CORPORATE PRESENTATIONJune 2015

2

IMPORTANT NOTICE

Statements in this presentation concerning the Company’s business outlook or future economic

performances, anticipated profitability, revenues, expenses, or other financial items, anticipated cost

synergies and product or service line growth, together with other statements that are not historical facts,

are “forward-looking statements” and not necessarily represent future results.

Any forward-looking statements are estimates, reflecting the best judgment of ENAEX based on

currently available information and involve a number of risks, uncertainties and other factors that could

cause actual results to differ materially from those stated in such statements.

AGENDA

1

4

3

2

Company Overview

Business Description

ENAEX in the world

5

6

Innovations and Sustainability

Prillex expansion project

3

Financial Summary

COMPANY OVERVIEW1

The CompanyC

om

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verv

iew

Enaex S.A., with 94 years in the market, the largest manufacturer of Ammonium Nitrate, explosives and blasting services in Latin America

1

CHEMICALS SERVICES

INTERNATIONAL

REVENUES*

US$ 690 million

EBITDA*

US$ 158 million

NET PROFIT*

US$ 97 million

5* June 2015 Results

LOCAL SERVICE

60,72%13,57%

12,59%

13,12%

Sigdo Koppers S.A.

Austin Powder

Karlezi Solari Group

AFP Investments Funds and Others

Corporate GovernanceC

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verv

iew

1Ownership Structure Board of Directors

6

* As of June 2015

History HighlightsC

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iew

1

7

Ammonium Nitrate

plant

450.000 TON

Ammonium Nitrate

plant

100.000 TON

Acquires 33% of

Enaex S.A.

Enaex enters to

Santiago Stock

Exchange

1920

First Blend

truckStart of explosives

production

Beginning of APD and

PENT Production

1923 1964 1974 1983 1990 1999

2006 2007 2010 2012 2014 2015

Capital increase of

68 MM USD

Enaex

Argentina

CDM Project

Ammonium Nitrate

plant

850.000 TON

Expansion to Brazil

(33%)

Environmental impact

assessment for

Mejillones Project

1.200.000 TON

Foundation

Enaex acquired 91%

of Davey Bickford

Enaex acquired

100% of Britanite

BUSINESS DESCRIPTION2

4,7 4,95,3

5,6

5,4 5,35,7 5,8

0,34 0,340,40 0,43

0,530,64

0,710,73

1,1 1,1 1,11,0

0,9 0,9 0,8

-0,1

0,1

0,3

0,5

0,7

0,9

1,1

1,3

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

Copper Production (MMTons)

Explosives demand (MM Tons)

Mineral Grade (Kg/Ton)

Mining Industry OverviewB

usi

nes

s D

escr

ipti

on

1

9

2Fine Copper production (Chile)

CAGR

2% 5% (3%)

Annual Average Investment (Chile)(USD Billion/year)

• 2,3 % Annual Growth

Forecasted for 2015.

Copper Production (1992 – 2015F)

US$12 B US$ 49 B US$ 20 BTotal

Investment

Source:

• Foreign Investment Comitee; Cochilco, Dec 2014

• Corporación de bienes de capital (CDC)

• The company

• USD 74 billion Investment in

Mining Projects by 2023.

Investment in the Mining Industry

(1974 – 2014 period and Forecast)

US$ 74 B

0,6 1,4

12,3 8,2

1975-1995 1996-2010 2011-2014 2015E-2023E

42%

34%

11%

10%3%

Bulk (ANFO, Emulsions)

Ammonium Nitrate

Cartridge (Dynamites, APD, Emulsions)

Blasting services and Technical consultancy

Others

78%

22%

National

International

Ammonium Nitrate & Explosives and SalesB

usi

nes

s D

escr

ipti

on

2

10

SalesRevenue by

Market

Sales Revenue by

Product / Service

Local PhysicalSales (th tons) Exports (th tons)

4522 22

13 15

117

45

19 2113

9

108

Perú Argentina México Bolivia Others Total

jun-14 jun-15

515 558 593597

613635

2010 2011 2012 2013 2014 LTM

* June 2015 Results

* June 2015 Results

Main CustomersB

usi

nes

s D

escr

ipti

on

12

Since 1922

Since 2000

Since 1988

Since 1995

Since 1986

Since 2012

Since 1992

11

ENAEX IN THE WORLD3

SubsidiariesEN

AEX

IN T

HE

WO

RLD

1

14

3Enaex Argentina (Since 2007)

• 2 Explosives distribution center.

• 2 Plants (ANFO and Emulsions)

Enaex Colombia (Since 2008)

• Joint Venture with INDUMIL

• Plant delivered with know how of Enaex (Cartridge Emulsions)

• Contract for 10 years

Britanite (Since 2012)

• Brazilian company with over 50 years of experience in explosives

manufacture for civil works & blasting services for open air and

underground Brazilian mining industry.

• Market Share: 40%

Chemtrade (Since 2014)

• 80% of ownership

• 1 Plant (non-electric / electric detonators)

• 4 year contract with Antamina (biggest mine un Peru)

Davey Bickford (Since 2015)

• 91% of the ownership

• World leader in electronic initiation system for mining

• 1 Plant with phyrotechnic components and electronic detonators

INNOVATION AND SUSTAINABLILITY4

15

INDUSTRY CHALLENGESIN

NO

VA

TIO

N A

ND

SU

STA

INA

BIL

ITY

1

16

4

Deep mining solutions

Hidrex® Panfex®

High Rock Fragmentation Products

Prillex ULD®

Energex®

Site-specific solutions

Milodon® Truck UBT Truck Bulk Blasting

MDL Projects Blast Site Watch®

Buffer Blast control

Explosives carbon footprint

So

cia

l

Re

sp

on

ab

ilit

yM

ine

ral G

rad

eE

ne

rgy a

nd

wa

ter

Pro

du

cti

vit

y

↓4 MM tCO2

COMPETITIVITY FACTOR ENAEX IN ACTION

PRILLEX EXPANSION PROJECT5

17

PANNA 5 - MejillonesP

RIL

LEX

EX

PAN

SIO

N P

RO

JEC

T1

18

5

350,000

MT / year

New Ammonium

Nitrate Plant

Feb - 2014

Approved

Environmental

Impact Assessment

350Million USD

Investment

Amount

1,200,000

MT / year

Complex

CapacitySTARTING

19

FINANCIAL SUMMARY6

70 77 79 91 94 99 97

2009 2010 2011 2012 2013 2014 LTM

92 110 142 152 150 154 158

2009 2010 2011 2012 2013 2014 LTM

312 409

575 641 648 646 689

2009 2010 2011 2012 2013 2014 LTM

Financial HighlightsFI

NA

NC

IAL

SUM

MA

RY

1

20

4

Market Cap(US$ millions)

Revenues(US$ millions)

EBITDA(US$ millions)

Net Profit(US$ millions)

* June 2015 Results

780

1.350 1.420 1.552 1.329 1.358 1.251

2009 2010 2011 2012 2013 2014 LTM

0,71 0,700,55 0,57

0,70

0,0

0,5

1,0

1,5

2,0

2011 2012 2013 2014 LTM

1,201,00

0,740,60

1,28

0,0

0,5

1,0

1,5

2,0

2011 2012 2013 2014 LTM

Conservative Financial PositionFI

NA

NC

IAL

SUM

MA

RY

1

21

4Financial Statements(US$ Millions)

Financial Debt/ EBITDA NFD / EBITDA Leverage

ROA: ROE:

AA-Stable

Outlook

AA-Stable

Outlook

Credit Rating(Local)

10% 19%Profitability Ratios:

* June 2015 Results

Balance Sheet 2013 2014 jun-15

Total Current Assets 289 335 467

Total Non Current Assets 504 501 591

Total Assets 793 836 1058

Total Current Liabilities 148 176 282

Total Non Current Liabilities 134 125 246

Total Equity 511 533 530

Total Equity and Liabilities 793 836 1.058

1,501,30

1,10 1,20

2,36

0,0

0,5

1,0

1,5

2,0

2,5

3,0

2011 2012 2013 2014 LTM