Nourishing the future

Andrés Lyon - CEO Bergen, March 7th, 2013

SEAFOOD FINANCE SEMINAR

4 Value Chain and

Business Model

Multiexport Foods

Introduction

Chilean Salmon

Markets

Today´s Agenda

1 2 3 Financials &

Investment

Considerations

4 Value Chain and

Business Model

Multiexport Foods

Introduction

Chilean Salmon

Markets

Multiexport Foods

Introduction

1 2 3 Financials &

Investment

Considerations

Multiexport Foods Introduction:: 4

OVERVIEW

Among largest Chilean Atlantic Salmon producers

48 Th ton WFE 2012 – 55 Th ton WFE 2013E

Largest Chilean Smoked Salmon Producer

Global reach, more than 25 countries served

Established in 1987, Public since 2007

Mkt Cap (*): USD 476 million

Free float: 36%

Recognized prestige

2,050 employees

(*) March 4, 2013 Nourishing the future

Multiexport Foods Introduction:: 5

MORE THAN 20 YEARS OF GROWTH

2 3 4 14 20 25 28

37

53

109 103

115

100 113

126

177

194

98

175

202

279

250

-

30

60

90

120

150

180

210

240

270

300

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

E

20

13

E

2009: Debt

restructure

2010: Capital Follow

On (USD 88 m)

1988: Beginning of

salmon business in

Chiloé

1991: Aquafarms

established in USA, to

service US market

2000: Acquisition of

salmon company

Chisal

2001: Acquisition

of Pisicultura del

Rio Bueno S.A. 2002: new

smoking plant in

Puerto Montt

2007: IPO

ANNUAL SALES (MILLION USD) 2012: Debt

restructure

2013: JV

MITSUI

Multiexport Foods Introduction:: 6

STOCK PRICE EVOLUTION

0,6

0,8

1,0

1,2

1,4

1,6

1,8

Multiexport Foods IPSA INDEX (**) Salmon INDEX (***)

Mkt Cap: USD 476 Million (*)

(*) March 5th, 2013 – 163,0 CLP

(**) IPSA Index : average of top 40 Chilean companies listed n Santiago Stock Exchange

(***) Salmon Index: Average of Chilean Exclusive Salmon Producers listed in Santiago Stock Exchange

+10% +44% +60%

4 Value Chain and

Business Model

Multiexport Foods

Introduction

Chilean Salmon

Markets

Value Chain and

Business Model

1 2 3 Financials &

Investment

Considerations

Value Chain and Business Model:: 8

VERTICALLY INTEGRATED ALONG THE VALUE CHAIN

VALUE CHAIN Multiexport Foods is vertically integrated, from reproduction to distribution

to final customers, adding value in each stage of the value chain

Fresh Water

Unit Sea Farming

Unit

Processing

Unit

Value Added Unit

(Fresh & Frozen)

Smoked Unit

Sales &

Distribution

Value Chain and Business Model:: 9

FRESH WATER UNIT: ASSETS AND CAPACITY

30M

21M

15M

16M

ATLANTIC SALMON EYE EGGS

4-5 generations closed system 1 hatchery

ATLANTIC SALMON FRY

ATLANTIC SALMON SMOLT

5 hatcheries

TROUT/COHO SMOLTS 7 permits

(lakes/rivers)

Value Chain and Business Model:: 10

SEA FARMING UNIT: PRODUCTION POTENTIAL

Competitive mix of neighborhoods and concessions

Presence in 23 neighborhoods

92 granted concessions

7 pending concessions

Total Potential Capacity 120 Th Tons WFE

Licenses Distribution

Region Granted Pending Total

X 23 - 23

XI 69 7 76

Total 92 7 99

Value Chain and Business Model:: 11

CONCESSIONS HOLDERS – CHILE (X & XI REGION)

46

48

53

62

76

88

91

99 (rep 8,3%)

149

155

Others

Yadran

Salmones de Chile

Friosur

Australis

Camanchaca

Cermaq

Los Fiordos

Multiexport Foods

AquaChile

Marine Harvest

335

Regions

X & XI

Value Chain and Business Model:: 12

Modern processing plant, refurnished in 2006.

Designed under concept of continuous flow lines.

Capacity 75.000 tons/yr (WFE)

62 units/minute

64 th ton processed in 2012

Two spiral freezers

Flexibility to quickly adapt to market requirements

Expertise on Commodity and Value Added Products

One continuous chilling tunnel

Four Static Tunnels

Two portioning machines (600 net tons/month)

5 Baaders filleting machines, 1 Trimming machine

FRESH & FROZEN PRODUCTS PROCESSING UNIT

Value Chain and Business Model:: 13

SMOKED PROCESSING UNIT

Largest Smoked House in Chile (built in 2002). Designed

by the top quality Japanese smoker (Oji Salmon)

Nominal Capacity 7.500 tons (WFE)

8.341 tons in 2012

Four independent areas:

Raw Material Reception

Curing – Smoking Area

Slicing Area

Packing Area

High sanitary standards

Value Chain and Business Model:: 14

SMOKED PROCESSING UNIT

44.762

15.375 14.819

11.427

16.760

0

500

1.000

1.500

2.000

2.500

3.000

3.500

0

5.000

10.000

15.000

20.000

25.000

30.000

35.000

40.000

45.000

50.000

Multiexport Mainstream Ventisqueros Marine Harvest Others

NET

TO

NS

Th U

SD F

OB

USD FOB TONS Exported

Representing 43% share of the total

Chilean export of smoked products

Multiexport is the largest chilean smoked

products exporter (Atlantic Salmon and Trout)

Value Chain and Business Model:: 15

SMOKED PROCESSING UNIT

Potential business expansion

Strong market position

Easy access to raw material

Competitive production costs

Excellent quality

High return per kg

Per Capita Consumption (gr/year)

Europe 230

Japan 90

USA/Canada 55

China/LA <4

Potential!

Sales & Marketing Team with proven expertise

16

- Permanent presence in all markets - Distribution Offices in USA and Japan - Continuous focus on maximizing returns

Value Chain and Business Model:: 17

Source : Publitecsa - SalmonChile

Multiexport is

the 3rd largest

Chilean salmon

exporter

EXPORTER ATLANTIC COHO TROUT TOTAL % EXP.

Aquachile 58,451 101,501 122,858 282,810 10.0%

Mainstream 113,766 82,721 77,790 274,277 9.7%

Multiexport Foods 172,254 - 37,559 209,813 7.4%

Marine Harvest 185,883 - 801 186,684 6.6%

Los Fiordos 126,728 28,896 809 156,433 5.5%

Blumar 106,089 - 43,414 149,504 5.3%

Camanchaca 107,909 - 29,537 137,447 4.8%

Salmones Antartica - - 123,577 123,577 4.4%

Invertec 76,794 12,213 30,048 119,055 4.2%

Trusal 15,818 26,253 76,318 118,390 4.2%

Others 473,086 265,684 342,375 1,081,145 38.1%

Total 1,436,779 517,268 885,086 2,839,134 100.0%

CHILEAN EXPORTS 2012 (TH USD FOB)

Value Chain and Business Model:: 18

VALUE ADDED UNIT: 2012 AT A GLANCE

ASIA; 1%

BRAZIL; 20%

EUROPE; 4%

JAPAN; 15%

OTHERS; 3%

RUSSIA; 3%

USA; 55%

SALES BY COUNTRY 2012

Fillets; 32%

Portions; 25%

Smoked; 21%

Whole fish/ Hg; 22%

PRODUCT MIX - 2012

Major retailers and distributors around the world

Product Mix: Minimum 80% of Atlantic Salmon (Worldwide consumption)

Commodity and Value Added products

Value Chain and Business Model:: 19

MULTIEXPORT FOODS BUSINESS MODEL

Farming Units

Lowest cost per kg of

WFE

Value Added Unit

Highest value added

per kg of WFE

Corporate/Staff Units

MAXIMIZE

GROUP

PROFIT

Feed &

supplies

Raw

Material

Sale

Final

sale

Maximizes

farming profit

Maximizes VAP

profit

Value Chain and Business Model:: 20

MULTIEXPORT FOODS BUSINESS MODEL – MANAGEMENT STRUCTURE

Multiexport Foods Holding Company - Listed

Salmones Multiexport

Farming – Atlantic Salmon

Multiexport & Mitsui JV

Farming – Trout/Coho

Alimentos Multiexport

VAP – Processing and Sales

Value Chain and Business Model:: 21

MULTIEXPORT - MITSUI JOINT VENTURE

- Mitsui & Co., Ltd. is one of the world's most diversified comprehensive trading, investment,

and service companies.

- On Jan 11th, 2013 a JV was signed between Multiexport Foods and MITSUI & Co. Ltd.

- Focus: Production and commercialization of Trout and Coho.

- Target: Asian markets, with special emphasis on Japan and China.

Initial Production: 4.2 Th ton WFE of Trout in 2013

Target Production: +22 Th ton by year 2017

Multiexport Foods contributed with:

• 14 Sea Water Concessions (out of 99)

• 7 Fresh Water Concession (4 River / 3 Lake)

• Fixed Assets for Sea Water & Fresh Water Initial Operation

• Biomass needed to produce 4.2 Th Tons of Trout in year 2013

• Skilled Personnel

Value Chain and Business Model:: 22

MULTIEXPORT - MITSUI JOINT VENTURE CONT´D

JV Fresh Water Farms 7 Concessions in X Region

JV Sea Water Farms 14 Concessions in X Region

Value Chain and Business Model:: 23

MITSUI is acquiring 30% of the JV company shares in USD 36 million and holds an

option to buy and additional 10% expiring on March 2014. (At the same price)

Multiexport Foods is the controlling shareholder of the JV and will manage the

company accordingly.

The combination of Multiexport Foods and MITSUI creates a company with great

potential…

MULTIEXPORT - MITSUI JOINT VENTURE CONT´D

4 Value Chain and

Business Model

Multiexport Foods

Introduction

Chilean Salmon

Markets

Financials & Investment

Considerations

1 2 3 Financials &

Investment

Considerations

Financials and Investment Considerations:: 25

EBIT pre-IFRS (USD/kg WFE)

0.64

1.53

0.71

(2.09)

(0.84)

1.23

2.29 2.29 2.14 2.48 2.47

1.71

0.88

0.28

(0.37) (0.71)

2,00

2,50

3,00

3,50

4,00

4,50

5,00

5,50

6,00

-3,0

-2,0

-1,0

0,0

1,0

2,0

3,0

FY-05 FY-06 FY-07 FY-08 FY-09 Q1-10 Q2-10 Q3-10 Q4-10 Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12

EBIT (USD/kg WFE) UB TC 2-3 lbs

‘07 ‘08 ‘09 2010 ‘06 ‘05 2011

ISA VIRUS

2012 Q3 YTD 1.94 USD/

kg WFE

2.03 USD/

Kg WFE

EFFICIENCY AND PROFITABILITY ATLANTIC SALMON

-0.27 USD/

kg WFE

US

D/K

g W

FE

US

D/L

b

Financials and Investment Considerations:: 26

MULTIEXPORT FOODS FINANCIALS

REVENUES

OP EBITDA (PRE-IFRS)

(*) Concessions are not fully valuated in the Balance Sheet. Equity ratio (*) considers an approximation of concessions value

-100

0

100

200

300

2004 2005 2006 2007 2008 2009 2010 2011 2012E

Revenues

-100

-50

0

50

100

-100

-50

0

50

100

Operational EBITDA Volume Sold

In Th USD Q3 - 2012 Q4 - 2011

Cash and cash equivalents 44,082 86,779

Inventories and biological assets 197,576 168,441

Other current assets 34,352 34,449

Property, Plant and Equipment 112,230 107,125

Other assets(*) 66,927 55,490

Total Assets 455,167 452,285

Financial Debt 184,125 186,220

Accounts and notes payable 80,284 40,263

Other liabilities 25,458 33,147

Total Equity 165,300 192,655

Total Liabilities and Equity 455,167 452,285

CONSOLIDATED BALANCE SHEET

NIBD USD 140m

Equity ratio 36.3%

Equity ratio(*) 52.1%

Financials and Investment Considerations:: 27

STRATEGIC PILLARS

The development plan of the company is based on 5 key areas:

1) Efficiency and profitability:

Keep the company as an industry leader in efficiency and profitability

2) Sustainable Organic Growth:

Responsible growth to produce 100 Th tons WFE by 2017, with a minimum of 80% Atlantic

Salmon.

Annual Harvest – Th ton WFE

0

20

40

60

80

100

120Trout/Coho

Salar

Financials and Investment Considerations:: 28

STRATEGIC PILLARS

3) Acquisition of Operations in Chile

Multifoods is a good consolidation vehicle

Consolidation Benefits:

Increased biosecurity and cost reductions

Stable supply

4) Salmon Business Globalization

Expansion of operations outside Chile

Strategic Partnerships

5) Business Development of Value Added Products

Expand smoked business and “ready to eat“ products through newly

created subsidiary Alimentos Multiexport S.A.

Sales target USD 100 million by 2015

Financials and Investment Considerations:: 29

INVESTMENT OPPORTUNITY

Chilean Salmon Industry

New Production Model in place

Chilean in the way back to be competitive and a leading player

Allow to increased volume and improve performance doing things

on the right way.

New Rules in practice

• Sealice Control Program

• SRS Control Program

• Density regulation

• Stocking adjustment based on losses regulation

Chile confirmed as The Growth Potential Country in terms of global

supply.

The New Law for Chilean Salmon Industry, including regulations and

productive model is among the most strict and complete. Its

implementation will trigger an industry reorganization and

consolidation.

Easy access to Value added production

Financials and Investment Considerations:: 30

MULTIEXPORT FOODS

Recognized Industry Leader

Strong Growth Potential

Species diversification with focus on Atlantic Salmon

Experienced Management

Solid Commercial Base

Healthy and Solid Financial Position

Convenient Consolidation Vehicle

INVESTMENT OPPORTUNITY

4 Value Chain and

Business Model

Multiexport Foods

Introduction

Chilean Salmon

Markets

Chilean Salmon Markets

1 2 3 Financials &

Investment

Considerations

Chilean Salmon Markets:: 32

WORLD SALMON PRODUCTION AND DISTRIBUTION (2012)

Production

759

31%

Demand

1.233

50%

122

151

62

961

38%

231

9%

343

14%

323

13%

72

Chile

Canada

Norway

UK

EU

Russia

Japan

USA

62

Faroe

Islands

Atlantic Salmon, Pacific Salmon and Trout

6.3%

Chilean Salmon Markets:: 33

WORLD SALMON PRODUCTION AND MARKETS

Atlantic Salmon, Pacific Salmon and Trout

Chile 31%

USA

Brasil

Russia

Asia

EU

9.000 km

12.000 km

17.000 km

Norway (50%) 7.500 km 1.500 km

8.500 km

Japan

- Development of VA Products

- Promote the consumption of

frozen products (e.g. Japan)

Chilean Salmon Markets:: 34

MARKETS: BRAZIL

70%

14% 26%

60%

15% 20% 20%

-20%

0%

20%

40%

60%

80%

0

20.000

40.000

60.000

80.000

100.000

120.000

2008 2009 2010 2011 2012 2013E 2014E 2015E

Gro

wth

(%

)

Net

To

ns

Net TonsGrowth (%)

ANNUAL SALES: ATLANTIC SALMON

88%

VAP

Whole Fish

PRODUCT MIX Brazil receives 26% of total Chilean exports

Chilean Salmon Markets:: 35

BRAZIL 2012/13: CHILEAN SALMON MARKETING CAMPAIGN

Objective: Promote/Educate on Chilean salmon consumption

Target: Family consumption (Rio de Janeiro / Sao Paulo)

Duration: 18 months

Implementation:

Brand: “Salmon de Chile”

Point of Sale Campaigns

Web site information

Audiovisual production

Chilean Salmon Markets:: 36

BRAZIL 2012/13: CHILEAN SALMON MARKETING CAMPAIGN

Preliminary Results Year 2012

Audience Reach:

• TV: 30 million people

• Web: 2 million people

• Specialized Magazines: 1.7 million people

Total Consumption growth vs 2011 (tons): >50%

Value Added Product Consumption growth vs 2011 (tons): +250%

Chilean Salmon Markets:: 37

MARKETS: USA

-6%

-39% -49%

85% 64%

10% 15% 15%

-100%

-50%

0%

50%

100%

0

50.000

100.000

150.000

2008 2009 2010 2011 2012 2013E 2014E 2015E

Gro

wth

(%

)

Net

To

ns

Net TonsGrowth (%)

75%

Frozen

Fresh

ANNUAL SALES: ATLANTIC SALMON

PRODUCT MIX USA receives 42% of total Chilean exports

Thank You! www.multiexportfoods.com

Nourishing the future