4Q18 4Q19

4Q18 4Q19

4Q18 4Q194Q18 4Q19

• At Board of Directors meeting held on March 26, Directors agrees to call an

Extraordinary Shareholders Meeting (April 24) to submit for approval a capital increase

of USD 150 million, or the amount that the Board ultimately agrees, for the financial

strengthening of the Company and to support the development of the business plan and

future investments.

• Covid-19: Due to health emergency, authorities decree the closure of Casinos and

Annex Services operations in Punta del Este (March 16), Mendoza (March 20) and Chile

(March 18). Company activates Contingency Plan with home office, strict control of

expenses and liquidity safeguard. Evaluating additional measures in case of an

extension to maintain operations closed.

• Covid-19: Risk Rating downgrade from ICR and Fitch Risk Rating, and negative credit

watch by S&P.

• At the end of December a new Enjoy Marketing Campaign was launched, and

improvements and remodeling in Casinos in Viña del Mar and Coquimbo were

inaugurated.

• Strong momentum in High Season results (January and February 2020): Revenues

+20% and Ebitda +28%.

• 4Q19 results: Revenues -9.8% and Ebitda -73.9%, affected by the social situation in

Chile, which had an extraordinary effect estimated at CLP $ MM -7,556, and lower Hold

in Punta del Este (CLP $ MM -1,321) and Santiago (CLP $ MM -1,282).

• An extension to start the new licensing regime for Pucón and Puerto Varas is confirmed

for July 2021.

• Bondholder Meeting modifies NFD/EBITDA covenant at December 2019 and

guarantees are granted.

“There are multiple relevant events that have occurred in the world and in our country in recent times and that have made us operate in a permanent contingency mode. Despite the above, we have implemented profound changes to enhance our value proposition and lay the foundations for the profitable and sustainable development of the company in the long term, given the new context of physical and digital competition, globalization, technological development and accelerated evolution of customers and consumers. This call to the Shareholders' Meeting to propose a significant capital increase seeks to consolidate the growth path that we have set ourselves and that outside the contingency periods it begins to show the expected results.

1

17,580

4,588

17,314

7,191

67,143 60,584

Mainly explained by lower revenuein Chile due to social outbreak and in Punta del Este by lower HOLD.

Loss due to lower revenues, exchange rate differences and its effects on investments abroad.

Rodrigo Larraín K. CEO

EBITDA decreased 73.9%, mainly due to social contingency in Chile. EBITDA normalized by HOLD decreased 58.5%.

CLP$ MM

(8,850)

(17,284)

Normalized EBITDA

NET INCOME (LOSS) EBITDA

REVENUE

ENJOY Punta del Este: Revenues decreased CLP $ MM -648 (↓3.4%) YoY during the fourth quarter, mainly as a result of a

lower slots WIN (CLP $ MM -976, ↓14.7% ) due to lower COIN-IN (↓10.1%), mainly due to the Argentine market, partially

offset by an increase in table games WIN (CLP $ MM +735, ↑7.7%) due to higher DROP (CLP $ MM +7,529, ↑11.9%) as a

result of the strategy of new markets development (increase of 86 VIP clients), despite a lower HOLD (CLP $ MM -1,314).

Costs decreased mainly due to savings focus as a mitigation measure (US $ MM -1,964). EBITDA reaches CLP $ MM 923

(↓63.2%).

ENJOY Antofagasta: Revenues decreased ↓6.3% YoY during the fourth quarter, as a result of the social outbreak, which

had an impact of CLP $ MM -1,081. Slots WIN decreased (CLP $ MM -198) despite a higher COIN-IN: CLP $ MM +3,116.

There was also a lower table games WIN (-31.7%).

EBITDA reaches CLP $ MM 2,075 (↓20.0%).

• ENJOY Coquimbo: Revenues decreased ↓20.4% YoY during the fourth quarter, as a result of the social outbreak, which had

an impact of CLP $ MM -1,039. A lower WIN was registered in slots machines (↓17.8%) and a lower COIN-IN (↓6.9%).

Meanwhile, the table games WIN increased (↑ 2.1%) despite lower DROP (↓13.8%).

• Costs and expenses decreased (CLP $ MM -539), less than revenues, due to a new value strategy. EBITDA decreased CLP $

MM 1,104 (↓44.3%).

• ENJOY Viña del Mar: Revenues decreased ↓15.7% YoY during the fourth quarter, as a result of the social outbreak, which

had an impact of CLP $ MM -1,127, which resulted in a lower slots WIN (↓13.5%) and a lower COIN-IN (↓3.8%). Meanwhile,

a lower WIN was also recorded at table games (↓3.5%). Costs and expenses decreased (CLP $ MM -1,614) due to lower

revenues. EBITDA reaches CLP $ MM 980 (↓22.6%).

Casino San Antonio: The reported revenue reached CLP $ MM 1,871 (↓20.8% YoY), as a result of the social outbreak,

which had an impact of CLP $ MM -347, which resulted in a lower WIN mainly due to lower COIN -IN. EBITDA reached CLP $

MM 143 (↓ 57.8% YoY) during the fourth quarter.

• ENJOY Santiago: Revenue decreased ↓30.3% YoY during the fourth quarter, as a result of the social outbreak, which had an

impact of CLP $ MM -2,030, which led to a lower slots WIN (↓3, 1%) due to lower COIN-IN (↓7.9%) and lower table games

WIN (↓68.4%) due to lower DROP (↓9.5%). In this quarter, a lower HOLD was recorded at table games (CLP $ MM -1,282).

Costs and expenses decreased (CLP $ MM -874), less than revenues, due to a new value strategy that affects prices and

marketing expenses. EBITDA reaches CLP $ MM 871 (↓ 75.1%).

Casino Los Angeles: Revenue reported during the fourth quarter reached CLP $ MM 972 (↓14.1% YoY), as a result of the

social outbreak, which had an impact of CLP $ MM -77, which led to a lower WIN mainly retail COIN-IN. EBITDA reached CLP

$ MM 188 (↓30.1% YoY).

ENJOY Pucón: Revenues decreased ↓34.6% YoY during the fourth quarter, as a result of the social outbreak, which had

an impact of CLP $ MM -1,005, which resulted in a lower slots WIN (-13, 8%) and at table games (-40.9%). While costs and

expenses decreased ↓32.6%. EBITDA reaches CLP $ MM 786 (↑8.4%).

ENJOY Chiloé: Revenues increased ↑2.6% YoY during the fourth quarter, despite the social outbreak, which had an impact

of CLP $ MM -100. This is due to a higher slots WIN (+ 14.2%) due to higher COIN-IN (CLP $ MM +2,133). EBITDA reaches

CLP $ MM 34 (↑170.8%).

ENJOY Villarrica: Revenues decreased ↓30.3% YoY during the fourth quarter, as a result of the social outbreak, which had

an impact of CLP $ MM -94. EBITDA reaches CLP $ MM 60 (↓72.4%).

ENJOY Puerto Varas: Revenues decreased ↓16.8% y / y during the fourth quarter, as a result of the social outbreak, which

had an impact of CLP $ MM -656. EBITDA reaches CLP $ MM 349 (↓28.3%).

ENJOY Mendoza: Revenues in ARS $ increased ↑57.5% YoY during the fourth quarter, as a result of a higher DROP (↑ 73.6%) and a higher COIN-IN (↑64.8%). EBITDA ARS $ M 82,543 (↑54.0%). Revenue in CLP $ increased ↑9.7% YoY and

EBITDA reached CLP $ MM 1,043 (↑6.3%).

Higher sales costs (CLP $ MM - 892) during the fourth quarter mainly due to the incorporation of San Antonio and Los Angeles

(CLP $ MM - 880) and higher costs due to the development of new markets. Meanwhile, higher expenses (CLP $ MM -4,874)

were registered due to marketing expenses to publicize the value proposal in Chile, and an increase in doubtful accounts.

GAMING 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 4Q19

# Visits 103,126 88,441 144,164 206,296 264,851 158,098 51,313 40,369 87,725 79,254 32,121 28,915 34,266 43,836 17,197 18,479 36,524 36,865

Slot Machines

Hold 7.4% 6.8% 8.8% 7.7% 8.5% 7.6% 6.5% 6.6% 6.1% 6.4% 6.2% 5.6% 9.6% 8.0% 7.5% 7.1% 5.4% 5.1%

WIN (CLP$MM) 5,128 4,930 6,249 5,140 10,166 8,796 1,871 1,598 6,970 6,753 939 684 2,015 1,737 794 907 6,625 5,649

# Slot Machines 780 783 919 919 1,500 1,500 351 347 1,030 997 206 220 453 466 246 245 537 480

Game Tables

Hold 33.1% 24.2% 22.4% 26.6% 28.7% 39.5% 20.5% 12.1% 28.9% 10.1% 19.7% 25.5% 32.4% 30.5% 35.0% 22.3% 15.1% 14.5%

WIN (CLP$MM) 1,041 711 744 760 2,411 2,327 220 105 5,345 1,687 247 364 480 284 144 91 9,509 10,243

# Game Tables 42 42 28 40 71 69 17 19 64 60 12 16 31 34 17 17 64 64

HOSPITALITY

ADR 80,320 74,755 92,221 88,391 156,040 149,254 64,767 57,820 90,032 92,172 N/A N/A 69,878 65,041 76,552 77,867 116,470 94,560

Ocupancy 74.3% 59.5% 82.5% 59.7% 81.4% 60.5% 34.0% 42.2% 68.8% 60.4% N/A N/A 67.3% 63.6% 71.1% 69.1% 79.7% 82.8%

Chiloé Punta del EsteAntofagasta Coquimbo Viña del Mar Santiago PucónSan Antonio Los Angeles

ENJOY Punta del Este:

Revenue increased ↑19%YoY during January and February 2020, due to

higher DROP (↑35%) and HOLD, driven by VIP clients from Argentina, Brazil

and new markets (increase of 94 new clients, as a result of the development

of new markets strategy).

February 2020 was the best February in ENJOY history in Game Tables.

EBITDA increases ↑39% due to higher income and focus on cost savings.

Carnival Effect: USD +2.7 million

Value proposition: intensifies in high season with tournaments, Show Crazy

Horse, Bob Sinclar among other international artists.

ENJOY Chile:

Revenue increased YoY during January and February 2020, in Antofagasta (↑ 3%), Coquimbo (↑ 4%) and Santiago (↑ 5%).

There was a greater number of visits driven by a new value proposition.

In Viña del Mar revenue decreased as a result of a drop in visits due to public

disorders registered in the area.

Higher investment in costs for new value proposal and marketing expenses

for campaign launch.

C L P $ M J A N U A R Y V A R %

Y o Y F E B R U A R Y

V A R %

Y o Y

R E V E N U E 3 6 , 8 5 0 + 1 4 % 3 4 , 5 4 3 + 2 7 %

E B I T D A 1 1 , 8 1 5 + 2 6 % 1 0 , 6 9 4 + 3 0 %

E B I T D A / M g 3 2 . 1 % + 2

b p s .

3 1 . 0 %

+ 0 . 6

b p s

CLP$ MM ∆ % y/y

Revenue 18,579 -3.4%

EBITDA 923 -63.2%

EBITDA Mg. 5.0%

Revenue 7,354 -6.3%

EBITDA 2,075 -20.0%

EBITDA Mg. 28.2%

Revenue 6,423 -20.4%

EBITDA 1,389 -44.3%

EBITDA Mg. 21.6%

Revenue 10,558 -15.7%

EBITDA 980 -22.6%

EBITDA Mg. 9.3%

Revenue 1,871 -20.8%

EBITDA 143 -57.8%

EBITDA Mg. 7.6%

Revenue 7,974 -30.3%

EBITDA 871 -75.1%

EBITDA Mg. 10.9%

Revenue 972 -14.1%

EBITDA 188 -30.1%

EBITDA Mg. 19.4%

Revenue 2,836 -24.6%

EBITDA 786 8.4%

EBITDA Mg. 27.7%

Revenue 1,557 2.6%

EBITDA 34 -170.8%

EBITDA Mg. 2.2%

Revenue 455 -30.3%

EBITDA 60 -72.4%

EBITDA Mg. 13.3%

Revenue 975 -16.8%

EBITDA 349 -28.3%

EBITDA Mg. 35.8%

Revenue 60,584 -9.8%

EBITDA 5,366 -69.5%

EBITDA Mg. 13.2%

Antofagasta

Coquimbo

UNIT

Punta del Este

San Antonio

Santiago

Viña del Mar

Chiloé

Los Ángeles

Pucón

ENJOY S.A.

Villarrica

Puerto Varas

**

**

* Excludes HOLD effect over theoretical HOLD and non-recurring expenses

** Adjustment to eliminate differences between Hold and the Theoretical Hold in the income of game tables.

Revenue 67,143 60,584 -9.8%

Sales Costs -52,784 -54,453 3.2%

Gross margin 14,359 6,131 -57.3%

SG&A expenses -5,548 -10,422 87.8%

Provision for doubtful accounts -924 -3,864 318.2%

Other income by function -1,799 -1,010 -43.8%

Other gains (losses) -1,888 -1563 -17.2%

Operating Margin 5,125 -6,864 -233.9%

Financial Income -36 164 -554.4%

Financial expenses -8,067 -8,001 -0.8%

Share of profit (loss) of associates -176 303 -272.0%

Exchange Rate Differences -2,808 -2,350 -16.3%

Indexation for designated assets/liabilities for inflation -513 -1,445 181.5%

Income before tax -6,475 -18,193 181.0%

Income tax (expense) benefit -1,512 899 -159.4%

Net Income, attributable to owners of parent -7,987 -17,038 113.3%

Net Income, attributable to non-controlling interests -862 -246 -71.5%

Net Income -8,849 -17,284 95.3%

CLP$ millions 4Q18 4Q19 ∆%

Gross margin 14,359 6,131 -57.3%

SG&A expenses -5,548 -10,422 87.8%

Depreciation & Amortization 8,769 8,879 1.3%

EBITDA 17,580 4,588 -73.9%

Hold Efect -266 2,603

Normalized EBITDA 17,314 7,191 -58.5%

Normalized EBITDA Margin 25.8% 11.9%

Quarter

Quarter

CLP$ millions 4Q18 4Q19 ∆%

54,764 - - - - - - - -

7,012 14,024 14,024 14,024

91,158 146,004

2020 2021 2022 2023 2024 2025 2026 2027 2028

US$ bonds UF bonds Others

NFD/EBITDA Aj. Ratio reached 6.05x at the

end of the fourth quarter 2019. At

Bondholders' Meeting held in December 2019

it was agreed to:

Waiver measurement in dec 2019

Temporary increase:

From mar 2020 to dec 2020: 6.5x

From mar 2021 to dec 2021: 5.5x

From mar 2022 to dec 2022: 5.0x

From mar 2023 onwards: 4.5x

25,728 Revolving

debt

CLP$ MM dec-19

Short term bank debt 25,728

Long term bank debt

Leasing 21,148

Commercial papers 29,409

Guarantees 520

Local Bond 140,121

Internacional Bond 145,232

Total 362,158

*: According to International Bond Indenture

dec-18 dec-19

# Stocks 4,694,959,928 4,694,959,928

Market Cap  CLP$ 265 MM  CLP$ 102 MM

Financial Ratios

NFD / Aj. EBITDA 4.31x 6.05x

Total liabilities / Total Equity 2.75x 3.46x

Short term debt 0.29% 0.29%

Long term debt 0.71% 0.71%

NFD / Equity 1.47x 1.95x

Aj. EBITDA / Net Financial Expenses* 2.25x 2.16x

Release in Working Capital as of December 31, 2019 : CLP$ MM 15.569

• Positively impacted in Chile due to increase in accounts accounts payable, due to accounts payable structure

optimization and accounts receivable recovery

Series1 Series3

Working capital

CLP$MM

Operative Working Capital dec-18 dec-19 dic-18 dec-19 Var.

Trade debtors and other accounts receivable, current 21,581 18,370 32,167 34,407 -1,543

Inventories 2,580 2,755 1,635 1,568 125

Trade debtors and other accounts receivable, no current 38,203 50,191 24,987 23,478 10,864

Total -14,042 -29,066 8,815 12,497 -12,282

Tax Working Capital 8,375 7,135 6,513 5,828 1,750

Other Working Capital -1,272 -1,794 -11,338 -12,701 1,537

Total 16,786 -1,634 15,569

Chile Uruguay

CLP$MM US$M

Accounts payable days

Accounts receivable days

%

ProformaDec

2019**

37.7% 38.1% 38.6% 38.2% 38.5% 39.1% 39.0% 39.6% 37.6%

2011 2012 2013 2014 2015 2016 2017 2018* 2019*

41.0%

* Includes Casinos in San Antonio & Los Angeles **Includes Casino in Puerto Varas

Investor Relatios CFO: Esteban Rigo-Righi

Head of Investor Relations: Carolina Galvez

e-mail: inversionistas@enjoy.cl

Disclaimer The information presented in this document has been prepared by Enjoy S.A. (hereinafter the "Company" or "Enjoy, with the purpose of providing general

background information about the Company.) In its preparation, information provided by the Company and public information has been used.

In the opinion of the administration of Enjoy SA, these consolidated financial statements adequately reflect the financial and economic situation of the

Company as of December 31, 2019. All figures are expressed in Chilean pesos (Closing exchange rate 748,74 CLP / USD as of December 31, 2019) and are

issued in accordance with the provisions of General Standard No. 346 (which repealed General Standard No. 118 and modified General Standard No. 30)

and Circular No. 1,924, both, of the Superintendence of Securities and Insurance.

Enjoy S.A. is a Public Limited Company incorporated by public deed dated October 23, 2001.

Enjoy S.A. is the parent company of a group of companies dedicated to the exploitation of gambling casinos, hotels, discos, restaurants, event halls, shows,

traders, leasing companies, importers, exporters of slot machines and their accessories, real estate companies, investment companies and agencies of

business, among others, which are organized through three subsidiaries of the first line, which are detailed below:

• Enjoy Gestión Ltda., Is the society under which mainly companies that are dedicated to the operation of gaming casinos, restaurants, hotels, night clubs,,

event halls and shows, among others and also companies that provide advisory services, are grouped. management and operation to the rest of the group

companies and third parties.

• Inversiones Enjoy S.p.A., is the company under which the investments and operations abroad are grouped.

• Inversiones Inmobiliarias Enjoy S.p.A., is the company under which the real estate business in Chile is grouped.