Over time, the Company’s investment policy has focused on maintaining all production assets in optimal operating conditions. Therefore, each year it invests a fraction of the book basis depreciation of its property, plant and equipment incurred during the prior year. It also invests primarily in property plant and equipment and concessions to increase its production capacity, diversify its risks and implement its strategic growth and development plans. These investments are financed using its own resources, capital increases, selling assets or long-term loans from financial institutions. Working capital investments are financed with its own resources and short-term bank financing. The Company has covenants with these banks to maintain a coverage ratio of debt net of cash to EBITDA no greater than four and a ratio of equity to assets equal to or greater than 40%, in accordance with the lending agreement signed in November 2017 and subsequent amendments.

Camanchaca S.A.’s current dividend policy has been approved by the Board of Directors and is as follows:

a. After the financial statements have been approved by shareholders at the Annual General Meeting, the Company will distribute dividends of 30% of net distributable income.
b. The Company will not distribute interim dividends unless agreed by the Board of Directors for a particular onetime distribution.
c. The policies described in “a” and “b” above may be changed by the Board in the future.