Presentacion Gonzalo Oyanedel

2. Gonzalo Oyanedel G . COMMERCIAL BACKGROUND: Owner of the ANDES INVESTMENTS S.A. Holding Company. 15 years as the exclusive importer and distributor for Chile of TECNICA, TYROLIA, ATOMIC, CAMPING GAZ, WILSON (1977-92). 12 years as the exclusive Importer/Distributor and Licensee of PUMA for Chile (1980-92) under the company name Intersport S.A. 8 years as the exclusive Importer & Distributor for Chile of LOTTO from Italy (1993-2000) under the company name Industrias Deportivas S.A. SPORTS BACKGROUND: 7 years as a member of the National Chile Ski Team (1972-78). Participated in all type of international races. Sailing trip for 18 months around the world (2000/ 01). Also practices: Ski, Running, Tennis, Golf, Scuba Diving, Water ski, Cycling, etc.

3. ANDES INVESTMENTS S.A.

4. Andes Investments S.A . was founded on November 16 th, 1988, in order to separate the import business (with all brands beside Puma), from a new developing industrial business, according to a licensee agreement signed between Puma Germany A.G and Intersport S.A. The new company was named Industrias Deportivas S.A. According to this, the Puma business remained under Intersport S.A., being the Importer and Distributor for Chile before the construction of the Puma factory in our country, who had a production capacity of 4.000 pairs per day. Andes Investments S.A. participated in the property of Intersport S.A. as the PUMA licensee for almost 4 years (1988-1992), then the company was sold to Puma Germany A.G. and as they became a subsidiary in Chile, the company name was changed to Puma Chile S.A. Andes Investments S.A., through its company Industrias Deportivas S.A., became the exclusive importer and distributor in Chile for LOTTO Italy, between 1993 and 2000..

5. HOLDING STRUCTURE INDUSTRIAS DEPORTIVAS S.A. INTERSPORT CHILE S.A. ANDES INVESTMENTS S.A. ANDES CHILE S.A.

8. Company Objective To import and sell leader brands, in all type of Outdoor and Winter Sports Equipments in Chile.

9. Administration Structure Board of Directors Managing Director Administration & Finance Manager Accounting Delivery Central Zone Representatives Logistic Center North Zone Representatives Customer Service Product & Sales Manager South Zone Representatives Maketing & WEB Manager

21. Chile

23. Consumers in Chile present a sensitivity and receptivity to international brand names. The market in the metropolitan region of Santiago, has a consumer participation rate of 40%, and a high level in the other largest cities around the country, as can be seen in the following chart: Chilean Population Per Region Region Metropolitan Areas Population (Mprs) Region I Region II Region III Region IV Region V Metropolitan Region VI Region VII Region VIII Region IX Region X Region XI Region XII Arica-Iquique Antofagasta Copiapó La Serena-Coquimbo Valparaiso/ Viña del Mar Santiago Rancagua-Curico Talca/ Linares Chillan/ Concepción/ Los Angeles Temuco/Valdivia Osorno/Puerto Montt Coyhaique Punta Arenas Total 426.351 592.846 252.353 700.363 1.842.492 6.455.911 773.950 904.104 1.953.678 864.929 1.145.494 91.938 262.869 16.267.278

24. Population Chart Distributed per Region (Total 16 Million people)

27. MARKET PLACE

32. PURCHASE PROGRAM US$ 2010 2011 2012 2013 2014 TOTAL Vaude 250.000 300.000 350.000 400.000 450.000 1.750.000 Dolomite 235.000 270.000 300.000 350.000 400.000 1.555.000 Tecnica 185.000 200.000 215.000 230.000 830.000 Lowa 50.000 75.000 100.000 125.000 150.000 500.000 La Sportiva 100.000 125.000 150.000 175.000 200.000 750.000 Nordica 300.000 350.000 400.000 450.000 1.500.000 Carrera 20.000 25.000 30.000 35.000 110.000 Level 30.000 35.000 40.000 45.000 150.000 TOTAL 635.000 1.305.000 1.510.000 1.735.000 1.960.000 7.145.000

33. DOITE SALOMON NORTH FACE COLUMBIA EERR M$ Ingresos 0 0 0 0 0% 0% 0% Costos de Venta 0 0 0 0 Resultado Bruto 0 0 0 0 Margen % Promedio 0 0% 0% 0% Royalty 0 0 0 0 % Ventas 0,0% 0,0% 0,0% 0,0% Gastos de Administración 0 0 0 0 % Ventas 0 0% 0% 0% EBITDA 0 0 0 0 Margen % 0,0% 0% 0% 0% Depreciación 0 0 0 0 EBIT 0 0 0 0 Gastos Financieros 0 0 0 -0 % Venta 0,0% 0% 0% 0% Gasto Financiero Edificio 0,0 0,0 0,0 0,0 Utilidad Antes de Impuestos 0 0 0 0 Impuestos -0 0 0 -0 Utilidad Neta 0 0 0 0 Margen % 0% 0% 0% 0%

34. 2010 2011 2012 2013 EERR M$ Ingresos 601.091 1.705.823 1.753.095 2.029.343 183,8% 2,8% 15,8% Costos de Venta -324.006 -923.368 -952.048 -1.102.983 Resultado Bruto 277.085 782.456 801.046 926.360 Margen % Promedio 46,1% 45,9% 45,7% 45,6% Royalty 0 0 0 0 % Ventas 0,0% 0,0% 0,0% 0,0% Gastos de Administración -174.726 -379.565 -385.942 -411.279 % Ventas 29,1% 22,3% 22,0% 20,3% EBITDA 102.359 402.890 415.105 515.081 Margen % 17,0% 23,6% 23,7% 25,4% Depreciación 0 0 0 0 EBIT 102.359 402.890 415.105 515.081 Gastos Financieros -9.764,8 -20.211,6 -19.228,3 -17.733,3 % Venta 1,6% 1,2% 1,1% 0,9% Gasto Financiero Edificio 0,0 0,0 0,0 0,0 Utilidad Antes de Impuestos 92.594 382.679 395.876 497.348 6% Bono Participación Gte. Gral. -5.556 -22.961 -23.753 -29.841 Impuestos -17.407,6 -66.547,8 -59.222,9 -79.476,1 Utilidad Neta 69.630 316.131 336.653 417.872 Margen % 11,6% 18,5% 19,2% 20,6%