May 8th and 9th 2012

AGENDAConstructionMarketCorporate Structure

Results

Backlog andInvestment Plan

Contracts underDevelopment

Stock Price andLiquidity

I.

II.

III.

IV.

V.

VI.

INVESTMENT IN CONSTRUCTION

Historic Investment Estimated Investment 2011 - 2012

Growth 2011 & 2012: 8.4% & 7,5% Infrastructure Private sector will grow 10% Investment 2011: US$ 25,900 millions

3

Actual growth over the last 9 years: 3.6% in average Sectorial economy has recovered pre-crisis 2009 values Infrastructure sector represents 66% of total investment

Investments in actual terms with E/R of US$42/UF Source: Chilean Chamber of Construction

Pública

+10%

+11%

+0%

+8%

+7,5%Infrastructure Homes

PROJECTED INVESTMENT

4

Investment 2012-2015per Sectors

Ministry of Public WorksInvestment Budget

Decree year 2011: $2,400 millions Mostly for road works 62% spent as of October 2011 (66% as of Oct. 2010)

Estimated investment in 4 years; US$ 65,600 millions Mining an Energy lead the investments with 88% Construction expenses related to these investments: 50%

Puetos 4%

ConstructionMarket

Corporate StructureResults

Backlog andInvestment Plan

Contracts underDevelopment

Stock Price andLiquidity

I.

II.III.

IV.

V.

VI.

BUSINESS AREAS

6

Civil Works

Real EstateDevelopment

BS Inmobiliaria

InternationalBesco - Peru

InvestmentProjectsMachinery Services

BS Maquinarias BS Cerro Alto

BS Construcciones BS MD Montajes Kipreos

BS Concesiones

Civil Works Industrial Erection Transmission Works

Medium-size Transport Large-scale Transport Real-Estate Real-Estate & Concession

CORPORATE STRUCTURE

Melipilla (100%)

Dragados Besalco (50%)

Talca Hospital (33.3%)

Interportuaria (100%)

Civic Center (100%)

Concesionaria BAS (33.3%)

Convento Viejo (33.3%)

Civil Works Machinery Services Investment Projects

Real Estate Development

International

Norvial (16.9%)

Parque Central (50%)

Consorcio Comas (50%)

Camino la Fruta (22.5%)

Besalco Construcciones

Besalco MD Montajes

Besalco Maquinarias

Besalco Cerro Alto

La Ballena (50%)

Techint Besalco (33.3%)

100%

Besalco Concesiones

Besalco Inmobiliaria Besco (Peru)

60% 68% 100% 50% 92%100%

Besalco Dragados (50%)

Besalco Comsa (33.3%)

Besalco GyM (50%)

Kipreos

Kipreos Ingenieros

Aero Kipreos

100%

affilia

tes

Cons

ortiu

ms

do n

ot c

onso

lidat

e

ConstructionMarket

Corporate Structure

ResultsBacklog andInvestment Plan

Contracts underDevelopment

Stock Price andLiquidity

I.

II.

III.IV.

V.

VI.

RESULTS 2011

9

Incomes2011: ChP 321,612 millions

• 14% increase 2010/2011, growth

lead by Real Estate and Besco

• Highest amounts provided by

Constructions and Machinery

Controlling Interests’ Profits2011: ChP 19,501 millions

ChP

mill

ions

ChP

mill

ions

RESULTS 2011

10

EBITDA2011: ChP 53,583 millions

EBITDA MarginPer affiliate

Higest margins of companies with

intensive use of machinery Besalco Maquinarias and Cerro Alto

recovered during the 4th quarter

to 27% and 33% Civil Works remain with 10%

annual averageCh

P m

illio

ns

DEBT

11

Net financial debt to EBITDA was 1.96 times in 2011.

The increase was due to new investments especially, machinery, lands for real estate developments, and the purchase of Kipreos (68%).

Besalco S.A. does not guarantee concession holders bonds

Financial DebtChP 129,099 millions (dec11)

Net Financial Debt / EBITDATotal Debt and Excluding Concessions

Total financial debt amounted to $129,099 millions as of December 2011

ConstructionMarket

Corporate Structure

Results

Backlog andInvestment PlanContracts underDevelopment

Stock Price andLiquidity

I.

II.

III.

IV.

V.

VI.

PORTFOLIO AND HIT RATIO

13

Constant annual growth, 13% over the last 5 years

The Civil Works Deptartment submitted 74 offers in 2011 with a 13% hit ratio (in amount)

High demand for new studies

Evolution of BacklogUS$ millions

Hit Ratio in Proposal Studies

Num

ber o

f sub

mitt

ed o

ffers

Nº of offers Hit ratio-in amount

911

Only Civil works

PORTFOLIO - BACKLOG

14

Backlog as of March 2012 amounted to US$ 911 millions. Significant diversification.

78 contracts: 39 in civil works, 6 in real estate development, 29 in machinery services, and 4 in Peru.

Backlog per Affiliates Backlog per Economic SectorUS$ 911millions as of March 2012

IndustrialConstruction

4%Kipreos1%

Besco2%

Real Estate3%

Civil Works51%

MachineryServices

39%

INVESTMENT PLAN 2012 - 2014

15

New three-year investment plan for US$ 732 millions.

17% increase compared to the previous plan (April 2011).

Diversified per business areas.

U

S$ m

illio

ns

Others

Concessions

Hydro power plants projects

Real Estate in Peru

Real Estate in Chile

Heavy Machines and equipments

ConstructionMarket

Corporate Structure

Results

Backlog andInvestment Plan

Contracts underDevelopmentStock Price andLiquidity

I.

II.

III.

IV.

V.

VI.

CIVIL WORKS

17

Roads and BridgesASMAR Repairs

Reconstruction of port and shipyards after the tsunami.

US$ 150 millions, 1.6 years. Consortium Dragados, Comsa, and Besalco

(1/3 each)

3 new bridges in consortium (2/3 BS) amounting to US$ 22 millions.

Chañaral – Portofino resurfacing works amounting to US$16 millions.

• Contract for US$ 125 millions • Salfa – Moller – Besalco Consortium (1/3)• May 2013 (completion)

TALCA

• Contract for US$ 63 millions • Besalco (100%)• March 2015 (completion)

COPIAPO

PUERTO MONTT

• Contract for US$ 120 millions • Moller - Besalco Consortium (50/50)• Sept. 2013 (completion)

Hospital Plan under 2 schemes:

- Only construction- Construction and

operation The Concession Program considers 4 hospitals in 2012

Plaza Group EPC, Engineering and Construction US$ 45 millions 1 year of works

Hospitals under Construction New Copiapo Mall

PUBLIC AND PRIVATE BUILDING PROJECTS

19.85 MW Run-of-the-river Hydroelectric Power Station located in Linares that uses waters from Melado channel to generate Non-Conventional Renewable Energy.

37% progress of works as of April 2012. Power supply to the Central Interconnected System during the 1st quarter of 2013.

Current portfolio includes Los Hierros (19.85 MW) plus 10 other Projects (133 MW); 153 MW total capacity and US$ 560 millions of total investment.

PROGRESS IN PROJECT DEVELOPMENT

PHASE I PHASE II PHASE III

Pre-Feasibility Feasibility Engineering

Project 2 Completed Completed 50%Project 3 Completed Completed 40%Project 4 Completed 100%Project 5 Completed 100%Project 6 Completed 100%Project 7 Completed 100%Project 8 100%Project 9 100%Project 10 (*) 100%Project 11 (*) 100%

(*) water rights in process of purchase

70 MW 54MW 9 MW

Other ProjectsLos HierrosPOWER GENERATION PROJECTS

196 km Power transmission line. US$ 90 millions. GYM - Besalco: 50% each.

Reinforcement of structures, installation and tensioning of conductors LT 220 kV. Encuentro-Collahuasi Substation. US$25 millions.

Transelec - CaseronesCollahuasi

POWER TRANSMISSION PROJECTS

In Santiago City: 5 under construction: total sales US$ 56 millions Marbella: 304 Apts. - Sales: US$ 45 millions

In association with Inmobiliaria Marbella (70% BS)

Includes 2.8 ha Crystal Lagoons

New ProjectsProjects under Development

In Con Con City: 1 being delivered (US$ 22 mn), 65% sold 3 under construction - total sales US$ 37 mn

REAL ESTATE PROJECTS

Copper Slag CrushingForest-based Chipping

Chipping process for Forestal Mininco ,loading and hauling to cellulose plant.

5 year contract for US$34 millions.

Contract with Mine El Teniente - CODELCO for crushing to 3/8 inch, and mine internal haulage.

3 years contract for US$38 millions.

MACHINERY SERVICES PROJECTS

ConstructionMarket

Corporate Structure

Results

Backlog andInvestment Plan

Contracts underDevelopment

Stock Price andLiquidity

I.

II.

III.

IV.

V.

VI.

STOCK PRICE AND LIQUIDILITY

24

Stoc

k Pric

e

Avg

e D

aily

Tra

nsac

tion

(ChP

mill

ions

)

Increasing stock price 2,8 times from jan’10 Permanent increasing liquidity after capital increase of sep’09 Dilution of controlling group to 60%

April 2012

Liquidity tendency

May 8th and 9th 2012