Company Presentation

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1 Company Presentation

(2)

Ownership and stock price

5.2% performance difference as of September 5th_, 2013

Ownership structure (Jun-13)

Market Cap (MMUS$)

Stock price (Ch$)

**Net Income 1H13 (US$* Th)**

1,248

6,328

58,938

P/E

10.8 P/BV

1.4 September 5

th

₂₀₁₃

-15.5% -10.4%

Evolution of the stock price

Dividend Pay Out

60%-80%

*Exchange rate of Ch$507.16 as of June 30th_{, 2013}

CChC 67,0% Internationals 14,7% Stockbrokers 12,4%

Mutual Funds & Others 5,9% -30% -20% -10% 00% 10% 20% 30% 40%

jul-12 ago-12 sep-12 oct-12 nov-12 dic-12 ene-13 feb-13 mar-13 abr-13 may-13 jun-13 jul-13 ago-13

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3 ILC

Page

3 June, 2013

Exchange rate: CLP 507.16 per 1USD (*) Since June 18th_{, 2013}

Pension funds administration (AFP)

Retirement

Sector

Health insurance institution (ISAPRE)

Hospital healthcare services

Outpatient healthcare services

Supplemental health insurance

Healthcare

and life

Insurance

Sector

Network of nine private schools and one

subsidized private school

IT and outsourcing services

Other

Business

US$125.3 mm

Revenues

US$ 23.2 mm

US$ 73.8 mm

Net Income

US$ 0.3 mm

67.5%

Ownership

99.9%

US$156.7 mm

US$ 180.4

mm

US$ 9,6 mm

US$ 5.5 mm

99.9%

89.9%

US$ 14.5 mm

US$ 0.37 mm

49.0%*

32.9%

Company overview

(4)

Revenues come from…

Gross

Salary

Net

Salary

Taxes: Range 0% - 40%

$

1.27% Commission fee

Supplemental health insurance

7%

Additional health contribution

Mandatory

Voluntary

Pension Fund

Health insurance

Healthcare

Habitat average: Ch$ 607.691

(US$ 1.198

)

Chile average: Ch$ 569.077

(US$ 1.112)

Gross Salary

Source: Superintendencia AFP, as of June-13; exchange rate $507.16

10%

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5 Our Business

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Habitat

Income Statement (Th.US$*)

Revenues Cost of sales Jun – 13 125,274 -EBITDAE** SG&A 83,717 (50,906) Operating Income 74,192 Gross Profit 125,274 Jun – 12 121,887 -91,297 (40,731) 81,019 121,887 Net Income 73,829 81,213 Var. % 2.8% --8.3% 25.0% -8.4% 2.8% -9.1%

Gain (loss) of the encaje 7,540 11,087 -32.0%

• Created in 1981 under the new

provisional system

• The only AFP under the same

controller over it history

• 67.5% owned by ILC

• The most efficient AFP in terms

of cost control and the second

cheapest on fees

**EBITDAE calculated as profit before tax minus depreciation, finance cost, other non operational cost and financial income due to Habitat´s encaje. * Exchange rate of Ch$507.16 as of June 30th_,2013.

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7 ILC

Page

7

1,756,717 1,231,266 1,056,594 527,513 _476,072 187,939 0 500,000 1,000,000 1,500,000 2,000,000

PROVIDA HABITAT CAPITAL MODELO CUPRUM PLANVITAL

Habitat: Key considerations

Salary base increase

Voluntary savings products

Incorporation of independent workers to the system

Capture of transfers from competitors

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

Ample growth opportunities

Total AUM = US$157.8 bn

Source: Superintendencia de Pensiones, as of July 31st, 2013

Contributors market share (as of June 2013)

Source: Superintedencia de Pensiones

1Contributors / affiliates Contribution rate1 _51.8% _57.7% _56.6% _50.0% _76.0% _47.9% Habitat 26.2% Cuprum 20.6% Capital 21.4% Planvital 2.8% Provida 28.0% Modelo 1.0%

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Net Income (Ch$ mm)

48,615 55,974 63,500 61,515 35,565 33,619 27,089 19,504 13,061 5,623 3,824 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 2009 2010 2011 2012 Jun-12 Jun-13

Fee income

(US$ million)

& Expenses % (Mar – 2013)

Current mandatory fee (Dec – 2012)

Operating expenses & % fee income (Mar-13)

Habitat: Key considerations

Based on actual figures Adjusted to Habitat’s 1.27% fee rate Habitat 1.27% Capital 1.44% Cuprum 1.48% Provida 1.54% Planvital 2.36% Modelo 0.77% 10 20 30 40 50 60 20% 40% 60% 80% 100% F e e I n c o m e ( U S $ m ill io n )

Expenses % Fee Income

Habitat 65.36 Capital 59.9 Cuprum 51.5 Provida 86.3 Planvital 11.7 Modelo 9.3 34.5% 35.7% 43.8% 23.7% 55.3% 59.6% 70 80 90

CAGR ex-encaje (‘09-’12) 8.2%

(1,846)

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9 ILC

Page

9

30,793 36,305 37,281 41,805 41,413 30,000 32,000 34,000 36,000 38,000 40,000 42,000 44,000 2009 2010 2011 2012 Jun-13

Habitat: Operating Data

Assets under management

Contributor average salary

Evolution of Habitat AUM (US$ Million)

CAGR: 8.8%

Source: Superintendencia de Pensiones, as of June 30, 2013 3,166,995 3,806,148 7,896,648 2,849,505 3,147,208 0 2000000 4000000 6000000 8000000 10000000 Fund type A Fund type B Fund type C Fund type D Fund type E Ch$ million 429,034 442,013 471,108 507,869 547,553 569,077 429,414 442,068 475,543 523,877 578,907 607,691 400000 450000 500000 550000 600000 650000

Dec 08 Dec 09 Dec 10 Dec 11 Dec-12 Jun-13 Industry Habitat

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Perú

The

peruvian

market

presents

ample

growth oportunities, due to the level of

development

and

the

political

and

economic stability

Source: IMF

Source: Instituto Nacional de Estadísticas e Informática de Perú

CAC: 7.2%

CAC: 1,1%

GDP per capita (PPP)

US$

Unemployment rate

% of the labor force

Estimated population

Million people

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11 ILC

Page 11

1,471,296 _1,419,541 1,350,653 1,151,360 30,000 230,000 430,000 630,000 830,000 1,030,000 1,230,000 1,430,000 1,630,000

Prima Horizonte Integra Profuturo

Habitat: Peru

December 20

th

_{, 2012, Habitat was awarded in the first auction in}

Peru

All the new entrant into the formal sector contribute into Habitat

for two years

600,000 new beneficiaries expected in two years

As of June 1

st

_{2013, Habitat started operations in Peru.}

As of July 31

st

_{2013, Habitat Peru had more than 12,000 affiliates}

Mandatory mix fee rate after the first auction (%)

Ample growth opportunities

Total AUM = US$36 bn

Source: SBS as of May, 2013

Contributors market share (as of May 2013)

Prima

1,55% Over the contribution

Integra

Over the AUM

1,51% Horizonte 1,49% Profuturo 1,65% PROMEDIO 0,47% Habitat 1,33% 1,20% 1,90% 1,20% 1,40% 1,25% 1,39%

Source: Superintendencia de Banca, Seguros y AFP del Perú Source: SBS as of May 2013 (**) On April 2013

50% Integra 50% Profuturo ** Horizonte 23.7% Integra 29.9% Prima 31.2% Profuturo 15.1%

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Potential synergies in the health business

7% of the

gross salary

is the

mandatory

contribution

*The GES plan cost 0.164 U.F

** The GES plan will cost 0.325 U.F since July 1st_{, 2013}

USD 7.7*

Full coverage of 69 diseases in a established network

10% of the

gross salary

is the average

contribution

Average monthly contribution

per contributor: USD $135.1

Medical Bill

Monthly primus

Co-payment between the company and the employee

Average monthly contribution

per beneficiary: USD $18.7

% covered by:

% of the

Net Salary

% covered by the

person

or

Full coverage of 11 new diseases**

USD 15.2**

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13 ILC

Page 13

Consalud

Jun – 13 293,526 (251,638) (40,113) 4,045 41,889 Jun – 12 265,352 (216,473) (35,955) 13,649 48,879 5,705 12,176 Var. % 10.6% 16.2% 11.6% -70.4% -14.3% -53.1%

Income Statement (Th. US$*)

Revenues Cost of sales SG&A Operating Income Gross Margin Net Income

• Created in 1984 under the new

provisional

health

system

(Isapre).

• 99.9% owned by ILC.

• The price of GES will rise to UF

0.325 due to the inclusion of 11

new diseases, since July 1

st

_,

2013.

8,507 17,279 -50.8%

EBITDA**

**EBITDA calculated as profit before tax minus depreciation, finance cost and other non operational cost. *Exchange rate of Ch$507.16 as of June 30th_,2013.

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Products offered

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

First choice provider for people moving

from the public to the private health

insurance system

Medical plans

Open network plans

Preferred provider plans

Closed network plans

Complementary product offerings

Additional coverage for catastrophic

diseases

Dental plans

Pharmacy plans

18.6% 18.2% 13.6% 29.8% 19.7% Isapre: 3.06 mm Fonasa D: 3.0 mm Fonasa C: 2.2 mm Fonasa B: 4.9 mm Fonasa A: 3.2 mm

Source: Superintendencia de Salud, as of June, 2013 Others includes Vida Tres and Ferrosalud.

Total Contributors = 1,638,988

Source: Fonasa, as of December, 2012

Consalud 22.3% Cruz Blanca 20.9% Banmédica 20.8% Colmena 15.9% Masvida 14.7% Others 5.4%

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15 ILC

Page 15

Consalud: Key considerations

Source: Superintedencia de Salud and ILC 1_{Operating revenues divided by the number of contributors. E}_{xchange rate of Ch$507.16 as of June 30}th_,2013_;2_{Operating expenses divided by operating}

revenues

Number of Contributors (as of June 2013)

Average monthly contribution

1

_{in US$ (Jun-13 LTM)}

Loss ratio

2

_{(Jun-13 LTM)}

Number of Beneficiaries (as of June 2013)

366,178 343,075 341,289 260,291 240,122 74,143 0 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000

Consalud Cruz Blanca Banmédica Colmena Masvida Vida Tres

689,029 633,770 632,305 478,298 451,918 138,966 0 100,000 200,000 300,000 400,000 500,000 600,000 700,000 800,000

Consalud Banmédica Cruz Blanca Colmena Masvida Vida Tres

83.3% 84.2% 84.9% 85.5% 86.3% 87.6% 81.0% 82.0% 83.0% 84.0% 85.0% 86.0% 87.0% 88.0%

Colmena Vida Tres Consalud Banmédica Masvida Cruz Blanca 130.0 152.1 166.8 172.4 206.9 247.8 0 50 100 150 200 250 300

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Consalud: Operating data

Mandatory contributions (Ch$ million) Voluntary contributions (Ch$ million)

Dec- 11

182,697 62,748 TOTAL (Ch$ million) 248,798 Others (Ch$ million) 3,353

Dec-12

208,126 66,793 275,380 461 Jun-13 (LTM) 219,999 69,314 310,268 357

Source: Superintedencia de Salud.

639,776 671,571 689,029 388,882 410,053 420,402 370000 375000 380000 385000 390000 395000 400000 405000 410000 415000 420000 425000 610000 620000 630000 640000 650000 660000 670000 680000 690000 700000

Dic-11 Dic-12 Jun-13 (LTM)

Beneficiaries

N° Beneficiaries Revenues / Beneficiary

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17 ILC

Page 17

Red Salud

June – 13 180,403 (142,505) (25,440) 12,458 37,898 June – 12 154,498 (119,789) (24,945) 9,764 34,709 5,529 3,548 Var. % 16.8% 19.0% 2.0% 27.6% 9.2% 55.8%

Income Statement (Th. US$*)

Revenues Cost of sales SG&A Operating Income Gross Margin Net Income

• One of the main private healthcare

providers, reaching close to 18.5%

of the private beds in Chile.

• 89.9% owned by ILC.

• National

coverage

through

a

network of 17 hospitals and 32

medical centers.

23,572 20,727 13.7%

EBITDA**

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68

100

103

105

128

256

330

335

360

220

540 Iquique

Las Lilas

Avansalud

UC San Carlos

UC Lira

Tabancura

Las Condes

Alemana

Santa María

Indisa

Bicentario

Davila

Chilean private hospitals by number of beds (2012)

Red Salud: Overview

493*

Red Salud hospitals Others

ILC market share (in terms of private

hospital beds): 18,5%

Source: ILC, annual reports of the companies as filed with the SVS, except Clinica Alemana, where the information has been derived from its website; *Represents the original number of beds for this project, still not approve by the board.

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19 ILC

Page 19

Evolution of revenues – Red Salud

Red Salud: Operating data

Admissions

Emergency room visits

Jun -12

23,455 52,880 Patient days 57,210

Jun -13

25,542 61,271 61,698 Tabancura Avansalud Average ocupancy rate 73.2% 63.0% Iquique 51.3% Bicentenario 66.1% Average lenght of stay (days) 2.92 1.39 2.45 3.06 Jun - 13

Includes Bicentenario, Avansalud, Tabancura and Iquique hospitals

Evolution of EBITDA LTM – Clínica Bicentenario

47,816 66,442 72,208 86,122 97,369 104,741 0 20000 40000 60000 80000 100000 120000 140000 160000 180000 200000

Dec-11 Dec-12 Jun-13 (LTM)

Hospital revenues Outpatient revenues Ch$ million -4,881-4,418 -4,096 -3,508-3,061 -2,599-2,273 -1,926-1,331-1,508 -1,427-1,089-634 -594 -533 -168 100 488 740 -6,000 -5,000 -4,000 -3,000 -2,000 -1,000 0 1,000 2,000 d e c -1 1 ja n -1 2 fe b -1 2 m a r-1 2 a p r-1 2 m a y -1 2 ju n -1 2 ju l-1 2 a g o -1 2 s e p -1 2 o c t-1 2 n o v -1 2 d e c -1 2 ja n -1 3 fe b -1 3 m a r-1 3 a p r-1 3 m a y -1 3 ju n -1 3 Ch$ Millions

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Red Salud: Operating data

Evolution of Revenues, Net Income and EBITDA of our private

hospitals and outpatient centers

Income Statement (Jun-13)

Megasalud

Avansalud

Tabancura Bicentenario

Iquique

Ch$ millions

Revenues

40,042

15,158

15,321

17,065

3,180

Cost of sales

( 31,150)

( 11,820)

( 11,732)

( 14,866)

( 2,201)

Gross Profit

8,891

3,337

3,589

2,200

980 SG&A

( 5,373)

( 1,822)

( 2,426)

( 1,980)

( 759)

Operating Income

3,518

1,515

1,163

220

220 Net Income

2,560

702

825 ( 918)

164 EBITDA

(*)

4,995

2,630

1,799

1,203

320 Income Statement (Jun-12)

Megasalud

Avansalud

Tabancura Bicentenario

Iquique

Ch$ millions

Revenues

37,356

11,635

13,817

12,364

3,074

Cost of sales

( 28,447)

( 8,788)

( 10,150)

( 10,996)

( 2,293)

Gross Profit

8,909

2,847

3,667

1,368

781 SG&A

( 5,216)

( 1,540)

( 2,290)

( 2,426)

( 775)

Operating Income

3,692

1,307

1,377

( 1,057)

6 Net Income

2,819

773

967 ( 2,589)

( 20)

EBITDA

(*)

4,979

2,154

1,926

( 194)

116

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21 ILC

Page 21

Vida Cámara

Jun – 13 23,691 (22,025) (5,392) (3,726) 1,666 Jun – 12 173,441 (124,598) (5,525) 43,317 48,842 302 38,686 Var. % (86.3%) (82.3%) (2.4%) (108.6%) (96.6%) (99.2%) Revenues Cost of Sales SG&A Operating Income Gross Margin Net Income

• Created in 2009 due to the

acquisition of 99.9% of RBS

(Chile) Seguros de Vida S.A.

• 99.9% owned by ILC

• Until June 2012 was focus in

the Disenable and Survivorship

insurance (D&S)

• On January 2012 launch the

complementary

health

insurance

business,

adding

more than 15,000 beneficiaries

per month

601 47,428 (98.7%)

EBITDA**

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Vida Cámara: Key considerations

Since July 2012, Vida Cámara

stopped supplying the D&S

insurance

36% primus market share (July

2010-June 2012)

Complementary health insurance

Life and catastrophic insurance

Entrance in Peru

In average, more

than 15,000

beneficiaries per

month

Evolution of beneficiaries for the complementary health insurace

New projects

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23 Financial Summary

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Balance Sheet and Income Statement

Jun – 13 601,573 1,375,373 1,976,946 Dec – 12 667,003 1,414,397 2,081,400

Balance

Total current assets Total non current assets

TOTAL ASSETS 264,377 560,553 824,930 342,770 622,548 965,318 Total current liabilities

Total non current liabilities

TOTAL LIABILITIES

1,152,016 1,116,082 TOTAL EQUITY

1,976,946 2,081,400 TOTAL EQUITY &

LIABILITIES Jun– 13 639,702 (422,600) 217,102 Jun – 12 730,065 (466,780) 263,285

Income Statement

Revenues Cost of sales Gross Profit (129,709) 89,804 (119,190) 144,908 SG&A. Operating Income 14,669 18,085

Non Operating Income

58,938 107,583 NET INCOME

**US$* Thousands**

Jun– 13 38,651 330,108

US$* Thousand

Short term debt Long term debt

368,759 Total financial debt

Jun – 13 130,167

1,152,016

US$* Thousand

Cash & cash equivalent

Total equity

< 1.0 X

0.21 x

COVENANT

Net Fin. Debt / Total Equity

*Exchange rate of Ch$507,16 as of June 30th_{, 2013}

124,034 181,351

EBITDA**

**EBITDA calculated as profit before tax minus depreciation, finance cost, other non operational cost and financial income due to Habitat´s encaje.

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25 ILC

Page 25

Financial Debt (USD

million) ILC Habitat Vida Cámara C. Machalí Consalud Red Salud TOTAL

Short Term

5.6

0.1

0.3

0.1

32.3

38.7 Bonds

0.6 -

-

0.6 Bank loans

4.9 -

0.3

0.1

14.0

19.6 Leasing in UF

-

0.1 -

-

18.4

18.5 Long Term

108.4

0.5

1.0

6.3

3.2

210.6

330.1 Bonds

108.4 -

-

87.8

196.3 Bank loans

-

1.0

6.3

3.2

39.7

50.2 Leasing in UF

-

0.5 -

-

83.1

83.6 Total

114.0

0.6

1.3

6.6

3.3

242.9

368.8 Financial Data (Jun-13)

Financial Debt

Cash Flow from main subsidiaries (Jun-13)

EBITDA Composition (Jun-13)

Credit Risk

Feller Rate:

AA+

Humphreys:

AA+

Local credit rating

*Exchange rate of Ch$507,16 as of June 30tth_{, 2013}

46,302 _42,458 8,763 4,314 10,512 11,955 24,054 305 2,343 3,873 0 10000 20000 30000 40000 50000 60000 70000 80000 90000 100000 1H12 1H13 Others Vida Cámara Red Salud Consalud Habitat Ch$ million

Jun-13

Distributable

Net Income

(Ch$ mm)

Dividend

Policiy %**

Ownership

%

Div. to ILC

(Ch$ mm)

Habitat

29,920

90%

67.5%

18,171

Red Salud

2,804

100%

89.9%

2,521

Consalud*

2,898

100%

99.9%

2,895

Vida Cámara

153 100%

99.9%

153 Total

35,774

23,739

(26)

Market Cap Composition* (Sep-13)

Market Cap (US$ mm)

P/E Ratio

ILC:

10.9x

Habitat:

10.4x

Healthcare & Others:

11.2 x

967 1,248 281 0 200 400 600 800 1,000 1,200 1,400

Habitat Healthcare & Others ILC

(27)