Premium Yield, Consistent NAV Growth and Significant Optionality

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Premium Yield, Consistent NAV Growth and Significant Optionality

focused on strengthening its positions in Argentina and Colombia and

benefiting from the recent acquisition of Nestlé's water business, which enhances its non-alcoholic Quiñenco flow-through NAV (US$m)

beverage exposure. Road Ranger continues expanding its travel centers network in the US, while

Hapag-Lloyd is waiting to obtain regulatory approval for the proposed ZIM transaction.

Vapores' Abnormal discount. Vapores trades at a 66% discount to the market value of its 30% stake

in Hapag-Lloyd. We estimate dividend yield to remain attractive at 14% this year and 10% in 2027E.

The persistent 60%+ discount at which Vapores trades is largely attributed to jurisdictional and tax

complexities, as well as broader country risk perceptions, which we believe are overstated. Our PT

of CLP70 implies a 45% discount to our NAV as against a 43% historical average discount), driven

by c30% tax inefficiency and a 15% target single-asset holding discount.

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A superior track record. Quiñenco reported NAV of US$10.6bn as of March 2026, up 15% YoY ex. Source: Jefferies

divs, while the stock currently trades at a 34% discount to reported NAV. Quiñenco trades at an even

wider 51% discount to flow-through NAV of cUS$14bn, implying cUS$7bn of underlying asset value

for free. Dividend payout reached 100%, c10% yield. Quiñenco holds a substantial cash position and

an experienced management team with a strong track record with an improving Chilean backdrop

and significant M&A optionality. Potential reforms in Chile, including a reduction in the corporate

tax rate from 27% to 23%, the reinstatement of full tax integration could further support narrowing Pedro Baptista * | Equity Analyst

Quiñenco's NAV discount.