CHILEAN MUTUAL FUNDS MONITOR Net Investment of USD 46.7Mn in Domestic Equities in June

INSTITUTIONAL INVESTORS - CHILEAN EQUITIES July 11th, 2017

CHILEAN MUTUAL FUNDS MONITOR Net investment of USD 46.7Mn in domestic equities in June

In June Chilean Mutual Funds showed a USD 46.7Mn net investment in domestic equities. Largest net investments this month took place in Falabella (USD 14.8Mn), SQM-B(USD 14.1Mn), Chile (USD 10.3Mn), BSantander (USD 8.5Mn) and Itaucorp (USD 6.7Mn). Meanwhile, the largest net divestments were observed in Parauco (USD 5.6Mn), SMU (USD 3.0Mn), Sonda (USD 2.9Mn), Copec (USD 2.6Mn), and SM- Chile-B (USD 2.2Mn). During the last twelve months, Chilean Mutual Funds amassed USD 503.9Mn of net investment.

Sector-wise, in June Chilean Mutual Funds, were net buyers in Banks (Chile, BSan- tander, Itaucorp), Commodities (SQM-B), and Retail (Falabella, Cencosud, Ripley); while showing a selling behavior in Beverage (CCU, Embonor, Andina), Telecom/IT (Sonda, Entel), and Salmon (Aquachile, Camanchaca, Multifoods).

Exposure to Domestic Equity showed a slight 10bp increase at 5.0% of AUM, while being far away its minimum level reached two years ago. By the end of June, Mutual Funds held total investments of USD 52,757Mn in AUM, 1.2% MoM in USD (15.4% YoY).

1 Chilean Mutual Funds Investment Trend in Domestic Equity (USD Mn)

800 12% 600

400 9%

200 6%

Sebastián Carvallo 0 3% +562 2692-1836 -200 [email protected] -400 0% Aldo Morales Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-16 Jan-10 Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Oct-09 Oct-10 Oct-11 Oct-12 Oct-13 Oct-14 Oct-15 Oct-16 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16 +562 2 692-3481 Apr-17 [email protected] Net Investment % Exposure to Domestic Equity

CONTACT @BICEinversiones Source: SVS, BICE Inversiones

1 2 Investments (USD M) 3 Divestments (USD M)

Jun-17 LTM Jun-17 LTM Investments Investments Divestments Divestments FALABELLA 14.8 FALABELLA 60.8 PARAUCO -5.6 PARAUCO -15.9 SQM-B 14.1 LTM 53.1 SMU -3.0 AESGENER -9.5 CHILE 10.3 SQM-B 46.3 SONDA -2.9 CONCHATORO -8.4 BSANTANDER 8.5 ITAUCORP 46.1 COPEC -2.6 COLBUN -6.7 ITAUCORP 6.7 BSANTANDER 40.7 SM-CHILE B -2.2 VSPT -6.1

Source: SVS, BICE Inversiones Source: SVS, BICE Inversiones

4 Largest Inv/Div by Sector (USD M) 5 Portfolio Breakdown (Jun 2017) Long Term Jun-17 Domestic Invest Divest Fixed Income 34.7% BANKS 24.4 BEVERAGE -4.8 COMMODITIES 13.3 TELECOM/IT -4.5 Foreign RETAIL 11.3 SALMON -1.8 Equity 8.1% CONSTRUCTION 3.6 VINEYARD -0.9 Foreign Fixed Income 2.0% OTHERS 2.9 INDUSTRIAL -0.8 Short Term Domestic Fixed Income Domestic Source: SVS, BICE Inversiones 50.2% Equities 5.0% Source: SVS, BICE Inversiones 6 Mutual Funds Track (USD Mn) Assets Under Domestic Equities Domestic Fixed Foreign Fixed Management Net Flow Domestic Equity Income Foreign Equities Income Jun/16 45,699 11.1 1,280 40,270 3,562 586 Jul/16 46,858 -17.9 1,393 41,123 3,640 701 Aug/16 46,982 81.1 1,426 41,112 3,620 825 Sep/16 48,333 1.0 1,431 42,430 3,537 935 Oct/16 48,256 9.5 1,659 42,140 3,443 1,013 Nov/16 45,710 71.9 1,615 39,975 3,256 864 Dec/16 45,985 47.5 1,541 40,294 3,280 869 Jan/17 49,741 -54.2 1,643 43,822 3,378 898 Feb/17 50,871 27.8 1,685 44,662 3,517 1,007 Mar/17 51,048 5.7 1,917 44,512 3,741 877 Apr/17 51,624 111.1 2,343 44,595 3,789 897 May/17 52,114 83.8 2,530 44,647 4,054 883 Jun/17 52,757 -36.7 2,612 44,814 4,285 1,046

Source: SVS, BICE Inversiones

2 7 Aggregate Portfolio Breakdown

Domestic Equities Short Term Domestic Fixed Income Long Term Domestic Fixed Income Foreign Equity Foreign Fixed Income 100% 7.8% 7.8% 7.7% 7.3% 7.1% 7.1% 7.1% 7,3% 6.8% 7.3% 7.3% 7.8% 8.1% 90% 80% 33.4% 33.3% 34.5% 34.6% 31.7% 34.6% 20,2% 34.5% 35.1% 34.4% 70% 35.9% 34.8% 34.7% 60% 50% 40%

30% 54.8% 54.5% 53.0% 51.9% 52.7% 55.7% 53.0% 66,2% 53.6% 52.4% 51.3% 51.2% 50.2% 20% 10% 3.8% 0% 2.8% 3.0% 3.0% 3.0% 3.4% 3.5% 3.4% 4,5% 3.3% 4.5% 4.9% 5.0% Jul/16 Jan/17 Jun/16 Jun/17 Oct/16 Apr/17 Sep/16 Feb/17 Dec/16 Aug/16 Nov/16 Mar/17 May/17

Source: SVS, BICE Inversiones

8 Portfolio Trend by asset class (% AUM)

80% 70% 60% 50% 40% 30% 20% 10% 0% -10% Jul/11 Jul/12 Jul/13 Jul/14 Jul/15 Jul/16 Jan/11 Jan/12 Jan/13 Jan/14 Jan/15 Jan/16 Jan/17 Oct/11 Oct/12 Oct/13 Oct/14 Oct/15 Oct/16 Apr/11 Apr/12 Apr/13 Apr/14 Apr/15 Apr/16 Apr/17 Domestic Equities Short Term Domestic Fixed Income Long Term Domestic Fixed Income Foreign Equity

Source: SVS, BICE Inversiones

Similarities and disparities regarding Pension Funds’ performance In June, Chilean Pension Funds exhibited USD 23.2Mn net investments, as the same as mutual funds that showed net investments by USD 46.7Mn. We can highlight swaps between these institutional investors in certain equities, such as:

• BSantander: Mutual Funds were net buyers by USD 8.5Mn, while Pension Funds were net sellers by USD 18.9Mn • Chile: Both Pension Funds and Mutual Funds were net buyers, Pension Funds showed USD 21.4Mn net investments while Mutual Funds were net buyers by only USD 10.7Mn, being the largest monthly net investment. • Enelam: Mutual Funds showed USD 4.1Mn net investments while Pensions Funds were net sellers by USD 4.7Mn. • Falabella: Mutual Funds were net buyers by USD 14.8Mn, while Pensions Funds were net sellers by USD 53.5Mn

3 9 Individual Track Record

Net Investments/Divestments (USD M) Net Investments/Divestments (USD M) May-17 L3M L6M LTM May-17 L3M L6M LTM AESGENER -1.2 1.2 -2.4 -9.5 ECL 1.7 0.9 -0.8 0.8 AGUAS-A 0.0 4.8 5.4 1.1 EDELMAG 0.0 0.0 0.0 0.0 AGUAS-B 0.0 0.0 0.0 0.0 EDELPA 0.0 0.0 0.0 0.0 AGUNSA 0.0 0.0 0.0 0.0 EISA 0.0 0.1 0.1 0.1 ALMENDRAL 0.1 -0.3 -0.1 0.9 ELECDA 0.0 0.0 0.0 0.0 ANDINA-A 0.0 0.0 0.0 0.0 ELECMETAL 0.0 0.0 0.0 0.0 ANDINA-B -1.3 -1.5 0.3 2.6 ELIQSA 0.0 0.0 0.0 0.0 ANDROMACO 0.0 0.0 0.0 0.0 EMBONOR-A 0.0 0.0 0.0 0.0 ANTARCHILE 0.5 6.1 12.6 13.6 EMBONOR-B -1.4 -4.1 0.6 6.8 AQUACHILE -1.4 -1.7 -0.8 0.3 EMELARI 0.0 0.0 0.0 0.0 AUSTRALIS 0.0 0.4 0.6 0.8 EMELAT 0.0 0.0 0.0 0.0 BANMEDICA 1.6 3.5 2.6 2.2 EMILIANA 0.0 0.0 0.0 0.0 BANVIDA 0.0 0.0 0.0 -0.2 ENAEX 0.0 0.0 -0.1 -0.1 BBVACL 0.0 0.0 0.0 0.0 ENDESA 0.0 0.0 0.0 0.0 BCI 1.0 6.0 8.0 13.7 ENDESA-AM 0.0 0.0 0.0 10.5 BESALCO 2.1 3.9 5.7 4.9 ENELAM 4.1 17.9 39.7 34.1 BICECORP 0.0 0.0 0.0 0.0 ENELCHILE -1.5 5.6 9.4 5.5 BLUMAR 0.0 0.6 0.5 0.4 ENELGXCH -0.4 9.3 9.5 12.0 BSANTANDER 8.5 21.8 34.2 40.7 ENERSIS 0.0 0.0 0.0 0.0 BUPACL 0.0 0.0 0.0 0.0 ENJOY 0.9 0.2 -0.8 -2.6 CALCHA-OSA 0.0 0.0 0.0 0.0 ENTEL -1.7 -3.0 -4.2 13.5 CALICHERAA 0.0 0.0 0.0 0.0 EPERVA 0.0 0.0 0.0 0.0 CALICHERAB 0.0 0.0 0.0 0.0 FALABELLA 14.8 35.6 39.9 60.8 CAMANCHACA -0.2 0.0 -0.8 0.1 FASA 0.0 0.0 0.0 0.0 CAMPOS 0.0 0.0 0.0 0.0 FORUS 0.6 -1.4 -3.7 -0.4 CAP -0.1 -2.7 -0.3 4.4 FOSFOROS 0.0 0.0 0.0 0.0 CAROZZI 0.0 0.0 0.0 0.0 FRIMETAL 0.0 0.0 0.0 0.0 CCT 0.0 0.0 0.0 0.0 GASCO 0.0 0.0 0.0 0.0 CCU -1.7 -2.3 -2.4 5.5 GNCHILE 0.0 0.0 0.0 -1.6 CEM 0.0 0.0 0.0 0.0 HABITAT 0.1 0.1 0.9 2.5 CEMENTOS 0.0 0.0 0.0 0.0 HF 0.0 1.0 0.7 1.1 CENCOSUD 2.4 2.2 14.6 37.5 HITES 0.3 -0.2 -0.6 -1.0 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 0.4 -0.2 1.3 1.2 CHILE 10.3 8.9 7.1 11.5 IANSA 0.0 0.0 0.0 0.0 CHILE-S 0.0 0.0 0.0 0.0 ILC 0.1 3.4 2.5 -4.1 CHILE-T 0.0 0.0 0.0 0.0 INDISA 0.1 -0.2 -0.7 -0.4 CIC 0.0 0.0 0.0 0.0 INDIVER 0.0 0.0 0.0 0.0 CINTAC 0.0 0.6 0.6 0.6 INFORSA 0.0 0.0 0.0 0.0 CMPC 1.4 8.8 31.5 26.2 INGEVEC 0.0 0.0 0.0 0.0 COLBUN -0.9 2.6 2.6 -6.7 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 0.0 0.0 0.1 0.1 CONCHATORO 0.5 -0.2 -3.1 -8.4 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 17.4 24.9 39.7 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 6.7 18.9 31.6 46.1 CRISTALES 0.1 0.3 0.5 1.0 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 1.1 8.5 29.2 53.1 CTI 0.0 0.0 0.0 0.0 LAS CONDES 0.0 -0.3 -1.8 -1.4 CTISA 0.0 0.0 0.0 0.0 LIPIGAS -0.9 -0.7 -0.8 3.4 CUPRUM 0.0 0.0 0.0 0.0 MADECO 0.0 0.0 0.0 0.0 CURAUMA 0.0 0.0 0.0 0.0 MARINSA 0.0 0.0 0.0 0.0 D&S 0.0 0.0 0.0 0.0 MASISA 0.0 0.6 1.5 1.9

4 Individual Track Record

Net Investments/Divestments (USD M) Net Investments/Divestments (USD M) May-17 L3M L6M LTM May-17 L3M L6M LTM MINERA 0.0 0.0 0.0 0.0 SIEMEL 0.0 0.0 0.0 0.0 MOLLER 0.0 0.0 1.1 1.1 SIPSA 0.0 0.0 0.0 0.0 MOLYMET 0.0 0.0 0.0 0.0 SK -0.1 3.6 3.9 4.7 MULTIFOODS -0.2 0.3 0.8 1.4 SM-CHILE B -2.2 -3.6 -1.3 4.0 NAVARINO 0.0 0.0 0.0 0.0 SM-CHILE E 0.0 0.0 0.0 0.0 NAVIERA 0.0 0.0 0.0 0.0 SMSAAM -0.3 0.5 -0.9 -1.2 NITRATOS 0.0 0.0 0.0 0.0 SMU -3.0 -0.1 14.7 14.7 NORTEGRAN 0.0 0.0 0.3 -0.1 SOCOVESA 0.3 1.4 2.3 -1.1 NUEVAPOLAR -0.3 1.4 2.2 1.7 SOMELA 0.0 0.0 0.0 0.0 ORO BLANCO -0.6 1.3 2.7 3.1 SONDA -2.9 -2.8 -8.2 -4.5 PARAUCO -5.6 -8.6 -19.1 -15.9 SOQUICOM -0.1 -0.1 -0.1 0.1 PASUR 0.0 0.0 0.0 0.0 SQM-A 0.0 0.0 0.0 0.0 PAZ 2.0 1.9 2.4 2.1 SQM-B 14.1 25.2 38.9 46.3 PEHUENCHE 0.0 0.0 0.0 0.0 SUD AMER-A 0.0 0.0 0.0 0.0 PILMAIQUEN 0.0 0.0 0.0 0.0 TECHPACK 0.0 0.0 0.0 0.0 POLPAICO 0.0 0.0 0.0 0.0 TELCOY 0.0 0.0 0.0 0.0 POTASIOS-A 0.0 0.0 0.0 0.0 TELSUR 0.0 0.0 0.0 0.0 PROVIDA 0.0 0.0 0.0 0.0 TRICOLORSA 0.0 0.0 0.0 0.0 PUCOBRE-A 0.0 0.0 0.0 0.0 VAPORES -0.5 0.7 0.2 2.9 QUEMCHI 0.0 0.0 0.0 0.0 VENTANAS 0.0 0.0 0.0 0.0 QUINENCO 0.3 2.6 4.1 4.3 VOLCAN 0.0 0.0 0.0 0.0 QUINTEC 0.0 0.0 0.0 0.0 VSPT -1.4 -4.0 -5.8 -6.1 RIPLEY 2.0 2.2 -0.4 2.9 WATTS -0.4 -0.4 -0.6 -0.3 SALFACORP 1.1 7.2 9.3 13.1 WATTS-A 0.0 0.0 0.0 0.0 SANTA RITA 0.0 0.0 0.0 0.0 WATTS-B 0.0 0.0 0.0 0.0 SECURITY 0.0 1.7 5.5 5.8 WMTCL 0.0 0.0 0.0 0.0

5 10 Institutional Investment/Divestment (USD M)

Institutional Invest/Divest (USD Mn) Institutional Invest/Divest (USD Mn) FFMM AFP TOTAL FFMM AFP TOTAL CHILE 10.3 21.4 31.7 CFR 0.0 0.0 0.0 LTM 1.1 21.0 22.1 CGE 0.0 0.0 0.0 COPEC -2.6 21.8 19.2 CHILE-S 0.0 0.0 0.0 ENELAM 14.1 0.0 14.1 CHILE-T 0.0 0.0 0.0 ITAUCORP 2.4 9.6 12.0 CIC 0.0 0.0 0.0 COLBUN 2.0 6.9 8.9 COLO COLO 0.0 0.0 0.0 FALABELLA -2.2 8.7 6.5 CONOSUR 0.0 0.0 0.0 RIPLEY 0.6 5.4 6.0 CORDILLERA 0.0 0.0 0.0 ENTEL 6.7 -1.1 5.5 CORPBANCA 0.0 0.0 0.0 PARAUCO -1.2 5.8 4.7 CTISA 0.0 0.0 0.0 SQM-B 1.7 2.1 3.9 BUPACL 0.0 0.0 0.0 ANTARCHILE 0.0 3.7 3.7 CTC-A 0.0 0.0 0.0 FORUS -5.6 9.2 3.6 CTC-B 0.0 0.0 0.0 ECL -0.9 4.4 3.5 CTI 0.0 0.0 0.0 SMSAAM -1.4 3.7 2.4 CUPRUM 0.0 0.0 0.0 AESGENER 2.0 0.0 2.0 CURAUMA 0.0 0.0 0.0 BSANTANDER -0.4 2.0 1.7 D&S 0.0 0.0 0.0 ENELGXCH 0.0 1.6 1.6 DETROIT 0.0 0.0 0.0 MASISA 0.5 1.1 1.6 EDELPA 0.0 0.0 0.0 SM-CHILE B -0.5 1.9 1.4 ELECDA 0.0 0.0 0.0 BANMEDICA -0.1 1.5 1.4 ELECMETAL 0.0 0.0 0.0 ILC 2.1 -1.1 1.0 ELIQSA 0.0 0.0 0.0 SECURITY 1.0 -0.1 1.0 EMBONOR-A 0.0 0.0 0.0 SMU 0.3 0.7 0.9 EMELARI 0.0 0.0 0.0 SK 0.9 0.0 0.9 EMELAT 0.0 0.0 0.0 CRISTALES 1.1 -0.4 0.7 EMILIANA 0.0 0.0 0.0 ALMENDRAL 0.5 0.1 0.6 ENDESA 0.0 0.0 0.0 ANDINA-A 1.6 -1.2 0.4 ENERSIS 0.0 0.0 0.0 AGUAS-A 0.4 0.0 0.4 EPERVA 0.0 0.0 0.0 BESALCO 0.3 0.0 0.3 FASA 0.0 0.0 0.0 HITES 0.3 0.0 0.3 FRIMETAL 0.0 0.0 0.0 AUSTRALIS -0.3 0.5 0.2 HABITAT 0.0 0.0 0.0 ORO BLANCO -0.1 0.3 0.2 IACSA 0.0 0.0 0.0 ENJOY 0.1 0.0 0.1 IANSA 0.0 0.0 0.0 SOCOVESA 0.1 0.0 0.1 INDIVER 0.0 0.0 0.0 CAMANCHACA 0.1 0.0 0.1 INFORSA 0.0 0.0 0.0 NORTEGRAN 0.1 0.0 0.1 INGEVEC 0.0 0.0 0.0 CINTAC 0.0 0.0 0.0 INTASA 0.0 0.0 0.0 ANDINA-B 0.0 0.0 0.0 INTEROCEAN 0.0 0.0 0.0 INDISA 0.0 0.0 0.0 INVERCAP 0.0 0.0 0.0 MOLYMET 0.0 0.0 0.0 INVERMAR 0.0 0.0 0.0 NAVIERA 0.0 0.0 0.0 INVEXANS 0.0 0.0 0.0 CAROZZI 0.0 0.0 0.0 ISANPA 0.0 0.0 0.0 ENAEX 0.0 0.0 0.0 ITATA 0.0 0.0 0.0 COLOSO 0.0 0.0 0.0 KOPOLAR 0.0 0.0 0.0 GASCO 0.0 0.0 0.0 LAFARGE CL 0.0 0.0 0.0 AGUAS-B 0.0 0.0 0.0 MADECO 0.0 0.0 0.0 ANDROMACO 0.0 0.0 0.0 MARINSA 0.0 0.0 0.0 BBVACL 0.0 0.0 0.0 MELON 0.0 0.0 0.0 BICECORP 0.0 0.0 0.0 MINERA 0.0 0.0 0.0 CALCHA-OSA 0.0 0.0 0.0 NAVARINO 0.0 0.0 0.0 CALICHERAA 0.0 0.0 0.0 PASUR 0.0 0.0 0.0 CALICHERAB 0.0 0.0 0.0 PEHUENCHE 0.0 0.0 0.0 CAMPOS 0.0 0.0 0.0 PILMAIQUEN 0.0 0.0 0.0 CCT 0.0 0.0 0.0 POLPAICO 0.0 0.0 0.0 CEM 0.0 0.0 0.0 POTASIOS-A 0.0 0.0 0.0

6 Institutional Investment/Divestment (USD M)

Institutional Invest/Divest (USD Mn) Institutional Invest/Divest (USD Mn) FFMM AFP TOTAL FFMM AFP TOTAL PROVIDA 0.0 0.0 0.0 VOLCAN 0.0 0.0 0.0 PUCOBRE-A 0.0 0.0 0.0 BANVIDA 0.0 0.0 0.0 QUEMCHI 0.0 0.0 0.0 FOSFOROS 0.0 0.0 0.0 QUINTEC 0.0 0.0 0.0 NUEVAPOLAR 0.0 -0.1 -0.1 SANTA RITA 0.0 0.0 0.0 HF -0.1 0.0 -0.1 SIEMEL 0.0 0.0 0.0 MOLLER -0.2 0.0 -0.2 SIPSA 0.0 0.0 0.0 QUINENCO -0.2 0.0 -0.2 SM-CHILE E 0.0 0.0 0.0 LAS CONDES -0.3 0.0 -0.3 SOMELA 0.0 0.0 0.0 EISA -0.4 0.0 -0.4 SOQUICOM 0.0 0.0 0.0 BLUMAR 4.1 -4.7 -0.5 SQM-A 0.0 0.0 0.0 MULTIFOODS 0.0 -0.6 -0.6 SUD AMER-A 0.0 0.0 0.0 CONCHATORO 0.0 -0.6 -0.6 TECHPACK 0.0 0.0 0.0 IAM -1.7 0.7 -1.0 TELCOY 0.0 0.0 0.0 PAZ -2.9 1.8 -1.1 TELSUR 0.0 0.0 0.0 AQUACHILE -1.3 0.0 -1.3 TRICOLORSA 0.0 0.0 0.0 CAP -1.4 0.0 -1.4 VENTANAS 0.0 0.0 0.0 LIPIGAS -0.6 -0.8 -1.4 WATTS-A 0.0 0.0 0.0 VSPT -1.4 0.0 -1.4 WATTS-B 0.0 0.0 0.0 CMPC 0.1 -2.6 -2.5 WMTCL 0.0 0.0 0.0 ENELCHILE -3.0 0.0 -3.0 ZOFRI 0.0 0.0 0.0 SALFACORP -1.7 -1.3 -3.0 ENDESA-AM 0.0 0.0 0.0 VAPORES 1.4 -4.8 -3.4 GNCHILE 0.0 0.0 0.0 EMBONOR-B -0.9 -3.9 -4.8 WATTS 0.0 0.0 0.0 CENCOSUD -1.5 -6.6 -8.1 NITRATOS 0.0 0.0 0.0 SONDA 8.5 -18.9 -10.4 CEMENTOS 0.0 0.0 0.0 BCI 0.0 -11.2 -11.2 AGUNSA 0.0 0.0 0.0 CCU 14.8 -53.5 -38.7 EDELMAG 0.0 0.0 0.0

7 SALES TEAM RESEARCH TEAM

Felipe Figueroa E. Agustín Álvarez M. Equity Sales and Trading Head of Research [email protected] [email protected] Jacinto Laso P. Aldo Morales E. Equity Sales and Trading Equity Research Analyst [email protected] [email protected] Sebastián Carvallo I. Sebastián Torrealba D. Equity Research Analyst Equity Sales and Trading [email protected] [email protected] Paulina Vargas J. Andrés De la Cerda G. Equity Research Analyst Fixed Income and Currency [email protected] [email protected] Jonathan Fuchs N. Equity Research Analyst [email protected] Sebastián Senzacqua B. Chief Economist [email protected] Antonio Acha R. Economist [email protected] Juan Pablo Castillo C. Strategy [email protected] Felipe Muñoz F. Strategy [email protected]

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