A S S E T C h i l e C r e d e n t i a l s

Transcription

1 A S S E T C h i l e C r e d e n t i a l s August, 2015

2 Agenda A S S E T C h i l e 3 C o r p o r a t e F i n a n c e 5 A s s e t M a n a g e m e n t 13 T e a m 16 2

3 ASSET Chile Our Company Asset is a Chilean financial advisor, market leader in mergers and acquisitions, financing and asset management. With over 30 years of experience, Asset has demonstrated the benefits of being an independent advisor, with a p quality team, entirely devoted adding value its clients with independence and creativity. Founded in 1984, our firm has completed transactions of different nature and complexities in several industries, with a special emphasis in the mining, infrastructure, energy and forestry secrs. Corporate Finance Asset Management Mergers & Acquisitions Our M&A team delivers high value added results Chilean and international clients, of both the private and public secrs, in transactions of different type, size and complexity. We have a long track record in divestitures, acquisitions, cross border transactions, restructurings, mergers and strategic transactions. The quality and impact of our advisory work rests on the excellence of our team, our well established network of local and international contacts, our capacity simultaneously handle the strategic, tactical and financial aspects of each assignment, our deep knowledge of the local and regional markets, and our robust experience as an independent, creative and rigorous advisor. Financing We have more than two decades of experience structuring innovative financing packages for local and international clients. We put gether the first project financing for a mining project, involving local banks, in Chile La Candelaria, Phelps Dodge. We structured the first BOT concession for a new port terminal in Chile Complejo Portuario Mejillones, and we structured the first local bond for a multinational mining company in Chile Escondida. We designed the first simultaneous bond for a Chilean company in Chile and the US-Enap and subsequently we developed very sophisticated structured finance vehicles in Chile in the forestry (Fondo Bio Bio) and mining secrs (Joint Venture Minmetals-Codelco). Based on our access financing sources in all segments, including pension funds, banks, insurance companies, family offices, private bankers, private equity funds, and other asset managers, and our deep understanding of each invesr s investment preferences, we are able put gether the best combination of financing sources for our clients needs. For each particular case, we creatively design the right solution with regard the product type, financing amount, tenor, currency, contract terms and risk sharing. We design, structure, place, and then manage investment funds. We have structured fund in different secrs such us forestry, mining, real estate and the financial industry. We use our creativity and knowledge of the financial market create innovative tailor-made funds, and take advantage of market opportunities that are usually overlooked by our competirs. Recently we have added the ability place and manage investment funds that are managed by third parties. We have a local track record as a reliable fund manager with institutional and private invesrs, including Chilean Pension Funds, insurance companies and family offices. We own a public fund management company, that allows us manage public funds regulated by the SVS, and a private fund management company for those not regulated. 3

4 Agenda A S S E T C h i l e 3 C o r p o r a t e F i n a n c e 5 A s s e t M a n a g e m e n t 13 T e a m 16 4

5 ASSET Chile s Completed Transactions Absolute Leader in Mining Mining Vast Experience in Different Industries Energy, Infrastructure, Natural Resources 5

6 Mergers & Acquisitions Track Record in Key Industries Regional and Cross Border Transactions We have completed M&A transactions in different industries, with a special focus in the mining, forestry, energy and natural resources secrs such as forestry and salmons. We are leader advisors in the mining secr. We have developed unique transactions in the port secr. In the forestry secr, we have completed several acquisitions and we manage two investment funds. In the energy secr, we advise clients in thermo and hydro generation, non-conventional renewable electricity generation, power transmission and oil and gas industry. We have completed transactions in Chile, Perú, Brazil and Argentina, and have a well established network of Latin American associates team up with better serve our clients needs. A large proportion of our engagements are cross-border transactions. We help our international clients understand and navigate the Chilean business environment. We get involved in the challenges arising in these types of transactions, including taxation, capital flows and structuring and incorporation of appropriate legal vehicles. Divestitures Acquisitions Our team has a long background conducting divestiture processes of operating companies, strategic assets and divisions. We have conducted divestiture processes of various kinds, including private and public auctions, local and international divestitures, sales private equity and financial invesrs, sales competirs and new entrants an industry, sales or block trades of controlling and minority equity stakes, sales partners and third parties. Each process is unique and has be adapted the specific circumstances of the company and its owners. We have a solid track record advising clients in strategic acquisitions. We support our clients in all the stages of the acquisition process: evaluating the relevant industry and the target company be acquired, approaching the owners, negotiating a deal structure and price, and closing the final documentation required materialize a transaction. We support our clients with post closing and transition issues. Our experience in multiple acquisitions allows our clients ensure the achievement of their goals. Maintenance of competitive tension and confidentiality are two key elements in these engagements. 6

7 Selected M&A Transactions Mining US$ 9,380,000 US$ 1, ,000 US$ 2,800,000,000 US$ 30, US$ 70,000,000 SLM Fénix has granted a call option for mining concessions has acquired 24.5% of Anglo American Sur and Los Leones and Profundo Este mining exploration properties from has entered in a Joint Venture Agreement with for the acquisition of a 29.5% stake of Anglo American Sur has sold mining properties Minera Quadra Chile SCM, a subsidiary of has enteted in a Joint Venture agreement with LS Nikko Copper develop and build a precious metal plant in Chile US$ 474,000,000 US$ 175, US$ 103,000,000 US$ 137,000,000 has sold a 25% stake in Cerro Casale has acquired an option for the 49% stake in Los Bronces Chagres El Soldado has sold a 27% stake in S.C.M. Carmen de Andacollo has been sold a Joint Venture between Nippon Mining & Metals and Mitsui Mining & Smelting has sold a 70% stake in CMS Tecnología US$ 40,100,000 US$ 9,225,000 US$ 480,000,000 US$ 9,350,000 US$ 70,000,000 has sold the mining project Diego de Almagro Compañía Minera Can Can has sold a 60% stake in Fundición Talleres has acquired has sold Minera Inmobiliaria Cascada S.A. Inversiones ACPS S.A. has sold certain non-core business assets 7

8 Selected M&A Transactions Energy, Infrastructure, Natural Resources and others US$ 22,000,000 US$ 190,000,000 US$ US$ 271,000,000 Joint Venture between divestment process Ongoing subsidiary of has sold its commercial center through its subsidiary have acquired the salmon farming company has sold its transmission lines Cardones Maitencillo 220 kv has sold its 58 MW thermoelectric power plant Colmi has merged its salmon farming businesses with US$ 410,000,000 US$ 507,000,000 US$ 150,000,000 US$ 3,500,000 Sigma S.A Subsidiary of Compañía Forestal Chilena US$ 50,000,000 Inmobiliaria Avantuén S.A subsidiary of has acquired Nextel Perú S.A., subsidiary of has awarded a 30 year concession has entered in a Joint Venture agreement for the development of has sold 100% of has water rights for a 115 MW hydroelectric project located in the Bio Bio basin has sold 16 strip centers US$ 320,000,000 US$ 80,000,000 US$ 61,520,000 US$ 8,800,000 US$ 10,600,000 US$ 346,000,000 has awarded 20 year concession has signed an EPC and O&M contract with build and operate a water desalination plant in Chile a member of Grupo Brescia Cafferata has acquired a 84% stake in has sold 1,400 hectares of forestry plantations has sold 4,500 hectares of forestry plantations has acquired Forestal Bio Bio S.A. Forestal Agrícola A. Norwood 8

9 Selected Strategic Advisories Mining US$ 2,000, US$ 3,000,000,000 strategic alternatives for the iron ore project has entered in a 15 year strategic alliance with has agreed a foreign investment contract with Boquerón Chañar valuation of its subsidiary Minera Hampn Chile Limitada, and its project strategic alternatives in Latinamerica advise in the development of a slag recovery plant in Chile financing of the Project San Crisbal in Bolivia strategic alternatives strategic alternatives 9

10 Selected Strategic Advisories Energy, Infrastructure, Natural Resources and others US$ 35,000,000 valuation of assets and projects owned by has negotiated a 25 MW Power Purchase Agreement for strategic advisory interconnection SIC SING strategic advisory capital structure development of a100 MW phovoltaic plant (US$ 250 million) Americas Energy Fund y Fondo Andino strategic alternatives La Coipa US$ 1,500,000,000 US$ 104,000,000 has negotiated a 300 MW Power Purchase Agreement for its mining operations: Los Bronces Chagres y El Soldado has negotiated a 153 MW Power Purchase Agreement for has signed an offtake contract with for 200 l/s of desalinated water Codelco awarded a 25 year concession build and operate a port facility in northern Chile, Complejo Portuario Mejillones strategic alternatives development of port expansions strategic alternatives strategic alternatives strategic alternatives in Latinamerica strategic alternatives development if a LGN plant in Chile strategic alternatives 10

11 Financing Structured Financing Project Financing Bond Placements Syndicated Loans Private Placements Our team has developed a unique expertise in the Chilean market designing structured financings for our clients. We understand all the implications and complexities of allocating the risks of a transaction among different parties, structuring the right contracts and agreements, and setting the right incentives for different players involved. We use our creativity and flexibility innovate in order provide our clients with the right structure for each particular situation. We have a deep understanding of local capital market and tax regulations. Local and international companies, with greenfield or brownfield developments, have relied on our expertise as their advisor structure project financing. Because we are not related any large financial institution, we can play with the different levers of each transaction obtain the best outcome for our clients: creating competitive tension among local banks, allocating risks in the key contracts, and designing the right security package. In those cases where a bond placement represents a special challenge, because it is a market debut, the industry is not well undersod by invesrs, or the structure is innovative, we help our clients design and market bonds. We helped: i) BHP Billin in structuring and placing the first mining bond in the Chilean market for La Escondida; ii) Molymet, the world s leader in Molybdenum production, with their Chilean bond debut iii) ENAP in structuring a simultaneous bond debut in Chilean and US markets. Our access the players in the Chilean banking industry, our understanding of their modus operandi, and our reputation as an independent agent, make us the ideal advisor structure and negotiate syndicated loans. Regardless of the size, currency denomination or tenor required by our clients, we work gether with them find the right lenders and the right lending conditions for each particular situation. We have a unique understanding of the Chilean invesr community. This understanding, coupled with our reputation as a detail oriented institution that performs very thorough analysis, has given us a very strong capability structure and place sophisticated financial products in the market. We have a track record in placements of products developed by our firm, and have recently added the ability sell third party financial products as well. Selected Transactions Financing Transactions & Structuring & Placement & & & & Structuring Agent Agent Structuring Agent Structuring Agent Structuring Agent Structuring Agent US$ 1,863,000,000 US$ 24,300,000 US$ 240,600,000 UF 5,000,000 US$ 290,000,000 US$ 200,000,000 has agreed a long term financing with for the acquisition of a 24.5% stake of Anglo American Sur has issued shares in a private placement and has been awarded a non recourse debt sponsored by has secured a syndicated loan facility in the international market 7 years LIBOR % has issued two tranches of bonds in the Chilean market Serie A 5 years UF 3.89% Serie B 20 years UF 4.85% has issued a bullet bond in USA under rule 144 A and Regulation S 10 years US$ 6.75% has issued a bond in the Chilean market 8 years US$ 7.5% 11

12 Agenda A S S E T C h i l e 3 C o r p o r a t e F i n a n c e 5 A s s e t M a n a g e m e n t 13 T e a m 16 12

13 Asset Management Fund Structuring Funds Under Management Placement of Third Party Funds In 2005, Asset Chile entered in the asset management business with the aim of creating innovative and cusmized Funds, and take advantage of market opportunities that our competirs usually oversee. Asset Chile is looking develop funds on the industries of its expertise: infrastructure, mining, energy, forestry and real estate. The asset management division at Asset Chile has its own dedicated and specialized team create, place and then manage funds. In recent years, it has placed over US$500 million for different initiatives, including forestry, mining and real estate funds. Each fund is managed by a dedicated and specialized fund manager, who is part of Asset Chile s asset management team. Additionally, this area has an operational team that manages the funds daily operations, meets the requirements demanded by the regular, and produces the necessary reporting its invesrs, including Chilean pension funds. The asset management division of Asset Chile began with the structuring and placement of the first Latin America s forestry fund for US$ 40 million in The Lignum Fund bought more than Has of forests and land in the south of Chile, including pines and eucalyptus plantations. The forests are currently being managed by, and will be sold, the forestry companies Arauco and CMPC. In 2007 Asset Chile structured and placed the Bio Bio fund for US$ 350 million, acquire Forestal Bio Bio, the fourth Chilean forestry company that owns Has of forests and lands. The fund entered in offtakes contracts sell all its wood with Celulosa Arauco, offering its invesrs a stable return. Arauco also manages all the assets through operational contracts. In 2011, Asset structured and placed a mining exploration fund for US$25 million. The fund is part of the Fenix program sponsored by CORFO and the Chilean Ministry of Mines. The fund business model is finance drilling campaigns of reputable mid and small size mining operars with attractive tenements. During 2013, Asset structured and placed the first Chilean Residential REIT. The fund buy residential buildings, manage them as a business unit (centralized), rent its apartments individuals, and offer additional services tenants increase revenues. In 2010, Asset decided expand its business model and started raise money locally for international managers. Asset Chile understand the needs of local institutional invesrs and family offices, and is constantly looking for international managers and products satisfy those needs. Nowadays, there is a large number of managers coming Chile looking raise funds. Asset Chile realizes an extensive due diligence before establishing a formal agreement. Asset Chile has also established an alliance with the global placement agency First Avenue Partners, in order raise funds in Chile. This partnership has been very successful in bringing renown managers Chile, expanding and sophisticating the current local offer. Asset Chile through it subsidiary Asset AGF offers also the structuring of a local vehicle or feeder fund in case the manager requires it, due local regulations or invesrs requirements. 13

14 Asset Management Asset Chile Funds Structuring & Placement Structuring & Placement Structuring & Placement Structuring & Placement Structuring & Placement Structuring & Placement Agent Agent Agent Agent Agent Agent UF 300,000 US$ 24,300,000 US$ 39,400,000 US$ 343,000,000 US$ 500,000,000 US$ 34,000,000 Residential Rents Investment Fund has issued shares in a private placement creating the first Chilean residential REIT. Asset Chile Mining Investment Fund has issued shares in a private placement for US$ 8.5 million, and has been awarded a non recourse debt for the US$ 15.8 million through the sponsored by: Forest Investment Fund LIGNUM has issued shares in a private placement for US$ 39.4 million for the purchase of pine and eucalyptus plantations in the south of Chile Forest Investment Fund Bio Bio has issued shares in a private placement for US$ 103 million and obtained a syndicated loan for US$ 240 million for the purchase of Forestal Bio Bio AELA FICER is managing AELA Fund invest US$ 500 million in NCRE Projects in Chile. AELA is a JV between Actis and Mainstream Private Investment Fund has issued shares in a private placement for US$ 20 million and obtained a debt for US$ 14 million for the Investment in Latin- American fixed income gether with Private Placements Third Party Funds Structuring & Placement Agent Structuring & Placement Agent US$ 41,000,000 Structuring & Placement Agent US$ 77,200,000 has raised seed capital in Chile through a private placement has raised US$ 41 million in Chile and UK through a private placement has raised US$ 77.2 million in Australia, Chile and UK, though a private placement 14

15 Agenda A S S E T C h i l e 3 C o r p o r a t e F i n a n c e 5 A s s e t M a n a g e m e n t 13 T e a m 16 15

16 Board of Direcrs Highly qualified team, committed with its clients objectives David Gallagher David Gallagher is founder and Chairman of the board of Asset. He is a direcr of Asset Administradora General de Fondos S. A., and a board member of Asset Chile Mining Exploration Fund, subsidiaries of Asset. In its first years he devised various original debt equity conversion mechanisms, in which Chile was a pioneer worldwide. He has been advisor in the financing of large projects and on important mergers and acquisitions, mainly in the mining secr in Chile, Argentina and Peru. In 1974 he joined the British investment bank Morgan Grenfell, where he was in charge of the Latin-American division and, later, direcr of Morgan Grenfell International. During that period he also advised some of the largest mining projects in Latin-America, such as the development of the iron and steel project Açominas in Minas Gerais, Brazil. He has been president of the British Chilean Chamber of Commerce. He is on the Board of the Chilean Public Studies Centre (CEP), member of its executive committee and direcr of Cencosud. He is also a direcr of the Chilean Counsel of International Relations, and the Peggy Guggenheim Collection, Venecia. He is Board member of the Arts and Culture National Counsel in representation of Foreign Affairs Minister and he is the President of the Government Commission for foreign investment legislation DL600. He writes a regular column for El Mercurio newspaper, periodically and reviews for the Times Literary Supplement (TLS). David is the author of Modern Latin American Literature, Oxford, 1973, Improvisaciones Santiago, 1992 and Otras Improvisaciones, Santiago, He holds a B.A. (1965) and a M.A. (1968) in Modern Languages from Oxford University, where he was lecturer of Latin-American Literature and Fellow of St. Anny s College, between 1968 and He is bilingual in English and Spanish, and speaks French, Russian, Italian and Portuguese. Georges de Bourguignon Georges de Bourguignon is co-founder and CEO of Asset. He leads all Asset s efforts in corporate finance and asset management. He is a board member of Asset Administradora General de Fondos S. A., a subsidiary of Asset. Before co-founding Asset, Georges worked as Managing Direcr at Citibank S.A. in Chile. Georges has been professor of economics at the Pontificia Universidad Católica de Chile; direcr of Intergénesis Fund Management; founder and president of the Harvard Club in Chile; and member of the Harvard Business School Alumni Association Board, which acts as advisor the school s dean. Georges is currently member of the boards of Sociedad Punta Lobos, Chilean subsidiary of K+S Group, Salmones Austral and Latam Airlines Group. Georges holds a degree in Economics from the Pontificia Universidad Católica de Chile and an MBA from the Harvard Business School. Jean Paul de Bourguignon Jean Paul de Bourguignon is co-founder and business direcr at Asset since He is a board member of Asset Administradora General de Fondos S. A. and of Foresta Administradora de Fondos de Inversión S.A., both subsidiaries of Asset. He has been involved in advisories related mergers and acquisitions in the mining and industrial secrs. Between 1984 and 1987, Jean Paul worked for Gillette Company in Bosn, Massachusetts. From 1987 until 1990, he worked for Ladeco Airlines, as vice president of the Cargo Division. In 1991 Jean Paul founded Icarus Aviation, an independent company dedicated aircraft brokerage in the Latin-American region. This company was leader in complementing aircraft cargo fleets between 1991 and Jean Paul holds a degree in Economics from the Pontificia Universidad Católica 16

17 Board of Direcrs Highly qualified team, committed with its clients objectives Gonzalo Fanjul Gonzalo Fanjul is direcr of the corporate finance team. He is a board member of Asset Administradora General de Fondos S. A., a subsidiary of Asset. Gonzalo joined Asset in 2004 as project manager and since then he has been involved in transactions related structured financing and M&A for clients in the mining, power generation and transmission, industrial and forestry secrs. Before joining Asset, Gonzalo worked as chief of financial planning and research at Celulosa Arauco y Constitución S.A. Gonzalo is professor of Valuation at the Pontificia Universidad Católica de Chile Business School. He holds a degree in Business Administration from the same university and an MBA from the Stern School of Business, New York University. Felipe Swett Felipe Swett is direcr of the asset management team at Asset. Felipe joined the firm in 2003 as an Analyst and as part of the corporate finance team he was involved in different M&A and structured finance transactions in several industries such as mining, forestry, and industrial secrs in Chile, Perú and Brazil. Felipe leads the Asset Management division since 2010, and has participated in the structuring and placement of all Asset Chile's funds for an aggregate amount of more than US$450 million, including the first two public forestry investment funds in Latin America, Lignum and Bio Bio, the first Chilean Residential REIT, and fund dedicated mining exploration. Felipe holds a degree in Civil Engineering with a Diploma in Environmental Engineering from the Pontificia Universidad Católica de Chile and an MBA from the Kellogg School of Management, Northwestern University. 17

18 Equipo Finanzas Corporativas Highly qualified team, committed with its clients objectives Jaime Guzmán Jaime Guzmán is Manager of the Corporate Finance team at Asset. Jaime joined Asset in 2003 and has been involved in different M&A and structured finance transactions in several industries, with focus in advising clients in the mining and metals, service and industrial secrs. Jaime served as Asset s CFO up until Jaime is professor of Merger & Acquisitions at the Universidad de Los Andes Business School. He holds a degree in Civil Engineering with a Diploma in Hydraulics Engineering from Pontificia Universidad Católica de Chile and an MBA from Columbia Business School. Francisco Jiménez Francisco Jiménez is Manager at the Corporate Finance team. Francisco joined Asset as an Analyst in 2008 and since then has been involved in several M&A and Strategic Advisories. From Francisco headed Asset s energy practice and led mandates involving different types of energy projects, negotiation of contracts, partnering processes, corporate restructurings and financing advisories. Currently, Francisco leads Asset s Financial Consulting team which offers valuation, fairness opinion, strategic advisories and other non-transactional corporate finance services. Francisco holds a degree in Industrial Civil Engineering with a Diploma in IT from the Pontificia Universidad Calica de Chile. He is an MBA from The Fuqua School of Business at Duke University, obtained a Certificate of Academic Excellence in Finance and was awarded Fuqua Scholar. Raimundo Gueneau de Mussy Raimundo Gueneau de Mussy is Analyst at Asset and member of the corporate finance team. Raimundo joined Asset in 2013 and since then he has been involved in different M&A transactions and strategic advisories in the mining, energy and infrastructure industries. Before joining Asset, Raimundo worked as Analyst at Gestión y Economía Minera Ltda., where he participated in strategic advisories in the mining industry, performing operational risk analysis, real options evaluation and mineral economy studies for several major mining companies. Raimundo holds a degree in Civil Engineering with a diploma in Structural Engineering from the Pontificia Universidad Católica de Chile. 18

19 Corporate Finance Team Highly qualified team, committed with its clients objectives Ismael Camus Ismael Camus is Analyst at Asset and member of the corporate finance team. Ismael joined Asset in 2014, and since then he has been involved in different M&A transactions and strategic advisories in the mining, energy and infrastructure industries. Ismael holds a degree in Civil Engineering with a diploma in Mechanics from the Pontificia Universidad Católica de Chile. Catalina Bilbao Catalina Bilbao is Analyst at Asset and member of the corporate finance team. Catalina joined Asset in 2014, and since then she has been involved in different M&A transactions and strategic advisories in the mining and energy industries. Catalina holds a degree in Business Administration from the Pontificia Universidad Católica de Chile and a Masters in Finance of the same university. Sebastián Puga Sebastian Puga is Analyst at ASSET and member of the corporate finance team. Sebastian joined ASSET in 2015 and before that he worked as an Analyst at the Itaú BBA M&A team, where he was involved in different M&A transactions and strategic advisories in the mining, energy and infrastructure industries. He also worked as a Management Consultant at Montblanc Consulting. Sebastian holds a degree in Civil Engineering with a diploma in Mechanics from the Pontificia Universidad Católica de Chile where he graduated with maximum distinction. 19

20 Corporate Finance Team Highly qualified team, committed with its clients objectives Soledad Errázuriz Soledad Errázuriz is Analyst at Asset and member of the corporate finance team. Soledad joined Asset in 2014, and since then she has been involved in different M&A transactions and strategic advisories in the mining and energy industries. Soledad holds a degree in Business Administration from the Pontificia Universidad Católica de Chile and a Masters in Finance of the same university. Bernardo Stegmaier Bernardo Stegmaier is Analyst at Asset and member of the corporate finance team. Bernardo joined Asset in 2015, and since then he has been involved in different M&A transactions and strategic advisories in the mining, energy and infrastructure industries. Bernardo holds a degree in Civil Engineering with a diploma in Transportation and Logistics from the Pontificia Universidad Católica de Chile Diego Laso Diego Laso is Analyst at Asset and member of the corporate finance team. Diego joined Asset in 2015, and since then he has been involved in different M&A transactions and strategic advisories in the energy, mining and infrastructure industries. Diego holds a degree in Economics from Universidad de Chile and a Masters in Finance of the same university. 20

21 Asset Management Team Highly qualified team, committed with its clients objectives Eugenio Cisternas Eugenio Cisternas is CEO of Asset Administradora General de Fondos and Asset S.A, which are currently in charge of the management of the Investment Funds Lignum, Bio Bio, Mining Exploration, Residential Rents and AELA. Eugenio is member of the Asset Management team of Asset Chile since 2007; he began as CEO of the Lignum Fund, later as CEO of Foresta, and currently he is in charge of the general management of Asset Chile s fund administrars. Before joining Asset, Eugenio worked in the corporate finance team at Santander Investment, participating in several advisories in mergers, acquisitions and financing. Eugenio is also direcr of Construcra Bio Bio, a company with almost 60 years in the Chilean construction market. Eugenio holds a degree in Business Administration from Universidad de Chile. Rafael Donoso Rafael Donoso is CEO of the Mining Exploration Investment Fund and member of the Asset Management team. Rafael joined Asset in 2012 and since then he has been leading the management, evaluation, negotiation and investment decisions for the Mining Exploration Investment Fund, structured by Asset Chile in Before joining Asset, Rafael worked for seven years as a member of the corporate finance team in Santander (Santiago and New York) and Claro & Asociados. Rafael participated in the execution of several M&A and Capital Markets transactions, in Chile and international, in industries such as infrastructure, energy, mining, natural resources and financial services among others. Rafael is professor of applied finance at the Universidad de los Andes and holds a degree in Civil Engineering from the Universidad de Chile. Juan Pablo Bezanilla Juan Pablo Bezanilla is Manager of the Residential Rent Investment Fund and member of the Asset Management team. Juan Pablo joined the firm in 2014 and since then he has been leading the growth of the first Chilean Residential REIT. Before joining Asset, Juan Pablo worked as analyst of the corporate finance team in BBVA, where he participated in several M&A, capital markets and structured finance deals. He then led real estate projects in Empresas Socovesa and finally worked for the Chilean government implementing public safety initiatives. Juan Pablo holds a degree in Business Administration from Pontificia Universidad Católica de Chile and an MBA with honors from the University of Chicago Booth School of Business. 21

22 Asset Management Team Highly qualified team, committed with its clients objectives Pablo Zilleruelo Pablo Zilleruelo is Analyst at Asset and member of the Asset Management team. Pablo joined Asset in 2013 and since then he has been involved in the management of several investment funds in the Chilean forestry secr, covering the assets divestment period of the Lignum and Bio Bio Funds, and analyzing new investment opportunities in the secr. Pablo holds a degree in Civil Engineering with a diploma in Transportation and Logistics from the Pontificia Universidad Católica de Chile. Nicholas de Bourguignon Nicholas de Bourguignon is Analyst at Asset since 2013 and member of the Asset Management team. Nicholas currently leads the area of foreign funds distribution and Latin American capital markets relations. Before joining the Asset Management team, Nicholas work as a Corporate Finance Analyst, been involved in different M&A transactions and strategic advisories in the mining, energy, infrastructure, natural resources and Real Estate industries. Nicholas holds a degree in Business Administration with a diploma in Business Economics from the Universidad de los Andes. Sebastián Steffens Sebastián Steffens is Analyst at Asset and member of the Asset Management team. Sebastián joined Asset in 2014 and since then he has been involved in the structuring of several vehicles in Real Estate and Infrastructure, and in the distribution of third party funds. Sebastián holds a degree in Civil Engineering with a diploma in Mechanics from the Pontificia Universidad Católica de Chile. 22

23 Asset Management Team Highly qualified team, committed with its clients objectives Rodrigo García-Huidobro Rodrigo García-Huidobro is Analyst at Asset and member of the Asset Management team. Rodrigo joined Asset in 2014 and since then he has been involved in the management of Asset Chile s Mining Exploration Fund, covering the Chilean mining secr and analyzing new investment opportunities. Rodrigo holds a degree in Civil Engineering with a diploma in Mechanics from the Pontificia Universidad Católica de Chile. Sebastián Bunster Sebastián Bunster is Analyst at Asset and member of the Asset Management team. Sebastián joined Asset in 2015 and since then he has been involved in the management of the Residential Rent Investment Fund, covering the Chilean real estate secr and analyzing new investment opportunities. Sebastián holds a degree in Civil Engineering with a diploma in Structural Engineering from the Pontificia Univesidad Católica de Chile. 23