Corporate Presentation

September 2015

Results

Agenda

Enaex and its history

Enaex in the explosive market

Financial Background

28 29

5770

77 7991 94 99 103

2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM2015*

232 234321 312

409

575641 648 646

732

2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM2015*

Net Profit

(TM USD)

3

Enaex at a Glance (1)

With 95 years of history in the Chilean market, Enaex S.A is the

main ammonium nitrate producer and supplier of

comprehensive rock fragmentation services for the mining

industry in Latin America.

Enaex has a global presence, a solid financial position, low

debt levels and is controlled by Sigdo Koppers Group.

Chemical

ProductsServices

AA- (stable)

AA- (stable)

International

Subsidiaries

LTM 2015* = Last twelve months to September 2015

Source: The Company, SVS.

Sales

(TM USD)

EBITDA

(TM USD)

50 4767

92110

142 152 150 154172

2006 2007 2008 2009 2010 2011 2012 2013 2014 LTM 2015*

60,7%13,6%

12,6%

13,1%

Sigdo Koppers

Austin Powder

Grupo Karlezi Solari

AFP's, Investment fundsand others

Enaex at a Glance (2)

Board of Directors

4

Ownership Structure

Juan Eduardo Errázuriz Ossa President

Jorge Carey Tagle Vice President

Juan Pablo Aboitiz Domínguez Director

Alejandro Gil Gómez Director

Norman Hansen Fernández Director

Naoshi Matsumoto Takahashi Director

Horacio Pavez García Director

Kenneeth Pickering Ewen Director

Sergio Undurraga Saavedra Director

Enaex is an important subsidiary of SK Group(Million USD / LTM 2015*)

2.380

373

1351.648

(71%)

732

(31%)

201

(61%)

172

(46%)

32

(55%)

63

(47%)

Other

of SK

Group

Enaex

LTM 2015* = Last Twelve Months to September 2015

Source: The Company, SVS.

Ingresos EBITDA UtilidadSales EBITDA Net Profit

5

1920

Chilean

Explosive

Company is

founded.

1989

Sigdo Koppers

acquires 33% of the

company’s shares.

1990

Sigdo Koppers

takes control of

Enaex, increasing

its ownership

interest to 50.01%.

1992

Increase capacity

production of

ammonium nitrate in

Prillex, bringing the

company's total

capacity to 450.000

tons per year.

1999

A new capacity

increase in the Prillex

complex, which brings

it to a total capacity of

850.000 tons of

ammonium nitrate

per year.

2010

2012

2014

2015

Enaex acquires one

third of Britanite

(IBQ).

The Company is

established as Enaex S.A.

Enaex acquires 100%

of Britanite.

Enaex acquires 91%

of Davey Bickford .

Enaex starts

operating at the

Peruvian market.

1983

First Ammonium Nitrate

plant is built with a

production capacity of

100.000 tons per year.

Outstanding Growth History

Source: The Company, SVS.

6

Present in all of the blasting service process chain

Import Materials

Importation by ships of 100%

of ammonia in its liquid state.

Ammonia storage and managing

supplies

Once the shipment arrives at

Enaex port, the ammonia is

stored in tanks in the Prillex

complex.

Nitric Acid Production

Production takes place at PANNA (Nitric

Acid and Ammonium Nitrate plant).

Nitric Acid is made by the combination of

Ammonia and Oxygen (O2)

Ammonium Nitrate Production

The ammonia is now combined with

Nitric Acid obtaining liquid Ammonium

Nitrate.

Ammonium Nitrate Exportation

Ammonium Nitrate is exported to

different countries as a raw material for

the manufacture of explosives.

Transportation

Ammonium Nitrate is

transported by trucks to the

mines where the blasting

services are provided.

.

Manufacture plant of High

Explosives

High Explosives

Detonators

Emulsions

Cartridges

Blasting Services

Enaex Servicios S.A provides a

comprehensive blasting service to our

main clients.

Source: The Company.

Main Business Lines.

CH

EM

ICA

LS

SE

RV

ICE

S

7

Constant Concern for Innovation and CSR (1)

Solutions for deep mining and slopes

Hidrex® Panfex®

High Fragmentation

Prillex ULD®

Energex®

Scaling Solutions

Milodon® Truck UBT Truck Massive Blasting

CDM projects Blast Site Watch®

Vibration Control

Carbon footprints of explosives

CSR

Mineral Law

Energy and

Water

Productivity

and Logistics

↓4 MM tCO2

Competitive Factor ENAEX Solutions

Exportations

Source: The Company..

Agenda

Enaex and its history

Enaex in the explosive market

Financial Background

Management with a

wide experience

and background

Market Leadership

Important

Customer Base

Portfolio

International

Subsidiaries

2015 Acquisitions

Source: The Company.*Recognition developed by the Ministry of Mining, Imagine Chile of Corfo, The Great Industrial Suppliers of Mining Association (Aprimin) and Phribrand (a company dedicated to research and industrial marketing). Given at the Expomin framework.

In over 95 years Enaex has developed a solid and cohesive team, this team is also highly qualified with

experience at all levels of the organization.

Outstanding record of growth and consistent creation of value over time.

Enaex management characterized by its high responsibility, made the company win the award of “The most

representative company of the mining industry in Chile” in the last three consecutive years.

In 2013, PwC awards Juan Andrés Errázuriz as the most innovative CEO of the year.

10

Management with a wide Experience and Background

1.

Man

ag

em

en

t w

ith

a w

ide

ex

peri

en

ce

an

d b

ac

kg

rou

nd

39.120

54.200

77.290

1974-2009 2009-2014 2015E-2024E

Solid investment backlog of mining projects in Chile

(Million USD, 2015)

11

Mining Market and Explosive Demand in Chile

7.445

963

1.346

1.380

1.632

5.750

Otros

Australia

Estados Unidos

Perú

China

Chile

Chile is the main copper provider worldwide

(Thousand tons, 2014)

1,4x

1,4x

Source: The Company, Cochilco, Foreign Investor Committee (CIE).

2.

Mark

et

Lea

ders

hip

4,7 4,6

4,9

5,4 5,3 5,4 5,6

5,3 5,4 5,4 5,3

5,4

5,8 5,8 5,9

1,2

1,1 1,1

0,9 0,9

0,9

0,7 0,8 0,7

0,7 0,7 0,7 0,7 0,7

0,3 0,4 0,3 0,4

0,4 0,4 0,4

0,5 0,5 0,6

0,6

0,7 0,7 0,7

0,7

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015E

Continuous growth of explosive demand in Chile

12

0 500 1.000 1.500 2.000 2.500

Uralchem

Maxam

JSC Acron

Guangxi

Wesfarmers

Vale

PCS

Yara

Omnia

Shaanxi

Enaex

Dyno Nobel

Orica

One of the main producers of Ammonium Nitrate Worldwide

(Thousand Tons. 2014)

# 1 in LATAM

# 3 Worldwide

EGAN = Explosive Grade Ammonium Nitrate.

Source: The Company, CRU, Bloomberg.

2.

Mark

et

Lead

ers

hip 580

310 300260

220

6196

606

334 325284

259

69111

Chile Perú Colombia Brasil México Argentina Otros

EGAN Demand in LATAM(Thousand Tons)

2014 2015E

Market Leadership of EGAN in LATAM

14,9

16,3

17,517,1

18,318,9

14,4

15,9

17,6

18,519,0

20,7

2010 2011 2012 2013 2014 2015E

Ammonium Nitrate Growing Demand in The World(Million Tons)

Intake Capacity

13

Historical Revenue Stability and Regional Presence

Remark: Sales as of June 2015 only include two months of Britanite results.

LTM 2015*= Last twelve months to September 2015.

Source: The Company, SVS

2.

Mark

et

Lead

ers

hip

638690

31%69%

Sales by destiny LTM 2015*

Exportation Sales

National Sales

554 593 597 613 636

458 480

280260 241 251

281

180210

834 853 838864

917

2011 2012 2013 2014 LTM 2015* sep-14 sep-15

Quantity Evolution (Thousand tons)

Chile Other

43%

31%

13%

12%

1%

Sales by product LTM 2015*

Bulk Explosives

Ammonium Nitrate

Packaged Explosives

Services and blastingaccessories

Other

36%

15%

12,4%

9,9%

16,3%

10,4%

Sales Exportation Evolution LTM 2015*

Peru

Argentina

Mexico

Bolivia

Brazil

Other

14

Long-term relation with regional customers

Source: The Company, SVS.

3.

Imp

ort

an

t cu

sto

mer

bas

e p

ort

foli

o

1922

1986

1988

1995

1995

2000

2009

2012

2011

2012

2015

2000

HQ

HQ

HQ

34.

In

tern

ati

on

al

Su

bsid

iari

es

Important Global Presence

Source: The Company.

16

Main Products

Detonator Strings

Cone Emulsions

Cone Emulsions

Trigger deviceBrinel MF

Nitrocarbonitrate

Source: The Company.

Britanite (Brazil)

With over 50 years of experience in the explosive industry, Britanite is

leader in the civil explosive and blasting service market in Brazil.

As of today, Britanite has a total of 1.064 direct employees.

Britanite also has offices in the states of Rio Grande so Sul, Santa

Catarina, Sao Paulo, Rio de Janeiro, Minas Gerais, Pernambuco, Bahia,

Gois y Para, reaching a great part of the brazilean territory.

The Company has about 40% of market share in the Brazilian explosive

market.

Main Clients

Since 1995 Since 2006 Since 2009

Since 2014

Since 2011

255 250

314344 350

2010 2011 2012 2013 2014

Sales(Millons of Brazillian reais)

66

45

3340

52

2010 2011 2012 2013 2014

EBITDA(Millons of Brazillian reais)

5. A

cq

uis

itio

ns 2

015

17Source: The Company. .

Davey Bickford (France)

With over 150 years of experience, Davey Bickford is an

international leader in Electronic Initiation Systems.

David Bickford has a staff of 581 employees and owns a

manufacturing plant in Hery, France.

The plant has a capacity production of 45 million of pyrothecnic

components and 4 million of electronic detonators per year.

Their main products are: Initiation Systems, Electronic detonators,

Electric detonators, Non-Electric detonators and Detonating cords.

David Bickford is a prestigious international company known for its

quality and years of experience providing its services to the

explosive industry.

5. A

cq

uis

itio

ns

20

15

Leading Clients

Since 2009 Since 2009 Since 2009

Enaex is now a comprehensive company at its core business.

Since 2011 Since 2012

Electronic Devices

Manufacturers

Explosive manufacturers Cohesive Companies of

Mining Services

51 54

7165

72

2010 2011 2012 2013 2014

Sales(Millions of euros)

1

3

8

6

8

2010 2011 2012 2013 2014

EBITDA(Millions of euros)

Agenda

Enaex and its history

Enaex in the explosive market

Financial Background

19

Cash Flow Stability and Solid Financial Performance

LTM 2015*: Last twelve months to September 2015.

Source: The Company, SVS.

575

641 648 646

732

471

557

0

100

200

300

400

500

600

700

800

2011 2012 2013 2014 LTM2015*

sep-14 sep-15

Sales (Million USD)

134

152 150 154

172

115

133

0

20

40

60

80

100

120

140

160

180

200

2011 2012 2013 2014 LTM2015*

sep-14 sep-15

EBITDA (Million USD)

79

9094

99103

7478

0

20

40

60

80

100

120

2011 2012 2013 2014 LTM2015*

sep-14 sep-15

Net Profit (Million USD)

23,3% 23,8% 23,2% 23,9% 23,5%22,0%

24,5%

13,7% 14,0% 14,5%15,3%

14,1% 13,5% 13,6%

0%

5%

10%

15%

20%

25%

30%

2011 2012 2013 2014 LTM2015*

sep-14 sep-15

EBITDA Margin and Net Profit Margin

EBITDA Margin Net Profit Margin

20

Strong Financial Ratios

LTM 2015* = Las twelve months to September 2015.

Source: The Company, SVS.

0,48x0,41x

0,32x 0,34x

0,68x

1,20x

2011 2012 2013 2014 sep-15

Financial Debt (Times)

Financial Debt / Equity Covenant

10.203 10.046

11.483

13.151

14.634

8.000

2011 2012 2013 2014 sep-15

Total Equity (Thousand UF)

Total Equity Covenant

1,30x

1,00x

0,74x

0,60x

1,64x

2011 2012 2013 2014 LTM 2015*

Net Financial Debt / EBITDA (times)

29,15x

32,19x 32,88x

37,54x

30,45x

2011 2012 2013 2014 LTM 2015*

Financial Expense Coverage (Times)

21

Market Agency Rating Date

Local

AA- (stable)July

2015

AA- (stable)September

2015

Risk Rating

Conservative Financial Profile

Enaex has maintained over the years a solid credit profile

and a good liquidity position.

Solid debt structure and a healthy financial history.

Stable cash flow generation in order to meet future debt

obligations.

2014 Sept-15

Current Liquidity 1,90x 1,40x

Acid-Test Ratio 1,45x 1,00x

Leverage 0,57x 0,98x

Financial Debt 0,34x 0,68x

Cash (million USD) 89,4 80,5

Financial Ratios

Source: The Company, SVS.5.

Só

lid

a p

osic

ión

fin

an

cie

ra

0,71x 0,70x

0,55x 0,57x

0,98x

2011 2012 2013 2014 sep-15

Liabilities / Equity(Times)

Corporate Presentation

September 2015

Results