BTG Pactual V Andean CEO Conferences21.q4cdn.com/.../BTG-Pactual-V-Andean-CEO-Conference.pdfConstruction & Real Estate 9.9% Basic Materials 5.8% Industrial 2.4% CHILEAN BANKING INDUSTRY:

Estrictamente Privado y Confidencial

1

BTG Pactual V Andean CEO ConferenceSantiago, June 2017


2

AGENDA

I. ILC at a Glance

II. ILC: Value Proposala. Proven expertise in realizing valueb. Industries with growth potential + internal improvement opportunitiesc. Disciplined capital management and strict corporate governance practices

III. Closing Remarks

IV. Appendix

2


3

I. ILC at a Glance


4

ILC AT A GLANCE

Dividend Yield LTM March 2017

11.0%at IPO’s price

ROE-Net Inc. LTM March 2017(1)

12.3% - US$134 m.

(1) FX: CLP$650/USD$Source: ILC, Superintendencia de Pensiones Chile, Superintendencia de Banca, Seguros y AFP Perú, Asociación de Aseguradores de Chile

We aim to improve the quality of life of our clients, by offering them efficient and accessible services, mainly in the financial and health sectors.

We favor the creation of value, efficiency and sustainability, guided by the values of our Controller, the Chilean Construction Chamber (CChC).

Mission:

Sectors where ILC participates

Financial & Health

AuM as of March 2017(1)

US$60 bill.in AFP Habitat, Confuturo and

Corpseguros

Local Risk Rating

AA+

Consolidated Employees

~12,200in Chile and Peru

4


5

II. ILC: Value Proposal


6

ILC: VALUE PROPOSAL

1.

Proven expertise in realizing value

2.

Industries with growth potential+ internal improvement opportunities

3.

Disciplined capital management and strict corporate governance practices

6


7

FOCUS ON THE FINANCIAL AND HEALTH SECTORS

2012Pre-IPO

Today

Financial Sector

96%

67.5% 99.9% 89.9% 99.9% 32.9% 99.9%

Health Sector IT

Financial Sector

Float:~50% international investors

~50% local investors67% 33%

40.3% 99.9% 50.6% 99.9% 99.9% 99.9%

Health Sector

Partnership with

Education

Source: ILC 7Executed in 2015-2016

Pension Funds (Chile & Peru)

Pension Funds (Chile)

Healthcare Network (Chile)

Mandatory Health Insurance (Chile)

IT Platform (Chile) School Network (Chile)

Life Insurances (Chile)

SME Bank (Chile)

Healthcare Network (Chile)

Mandatory Health Insurance (Chile)

Supplementary Health Insurance (Chile)

Disability & Survivorship Insurance (Chile)


8

72%

2%

21%

Others 5%

47%

38%

9%

7%

6% 2%

AFP Habitat and Isapre Consalud reduced their impact on results from 93% in 2010 to 56% in last twelve months as of March 2017

-8% (Others and ILC Individual)

ILC: Ordinary Net Result Pre-IPO (2010) ILC: Ordinary Net Result (LTM as of March 2017)

GREATER DIVERSIFICATION OF RESULTS

Source: ILC

8


9

94 97 106 112 111 134

34 33

343

19% 18%

14%14%

43%

12%

0%

10%

20%

30%

40%

50%

-

50

100

150

200

250

300

2012 2013 2014 2015 2016 LTM March 2017

Ordinary Net Result Extraordinary Net Result ROE (%)

Ordinary net result growth

(2012-2017)+8.4%

CAGR

8.5%annual

450US$ m.

Average Dividend yield (1)

(2012-2017)

Extraordinary net result

(2012-2017)~US$60 m. annually (average)

1

2

3

CAPEX

(2012-2017)4

CONSISTENT RETURN GENERATION

US$ m.

450

ILC: Net Result and ROE Evolution

(1) Dividend yield at IPO’s priceSource: ILC. FX: 650 CLP$ / USD$ 9


10

ILC: VALUE PROPOSAL

10

1.


2.


3.



11

2017: ORGANIZATIONAL STRUCTURE READY TO FACE GROWTH

19812013

2013

2015

2008

1984

2012

Demographic and Economic

Factors(exogenous)

Search for Regional

Expansion(endogenous)

Company

Financial

Financial

Financial

Health

Health

Health

Internal Improvement Opportunities(endogenous)

Sector

Future2012 - 2016

11Source: ILC


12

Consorcio & CN Life

17.4%

Confuturo & Corpseguros

16.5%

Metlife15.7%

Penta Vida14.6%

Bice Vida9.2%

Otros26.6%

LIFE INSURANCE INDUSTRY: DEMOGRAPHIC AND ECONOMIC POTENTIAL

Interest Rate: Programmed Withdrawal vs. Annuity Retirement Alternative Breakdown

Annuity Mkt. Share (Direct Premiums, LTM March 2017)Annuity Industry Gross Premiums (US$ m.)

US$4,220 m.

Source: AACh, SVS, Superintendencia Pensiones.FX: 650 CLP$ / USD$

12

64% 63% 61%71% 71%

36%37% 39%

29%29%

34,788 38,804 39,218

43,693 48,851

2012 2013 2014 2015 2016

Annuity Programmed Withdrawal

2,953 3,092 2,880

3,790

4,354 4,220

2012 2013 2014 2015 2016 LTM March2017

3.83% 3.92%

2.91%

3.26%3.24%

2.85%

2.74%

2.39%

2012 2013 2014 2015 2016 2017

Programmed Withdrawal Annuity


13

7,223 8,727

2013 March 2017

452

695

2013 LTM as of March 2017

ROE LTM March

201713%

Acquisition:November 2013

Acquisition price

US$ 134 m.Participation acquired

67.0%Multiple acquisition (P/B)

0.83x

Strategy:Financial turnaround

New asset allocationLower leverage derived from

new investment strategyMinority stake acquisition at

0.84x P/B

Annuity Direct Premiums (US$ m.)

Net Result (US$ m.)Portfolio Risk (March 2017)

+54% +21%

AuM (US$ m.)

13%

6%

% Real Estate

% Stocks

23%

3%

CONFUTURO: REFOCUSING ITS INVESTMENT STRATEGY AND CAPITAL STRUCTURE

Source: AACh, SVS and ILC. FX: 650 CLP$ / US$ 13

Bice Vida

Consorcio

ConfuturoCorpseguros

Euroamérica

Metlife Penta Vida

Principal

Security

Sura

8.0

10.0

12.0

14.0

16.0

18.0

0.0% 5.0% 10.0% 15.0%

Leve

rage (x)

% Equity / AuM(7.9)

24.0

50.6

65.1 66.8

2013 2014 2015 2016 LTM March2017


14

18.6%17.5%

14.7% 14.8%

17.2%

14.2%

11.0%

2010 2011 2012 2013 2014 2015 2016

Internal Credit Provided by Banking Sector 2015 (% GDP)GDP vs Bank Loans Growth (Chile)

IGPA Comparative ROE 2016Chilean Banking Industry ROE

Industry 2016 ROE

Banking 13.1%

Retail 12.6%

Construction & Real Estate 9.9%

Basic Materials 5.8%

Industrial 2.4%

CHILEAN BANKING INDUSTRY: PROFITABLE AND GROWING

Source: SBIF, World Bank, Bloomberg, BCS, Banco Central de Chile 14

194% 190%174%

147%134%

119% 111%

68%47%

37%5.8%

5.8% 5.5%4.0%

1.9% 2.3%1.6%

7.7%

17.3%

14.3%13.3%

10.7%12.2%

5.5%

2010 2011 2012 2013 2014 2015 2016

GDP Growth (real) Loans Growth (nominal)


15

AAA

AA AAAA-

A+

AA+

Scotia BICE BBVA Security - ILC

19.1

13.311.8 10.9

7.1

Bice BBVA Scotia Security BI

59.6 55.1 51.2 49.1 48.9

BI Security BBVA Scotia Bice

3.9

13.8

LTM April 2016 LTM April 2017

21.7

16.2

LTM April 2016 LTM April 2017

1,333

1,508

April 2016 April 2017

Loans (US$ m.) Risk Expenses (US$ m.)

Reciprocity(1) (April 2017, %)Efficiency (April 2017, %) Credit Rating (April 2017)

ROE LTM April

201710%

+13% -25%

Acquisition:November 2015

Acquisition price

US$ 100 m.Participation acquired

50.6%Multiple acquisition (P/B)

1.29x

Strategy:Turnaround

Focus on small and medium size companies

Risk and efficiency management

New board and management

BANCO INTERNACIONAL: FROM MACRO TO MICRO

(1) Time deposits / Total liabilitiesSource: SBIF, Banco Internacional. FX: 650 CLP$ / USD$ 15

Net Income (US$ m.)

+255%


16

40%29% 21%

56%64%

69%

4% 7% 10%

1960 1992 2014

0-14 15-64 65+

Demographic Evolution (Population by Age)GDP vs. Health Expenditure 2015 (PPA, per Capita)

Beds (Every 1,000 Habitants)Physicians (Every 1,000 Habitants)

3.8

3.3

2.62.2

1.9 1.8

4.8

3.0 2.9

2.3 2.21.6

Australia

Chile

Germany

Japan

Mexico

Spain

Switzerland

Turkey

OECD

USA

0

2,500

5,000

7,500

10,000

10,000 20,000 30,000 40,000 50,000 60,000 70,000

2 X

Per Capita GDP PPA (US$/hab.)

Per

Cap

ita H

ealth

Exp

end

iture

PP

A

(US

$/h

ab

.)

Source: OECD Health Statistics 2015, Health at a Glance 2015, World Bank, INE

CHILEAN HEALTHCARE INDUSTRY: LACK IN SUPPLY FOR GROWING DEMAND

16


17

5.9x

5.0x

4.4x

4.6x

4.8x

5.0x

5.2x

5.4x

5.6x

5.8x

6.0x

March 2016 March 2017

4.2

9.2

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

LTM March 2016 LTM March 2017

48.7 55.0

10.3%

10.5%

10.2%

10.3%

10.3%

10.4%

10.4%

10.5%

10.5%

10.6%

10.6%

45.0

46.0

47.0

48.0

49.0

50.0

51.0

52.0

53.0

54.0

55.0

56.0

LTM March 2016 LTM March 2017

EBITDA Mg. EBITDA

1,141

920

612452

370296

EBITDA Margin LTM March 2017

11%

Net Result (US$ m.) Net Debt / EBITDAEBITDA (US$ m.)

Number of Beds

+120%

Company EBITDA Mg. 2016

18.2%

13.2%

11.0%

10.8%

First-class healthcare assets across Chile

CAPEX L5Y

US$ 300 m.

Minority stake acquisition at 0.94x P/B

(June 2016)

Focus on efficiency and working capital

Improve synergies among the network

New management / corporate image renewal

Red Salud

Strategy:Operational turnaround

Comparable EBITDA Margins

-15%+20 bps

Source: ILC, Clínicas de Chile AG (November 2016). FX: 650 CLP$ / USD$

RED SALUD: AFTER EXPANSION, FOCUS ON OPERATIONS

17


18

• Prudential’s presence in Latam

• In March 2016 ILC associated with Prudential in AFP Habitat, in order to expand their footprint in the Latampension industry

• Prudential at a glance:

• Founded in 1875

• Presence in more than 40 countries

• Products:

• Life insurances• Annuities• Retirement products• Mutual funds• Investment management

• US$1,264 trillion in AuM / US$3.7 trillion inlife insurances

• 49,000 employees

• Market cap.: US$45 billion

Life insurance

Pensions

1997

1998

2006

2016

Source: Prudential

ILC – PRUDENTIAL ASSOCIATION IN AFP HABITAT

18


19

Capital17.0%

Cuprum8.0%

Habitat21.2%

Modelo13.5%

Planvital11.5%

Provida28.8%

Capital19.6%

Cuprum20.2%

Habitat27.2%

Modelo3.8%

Planvital3.4%

Provida25.8%

Market Share by Contributors (March 2017)

Average Taxable Income in Chile (US$)

• AFP Habitat has a strong presence and recognition in the Chilean pension industry:

Investment Returns (Chilean Pesos)

Market Share by AuM (March 2017)

Source: Superintendencia de Pensiones. FX: CLP$650 per USD$

HABITAT CHILE: CONSOLIDATION IN THE HIGH-INCOME SEGMENT

19

5.3 million

US$190billion

Dec.2009

Dec.2010

Dec.2011

Dec.2012

Dec.2013

Dec.2014

Dec.2015

Dec.2016

March2017

Ave

rage T

axab

le In

com

e

(US

$)

Average Taxable Income Industry Additional Taxable Income AFP HabitatRank Pension Fund Returns (L3Y, March 2017)

Habitat Capital Cuprum Modelo Planvital Provida

Fund A 1° 4° 2° 3° 6° 5°

Fund B 1° 4° 2° 3° 6° 5°

Fund C 1° 4° 2° 3° 6° 5°

Fund D 1° 4° 2° 3° 6° 5°

Fund E 1° 2° 3° 4° 6° 5°


20

Habitat16.9%

Integra31.5%

Prima23.1%

Profuturo28.4%

Peruvian Labor Force Breakdown (2015)

Workers: 15.9 m.

Market Share: AuM and Affiliates (March 2017)

(1) PPPS: Peruvian Private Pension SystemSource: SUNAT, INEI, CELADE, SBS. FX: 3.25 PEN$ / USD$

PERUVIAN PENSION INDUSTRY: FAVORABLE SCENARIO DRIVEN BY DEMOGRAPHY AND LOW LABOR FORMALITY

20

AuM per Affiliate March 2017 (US$)

Investment Returns PPPS(1) (Peruvian Soles)

Independent35%

Formal27%

Informal73%

Rank Pension Fund Returns (L3Y, March 2017)

Habitat Integra Prima Profuturo

Fund 1 1° 2° 3° 4°

Fund 2 1° 2° 3° 4°

Fund 3 1° 3° 4° 2°

Habitat2.5%

Integra39.9%

Prima31.6%

Profuturo26.0%

997

8,528 9,209

6,149 6,737

Habitat Integra Prima Profuturo PPPS

US$43billion

6.4 million


21

Metlife22.4%

Security Previsión13.1%

Euroamérica11.3%Vida Cámara

9.9%

Chilena Consolidada

9.8%

Otros33.6%

ConsaludFacing an adverse scenario due to higher loss ratios and

judicializationsCommercial know-how

Currently implementing efficiency improvements

#4 largest company in supplemental health insurances in Chile

Experience in collective contracts

New CEO and commercial turnaround

Market Share Isapres by Beneficiaries (March 2017) Market Share Supplemental Health Insurances by Premiums (March 2017)

Source: ILC, AACh, Superintendencia Salud. FX: 650 CLP$ / US$

US$575 m.3.3 m.

Vida Cámara

CONSALUD AND VIDA CÁMARA

21

Colmena17.1%

Cruz Blanca20.8%

Vida Tres4.4%Óptima

0.6%Masvida16.3%

Banmédica20.8%

Consalud20.0%


22

ILC: VALUE PROPOSAL

22

1.


2.


3.



23

98

6 6 6 6 6 6 6 6 6 6

40 40 40

8 8 8 8 8 -

20

40

60

80

100

120

140

-

20

40

60

80

100

120

140

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041

Bank Loans ILC-C ILC-D ILC-F ILC-H Liquidity (If: Stress Scenario)

Net Financial Debt / Total Equity

DISCIPLINED CAPITAL MANAGEMENT

ILC’s net debtUS$224 million (1)

Consolidated net debtUS$776 million (1)

ILC’s cashUS$97 million (1)

ILC Rating RiskAA+

Dividend Policy by Subsidiary

23(1) ILC Financial data as of March 2017FX: 650 CLP$ / US$

Debt: 76% BondsBanks 24% (1)

Amortization Schedule ILC (March 2017, US$ m.)

Stress Scenario: Cash + Dividends from Subsidiaries – ILC Dividends @ 30% = ~US$120 m.

0.38x0.55x

0.85x 0.69x 0.65x

1.00x

1.20x

Dec. 2013 Dec. 2014 Dec. 2015 Dec. 2016 March 2017

NFD / Equity Cov. C - Series Cov. D,F & H - Series

3M17Distr. Net Income

(Th. US$) Dividend Pol. % Ownership (%)

Habitat 24,334 90% 40.29%

Red Salud - 100% 99.90%

Consalud* 4,320 100% 99.90%

Vida Cámara 3,702 100% 99.90%

Inversiones Confuturo 23,236 30% 99.90%

Banco Internacional 1,678 30% 50.60%

Total 57,271


24

STRICT CORPORATE GOVERNANCE STANDARDS

• Each of ILC’s subsidiaries has an independent Board of Directors and Management, who maximize the return of its company

67.0%

16.1%International Investors

Subsidiary’s Board of Directors

Subsidiary’s Management

• The Company is controlled by the Chilean Construction Chamber, a non-profit entity, which annually elects five of the seven directors of ILC during its Shareholders’ Meeting

Directors’ Committee

Investment Committee

ILC’s Board of Directors

ILC’s Management

ILC elects Board

Members

• ILC has a Committee of Directors, responsible for reviewing financial information and auditor’s reports, related parties transactions, remuneration systems, internal auditing procedures, among others

• ILC has also an Investment Committee responsible for reviewing financial decisions undertaken by ILC

• Other initiatives to enhance ILC’s Corporate Governance: Corporate Governance Manual, Ethic Code, Crime Prevention Model, Whistle Blows Channel, Comptroller, Management Control Department, among others

• The Chairman is elected for one year, renewable for a second period

Local Investors 16.9%

24

100%


25

3. Closing Remarks


26

INVESTMENT HIGHLIGHTS

One of the largest Asset Managers in Latam

Consolidated controlling shareholder

Solid and stable credit risk rating

Proven access to capital markets

Demonstrated track-record in non-

discretionary industries

Attractive and consistent dividend

yield

26


27

4. Appendix


28

SUMMARIZED FINANCIAL STATEMENTS AND SUBSIDIARIES FIGURES

Figures as of March 2017 / FX: CLP$663.97 per USD$Inversiones Confuturo Net Debt: US$148 m./ ILC Net Debt: US$219 m. 28

Ba l ance Sheet

Th. US$ March 2017 Dec. 2016

NON I NSURANCE ACTI V I TY ASSETS 1,431,774 1 ,433,965

Total Current Assets 370,922 393,739

Total Non Current Assets 1,060,852 1,040,226

TOTAL I NSURANCE ACTI V I TY ASSETS 9,127,122 8 ,998,628

TOTAL BANKI NG ACTI V I TY ASSETS 2,215,205 2 ,126,724

TOTAL ASSETS 12,774,101 12,559,317

NON-I NSURANCE ACTI V I TY LI AB I LI TI ES 1,098,467 1 ,088,123

Total Current Liabilities 491,008 455,418

Total Non Current Liabilities 607,459 632,705

I NSURANCE ACTI V I TY LI AB I LI TI ES 8,458,473 8 ,371,222

BANKI NG ACTI V I TY LI AB I LI TI ES 2,022,191 1 ,934,868

TOTAL LI AB I LI TI ES 11,579,131 11,394,213

1,085,920 1,047,562

Non-Controlling Interests 109,050 117,542

TOTAL EQUI TY 1,194,969 1 ,165,104

TOTAL LI AB I LI TI ES + EQUI TY 12,774,101 12,559,317

Equity Attributable to Owners of the Parent Company

Income S ta tement

Th. US$ 3M16

NON-I NSURANCE ACTI V I TY

Operating result 10,586 7,595

Non operating result 11,907 (3,441)

Profit (loss) before tax 22,493 4,155

Profit (loss) from discontinuing operations 0 341,043

Non-I nsurance activi ty p ro f i t 20,632 344,283

I NSURANCE ACTI V I TY


Non operating result 1,515 (12,107)


I nsurance activi ty p ro f i t 29,279 24,424

BANKI NG ACTI V I TY


Non operating result (31) 5


Bank ing activi ty p ro f i t 1 ,338 2,522

PROFI T (LOSS) FOR THE PER I OD

49,810 362,626

Pro f i t attributab le to non-contro l l ing interest 1,438 8,602

3M17

Pro f i t attributab le to owners o f the parent company

I nd ividual Results

(LTM March 2017, Th. US$)AFP Hab itat

Confuturo &

Co rpsegurosBanco I nternacional Red Salud Consalud V ida Camara

I ndustry Pens ion Funds Life I nsurance Bank Healthcare ProviderMandato ry health

insurance

Vo luntary health

insurance

Revenues 257,580 1,162,685 75,828 510,669 620,522 157,550

EB I TDA / EB I TDAE N.A. N.A. N.A. 44,722 N.A. N.A.

Net I ncome 151,093 62,006 13,105 14,269 11,284 2,500

Assets 639,338 5,151,336 2,117,011 599,966 163,444 182,706

Liab i l i t ies 134,471 4,829,763 1,969,648 405,238 140,466 122,686

Equity 504,865 321,573 147,364 179,229 22,977 60,016

Net Financial Debt (75,253) 790 84,747 269,103 (22,349) (14,714)

% ownership I LC 40.3% 99.9% 50.6% 99.9% 99.9% 99.9%


29

Voluntary Savings

Pension Funds Pensions Health Insurance Healthcare Providers

GR

OS

S S

ALA

RY

10%Mandatory contribution:Fee:1.27% of gross salary

7%

Voluntary additional contribution

0% -40% Taxes

NE

T S

ALA

RY

Voluntary contribution

PE

NS

ION Programmed withdrawal

Annuity

Mandatory contribution

ILC PARTICIPATES IN NON-DISCRETIONARY INDUSTRIES

29


30

-0.22%

1.68%

2.48%

3.49%

4.32%

-0.87%

1.07%

1.74%

2.60%

3.89%

A B C D E

Habitat System

27%

3%3%

20%

20%

26%

21%

6%

5%

22%8%

37%

5

CHILEAN PENSION FUNDS REPRESENTED 69% OF GDP IN 2016

Market Players(all private)

Fee(% on gross salary,

capped at ~US$2,600)

Affiliates10.2 million

Contributors5.3 million

Pensioners1.4 million

1.27%0.41% 0.77% 1.44% 1.48% 1.45%*

AuMUS$179 Billion

Taxable Income

(Average, US$)

B

A

C

D

E

Distribution of assets in the Industry by type of fund

AHigher risk

ELower risk

2 3 41 6

Return of Funds 2016 (Real Terms)

97% correspond to dependent workers

Invested in: With a return of:

FX: CLP$650 per USD$. Source: Superintendencia de Pensiones*As of the end of 2016 AFP Provida’ s fee was 1.54% 30

20%

11%

15%17%

6%

31%22%

10%

13%17%

8%

30%

A12%

B14%

C35%

D17%

E21%

US$ 1,243US$ 813 US$ 896 US$ 1,147

US$ 2,023

US$ 899

1

2

34

5

6

1

2

34

5

6

1

2

3

4

5

6

1

2

3

4

5

6


31

PERUVIAN PRIVATE PENSION FUNDS REPRESENTED 27% OF TOTAL GDP IN 2016

31

0.9%0

11.6%I.

71.5%II.

15.9%III.

2.2%

40.0%

31.7%

26.1%

0.02%

43.5%

29.0%

27.5%

16.7%

33.1%

25.0%

25.2%15.7%

32.0%

23.4%

28.9%

Market Players(all private, in addition to a

state owned institution)

Fee*(% on income / % over AuM)

Affiliates6.3 million

Contributors2.8 million

Pensioners0.09 million

AuMUS$41.3 billion

Annual Contribution per Contributor / AuM per

Contributor(US$)

AuM Breakdown by FundUS$41.3 billion

III.Higher risk

0.Lower risk

2 3 41

Return of Funds 2016 (Real Terms)

Invested in: With a return of:

0.38%1.25%

% Income % AuM

0.90% 1.20%

% Income % AuM

0.87% 1.25%

% Income % AuM

1.07%1.20%

% Income % AuM

7.1% 7.5%8.5%

4.5%

6.5% 7.0%

Fund I. Fund II. Fund III.

Habitat System

620930

Annual Contrib. AuM per Affiliate

1,025

8,232


1,218

8,923


944

6,596


1

2

3

4

1

2

3

4

1

2

3

4

1

2

3

4

FX: PEN 3.3 per US$. Source: Superintendencia de Banca, Seguros y AFP PerúAFP Prima will reduce its fee to 0.18%/1.25% since June 2017


32

US$ 1,193 US$ 1,491 US$ 1,349 US$ 1,519

US$ 367

US$ 1,461 US$ 1,365

97% OF CHILEANS ARE COVERED BY HEALTH INSURANCES, OF WHICH 75% IS MANAGED BY THE PUBLIC SECTOR (FONASA)

20.7%

15.9%

20.9%

4.3%

0.6%

16.8%

20.7%

Banmédica

Cruz Blanca

Masvida

Vida Tres

Optima

Source: Superintendencia de Salud, statistics 2014Dimensionamiento del Sector de Salud Privado en Chile - 2014

Supporter

Insurer

A

C

D

E

Isapre Fonasa OthersTotal Beneficiaries

13.5 MTotal Beneficiaries

3.3 M

Consalud

Colmena

Total Beneficiaries1.1 M

Market Players(Private and open)

Market share at the level of beneficiaries to open Isapres

Average Contribution(Annual, US$)

Loss Ratio

*

Provider Private sector, according to chosen plans with Isapres

Public sector

A - B

Public sector and some private providers

C - D

Armed Forces

Chilean Army

Chilean Navy

Chilean Air Force

Chilean Police

Private sector, according to chosen plans with Isapres

Government(7% on taxable salary, capped at aprox US$3,000; with an average contribution of 10% in the case of Isapres)

FX: CLP$650 per US$ 32

86.7% 87.5% 86.3% 84.9%43.2%

88.2% 87.9%


33

THE PRIVATE HEALTHCARE SYSTEM PLAYS AN IMPORTANT ROLE TO MEET CHILEAN DEMAND FOR HEALTH

30%

70%

Public

48%

52%

Public

66%

18%

2%4%

10%

53.7%

22.7%

3.4%

11.5%

8.6%Geriatric and Phys. Clinics

Source: Dimensionamiento del Sector de Salud Privado en Chile – 2014Health at a Glance 2015

Private

Total Health Expenditure8.8% of GDP

Hospitals and Clinics~ 350

Public Hospitals

Private Clinics

Mutuals

Others

Public Hospitals

Private Clinics

Mutuals

Geriatric and Phys. Clinics

Others

Beds ~ 38 thousand

Private

Doctors~ 30 thousand

Red Salud: 858 beds

Red Salud: 11 private clinics

Geographic Distribution of Doctors in Chile

North2,418 doctors83.7 habitants by doctor

Center - North21,899 doctors47.1 habitants by doctor

Center - South4,415 doctors75.7 habitants by doctor

South1,264 doctors85.1 habitants by doctor

Private

Dentists~ 16 thousand

54%

46%

Public

Private

Nurses~99 thousand

33

54%

46%

Public

Private


34

Disclaimer:This document provides information about ILC Inversiones S.A. In any case this constitutes a comprehensive analysis of the financial, operational and sales situation of the Company, so to evaluate whether to purchase or sell securities of the Company, the investor must conduct its own independent analysis.In compliance with the applicable rules, ILC Inversiones S.A. publishes this document in its web site (www.ilcinversiones.cl) and submits to the Superintendencia de Valores y Seguros, the financial statements of the company and its corresponding notes, which are available for consultation and review.

IR Contact Information:Trinidad Valdés / +56 2 2477 4673 / [email protected] / Gustavo Maturana / +56 2 2477 4680 / [email protected] / www.ilcinversiones.cl

Documents

BTG Pactual V Andean CEO Conferences21.q4cdn.com/.../BTG-Pactual-V-Andean-CEO-Conference.pdfConstruction & Real Estate 9.9% Basic Materials 5.8% Industrial 2.4% CHILEAN BANKING INDUSTRY: