#10 HORTIFRUT BERRIES FOR THE WORLD EVERY DAY CORPORATE PRESENTATION Berries to the world "eberry” day 990 April 2021#2Agenda 1. 2. 3. 4. THE COMPANY A global leading player THE INDUSTRY A “berry" attractive industry FINANCIALS Sustained growth and solid financial position COVID-19 SITUATION 5. APPENDIX B 2#3Hortifrut at a Glance A global leading player 1. COMPANY OVERIEW. Hortifrut is a company dedicated to the varieties development, growing, supply, and marketing of berries worldwide, vertically integrated from genetics to the end customer It is the #1 company in sales of blueberries worldwide and #2 in sales of berries Serves +35 countries through commercial platforms and strategic alliances, allowing it to deliver "berries for the world, every day" ■ Listed in the Santiago Stock Exchange (HF CI Equity) since 2012 and has a market capitalization of ~US$888,4 mn¹ 2. BUSINESSES. Genetics 52(3) licenses of blueberries, raspberries and blackberries varieties 3. GEOGRAPHICAL DIVERSIFICATION IN GROWTH & MARKETING. Blueberries Raspberries Blackberries Strawberries Cherries Growth Revenue Breakdown (2) HORTIFRUT HORTIFRUT BERRIES FOR THE WORLD EVERY DAY Growing -4.7 k planted has ~4.0 k productive has Serv./Exports From 8 countries Serves +35 countries, 365 days of the year " Distribution 30 distribution centers around the world 20-25% market share in distribution of blueberries 4. EBITDA BREAKDOWN PER BUSINESS. 11% 7% ■ Genetics US$568 52% ■ Growing mn 29% ■ Serv./Exports ■Distribution 65% ■ N. America ■ Europe ■ S. America Asia & Others (1) Information as of March 30, 2021 (2) For the period from Jul19-Jun20 (3) Varieties developed internally and licensed from third parties 9% 21% 5% S19/20 3#4Worldwide Presence Allows to mitigate business risks EE.UU: 76 planted has (org. blueberry) ■ 76 productive has Mexico: ■ 830 planted has (conv. And org. blueberry, raspberry & blackberry) ■ 351 productive has Peru: ☐ 2,168 planted has (conv. and org. blueberry) ■ 2,165 productive has (@) Spain: Morocco(1): 94 planted has (conv. blueberry) 94 productive has 26 planted has (raspberry) 26 productive has Brazil: 34 planted has (raspberry, blackberry & strawberry) ■ 21 productive has Argentina(1): Chile: 1,102 planted has (conv. & org. blueberry, cherries and others) 77 planted has (conv. blueberry) 77 productive has 997 productive has Note: The hectares planted do not include the area of third-party producers (1) JV: 50% owned by Hortifrut and managed by partners HORTIFRUT BERRIES FOR THE WORLD EVERY DAY Growing, supply & distribution Commercial office China: ◉ 500 has project (conv. blueberry) 269 planted has 205 productive has PLANTED HAS PRODUCTIVE HAS Chile 24% Chile México 25% 9% México 18% China 5% España Perú 46% 4,677 has China 6% España 4,013 has 2% Argentina 2% 2% USA Marru Argentina Perú 2% ecos Brasil USA 2% 54% Brasil 1% 1% 2% 4 1%#5Our History Always innovating... Created an industry Hortifrut initiated exports of berries to the United States and Naturipe Farms was born Globalization Initiated exports from Mexico and Guatemala, and operations in Argentina Add value RTE was created to suppy Food Service and other segments Consolidation Merger with Vitalberry Marketing HORTIFRUT BERRIES FOR THE WORLD EVERY DAY Consolidation M&A with Grupo Rocío in Peru Growth Vitafoods begins its operations Hortifrut acquires a stake in Bfruit in Portugal 1983 1984-1990 1995-1999 2000-2004 2008 2012 2013 2014-2016 2018 2019 2020 IPO Growth Hortifrut initiated operations in Chile Hortifrut España was created, and Hortifrut and Atlantic Blue created Euroberry Marketing Globalization Largest Producer in the World in Organic Products and Brazil opened Anticipates a trend / Globalization JV Grupo Rocio JV JoyWingMau JV with Mungers Bros. in California and Oregon Globalization / Integration Local Bonds Issuance & Capital Increase Business combination of frozen products with Alifrut Alliance with Proplantas to export from Colombia Growth In January 2021, Hortifrut and AeroFarms, leader in vertical farming in controlled environments, signed an agreement to jointly make research and develop in the farms of blueberries and other berries in fully controlled environments and vertical farms 5#6Vertically Integrated Business Model: From Genetics to Final Consumer VARIETAL NURSERY DEVELOPMENT & FARMING EXPORTS IMPORTS/ DISTRIBUTION 52(1) +4.7 K Genetic Varieties 8 Planted Has Worldwide (2) HAS Exporting countries FARMED USA Returipe FRESH • Owned: 3.444 Partnership(3): 1.232 (0) "HORTIFRUT connects the best growers with the best customers by supplying the best fruit for its worldwide consumers, creating a virtuous circle that grows based on innovation, better genetics, sustainability and digitalization of its processes. DIGITAL PLATFORM SUSTAINABILITY Certified MARKETING & SALES HORTIFRUT BERRIES FOR THE WORLD EVERY DAY Own Platform Berry HORTIFRUT euroberry Good the best berries all year round Brazil Chile FARMED FRESH Europe ASIA • SVA Fruits San Clemente VBM Proprietary Brands SOUTHERN SUN euroberry the best berries all year round Berry Good BERRY COLLECTION Berry Quick SNACKS -70% of revenues come from proprietary brand products Value Added naturipo vitafoods FARMED FRESH . Value Added Foods Value Added Fresh Distributing countries: (1) Varieties developed internally and licensed from third parties (2): Doesn't include third parties' plantations (3): HF owns 47% in average Commercial offices: 6#7Year Round Supply HORTIFRUT BERRIES FOR THE WORLD EVERY DAY Hortifrut's production windows per product allows counter-season supply BLUEBERRIES JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC CHILE ARGENTINA PERU MEXICO SPAIN MOROCCO CHINA COLOMBIA USA CHILE MEXICO MOROCCO RASPBERRIES PORTUGAL BRAZIL USA CHILE MEXICO BLACKBERRIES BRAZIL USA CHILE MEXICO STRAWBERRIES BRAZIL USA CHERRIES CHILE Includes organic production 7#8Genetics: Constant Innovation to Create New Varieties Hortifrut's Genetic Development ■ Hortifrut owns two genetic focused companies: • • Hortifrut North America, focused in developing new varieties of blueberries, raspberries and blackberries Berry Blue, focused in developing new varieties of blueberries Rocío 52 Licensed & Proprietary Varieties Centennial Madeleine Rationale behind Genetic Development Producers' Objectives میرا Improve yields Extend fruit's shelf life Good- appearance fruit Good texture & size Consumers' Needs HORTIFRUT BERRIES FOR THE WORLD EVERY DAY Hit the right windows Good taste 8#9Developing Genetics and Commercial Services Business HORTIFRUT BERRIES FOR THE WORLD EVERY DAY BFruit Alliance Through our alliance signed with Bfruit during 2019, we expect to increase the commercialized volume of raspberries in -1,300 tons during 20/21 season. During 19/20 season Hortifrut's commercial platforms commercialized 225 tons of raspberries from this alliance. License of own varieties in Peru ■ Now a days, there are 668 hectares from third parties planted with own blueberries varieties in Peru. During 20/21 season, in their first harvest, this surface will add -1.500 tons to the volume commercialized through our commercial platforms around the world. ■ In mature, this surface will add -14.000 tons to our commercial platforms. Genetics Business Growth ■ Growing 20% ■ Serv./Exports ■ Distribution ■ Genetics 21% 12% 1% 5% 6% 4% 10% EBITDA Breakdown S18/S19 9% S19/S20 70% 65% 2S 2020 D 78% 9#10Agenda 1. 2. 3. 4. THE COMPANY A global leading player THE INDUSTRY A “berry" attractive industry FINANCIALS Sustained growth and solid financial position COVID-19 SITUATION 5. APPENDIX B 10#11Consumption Rate 1. 2018 US PER CAPITA CONSUMPTION. (10 year CAGR). 2. 2018 US PER CAPITA CONSUMPTION. (Kg/year). HORTIFRUT BERRIES FOR THE WORLD EVERY DAY 9,0% Bananas 12,9 Raspberries Lemons Avocados Tangerines 8,7% Apples 7,7 7,9% Strawberries 3,8 Oranges 3,6 7,7% Avocados 3,4 6,7% Pineapples 3,4 Limes 5,0% Grapes 3,3 Pineapples 4,4% Tangerines 2,5 Mangoes 4,2% In the last 10 years, blueberries Lemons 1,8 Kiwifruit 3,2% consumption per capita in the US has tripled Limes 1,7 Papayas 2,6% Mangoes 1,4 Bananas 1,2% Pears 1,3 Strawberries 0,8% 1,2 Apples 0,5% Peaches and nectarines 1,2 Source: USDA The Fruit With The Fastest Growing Consumption Rate 11#12Consumption Rate Berries 2.500 2.000 1.500 1.000 500 Antioxidants: ORAC Value(1) 3.0 Why is this happening? Highest antioxidants levels, becoming the most important market in terms of value in the US Plum Orange Red Grape Cherry Kiwifruit Source: U.S. Department of Agriculture and Journal of American Chemical Society (1) ORAC: Oxygen radical absorbance capacity - mmol trolox equiv/100gr Pink Grape White Grape US FRESH FRUIT MARKET BREAKDOWN Others 23% (% Vol.) #2 Berries 16% Grapes 7% Oranges & Tangerines Apples 15% 15% Banana Apple Damascus Peach Pear Bananas 24% Watermelon Cantaloupe 12 HORTIFRUT BERRIES FOR THE WORLD EVERY DAY#13Strong Demand Growth & Resilient Prices 1. BLUEBERRIES - CONSUMPTION & PRICE TRENDS. 000' Tons 600 500 400 300 200 100 0 13% CAGR (1) HORTIFRUT BERRIES FOR THE WORLD EVERY DAY 2. RASPBERRIES - CONSUMPTION & PRICE TRENDS. 000' Tons US$/kg US$/kg 400 8 8 300 6 9% CAGR (1) 6 200 4 4 2 100 2 0 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 USA Europe Emerging Market -Price 3. STRAWBERRIES - CONSUMPTION & PRICE TRENDS. 000' Tons 2.500 2.000 1.500 1.000 500 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 USA Europe Emerging Market -Price 4. BLACKBERRIES - CONSUMPTION & PRICE TRENDS. US$/kg 000' Tons 4 150 3% CAGR (1) 120 90 9% CAGR (1) 2 60 1 30 0 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 USA Europe Emerging Market Source: U.S. Department of Agriculture, UN Comtrade (1): Volume CAGR between 2008 and 2019 Price US$/kg 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 USA Price 6543210 13#14Blueberries Consumption Cycle HORTIFRUT BERRIES FOR THE WORLD EVERY DAY Room for supply during high price windows 1. 2020 US BLUEBERRIES CONSUMPTION CYCLE. (volume/price). Tons 14.000 12.000 10.000 8.000 6.000 4.000 2.000 Volume Price 0 1 3 5 7 9 11 13 15 17 19 21 23 25 27 29 31 Weeks 33 35 37 39 41 43 45 47 49 51 2. 2020 IMPORTS BY ORIGIN TO THE US MARKET (LATAM). (volume). 120 14 12 10 8 9 2 0 USD / Kg 14.000 Maximum weekly demand 12k tons 12.000 10.000 8.000 6.000 4.000 ■ PERU ■MEXICO ■CHILE ARGENTINA URUGUAY 2.000 0 1357 9 11 13 15 17 19 21 23 25 27 29 Weeks 31 33 35 37 39 41 43 45 47 49 51 14 Source: USDA#15Opportunities to Penetrate New Markets 1. 2018 BLUEBERRY CONSUMPTION FOR SELECTED COUNTRIES. (grams/year)(1). 2. ATTRACTIVE & UNDEREXPLOITED COUNTRIES. Canada US 1.080 791 Netherlands 691 UK 655 Germany 357 Mexico 98 China 7 3. EUROPE BERRIES IMPORTS IN 2019. ■Germany 2% 2%1%1% 3% 4% United Kingdom 6% ■Nederlands ■France 7% ■ Italy 831k tons ■ Belgium ■Austria 13% ■Switzerland ■Norway Source: The Company, UN Comtrade (1) USDA, Trademap, Factfish 4. EMERGING MARKETS BERRIES IMPORTS IN 2019. 29% = Hong Kong 11% ■ China ■ Singapore ■ Japan ■ South Korea ■ Others 18% 14% 4% 1% 9% 37% 60k tons HORTIFRUT BERRIES FOR THE WORLD EVERY DAY 38% 15#16Agenda 1. 2. 3. 4. THE COMPANY A global leading player THE INDUSTRY A “berry" attractive industry FINANCIALS Sustained growth and solid financial position COVID-19 SITUATION 5. APPENDIX B 16#17Sustained Revenue Growth & Healthy Balance Sheet 1. REVENUE. (US$ Mn) 683 551 568 447 363 372 395 312 247 2. EBITDA & EBITDA MG. (US$ mn & %) HORTIFRUT BERRIES FOR THE WORLD EVERY DAY 26% 21% 175 19% 14% 14% 15% 15% 122 12% 106 11% 50 55 61 42 48 28 S12/13 S13/14 S14/15 S15/16 S16/17 S17/18 S18/19 S19/20 S12/13 S13/14 S14/15 $15/16 S16/17 S17/18 S18/19 S19/20 Dec -20(1) Dec -20(1) 3. NET INCOME & NET MARGIN. (US$ mn & %) 4. PROFIT OF THE PARENT & NET MARGIN. (US$ mn & %) 12% Includes US$44.5 mn for HFTal value adjustment 11% 8% 7% 7% Change in IFRS 6% 5% 9% 7% 6% 64 5% 6% 5% 8% 54,0 4% 4% 3% 45 45 35 45 45 31 22 20 17 25,9 20 22,3 20 8 17,2 16,0 17,4 13,1 10,6 24 17,7 S12/13 S13/14 S14/15 $15/16 S16/17 S17/18 S18/19 S19/20 Dec -20(1) S12/13 S13/14 S14/15 $15/16 S16/17 S17/18 S18/19 S19/20 Dec -20(1) Note: Figures as of December 2020 (1) Figures LTM December 2020 17#18Solid Financial Position Throughout its History HORTIFRUT BERRIES FOR THE WORLD EVERY DAY Investments for US$84 mm in S19/20 will allow an increase in EBITDA in future seasons. • Investments focused on Mexico and China, where it is expected to be able to achieve production in regime in S25/26. Operational results begin to reflect the benefit of investments made, which allows obtaining higher slack in financial indicators. Successful capital increase of US$133 mm in 2019 → 85% of shareholders subscribe to the issue of shares (use of funds in investments and payment of debt). 2. EBITDA/NET FINANCIAL EXPENSES. (X) 22,0 19,6 17,7 14,9 8,2 jun-16 dic-16 jun-17 Covenant Jun > 4.0x 1. NET FINANCIAL DEBT / EBITDA. (x) Covenant Dec < 6.0x Covennat Jun < 4.5x 4,2 4,4 44 4,3 3,8 3,5 3,7 2,6 2,3 2,5 1,7 jun-16 dic-16 jun-17 dic-17 Covenant Jun < 1.0x jun-16 dic-16 jun-17 0,8 0,6 dic-17 jun-18 dic-18 jun-19 dic-19 jun-20 dic-20 0,9 0,9 0,9 0,6 0,7 0,5 3. NET FINANCIAL DEBT / TOTAL EQUITY. (x) jun-18 dic-18 jun-19 dic-19 jun-20 dic-20 dic-17 jun-18 Co 6 dic-18 jun-19 dic-19 jun-20 7,3 5,9 4,2 4,1 dic-20 0,4 18#19Debt Structure 1. FINANCIAL DEBT BY TYPE. ■ Bank Loans ■Bonds ■ PAES 2. FINANCIAL DEBT BY CURRENCY. 3. AVAILABLE CREDIT LINES. 17% 15% 4% - USD 61% US$561 US$561 9% ■ Euros mn mn ■ Others 12% 1% 1% Operating Leases ■Financial Leasings Others 4. AMORTIZATION PROFILE. (US$ Mn) Maturity profile as of December 2020: ■Deuda s/PAES PAES 119 81% 5. CREDIT RATINGS. ■ Used ■ Unused HORTIFRUT BERRIES FOR THE WORLD EVERY DAY 31% US$233 mn 69% ICR ICR Chile A+ Stable Classification ratified in July 2020 49 70 0 49 82 62 80 80 III 2021 2022 2023 2024 24 15 13 2025 2026 2027 14 94 2028 +2029 Humphreys CLASIFICADORA DE RIESGO A Stable Classification ratified in February 2021 On August 25 '20, Hortifrut signed, with local and international banks, a Syndicated Loan and a Bilateral Loan for a total of US$101 mm (5-year term and 2-year grace period). The funds were used to prepay short debt 19#20Agenda 1. 2. 3. 4. THE COMPANY A global leading player THE INDUSTRY A “berry" attractive industry FINANCIALS Sustained growth and solid financial position COVID-19 SITUATION 5. APPENDIX B 20 20#21Covid-19 Pandemic Contingency HORTIFRUT BERRIES FOR THE WORLD EVERY DAY ■ Hortifrut has taken actions in order to protect the health of its workers and collaborators, adopting the home office modality. ■ For the workers, whose work is essential to be carried out in person, all the recommendations and measures established by the government authorities have been taken. ■ To ensure the continuity of operations, measures have been taken to ensure the provision of supplies necessary for the proper functioning of all our fields. ■ The fields where the company is harvesting are China, Mexico and Spain, whose operations are nearing the end of the season and due to the harvest season, have not been greatly affected to date. 21#22General Actions Covid 19 protocols for fields and plants Covid Risk Matrix Behaviour Traceability Labor Law Mental Health Temperature, distance, sanitation, masks, water carriers, capacity of buses, dining rooms and drills Creation and weekly management by subsidiary with preventive and corrective plans, costs by area, Covid budget, scenarios, among others. Communication Campaigns for Fixed and Temporary Collaborators. Podcast, trainings, daily talks, constitution of the covid brigade, information gathering and levels of well-being through surveys. Application of random rapid tests and suspicious cases in Peru, creation of a traceability system through photocheck. Application of existing labor laws in each country (Contract Annexes, quarantines, management of new processes, controls and protocols, among others). PAZ Project. 24/7 Psychological Support for workers and their families. Talks, Help Line and Capsules for stress and anxiety management. Active breaks and Teleworking Guidelines. CSR Donations of Food boxes, Health Kits to Clinics, Sanitation Teams and support to communities. HORTIFRUT BERRIES FOR THE WORLD EVERY DAY 22#23Main Takeaways 1. Vertically integrated global platform that operates through strategic alliances in countries with solid macroeconomic fundamentals HORTIFRUT 2. Global leadership: #1 in blueberries and #2 in berries, worldwide. Best suited to capture positive trends in this fast-growing industry 3. Long term sustainable business model 4. Highly profitable company with a solid and conservative financial position 5. The Company is following the main trends worldwide: online sales, vertical farming, digitalization and data analytics BERRIES FOR THE WORLD EVERY DAY 23#24Agenda 1. 2. 3. 4. THE COMPANY A global leading player THE INDUSTRY A “berry" attractive industry FINANCIALS Sustained growth and solid financial position COVID-19 SITUATION 5. APPENDIX 88 24#25Trends and Future Developments Of the industry and Hortifrut amazon 1. PRODUCE ONLINE SALES. Online sales of Hortifrut berries are growing exponentially. 2. VERTICAL FARMING. HORTIFRUT BERRIES FOR THE WORLD EVERY DAY ■ Hortifrut has started exploring options of vertical farming and is including this approach in its genetic development programs. GROCERY INDUSTRY TRENDS 2024 PROJECTION*: 70% of consumers will be grocery shopping online. *based on last year's presentation 2020 REALITY: 80% groceries since COVID-19 outbreak. instacart 1 added to cart Naturipe UPCS of consumers ARE shopping online for ronnnne 50% of in-store supermarket shoppers in the last 30 days also ordered groceries online (June 2020). $0 ene-1 19 feb-19 mar-19 abr-19 may-19 jun-19 jul-19 ago-19 sept-19 oct-19 Mes nov-19 dic-19 one-20 feb-20 mar-20 abr-20 may-20 3. DIGITALIZATION. Hortifrut is improving its decision-making by using real-time information by implementing several dashboards of the main drivers of the business. ■ The Company is implementing SAP IBP to have better allocation of fruit based of margin optimization. TABLEAU DASHBOARDS ARANDANOS: REAL ESTIMADO+PROYECTADO VS PPTO 63.001.951 06.463.580 55.86 $5.97 $369.365,771 $396.941.122 Dashboard Corporativo EZE Kios Exportados por Destino T " 57.201K 4.543 LAU 53 M NCIS ESTIMADOS UTILIZANDO LA INFORMACIÓN DE LA SEMAN " Jun-20 4. DATA ANALYTICS. Hortifrut is working in maximizing value through the use of advanced Predictive models. LEVERAGING DATA SOURCES USING APPLIED MACHINE LEARNING Weather Logistics Fruit Genetics ABC Pre & Post Harvest Management Customers & Destinations Expertise & Know-How PRODUCTION FORECASTING QUALITY PREDICTION MODEL MODEL BLUESQUID MATHEMATICAL OPTIMIZATION MODEL Maximize economic value by allocating the right fruit to the right customer#26Sustainability Hortifrut's Purpose, Vision and Mission Purpose HORTIFRUT BERRIES FOR THE WORLD EVERY DAY "Touching and enlightening the life of people by delivering the most wonderful and healthy berries, through its team and partnerships around the world, caring about the environment and the community" Vision To be the world leader within the Berry category Mission "Berries for the world everyday" B Corp Certification Certified ■ Awarded in 2018 to Hortifrut Chile S.A. (Subsidiary of HFSA) ☐ Largest Company in Chile with a B Corporation Certificate Recognition for Hortifrut's good practices in its Corporate Governance and Transparency Policy, as well as its relationship with collaborators, communities and the environment In the long term, Hortifrut plans to certify all of its subsidiaries to boost its positive impact in the world Corporation 26#27Disclaimer This presentation may contain projections, which constitute statements other than historical facts or current conditions, and include, without limitation, the current vision and estimate of future circumstances, conditions of the industry, the market and performance of Hortifrut S.A. and / or its subsidiaries and associates (hereinafter, the "Company" or "Hortifrut"). Some of the projections can be identified by the use of the following terms, not restrictive: "could", "should", "anticipates", "believes", "estimates", "expects", "plans", "pretends", "Project" and any other similar expression. Examples of projections are, among others, the statements regarding future market shares, projected future competitive strengths, the implementation of relevant operational and financial strategies, the direction of future operations, and the factors or trends that affect financial conditions, liquidity or operational results. These statements reflect the current vision and estimation of the Company's Management and are subject to various risks and contingencies. There is no certainty that the expected events, trends or results will actually occur. These statements are formulated on the basis of the interpretation of numerous assumptions and factors, including general conditions of the economy and the market, industry conditions and operational factors. Any change in the referred assumptions or factors could cause the current results of Hortifrut and the projected actions of the company to differ substantially from the present expectations. It is expressly stated that this document has a purely informative purpose, not having or claiming to have any legal scope in its content. Likewise, none of the information contained in this document has the intention or purpose of being an investment recommendation, legal or of any other nature. 27#28HORTIFRUT BERRIES FOR THE WORLD EVERY DAY CORPORATE PRESENTATION Berries to the world “eberry” day April 2021