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May 8 th and 9 th 2012

May 8 th and 9 th 2012. AGENDA. I. II. III. IV. V. VI. Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity. I NVESTMENT IN CONSTRUCTION. Estimated Investment 2011 - 2012. Historic Investment.

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May 8 th and 9 th 2012

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  1. May 8th and 9th 2012

  2. AGENDA I. II. III. IV. V. VI. Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity

  3. INVESTMENT IN CONSTRUCTION Estimated Investment 2011 - 2012 Historic Investment • Growth 2011 & 2012: 8.4% & 7,5% • Infrastructure Private sector will grow 10% • Investment 2011: US$ 25,900 millions • Actual growth over the last • 9 years: 3.6% in average • Sectorial economy has recovered • pre-crisis 2009 values • Infrastructure sector represents • 66% of total investment +7,5% Homes Infrastructure +10% Infraestructura Infraestructura Productiva US$ millones +11% Pública Inmobiliario Inmobiliario +0% Privada +8% Pública Investments in actual terms with E/R of US$42/UF Source: Chilean Chamber of Construction

  4. PROJECTED INVESTMENT Ministry of Public Works Investment Budget Investment 2012-2015 per Sectors • Decree year 2011: $2,400 millions • Mostly for road works • 62% spent as of October 2011 (66% as of Oct. 2010) • Estimated investment in 4 years; US$ 65,600 millions • Mining an Energy lead the investments with 88% • Construction expenses related to these investments: 50% Puetos 4%

  5. I. II. III. IV. V. VI. Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity

  6. BUSINESS AREAS Kipreos BS Construcciones BS MD Montajes Civil Works BS Maquinarias BS Cerro Alto Civil Works Industrial Erection Transmission Works Investment Projects Real Estate Development International BS Concesiones Machinery Services BS Inmobiliaria Besco - Peru Large-scale Transport Real-Estate Real-Estate & Concession Medium-size Transport

  7. CORPORATE STRUCTURE 100% 60% 68% 100% 100% 50% 100% 92% Besalco Construcciones Besalco MD Montajes Kipreos Besalco Inmobiliaria Besalco Concesiones Besalco Cerro Alto Besalco Maquinarias Besco (Peru) Besalco Dragados (50%) Melipilla (100%) Kipreos Ingenieros affiliates Besalco GyM (50%) Interportuaria (100%) Aero Kipreos Civic Center (100%) Dragados Besalco (50%) Techint Besalco (33.3%) La Ballena (50%) Concesionaria BAS (33.3%) Norvial (16.9%) Talca Hospital (33.3%) Convento Viejo (33.3%) Parque Central (50%) Consortiums do not consolidate Besalco Comsa (33.3%) Camino la Fruta (22.5%) Consorcio Comas (50%) Investment Projects International Machinery Services Civil Works Real Estate Development

  8. I. II. III. IV. V. VI. Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity

  9. RESULTS 2011 ChP millions Incomes 2011: ChP 321,612 millions • 14% increase 2010/2011, growth lead by Real Estate and Besco • Highest amounts provided by Constructions and Machinery ChP millions Controlling Interests’ Profits 2011: ChP 19,501 millions

  10. RESULTS 2011 EBITDA 2011: ChP 53,583 millions ChP millions • Higest margins of companies with • intensive use of machinery • Besalco Maquinarias and Cerro Alto • recovered during the 4th quarter • to 27% and 33% • Civil Works remain with 10% • annual average EBITDA Margin Per affiliate

  11. DEBT Financial Debt ChP 129,099 millions (dec11) • Total financial debt amounted to $129,099 millions • as of December 2011 Net Financial Debt / EBITDA Total Debt and Excluding Concessions • Net financial debt to EBITDA was 1.96 times in 2011. • The increase was due to new investments especially, machinery, lands for real estate • developments, and the purchase of Kipreos (68%). Besalco S.A. does not guarantee concession holders bonds

  12. I. II. III. IV. V. VI. Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity

  13. PORTFOLIO AND HIT RATIO • Constant annual growth, 13% over the last 5 years • The Civil Works Deptartment submitted 74 offers in 2011 with a 13% hit ratio (in amount) • High demand for new studies Hit Ratio in Proposal Studies Evolution of Backlog US$ millions 911 Number of submitted offers Nº of offers Hit ratio-in amount Only Civil works

  14. PORTFOLIO - BACKLOG • Backlog as of March 2012 amounted to US$ 911 millions. Significant diversification. • 78 contracts: 39 in civil works, 6 in real estate development, 29 in machinery services, and 4 in Peru. Backlog per Affiliates Backlog per Economic Sector US$ 911millions as of March 2012 Industrial Construction 4% Besco 2% Kipreos 1% Civil Works 51% Real Estate 3% Machinery Services 39%

  15. INVESTMENT PLAN 2012 - 2014 Others Concessions Hydro power plants projects Real Estate in Peru Real Estate in Chile Heavy Machines and equipments US$ millions • New three-year investment plan for US$ 732 millions. • 17% increase compared to the previous plan (April 2011). • Diversified per business areas.

  16. I. II. III. IV. V. VI. Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity

  17. CIVIL WORKS Roads and Bridges ASMAR Repairs • Reconstruction of port and shipyards after the tsunami. • US$ 150 millions, 1.6 years. • Consortium Dragados, Comsa, and Besalco (1/3 each) • 3 new bridges in consortium (2/3 BS) amounting to US$ 22 millions. • Chañaral – Portofino resurfacing works amounting to US$16 millions.

  18. PUBLIC AND PRIVATE BUILDING PROJECTS Hospitals under Construction New Copiapo Mall • Hospital Plan under 2 schemes: • Only construction • - Construction and operation PUERTO MONTT • The Concession Program considers 4 hospitals in 2012 • Plaza Group • EPC, Engineering and Construction • US$ 45 millions • 1 year of works • Contract for US$ 120 millions • Moller - Besalco Consortium (50/50) • Sept. 2013 (completion) COPIAPO TALCA • Contract for US$ 63 millions • Besalco (100%) • March 2015 (completion) • Contract for US$ 125 millions • Salfa – Moller – Besalco Consortium (1/3) • May 2013 (completion)

  19. POWER GENERATION PROJECTS Other Projects Los Hierros • Current portfolio includes Los Hierros (19.85 MW) plus 10 other Projects (133 MW); 153 MW total capacity and US$ 560 millions of total investment. • 19.85 MW Run-of-the-river Hydroelectric Power Station located in Linares that uses waters from Melado channel to generate Non-Conventional Renewable Energy. • 37% progress of works as of April 2012. Power supply to the Central Interconnected System during the 1st quarter of 2013. 70 MW 54MW 9 MW (*) water rights in process of purchase

  20. POWER TRANSMISSION PROJECTS Transelec - Caserones Collahuasi • Reinforcement of structures, installation and tensioning of conductors LT 220 kV. • Encuentro-Collahuasi Substation. • US$25 millions. • 196 km Power transmission line. • US$ 90 millions. • GYM - Besalco: 50% each.

  21. REAL ESTATE PROJECTS Projects under Development New Projects • In Santiago City: • 5 under construction: total sales US$ 56 millions • Marbella: 304 Apts. - Sales: US$ 45 millions • In association with Inmobiliaria Marbella (70% BS) • Includes 2.8 ha Crystal Lagoons • In Con Con City: • 1 being delivered (US$ 22 mn), 65% sold • 3 under construction - total sales US$ 37 mn

  22. MACHINERY SERVICES PROJECTS Forest-based Chipping Copper Slag Crushing • Contract with Mine El Teniente - CODELCO for crushing to 3/8 inch, and mine internal haulage. • 3 years contract for US$38 millions. • Chipping process for Forestal Mininco ,loading and hauling to cellulose plant. • 5 year contract for US$34 millions.

  23. I. II. III. IV. V. VI. Construction Market Corporate Structure Results Backlog and Investment Plan Contracts under Development Stock Price and Liquidity

  24. STOCK PRICE AND LIQUIDILITY Avge Daily Transaction (ChP millions) Liquidity tendency Stock Price • Increasing stock price 2,8 times from jan’10 • Permanent increasing liquidity after capital increase of sep’09 • Dilution of controlling group to 60% April 2012

  25. May 8th and 9th 2012

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