Salmones Camanchaca S.A.

FINANSTILSYNET Revierstredet 3 P.O. Box 1187 Sentrum NO-0107 Oslo Tel. +47 22 93 98 00 post@finanstilsynet.no www.finanstilsynet.no Enquiries to Philip Tyman Dir. line +47 22 93 99 96 Salmones Camanchaca S.A. Diego Portales 2000 piso 13 Puerto Montt 5503642 CHILE OUR REFERENCE YOUR REFERENCE DATE 22/10535 06.02.2023 To the Board of Directors at Salmones Camanchaca S.A. Review of financial reporting 1. Introduction In accordance with the Securities Trading Act section 19-1 (2), Finanstilsynet has reviewed certain accounting topics related to the financial reporting of Salmones Camanchaca S.A. Reference is made to previous correspondence, most recently the Company's reply of 6 December 2022. Salmones Camanchaca S.A is a salmon producer with operations in farming, processing, marketing and sale of salmon, and is listed on the Santiago and Oslo stock exchanges. Finanstilsynet's review of financial reporting concerned the Company's annual financial statements for 2021. Finanstilsynet's review related to the following items in the Company's annual financial statements for 2021: - the Company's classification of its loan agreement - the Company's note information regarding covenants Based on further information provided on request by the Company, Finanstilsynet agrees that the Company was correct to classify the loan agreement as a non-current financial liability. Finanstilsynet takes note of the Company's explanation regarding its disclosure information regarding covenants. However, Finanstilsynet is of the opinion that the note information alone, without the additional information provided by the Company at Finanstilsynet's request, was not sufficiently clear to ensure that users of the financial statements gained a full understanding of the Company's loan agreement and the situation regarding covenants.