BTG Pactual IV Andean CEO Conference – Nov 2015

Raúl Gamonal CFO – Javiera Mercado IR

Ownership structure

2

19,3% 2,0% 31,3% 47,4%

49,0% 47,32%

52,68%

51,0% 99,0%

75,0% 99,9%

50,93% 30,56%

25,0%

11,03% 57,79%

Iron Ore Mining Steel Production Steel Processing

Mitsubishi

Corporation

Pension

FundsInvercap Other

Compañía Minera

del Pacífico

Compañía Siderúrgica

Huachipato

Intasa

Novacero

Cintac

Infrastructure

Cleanairtech Tecnocap

Source: CAP, as of October 2015

3

Iron ore mining

4

CAP Mining has three

different areas of operation

in the north of Chile,

located around the cities of:

• Copiapó

• Vallenar

• La Serena

Cities

Mines

Plants

Ports

Copiapó

La Serena

Punta Totoralillo Port

Vallenar

Guacolda II Port

Los Colorados

Pellets Plant

El Algarrobo

Magnetite Plant

El Romeral

Guayacán Port

El Tofo

Cristales

Desalination Plant

El Laco

Cerro Negro Norte

Copiapó Valley

Huasco Valley

Elqui Valley

Mining sites

5

Cerro Negro Norte mine

6

Magnetite plant

Los Colorados mine

Pellets Plant

9

Iron ore El Romeral mine

10

Mining property

Source: SERNAGEOMIN

• Top 3 position in exploration concessions

• More than 700.000 meters drilled over the period 2008-2014

Hectares in exploration concessions - Chile

N° Company Hectares %

1 BHP Chile Inc 1.917.100 11,33

2 Compañía Contractual Minera Los Andes 841.100 4,97

3 CAP 677.700 4,01

4 Teck Exploraciones Mineras Chile Ltda 629.700 3,72

5 Antofagasta Minerals S.A. 514.500 3,04

6 Codelco 435.500 2,57

Hectares in exploitation concessions - Chile

N° Company Hectares %

1 Soquimich S.A. 2.861.157 20,06

2 Codelco 840.704 5,89

3 Minera Escondida Limitada 363.798 2,55

4 SCM Virginia 252.532 1,77

5 Enami 250.847 1,76

6 Antofagasta Minerals S.A. 231.392 1,62

7 CAP 205.788 1,44

As a result of continued successful exploration campaigns, iron ore resources have increased

progressively over the years, reaching 7,250 million tons in 2014

(1) Resources: Minerals measured on a geological ore content feasible of being mined. (2) Reserves: Minerals measured on a geological content feasible of being mined economically. (3) CMP has the contract for processing the tailings of the Candelaria copper mine.

Source: CAP Minería 11

0

1.000

2.000

3.000

4.000

5.000

6.000

7.000

8.000

2009 2010 2011 2012 2013 2014

Mineral resources (1)

Tofo 27,7%

Pleito Cristales 32,8%

Los ColoradosDistrito 43,3%El Laco 49,2%

El Algarrobo Distrito30,3%El Algarrobo 45,5 %

CNN 31,7%

Candelaria 10,0%

Romeral 28,2%

Los Colorados 34,7%

3.249 3.478

4.716

5.367

6.351

7.250

Mine/Deposits & Grade (% Fe)

0

500

1.000

1.500

2.000

2.500

2009 2010 2011 2012 2013 2014

Reserves (2)

Tofo 26,1%

El Laco 56,7%

El AlgarroboDistrito 35,5%

El Algarrobo 49,0%

CNN 36,3%

Candelaria 10,0%

Romeral 30,5%

Los Colorados36,5%

2.278

2.040 2.039

1.364 1.403

2.214

Mine/Deposits & Grade (% Fe)

Resources and reserves of magnetic ore

BF and DR Pellets (Fe 65% - 67%)

Pellet Feed (Fe 66% - 69%)

Lumps (Fe 62%)

Fines (Fe 62%-63%)

12

Mining products

Shipments (Th.MT)

Shipments by markets and products as of September 2015

13

China 69%

Chile 8%

Japan 8%

Bahrein 8%

Korea 6%

Others 1%

10.213

11.469 12.246 12.086

12.952

9.595

2010 2011 2012 2013 2014 2015 (E)

Jan – Sep 2015

14.396

Contracts, 68%

Spot, 32%

Iron ore shipments and markets

Self - fluxing pellets and DR pellets,

25,5%

Pellet feed, 61,7%

Sinter feed, 11,0%

Lumps, 1,1% Other, 0,8%

14

Qingdao Iron and Steel

Wuhu Fuxin Iron & Steel

RGL Group*

HBIS Group

Xinyu Iron and Steel

Rizhao Iron and Steel

Yaochang Group

Fangda Iron and Steel

Hangzhou Iron and Steel

Jinan Iron and Steel

Wanbao Group

CAP Acero

JFE Steel Corporation

Kobelco

Nisshin Steel

Bahrain Steel

Koch

Cargill*

Deutsche Bank*

Posco

Glencore*

* Acts as trader

Top ten client, by volume, as of September 2015

Main clients

15

Steel production

CAP Acero

• Steel business reorganization to produce 700 kt/y, with one

blast furnace

• Strong adjustment in its industrial processes and workforce

lowering costs and expenses

• Sustainable growth in long products demand mainly due to the

need of grinding media supply to the mining sector

Shipments and prices

Talcahuano

16

671

1.113 1.124 859

701 526

799

883

811 737

700

590

0

100

200

300

400

500

600

700

800

900

1.000

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

2010 2011 2012 2013 2014 As of September 2015

US$

/To

n

Th.M

T

Shipments Prices

Steel focus on long products

-22

-17

-9 -12

-9 -7 -6 -5 -3 -3 -4

-14

-44

-10 -7 1 2 2 5

3

5 8 7

4

-60

-50

-40

-30

-20

-10

0

10

20

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Impairment

Net income

EBITDA

-56

-31

Net Income and EBITDA evolution

• Due to the reorganization and adjustment in industrial processes, the steel company has managed to

generate positive cash flow over the last nine quarters

EBITDA: Gross Margin – S&AE + Depreciation and Amortization, over the last twelve months

Recovery of cash generation (EBITDA)

18 Steel processing

• Creates value-added solutions for the construction,

industry and infrastructure sectors in Chile, Peru and

Argentina

• Chile is LATAM´s most intensive user of steel in

construction

• Main flat steel importer of the Pacific coast of South

America

Shipments and prices Sales by Sector September 2015

19

297

370 400 412

381

286

1.199 1.252

1.167 1.119

1.013 985

,0

200,0

400,0

600,0

800,0

1000,0

1200,0

1400,0

,0

100,0

200,0

300,0

400,0

500,0

600,0

2010 2011 2012 2013 2014 As ofSeptember

2015

US$

/To

n

Th. M

T

Shipments Price

Construction 62%

Infrastructure/Roads 7%

Industrial 26%

Other 5%

Steel processing

Steel processing reorganization towards a lighter and lower cost structure

Cac S.A.

Cintac SAIC Inmobiliaria Cintac S.A.

Centroacero S.A.

Steel Trading Company

INC.

Cintac S.A.

Cintac SAIC Tupemesa S.A.

99.99% 99.99% 99.99% 100%

99.99% 89.48%

• Assets availability for rental (or sale): Centroacero, 55,600 m2, US$1.3 million yearly

Varco Pruden, 36,000 m2, US$0.8 million yearly

20

2014 2015

• As of september 2015, Tupemesa and Cintac sold non strategic real estate assets, generating an income of MUS$ 4,166

Reorganization and assets availability

21

Infrastructure

Desalination plant

22

Infrastructure

Power transmission line

23 23

• Cleanairtech (desalination plant) and Tecnocap (power transmission line) started their operations

during 2014. As of September 2015, the infrastructure business has contributed to the holding

company as follows:

US$ million Jan – Sep 2014 Jan – Sep 2015

EBITDA 25,4 42,9

Net Income (2,2) 6,6

Water desalination and power transmission

24 Global industry update

• Shift in growth strategy in China from investment to consumption

• Lower demand for commodities push prices down

-3.0% -1.0% 2.3% 2.4% 2.4% 2.9% 3.1% 3.0%

6.8% 6.3% 6.0% 6.1%

-3.8% -0.6% 1.0% 1.5%

2015 2016 2017 2018

Source: IMF GDP growth estimates, October 2015

25

Emerging markets performance and China economic

influence worldwide

Source: Goldman Sachs 26

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E

Mill

ion

to

nn

es

Mill

ion

to

nn

es

Australia Brazil RoW Seaborne demand

Seaborne iron ore supply/demand projection

Source: Platts, October 2015

Platts IODEX and 1% diff vs Platts IO fines 65%

27

45,00

65,00

85,00

105,00

125,00

145,00

165,00

185,00

Jan

-13

Feb

-13

Mar

-13

Ap

r-1

3

May

-13

Jun

-13

Jul-

13

Au

g-1

3

Sep

-13

Oct

-13

No

v-1

3

De

c-1

3

Jan

-14

Feb

-14

Mar

-14

Ap

r-1

4

May

-14

Jun

-14

Jul-

14

Au

g-1

4

Sep

-14

Oct

-14

No

v-1

4

De

c-1

4

Jan

-15

Feb

-15

Mar

-15

Ap

r-1

5

May

-15

Jun

-15

Jul-

15

Au

g-1

5

Sep

-15

Oct

-15

($/dmt)

Platts IO fines 65% Fe

IODEX CFR CHINA 62% Fe plus 3* Mid Range Diff

Iron ore price evolution

Cliffs Canada

Price/cost related mine closure

1.5 Mtpy

Northland Resources

Sweden

Price related production cut

2.0 Mtpy

IMX Resources

Australia

Placed into administration – likely closure

1.6 Mtpy

Shree Minerals

Australia

Price related mine closure

0.1 Mtpy

Kimberley Metals

Australia

Price related production cut

1.7 Mtpy

Noble Resources Australia

Price related mine closure

1.5 Mtpy

Labrador Iron Mines Canada

Price related mine closure

1.7 Mtpy

Feb – 14, US$ 121 per ton

Jun – 14, US$ 93 per ton Jul – 14, US$ 96 per ton

Aug – 14, US$ 92 per ton

IRC Russia

Lack of finance

1.0 Mtpy

MMX Brazil

Price related, lack of finance

6.0 Mtpy

Bellzone Guinea

Lack of finance

0.5 Mtpy

Sep – 14, US$ 83 per ton W Desert Resources

Australia

Price related mine closure

2.0 Mtpy

Oct – 14, US$ 81 per ton

JSW/Minera Santa Fe

Chile

Price related mine closure

2.0 Mtpy

London Mining

Sierra Leone

Price related, lack of finance

5.0 Mtpy

Mt. Gibson

Australia

Technical failure

4.0 Mtpy

Nov – 14, US$ 73 per ton

Pluton Resources Australia

Price related mine closure

0.8 Mtpy

Cliffs Canada

Price related mine closure

6.0 Mtpy

Iron Valley Australia

Price related mine closure

0.2 Mtpy

Source: Platts and The Commodity Manual, Morgan Stanley, February 2, 2015 * Others include Iran, Canada, Malaysia, Peru, Mongolia, Indonesia, Mexico, Russia, Venezuela, USA, New Zealand, Kazakhstan, Serbia

Dic – 14, US$ 69 per ton

African Minerals

Sierra Leone

Lack of finance, price related

20 Mtpy

Dannemora

Sweden

Lack of finance

1.2 Mtpy

Others

China, India, Others*

Price related closures

99 Mtpy

Jan – 15, US$ 67 per ton

Arrium Australia

Price related mine closure

3.6 Mtpy

CITIC Australia

Technical, commissioning issues

4.0 Mtpy

Iron ore – production cuts of 170 Mtpy in 2014

28

Iron ore – production cuts in 2015

2015 Iron Ore mine production/capacity cuts (price driven)

Date Country Company Asset Mt

Price Platts

62% CFR China

(US$/dmt)

Reason/Impact

China Various privately owned 100 Price related closures

15-mar USA US Steel Keetac pellet plant 5.5 57.0 Price / demand related

15-ene Australia Arrium Southen Iron 4.0 67.6 Price related mine closure

15-mar Brazil Ferrous 2.2 57.0 Price / demand related

15-sep Argentina MCC Sierra Grande 57.1 Price related cut - vol unknown

Total 111.7

2015 Iron Ore mine production/capacity cuts (non-price driven)

15-ene Australia CITIC Sino Iron 4.0 67.6 Technical, commissioning issues

15-jul Australia Rio Tinto Pilbara 10.0 52.1 Weather-Infrastructure related

15-jul South Africa Kumba Thabazimbi 1.0 52.1 Slope failure

Total 15.0

Source: Morgan Stanley, October 2015

“China’s production quantity of iron ore (crude ore) in September surveyed by the National Bureau of Statistics

of China was 131,564 thousand tons, down 4.4% from the same month last year. Its cumulative production

quantity in the period of January-September was 1,015,999 thousand tons, down 9.0% from the same period

last year.” The Tex Report, October 29, 2015 29

Iron ore – trade balance and price forecast

Source: Wood Mackenzie, October 2015

30

Iron ore – short term price forecast consensus

US$/dmt (62% Fe) 2016:

Institution Report date Q4-15 Q1-16 Q2-16 Q3-16 Q4-16

Commerzbank AG 19-Oct-15 56 60 63 64 66

Westpac Banking Corp 16-Oct-15 50 51 56 51 47

Itau Unibanco Holding SA 1-Oct-15 52 50 50 50 50

Prestige Economics LLC 28-Sep-15 57 61 65 70 75

Citigroup Inc 23-Sep-15 50 45 40 38 40

Capital Economics Ltd 11-Sep-15 45 45 50 55 55

Intesa Sanpaolo SpA 9-Feb-15 55 60 60 60 60

Toronto-Dominion Bank 24-Aug-15 58 60 62 64 64

Goldman Sachs Group Inc, 14-Aug-15 48 46 44 n.a. n.a.

Spot price 53,7

Median - 52 51 56 58 58

Median vs. Spot - -3,2% -5,1% 4,2% 7,0% 7,0%

Source: Santander, Bloomberg, October 2015

31

Source: Wood Mackenzie, July 2015 32

• Even though the forecasted increase in iron ore volumes has happened, the global export

volumes are showing a decline in Fe grade

Higher supply…but lower Fe grade

Source: Wood Mackenzie, July 2015

33

• Under a low demand scenario, the discount for sub-60% iron ore could increase, impacting

the margins of low grade producers

• Producers such us Fortescue are highly sensitive to low grade discounts

Risk of higher low grade discounts

34

50

55

60

65

70

75

80

85

Au

stra

lia

Bra

zil

S. A

fric

a

Ukr

ain

e

Iran

Pe

ru

Ch

ile

Ru

ssia

Mau

rita

nia

Oth

ers

US$/t Average price (US$/t) – 1H15

Source: China Customs Statistics

43,5%

3,6% 0,7%

5,2%

0,0%

5,0%

10,0%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

45,0%

50,0%

Ukraine Chile S. Africa Brazil

Pellets versus total imports – 1H15

Source: China Customs Statistics

CMP produces high quality products

Premium for higher grades ... but most concentrate producers are struggling …

Source: Platts, December 2014

35

2013 2014

CMP’s cash cost (US$/t) 57,4 49,2

International iron ore price adjustment and

CMP’s cost reduction

Premium for higher grades ... but most concentrate producers are struggling …

Source: Platts, August 2015

36

1Q 2015 1H 2015

CMP’s cash cost (US$/t) 37,8 36,4

International iron ore price adjustment and

CMP’s cost reduction

34,3

3,3 7,6

2,4 1,3 0,0 1,4

1,1 2,6

1,5

51,8

20

30

40

50

60

70

80

90

100

110

120

130

Cash cost asof Sep 2014

CandelariaTailings

Outsourcing Rawmaterials

Materials Energy Personneland GE

Oil Exchangerate

Various(Incl. water)

Cash cost asof Sep 2015

US$

/t

CMP cost and expenses reduction efforts

Average Platts 62% Fe CFR China (US$ /dmt) as of September 2015

Realized CMP’s average iron ore price as of September 2015

104,2

83,1

52,4

58,5

Decrease in cash cost Increase in cash cost

Cash cost = Cost of sales – Depreciation & Amortization [Cost of sales = Operational cost (excl. SG&A)]

37

CMP cash cost projected by operation (2H15)

Cash Cost (US$/t)

Magnetite plant 36.8

Cerro Negro Norte mine 36.1

Los Colorados mine 34.4

El Romeral mine 44.2

Average Cash Cost 35.9

38

Source: Platts, November 2015

39

Freight rates Brazil - China

0

5

10

15

20

25

30

02

/01

/20

14

23

/01

/20

14

13

/02

/20

14

06

/03

/20

14

27

/03

/20

14

17

/04

/20

14

08

/05

/20

14

29

/05

/20

14

19

/06

/20

14

10

/07

/20

14

31

/07

/20

14

21

/08

/20

14

11

/09

/20

14

02

/10

/20

14

23

/10

/20

14

13

/11

/20

14

04

/12

/20

14

25

/12

/20

14

15

/01

/20

15

05

/02

/20

15

26

/02

/20

15

19

/03

/20

15

09

/04

/20

15

30

/04

/20

15

21

/05

/20

15

11

/06

/20

15

02

/07

/20

15

23

/07

/20

15

13

/08

/20

15

03

/09

/20

15

24

/09

/20

15

15

/10

/20

15

05

/11

/20

15

US$

/dm

t

Steel price evolution

Source: CRUspi, November 2015

00

50

100

150

200

250

300

350

Jan

20

07

May

20

07

Sep

20

07

Jan

20

08

May

20

08

Sep

20

08

Jan

20

09

May

20

09

Sep

20

09

Jan

20

10

May

20

10

Sep

20

10

Jan

20

11

May

20

11

Sep

20

11

Jan

20

12

May

20

12

Sep

20

12

Jan

20

13

May

20

13

Sep

20

13

Jan

20

14

May

20

14

Sep

20

14

Jan

20

15

May

20

15

Sep

20

15

US$

pe

r to

n

CRUspi North America

CRUspi Europe

CRUspi Asia

00

100

200

300

400

500

600

Jan

20

07

May

20

07

Sep

20

07

Jan

20

08

May

20

08

Sep

20

08

Jan

20

09

May

20

09

Sep

20

09

Jan

20

10

May

20

10

Sep

20

10

Jan

20

11

May

20

11

Sep

20

11

Jan

20

12

May

20

12

Sep

20

12

Jan

20

13

May

20

13

Sep

20

13

Jan

20

14

May

20

14

Sep

20

14

Jan

20

15

May

20

15

Sep

20

15

US$

pe

r to

n

CRUspi Flats

CRUspi Longs

CRUmpi

41

Financial performance

CAP’s financial highlights as of September 2015

42

USD Million 2010 2011 2012 2013 2014 Jan-Sep

2015

Sales 1.994 2.787 2.470 2.297 1.790 1.079

EBITDA (L12M) 740 1.184 764 708 381 286

EBITDA Margin 37,1% 42,5% 30,9% 30,8% 21,3% 20,1%

Net Income 590 442 234 184 56 4

Cash 981 883 711 309 348 397

Gross Financial debt 1.001 628 719 932 1.270 1.284

Net Financial debt 20 (255) 8 623 922 887

Capex 207 282 777 975 450 54

Net Financial Debt/EBITDA - - - 0,88 2,42 3,10

Iron Ore Shipments (Th tons) 10.213 11.469 12.246 12.086 12.952 9.595

Platts 62% Fe CFR China (US$/t) 146,82 169,37 130,08 135,13 96,77 58,5

CMP’s financial highlights as of September 2015

43

USD Million 2010 2011 2012 2013 2014 Jan-Sep

2015

Sales 1.271 1.770 1.406 1.431 942 459

EBITDA (L12M) 782 1116 720 678 309 206

EBITDA Margin 61,5% 63,1% 51,2% 47,4% 32,8% 29,9%

Net Income 902 700 355 402 113 17

Cash 558 501 205 46 50 53

Gross Financial debt - - - 159 483 566

Net Financial debt (558) (501) (205) 113 433 513

Capex 121 222 655 911 299 29

Net Financial Debt /EBITDA - - - 0,17 1,40 2,68

Iron Ore Shipments (Th tons) 10.213 11.469 12.246 12.086 12.952 9.595

Platts 62% Fe CFR China (US$/t) 146,82 169,37 130,08 135,13 96,77 58,5

44

EBITDA contribution by business (L12M)

77%

97% 94% 94%

98%

89%

69%

18%

-3%

0%

-2% -2%

4% 9%

5% 6% 6% 8%

4% 7% 8%

15%

-20%

0%

20%

40%

60%

80%

100%

2009 2010 2011 2012 2013 2014 As of September 2015

Iron Steel Steel Processing Infrastructure

45

Flexibilization of financial covenants with CAP and CMP lenders*

Additional liquidity available: US$300 million

2,00x

2,50x

3,00x

3,50x

4,00x

4,50x

5,00x

5,50x

6,00x

Old New

0,00x

0,50x

1,00x

1,50x

2,00x

2,50x

3,00x

Old New

* Covenants included in CAP’s syndicated loan and CMP’s revolving credit facility

CAP syndicated loan matures in April, 2016

• As of today, the CAP group has access to three revolving credit facilities: CMP’s, which was negotiated in 2014, and two new facilities for CAP that were closed this year

CMP revolving credit facility (BTMU) CAP revolving facility (EDC) CAP Revolving facility (SMBC)

Amount Up to US$350 million Up to US$100 million Up to US$50 million

Tenor 5 years 5 years 3 years

Financial covenants New New New

Undrawn amount US$150 million US$100 million US$50 million

Net Financial Debt to EBITDA EBITDA to Net Financial Expenses

Relevant financial updates

46

2013 2014 2015

Fitch Ratings BBB/Stable

outlook BBB/Stable

outlook BBB-/Stable

outlook

S&P BBB-/Stable

outlook BBB-/Stable

outlook

BB+/Stable

outlook

Credit agencies last review

47

Business outlook

Seeking higher margins in CAP Mining

48

Reorientation of product mix • Shipments for around 14.3 million MT in 2015 consider an increase in pellets, to a total of 4 million MT • The change in the mix should enhance margins, as pellets have a premium over the pellet feed

2014 As of September 2015

Pellet feed, 72%

Self-fluxing and DR pellets, 14%

Sinter Feed, 7%

Others, 6%

Pellet feed, 62%

Self-fluxing and DR pellets, 26%

Sinter Feed, 11%

Others, 2%

Continued efforts in reducing costs and expenses, combined with a weaker Chilean Peso, lower oil prices and idle capacity in the mining services industry in Chile will reduce the average 2014 FOB cash cost of US$ 49.2 per ton to approximately US$ 36.1 per ton in 2015

49 49

• Cleanairtech (desalination plant) and Tecnocap (electric transmission line) started their operations

during 2014 and are projected to contribute to the consolidated 2015 EBITDA and net income as

follows:

US$ million Cleanairtech Tecnocap

EBITDA (E) 43,6 7,4

Net Income (E) 7,1 3,0

New EBITDA from CAP Infrastructure in 2015

29

43

60

40 33

13

0

10

20

30

40

50

60

70

2010 2011 2012 2013 2014 Jan-Sep2015

US$

mill

ion

50

There are no relevant investments planned for the short-term, therefore pressure on cash disbursements has been diminished.

Investment rate has followed a slower pace, of around US$20 million per quarter, mainly related to maintenance CAPEX

Drilling and exploration expenses reduction • Expenses have averaged US$41 million per year

during the last 5 years.

• As of September, 2015, this concept amounts to US$12.5 million

Protecting CAP’s cash flow and liquidity levels

142 207

282

777

975

450

18 21 15 0

200

400

600

800

1.000

1.200

2009 2010 2011 2012 2013 2014 1Q15 2Q15 3Q15

US$

mill

ion

CAPEX limitation

0

20

40

60

80

100

120

140

2016E 2017E 2018E 2019E 2020E

US$

mill

ion

Growth

Cost reduction

Sustainability

Maintenance

68

87

115 102

95

• Maintenance for the period 2016 – 2018 includes the replacement of machinery and equipment

at Los Colorados mine, maintenance at the Pellets Plant and the blast furnace lining at CAP

Acero, among others

• The growth CAPEX for the period 2018 – 2020 considers an increase of sinter feed production at

the Huasco Valley and thermal power generation in Huachipato

51

Steel safeguards

Wire rod price evolution

CAP Acero vs CIF imports of Chinese steel

Source: CAP Acero, Aduana de Chile Source: Steel Orbis, CRU

Wire rod FOB prices in China and other markets

• Wire rod accounts for 20% of CAP Acero’s production

• Due to the openness of the Chilean economy, CAP Acero is competing with international steel prices,

highly influenced by Chinese imports

• Chilean authorities imposed a provisional safeguard of 37.8%, which will be in place for 200 days, starting

in October 2015

52

Future maximization of EBITDA contribution from

our ports

53

Punta Totoralillo:

• 29 km north of Caldera

• Iron ore shipping

• 200,000 dwt

• Max capacity: 12 million t/y

• Effective utilization: 4.5 million t/y

Guacolda II:

• Located in Huasco City

• Iron ore shipping

• 300,000 dwt

• Max capacity: 12 million t/y

• Effective utilization: 7.2 million t/y

Huachipato:

• San Vicente bay

• Unloading coal, limestone an iron ore & finished steel shipping

• Max capacity: 2 million t/y

• Effective utilization: 1 million t/y

Guarello:

• Guarello island, south

• Limestone shipping

• 800 kt/y

• Max capacity: 0.8 million t/y

• Effective utilization: 0.5 million t/y

Guayacán:

• Herradura bay, Coquimbo

• Iron ore shipping

• 165,000 dwt

• Max capacity: 6 million t/y

• Effective utilization: 2.7 million t/y

Las Losas:

• Located in Huasco City

• Multi purpose port

• Max capacity: 2 million t/y

• Effective utilization: 0.4 million t/y

Total capacity CAP ports: 34.8 Mt/y

Note: Weighted average of port utilization: 47%

Efforts for growth and value creation –

Diversifying to copper

Productora

• Pre feasibility study underway

Alice

• Broadening scope together with

Productora

Pajonales/Frontera

• Future prospects

Cities

Mines

Plants

Ports

Copiapó

La Serena

Punta Totoralillo Port

Vallenar

Guacolda II Port Los Colorados

Pellets Plant

El Algarrobo

Magnetite Plant

El Romeral

Guayacán Port

Tofo North

Cristales

Desalination Plant

El Laco

Cerro Negro Norte

Productora

Alcaparra

Pajonales

Sierra Tofo + Chupete

54

Frontera

Alice

Conclusions

55

Under current market conditions, the protection of the company’s cash flow and liquidity levels are of

the utmost importance

Cost reduction initiatives and productivity improvements are at the center of management efforts

CAP Mining

Efficiency plans have resulted in significant cash

cost reductions, which together with a value added

product mix are maintaining positive margins

Despite the current negative global environment,

the company has improved its operational

productivity allowing for the projection of a positive

long term view

Product diversification towards copper exploitation

CAP Steel

Positive cash generation attained and continuous

cost cutting efforts applied towards profitability

Studying alternative use of CSH’s assets to create

value

Safeguards attained from government authorities

after providing evidence of unfair competition

CAP Steel Processing

Largest flat steel processor in the Pacific coast of

South America

Transition to value added innovative solutions for

industrial (electricity self-generation through

photovoltaic warehouse roof designs) and

residential construction

CAP Infrastructure

Stable business supported by long term contracts

Potential growth in desalinated water production and

port businesses

This information material may include certain forward-looking statements and projections provided by CAP S.A. (the “Company“) with respect to the financial condition, results of operations, cash flows, plans, objectives, future performance, and business of the Company. Any such statements and projections reflect various estimates and assumptions by the Company concerning anticipated results and are based on the Company’s expectations and beliefs concerning future events and, therefore, involve risks and uncertainties. Such statements and projections are neither predictions nor guarantees of future events or circumstances, which may never occur, and actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements and projections. No representations or warranties are made by the Company or any of its affiliates as to the accuracy of any such statements or projections. Whether or not any such forward looking-statements or projections are in fact achieved will depend upon future events, some of which are not within the control of the Company. Accordingly, the recipient of this material should not place undue reliance on such statements. Any such statements and projections speak only as of the date on which they are made, and the Company does not undertake any obligation, and expressly disclaims any obligation, to update or revise any such statements or projections as a result of new information, future events, or otherwise

56

BTG Pactual IV Andean CEO Conference – Nov 2015

Raúl Gamonal CFO – Javiera Mercado IR