8th Annual AndeanConference 2014-

Larrain Vial

Worldwide Fishing Industry

World �sh supply

3

Usage of world �sh supply

In the last 30 years, aquaculture has grown at an annual rate of ~8%, covering 40% of the �sh supply as of 2011.

Fish consumption is expected to continue growing given global trends towards healthier eating and increasing demand from developing markets.Wild catch levels are virtually stagnant due to conservation of biomass resources.

Million MT

+ 35%

+ 1,097%

180160140120100

80604020

0

1981 1986 1991 1996 2001 2006 2011

Aquaculture

Wild catch

Million MT140

120

100

80

60

40

20

02000 2002 2004 2006 2008 2010

Fresh

Cured

Frozen

Canning

+ 49%+ 14%

+ 48%

+ 27%

Source: FAO

Fish oil main usage

Aquaculture �shmeal consumers

Fishmeal main usage

Indirect Human Consumption

4

Aquaculture is the primary end use of �shmeal and �sh oil, representing 68% and 78% of total production in 2011.

Fishmeal and �sh oil are highly demanded in aquaculture due to its high conversion factors, better immunity levels and adequate digestibility, reasons why they can not be substituted totally.Signi�cant demand for piglets in China swine production and increasing demand of �sh oil for Omega 3 extracts.

100%90%80%70%60%50%40%30%20%10%

0%1960 1980 2008 2009 2010 2011

Others

Pig

Chicken

Aquaculture

5% 8%

65% 63% 68%73%

100%90%80%70%60%50%40%30%20%10%

0%1970 1990 2009 2010 2011

Industrial

Others

Aquafeed

20%10%

80% 70%78%

Shrimp

Salmonids

Marine Fish

Others

27% 30%

21%22%

Shrimp

Salmonids

Marine Fish

Others

27% 30%

21%22%

Source: FAO, IFFO

Indirect Human Consumption

Fishmeal and Fish Oil prices

5

Limited supply and increasing demand has led to a gradual increase in �shmeal and �sh oil prices.

The price depends on the following factors: Total amount of �shmeal produced. Quality of the �shmeal which is a function of the quantity of protein (TVN) and the freshness of the anchovy (histamine).The increase of �shmeal prices is mainly driven by: Low grade of substitution. Increasing demand and �at supply: restrictions on the amount allowed to be �shed of anchovies.

US$ / MTFish oilFishmeal2,500

2,000

1,500

1,000

500

0

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

2014 (*)

(*) Data as of February 2014. Source: IFFO.

Suitable environment for anchovy due to the convergence of “Humboldt” and “El Niño” currents.Length of the coast with more than 2,000 km.

Local unloading of �sh resources

Indirect Human Consumption

6

Perú: historical presence of �sh resources. Favorable macroeconomic fundamentals and unique geographic aspects.

Source: PRODUCE

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Thousand MT

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

Indirect Human Consumption

Local unloading of IHC resources

7

Perú: important development of Indirect Human Consumption. Anchovy: only authorized resource for IHC industry, with high protein levels.

Peruvian anchovy has signi�cant advantages over other species: Not a migratory �sh. Short development: reproduction cycle of 6 months. Close presence to the coast.

Source: PRODUCE

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0

Thousand MT

19941995

19961997

19981999

20002001

20022003

20042005

20062007

20082009

20102011

20122013

Perú: �rst producer of �shmeal in the world. Year 2011: 30%. Perú, �rst exporter of �shmeal in the world. Year 2011: 41%. Opportunity to generate added value.

World �shmeal production (2012) World �shmeal exports (2012)

Perú: leading producer & exporter

8

Leading producer & exporter of �shmeal and �sh oil. Due to low presence of aquaculture in Perú, production is oriented to international market.

Source: IFFO.

Peru

China

Thailand

Chile

USA

Others

42%

18%

12%

11%

11%6%

Peru

Chile

Denmark

USA

Iceland

Others

32%43%

4%5%

6% 10%

Perú: leading producer & exporter

Historical permited �shing days

9

E�ective regulatory system: Individual Fishing Quotas (ITQ), leads the industry to focus on quality and e�cient usage of �eet and plants.

Before - Global Quota System (“Olympic Race”): Competition between participants. Focus was on increasing speed. Ine�cient operations and reduced quality of �shmeal and �sh oil. Environmental contamination. Short �shing season.

Since 2009- Individual Transferable Quota System: Individual quota assigned by vessel. Overall �eet reduction (1,200 to 500). Lower �xed costs. Extension of the �shing season. Better planning of production and diversi�cation. E�ciency and better quality.

ITQ

OlympicRace

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

227200

175147

105

48 47 49

179

128

174 161 157

Pesquera Exalmar S.A.A.

Pesquera Exalmar S.A.A.

11

Leading competitive position with signi�cant diversi�cation potential.

More than 30 years in the industry.

Diversi�cation in Direct Human Consumption (DHC).

Plants strategically located throughout the Peruvian coast, with 6 processing plants, 2 frozen plants and 1 unloading line.

21 vessels in operation with 7,181 m3 storage capacity and 6 with Refrigerated Sea Water “RSW” (2,600 m3) also used for DHC.

Certi�cations include GMP B2, IFFO, BASC and OHSAS 18001. For 2014: ISO 14001 and BRC.

N-CS

Pesquera Exalmar S.A.A.

12

1992-1999 2000-2008 2009 2010 2011-2013

Revenues 1998:US$ 19.5 mm

Revenues 2008:US$ 117 mm

Revenues 2009:US$ 128 mm

Revenues 2010:US$ 183 mm

Revenues 2012:US$ 217 mm

Investments in Plantsand vessels

IPO and additionalquota acquisition

Higher ITQ and DirectHuman ConsumptionSound �nancial strategy ITQ system adjustment

Acquisition of processing plants: 1992 Casma 1995 Tambo de Mora 1997 Huacho 1999 Chicama.Building of new vessels

2004: issuance of short term notes in Peru.2007: Private Equity takes 22.7% stake in the company. 2008: Syndicated loan (USD 80MM).

Fix cost reduction: only 14 vessels operate the �rst year of ITQ.Investments in Direct Human Consumption.

Listing on Lima Stock Exchange with capital injection of US$ 100MM.Acquisition of additional quotas reaching 6.45% of north center area and 4.34% in the south area. Strengthen Direct Human consumption (DHC).RSW system to 6 vessels.

2011: Syndicated loan US$ 140 MM2012: New DHC Plant in Paita.

2013: New DHC Plant in Tambo de Mora. All �shmeal plants with Steam dried system. Bonds issuance of US$ 200 MM (January 2013)

Indirect Human Consumption

13

Continuous improvement and solid presence in the IHC segment. Close relationship with independent vessel owners.

6 plants with 434 MT/hour of total installed capacity, strategically located along Peruvian coast.

All plants operate with Steam Dried System.

Overall improvement of �shmeal quality.

21 operating vessels with an assigned quota of 6.45% in the North-Center region and 4.34% in the South region.

The Company exports substantially all of the produced �shmeal to investment grade countries.

Exalmar’s ability to buy third party catch allows the Company to: Increase its share of production beyond assigned quota. Make better use of facilities. Generate a higher total EBITDA. Reduce �xed costs.

Indirect Human Consumption

14

Fishmeal exports (*)

Historical processing (North-Center)

Fish oil exports (*)

China

Indonesia

Taiwan

Chile

Vietnam

Others76%

8%

4%3%3% 6%

Denmark

Chile

Norway

Japan

China

32%

3%

62%

2005

700600500400300100200

02006 2007 2008 2009 2010 2011 2012 2013

Own catch (%) Third party (%)

392

271328

372

523

364

622

397466

40%

47%35%

26%45%

43%

45%

39%45%

60%53% 65% 74% 55%

57%55% 61% 55%

(*) Data as of December 2013.

Own catch (North-Center)

Conversion factor for �shmeal

Plants capacity

Production (Thousand MT)

Operations

15

7%

6%

5%

4%

3%

2%

1%

0%

400

350

300

250

200

150

100

5

-2005 2006 2007 2008 2009 2010 2011 2012 2013

234

144212

276 287

177

339

240269

2.70% 2.40%

3.50%4.50%

4.90%

5.70%6.45%

6.45%

6.45%Catch (Thousand MT)Exalmar's Catch / Global Catch

2005 2006 2007 2008 2009 2010 2011 2012 2013

23.3%

22.6%22.5%

22.8%22.8%

23.4%23.2%

22.8% 22.8%

2005 2006 2007 2008 2009 2010 2011 2012 2013

106

17

74

17

92

12

61

1391

21

83

18

85

19144

31

119

25

Fishmeal Fish oil

Name Capacity IHC(MT/hr)

Total 434

10

100

90

84

50

100

Capacity DHC(MT/day)

683

108

575

Paita

Chicama

Chimbote

Huacho

Callao

Tambo de Mora

North-Center Quota

Global Quota North-Center

16

Exalmar: 3rd largest producer of �shmeal and �sh oil in Peru in terms of volume, supplementing its quota via third-party catch from independent �shermen.

Company 1st season 2013

14.10%

10.76%

8.50%

6.86%

6.51%

6.45%

6.21%

40.61%

1

2

3

4

5

6

7

8 Others

2nd season 2013

14.10%

10.76%

8.50%

6.86%

6.51%

6.45%

6.21%

40.61%

% of Total ProcessedCompany 1st season 2013

22.71%

15.24%

10.83%

10.55%

10.24%

9.72%

7.57%

13.11%

1

2

3

4

5

6

7

8

2nd season 2013

23.77%

16.16%

11.83%

9.85%

8.25%

8.70%

7.35%

14.09%Others

Anchovy individual �shing quota: 6.45% in North- Centre and 4.34% in the South.Independent �sherman typically sell their assigned quota to larger companies. Exalmar’s ability to buy third party catch allows it to increase its share of national production. Strong business relationship with independent vessel owners: (i) Providing �nancial and operational advisory, (ii) O�ering onshore and o�shore �shing logistical support, (iii) Structuring tailor-made anchovy purchase agreements.

Source: Produce. Source: Produce.

Exalmar’s own and third parties catch

Global Quota North-Center

17

Thousand MT2nd season

20111st season

2012Total

As of December 2012

Global Quota

E�ective catch

E�ective catch/Quota (%)

Exalmar’s catchparticipation

Season

2,500

2,448

97.9%

11.6%

23/11-31/01

2,700

2,623

97.1%

10.6%

02/05 - 31/07

5,200

5,071

97.5%

2nd season2012

1st season2013

Total

As of December 2013

810

732

90.4%

11.2%

22/11-31/01

2,050

1,993

97.2%

10.8%

17/05-31/07

2,860

2,725

95.3%

2012

Thousand MT

Thirdparties

2013

396.7

466.4

156.2

240.5

197.8

268.6 Owncatch

E�ective catch of 2013 (2,725 thousand MT) represents 53.7% of 2012 (5,071 thousand MT).The quota of 2nd season 2013 (2,304 thousand MT) allowed an increase of production on November and December 2013.

2nd season 2013: E�ective catch: 98.7%. Exalmar’s participation: 11.7%.

Direct Human Consumption

18

Consolidating its presence in DHC segment.

Development of new products lines: fresh and frozen �sh.

Constant monitoring of the world market trends to diversify o�er and generate products with increased added value.

Extension of relationship with independent �shermen.

Development of social responsibility projects to promote the adequate use of marine resources.

Public bidding for tuna quota: Exalmar awarded part of lot 1, corresponding to 739.94 m3.

Mahi Mahi Mackerel Jack Mackerel Giant Squid

Mackerel and Jack Mackerel

19

On February 6th 2014, Exalmar obtained the de�nitive license to operate the frozen plant of Tambo de Mora.

Also, on February 27th obtained the �nal authorization to operate three more mackerel and jack mackerel �shing vessels for Direct Human Consumption.

Mackerel andJack Mackarel

2011

Total 434

Global quota C-N

E�ective catch

Exalmar’s catch

Exalmar’s catchparticipation

240,000

233,660

9,270

4.0%

2012

434

160,000

112,310

6,777

6.0%

2013

434

106,000

60,329

3,941

6.5%

2014 (*)

434

152,000

-

-

-

(*) Season started on January 16th andwill �nished on December 31st.

Paita plant (other species)

20

2012

Paita Plant Production

MT

2013

3,425

6,082

Giant squid

Mahi mahi

Squid

Anchovy

Scallops84%

13%

3%

87%

4%3%

4% 2%

Production 2012 Production 2013

Financial Performance

Revenues were a�ected by lower beginning stocks and lower production, higher prices and more DHC revenues.Gross margin was a�ected by lower revenues and higher ban expenses.Net income a�ected by lower quota and higher �nancial expenses.

P&L Composition

22

Millions of US$ 2012 2013 Var %

Revenues

Gross Pro�t

Operating Income

Pre-Tax Income

Net Income

EBITDA

% of revenues

Gross Margin

Operating Margin

Net Income Margin

EBITDA Margin

$217.0

$58.6

$34.8

$27.3

$21.2

$60.6

27%

16%

10%

28%

$168.9

$40.9

$21.0

($4.8)

$0.7

$41.6

24%

12%

0%

25%

-22%

-30%

-40%

-31%

Revenues Composition

23

Revenues 2012 Revenues 2013

2012

Fishmeal Fish oil Anchovy DHC

US$ MM

2013

158129

4323 6 10 15

2

Fish meal

Fish oil

Anchovy

DHC

20%

4%

73%

14%

9%

76%

IHC Revenues: Fishmeal & Fish Oil

24

60,000

45,000

30,000

15,000

0

1,000

1,750

1,500

1,250

1,000

Q111Q211

Q311Q411

Q112Q212

Q312Q412

Q113Q213

Q313Q413

Volume Average Sales Price (US$/MT)Fishmeal

14,000

10,500

7,000

3,500

0

2,500

2,100

1,700

1,300

900

Q111Q211

Q311Q411

Q112Q212

Q312Q412

Q113Q213

Q313Q413

Fish oil (*)Volume Average Sales Price (US$/MT)

ThousandsMT

2012

Fish oil Revenues

MT

US$/MT

Fish OilRevenues(US$)

28,264

1,532

$43,302

11,628

1,979

$23,008

2013

ThousandsMT

2012

Fishmeal Revenues

MT

US$/MT

FishmealRevenues(US$)

120,226

1,315

$158,155

79,903

1,616

$129,103

2013

(*) Fish oil considers also low quality production surplus.

Fishmeal and Fish Oil Stocks & Sales

25

Thousands MT 2012

Fishmeal

2013 Var.

Begininng stock

Production

Sales

Reprocessing

Ending stock

40.6

90.6

120.2

0.1

11.1

11.1

106.2

79.9

1.3

38.7

-73%

17%

-34%

249%

Thousands MT 2012

Fish oil

2013 Var.

Begininng stock

Production

Sales

Reprocessing

Ending stock

80.2

21.4

28.3

0.1

1.4

1.0

17.1

11.6

-0.0

6.5

-88%

-20%

-59%

360%

2012Production Sales

Thousand MT

2013

90.6106.2 120.2

79.9

2012Production Sales

Thousand MT

2013

21.4 17.1

28.3

11.6

DHC Revenues

26

Frozen

Fresh

Others

12%

83%

9%

88%

2012

US$ MM

2013

9,676

14,991

DHC Revenues 2012 DHC Revenues 2013

Increase in revenues of 55%, explained by the higher production of Paita Plant (+78%).

Cost of Production

27

2012 2013 Var %

Ban days

Total Processed(*)

Own Catch*

Third Party*

Third parties buying price**

Catch Cost(**)

Cash Catch Cost(**)

Processing Cost (***)

Cash Processing Cost (***)

Ban Expenses (US$MM)

204

397

241

156

318

88

78

216

196

27

208

466

269

198

299

110

96

230

195

27

2%

18%

12%

27%

-6%

25%

23%

7%

-1%

-1%

Ban &Processed

Volume

Costs

It was recorded 208 ban days, which re�ected in higher ban expenses (16% of revenues vs. 12% of 2012).

Increase of fuel and personal costs led to higher catch cost (+23%).

Higher volume from third parties a�ected the third parties buying price (-6%).

(*) Thousand MT. (**) US$/MT of anchovy. (***) US$/MT Fishmeal & Fish Oil

Gross Profit and Net Income

28

Net Income a�ected by: Lower quota. Higher �nancial expenses (bonds issuance in January 2013).

2012

Cost of Sales Ban Expenses Gross Margin

2013

60%

12%

27%

60%

16%

24%

2012

Gross margin Operatingmargin

Net Incomemargin

EBITDA margin

US$ MM2013

27%24%

16%12%

0%10% 28% 25%

Gross pro�t was a�ected by: Lower revenues (-22%). Higher ban expenses (16% of revenues vs. 12% of 2012) and non production costs of DHC (+1.2 US$ MM).

Company debt

29

Issuance: US$ 200 MM in the international capital market.

Issue Date: February 1st, 2013.

Maturity Date: January 31st, 2020.

Interest: 7.375% per annum.

Use of proceedings: repay the syndicated loan (US$ 140 MM), while balance will be used for several company investments.

Active Leasing operations funding for Freezing Plant (DHC).

BondsDebt (Million US$)

56

207

264

7

Short term debt

Long term debt

Total debt

Cash

Net debt 257

2012

Net Financial Expenses

US$ MM

2013

9.4

26.8

CAPEX

30

IHC Investments: Maintenance work on �shing nets. Environmental requirements. Fishmeal plants.

DHC Investments: Tambo de Mora Plant. Paita Plant. RSW Vessels for DHC.

CAPEX composition 2013

IHC Plants

Vessels

Administratives

DHC Plants

45%

35%

15%5%

2005 2006 2007 2008 2009 2010 2011 2012 2013

41.5

5.2 5.2

16.520.3

12.8 14.2

27.8

44.4

US$ MM

T. (511) 441.4420F. (511) 441.4643W. www.exalmar.com.peD. Av. Victor Andrés Belaunde 210, San Isidro, Lima Perú