Compañía Sud Americana de Vapores S.A.

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1 Compañía Sud Americana de Vapores S.A. December, 2009 Financial Advisor

2 Agenda CSAV Group Containerized Cargo Transportation Industry CSAV Figures Why Buying CSAV Shares Warnings and Risks Acknowledgements Pág. 2

3 CSAV Group Pág. 3

4 Since 1872 Founded in Chile in 1872, Compañía Sud Americana de Vapores is the largest shipping company in America and one of the oldest ones in the world. Traded in the Santiago Stock Exchange since its origins in Pág. 4

5 CSAV is the largest Shipping Company in America Ranking Operator Country Capacity (Teus) 13 CSAV Group Chile 323, CCNI Chile 36, Horizon Lines USA 34, Maruba + CLAN Argentine 33, Matson USA 29, Seaboard Marine USA 26, Crowley Liner Services USA 19, Dole Ocean Liner USA 15, Westwood USA 13, Log-In Logistica Brazil 10, Great White Fleet USA 7, SeaFreight Cayman 7, Tropical Shg USA 7, Independent Container Line USA 5, Melfi C.L. Cuba 5, King Ocean USA 4, Delmonte + Horn-Line USA 4,163 Source: Alphaliner, Nov-09 Pág. 5

6 Business Units Shipping Business Transportation of: Containerized Cargo Vehicles Reefer Cargo Solid and Liquid Bulks SAAM Terminal Operations Tugboats Others: Container deposit, loading and unloading services, port, agency, logistics, airport and aquiculture. Pág. 6

7 Container Transport Services: a Global Company EUROANDES JCS ANDEX ANDEX FEEDER AMERICAS GULF BRIDGE CUBA MAYA MED MEX MEDITERRANEAN TANGO 1 & 2 ABS IMEX INDUS SGLX JCS ANDEX US GULF SIRIUS MARCO POLO FEM ASAX ANDINO EUROATLAN PATAGONIA CONOSUR 1 & 2 26 transport services in containers, operated by 93 containerships. North South Services (South America to/from North America, Europe and Asia), directly operated by CSAV and its subsidiaries Libra Brazil and Libra Uruguay. East West Services operated by Norasia Container Lines Ltd. subsidiary. Slide Pág. 7 7

8 Container Transport Services West Coast South America SERVICE ROUTE Americas USEC - WCSA Andex Asia - Mex - WCSA Andex Feeder WCNA - Mex JCS Asia - Central America - Caribbean Euroandes Neur - Caribbean - WCSA Mediterranean Medit - WCSA Med-Mex Medit - Mex - US Gulf Gulf Bridge Mexican Gulf - Caribbean Conosur Sling 1 ECSA - WCSA Conosur Sling 2 ECSA - WCSA Andino Chile Maya Caribbean Cuba Caribbean East Coast South America SERVICE ROUTE Asax ECSA - S. Africa - Asia Euroatlan N Eur - ECSA US Gulf Mexican Gulf - ECSA Sirius Medit - ECSA Marco Polo ECSA - S. Africa - M. East - India Tango Sling 1 USEC - ECSA Tango Sling 2 USEC - ECSA Conosur Sling 1 ECSA - WCSA Conosur Sling 2 ECSA - WCSA Patagonia ECSA East - West SERVICE ROUTE ABS Black Sea - Asia Super Galex Arabic Gulf - Asia INDUS India - Asia IMEX N. Eur - Arabic Gulf - India FEM Medit - Asia Pág. 8

9 Vehicle Transport Services GRAN AMERICA NEW SERVICE 2 SHIN NANSEIKAI SHIN NANSEIKAI CARPAC EAST COAST NASA NEW SERVICE 3 ASAF 2 ASAF 1 NEW SERVICE 1 7 specialized services in vehicles transportation, operated by 10 Car Carrier ships. CSAV, in consortium with other leading shipping companies, operates an specialized fleet in vehicle transportation (Car Carriers), linking South America with Asia, Europe, USA and Mexico; both South American coasts; USA with the Mediterranean east coast; and Asia with the Arabic Gulf and South Africa. Pág. 9

10 Reefer Cargo Transport Services CSAV operates specialized services in reefer cargo transport, serving the fruit s exportation market, mainly from the West Coast of South America to the North of Europe and the USA. Pág. 10

11 Liquid and Solid Bulk Transport Services Dry Bulk Dry Bulk DBCN Bulk** Liquid Bulk 2 specialized services in the bulk cargo transportation services, operated by 7 bulk carriers and one chemical carrier. **DBCN on spot basis CSAV by means of its solid and liquid bulk transportation services carries: copper concentrates, zinc and lead, coal, copper cathodes, cellulose, forest products, fertilizers and grains. Pág. 11

12 SAAM in America 61 Ports in 11 Countries Florida Altamira Tampico Tuxpan Veracruz Ciudad del Carmen Dos Bocas Lázaro Cárdenas Terminal operations, tugboats, container deposits, load/unload services, port, agency, logistics, airport and aquiculture. Puerto Quetzal San José Punta Morales Puerto Caldera Puntarenas Buenaventura Esmeralda Manta Guayaquil Puerto Bolívar Paita Chicama Chimbote Salaverry Supe Callao Pisco Matarani Ilo Huarmey Arica Iquique Patillos Patache Antofagasta Chañaral Coquimbo Quintero Valparaíso Santiago San Antonio Talcahuano San Vicente Puerto Corral Puerto Montt Puerto Chacabuco Mejillones Punta Arenas U.S.A. Mexico Guatemala Costa Rica Itaqui Colombia Maceio Salvador Vitória Rio de Janeiro Santos Sao Sebastao Paranagua Itajaí Rio Grande Montevideo Nueva Palmira Fray Bentos M Bopiquá Puerto Madryn Ushuaia Ecuador Peru Chile Argentina Uruguay Brazil Pág. 12

13 SAAM: Concessions in Chilean Ports Port Operations in 6 Chilean ports Arica Iquique Antofagasta Terminal Puerto Arica S.A. Iquique Terminal Internacional S.A. Antofagasta Terminal Internacional S.A. San Antonio San Vicente San Antonio Terminal Internacional S.A. San Antonio San Vicente Terminal Internacional S.A. Corral Portuaria Corral S.A. Pág. 13

14 SAAM: Port Concessions in America Florida International Terminal Port Everglades, USA Guayaquil Terminal Portuario Guayaquil Pág. 14

15 SAAM: 103 Tugboats (RAM) Fleet Mexico: 22 RAMs Guatemala: 1 RAM Costa Rica: 3 RAMs Colombia: 1 RAM Ecuador: 8 RAMs Peru: 17 RAMs Chile: Uruguay: 22 RAMs 8 RAMs Brazil: 21 RAMs Total: 103 RAMs Pág. 15

16 CSAV Group Property Structure CSAV is controlled by the Claro Group, its main shareholder, which holds 48,05% of the company s property. The Claro Group is an important Chilean industrial conglomerate involved in the industrial, shipping, port, wine and communication industries. CSAV's Property Structure (October 31, 2009) Banks by Account of Third Parties 2.73% Others 21,04% Stock Exchanges 1,38% Controller Group 48.05% Stockbrokers 14,58% Pension Funds 10.92% Mutual and Investment Funds 1.30% Pág. 16

17 The Containerized Cargo Transportation Industry Pág. 17

18 The Principal 30 Container Transport Shipping Companies Ranking according to Transportation Capacity (Teus) APM-Maersk 1 Mediterranean Ship. Co 2 CMA CGM Group 3 Evergreen Line 4 APL 5 Hapag-Lloyd 6 COSCO Container L. 7 CSCL 8 Hanjin Shipping 9 NYK 10 K Line 11 MOL 12 CSAV Group 13 OOCL 14 Yang Ming Line 15 Hamburg Süd Group 16 Zim 17 Hyundai M.M. 18 UASC 19 PIL (Pacific Int. Line) 20 MISC Berhad 21 Wan Hai Lines 22 IRIS Lines 23 RCL 24 Sea Consortium 25 Grimaldi (Napoli) 26 TS Lines 27 KMTC 28 CCNI 29 Horizon Lines , , , , , , , , , , , , , , , , , , , ,024 53,993 53,885 50,988 45,137 37,415 (0.3%) 36,712 (0.3%) 34,150 (0.3%) (4.2%) (4.0%) (3.4%) (3.3%) (3.3%) (3.1%) (3.0%) (2.6%) (2.5%) (2.4%) (2.4%) (2.3%) (2.3%) (2.0%) (2.0%) (1.4%) (1.4%) (0.9%) (0.9%) (0.8%) (0.4%) (0.4%) (0.4%) (0.3%) 1,017,689 (7.5%) 1,491,587 (11.0%) Nº 13 Source: Alphaliner November ,070,257 (15.2%) Slide Pág

19 Demand for Containerized Cargo Transport vs. GDP Between 1981 and 2008, the demand for containerized cargo transport grew on average more than 2.9 fold compared to the world s GDP. 70% % de CSAV Crecimiento Growth CSAV vs Shipping vs Industria Industry Naviera vs vs World s PGB Mundial GDP 60% 50% % de Growth Crecimiento % 40% 30% 20% 10% 0% -10% %CSAV% % Industria Shipping Naviera Industry % PGB World s Mundial GDP e Sources: Clarkson Research Services, International Monetary Fund and CSAV Annual Reports. Pág. 19

20 Containerized Cargo Transport Supply Since 1996, the available nominal world capacity for transport in Container Vessels has grown at an average rate of 11,8%. 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 13.2% 15.1% 11.7% 5.1% Container Vessel Capacity (% of Growth) 9.6% 12.3% 11.1% e Source: Clarkson Research Services, November 2009 and Alphaliner, November % 9.8% 13.2% 16.5% 13.7% 12.8% Average Growth per Year: 11,8% 7.3% For the next three years it is expected a smaller growth in supply than the initially estimated increase, due to the postponement and cancellation of existing shipbuilding orders, the absence new orders, and an increase in scrappage. Pág. 20

21 Crisis Impact on Capacity Supply As a result of the global economic crisis, 10% of world s containership fleet is currently idle. Idle Capacity by Owner Type Owner Type Idle Capacity N Ships Teus Operator ,000 Non-Operating Owner ,000 Total 548 1,297,000 Source: Alphaliner, September 2009 During the last 5 months, CSAV had no idle ships, which demonstrates the adequate fleet configuration of CSAV. Pág. 21

22 CSAV Figures Pág. 22

23 Results: 2003 September 2009 Figures in US$ millions Var Jan-Sep Jan-Sep US$ mm % Operating Revenues 2,136 2,686 3,902 3,859 4,151 4,887 3,633 2,182 (1,451) -39.9% Operating Expenses (1,863) (2,290) (3,425) (3,795) (3,786) (4,689) (3,445) (2,467) % Gross Operating Income (285) (474) - Sales and Admin Expenses (206) (255) (318) (297) (310) (332) (256) (200) % Operating Income (232) 54 (134) (67) (485) (417) - Operational Income Margin 3.1% 5.2% 4.1% -6.0% 1.3% -2.7% -1.9% -22.2% (0) - Non-Operating Income (111) (214) - Net Income bef. tax & others (77) 154 (12) 35 (596) (631) - NET INCOME (LOSSES) (58) 117 (39) 17 (561) (578) - EBITDA (528) (617) - EBITDA Margin 7.4% 11.7% 6.0% 0.1% 5.2% 1.1% 2.5% -24.2% - - EBITDA calculated as Net Income plus depreciation, amortization, income taxes, and net financial expenses. Pág. 23

24 Operating Results per Business: 2008 and 2009 Shipping Business Var (Million Dollars) Q1 Q2 Q3 Ene-Sep Q4 Anual Q1 Q2 Q3 Jan-Sep Jan-Sep Operating Revenues 1,137 1,175 1,139 3,450 1,168 4, , % Operating Expenses -1,078-1,126-1,122-3,326-1,178-4, , % Gross Operating Income % Sales and Admin Expenses % Operating Income % Net Inc Inv. Rel. Comp % Operating Income.+ Net Inc Inv. Rel. Comp % SAAM Var (Million Dollars) Q1 Q2 Q3 Ene-Sep Q4 Anual Q1 Q2 Q3 Jan-Sep Jan-Sep Operating Revenues % Operating Expenses % Gross Operating Income % Sales and Admin Expenses % Operating Income % Net Inc Inv. Rel. Comp % Operating Income.+ Net Inc Inv. Rel. Comp % Pág. 24

25 Fuel Hedging Goal: to mitigate the impact generated by crude oil price volatility. Net profits between 2003 and Losses in 2009, particularly in the first quarter. Results of Fuel Hedging (US$ millions) Quarter Total I II III IV Total Pág. 25

26 Financial Strengthening Program for + US$ 710 millions + US$ 710* mn. US$ 130m* (Jul 7th, 2009) 1 st Capital Increase: Completed and 100% subscribed. Total collection of US$ 145 millions. US$ 220m* (Nov 11th- Dic 10th, 2009) US$ 360m (Q1 2010) * Original amounts 2 nd Capital Increase: Currently in progress 3 rd Capital Increase : According to the agreement with the majority of CSAV shipowners subscribed on May 28 th of Shipowners subscribe US$ 360 millions, equivalent to the 36% of hire expenses in the period comprised between the 01/04/2009 and 31/03/2011, at US$ 1, per share. Reduce hire payment cash flows in US$ 360 millions in a 24 months period. Pioneer agreement in the shipping industry. Pág. 26

27 Operated Fleet by CSAV (up to November, 2009) Container Vessels 93 Bulk Carriers 7 (1 owned, 10 by joint venture) (1 owned) 2 10 Reefer Car Chemical Carriers Carriers Carriers 1 (1 by joint venture) Owned 13 Ships (2 owned 100%, 11 by JV) Hired 100 Total 113 Ships Ships On board TEUS (capacity) 323,105 Container Vessels under construction 5x 8,000 Teu (Q Q1 2012) 3x 6,600 Teu (Q Q2 2011) Container fleet Dry (Teus) 410,545 Reefer 35,535 Tug Boats 103 (55 owned 48 by JV) Pág. 27

28 Why Buying CSAV shares? Pág. 28

29 An Appealing Industry 90% of world s trade is conducted through maritime routes. (Source: International Maritime Organization, February 2009) Globalization: an irreversible process which has not finished yet. Large growth ratios: during the last 29 years the containerized cargo has grown at a yearly rate of 8,5%. (Source: Clarkson Research Services) Increasing consolidation: 20 years ago the Top 20 companies had a market share of 73%. Nowadays this figure has risen to a 87%. (Source: Alphaliner) Pág. 29

30 Crisis in Recovery Process: Demand Recuperation 35% 30% 20% Demand growth rate * 10% 0% -10% -20% -25% 1Q05 3Q05 1Q06 3Q06 1Q07 1Q07 1Q08 3Q08 1Q09 3Q09 1Q10e Transpacific (EB) Asia-N Europe (WB) Asia-Med (WB) N Europe- N America (WB) Med- N America (WB) * Quarterly demand growth rate compared to last year s same quarter. Source: Drewry Shipping Consultants Ltd. November, 2009 Pág. 30

31 Crisis in Recovery Process: Capacity Rationalization More rationality of competitors: 2009 Estimated Container Vessel's World Fleet Growth Real Capacity Estimated Capacity Estimate Date up to up to Variation (Teus M) (Teus M) % January, ,126 13, % November, ,149 13, % Note: Values till corrected by Clarkson Research in November, Source: Clarkson Research Services and Alphaliner growth adjusted downward in 7 percentual points Pág. 31

32 Company in a Privileged Position Market leader in Latin America Leadership in emerging economies We have conquered the distribution channel An investment platform Critical mass / efficient minimal scale Strong deleverage without reducing the company size Ship-Owning Business: a world to be explored SAAM: a great company with an enormous potential Pág. 32

33 Market Leader in Latin America In the container transportation market in Latin America, CSAV holds a share between 15% and 16%, positioning itself among the three leading operators. West Coast South America East Coast South America Teus/year Teus/year 1 MSC 25% 1 Hamburg Süd 23% 2 Maersk 16% 2 MSC 20% 3CSAV 15% 3CSAV 16% 4 Hamburg Süd 11% 4 Maersk 10% 5 CCNI 8% 5 MOL 5% Others 25% Others 26% Source: Alphaliner, September 2009 Pág. 33

34 Leadership in Emerging Economies In the Asia-Black Sea, India-North Europe and Asia-Middle East routes, CSAV is among the five leading operators. Asia - Black Sea India - North Europe Teus/year Teus/year 1 MSC 26% 1 Maersk 29% 2 CSAV 20% 2 CMA CGM 19% 3 Maersk 14% 3 CSAV 14% 4 CMA CGM 12% 4 Hapag-Lloyd 12% 5 Zim 11% 5 S.C. India 10% Otros 17% Otros 15% Asia - Middle East Asia - India Teus/year Teus/year 1 APL 13% 1 Wan Hai Lines 10% 2 Maersk 11% 2 Hyundai M.M. 9% 3 China Shg Container Lines 11% 3 Maersk 9% 4 IRIS Lines 8% 4 PIL 8% 5 CSAV 7% 5 APL 8% Otros 50% 6 Yang Ming Line 7% 7 CSAV 7% Otros 42% Source: Alphaliner, September 2009 Pág. 34

35 Leadership in Emerging Economies (cont.) CSAV operates in Latin America, with a strong presence in Brazil, as well as in China, India, Middle East and Turkey. Pág. 35

36 We have conquered the Distribution Channel Currently we control approximately 82% of our sales. Northern Europe North America Mediterranean Asia South American West Coast South American East Coast & Africa Operations in 205 cities through 105 Agencies Regional offices in 7 key cities: Valparaíso New Jersey Hamburg Barcelona Sao Paulo Hong Kong Shanghai Pág. 36

37 An Investment Platform Geographical diversity Business diversity and Investment projects: logistics ships ports containers, etc. Pág. 37

38 Critical Mass / Minimal Efficient Scale APM-Maersk 1 Mediterranean Ship. Co 2 CMA CGM Group 3 Evergreen Line 4 APL 5 Hapag-Lloyd 6 COSCO Container L. 7 CSCL 8 Hanjin Shipping 9 NYK 10 K Line 11 MOL 12 CSAV Group 13 OOCL 14 Yang Ming Line 15 Hamburg Süd Group 16 Zim 17 Hyundai M.M. 18 UASC 19 PIL (Pacific Int. Line) 20 MISC Berhad 21 Wan Hai Lines 22 IRIS Lines 23 RCL 24 Sea Consortium 25 Grimaldi (Napoli) 26 TS Lines 27 KMTC 28 CCNI 29 Horizon Lines ,986 (4.2%) 550,384 (4.0%) 467, , , , , , , , , , , , , , ,048 (1.4%) 125,101 (0.9%) 125,060 (0.9%) 106,024(0.8%) 53,993 (0.4%) 53,885 (0.4%) 50,988 (0.4%) 45,137 (0.3%) 37,415 36,712 34,150 (0.3%) (0.3%) (0.3%) (3.4%) (3.3%) (3.3%) (3.1%) (3.0%) (2.6%) (2.5%) (2.4%) (2.4%) (2.3%) (2.3%) (2.0%) (2.0%) (1.4%) 1,017,689 (7.5%) 1,491,587 Nº 13 Source: Alphaliner Noviembre 2009 (11.0%) 2,070,257 (15.2%) Slide Pág

39 Strong Deleverage without Reducing the Company s Size We reduced our charter commitments in 34% without reducing company s size. Our disadvantage will become an advantage when achieve a larger proportion of cheaper charter hires. Pág. 39

40 Ship-owning Business: A World to be Explored Owned Capacity with regard to Operated Fleet (Teus) CSAV 8.2% Industry (excluding CSAV) Top % Top % Top % Source: Alphaliner, November 2009 Pág. 40

41 SAAM: a Great Company with an Enormous Potential SAAM has an enormous potential to develop investment opportunities and complementary businesses to CSAV. SAAM Income: September (US$ millions) Jan-Sep 2009 Pág. 41

42 Problems on their way to be Solved CSAV Group: Evolución Contenedores Transportados Pág. 42 Oct-09 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Teus (miles) Number of container lifterd per month (Teus Th)

43 Problems on their way to be Solved (cont.) CSAV Group: Indice Tarifa per Teu Negocio Transporte Contenedores 2,200 2,000 1,800 1,600 1,400 1,200 1,000 Pág. 43 Jan-08 Feb-08 Mar-08 Apr-08 May-08 Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Index calculated using the average income per Teu of container business in 2008 set to value of 2,000 points.

44 Significant Share s Liquidity On average, every month around 33 millions CSAV shares are traded, which represents 4.2% of the total shares of the company. Monthly Traded Volume of CSAV Shares Monthly Traded Volume (millions) % 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Jan-06 Apr-06 Jul-06 Oct-06 Jan-07 Apr-07 Jul-07 Oct-07 Jan-08 Apr-08 Jul-08 Oct-08 Jan-09 Apr-09 Jul-09 Oct-09 % of Total Shares Monthly Traded Volume % of the Traded Total Source: Bloomberg Pág. 44

45 Warnings and Risks The warnings and risks publicly disclosed in shareholders meetings and previous financial statements are reiterated. Pág. 45

46 Acknowledgements Pág. 46

47 Important The content of this presentation has been extracted from local and external sources, which even though are acknowledge as trustworthy and are identified along the presentation, they have not been independently verified by CSAV, whom therefore does not take the responsibility for it. This presentation contains estimates and forecasts which, for their nature and context, involve risks and uncertainties, because are based in supposed events, scenarios and financial and economical circumstances which may occur or not in the future. In this way, the current financial situation of CSAV, its operational results, cash flows and the industry and market development in which CSAV operates, may differ in the future in a way more less substantial from the estimates suggested in this presentation. Whom who receives this presentation acknowledge and accept that CSAV does not acquire any commitment related to the accuracy, integrity and permanence of the contents of this presentation and does not assume any obligation to update or correct the information contained in it. The purpose of this presentation is to deliver general nature precedents so that every investor, in an independent and individual way, assess the convenience of investing in CSAV shares. Therefore each investor, individually and with the consultancy of trusted professionals must independently adopt the decision to invest or not in CSAV shares, without considering this presentation. Considering the previous statement, CSAV will not be held liable for losses or damages derived from the use of information offered in this presentation, or the decisions based on that information. Pág. 47

48 Many Thanks Pág. 48

Compañía Sud Americana de Vapores S.A. June, 2010

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