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1 Company Presentation September-13 Privado y Confidencial 1

2 Ownership and stock price Estrictamente Privado y Confidencial Ownership structure (Jun-13) Stockbrokers 12,4% Mutual Funds & Others 5,9% Market Cap (MMUS$) Stock price (Ch$) Net Income 1H13 (US$* Th) September 5 th ,248 6,328 58,938 Internationals 14,7% CChC 67,0% P/E 10.8 P/BV 1.4 Dividend Pay Out 60%-80% *Exchange rate of Ch$ as of June 30 th, 2013 Evolution of the stock price 40% 30% 20% 10% 00% jul-12 ago-12 sep-12 oct-12 nov-12 dic-12 ene-13 feb-13 mar-13 abr-13 may-13 jun-13 jul-13 ago-13-10% -10.4% 5.2% performance difference as of September 5 th, % -30% ILC IPSA -15.5% Privado y Confidencial ILC Page 2 2

3 Company overview June, 2013 Revenues Net Income Ownership Retirement Sector Pension funds administration (AFP) US$125.3 mm US$ 73.8 mm 67.5% Healthcare and life Insurance Sector Health insurance institution (ISAPRE) Hospital healthcare services Outpatient healthcare services Supplemental health insurance US$156.7 mm US$ mm US$ 23.2 mm US$ 9,6 mm US$ 5.5 mm US$ 0.3 mm 99.9% 89.9% 99.9% Other Business Network of nine private schools and one subsidized private school IT and outsourcing services US$ 14.5 mm US$ 0.37 mm 49.0%* 32.9% Exchange rate: CLP per 1USD (*) Since June 18 th, 2013 Privado y Confidencial ILC Page 3 3

4 Revenues come from Estrictamente Privado y Confidencial $ 10% Pension Fund Health insurance Healthcare 1.27% Commission fee Voluntary savings Mandatory 7% Additional health contribution Taxes: Range 0% - 40% Voluntary Gross Salary Supplemental health insurance Net Salary Gross Salary Habitat average: Ch$ (US$ 1.198) Chile average: Ch$ (US$ 1.112) Source: Superintendencia AFP, as of June-13; exchange rate $ Privado y Confidencial ILC Page 4 4

5 Our Business Privado y Confidencial 5

6 Habitat Income Statement (Th.US$*) Revenues Cost of sales Jun ,274 - Jun ,887 - Var. % 2.8% - Gross Profit 125, , % SG&A (50,906) (40,731) 25.0% Operating Income 74,192 81, % Gain (loss) of the encaje 7,540 11, % EBITDAE** 83,717 91, % Net Income 73,829 81, % Created in 1981 under the new provisional system The only AFP under the same controller over it history 67.5% owned by ILC The most efficient AFP in terms of cost control and the second cheapest on fees **EBITDAE calculated as profit before tax minus depreciation, finance cost, other non operational cost and financial income due to Habitat s encaje. * Exchange rate of Ch$ as of June 30 th,2013. Privado y Confidencial ILC Page 6 6

7 Habitat: Key considerations Ample growth opportunities Provida 28.0% Modelo 1.0% Habitat 26.2% Salary base increase Voluntary savings products Incorporation of independent workers to the system Capture of transfers from competitors Contributors market share (as of June 2013) Contribution rate % 57.7% 56.6% 50.0% 76.0% 47.9% 2,000,000 1,756,717 1,500,000 1,231,266 1,056,594 1,000, , , , ,939 0 PROVIDA HABITAT CAPITAL MODELO CUPRUM PLANVITAL Planvital 2.8% Products offered Capital 21.4% Total AUM = US$157.8 bn Source: Superintendencia de Pensiones, as of July 31st, 2013 Mandatory individual capitalization account Contributions = 10% of gross salary (capped at ~US$3,000 per month) Voluntary pension contributions Tax exempt, up to a certain amount Voluntary savings account Allows withdrawals at any time Cuprum 20.6% Programmed withdrawals Pension payment option in which retirees maintain their account with the AFP Source: Superintedencia de Pensiones 1 Contributors / affiliates Privado y Confidencial ILC Page 7 7

8 Habitat: Key considerations Estrictamente Privado y Confidencial Operating expenses & % fee income (Mar-13) Net Income (Ch$ mm) 90 Based on actual figures CAGR ex-encaje ( 09-12) 8.2% Adjusted to Habitat s 1.27% fee rate 80,000 70,000 60,000 27,089 19,504 13,061 (1,846) 60 50,000 40,000 5,623 3,824 Fee Income (US$ million) ,000 20,000 10,000 48,615 55,974 63,500 61,515 35,565 33, Jun-12 Jun-13 Current mandatory fee (Dec 2012) 20 Modelo Habitat Capital Cuprum Provida Planvital % 1.27% 1.44% 1.48% 1.54% 2.36% 20% 40% 60% 80% 100% Expenses % Fee Income Fee income (US$ million) & Expenses % (Mar 2013) Habitat Cuprum Provida Modelo Planvital Capital % 35.7% 43.8% 23.7% 55.3% 59.6% Privado y Confidencial ILC Page 8 8

9 Habitat: Operating Data Assets under management Ch$ million Fund type E 3,147,208 Fund type D 2,849,505 Fund type C 7,896,648 Fund type B 3,806,148 Fund type A 3,166, Contributor average salary 607, ,907 CAGR: 6.9% 523, , , , , , , , , ,034 Dec 08 Dec 09 Dec 10 Dec 11 Dec-12 Jun-13 Industry Habitat Source: Superintendencia de Pensiones, as of June 30, 2013 Evolution of Habitat AUM (US$ Million) 44,000 42,000 40,000 CAGR: 8.8% 38,000 36,000 34,000 32,000 30,000 41,805 41,413 36,305 37,281 30, Jun-13 Privado y Confidencial ILC Page 9 9

10 Perú GDP per capita (PPP) US$ Unemployment rate % of the labor force CAC: 7.2% Source: IMF Source: IMF The peruvian market presents ample growth oportunities, due to the level of development and the political and economic stability Estimated population Million people CAC: 1,1% Source: Instituto Nacional de Estadísticas e Informática de Perú Privado y Confidencial ILC Page 10 10

11 Habitat: Peru Ample growth opportunities December 20 th, 2012, Habitat was awarded in the first auction in Peru Profuturo 15.1% Horizonte 23.7% All the new entrant into the formal sector contribute into Habitat for two years 600,000 new beneficiaries expected in two years As of June 1 st 2013, Habitat started operations in Peru. As of July 31 st 2013, Habitat Peru had more than 12,000 affiliates Prima 31.2% Source: SBS as of May, 2013 Integra 29.9% Total AUM = US$36 bn Contributors market share (as of May 2013) Mandatory mix fee rate after the first auction (%) 1,630,000 1,430,000 1,471,296 1,419,541** 1,350,653 Over the contribution Over the AUM 1,230,000 1,030, , , ,000 50% Integra 50% Profuturo 1,151,360 Profuturo Horizonte Integra Prima 1,49% 1,65% 1,55% 1,51% 1,20% 1,40% 1,20% 1,90% 230,000 30,000 Prima Horizonte Integra Profuturo Habitat PROMEDIO 0,47% 1,33% 1,25% 1,39% Source: SBS as of May 2013 (**) On April 2013 Source: Superintendencia de Banca, Seguros y AFP del Perú Privado y Confidencial ILC Page 11 11

12 Potential synergies in the health business Average monthly contribution per contributor: USD $135.1 Average monthly contribution per beneficiary: USD $18.7 Medical Bill 10% of the gross salary is the average contribution % of the Net Salary Monthly primus Co-payment between the company and the employee % covered by the person % covered by: 7% of the gross salary is the mandatory contribution % covered by: or USD 15.2** USD 7.7* Full coverage of 11 new diseases** Full coverage of 69 diseases in a established network *The GES plan cost U.F ** The GES plan will cost U.F since July 1 st, 2013 Privado y Confidencial ILC Page 12 12

13 Consalud Income Statement (Th. US$*) Revenues Cost of sales Gross Margin Jun ,526 (251,638) 41,889 Jun ,352 (216,473) 48,879 Var. % 10.6% 16.2% -14.3% Created in 1984 under the new provisional health system (Isapre). SG&A Operating Income EBITDA** Net Income (40,113) 4,045 (35,955) 13,649 5,705 12,176 **EBITDA calculated as profit before tax minus depreciation, finance cost and other non operational cost. *Exchange rate of Ch$ as of June 30 th, % -70.4% 8,507 17, % -53.1% 99.9% owned by ILC. The price of GES will rise to UF due to the inclusion of 11 new diseases, since July 1 st, Privado y Confidencial ILC Page 13 13

14 Consalud: Key considerations Growing demand prospects Leading private health insurance provider and strong market position Masvida 14.7% Others 5.4% Consalud 22.3% Strong brand recognition Continuous innovation and incorporation of new technologies Colmena 15.9% Cruz Blanca 20.9% First choice provider for people moving from the public to the private health insurance system Banmédica 20.8% Total Contributors = 1,638,988 Source: Superintendencia de Salud, as of June, 2013 Others includes Vida Tres and Ferrosalud. Products offered Source: Fonasa, as of December, % Isapre: 3.06 mm 18.2% Fonasa D: 3.0 mm 13.6% Fonasa C: 2.2 mm 29.8% Fonasa B: 4.9 mm 19.7% Fonasa A: 3.2 mm Medical plans Open network plans Preferred provider plans Closed network plans Complementary product offerings Additional coverage for catastrophic diseases Dental plans Pharmacy plans Privado y Confidencial ILC Page 14 14

15 Consalud: Key considerations Estrictamente Privado y Confidencial Number of Contributors (as of June 2013) Average monthly contribution 1 in US$ (Jun-13 LTM) 400, , , , , , , , , , , ,000 50,000 74, Consalud Cruz Blanca Banmédica Colmena Masvida Vida Tres 0 Consalud Masvida Banmédica Cruz Blanca Colmena Vida Tres Number of Beneficiaries (as of June 2013) Loss ratio 2 (Jun-13 LTM) 800, , , , , , , , , , , % 87.0% 86.0% 85.0% 84.0% 83.3% 84.2% 84.9% 85.5% 86.3% 87.6% 200, , % 100, % 0 Consalud Banmédica Cruz Blanca Colmena Masvida Vida Tres 81.0% Colmena Vida Tres Consalud Banmédica Masvida Cruz Blanca Source: Superintedencia de Salud and ILC 1 Operating revenues divided by the number of contributors. Exchange rate of Ch$ as of June 30 th,2013; 2 Operating expenses divided by operating revenues Privado y Confidencial ILC Page 15 15

16 Consalud: Operating data Estrictamente Privado y Confidencial Dec- 11 Mandatory contributions (Ch$ million) Voluntary contributions (Ch$ million) 182,697 62,748 Others (Ch$ million) 3,353 TOTAL (Ch$ million) 248,798 Dec ,126 66, ,380 Jun-13 (LTM) 219,999 69, ,268 N Beneficiaries , ,882 Beneficiaries 671, , , ,402 Dic-11 Dic-12 Jun-13 (LTM) Revenues / Beneficiary (Ch$) Source: Superintedencia de Salud. Privado y Confidencial ILC Page 16 16

17 Red Salud Income Statement (Th. US$*) Revenues Cost of sales Gross Margin SG&A Operating Income EBITDA** June ,403 (142,505) 37,898 June ,498 (119,789) 34,709 Var. % 16.8% 19.0% 9.2% (25,440) 12,458 (24,945) 9, % 27.6% 23,572 20, % One of the main private healthcare providers, reaching close to 18.5% of the private beds in Chile. 89.9% owned by ILC. National coverage through a network of 17 hospitals and 32 medical centers. Net Income 5,529 3, % **EBITDA calculated as profit before tax minus depreciation, finance cost and other non operational cost. *Exchange rate of Ch$ as of June 30 th,2013. Privado y Confidencial ILC Page 17 17

18 Red Salud: Overview Chilean private hospitals by number of beds (2012) Davila 540 Bicentario * Indisa 360 Santa María 335 Alemana 330 Las Condes 256 Tabancura UC Lira UC San Carlos ILC market share (in terms of private hospital beds): 18,5% Avansalud 103 Las Lilas Iquique Red Salud hospitals Others Source: ILC, annual reports of the companies as filed with the SVS, except Clinica Alemana, where the information has been derived from its website; *Represents the original number of beds for this project, still not approve by the board. Privado y Confidencial ILC Page 18 18

19 Red Salud: Operating data Estrictamente Privado y Confidencial Jun -12 Admissions 23,455 Emergency room visits 52,880 Patient days 57,210 Jun ,542 61,271 61,698 Includes Bicentenario, Avansalud, Tabancura and Iquique hospitals Jun - 13 Average ocupancy rate Average lenght of stay (days) Tabancura Avansalud 73.2% 63.0% Bicentenario 66.1% Iquique 51.3% Evolution of revenues Red Salud Evolution of EBITDA LTM Clínica Bicentenario Ch$ million ,741 97,369 86,122 66,442 72,208 47,816 Dec-11 Dec-12 Jun-13 (LTM) Hospital revenues Outpatient revenues Ch$ Millions 2,000 1, ,000-2,000-3,000-4,000-5,000-4,881-4,418-4,096-6,000 dec-11 jan-12 feb-12-3,508-3,061-2,599 mar-12 apr-12 may ,331-1,427-1,089-1,508-2,273-1,926 jun-12 jul-12 ago-12 sep-12 oct-12 nov-12 dec-12 jan-13 feb-13 mar apr may-13 jun-13 Privado y Confidencial ILC Page 19 19

20 Red Salud: Operating data Estrictamente Privado y Confidencial Evolution of Revenues, Net Income and EBITDA of our private hospitals and outpatient centers Income Statement (Jun-13) Megasalud Avansalud Tabancura Bicentenario Iquique Ch$ millions Revenues 40,042 15,158 15,321 17,065 3,180 Cost of sales ( 31,150) ( 11,820) ( 11,732) ( 14,866) ( 2,201) Gross Profit 8,891 3,337 3,589 2, SG&A ( 5,373) ( 1,822) ( 2,426) ( 1,980) ( 759) Operating Income 3,518 1,515 1, Net Income 2, ( 918) 164 EBITDA (*) 4,995 2,630 1,799 1, Income Statement (Jun-12) Megasalud Avansalud Tabancura Bicentenario Iquique Ch$ millions Revenues 37,356 11,635 13,817 12,364 3,074 Cost of sales ( 28,447) ( 8,788) ( 10,150) ( 10,996) ( 2,293) Gross Profit 8,909 2,847 3,667 1, SG&A ( 5,216) ( 1,540) ( 2,290) ( 2,426) ( 775) Operating Income 3,692 1,307 1,377 ( 1,057) 6 Net Income 2, ( 2,589) ( 20) EBITDA (*) 4,979 2,154 1,926 ( 194) 116 *EBITDA calculated as Operating income minus D&A Privado y Confidencial ILC Page 20 20

21 Vida Cámara Income Statement (Th. US$*) Revenues Cost of Sales Gross Margin SG&A Operating Income EBITDA** Net Income Jun 13 23,691 (22,025) 1,666 (5,392) (3,726) **EBITDA calculated as profit before tax minus depreciation, finance cost and other non operational cost. *Exchange rate of Ch$ as of June 30 th,2013. Jun ,441 (124,598) 48,842 (5,525) 43, ,686 Var. % (86.3%) (82.3%) (96.6%) (2.4%) (108.6%) ,428 (98.7%) (99.2%) Created in 2009 due to the acquisition of 99.9% of RBS (Chile) Seguros de Vida S.A. 99.9% owned by ILC Until June 2012 was focus in the Disenable and Survivorship insurance (D&S) On January 2012 launch the complementary health insurance business, adding more than 15,000 beneficiaries per month Privado y Confidencial ILC Page 21 21

22 Vida Cámara: Key considerations New projects Since July 2012, Vida Cámara stopped supplying the D&S insurance Complementary health insurance Life and catastrophic insurance Entrance in Peru 36% primus market share (July 2010-June 2012) Evolution of beneficiaries for the complementary health insurace In average, more than 15,000 beneficiaries per month Privado y Confidencial ILC Page 22 22

23 Financial Summary Privado y Confidencial 23

24 Balance Sheet and Income Statement US$* Thousands Balance Jun 13 Dec 12 Income Statement Jun 13 Jun 12 Total current assets 601, ,003 Revenues 639, ,065 Total non current assets 1,375,373 1,414,397 Cost of sales (422,600) (466,780) TOTAL ASSETS 1,976,946 2,081,400 Gross Profit 217, ,285 Total current liabilities 264, ,770 SG&A. (129,709) (119,190) Total non current liabilities 560, ,548 Operating Income 89, ,908 TOTAL LIABILITIES 824, ,318 Non Operating Income 14,669 18,085 TOTAL EQUITY 1,152,016 1,116,082 NET INCOME 58, ,583 TOTAL EQUITY & LIABILITIES 1,976,946 2,081,400 EBITDA** 124, ,351 **EBITDA calculated as profit before tax minus depreciation, finance cost, other non operational cost and financial income due to Habitat s encaje. US$* Thousand Jun 13 US$* Thousand Jun 13 COVENANT < 1.0 X Short term debt 38,651 Cash & cash equivalent 130,167 Net Fin. Debt / Total Equity 0.21 x Long term debt 330,108 Total equity 1,152,016 Total financial debt 368,759 *Exchange rate of Ch$507,16 as of June 30 th, 2013 Privado y Confidencial ILC Page 24 24

25 Financial Data (Jun-13) Financial Debt Financial Debt (USD million) ILC Habitat Vida Cámara C. Machalí Consalud Red Salud TOTAL Short Term Bonds Bank loans Leasing in UF Long Term Bonds Bank loans Leasing in UF Total Credit Risk Feller Rate: AA+ Humphreys: AA+ Local credit rating *Exchange rate of Ch$507,16 as of June 30 tth, 2013 Cash Flow from main subsidiaries (Jun-13) EBITDA Composition (Jun-13) Ch$ million Jun-13 Distributable Net Income (Ch$ mm) Dividend Policiy** % Ownership % Div. to ILC (Ch$ mm) Habitat 29,920 90% 67.5% 18,171 Red Salud 2, % 89.9% 2,521 Consalud* 2, % 99.9% 2,895 Vida Cámara % 99.9% 153 Total 35,774 23, ,343 24,054 10,512 3, ,763 11,955 4,314 46,302 42,458 1H12 1H13 Others Vida Cámara Red Salud Consalud Habitat (*) According to Superintendent of Health regulation. (**) According to the current dividend policy of each subsidiary as of June 2013 Privado y Confidencial ILC Page 25 25

26 Market Cap Composition* (Sep-13) Market Cap (US$ mm) 1,400 1,200 1, , Habitat Healthcare & Others ILC P/E Ratio ILC: 10.9x Habitat: 10.4x Healthcare & Others: 11.2 x (*) Stock Price as of September 5th 2013 Privado y Confidencial ILC Page 26 26

27 Company Presentation September-13 Privado y Confidencial For more information, please contact with: Ignacio González R. María Paz Merino Pagola CFO & Investor Relations Head of Investor Relations Phone: (562) Phone: (562)

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