EQUITY RESEARCH - CHILE MONTHLY REPORT - INSTITUTIONAL INVESTOR February 11th, 2021

CHILE INSTITUTIONAL INVESTOR MONITOR Significant Net Investment in Local Equity During January by Institutional Investor

In January, Chilean Pension Funds registered US$ 48.8 million net investment in Local CONTACT Equities. The largest net investments were Enel Américas (US$ 22.2 million), Concha y Equity Research Team Toro (US$ 22.0 million), and Aesgener (US$ 18.6 million). Meanwhile, the largest net di- [email protected] vestments were Enelchile (US$ -16.7 million), followed by SQM-B (US$ -14.8 million) and +(562) 2692 3481 Parque Arauco (US$ -7.6 million). During the LTM, AFPs accrued US$ -270.7 million net

divestments in local equity.

AFP’s exposure to Local Equity increased by ~ 16bps MoM to 7.1% of total AUM. We highlight ~ 187bps MoM increase in Foreign Equity to 31.6%, and a ~ 77bps MoM increase in Foreign Fixed Income to 16.8% in detriment of a ~ -205bps MoM decrease in Local Fixed Income to 43.9%

Pension funds were net buyers in Banks and Electric Utilities. AFPs were net buyers in Banks mainly explained by significant investments in BCI, and Santander followed by Elec- tric Utilities due to its investment in Enel Américas. On the other side, Pensions Funds were net sellers in Commodities mainly explained by significant divestments in SQM-B.

Chilean Mutual Funds registered a US$ 29.6 million net investment in Local Equities. The largest net investments were in Enel Américas (US$ 10.9 million), CMPC (US$ 6.9 million), and Andina-B (US$ 5.0 million). Meanwhile, the largest net divestments were in Salfacorp (US$ -4.6 million), Multifoods (US$ -3.2 million), and Colbún (US$ -2.9 million). During the LTM, Chilean Mutual Funds accrued net investment of US$ 136 million.

Mutual Funds’ exposure to Local Fixed Income decreased by ~ 64bps MoM to 84.3% of total AUM. The above was in detriment of increases in Foreign Fixed Income (+40bps), Local Equity (+15bps) and Foreign Equity (+9bps).

CHILEAN INSTITUTIONAL INVESTOR ACTIVITY IN LOCAL EQUITY

950 14% 750 12% 550 10% 350 8% 150 6% -50 4% -250 2%

-450 0%

Jul-17 Jul-18 Jul-20 Jul-19

Jan-18 Jan-19 Jan-20 Jan-21

Sep-17 Sep-18 Sep-20 Sep-19

Nov-17 Nov-18 Nov-19 Nov-20

Mar-17 Mar-19 Mar-20 Mar-18

May-17 May-19 May-20 May-18 AFP (US$ Mn) Mut. Fund (US$ Mn) AFP Local Equity (% of AUM) Mut. Fund Local Equity (% of AUM)

Source: SAFP, BICE Inversiones 1 EQUITY RESEARCH - CHILE MONTHLY REPORT - INSTITUTIONAL INVESTORS February 11th, 2021

NET BUY/SELL - CHILEAN PENSION FUNDS In January Pension Funds’ largest Investments Divestments Investments Divestments 1M US$ Mn 1M US$ Mn LTM US$ Mn LTM US$ Mn net investments were Enel Améri- ENELAM 22.2 ENELCHILE -16.7 ENELAM 134.0 FALABELLA -214.6 cas, Concha y Toro, and Aesgen- CONCHATORO 22.0 SQM-B -14.8 COPEC 91.0 LTM -154.1 er. AESGENER 18.6 PARAUCO -7.6 CHILE 90.4 CENCOSHOPP -113.1 BCI 14.3 CENCOSUD -4.5 CMPC 84.4 ENELCHILE -112.2 BSANTANDER 12.3 AGUAS-A -4.3 AGUAS-A 59.5 AESGENER -96.0 CMPC 9.2 RIPLEY -3.9 CENCOSUD 57.4 ECL -60.6 COPEC 8.1 ANDINA-B -3.5 MALLPLAZA 48.0 SONDA -36.2 CHILE 7.4 ANDINA-A -2.2 ENTEL 45.3 QUINENCO -32.1 COLBUN 2.7 ECL -1.8 SMU 43.6 SQM-B -31.4 SONDA 0.0 MALLPLAZA -1.7 PARAUCO 24.5 ANDINA-B -27.7

ASSET ALLOCATION - CHILEAN PENSION FUNDS AFP’s exposure to Local Equity Net Local Local Foreign Foreign AUM Invest. Equity Fixed Inc. Equity Fixed Inc. increased by ~ 16bps MoM to Month (US$Mn) % MoM (US$Mn) (% of AUM) (% of AUM) (% of AUM) (% of AUM) 7.1% of total AUM. Jan-20 205,814 -4.4% -344.2 7.8% 46.5% 30.6% 15.5% Feb-20 195,175 -5.2% -118.7 7.4% 45.9% 30.7% 16.5% Mar-20 170,692 -12.5% -219.8 6.0% 51.0% 27.6% 15.9% Apr-20 185,915 8.9% 134.9 6.8% 48.6% 29.7% 15.1% May-20 196,905 5.9% -143.8 6.0% 51.2% 27.3% 15.3% Jun-20 200,977 2.1% -143.8 6.4% 48.7% 28.9% 15.8% Jul-20 217,010 8.0% 134.7 6.4% 48.5% 28.6% 15.6% Aug-20 205,941 -5.1% 37.8 6.4% 47.5% 29.3% 16.3% Sep-20 194,968 -5.3% -7.6 6.2% 47.8% 29.0% 16.8% Oct-20 199,416 2.3% -3.2 6.1% 48.8% 28.1% 16.4% Nov-20 209,485 5.0% 65.7 6.6% 44.2% 31.8% 16.8% Dec-20 213,676 2.0% -56.9 6.9% 46.0% 29.8% 16.0% Jan-21 209,922 -1.8% 48.8 7.1% 43.9% 31.6% 16.8%

ROOM TO INVEST - CHILEAN PENSION FUNDS In January, total Pension Fund’s AFP/Fund A B C D E Total room to invest in equity (local or CAPITAL -10 28 142 -12 16 163 foreign) decreased from US$ -568 CUPRUM -15 35 -2 -1 -5 13 million to US$ -1,013 million. HABITAT -74 -12 -297 -67 -102 -552 MODELO 26 37 39 6 4 111 PLANVITAL 2 10 20 9 3 44 PROVIDA -97 -178 -424 -77 -16 -792 UNO 1 0 0 0 0 0 Room to invest -168 -80 -523 -143 -100 -1,013 AUM 30,332 30,582 70,215 37,055 41,737 209,922 % 14.4% 14.6% 33.4% 17.7% 19.9% 100% Domestic Equity 12.5% 11.7% 7.6% 3.4% 1.9% Stocks 10.2% 10.0% 6.2% 2.8% 1.9% Investment Funds 2.1% 1.5% 1.2% 0.6% 0.0% Foreign Equity 68.1% 48.5% 33.1% 33.1% 3.3%

Equity Exposure 80.6% 60.3% 40.7% 20.4% 5.2% Maximum Boundary 80.0% 60.0% 40.0% 20.0% 5.0%

2 EQUITY RESEARCH - CHILE MONTHLY REPORT - INSTITUTIONAL INVESTORS February 11th, 2021

HOLDINGS PER COMPANY - PENSION FUNDS Net Investment (US$ Mn) AUM (US$ Mn) AUM (%) Issuer Stake 1M 3M 6M LTM Jan-21 Dec-20 Jan-20 Jan-21 Dec-20 Jan-20 Jan-21 Dec-20 Jan-20 AESGENER 18.6 -6.1 -34.2 -96.0 146 129 280 0.07 0.06 0.14 10.6 9.3 18.2 AGUAS-A -4.3 50.4 47.5 59.5 80 88 24 0.04 0.04 0.01 4.5 4.8 1.1 AGUNSA 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 ALMENDRAL -0.1 -0.2 -1.2 -1.1 54 54 60 0.03 0.03 0.03 6.1 6.1 6.2 ANDINA-A -2.2 -13.6 -14.9 -15.5 70 72 0 0.03 0.03 0.04 6.6 6.8 8.1 ANDINA-B -3.5 -36.3 -52.0 -27.7 133 139 175 0.06 0.06 0.09 11.1 11.4 13.9 ANTARCHILE -0.1 -0.1 -0.1 2.9 95 92 0 0.05 0.04 0.04 1.9 1.9 1.8 AQUACHILE 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 BANMEDICA 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 BANVIDA 0.0 -0.4 0.3 0.4 5 5 4 0.00 0.00 0.00 1.1 1.1 0.9 BCI 14.3 10.5 -4.6 -9.9 555 483 543 0.26 0.23 0.26 9.0 8.8 10.5 BESALCO 0.0 0.0 -1.2 -2.5 3 2 5 0.00 0.00 0.00 0.8 0.8 1.6 BSANTANDER 12.3 21.1 -10.2 23.9 528 482 480 0.25 0.23 0.23 5.4 5.3 5.2 CAP 0.0 0.0 0.0 -0.6 0 0 0 0.00 0.00 0.00 0.1 CAROZZI 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 0.0 0.0 0.0 CCU 0.0 -0.1 -1.2 -1.6 5 4 7 0.00 0.00 0.00 0.2 0.2 0.2 CEMENTOS 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 0.0 0.0 0.0 CENCOSHOPP -1.4 -10.1 -32.7 -113.1 485 514 0.23 0.24 0.37 18.6 18.6 30.9 CENCOSUD -4.5 75.2 45.7 57.4 1,070 1,083 730 0.51 0.51 0.35 21.2 21.3 20.3 CHILE 7.4 36.2 2.5 90.4 572 567 459 0.27 0.27 0.22 5.6 5.5 4.7 CINTAC 0.0 0.0 0.0 -0.4 26 25 24 0.01 0.01 0.01 11.6 11.6 11.8 CMPC 9.2 1.8 -6.9 84.4 792 750 574 0.38 0.35 0.28 11.4 11.3 9.9 COLBUN 2.7 10.5 -8.7 11.8 571 602 488 0.27 0.28 0.24 19.5 19.4 19.2 COLOSO 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 CONCHATORO 22.0 9.9 -10.9 -11.8 79 61 99 0.04 0.03 0.05 6.5 4.7 7.5 COPEC 8.1 11.5 48.0 91.0 1,280 1,207 963 0.61 0.56 0.47 9.2 9.1 8.3 CRISTALES 0.0 -0.1 -0.1 -1.3 31 32 37 0.01 0.01 0.02 8.7 8.7 9.1 ECL -1.8 -66.9 -67.5 -60.6 220 230 326 0.11 0.11 0.16 17.6 17.8 22.5 EDELMAG 0.0 0.0 0.0 0.0 4 4 3 0.00 0.00 0.00 4.1 4.1 4.1 EMBONOR-B -0.1 -0.4 -1.9 -18.6 67 61 101 0.03 0.03 0.05 17.9 17.9 23.4 ENELAM 22.2 82.3 360.7 134.0 1,668 1,790 1,961 0.79 0.84 0.95 14.5 14.3 17.5 ENELCHILE -16.7 -29.3 -22.2 -112.2 715 769 1,046 0.34 0.36 0.51 13.9 14.2 22.7 ENELGXCH 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 0.0 0.0 0.0 ENTEL -0.4 18.0 29.2 45.3 371 375 359 0.18 0.18 0.17 20.0 20.0 18.3 FALABELLA -0.6 4.1 -41.9 -214.6 385 402 747 0.18 0.19 0.36 4.5 4.5 7.8 FORUS -0.1 -0.5 -10.9 -16.3 20 18 33 0.01 0.01 0.02 4.1 4.1 9.2 FOSFOROS 0.0 0.0 0.0 0.0 3 3 3 0.00 0.00 0.00 3.3 3.3 3.3 HF -0.1 -2.0 9.8 24.4 155 173 162 0.07 0.08 0.08 27.7 27.7 22.8 IAM 0.0 -0.1 -0.7 -6.6 6 6 14 0.00 0.00 0.01 0.7 0.7 1.4 ITAUCORP -0.2 -0.6 1.8 2.3 20 20 25 0.01 0.01 0.01 1.1 1.2 1.0 LAS CONDES 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 LIPIGAS 0.0 0.0 0.0 -0.2 0 0 0 0.00 0.00 0.00 0.0 LTM 0.0 -16.5 -16.6 -154.1 18 19 873 0.01 0.01 0.42 1.8 1.8 17.4 MALLPLAZA -1.7 -2.3 -5.4 48.0 275 283 279 0.13 0.13 0.14 9.2 9.3 7.8 MASISA -1.2 -3.5 -3.9 -5.2 1 2 15 0.00 0.00 0.01 1.1 1.9 5.2 MOLLER 0.0 0.0 0.0 0.0 1 1 2 0.00 0.00 0.00 1.0 1.0 1.0 NAVIERA 0.0 0.0 0.0 0.0 11 11 10 0.01 0.01 0.00 6.1 6.1 6.1 NITRATOS 0.0 0.0 0.0 0.0 10 9 14 0.00 0.00 0.01 10.0 10.0 10.0 NORTEGRAN 0.0 0.0 0.0 0.0 23 20 19 0.01 0.01 0.01 5.2 5.2 5.2 NUEVAPOLAR 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 ORO BLANCO -0.1 -0.1 -0.1 -0.1 7 6 6 0.00 0.00 0.00 1.2 1.2 1.2 PARAUCO -7.6 9.3 5.6 24.5 220 260 321 0.10 0.12 0.16 17.1 17.7 16.0 QUINENCO -1.6 -14.3 -21.2 -32.1 88 84 119 0.04 0.04 0.06 2.8 2.9 4.1

3 EQUITY RESEARCH - CHILE MONTHLY REPORT - INSTITUTIONAL INVESTORS February 11th, 2021

HOLDINGS PER COMPANY - PENSION FUNDS CONT. Net Investment (US$ Mn) AUM (US$ Mn) AUM (%) Issuer Stake 1M 3M 6M LTM Jan-21 Dec-20 Jan-20 Jan-21 Dec-20 Jan-20 Jan-21 Dec-20 Jan-20 RIPLEY -3.9 -9.0 -16.5 -16.8 116 123 208 0.06 0.06 0.10 19.8 20.5 23.1 SALFACORP 0.0 0.0 -0.1 -1.2 1 1 2 0.00 0.00 0.00 0.3 0.3 0.8 SECURITY 0.0 0.1 0.2 -1.4 2 2 4 0.00 0.00 0.00 0.3 0.3 0.5 SK -0.9 -2.7 -3.3 -6.3 128 122 140 0.06 0.06 0.07 10.1 10.1 10.6 SM-CHILE B 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 SMSAAM -0.1 -0.6 0.3 -0.6 42 44 44 0.02 0.02 0.02 5.7 5.7 5.7 SMU 0.0 -0.9 2.6 43.6 80 82 52 0.04 0.04 0.03 11.2 11.2 6.1 SONDA 0.0 -2.3 -7.6 -36.2 62 66 122 0.03 0.03 0.06 12.3 12.3 18.3 SQM-B -14.8 -59.4 -54.2 -31.4 973 912 522 0.46 0.43 0.25 15.3 15.5 15.3 TECHPACK 0.0 0.0 0.0 0.0 0 0 0 0.00 0.00 0.00 VAPORES -0.3 -4.9 -16.7 -18.5 12 12 29 0.01 0.01 0.01 0.8 0.8 3.0

4 EQUITY RESEARCH - CHILE MONTHLY REPORT - INSTITUTIONAL INVESTORS February 11th, 2021

NET BUY/SELL - MUTUAL FUNDS In January, Chilean Mutual Funds’ Investments Divestments Investments Divestments largest net investments were Enel 1M US$ Mn 1M US$ Mn LTM US$ Mn LTM US$ Mn Américas, CMPC, and Andina-B. ENELAM 10.9 SALFACORP -4.6 CENCOSUD 44.3 MALLPLAZA -19.9 CMPC 6.9 MULTIFOODS -3.2 BSANTANDER 29.5 ECL -16.8 ANDINA-B 5.0 COLBUN -2.9 CHILE 26.8 LTM -11.5 BSANTANDER 4.8 SQM-A -2.4 CMPC 17.2 SALFACORP -7.4 AESGENER 4.1 HF -2.2 AGUAS-A 16.0 SONDA -6.3 SQM-B 3.3 PARAUCO -2.0 COPEC 14.5 SMU -5.6 ENELCHILE 3.2 ITAUCORP -1.9 FALABELLA 13.3 ILC -5.0 FALABELLA 3.0 CONCHATORO -1.6 ANDINA-B 13.3 TRICOT -4.9 COPEC 2.6 QUINENCO -1.4 ENELAM 11.0 ITAUCORP -4.4 CCU 1.8 AGUAS-A -1.1 CAP 7.3 ENELCHILE -3.6

ASSET ALLOCATION - MUTUAL FUNDS Mutual Funds’ exposure to Local Net Local Local Foreign Foreign Equity increased by +15bps MoM. AUM Invest. Equity Fixed Inc. Equity Fixed Inc. Month (US$Mn) % MoM (US$Mn) (% of AUM) (% of AUM) (% of AUM) (% of AUM) Jan-20 57,649 -2.8% -83.7 2.6% 85.9% 5.0% 6.5% Feb-20 55,961 -2.9% -19.3 2.4% 86.2% 4.6% 6.8% Mar-20 51,543 -7.9% -35.1 2.1% 88.9% 3.4% 5.7% Apr-20 53,371 3.5% -0.4 2.2% 88.1% 3.8% 5.9% May-20 58,807 10.2% 5.4 2.0% 88.8% 3.5% 5.7% Jun-20 59,825 1.7% 14.7 2.2% 88.1% 3.6% 6.2% Jul-20 64,765 8.3% 60.2 2.3% 87.7% 3.5% 6.5% Aug-20 62,997 -2.7% 65.1 2.3% 86.7% 3.8% 7.3% Sep-20 63,293 0.5% 24.9 2.3% 86.7% 3.5% 7.5% Oct-20 65,453 3.4% -7.3 2.3% 86.9% 3.4% 7.4% Nov-20 66,328 1.3% -11.9 2.5% 85.4% 4.0% 8.0% Dec-20 70,896 6.9% 10.1 2.8% 85.0% 4.1% 8.1% Jan-21 69,037 -2.6% 29.6 2.9% 84.3% 4.2% 8.5%

5 EQUITY RESEARCH - CHILE MONTHLY REPORT - INSTITUTIONAL INVESTORS February 11th, 2021

HOLDINGS PER COMPANY - MUTUAL FUNDS Net Investments/Divestments (US$ Mn) Net Investments/Divestments (US$ Mn) 1M 3M 6M LTM 1M 3M 6M LTM AESGENER 4.1 5.2 4.3 6.0 D&S 0.0 0.0 0.0 0.0 AGUAS-A -1.1 2.4 7.2 16.0 DETROIT 0.0 0.0 0.0 0.0 AGUAS-B 0.0 0.0 0.0 0.0 ECL 0.9 -11.3 -12.5 -16.8 AGUNSA 0.0 0.0 0.0 0.0 EDELMAG 0.0 0.0 0.0 0.0 ALMENDRAL 0.0 0.0 -0.4 0.2 EDELPA 0.0 0.0 0.0 0.0 ANDINA-A 1.3 0.4 1.1 0.5 EISA 0.0 0.0 0.0 -0.2 ANDINA-B 5.0 7.7 15.7 13.3 ELECDA 0.0 0.0 0.0 0.0 ANDROMACO 0.0 0.0 0.0 0.0 ELECMETAL 0.0 0.0 0.0 0.0 ANTARCHILE -1.1 -3.6 -2.0 -2.8 ELIQSA 0.0 0.0 0.0 0.0 AQUACHILE 0.0 0.0 0.0 0.0 EMBONOR-A 0.0 0.0 0.0 0.0 AUSTRALIS 0.0 0.0 0.0 0.0 EMBONOR-B 0.5 -0.1 0.2 1.1 BANMEDICA 0.0 0.0 0.0 0.0 EMELARI 0.0 0.0 0.0 0.0 BANVIDA 0.0 0.1 0.1 0.2 EMELAT 0.0 0.0 0.0 0.0 BBVACL 0.0 0.0 0.0 0.0 EMILIANA 0.0 0.0 0.0 0.0 BCI 0.6 4.4 4.1 -1.0 ENAEX -0.3 -0.3 -0.3 -1.1 BESALCO -0.3 0.3 0.7 -0.2 ENDESA 0.0 0.0 0.0 0.0 BICECORP 0.0 0.0 0.0 0.0 ENDESA-AM 0.0 0.0 0.0 0.0 BLUMAR -0.5 0.0 0.0 -0.8 ENELAM 10.9 1.3 8.8 11.0 BSANTANDER 4.8 2.5 25.8 29.5 ENELCHILE 3.2 0.3 -3.8 -3.6 BUPACL 0.0 0.0 0.0 0.0 ENELGXCH 0.3 2.7 2.5 -0.3 CALCHA-OSA 0.0 0.0 0.0 0.0 ENERSIS 0.0 0.0 0.0 0.0 CALICHERAA 0.0 0.0 0.0 0.0 ENJOY 0.0 0.0 0.0 -1.3 CALICHERAB 0.0 0.0 0.0 0.0 ENTEL 0.2 -3.9 -3.8 -3.3 CAMANCHACA 0.2 0.0 0.2 -0.1 EPERVA 0.0 0.0 0.0 0.0 CAMPOS 0.0 0.0 0.0 0.0 FALABELLA 3.0 1.2 -4.1 13.3 CAP -1.0 8.3 10.4 7.3 FASA 0.0 0.0 0.0 0.0 CAROZZI 0.0 0.0 0.0 0.0 FORUS 0.0 0.8 2.4 1.1 CCT 0.0 0.0 0.0 0.0 FOSFOROS 0.0 0.0 0.0 0.0 CCU 1.8 1.2 -2.0 4.6 FRIMETAL 0.0 0.0 0.0 0.0 CEM 0.0 0.0 0.0 0.0 GASCO 0.0 0.0 0.0 0.0 CEMENTOS 0.0 0.0 0.0 0.0 GNCHILE 0.0 0.0 0.0 0.0 CENCOSHOPP 0.1 1.0 1.7 5.4 HABITAT 0.0 -0.3 -0.3 -0.3 CENCOSUD 0.4 -2.4 15.8 44.3 HF -2.2 0.7 3.5 6.2 CGEGAS 0.0 0.0 0.0 0.0 HITES 0.0 0.1 -0.2 -0.4 CFR 0.0 0.0 0.0 0.0 IACSA 0.0 0.0 0.0 0.0 CGE 0.0 0.0 0.0 0.0 IAM 1.3 -3.7 -6.0 2.8 CHILE 0.3 3.1 16.9 26.8 IANSA 0.0 0.0 0.0 0.0 CHILE-S 0.0 0.0 0.0 0.0 ILC 0.9 -4.5 -0.9 -5.0 CHILE-T 0.0 0.0 0.0 0.0 INDISA 0.0 0.0 0.2 1.0 CIC 0.0 0.0 0.0 0.0 INDIVER 0.0 0.0 0.0 0.0 CINTAC 0.1 0.1 0.1 -0.1 INFORSA 0.0 0.0 0.0 0.0 CMPC 6.9 20.0 27.6 17.2 INGEVEC 0.2 0.3 0.3 0.4 COLBUN -2.9 -1.3 1.8 2.2 INTASA 0.0 0.0 0.0 0.0 COLO COLO 0.0 0.0 0.0 0.0 INTEROCEAN 0.0 0.0 0.0 0.0 COLOSO 0.0 0.0 0.0 0.0 INVERCAP 0.1 0.1 0.1 -1.7 CONCHATORO -1.6 -3.4 -3.0 1.6 INVERMAR 0.0 0.0 0.0 0.0 CONOSUR 0.0 0.0 0.0 0.0 INVEXANS 0.0 0.0 0.0 0.0 COPEC 2.6 18.7 16.0 14.5 ISANPA 0.0 0.0 0.0 0.0 CORDILLERA 0.0 0.0 0.0 0.0 ITATA 0.0 0.0 0.0 0.0 CORPBANCA 0.0 0.0 0.0 0.0 ITAUCORP -1.9 0.1 -4.1 -4.4 CRISTALES 0.0 -0.1 -0.1 0.3 KOPOLAR 0.0 0.0 0.0 0.0 CTC-A 0.0 0.0 0.0 0.0 LAFARGE CL 0.0 0.0 0.0 0.0 CTC-B 0.0 0.0 0.0 0.0 LTM 0.0 0.0 -0.2 -11.5 CTI 0.0 0.0 0.0 0.0 LAS CONDES 0.0 0.0 0.0 0.0 CTISA 0.0 0.0 0.0 0.0 LIPIGAS 0.0 -0.4 -0.8 -1.1 CUPRUM 0.0 0.0 0.0 0.0 MADECO 0.0 0.0 0.0 0.0

6 EQUITY RESEARCH - CHILE MONTHLY REPORT - INSTITUTIONAL INVESTORS February 11th, 2021

HOLDINGS PER COMPANY - MUTUAL FUNDS Net Investments/Divestments (US$ Mn) Net Investments/Divestments (US$ Mn) 1M 3M 6M LTM 1M 3M 6M LTM MALLPLAZA 0.4 0.5 0.2 -19.9 SALFACORP -4.6 -1.3 -3.2 -7.4 MANQUEHUE 0.3 0.0 0.1 -0.7 SALMOCAM 0.7 0.7 0.3 0.1 MARINSA 0.0 0.0 0.0 0.0 SANTA RITA 0.0 0.0 0.0 0.0 MASISA 0.1 0.1 0.0 0.1 SECURITY 1.1 -1.0 0.4 4.0 MELON 0.0 0.0 0.0 0.0 SIEMEL 0.0 0.0 0.0 0.0 MINERA 0.0 0.0 0.0 0.0 SIPSA 0.0 0.0 0.0 0.0 MOLLER 0.1 0.1 0.1 -0.2 SK 0.3 0.4 0.1 -0.7 MOLYMET 0.0 0.0 0.0 0.0 SM-CHILE B 0.0 0.0 0.0 0.0 MULTIFOODS -3.2 -1.3 -2.0 -3.0 SM-CHILE E 0.0 0.0 0.0 0.0 NAVARINO 0.0 0.0 0.0 0.0 SMSAAM 0.0 -0.1 1.0 -1.1 NAVIERA 0.0 0.0 0.0 0.0 SMU -0.3 0.0 -1.1 -5.6 NITRATOS 0.0 0.0 0.0 0.0 SOCOVESA -0.1 -1.2 -1.4 -3.0 NORTEGRAN 0.3 0.6 1.0 1.1 SOMELA 0.0 0.0 0.0 0.0 NUEVAPOLAR 0.0 0.0 0.0 -0.1 SONDA -0.3 -2.8 -0.6 -6.3 ORO BLANCO -0.3 -1.5 -0.2 -0.8 SOQUICOM 0.1 -0.1 -0.1 -0.2 PARAUCO -2.0 -13.2 -12.2 1.9 SQM-A -2.4 -2.3 -1.4 -0.9 PASUR 0.0 0.0 0.0 0.0 SQM-B 3.3 -1.6 2.4 4.3 PAZ 0.0 0.1 0.8 -2.4 SUD AMER-A 0.0 0.0 0.0 0.0 PEHUENCHE 0.0 0.0 0.0 0.0 TECHPACK 0.0 0.0 0.0 0.0 PILMAIQUEN 0.0 0.0 0.0 0.0 TELCOY 0.0 0.0 0.0 0.0 POLPAICO 0.0 0.0 0.0 0.0 TRICOT -0.3 -0.2 0.0 -4.9 POTASIOS-A 0.0 0.0 0.0 0.0 TRICOLORSA 0.0 0.0 0.0 0.0 PROVIDA 0.0 0.0 0.0 -0.1 VAPORES 1.7 4.0 2.1 6.2 PUCOBRE-A 0.0 0.0 0.0 0.0 VENTANAS 0.0 0.0 0.0 0.0 QUEMCHI 0.0 0.0 0.0 0.0 VOLCAN 0.0 0.0 0.0 0.0 QUINENCO -1.4 1.5 -0.7 3.7 VSPT 0.0 0.0 0.0 -0.1 QUINTEC 0.0 0.0 0.0 0.0 WATTS 0.1 0.1 0.2 0.0 RIPLEY -0.6 -1.3 1.8 1.3 ZOFRI 0.0 0.0 0.0 0.0

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RESEARCH TEAM

EQUITY RESEARCH ECONOMICS & FIXED INCOME STRATEGY Aldo Morales E. Sebastián Senzacqua B. Cynthia Urrutia C. Head of Equity Research Head of Economics & Strategy Strategist [email protected] [email protected] [email protected] +(562) 2692 3481 +(562) 2692 7954 +(562) 2692 7982 Paulina Vargas J. Marco Correa S. Mariela Bastías I. Senior Equity Research Analyst Chief Economist Strategist [email protected] [email protected] [email protected] +(562) 2692 3486 +(562) 2692 2976 +(562) 2692 7943 Jonathan Fuchs N. Jose Pablo Gonzalez B. Senior Equity Research Analyst Strategist [email protected] [email protected] +(562) 2692 2527 +(562) 2692 2576 Manuel Barrientos A. Equity Research Analyst [email protected] +(562) 2692 1836

SALES & TRADING

EQUITIES LOCAL FIXED INCOME INTERNATIONAL FIXED INCOME Felipe Figueroa E. Andrés de la Cerda G. Carlos Schneider Head of Equity Sales Head Trader Fixed Income and FX Head Trader Int. Fixed Income [email protected] [email protected] [email protected] +(562) 2692 2810 +(562) 2692 2576 +(562) 2520 7915 Carlos Hornauer M. Javiera Escudero M. José Miguel Alcalde R. Equity Sales & Trading Fixed Income Trader Fixed Income Trader [email protected] [email protected] [email protected] +(562) 2692 2811 +(562) 2692 2946 +(562) 2520 7905 Claudio Zelada A. Paulina González T. Equity Sales Fixed Income Trader [email protected] [email protected] +(562) 2520 7949 +(562) 2692 2812 Sergio Lizama C. Fixed Income Trader [email protected] +(562) 2520 7912

Daniel Colodro E. Fixed Income Trader [email protected] +(562) 2692 2573

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