Corporate Presentation September 2015 Results Agenda Enaex and its history Enaex in the explosive market Financial Background Net Profit (MM 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 Products Services AA- (stable) International Subsidiaries LTM 2015* = Last twelve months to September 2015 Source: The Company, SVS. CAGR = 13,6% CAGR = 14,8% CAGR = 15,6% Sales (MM USD) EBITDA (MM USD) Enaex at a Glance (2) Board of Directors 4 Ownership Structure Juan Eduardo Errzuriz OssaPresident Jorge Carey TagleVice President Juan Pablo Aboitiz DomnguezDirector Alejandro Gil GmezDirector Norman Hansen FernndezDirector Naoshi Matsumoto TakahashiDirector Horacio Pavez GarcaDirector Kenneeth Pickering EwenDirector Sergio Undurraga SaavedraDirector Enaex is an important subsidiary of SK Group (Million USD / LTM 2015*) (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. SalesEBITDA Net Profit Chilean Explosive Company is founded Sigdo Koppers acquires 33% of the companys shares Sigdo Koppers takes control of Enaex, increasing its ownership interest to 50.01% Increase capacity production of ammonium nitrate in Prillex, bringing the company's total capacity to tons per year A new capacity increase in the Prillex complex, which brings it to a total capacity of tons of ammonium nitrate per year 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 First Ammonium Nitrate plant is built with a production capacity of 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 (O 2 ) 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. CHEMICALS SERVICES 7 Constant Concern for Innovation and CSR (1) Solutions for deep mining and slopes HidrexPanfex High Fragmentation Prillex ULD Energex Scaling Solutions Milodon TruckUBT TruckMassive Blasting CDM projects Blast Site Watch Vibration Control Carbon footprints of explosives CSR Mineral Law Energy and Water Productivity and Logistics 4 MM tCO 2 Competitive FactorENAEX 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 Andrs Errzuriz as the most innovative CEO of the year. 10 Management with a wide Experience and Background 1. Management with a wide experience and background 11 Mining Market and Explosive Demand in Chile 1,4x Source: The Company, Cochilco, Foreign Investor Committee (CIE). 2. Market Leadership 12 # 1 in LATAM # 3 Worldwide EGAN = Explosive Grade Ammonium Nitrate. Source: The Company, CRU, Bloomberg. 2. Market Leadership Market Leadership of EGAN in LATAM 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 Source: The Company, SVS 2. Market Leadership 14 Long-term relation with regional customers Source: The Company, SVS. 3. Important customer base portfolio HQ 3 4. International Subsidiaries Important Global Presence Source: The Company. 16 Main Products Detonator Strings Cone Emulsions Trigger device Brinel 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 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 1995Since 2006Since 2009 Since 2014 Since Acquisitions 2015 17 Source: 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. Acquisitions 2015 Leading Clients Since 2009 Enaex is now a comprehensive company at its core business. Since 2011Since 2012 Electronic Devices Manufacturers Explosive manufacturersCohesive Companies of Mining Services 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 Source: The Company, SVS. 20 Strong Financial Ratios LTM 2015* = Las twelve months to September Source: The Company, SVS. 21 MarketAgencyRatingDate 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. 2014Sept-15 Current Liquidity1,90x1,40x Acid-Test Ratio1,45x1,00x Leverage0,57x0,98x Financial Debt0,34x0,68x Cash (million USD)89,480,5 Financial Ratios Source: The Company, SVS. 5. Slida posicin financiera Corporate Presentation September 2015 Results