September 2008

Rabobank

Opportunities for Chile

Thos Gieskes - Rabobank

2

3Source: FAO

Global food prices have risen strongly since early 2007 off the back of increased demand

4

Increased food demand is a result of population growth driven by Asia and Africa

Forecast global population(million people)

Source: UN, Rabobank

0%

20%

40%

60%

80%

100%

1950

1960

1970

1980

1990

2000

2010f

2020f

2030f

2040f

2050f

Oceania AfricaAsia EuropeLatin Am & Carib Nth America

Breakdown of world population

0

1,000

2,000

3,000

4,000

5,000

6,000

1950

1960

1970

1980

1990

2000

2010

f

2020

f

2030

f

2040

f

2050

f

OceaniaAfricaAsiaEuropeLatin Am & CaribNth America

5

It is not only population growth but income growth related to increased urbanization

0

20

40

60

80

100

1950

1955

1960

1965

1970

1975

1980

1985

1990

1995

2000

2005

2010

f

2015

f

2020

f

2025

f

2030

f

%

World OceaniaAfrica AsiaEurope Latin Am & CaribNth America

Proportion of population in urban areas

Source: UN, Rabobank

6 6

Chile is well positioned to meet the increased demand from consumers who are prepared to pay for value

Food Items

Diet, functional, organic

Fresh, convenient, segmented meals

Prepared meats, snacks

Eggs, meat, dairy, sugar, processed food

Carbohydrate stables (grains, roots, tubers)

Sub- Saharan

Africa

Latin America, China, Middle

East, India

Eastern Europe

North America,

Japan, Western Europe, Australia

Surviving Mass market QualityIndividualised

Health

High-techSpecialised

ConvenienceFoodserviceInternational

Food attributes & characteristics

Income level

Source: Rabobank

7

Chile is already a key exporter in a number of these sectors

Key Chilean exports

0

500

1000

1500

2000

2500

USD

000

Salmon Processed Foods

Wine Table Grapes

Pork Poultry

Kiwifruit

8

Toronto Toronto

CalgaryCalgary

New YorkNew York

ChicagoChicago

AtlantaAtlanta

DallasDallas

San FranciscoSan Francisco

WashingtonWashington

Toronto Toronto

CalgaryCalgary

New YorkNew York

ChicagoChicago

AtlantaAtlanta

DallasDallas

San FranciscoSan Francisco

WashingtonWashington

Mexico CityMexico City

Curaçao Curaçao

São PauloSão Paulo

Santiago Santiago

Buenos AiresBuenos Aires

Mexico CityMexico City

Curaçao Curaçao

São PauloSão Paulo

Santiago Santiago

Buenos AiresBuenos Aires

LondonLondon

DublinDublin

AntwerpAntwerp

Frankfurt Frankfurt

ParisParis

MadridMadrid

MilanMilan

LondonLondon

DublinDublin

AntwerpAntwerp

Frankfurt Frankfurt

ParisParis

MadridMadrid

MilanMilan

Singapore Singapore

MumbaiMumbai

New DelhiNew Delhi

JakartaJakarta

BangkokBangkok

TaipeiTaipei

Hong Kong Hong Kong

BeijingBeijing

ShanghaiShanghai

Singapore Singapore

MumbaiMumbai

New DelhiNew Delhi

JakartaJakarta

BangkokBangkok

TaipeiTaipei

Hong Kong Hong Kong

BeijingBeijing

ShanghaiShanghai

SydneySydney

MelbourneMelbourne

BrisbaneBrisbane

PerthPerth

SydneySydney

MelbourneMelbourne

BrisbaneBrisbane

PerthPerth

Warsaw Warsaw

PoznanPoznan

MoscowMoscow

IstanbulIstanbul

Warsaw Warsaw

PoznanPoznan

MoscowMoscow

IstanbulIstanbul

AucklandAucklandAucklandAuckland

Australia & New ZealandAustralia & New Zealand

U.S.A.U.S.A.

IrelandIreland

PolandPoland

BrazilBrazil

ChileChile

Australia & New ZealandAustralia & New Zealand

U.S.A.U.S.A.

IrelandIreland

PolandPoland

BrazilBrazil

ChileChile

Country banking sales Country banking sales network:network:

Rabobank is financing companies all around the world

9

The global Food and Agribusiness Research (FAR) group has 80 members in 12 countries

Christchurch

Utrecht (Global HQ)

Mumbai

Sydney

Mexico City

São Paulo

New York BeijingShanghai

Hong Kong

Singapore

New Delhi

Jakarta

Melbourne

Kuala Lumpur

10

Chile – Corporate F&A Banking

• Opened Santiago as a Representative Office back in 1994

• 40 Employees

• Full corporate banking services to food and agribusiness sector:

• Credit• Syndication• Trade Finance• M&A• Structure Finance/ABS

• Some lending to production ag sector (focus on large farmers)

11

Chile – Retail Banking

• April 2007: Acquisition HNS Banco

• 240 employees

• 11 offices throughout length of Chile

• Focus on SME sector (all industries)

• Goal: Rabobank can expand lending services to include SME up through large corporate F&A clients, and achieve a nationwide presence throughout Chile

Santiago Viña del Mar

Punta Arenas

La Serena

Talca

Temuco

Antofagasta

Pto. Montt

Rancagua

Lamb

Fruit, Wine, Pork, Poultry

Fruit, Wine

Dairy, Forestry

Salmon

12

Thank you