depreciation and amortization expenses” “Distribution costs” plus “Administration expenses” “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.

(1) (2) (3)

Source: AquaChile

11

ANALYSIS OF RESULTS

The Operational Costs saw a total of US$ -192.5 million in the quarter, 10% more than what was achieved for the 4Q13, the reason for this being the sales volume increase during the quarter. Also if the Operating Costs were compared (measured as a percentage over the sales) this reached 86% in the revenues; 0.1 percentage points under the reported percentage for the 4Q13 and 7.1 percentage points under the reported percentage during the 3Q14.

NET EFFECT OF THE FAIR VALUE ADJUSTMENT OF THE BIOMASS Fair Value of the year’s biological assets: The natural growth effect of the fish biomass being reared expressed by its reasonable value at the close of each period (ie. the sales prices minus the estimated costs at the point of sale), is recognized in accordance to the assessment done at each farm site and is based on the existing fish biomass at the close of each month. The details include the total number of fish being reared, their estimated average weight and the cost of the fish biomass. The value is estimated in the calculation according to the average weight the biomass has, multiplied by the value per kilogram seen at market price. The market price is obtained from the international price index or if not from the most recent sales made by the company. The higher or lower resulting value is reported in the Income Statement, under the concept “Fair Value of the biological assets of the year”.

This concept meant having a US$ +0.4 million profit during the 4Q14, in comparison to the US$ +34.0 million profit reported for the 4Q13. The higher cost of the harvested and sold product taken from this revaluing is reported in the Income Statement under the concept “Fair Value of the harvested and sold biological assets” which reached a US$ -6.2 million loss for the 4Q14 (US$ -9.3 million for the 4Q13) which can be broken down in the following manner:

i) US$ -2.7 million (US$ -9.3 million reported for the 4Q13) corresponds to the higher cost for fair value of the harvested and sold biological assets; and ii) US$ -3.5 million (US$ 0 million for the 4Q13) correspond to the provision of the net disposal value of the finished products in the year.

The net value of both revaluation effects are expressed in the line of “Net effect of the fair value adjustment of the biomass” which reached US$ -5.9 million for the 4Q14. This is lower than the US$ +24.7 million reported for the 4Q13. (To see more details see Note 10 of the Financial Statements: Biological Assets) Other Operating Costs and Expenses showed a 5% increase in comparison with the same period of the previous year, which is associated to a higher level of the Company’s commercializing activities and sales.

Non-operating results showed US$ -6.8 million loss for the quarter, in comparison with the US$ -3.9 million loss for the same period the previous year. This can be explained due to the loss of the assets in the Hueñocoihue SpA processing plant due to a fire that occurred on November 2, 2014.

Expense for Income Tax presented a US$ -3.6 million provision which is a positive comparison with the US$ -7.0 million the same period the previous year.

The company presented a US$ -2.6 million loss for the 4Q14 in comparison to the US$ +25.7 million profit reported for the same period 2013. This negative variation is mainly explained by the decrease in the market price for the Atlantic salmon and for the Sea Trout which meant recognizing a lower value at fair value for the Atlantic salmon biomass and also a provision for the lower value of making an inventory of the finished product, not only for the Sea Trout but also for the Atlantic salmon.

12

BALANCE SHEET ANALYSIS

CONSOLIDATED BALANCE SHEET 2013 figures in thus$ CURRENT ASSETS

2014

1q13

2q13

3q13

4q13

1q14

2q14

3q14

4q14

486.530

440.131

420.735

469.657

496.337

468.978

464.748

480.425

2,3%

∆4q14 o 4q13

NON CURRENT ASSETS

396.059

409.874

410.542

423.345

410.387

413.430

442.181

419.477

-0,9%

TOTAL ASSETS

882.589

850.005

831.277

893.002

906.724

882.408

906.929

899.902

0,8%

CURRENT LIABILITIES

200.549

214.043

195.261

221.375

224.698

309.574

307.567

328.405

48,3%

NON CURRENT LIABILITIES

290.840

272.680

274.664

268.149

267.681

163.534

173.965

150.089

-44,0%

TOTAL LIABILITIES

491.389

486.723

469.925

489.524

492.379

473.108

481.532

478.494

-2,3%

EQUITY

382.443

354.309

352.709

394.173

405.205

400.113

416.401

413.105

4,8%

8.757

8.973

8.643

9.305

9.140

9.187

8.996

8.303

882.589

850.005

831.277

893.002

906.724

882.409

906.929

899.902

MINORITY INTEREST

TOTAL EQUITY AND LIABILITIES

-10,8% 0,8%

Source: AquaChile

Current Assets presented a 2.3% increase (∆+US$ 10.8 million) in comparison with the observed numbers of the 4Q13. This is mainly explained by: i) a US$ 18.4 million increase in the “Trade and other receivable accounts” mainly associated with an increase in the sales; ii) a US$ 13.3 million increase in the “Current inventory”, mainly associated to the increase of the finished product inventory due to the increase in the harvesting; and iii) a US$ 1.5 million increase in the account “Cash and Cash Equivalent". All of the above was partially compensated by i) a US$ 18.5 million decrease in the “Biological Assets, Current” which is mainly associated with the lower fair value of the biomass being reared reported on December 2014 in comparison to December 2013; and ii) a US$ 4.0 million decrease in the “Accounts Receivable from Related Companies, current”.

Non-current Assets presented a 0.9% decrease (∆-US$ 3.9 million) in comparison with the observed numbers of the 4Q13. This is mainly explained by: i) a US$ 11.8 million decrease in the “Properties, Plants and Equipment” which includes US$ 0.9 million related to the assets that were destroyed in the fire that occurred on April 1, 2014 which affected the cold storage and storehouses of the Cardonal processing plant and US$ 3.4 million related to the assets destroyed in the fire that occurred on November 2, 2014 which completely affected the installations of the Hueñocoihue processing plant; ii) a US$ 1.8 million decrease in the non-current, biological assets; and iii) a US$ 1.7 million decrease in the Goodwill account. All of the above was partially compensated by the US$ 10.7 million increase in the “Assets by Deferred Taxes” due to a tax effect of a higher tax rate of first category associated to a recent tax reform on those that create assets by deferred taxes (mainly accumulated tax loss).

1 Up to December 2013, Biomar Aquacorporation Products, a subsidiary that produces feed for tilapia, in which Grupo ACI has a 50% participation together with Biomar Aquaculture Corporation, was a registered under the following method of participation. As of December 2013, Grupo ACI has modified the shareholders agreement that it holds with Biomar Aquaculture Corporation within Biomar Aquacorporation Products, creating an equal number of Directors. Thus, shareholders on both sides are in an equal position in terms of leading the corporation, generating a joint agreement.

13

BALANCE SHEET ANALYSIS

Current Liability showed a 48.3% increase (∆+US$ 107.0 million) in comparison with the observed numbers of the 4Q13.

This is explained by: i) a US$ 101.6 million increase in the “Other current financial liabilities” account mainly associated to reclassifying the debt amortization for the next twelve months from the long term to a short term; ii) the US$ 10.0 increase in the “Trade payables and other accounts payable”.

Non-current Liability showed a 44.0% decrease (∆US$ 118.1 million) in comparison with the numbers observed for the 4Q13. This is mainly explained by a US$ 119.6 million decrease in “Other Financial Current Liabilities”

associated to the reclassifying of debt amortizations of the subsequent 12 months from long term to short term.

Total Equity (including the non-controlling interests) of the company, saw a US$ 17.9 million increase in comparison on December 2013, which is mainly explained by recognizing the US$ +18.5 million corresponding to the difference between the assets and the 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$ 1.4 million profit reported during the period.

AQUACHILE FINANCIAL DEBT 2013

2014

figures in thus$

1q13

2q13

3q13

4q13

1q14

2q14

3q14

4q14

(I) OTHERS FINANTIAL LIABITIES CURRENT

11.259

25.253

31.409

31.579

34.251

128.546

129.970

133.214

311,6%

(II) OTHERS FINANTIAL LIABITIES NON CURRENT

281.356

266.039

266.446

262.894

262.812

158.949

158.915

143.312

-39,6%

TOTAL INTEREST BEARING DEBT (I) + (II)

292.615

291.293

297.854

294.473

297.063

287.495 288.885 276.526

-1,9%

37.185

11.201

14.026

17.935

49.697

255.430 280.091 283.828

276.537

CASH AND CASH EQUIVALENTS NET INTEREST BEARING DEBT

44.451

21.930

∆4q14 o 4q13

19.483

22,3%

247.366 243.044 266.955 257.043

-3,5%

Source: AquaChile

On the other hand, AquaChile’s Net financial debt reached US$ 257.0 million, this is less than the US$ 276.5 million reported on December 31, 2013. The reason for this decrease was the increase in the company’s Cash and Cash Equiva-

lent which reached US$ 19.5 million on December 31, 2014 this is US$ 17.9 million more than what was reported for December 31, 2013; 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$

2014

2013

53.696

24.241

NET CASH FLOWS FROM (USED IN) INVESTMENT ACTIVITIES

-26.811

-38.264

NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES

-24.527

19.895

NET INCREASE (DECREASE) OF CASH AND CASH EQUIVALENTS

1.548

5.013

CASH AND CASH EQUIVALENT AT THE START OF THE PERIOD

17.935

12.922

CASH AND CASH EQUIVALENT AT THE END OF THE PERIOD

19.483

17.935

NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES

Source: AquaChile

The behavior of the consolidated Cash Flow main components on December 31, 2014 in comparison to December 31, 2013 is the following: The company presented a total net cash flow of US$ +1.5 million on December 31, 2014. At the same time the previous year there was a US$ +5.0 million cash flow reported.

The operating activities on December 31, 2014 generated a US$ +53.7 million cash flow, which is higher than the US$ +24.2 million reported for the same period 2013.

This increase is associated with a favorable scenario of the prices observed in the market and to a minor level of investment in the working capital, explained by a decrease in the growth rate of the company’s production.

The investment activity meant an investment of US$ -26.8 million on December 31, 2014. At the same period the previous year the investment was US$ -38.3 million.

Financing activities generated a US$ -24.5 million cash flow on December 31, 2014, which is less than the US$ +19.9 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 net-debt-to-EBITDA ratio.

Once the Creditor banks met with the sufficient required quorum, they authorized no mediation in the financial Leverage, Interest coverage and net-debt-to EBITDA ratio in accordance to the levels that were established in the credit contract in regards to the Financial Statements on 12/31/2014.

The following obligations must be complied with according to the set dates: - The Financial Leverage should be less or the same as 1.25 times on 12/31/2014 - The net -debt- to EBITDA ratio should be less or the same as 3.8 times on 12/31/2014 2014

2013 covenant

status as of 12.31.2014

FINANCIAL LEVERAGE (1)

1,09

1,17

< ó = 1,25x ACCOMPLISH

NET INTEREST BEARING DEBT/EBITDA (2)

3,28 -17,84

< ó = 3,80x ACCOMPLISH

(1) (Total current liability + Total non-current liability – Cash flow and cash equivalent) / (Total Equity) (2) (Other current financial liabilities + other non-current financial liabilities minus Cash and Cash equivalent) / EBITDA Source: AquaChile

PRODUCTIVITY INDICATORS 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

TONS WFE # TONS WFE

4q14

4q13

2014

2013

32.886

30.574

108.025

102.252

13

19

40

42

2.530

1.609

2.701

2.435

#

40

40

40

40

TONS WFE

822

764

2.701

2.556

FARMING DENSITY**

KG / M3

5,80

8,40

5,80

8,38

ATLANTIC SALMON

KG / M3

7,90

9,70

7,90

9,68

PACIFIC SALMON

KG / M3

4,90

5,90

4,90

5,88

SURVIVAL CLOSED GROUP***

%

86%

85%

86%

83%

ATLANTIC SALMON

%

95%

89%

89%

86%

PACIFIC SALMON

%

86%

82%

86%

76%

USED FISH FARMS* SALMON AND SEA TROUT HARVEST / USED FISH FARMS*

SEA TROUT

* 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 December 31, 2014 of 2,701 Tons WFE. Farming densities on December 31, 2104 at the aquaculture grow-out sea licenses per species are the following: i) Atlantic salmon: 5.8 Kg/ m3; ii) Pacific salmon: 7.9 Kg/ m3; and iii) Sea trout: 4.9 Kg/m3.

Furthermore, survival rates observed in the groups that closed during the 4Q14 were the following: i) Atlantic salmon: 86%; ii) Pacific Salmon: 95%; and iii) Sea trout: 86%.

16

RELEVANT EVENTS

RELEVANT EVENTS

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 September 29, 2014, the Law N° 20.780 was enacted which modifies the Income Tax System and introduces some adjustments to the taxation system. This tax reform increases

the tax load of the companies to 21% in 2014, and could reach up to 27% in 2018. The Superintendency of Securities and Insurance, on their side, instructed the differences between the assets and liabilities through an issued circular N°856 on October 17, 2014, by the concept of Deferred Taxes, which are produced as a direct effect on increasing the First Category tax rate which was introduced by this law, and they should be booked against the equity, that is to say without effecting the results.

Consistent to what was mentioned, the net increase of the net assets and liabilities by deferred taxes produced a US$ 18.4 million net effect that the Company recognized as a contribution to this concept in the accumulated Equity results account.

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.

17

RELEVANT EVENTS

RELEVANT EVENTS 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.

During the months of April and November this Company has had to face two fire emergencies. Both are covered by insurance who are now in the claim process. The Company has been carrying out studies to implement improvements as soon as possible and to guarantee the security of their facilities.

On December 22, 2104, an Essential Fact was sent communicating that the time limit for carrying out the analysis process and the necessary negotiations established in the Agreement has already passed to fulfill with the possible operation where the Empresas AquaChile S.A. acquires a controlling participation in the shareholding of Invermar.

Neither party extended the term of Agreement, and for this reason it has been terminated. That is why the Agreement that Empresas AquaChile S.A. would acquire a controlling participation of the shareholding Invermar S.A. is not effective.

On January 19, 2015 an Essential Fact was sent communicating that the Company has written a memorandum of understanding (the “CTA”) with a Norwegian company Marine Harvest ASA (“Marine Harvest”) with the idea to go forward in the agreements and necessary procedures to merge with Marine Harvest Chile S.A. (“Marine Harvest”), a Chilean affiliate of Marine Harvest, with Empresas AquaChile S.A. (“AquaChile”). AquaChile would be the surviving entity (henceforth “Operation”), according to the stipulated terms and conditions of the CTA. By virtue of the Operation, Marine Harvest will merge by incorporation in AquaChile, which includes the recently acquired assets of Acuinova. Once this possible merge occurs, the current shareholders of AquaChile will have 57.2% ownership of the combined entity’s shares and Marine Harvest will have 42.8% ownership of the already mentioned entity’s shares.

Under the context of this possible merge, Marine Harvest has agreed to continue with the shareholder’s participation in the combined entity until June 15, 2016. Later, starting from June 15, 2016 to June 15, 2017 Marine Harvest will have the option to

acquire a higher percentage of AquaChile’s shares through a public share offer allowing them a 55% minimum ownership of all the AquaChile shares. The price of this public share offer would result in the highest between US$ 0.8856 per share and the market price for the AquaChile shares at the moment of the public share offer. The minimum price of US$ 0.8856 per share represents a premium of approximately 41% in regards to the average weighted number of shares of AquaChile during the last 30 previous days up to that date. For their part, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A., vehicles through which the Puchi and Fischer families currently have 33.03% of AquaChile. Each one of them have agreed to the compromise of selling sufficient shares in the public share offer that would assure Marine Harvest 55% of the combined entity, if this public share offer is launched. Once June 15, 2017 has passed, the respective obligations of upholding the equity participation with Marine Harvest and to sell in the public share offer of Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will be terminated.

Furthermore, Marine Harvest ASA, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will write up a definite document stating that up to June 15, 2107, Inversiones Patagonia Limitada, Holding Salmones S.A. and Inversiones Acuícolas S.A. will have the right to vote regarding the amount of shares that Marine Harvest owns that are necessary for choosing 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 a joint implementation agreement. Furthermore, Mr. Victor Hugo Puchi will remain as President of the combined entity and will also lead the current administration teams during the possible merge process and combined businesses.

Not only the respective agreement between AquaChile’s shareholders, but also in accordance to the CTA, the possible merge is subject to the agreement of both parties regarding the definite documentation for the Operation; the approval of the corresponding directors – and as is the case of AquaChile, those of its shareholders; to a mutual due diligence of both Companies; as also the approval of the corresponding authorities. Both parties expect that the Operation will be materialized during the third quarter of 2015.

18

OUTLOOK

GROWTH AND PROJECTED HARVEST VOLUME FOR THE 1Q15 - A 15% decrease in total harvests in comparison with the same period the previous year - A 16% decrease in Salmon harvests in comparison with the same period the previous year - A 7% decrease in Tilapia harvests in comparison with the same period the previous year The harvesting plans for the first quarter 2015 project 31,103 WFE tons of Salmon and Sea trout, and 5,225 WFE tons of Tilapia.

HISTORICAL AND PROJECTED HARVESTS 2013

2015

2014

1q13

2q13

3q13

4q13

2013

1q14

2q14

3q14

4q14

2014

1q15

∆qoq

wfe tons

Real

Real

Real

Real

Real

Real

Real

Real

Real

Real

Proj.

1q15/1q14

ATLANTIC SALMON

7.527

16.529

15.249

13.814

53.119

14.720

10.108

17.636

16.431

58.895

19.575

33%

TROUT

11.876

5.298

5.780

5.186

28.139

11.073

5.784

4.697

4.211

25.765

4.892

-56%

PACIFIC SALMON

9.407

0

12

11.575

20.994

11.122

0

0

12.243

23.365

6.636

-40%

28.810

21.827

21.041

30.574

102.252

36.915

15.892

22.332

32.886

108.025

31.103

-16%

6.074

6.627

6.485

4.620

23.806

5.633

4.853

4.493

3.605

18.584

5.225

-7%

34.884

28.454

27.525

35.195

126.058

42.548

20.745

26.826

36.490 126.609

36.328

-15%

TOTAL SALMONIDS TILAPIA COSTA RICA & PANAMÁ 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, ta-

king into consideration that the Chilean industry has moderated its fish stocks, the Norwegian industry has reached its production limits and the supply of salmon is expected to grow in the short and medium term in accordance with the growth of demand, which still remains robust in all of the markets where the company sells to.

19

CONSOLIDATED BALANCE SHEET

CONSOLIDATED BALANCE SHEET 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 BIOLOGICAL ASSETS - CURRENT - INVENTORY

2013

2014

1q12

2q12

3q12

4q12

1q13

2q13

3q13

4q13

1q14

2q14

3q14

4q14

445.298

410.090

470.823

434.232

486.530

440.131

420.735

469.657

496.337

468.978

464.748

480.425

2%

104.305

64.066

62.408

12.922

37.185

11.201

14.026

17.935

49.697

44.451

21.930

19.483

9%

4q14 o 4q13

999

516

199

1.165

0

0

0

0

0

0

0

0

-100%

2.652

4.666

4.456

4.428

4.459

2.867

2.455

1.263

2.548

3.242

2.195

2.389

89%

104.811

77.361

92.698

85.338

82.551

95.977

79.577

88.184

117.802

73.314

72.515

106.557

21%

5.823

6.331

7.913

8.951

8.018

8.697

6.925

23.910

8.668

20.974

18.513

19.938

-17%

221.382

256.499

301.527

314.577

347.044

316.223

311.728

332.538

311.850

325.045

347.675

327.360

-2%

TAX ASSETS - CURRENT

5.325

651

1.622

6.851

7.273

5.166

6.024

5.827

5.772

1.952

1.919

4.697

-19%

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

419.477

-1%

10.694

10.440

10.289

11.378

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

737

-27%

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

150

0%

1.580

1.580

1.794

1.883

1.972

2.018

2.105

2.222

2.380

2.670

2.812

3.454

55% -31%

4.179

4.938

4.187

3.595

3.482

3.727

3.737

1.413

1.339

1.403

1.164

974

INTANGIBLE ASSETS

38.250

37.052

37.167

38.962

37.479

37.652

37.712

40.728

40.707

40.676

40.856

40.949

1%

GOODWILL

51.448

51.448

53.247

54.989

59.349

59.423

59.314

54.989

54.989

54.989

54.989

53.247

-3%

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

222.239

-5%

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

24.425

-7%

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

61.924

21%

TOTAL ASSETS

827.718

812.801

913.333

831.826

882.589

850.005

831.277

893.002

906.724

882.408

906.929

899.902

1%

CURRENT LIABILITIES

146.755

125.350

175.516

176.554

200.549

214.043

195.261

221.375

224.698

309.574

307.567

328.405

48% 322%

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

133.214

122.178

104.776

150.259

154.237

172.493

159.021

134.733

167.311

164.011

160.296

160.873

177.310

6%

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

17.335

-15%

LIABILITIES FOR CURRENT TAXES

5.536

684

1.006

314

189

11

0

1.896

1.964

23

38

39

-98%

373

387

473

226

469

518

592

249

700

721

578

507

104%

2.281

1.535

1.852

2.229

2.196

3.689

4.813

0

4.167

1.984

0

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

150.089

-44%

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

143.312

-45%

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

1.409

11%

0

0

0

0

0

0

0

0

0

0

0

1.575

0%

39.805

50.804

59.804

6.093

8.332

5.621

7.200

3.988

3.744

3.537

14.083

3.793

-5%

TOTAL LIABILITIES

374.908

377.706

488.236

435.293

491.389

486.723

469.925

489.524

492.379

473.108

481.532

478.494

-2%

EQUITY

431.228

414.012

404.099

387.654

382.443

354.309

352.709

394.173

405.205

400.113

416.401

413.105

5%

21.582

21.083

20.998

8.879

8.757

8.973

8.643

9.305

9.140

9.187

8.996

8.303

-11%

827.718

812.801

913.333

831.826

882.589

850.005

831.277

893.002

906.724

882.408

906.929

899.902

1%

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

20

CONSOLIDATED INCOME STATEMENT

CONSOLIDATED INCOME STATEMENT figures in thus$

2012

2013

2014

1q12

2q12

3q12

4q12

1q13

2q13

3q13

4q13

1q14

2q14

3q14

4q14

157.855

99.839

95.743

56.101

151.563

192.532

191.393

202.387

225.791

171.737

157.935

223.643

11%

-126.938

-92.874

-100.839

-67.443

-164.948

-195.922

-184.697

-174.337

-178.639

-147.646

-147.086

-192.510

10%

30.917

6.966

-5.096

-11.342

-13.385

-3.389

6.695

28.051

47.152

24.091

10.849

31.133

11%

OTHER COST AND OPERATING EXPENSES (2)

-6.048

-6.674

-6.597

-6.415

-7.853

-8.497

-8.261

-8.862

-8.022

-9.061

-8.358

-9.340

5%

EBITDA PRE FV ADJ.

24.870

292

-11.693

-17.757

-21.238

-11.886

-1.566

19.189

39.130

15.030

2.491

21.793

14%

SALES OPERATIONAL COST (1) OPERATIONAL MARGIN

DEPRECIATION & AMORTIZATION

∆ qoq

-4.811

-3.927

-3.597

-4.066

-5.927

-7.875

-6.384

-7.286

-8.140

-7.122

-7.010

-8.156

12%

EBIT PRE FV ADJ.

20.060

-3.635

-15.290

-21.823

-27.166

-19.761

-7.950

11.902

30.990

7.908

-4.519

13.637

15%

NET REVENUES FROM BIOLOGICAL ASSETS (3)

-22.899

-10.582

-7.037

-3.774

25.540

-10.810

8.246

24.716

-15.572

-12.486

2.316

-5.864

-

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

7.773

-79%

FINANCIAL EXPENSES

-21%

-2.050

-1.949

-2.247

-2.243

-2.065

-2.324

-2.201

-2.679

-2.328

-2.259

-1.937

-2.119

FINANCIAL INCOME

1.208

-132

-99

1.568

210

121

96

162

134

195

123

143

-11%

OTHER NON OPERATING ITEMS (4)

-582

755

-11

2.756

-226

-4.832

214

-1.388

1.231

-86

1.944

-4.852

249%

INCOME TAXES

5.979

-1.906

14.684

6.091

-1.602

9.683

-335

-7.004

-3.310

1.684

13

-3.565

-49%

NET INCOME

1.714

-17.448

-9.998

-17.424

-5.308

-27.924

-1.930

25.709

11.146

-5.045

-2.060

-2.619

-

“Cost of sales” deducted “Adjustment from depreciation and amortization expenses” “Distribution costs” plus “Administration expenses” “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.

(1) (2) (3)

Source: AquaChile

21

HISTORICAL HARVESTS AND SMOLTS STOCKING

HISTORICAL HARVESTS 2012

2011 wfe tons ATLANTIC SALMON TROUT

2011

1q12

2q12

15.224

2.181

26.458

10.367

real

real

2013

3q12

4q12

3.873

6.120

4.959

7.661

7.424

7.652

real

real

real

2012

2014

1q13

2q13

3q13

4q13

17.132

7.527

16.529

15.249

33.104

11.876

5.298

5.780

real

real

real

real

2013

1q14

2q14

3q14

4q14

2014

13.814

53.119

14.720

10.108

17.636

16.431

58.895

19%

5.186

28.139

11.073

5.784

4.697

4.211

25.765

-19%

real

real

real

real

real

real

real

∆ qoq

2014/2013

PACIFIC SALMON

25.578

13.801

0

648

20.124

34.574

9.407

0

12

11.575

20.994

11.122

0

0

12.243

23.365

6%

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

32.886

108.025

8%

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

3.605

18.584

-22%

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

36.490

126.609

4%

3q12

4q12

2012

2013

1q14

2q14

3q14

4q14

2014

Source: AquaChile

HISTORICAL SMOLTS STOCKING 2011

2012

2013

2011

1q12

2q12

ATLANTIC SALMON

10.647

5.668

2.392

4.174

3.665

15.899

4.486

SEA TROUT

16.675

4.456

4.481

2.770

2.789

14.495

2.040

thousands smolts

PACIFIC SALMON TOTAL SALMONIDS

real

real

real

real

real

real

1q13 real

2q13

2014

3q13

4q13

2.534

5.511

4.706

17.237

3.479

3.329

5.128

5.022

16.958

-2%

3.999

2.150

2.196

10.385

2.254

1.912

3.254

1.494

8.914

-14%

real

real

real

real

real

real

real

real

real

∆ YoY

2014/2013

10.519

8.576

1.438

0

0

10.014

4.198

4.080

0

0

8.278

5.676

797

0

884

7.357

-11%

37.842

18.699

8.311

6.943

6.454

40.408

10.724

10.613

7.661

6.902

35.900

11.409

6.038

8.382

7.400

33.229

-7%

Source: AquaChile

22

NOTE ON FORWARD-LOOKING STATEMENTS

This report includes forward-looking statements. These may include words like “anticipates”, “estimates”, “expects”, “projects”, “intends”, “plans”, “believes” or other comparable expressions. Forward-looking statements do not represent past events, including statements on the beliefs and expectations of the company. These statements are based on current plans, estimates and projections, and therefore cannot be overrated. Forward-looking statements entail certain risks and uncertainties. The company notes that a significant number of factors could result in current results to differ materially from those contained in any forward-looking statement. These factors and uncertainties include in particular those described in the document that the company submitted to the Chilean Securities and Insurance Commission (SVS), section on Risk Factors. Forward-looking statements are related only to the date when they are made and the company assumes no obligation to publicly update any such statements in the presence of new information, future events or otherwise.

This document purports to deliver general information on Empresas AquaChile S.A. Under no circumstance does it constitute an exhaustive analysis of the financial, productive, commercial and health situation of the company, and therefore any consideration on the advisability of acquiring or selling securities of the company would require the interested party to conduct an independent analysis.

In accordance with applicable standards, Empresas AquaChile S.A. has sent its financial statements and notes to the Securities and Insurance Commission, which are available for consultation and analysis on its webpage at www.svs.cl and also at www.aquachile.com.

23