2018

With 98 years of history in the Chilean market, Enaex S.A. is

THE MAIN AMMONIUM NITRATE PRODUCERand supplier of comprehensive rock fragmentation servicesfor the mining industry in Latin America

Enaex has a global presence, a solid financial position, low debt levels and is controled by Sigdo Koppers Group.

57 70 77 79 91 94 99 10585 80 79

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

6792 111

134 152 150 154181 165 164 166

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

321 312409

575 641 648 646762 692 705 783

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Sales(MM USD)

EBITDA(MM USD)

Net Profit(MM USD)CAGR

9,5%CAGR

3,3%

CAGR

9,3%

Source: The Company, CMF.

Board Directors December 2018 Ownership Structure

201720162015201420122010 2018

Enaex acquires70% of

Cachimayo.

Enaex launch new technological

developments: RoboMinerand Mine-iTruck.

2018201720162015201420132012

2016

2017

2018

TechnologicalInnovation

in the Mining Industry

23,9% 23,7% 23,9% 23,3%21,2%

15,3%13,7%

12,3% 11,4%10,1%

2014 2015 2016 2017 2018

EBITDA Margin andNet Profit Margin

EBITDA Margin

Net Profit Margin

99 10585 80 79

2014 2015 2016 2017 2018

Net Profit(Million USD)

646762

692 705783

2014 2015 2016 2017 2018

Sales(Million USD)

154181 165 164 166

2014 2015 2016 2017 2018

EBITDA(Million USD)

Source: The Company, CMF.

60%N H 3of Costs

30%

70%

Short

Term

Long

Term

Long and 1

1 Short Term 1

1Debt

96 105

15

100

1 year 2 years 3 years 4 years 5+ years

Maturity Profile as of December 2018(Million USD)

Other

Working Capital

Source: The Company, CMF.

182

362 308 282 297

2014 2015 2016 2017 2018

Financial Debt(Million USD)

Financial Debt includes hedging instruments.

615 651 602 563 591

232 267245 271 312

847918

846 834903

2014 2015 2016 2017 2018

Volume Sales Evolution(Thousand Tons)

Chile Others

Source: The Company, CMF.

563

80 100 28 29 20 - 14

834

591

87 120 19 17 25 23 22

903

Chile Perú Brasil México Argentina Bolivia Australia Otros Total

Sales by Country(Thousand Tons)

4Q17 4Q18

1,18x

2,01x 1,86x 1,71x 1,79x

2,00x

2014 2015 2016 2017 2018

Financial Debt / EBITDA(Times)

Financial Debt/ EBITDA

Covenant

Financial Debt includes hedging instruments.

37,54x

18,76x

11,44x 11,48x 12,95x

2014 2015 2016 2017 2018

Financial Expense Coverage(Times)

0,34x

0,65x0,51x 0,44x 0,46x

1,20x

2014 2015 2016 2017 2018

Financial Debt(Times)

Financial Debt / EquityCovenant

Financial Debt includes hedging instruments.

Source: The Company, CMF.

13.137 15.360 15.401 14.827

16.291

8.000

2014 2015 2016 2017 2018

Total Equity(Thousand UF)

Total Equity UF

Covenant

0,57x

0,98x0,84x 0,81x 0,84x

2014 2015 2016 2017 2018

Liabilites / Equity(Times)

0,60x

1,37x1,18x

0,99x1,19x

2014 2015 2016 2017 2018

Net Financial Debt / EBITDA(Times)

Net Financial Debt includes hedging instruments and Cash.

AA (stable)

AA- (stable) (July 2018)

(December 2018)

Source: The Company, CMF.

2018