BTG Pactual& CelfinSouthern Cone Andean Conference Santiago, June 5 and 6, 2013

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1 BTG Pactual& CelfinSouthern Cone Andean Conference 2013 Santiago, June 5 and 6, 2013

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3 COMPANY STRUCTURE Affiliates that consolidate 60% 68% 50% 100% Besalco Construcciones Besalco MD Montajes Kipreos Hospital Puerto Montt 100% 50% 100% Besalco Maquinarias Besalco Cerro Alto 100% Besalco Inmobiliaria Constructora Besalco 100% Besalco Concesiones Civic Center (100%) 100% BS Energías Renovables El Melado (100%) 100% Besalco (Colombia) Besco (Peru) 93% Portezuelo (100%) Consor. that do not consolidate Besalco Arrigoni (67%) Talca Hospital (33.3%) Besalco Comsa (33.3%) Chamisero (70%) La Ballena (50%) Concesionaria BAS (33.3%) Convento Viejo (33.3%) Norvial (16,9%) Parque Central (50%) Civil Works Machinery Services Investment Projects Real Estate International 3

4 FINANCIAL POSITION March 2013 Ordinary Income Mar.13: $82,752 mill. Controlling Interest s Profits Mar.13: $4,327 mill. 16% 22% Increase in real estate sales (63%) and industrial constructions (26%) Reduced incomes in B. Construcciones (41%) obtaining better margins. Increased profit margin in 2012 and the first quarter of

5 FINANCIAL POSITION March 2013 Ebitda by Areas Evolution of Ebitda Mar.13: $13,295 mill. 14% Civil Works highest contribution in sales, and Machinery highest contribution in cash generation. 1st Quarter 2013, amount of Ebitda remains the same, and margin increases. Significant increase in Montajes and Besco s margins. 5

6 FINANCIAL POSITION March 2013 Ebitda Margin by Affiliates Increase from 13% (1st Quarter 12) to 16% (1st Quarter 13) Margin recovery of Besalco Cerro Alto and Machinery maintenance Recovery of Besalco Construcciones margins 6

7 INDEBTEDNESS Net Financial / Ebitda Debt Total and Financial Leverage Total Leverage Financial Leverage Net financial debt variation: $135,307 mill (mar.12) to $140,622 mill. (mar.13) New debt flow from investments (hydro-electrical equipment and project) Maintenance of solvency indicators compatible with A- rating by Feller Rates and Fitch Ratings 7

8 INDEBTEDNESS Financial Debt Mar.13: $140,623 mill. Cerro Alto Leasing 15% Real Estate Project Banks 14% Machinery Leasing 14% Other leasing 2% Short Term Banks 11% Long Term Banks 5% L. Term Concession Projects 13% Debt breakdown: 69% LT structured debt 20% LT short portion debt 11% ST debt Debt integration from: Los Hierros I Energy Project Plaza Sucre Concession Holder New Equipment L. Term Energy Projects 25% Project Finance type indebtedness policy based on flows, currency, term, and guarantees of each project. 8

9 BACKLOG BALANCE OF WORKS TO BE EXECUTED Evolution of Backlog Mar.13: USD 1,109 mill Re Distribution of Backlog mar-13 Obras civiles B. Maquinarias B.Cerro Alto Energy 9% Health 5% MOP Direct 4% Inmobiliaria Internacional Forest 17% MOP Concessions 12% Works to be executed: 79 contracts Duration: 25 months US$ 630 mill. to be executed over 2013 Transport 5% Housing 4% Civil Works 11% Copper Mining 11% Iron Mining 17% Other Mining 5% 9

10 EVOLUTION OF CONSTRUCTION INVESTMENTS US$ Millions Private Private Public Housing Public Infrastructure Source: Chilean Chamber of Construction Infrastructure and Housing Investment 2013 is expected to increase in 7.3% -record figure of US$33,000 millions 8.8% growth in infrastructure investment in 2013, in MOP, Metro, industries, mining, 10

11 MONTHLY CONSTRUCTION SECTOR ACTIVITY Construction Index (IMACON) is detached from country growth since 2011 Strong general contractor activity (earthmoving, public works, civil works and construction) in 2012 and st quarter 11

12 CHILE PERU INVESTMENT, 2013 to 2017 Investment in Chile, US$ 101 billions Investment in Perú, US$ 88 billions Source: Corporación Chilena de Bienes de Capital, may 13 Updated surveyed projects amount to US$ 189 billions in Chile and Peru to be developed in the short term They have an associated work construction expenditure between 50% and 70% of investment 12

13 CIVIL WORKS Incomes in Besalco s Civil Works Strong increase of incomes in Civil Works; Besalco Construcciones, Industrial Construction and electric transmission works of Kipreos 2012 incomes in US$ 460 millions with a 34% annual growth Backlog increases to US$ 537 mill to March 13 Projects under evaluation and offer process High activity of evaluation proposals Works of Subway, Truck Shop, MOP road, concessions and submarine civil works Subway Lines 3 and 6 Truck Shop for Large Copper Mining Road of Ministry of Public Works Just in June US$2,600 millions would be submitted in consortium 13

14 REAL ESTATE PROJECTS new developments Tipo de vivienda N proyectos N Unidades Total Ventas potencial MUF Promesas MUF mar.13 Escrituras MUF mar.13 Casas Edificio Panorama - Viña del Mar 192 apartments UF 581 thousand Total Sales Departamentos (*) Purchase agreements include registration 7 Lands for future projects (UF1.7 mill) Chamisero(70%) Start: May houses / 1 stage: 128 houses UF 3,000 thousand Total Sales Edificios UAI ( 2 buildings) Start 1st build.: June st Building: 46 apartments UF 337 thousands (1st stage) 14

15 CONCESSION PROJECTS UNDER BIDDING PROCESS 2013 Los Libertadores Complex Investment US$ 60 mill Stockholding 70% Bidding Process II Sem 13 New Bidding Process of Santiago Airport AMB Investment Stockholding US$ 720 mill To be defined Bidding Process 2014 Industrial Bridge Investment US$ 700 mill Stockholding 50% Bidding Process I I Sem 13 In 2012 the real investment flow was recovered to US$ 650 mill, a record since 2006 Real 2013 investment projected is of US$950 mill. Besalco is interested to participate in 6 bidding processes during 2013 and early 2014 for US$2,200 mill. (US$ 580 proportional to Stockholding) Vespucio Oriente Highway Investment US$1.000mill Stockholding 10% Bidding Process II Sem 13 15

16 CONCESSIONS UNDER CONSTRUCTION PROCESS Concession proyects under construction or engineering process. Plaza Sucre: under construction process ConventoViejo: Stage three started construction of irrigation channels. Bodegas Sur: Under process to sign the sub-concession contract. Engineering studies are being finished. Plaza Sucre Parking Lot Viña del Mar Investment US$ 25 mill Stockholding 100% Start of operations II sem Convento Viejo. 3rd stage of works Investment US$ 21 mill Stockholding 33% Start of operations 2016 Bodegas Sur Subconcession SCL (under process to sign the contract) Investment US$ 34 mill Stockholding 30% Start of operations II sem

17 MACHINERY SERVICE Loading and Transport to Puerto de Sal Transport and operation of Crushing Plants Specialty in loading and transport in copper mining, iron, salt, forest harvest, premixed concrete transport, and design and operation of crushing plants Backlog: US$ 516 mill ( mar. 13 ) v/s US$331 mill (mar.12) 34 works -3,7 year duration 17

18 BESALCO CERRO ALTO BCA works since 2007 for Minera Escondida of BHP Billiton, one of the largest mines worldwide From the beginning BCA has invoiced US$400 mill and invested US$100 mill in equipment New contract for more than 4 years will allow service continuity 18

19 BESCO- Peru Real Estate Developments: 4 lands under project approval (USD 9,7) 3 owned projects in sale 1 consortium project New Challenges in Civil Works and concession Electric Power Plant Bidding Process: US 250 millions Road Concession Bidding Process: Trujillo 800 kms. USD 220 millions. 19

20 ELECTRIC POWER GENERATION PROJECTS Conveyance Station Transformer, and engine shed Central Los Hierros Aguas del Melado Central Los Hierros with 83% work advance starts generating in June 2013, 23MW installed capacity and projected annual sales of US$ 20 millions Investment projected in 13 projects for US$ 610 millions as of 2019 Generation projected to 2019 of 920 GWh-year with total sales for US$130 mill/year (it considers energy, power and renewable power attribute) 20

21 NEW BOARD OF DIRECTORS Formal Boards in affiliates, consortiums and associates Recent Shareholders Meeting renewed 7 Directors and elected 3 Independent Directors Recent election of Mr. Victor Renner elected in consensum among mayority and minority shareholders adds great experience in the development of projects and mining area 3 INDEPENDENT DIRECTORS Víctor Bezanilla President Florencio Correa Director Juan Andrés Camus Director Cristián Eyzaguirre Director Besalco S.A. s Directors John Graell Director Mario Valcarce Director Victor Renner Director 21

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