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Estrictamente Privado y Confidencial 1 Privado y Confidencial July 2012 Roadshow Presentation

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Estrictamente Privado y Confidencial

1Privado y Confidencial

July 2012

Roadshow Presentation

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Estrictamente Privado y Confidencial

Disclaimer

The information contained herein has been prepared by Inversiones La Construcción S.A. (“ILC”) solely for informational purposes andis not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment or otheradvice. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of theinformation contained herein. Any opinions expressed in this presentation are subject to change without notice and ILC is under noobligation to update or keep current the information contained herein. The information contained herein does not purport to be completeand is qualified in its entirety by reference to more detailed information appearing elsewhere, if any. ILC and its respective affiliates,agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of allor any part of this material.

This presentation may contain statements that are forward-looking subject to risks and uncertainties and factors, which are based oncurrent expectations and projections about future events and trends that may affect ILC’s business. You are cautioned that any suchforward-looking statements are not guarantees of future performance. Several factors may adversely affect the estimates andassumptions on which these forward-looking statements are based, many of which are beyond our control.

2Privado y ConfidencialPrivate & Confidential ILC Page 2

assumptions on which these forward-looking statements are based, many of which are beyond our control.

The common shares may not be offered or sold in the United States unless they are registered or exempt from registration under theU.S. Securities Act of 1933, as amended (the “Securities Act”). This presentation is being made only to investors that, by means of theirattendance at this presentation, represent that they are "qualified institutional buyers" as that term is defined in Rule 144A under theSecurities Act or non-U.S. persons as defined in Regulation S of the Securities Act. Any offering of common shares to be made in theUnited States will be made by means of an offering memorandum. Such offering memorandum will contain detailed information aboutILC and its business and financial results, as well as its financial statements. Investment decisions should be solely made on the basisof the offering memorandum and not on the basis of this presentation.

This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscri be for or purchase any common shares.

A copy of the offering memorandum relating to the placement of common shares is available at the Superintendencia de Valores ySeguros (the Chilean Securities and Insurance Superintendence) and at ILC’s headquarters.

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Offering summary

Issuer Inversiones La Construcción S.A. (“ILC”)

Listing Venue Santiago Stock Exchange under ticker ILC

Selling Shareholder Cámara Chilena de la Construcción A.G. (“CChC”)1

Offering Structure Local Listing / Rule 144A/Reg S

Offering Size Up to 32,193,892 common shares

3Privado y ConfidencialPrivate & Confidential ILC Page 3

Offering Size Up to 32,193,892 common shares

Shares Offered 3,687,991 (primary) and up to 28,505,901 (secondary)

Pricing Target pricing on July 19, 2012

Lock-up Period 180 days

Overallotment Option None

Bookrunners

1 Directly and indirectly (through Fondo de Inversión Privado ILC)

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Offering details

Transaction rationale Use of proceeds

� Provide market visibility and research coverage for ILC

� Introduce a new form of financing for ILC

� Strengthen ILC by adopting the best practices of publicly traded corporations

� Provide a valuation and liquidity to CChC’s main asset by reducing a high controlling stake

� Secondary proceeds

� CChC to rebalance portfolio into more liquid funds, by growing its endowment fund

� Primary proceeds

� Future capitalization of our affiliates in the healthcare business

� General corporate purposes

4Privado y ConfidencialPrivate & Confidential ILC Page 4

Others33,0%

Ownership structure of ILC

Ownership structure pre-IPO

Others0,8%

CChC2

99.2%

Ownership structure post-IPO 1

CChC2

67.0%

1 Estimated figures. Assumes offering size of 32.2 million shares, of which 3.7 million shares are primary and 28.5 million shares are secondary; considers no overallotment option. Proforma ownership and share count consider full exercise of preemptive rights by minority shareholders2 Directly and indirectly

Total number of shares = 96,282,038 Total number of shares = 100,000,000

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ILC’s history: Key milestones

2012

20102011

20032004

20082009

� RSA increases stake in SVLC to 51%

� Acquisition of RSA stake in SVLC and subsequent sale to Bicecorp

� Vida Cámara

� Acquisition of Citigroup’s stake in AFP Habitat and subsequent sale of 14% in the stock exchange

� Second D&S insurance auction

5Privado y ConfidencialPrivate & Confidential ILC Page 5

Source: ILC

19992000

2001

1980

2004

1984

1989

19961997

19851981

� CChC creates ILC

� Association with Citigroup and RSA to control AFP Habitat and SVLC, respectively

� First D&Sinsurance auction

� Corporate bond issuance

� Vida Cámaraexpands its product offerings to supplemental health and voluntary life insurance

SVLC (life insurance)

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We are a leading provider of retirement, insurance and private healthcare services in Chile through a group of best-in-class businesses

Company overview

Revenues Net Income1 Ownership

Retirement and Life

Insurance Sector

� Pension funds administration (AFP)

� Supplemental health and voluntary life

insurance

For the year ended December 31, 2011

US$221mm

US$297mm

US$119mm

US$67mm

67.5%

99.9%

6Privado y ConfidencialPrivate & Confidential ILC Page 6

Sector

� Network of nine private schools and one

subsidized private school

� IT and outsourcing services

� Health insurance institution (ISAPRE)

� Hospital healthcare services

� Outpatient healthcare services

insurance

Healthcare Sector

Other Businesses

and Real Estate

US$471mm US$17mm

US$258mm US$3mm2

US$30mm US$3mm

99.9%

90.0%3

32.9%

99.9%

Note: Amounts stated in U.S. dollars have been translated at the exchange rate of CLP 519.20 per USD, which was the official rate certified by the Central Bank for December 30, 20111 Net income on a 100% basis; 2 Includes non-recurring loss related to Clínica Bicentenario start-up costs of US$12mm; 3 As of May 2012. Prior to this date, we owned 80.8% of Red Salud

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Investment Highlights 1

7Privado y Confidencial

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What makes ILC a unique investment case?

� Chile’s attractive demographics and solid economic fundamentals

� Industries with attractive growth potential

� Market leadership and strong competitive position across businesses among a

broad base of stakeholders

8Privado y ConfidencialPrivate & Confidential ILC Page 8

� Strong and stable cash flows from complementary business units with high

potential to exploit synergies

� Experienced management team with an outstanding track record of embarking

on profitable businesses and sponsorship of a prestigious controlling

shareholder with valuable expertise

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Attractive demographics and solid macroeconomic fundamentals

Resilient population and income growth

1,1%

1,0%

0,3%

Chile

U.S.

Western

Europe

Japan (0,1%)

Strong real GDP growth

4,1%

3,6%

5,7%

4,1%

1,6%

4,5%

4,0%

5,9%

4,5%

2,7%2,4%

CAGR 2000-2010 CAGR 2011-2015EPopulation (2011-2015E CAGR)

5,6%

2,1%

1,3%

0,3%

Real Disposable Income (2011-2015E CAGR)

9Privado y ConfidencialPrivate & Confidential ILC Page 9

Japan

Source: U.S. Census Bureau, IMF, Euromonitor; Western Europe excludes Cyprus, Luxemburg and Malta

(0,1%)

Chile’s population dynamics

GDP per capita 2011 (USD thousands)

12.9 5.6 7.0 48.1 31.5

Gross debt / GDP 2011

65% 22% 36% 100% 82%

Source: IMF and S&P

11%

14.0

Chile has the highest GDP per capita among its peers in Latin America

1,2%

Chile Brazil Peru Colombia U.S. E.U.

Credit Rating (S&P)

BBB BBB BBB- AA+A+

0,3%

0-14

15-29

30-44

45-59

60-74

75+

Female Male

0-14

15-29

30-44

45-59

60-74

75+

Female Male

2011 Population by Age Groups 2020E Population by Ag e Groups

4.7%

Source: INE

12.6%

19.5%

21.2%

21.8%

20.2%

3.7%

9.6%

18.7%

21.2%

24.8%

22.0%

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(5,0)%

0,0%

5,0%

10,0%

15,0%

20,0%

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

Salary base (real) GDP (real)

Industries with attractive growth potential

ILC’s industries have benefited from Chile’s sustained economic growth…

…while maintaining room for further growth through an increase in penetration

67,0%

73,0%

90,0%

Chile

U.S.

Australia

Pension AUM as % of GDP

2,5%

5,1%

Chile

Industrial markets

Life insurance premiums as % of GDP

Salary base and GDP growth (%, real terms)

AVG: 6%

AVG: 5%

10Privado y ConfidencialPrivate & Confidential ILC Page 10

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

The healthcare industry in Chile also appears underpenetrated vis-à-vis developed markets...

…and the country’s life expectancy is expected to continue rising

77,077,2 77,3

77,577,7

77,978,1 78,2

78,478,6

76,0

76,5

77,0

77,5

78,0

78,5

79,0

2007

2008

2009

2010

2011

2012

E

2013

E

2014

E

2015

E

2016

E

Chile life expectancy

Source: EIU, US Census Bureau

Source: OECD (August 2011), Swiss Re (May 2011)

5,1%markets

Source: SAFP and Central Bank; Note: Salary base = number of AFP contributors x average salary. Growth calculated based on the average salary base for the year

Health care expenditure per capita (US$ PPP) and as % of GDP

7.164

4.815

3.922

3.867

3.851

2.941

2.817

1.088

U.S.

Switzerland

Germany

Canada

France

Spain

Japan

Chile

Source: WHO (2011)

15.2%

10.7%

10.5%

9.8%

11.2%

9.0%

8.3%

7.8%

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#2 Pension Fund Administrator

Provida29%

Habitat25%

Capital22%

Cuprum21%

Planvital3%

Modelo0%

Market leadership and strong competitive position across businesses

#1 Private Health Insurance Institution

Total AUM = US$152bn

Consalud22%

Banmédica21%

Cruz Blanca20%

Colmena16%

Másvida13%

Others¹8%

Total Contributors = 1,543,592

11Privado y ConfidencialPrivate & Confidential ILC Page 11

Source: Clinics of Chile A.G., Cruz Blanca Salud, Banmedica and Red Salud, as of December 31, 2011Note: Red Salud includes beds of subsidiaries and affiliates

#1 Private Healthcare Provider

Source: Superintendencia de Pensiones, as of March 31, 2012 Source: Superintendencia de Salud, as of March 31, 20121Includes Vida Tres, Ferrosalud and close-ended isapres

Redsalud20%

Banmédica18%

Cruz Blanca6%

Alemana6%

Indisa5%

Las Condes4%

Others41%

Total Private Hospital Beds = 6,101

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Habitat 41,0%

Vida Cámara 44,3%

Consalud 8,3%

Red Salud 6,1%

Others 0,3%

Strong and stable cash flows on top of a conservative capital structure

Dividends received (US$mm) Diversified sources of dividends

100

152

2010 2011

2011 Total dividends received

2011 Excluding Vida Cámara

Habitat 73,7%

Consalud 14,9%

Red Salud 10,9%

Others 0,5%

12Privado y ConfidencialPrivate & Confidential ILC Page 12

Debt breakdown (as of March 2012) 2Low indebtedness levels

0,41x

0,30x0,34x

2010 2011 1Q12

Total Debt/Total Equity 1

Source: ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 20111 Includes short term and long term financial liabilities including financial leases, divided by total equity (based on pre-money figures)2 Includes short and long term debt obligations (including current portion) and financial lease liabilities, converted at 1Q12 exchange rate of CLP 487.44 per USD

Local ratings AA/AA+ (Equivalent to A-/BBB+ in the International Scale)

Red Salud57,5%

ILC (individual)

30,3%

DD. EE.12,0%

Others0,2%

Consolidated total debt = US$434mm

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Experienced management team and sponsorship of a prestigious controlling shareholder with valuable expertise

Gastón EscalaAguirre

Lorenzo Constans Gorri

(Vice-Chairman)

Edgar BogolaskySack

Alberto Etchegaray

Aubry

José Miguel García Echavarri

Francisco Vial Bezanilla

Ítalo OzzanoCabezón

Paulo BezanillaSaavedra

Sergio TorrettiCosta

� Chairman of the board of ILC and CChC

� ILC board member since 2010

Board of directors

� Over 2,000 members

� Has demonstrated over its 60-year history a strongcommitment to providing best-in-class services to theChilean labor force, with emphasis on the middle class

13Privado y ConfidencialPrivate & Confidential ILC Page 13

(Vice-Chairman) Aubry

Pablo Gonzalez Figari (CEO)

� Chief Executive Officer since Feb. 2010

� Previously Chief Development Officer

� 10 years Investment Banking experience

ILC COO

Robinson PeñaGaete

CEO Consalud

Marcelo Dutilh

ILC CFO and IR Manager

Ignacio Gonzalez R.

CEO AFP Habitat

CristianRodríguez

Senior management team

CEO Red Salud

Ricardo Silva Average of 25 years of relevant experience

ILC

Our

bus

ines

ses

CEO Vida Cámara

Alfonso Cortina

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Our business strategy

� Leverage our leadership in key markets to drive value creation

� Continue to promote synergies across our businesses

� Expand our presence in the Chilean market by maintaining a coherent product

offering across our businesses

14Privado y ConfidencialPrivate & Confidential ILC Page 14

� Leverage on demographic and economic trends in Chile

� Maintain and enhance our strong and stable cash flows

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Business Overview 2

15Privado y Confidencial

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Habitat: Key considerations

� Leading pension fund administrator in Chile

� Most efficient administrator in the Chilean

pension fund system

� Market leader in investment returns

� Favorable demographic and socio-economic

ILC ownership 67.49%

AUM (Mar-12) US$38.9bn

Affiliates (Mar-12) 2,161 th.

Contributors (Mar-12) 1,266 th.

Contribution rate2 (Mar-12) 58.6%

Avg. monthly salary (Mar-12) US$1,173

Revenues (2011) US$221mm

Net income (2011) US$119mm

Key metrics

16Privado y ConfidencialPrivate & Confidential ILC Page 16

positioning

� Ample growth opportunities

� Salary base increase

� Voluntary savings products

� Incorporation of independent workers to the system

� Capture of transfers from competitors

Source: ILC and Superintendencia de PensionesNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 519.20 for 2011

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

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Habitat: #2 in scale, #1 in efficiency…

28,8%25,5%

21,9% 20,6%

2,8%0,3%

AUM market share (as of March 2012)

Total AUM (US$bn)

44.0 38.9 33.4 31.4 4.3 0.5

Operating expenses % Fee income (2011)

200

250

300

350

(US

$mm

)

Based on actual figures

Adjusted to Habitat’s 1.36% fee rate

17Privado y ConfidencialPrivate & Confidential ILC Page 17

Provida Capital Cuprum Planvital Modelo

35,3%

24,6%20,7%

9,4%6,4%

3,6%

Provida Capital Cuprum Modelo Planvital

Contribution rate1 52.4% 58.6% 56.0% 78.2% 65.7% 47.2%

Contributors market share (as of March 2012)

Source: Superintedencia de Pensiones and ILC; Note: AUM figures converted to US dollars based on the official rate certified by the Central Bank for March 31, 2012: 487.441 Contributors / affiliates

0

50

100

150

20% 40% 60% 80% 100% 120%

Fee

Inco

me

(US

$mm

Expenses % Fee Income

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Habitat: …and #1 in profitability

EBITDA margin 1 (2011)

65,4%60,6%

53,2%

38,1% 36,1%

20,5%

Provida Cuprum Planvital Capital Modelo

48.9%

30,7% 29,6%26,3%

17,7%

5,6%

Modelo Cuprum Provida Planvital Capital

ROAE2 (2011)

18Privado y ConfidencialPrivate & Confidential ILC Page 18

Net Income (US$mm) and margin 2 (%)

127 122

39

35

(4)

1553% 55%

61%

2010 2011 1Q12

Net Income ex. Encaje Encaje Net margin

3

Source: Superintendencia de Pensiones and ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency1 (Total Income – Operating Expenses ex-D&A) / Total Income2 Calculated based on average beginning and end of period shareholders’ equity3 ILC’s share of Habitat’s FY 2010 net income is higher (US$282mm); this includes one-time gain related to the adjustment of Habitat’s book value to fair value as a result of the acquisition of stake held by Citigroup

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Red Salud: Key considerations

� Industry with an attractive demand outlook

� Leading private healthcare provider in Chile

� Extensive nationwide coverage

� Solutions for all levels of medical complexity

� Attractive competitive positioning and value

ILC ownership 90.0%

Licensed beds1 (Dec-11) 1,233

Private hospitals (Dec-11) 4

Affiliated private hospitals (Dec-11) 13

Medical centers (Dec-11) 32

Medical and dental boxes (Dec-11) 897

Patient days2 (2011) 89,418

Average occupancy rate3 (2011) 63%

Key metrics

19Privado y ConfidencialPrivate & Confidential ILC Page 19

proposition

� Strong expected revenue and EBITDA growth, due to the ramp-up of recent investments and upcoming expansion projects

� On-going ramp-up of Bicentenario and Avansalud Hospitals

� Expansion projects in Tabancura and Bicentenario Hospitals

Average occupancy rate3 (2011) 63%

Revenues (2011) US$258mm

Net income (2011) US$3mm

1 Licensed beds are beds (including beds in our affiliated private hospitals) for which a hospital has obtained approval to operate from the applicable licensing agency2 Patient days are the total number of days that patients are admitted in Red Salud’sfour wholly-owned hospitals. It is calculated as the number of licensed beds multiplied by 365 days and divided by each hospital’s occupancy rate3 Occupancy rates are calculated based on licensed beds

Source: ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 519.20 for 2011.

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Red Salud: Overview

128

240

253

302

347

350

230

553

Tabancura

Sanatorio Aleman

Las Condes

Santa Maria

Alemana

Indisa

Bicentenario

Davila

493

Chilean private hospitals by number of beds (2011)Geographic footprint and regional market share by

number of beds (2011)

Regions

Metropolitan Region: 14%

17 private hospitals and 32 outpatient care centers

Region I: 33%

Region II: 18%

Region III: 73%

Region IV: 100% 208

20Privado y ConfidencialPrivate & Confidential ILC Page 20

96

98

100

103

104

105

105

106

120

126

152

162

H. Clínico del Sur

Avansalud

Las Lilas

Clínica Integral

Clínico de VM

U.C. Central

Del Profesor

U.C. San Carlos

Hospital Fusat

Alemana Temuco

Antofagasta

Reñaca

Nationwide Presence

Region VI: 36%

Region VIII: 15%

Region X: 15%

Region XII: 100%

Region IX: 30%

Region VII: 71%

Region V: 23%

Red Salud hospitals

Others

ILC market share (in terms of private hospital beds): 20%

Source: ILC, annual reports of the companies as filed with the SVS, except Clinica Alemana, where the information has been derived from its website

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12898

23068

709

2010 2011

Red Salud: Overview (cont’d)

Number of hospital beds

939

TabancuraAvansalud

Bicentenario 1

Iquique

Regional Affiliates

1,233 3.0902.740

1.235

Red Salud Cruz Blanca Banmédica

Outpatient care activity (Dec 2011)

Number of medical and dental visits (In thousands)

Medical and 1,028 309897

21Privado y ConfidencialPrivate & Confidential ILC Page 21

2010 2011

Revenues (US$mm)

229 258

76

2010 2011 1Q12

Source: ILC; SVS filings by Cruz Blanca and BanmédicaNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency1 Does not consider expansion plan

dental boxes 1,028 309897

Net Income (US$mm) and margin (%)

15

3 1

12

3

2010 2011 1Q12

Bicentenario effect Red Salud

15

Note: Includes outpatient activity in medical centers. Does not include outpatient activity in hospitals

Net margin (ex. Bicentenario effect)

6.5% 6.2%

4

6.1%

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ILC ownership 99.9%

Contributors (Mar-12) 335,477

Beneficiaries (Mar-12) 645,385

Revenues (2011) US$471mm

Net income (2011) US$17mm

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

Key metrics

Products offered

22Privado y ConfidencialPrivate & Confidential ILC Page 22

technologies

� First choice provider for people moving from the

public to the private health insurance system

Source: ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 519.20 for 2011.

Medical plans

� Open network plans

� Preferred provider plans

� Closed network plans

Complementary product offerings

� Additional coverage for catastrophic diseases

� Dental plans

� Pharmacy plans

18%

19%

14%

25%

25%

Isapre: 2.8 mm

Fonasa D: 3.0 mm

Fonasa C: 2.2 mm

Fonasa B: 4.0 mm

Fonasa A: 3.9 mm

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Consalud: Overview

335.477318.364 305.241

248.038

206.974

71.990

Contributors (as of March 2012)

125

158172

197

152

231

81,4% 85,2% 83,0% 83,6% 85,7% 87,0%

Average monthly contribution (US$) Loss ratio (%)

Average contribution 1 and loss ratio 2 (2011)

23Privado y ConfidencialPrivate & Confidential ILC Page 23

463 471

137

2010 2011 1Q12

Revenues (US$mm) Net Income (US$mm) and margin (%)

13 179

2,7%3,5%

6,7%

2010 2011 1Q12

Banmédica Cruz Blanca Colmena Masvida Vida Tres

Source: Superintedencia de Salud and ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency; 1 Operating revenues divided by average number of contributors; 2 Operating expenses divided by operating revenues

Banmédica Cruz Blanca Colmena Masvida Vida Tres

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Vida Cámara: Overview

Overview

� Until June 2012, Vida Cámara provided disability and survivorship (D&S) insurance

� 36% market share in terms of premiums (July 2010-June 2012 period)

� Contract expires in June 2012

ILC ownership 99.9%

Total assets (Mar-12) US$300mm

Total technical reserves (Mar-12) US$200mm

Equity (Mar-12) US$92mm

Key metrics

24Privado y ConfidencialPrivate & Confidential ILC Page 24

Source: ILC; Note: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency

61 67

2222% 22%26%

2010 2011 1Q12

New Projects Net Income (US$mm) and margin (%)

� Supplemental health insurance

� 37,500 beneficiaries as of March 2012

� Life and catastrophic insurance

� Participation in mass tender processes

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Other Businesses: Overview

Desarrollos Educacionales (“DD.EE.”) iConstruye

Real Estate

� Operates nine private schools and one subsidized school

� As of March 31, 2012, DD.EE. had:

� 9,105 students (6,250 families)

� 70,792 m2 in school space

� 553 teachers and 331 courses

� Provides information technology outsourcing services to companies in the construction sector

� iConstruye processed 15,476 price quotations, 267,739 purchase orders, 144,359 bills and 7,923 subcontracts as of March 31, 2012

� ILC has real estate assets with a book value of

25Privado y ConfidencialPrivate & Confidential ILC Page 25

Revenues (US$mm)

23,8 24,8

3,0

5,3 5,4

1,6

2010 2011 1Q12

iConstruye DD.EE.

Source: ILCNote: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011 and 487.44 for 1Q12. Growth rates in local currency

29.1 30.1

4.6

� ILC has real estate assets with a book value of US$44mm as of March 31, 2012

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Financial Summary 3

26Privado y Confidencial

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899 981 247 281

280297

74 84

ILC (recurring) Vida Cámara (D&S)

Consolidated financials

Revenues (US$mm) Revenue breakdown (2011)

Habitat17%

Vida Cámara

23%

Consalud37%

Red Salud20%

Others3%

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2010 2011 1Q11 1Q12 ILC 2011 Revenues = US$1,278mm

Capex (US$mm)

4431

115

2010 2011 1Q11 1Q12

Note: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011, 479.46 for 1Q11 and 487.44 for 1Q12

Total assets (US$mm)

2.056 1.9342.252

2010 2011 1Q12

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Consolidated financials (cont’d)

Equity attributable to owners of the parent (US$mm)

847 834956

2010 2011 1Q12

Net income (US$mm)

21

61

ILC (recurring) Habitat goodwill IFRS impact

Habitat Encaje (income on reserves) Vida Cámara (D&S)

28Privado y ConfidencialPrivate & Confidential ILC Page 28

Dividends declared (US$mm) and payout ratio 1

128 95

67%61%

2010 2011

Dividends Declared Payout Ratio

1 Payout ratio calculated based on adjusted income attributable to the owners of the parent (i.e. excluding income from differences between the prior carrying amount and the fair value of reclassified financial assets measured at fair value arising from our acquisition of a controlling interest in Habitat in 2010)

2010 2011 1Q12

109 92

28 35

145

-2

410

67

1922

2010 2011 1Q11 1Q12Note: Habitat non-recurring income is composed of income from differences between the prior carrying amount and the fair value of reclassified financial assets measured at fair value arising from our acquisition of a controlling interest in Habitat in 2010. Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011, 479.46 for 1Q11 and 487.44 for 1Q12.Growth rates in local currency

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Consolidated income statement

2010 2011 1Q11 1Q12

Revenues 1,179 1,278 320 366

Cost of sales (771) (816) (197) (226)

Gross profit 408 463 124 140

Other income 25 2 0 0

Administrative expenses (198) (222) (57) (60)

Other expenses (8) (2) 0 0

Other gains 1 2 0 1

Figures in US$mm

29Privado y ConfidencialPrivate & Confidential ILC Page 29

Financial income 59 18 14 27

Financial expenses (17) (23) (6) (6)

Share of profit (loss) of affiliates accounted for using the equity method 25 6 2 2

Foreign currency exchange gain (loss) 0 1 1 0

Gain (loss) from inflation indexed unit 0 (4) 1 (3)

Income (loss) from differences in book value and fair value 145 - - -

Income before taxes 439 241 78 102

Income taxes (42) (45) (15) (18)

Income from continuing operations 397 196 63 84

Income from discontinued operations 0 - - -

Net income 397 196 63 84

Income attributable to owners of the parent 335 157 51 66

Income attributable to non-controlling interests 62 39 12 18

Note: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011, 479.46 for 1Q11 and 487.44 for 1Q12

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Consolidated balance sheet

2010 2011 1Q12

Cash and cash equivalents 233 181 319

Other current financial assets 335 310 333

Other current non-financial assets 15 17 20

Trade and other receivables, current, net 122 132 159

Accounts receivable due from related parties, current 2 1 2

Inventories 2 3 3

Other assets - 0 0

Figures in US$mm

2010 2011 1Q12

Current financial liabilities 278 43 35

Trade and other payables 129 119 135

Accounts payable due to related parties 1 1 1

Other current provisions 46 51 57

Current tax liabilities 20 8 13

Provisions for employee benefits, current 13 21 12

Other non-financial liabilities 10 10 23

Total current liabilities 497 252 275

30Privado y ConfidencialPrivate & Confidential ILC Page 30

Current tax assets 6 2 3

Total current assets 716 647 840

Other non-current financial assets 384 364 409

Other non-current non-financial assets 21 24 26

Non-current trade and other receivables 3 8 9

Equity accounted investees 28 33 39

Intangible assets other than goodwill 164 143 150

Goodwill 217 196 208

Property, plant and equipment, net 460 438 472

Investment property 47 42 44

Deferred tax asset 16 39 54

Total assets 2,056 1,934 2,252

Total current liabilities 497 252 275

Non-current financial liabilities 180 288 399

Accounts payable due to related parties - - -

Other non-current provisions 174 190 200

Deferred tax liabilities 86 92 110

Provisions for employee benefits, non-current 1 1 1

Total liabilities 939 823 985

Share capital 457 412 439

Share premium 1 1 1

Retained earnings 189 230 311

Other reserves 201 192 205

Equity attributable to owners of the parent 847 834 95 6

Non-controlling interest 271 276 312

Total liabilities and shareholders’ equity 2,056 1,93 4 2,252

Note: Figures converted to US dollars based on the official rate certified by the Central Bank for the end of each period: 468.01 for 2010, 519.20 for 2011, and 487.44 for 1Q12