Estrictamente Privado y Confidencial
1Privado y Confidencial
July 2012
Roadshow Presentation
Estrictamente Privado y Confidencial
Disclaimer
The information contained herein has been prepared by Inversiones La Construcción S.A. (“ILC”) solely for informational purposes andis not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment or otheradvice. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of theinformation contained herein. Any opinions expressed in this presentation are subject to change without notice and ILC is under noobligation to update or keep current the information contained herein. The information contained herein does not purport to be completeand is qualified in its entirety by reference to more detailed information appearing elsewhere, if any. ILC and its respective affiliates,agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of allor any part of this material.
This presentation may contain statements that are forward-looking subject to risks and uncertainties and factors, which are based oncurrent expectations and projections about future events and trends that may affect ILC’s business. You are cautioned that any suchforward-looking statements are not guarantees of future performance. Several factors may adversely affect the estimates andassumptions on which these forward-looking statements are based, many of which are beyond our control.
2Privado y ConfidencialPrivate & Confidential ILC Page 2
assumptions on which these forward-looking statements are based, many of which are beyond our control.
The common shares may not be offered or sold in the United States unless they are registered or exempt from registration under theU.S. Securities Act of 1933, as amended (the “Securities Act”). This presentation is being made only to investors that, by means of theirattendance at this presentation, represent that they are "qualified institutional buyers" as that term is defined in Rule 144A under theSecurities Act or non-U.S. persons as defined in Regulation S of the Securities Act. Any offering of common shares to be made in theUnited States will be made by means of an offering memorandum. Such offering memorandum will contain detailed information aboutILC and its business and financial results, as well as its financial statements. Investment decisions should be solely made on the basisof the offering memorandum and not on the basis of this presentation.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscri be for or purchase any common shares.
A copy of the offering memorandum relating to the placement of common shares is available at the Superintendencia de Valores ySeguros (the Chilean Securities and Insurance Superintendence) and at ILC’s headquarters.
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Offering summary
Issuer Inversiones La Construcción S.A. (“ILC”)
Listing Venue Santiago Stock Exchange under ticker ILC
Selling Shareholder Cámara Chilena de la Construcción A.G. (“CChC”)1
Offering Structure Local Listing / Rule 144A/Reg S
Offering Size Up to 32,193,892 common shares
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Offering Size Up to 32,193,892 common shares
Shares Offered 3,687,991 (primary) and up to 28,505,901 (secondary)
Pricing Target pricing on July 19, 2012
Lock-up Period 180 days
Overallotment Option None
Bookrunners
1 Directly and indirectly (through Fondo de Inversión Privado ILC)
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Offering details
Transaction rationale Use of proceeds
� Provide market visibility and research coverage for ILC
� Introduce a new form of financing for ILC
� Strengthen ILC by adopting the best practices of publicly traded corporations
� Provide a valuation and liquidity to CChC’s main asset by reducing a high controlling stake
� Secondary proceeds
� CChC to rebalance portfolio into more liquid funds, by growing its endowment fund
� Primary proceeds
� Future capitalization of our affiliates in the healthcare business
� General corporate purposes
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Others33,0%
Ownership structure of ILC
Ownership structure pre-IPO
Others0,8%
CChC2
99.2%
Ownership structure post-IPO 1
CChC2
67.0%
1 Estimated figures. Assumes offering size of 32.2 million shares, of which 3.7 million shares are primary and 28.5 million shares are secondary; considers no overallotment option. Proforma ownership and share count consider full exercise of preemptive rights by minority shareholders2 Directly and indirectly
Total number of shares = 96,282,038 Total number of shares = 100,000,000
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ILC’s history: Key milestones
2012
20102011
20032004
20082009
� RSA increases stake in SVLC to 51%
� Acquisition of RSA stake in SVLC and subsequent sale to Bicecorp
� Vida Cámara
� Acquisition of Citigroup’s stake in AFP Habitat and subsequent sale of 14% in the stock exchange
� Second D&S insurance auction
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Source: ILC
19992000
2001
1980
2004
1984
1989
19961997
19851981
� CChC creates ILC
� Association with Citigroup and RSA to control AFP Habitat and SVLC, respectively
� First D&Sinsurance auction
� Corporate bond issuance
� Vida Cámaraexpands its product offerings to supplemental health and voluntary life insurance
SVLC (life insurance)
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We are a leading provider of retirement, insurance and private healthcare services in Chile through a group of best-in-class businesses
Company overview
Revenues Net Income1 Ownership
Retirement and Life
Insurance Sector
� Pension funds administration (AFP)
� Supplemental health and voluntary life
insurance
For the year ended December 31, 2011
US$221mm
US$297mm
US$119mm
US$67mm
67.5%
99.9%
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Sector
� Network of nine private schools and one
subsidized private school
� IT and outsourcing services
� Health insurance institution (ISAPRE)
� Hospital healthcare services
� Outpatient healthcare services
insurance
Healthcare Sector
Other Businesses
and Real Estate
US$471mm US$17mm
US$258mm US$3mm2
US$30mm US$3mm
99.9%
90.0%3
32.9%
99.9%
Note: Amounts stated in U.S. dollars have been translated at the exchange rate of CLP 519.20 per USD, which was the official rate certified by the Central Bank for December 30, 20111 Net income on a 100% basis; 2 Includes non-recurring loss related to Clínica Bicentenario start-up costs of US$12mm; 3 As of May 2012. Prior to this date, we owned 80.8% of Red Salud
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Investment Highlights 1
7Privado y Confidencial
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What makes ILC a unique investment case?
� Chile’s attractive demographics and solid economic fundamentals
� Industries with attractive growth potential
� Market leadership and strong competitive position across businesses among a
broad base of stakeholders
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� Strong and stable cash flows from complementary business units with high
potential to exploit synergies
� Experienced management team with an outstanding track record of embarking
on profitable businesses and sponsorship of a prestigious controlling
shareholder with valuable expertise
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Attractive demographics and solid macroeconomic fundamentals
Resilient population and income growth
1,1%
1,0%
0,3%
Chile
U.S.
Western
Europe
Japan (0,1%)
Strong real GDP growth
4,1%
3,6%
5,7%
4,1%
1,6%
4,5%
4,0%
5,9%
4,5%
2,7%2,4%
CAGR 2000-2010 CAGR 2011-2015EPopulation (2011-2015E CAGR)
5,6%
2,1%
1,3%
0,3%
Real Disposable Income (2011-2015E CAGR)
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Japan
Source: U.S. Census Bureau, IMF, Euromonitor; Western Europe excludes Cyprus, Luxemburg and Malta
(0,1%)
Chile’s population dynamics
GDP per capita 2011 (USD thousands)
12.9 5.6 7.0 48.1 31.5
Gross debt / GDP 2011
65% 22% 36% 100% 82%
Source: IMF and S&P
11%
14.0
Chile has the highest GDP per capita among its peers in Latin America
1,2%
Chile Brazil Peru Colombia U.S. E.U.
Credit Rating (S&P)
BBB BBB BBB- AA+A+
0,3%
0-14
15-29
30-44
45-59
60-74
75+
Female Male
0-14
15-29
30-44
45-59
60-74
75+
Female Male
2011 Population by Age Groups 2020E Population by Ag e Groups
4.7%
Source: INE
12.6%
19.5%
21.2%
21.8%
20.2%
3.7%
9.6%
18.7%
21.2%
24.8%
22.0%
Estrictamente Privado y Confidencial
(5,0)%
0,0%
5,0%
10,0%
15,0%
20,0%
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
Salary base (real) GDP (real)
Industries with attractive growth potential
ILC’s industries have benefited from Chile’s sustained economic growth…
…while maintaining room for further growth through an increase in penetration
67,0%
73,0%
90,0%
Chile
U.S.
Australia
Pension AUM as % of GDP
2,5%
5,1%
Chile
Industrial markets
Life insurance premiums as % of GDP
Salary base and GDP growth (%, real terms)
AVG: 6%
AVG: 5%
10Privado y ConfidencialPrivate & Confidential ILC Page 10
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
The healthcare industry in Chile also appears underpenetrated vis-à-vis developed markets...
…and the country’s life expectancy is expected to continue rising
77,077,2 77,3
77,577,7
77,978,1 78,2
78,478,6
76,0
76,5
77,0
77,5
78,0
78,5
79,0
2007
2008
2009
2010
2011
2012
E
2013
E
2014
E
2015
E
2016
E
Chile life expectancy
Source: EIU, US Census Bureau
Source: OECD (August 2011), Swiss Re (May 2011)
5,1%markets
Source: SAFP and Central Bank; Note: Salary base = number of AFP contributors x average salary. Growth calculated based on the average salary base for the year
Health care expenditure per capita (US$ PPP) and as % of GDP
7.164
4.815
3.922
3.867
3.851
2.941
2.817
1.088
U.S.
Switzerland
Germany
Canada
France
Spain
Japan
Chile
Source: WHO (2011)
15.2%
10.7%
10.5%
9.8%
11.2%
9.0%
8.3%
7.8%
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#2 Pension Fund Administrator
Provida29%
Habitat25%
Capital22%
Cuprum21%
Planvital3%
Modelo0%
Market leadership and strong competitive position across businesses
#1 Private Health Insurance Institution
Total AUM = US$152bn
Consalud22%
Banmédica21%
Cruz Blanca20%
Colmena16%
Másvida13%
Others¹8%
Total Contributors = 1,543,592
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Source: Clinics of Chile A.G., Cruz Blanca Salud, Banmedica and Red Salud, as of December 31, 2011Note: Red Salud includes beds of subsidiaries and affiliates
#1 Private Healthcare Provider
Source: Superintendencia de Pensiones, as of March 31, 2012 Source: Superintendencia de Salud, as of March 31, 20121Includes Vida Tres, Ferrosalud and close-ended isapres
Redsalud20%
Banmédica18%
Cruz Blanca6%
Alemana6%
Indisa5%
Las Condes4%
Others41%
Total Private Hospital Beds = 6,101
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Habitat 41,0%
Vida Cámara 44,3%
Consalud 8,3%
Red Salud 6,1%
Others 0,3%
Strong and stable cash flows on top of a conservative capital structure
Dividends received (US$mm) Diversified sources of dividends
100
152
2010 2011
2011 Total dividends received
2011 Excluding Vida Cámara
Habitat 73,7%
Consalud 14,9%
Red Salud 10,9%
Others 0,5%
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Debt breakdown (as of March 2012) 2Low indebtedness levels
0,41x
0,30x0,34x
2010 2011 1Q12
Total Debt/Total Equity 1
Source: ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 20111 Includes short term and long term financial liabilities including financial leases, divided by total equity (based on pre-money figures)2 Includes short and long term debt obligations (including current portion) and financial lease liabilities, converted at 1Q12 exchange rate of CLP 487.44 per USD
Local ratings AA/AA+ (Equivalent to A-/BBB+ in the International Scale)
Red Salud57,5%
ILC (individual)
30,3%
DD. EE.12,0%
Others0,2%
Consolidated total debt = US$434mm
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Experienced management team and sponsorship of a prestigious controlling shareholder with valuable expertise
Gastón EscalaAguirre
Lorenzo Constans Gorri
(Vice-Chairman)
Edgar BogolaskySack
Alberto Etchegaray
Aubry
José Miguel García Echavarri
Francisco Vial Bezanilla
Ítalo OzzanoCabezón
Paulo BezanillaSaavedra
Sergio TorrettiCosta
� Chairman of the board of ILC and CChC
� ILC board member since 2010
Board of directors
� Over 2,000 members
� Has demonstrated over its 60-year history a strongcommitment to providing best-in-class services to theChilean labor force, with emphasis on the middle class
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(Vice-Chairman) Aubry
Pablo Gonzalez Figari (CEO)
� Chief Executive Officer since Feb. 2010
� Previously Chief Development Officer
� 10 years Investment Banking experience
ILC COO
Robinson PeñaGaete
CEO Consalud
Marcelo Dutilh
ILC CFO and IR Manager
Ignacio Gonzalez R.
CEO AFP Habitat
CristianRodríguez
Senior management team
CEO Red Salud
Ricardo Silva Average of 25 years of relevant experience
ILC
Our
bus
ines
ses
CEO Vida Cámara
Alfonso Cortina
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Our business strategy
� Leverage our leadership in key markets to drive value creation
� Continue to promote synergies across our businesses
� Expand our presence in the Chilean market by maintaining a coherent product
offering across our businesses
�
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� Leverage on demographic and economic trends in Chile
� Maintain and enhance our strong and stable cash flows
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Business Overview 2
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Habitat: Key considerations
� Leading pension fund administrator in Chile
� Most efficient administrator in the Chilean
pension fund system
� Market leader in investment returns
� Favorable demographic and socio-economic
ILC ownership 67.49%
AUM (Mar-12) US$38.9bn
Affiliates (Mar-12) 2,161 th.
Contributors (Mar-12) 1,266 th.
Contribution rate2 (Mar-12) 58.6%
Avg. monthly salary (Mar-12) US$1,173
Revenues (2011) US$221mm
Net income (2011) US$119mm
Key metrics
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positioning
� Ample growth opportunities
� Salary base increase
� Voluntary savings products
� Incorporation of independent workers to the system
� Capture of transfers from competitors
Source: ILC and Superintendencia de PensionesNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 519.20 for 2011
Products offered
Mandatory individual capitalization account� Contributions = 10% of gross salary
(capped at ~US$3,000 per month)
Voluntary pension contributions� Tax exempt, up to a certain amount
Voluntary savings account� Allows withdrawals at any time
Programmed withdrawals� Pension payment option in which retirees
maintain their account with the AFP
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Habitat: #2 in scale, #1 in efficiency…
28,8%25,5%
21,9% 20,6%
2,8%0,3%
AUM market share (as of March 2012)
Total AUM (US$bn)
44.0 38.9 33.4 31.4 4.3 0.5
Operating expenses % Fee income (2011)
200
250
300
350
(US
$mm
)
Based on actual figures
Adjusted to Habitat’s 1.36% fee rate
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Provida Capital Cuprum Planvital Modelo
35,3%
24,6%20,7%
9,4%6,4%
3,6%
Provida Capital Cuprum Modelo Planvital
Contribution rate1 52.4% 58.6% 56.0% 78.2% 65.7% 47.2%
Contributors market share (as of March 2012)
Source: Superintedencia de Pensiones and ILC; Note: AUM figures converted to US dollars based on the official rate certified by the Central Bank for March 31, 2012: 487.441 Contributors / affiliates
0
50
100
150
20% 40% 60% 80% 100% 120%
Fee
Inco
me
(US
$mm
Expenses % Fee Income
Estrictamente Privado y Confidencial
Habitat: …and #1 in profitability
EBITDA margin 1 (2011)
65,4%60,6%
53,2%
38,1% 36,1%
20,5%
Provida Cuprum Planvital Capital Modelo
48.9%
30,7% 29,6%26,3%
17,7%
5,6%
Modelo Cuprum Provida Planvital Capital
ROAE2 (2011)
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Net Income (US$mm) and margin 2 (%)
127 122
39
35
(4)
1553% 55%
61%
2010 2011 1Q12
Net Income ex. Encaje Encaje Net margin
3
Source: Superintendencia de Pensiones and ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency1 (Total Income – Operating Expenses ex-D&A) / Total Income2 Calculated based on average beginning and end of period shareholders’ equity3 ILC’s share of Habitat’s FY 2010 net income is higher (US$282mm); this includes one-time gain related to the adjustment of Habitat’s book value to fair value as a result of the acquisition of stake held by Citigroup
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Red Salud: Key considerations
� Industry with an attractive demand outlook
� Leading private healthcare provider in Chile
� Extensive nationwide coverage
� Solutions for all levels of medical complexity
� Attractive competitive positioning and value
ILC ownership 90.0%
Licensed beds1 (Dec-11) 1,233
Private hospitals (Dec-11) 4
Affiliated private hospitals (Dec-11) 13
Medical centers (Dec-11) 32
Medical and dental boxes (Dec-11) 897
Patient days2 (2011) 89,418
Average occupancy rate3 (2011) 63%
Key metrics
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proposition
� Strong expected revenue and EBITDA growth, due to the ramp-up of recent investments and upcoming expansion projects
� On-going ramp-up of Bicentenario and Avansalud Hospitals
� Expansion projects in Tabancura and Bicentenario Hospitals
Average occupancy rate3 (2011) 63%
Revenues (2011) US$258mm
Net income (2011) US$3mm
1 Licensed beds are beds (including beds in our affiliated private hospitals) for which a hospital has obtained approval to operate from the applicable licensing agency2 Patient days are the total number of days that patients are admitted in Red Salud’sfour wholly-owned hospitals. It is calculated as the number of licensed beds multiplied by 365 days and divided by each hospital’s occupancy rate3 Occupancy rates are calculated based on licensed beds
Source: ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 519.20 for 2011.
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Red Salud: Overview
128
240
253
302
347
350
230
553
Tabancura
Sanatorio Aleman
Las Condes
Santa Maria
Alemana
Indisa
Bicentenario
Davila
493
Chilean private hospitals by number of beds (2011)Geographic footprint and regional market share by
number of beds (2011)
Regions
Metropolitan Region: 14%
17 private hospitals and 32 outpatient care centers
Region I: 33%
Region II: 18%
Region III: 73%
Region IV: 100% 208
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96
98
100
103
104
105
105
106
120
126
152
162
H. Clínico del Sur
Avansalud
Las Lilas
Clínica Integral
Clínico de VM
U.C. Central
Del Profesor
U.C. San Carlos
Hospital Fusat
Alemana Temuco
Antofagasta
Reñaca
Nationwide Presence
Region VI: 36%
Region VIII: 15%
Region X: 15%
Region XII: 100%
Region IX: 30%
Region VII: 71%
Region V: 23%
Red Salud hospitals
Others
ILC market share (in terms of private hospital beds): 20%
Source: ILC, annual reports of the companies as filed with the SVS, except Clinica Alemana, where the information has been derived from its website
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12898
23068
709
2010 2011
Red Salud: Overview (cont’d)
Number of hospital beds
939
TabancuraAvansalud
Bicentenario 1
Iquique
Regional Affiliates
1,233 3.0902.740
1.235
Red Salud Cruz Blanca Banmédica
Outpatient care activity (Dec 2011)
Number of medical and dental visits (In thousands)
Medical and 1,028 309897
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2010 2011
Revenues (US$mm)
229 258
76
2010 2011 1Q12
Source: ILC; SVS filings by Cruz Blanca and BanmédicaNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency1 Does not consider expansion plan
dental boxes 1,028 309897
Net Income (US$mm) and margin (%)
15
3 1
12
3
2010 2011 1Q12
Bicentenario effect Red Salud
15
Note: Includes outpatient activity in medical centers. Does not include outpatient activity in hospitals
Net margin (ex. Bicentenario effect)
6.5% 6.2%
4
6.1%
Estrictamente Privado y Confidencial
ILC ownership 99.9%
Contributors (Mar-12) 335,477
Beneficiaries (Mar-12) 645,385
Revenues (2011) US$471mm
Net income (2011) US$17mm
Consalud: Key considerations
� Growing demand prospects
� Leading private health insurance provider and
strong market position
� Strong brand recognition
� Continuous innovation and incorporation of new
technologies
Key metrics
Products offered
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technologies
� First choice provider for people moving from the
public to the private health insurance system
Source: ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 519.20 for 2011.
Medical plans
� Open network plans
� Preferred provider plans
� Closed network plans
Complementary product offerings
� Additional coverage for catastrophic diseases
� Dental plans
� Pharmacy plans
18%
19%
14%
25%
25%
Isapre: 2.8 mm
Fonasa D: 3.0 mm
Fonasa C: 2.2 mm
Fonasa B: 4.0 mm
Fonasa A: 3.9 mm
Estrictamente Privado y Confidencial
Consalud: Overview
335.477318.364 305.241
248.038
206.974
71.990
Contributors (as of March 2012)
125
158172
197
152
231
81,4% 85,2% 83,0% 83,6% 85,7% 87,0%
Average monthly contribution (US$) Loss ratio (%)
Average contribution 1 and loss ratio 2 (2011)
23Privado y ConfidencialPrivate & Confidential ILC Page 23
463 471
137
2010 2011 1Q12
Revenues (US$mm) Net Income (US$mm) and margin (%)
13 179
2,7%3,5%
6,7%
2010 2011 1Q12
Banmédica Cruz Blanca Colmena Masvida Vida Tres
Source: Superintedencia de Salud and ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency; 1 Operating revenues divided by average number of contributors; 2 Operating expenses divided by operating revenues
Banmédica Cruz Blanca Colmena Masvida Vida Tres
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Vida Cámara: Overview
Overview
� Until June 2012, Vida Cámara provided disability and survivorship (D&S) insurance
� 36% market share in terms of premiums (July 2010-June 2012 period)
� Contract expires in June 2012
ILC ownership 99.9%
Total assets (Mar-12) US$300mm
Total technical reserves (Mar-12) US$200mm
Equity (Mar-12) US$92mm
Key metrics
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Source: ILC; Note: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency
61 67
2222% 22%26%
2010 2011 1Q12
New Projects Net Income (US$mm) and margin (%)
� Supplemental health insurance
� 37,500 beneficiaries as of March 2012
� Life and catastrophic insurance
� Participation in mass tender processes
Estrictamente Privado y Confidencial
Other Businesses: Overview
Desarrollos Educacionales (“DD.EE.”) iConstruye
Real Estate
� Operates nine private schools and one subsidized school
� As of March 31, 2012, DD.EE. had:
� 9,105 students (6,250 families)
� 70,792 m2 in school space
� 553 teachers and 331 courses
� Provides information technology outsourcing services to companies in the construction sector
� iConstruye processed 15,476 price quotations, 267,739 purchase orders, 144,359 bills and 7,923 subcontracts as of March 31, 2012
� ILC has real estate assets with a book value of
25Privado y ConfidencialPrivate & Confidential ILC Page 25
Revenues (US$mm)
23,8 24,8
3,0
5,3 5,4
1,6
2010 2011 1Q12
iConstruye DD.EE.
Source: ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency
29.1 30.1
4.6
� ILC has real estate assets with a book value of US$44mm as of March 31, 2012
Estrictamente Privado y Confidencial
Financial Summary 3
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899 981 247 281
280297
74 84
ILC (recurring) Vida Cámara (D&S)
Consolidated financials
Revenues (US$mm) Revenue breakdown (2011)
Habitat17%
Vida Cámara
23%
Consalud37%
Red Salud20%
Others3%
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2010 2011 1Q11 1Q12 ILC 2011 Revenues = US$1,278mm
Capex (US$mm)
4431
115
2010 2011 1Q11 1Q12
Note: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011, 479.46 for 1Q11 and 487.44 for 1Q12
Total assets (US$mm)
2.056 1.9342.252
2010 2011 1Q12
Estrictamente Privado y Confidencial
Consolidated financials (cont’d)
Equity attributable to owners of the parent (US$mm)
847 834956
2010 2011 1Q12
Net income (US$mm)
21
61
ILC (recurring) Habitat goodwill IFRS impact
Habitat Encaje (income on reserves) Vida Cámara (D&S)
28Privado y ConfidencialPrivate & Confidential ILC Page 28
Dividends declared (US$mm) and payout ratio 1
128 95
67%61%
2010 2011
Dividends Declared Payout Ratio
1 Payout ratio calculated based on adjusted income attributable to the owners of the parent (i.e. excluding income from differences between the prior carrying amount and the fair value of reclassified financial assets measured at fair value arising from our acquisition of a controlling interest in Habitat in 2010)
2010 2011 1Q12
109 92
28 35
145
-2
410
67
1922
2010 2011 1Q11 1Q12Note: Habitat non-recurring income is composed of income from differences between the prior carrying amount and the fair value of reclassified financial assets measured at fair value arising from our acquisition of a controlling interest in Habitat in 2010. Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011, 479.46 for 1Q11 and 487.44 for 1Q12.Growth rates in local currency
Estrictamente Privado y Confidencial
Consolidated income statement
2010 2011 1Q11 1Q12
Revenues 1,179 1,278 320 366
Cost of sales (771) (816) (197) (226)
Gross profit 408 463 124 140
Other income 25 2 0 0
Administrative expenses (198) (222) (57) (60)
Other expenses (8) (2) 0 0
Other gains 1 2 0 1
Figures in US$mm
29Privado y ConfidencialPrivate & Confidential ILC Page 29
Financial income 59 18 14 27
Financial expenses (17) (23) (6) (6)
Share of profit (loss) of affiliates accounted for using the equity method 25 6 2 2
Foreign currency exchange gain (loss) 0 1 1 0
Gain (loss) from inflation indexed unit 0 (4) 1 (3)
Income (loss) from differences in book value and fair value 145 - - -
Income before taxes 439 241 78 102
Income taxes (42) (45) (15) (18)
Income from continuing operations 397 196 63 84
Income from discontinued operations 0 - - -
Net income 397 196 63 84
Income attributable to owners of the parent 335 157 51 66
Income attributable to non-controlling interests 62 39 12 18
Note: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011, 479.46 for 1Q11 and 487.44 for 1Q12
Estrictamente Privado y Confidencial
Consolidated balance sheet
2010 2011 1Q12
Cash and cash equivalents 233 181 319
Other current financial assets 335 310 333
Other current non-financial assets 15 17 20
Trade and other receivables, current, net 122 132 159
Accounts receivable due from related parties, current 2 1 2
Inventories 2 3 3
Other assets - 0 0
Figures in US$mm
2010 2011 1Q12
Current financial liabilities 278 43 35
Trade and other payables 129 119 135
Accounts payable due to related parties 1 1 1
Other current provisions 46 51 57
Current tax liabilities 20 8 13
Provisions for employee benefits, current 13 21 12
Other non-financial liabilities 10 10 23
Total current liabilities 497 252 275
30Privado y ConfidencialPrivate & Confidential ILC Page 30
Current tax assets 6 2 3
Total current assets 716 647 840
Other non-current financial assets 384 364 409
Other non-current non-financial assets 21 24 26
Non-current trade and other receivables 3 8 9
Equity accounted investees 28 33 39
Intangible assets other than goodwill 164 143 150
Goodwill 217 196 208
Property, plant and equipment, net 460 438 472
Investment property 47 42 44
Deferred tax asset 16 39 54
Total assets 2,056 1,934 2,252
Total current liabilities 497 252 275
Non-current financial liabilities 180 288 399
Accounts payable due to related parties - - -
Other non-current provisions 174 190 200
Deferred tax liabilities 86 92 110
Provisions for employee benefits, non-current 1 1 1
Total liabilities 939 823 985
Share capital 457 412 439
Share premium 1 1 1
Retained earnings 189 230 311
Other reserves 201 192 205
Equity attributable to owners of the parent 847 834 95 6
Non-controlling interest 271 276 312
Total liabilities and shareholders’ equity 2,056 1,93 4 2,252
Note: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011, and 487.44 for 1Q12