Company Termas de Puyehue S.A.

Termas de Puyehue SA is a Chile-based company engaged in the tourism and hotel industry. The Company's main activities comprise the operation and exploitation of Termas Puyehue Wellness & Spa Resort, a five stars resort located inside the Puyehue National Park, region of Los Lagos. Its facilities include single, double, family and apartment suites; three restaurants; a variety of different types of bars; swimming pools; a hot springs, reception rooms and ballrooms intended for the celebration of wedding ceremonies and banquettes, as well as other related events and executive meetings. As of December 31, 2011, the Company owned such subsidiaries as Hotel Termas de Puyehue Ltda, Piscinas Termales Puyehue Ltda and Turismo y Cabanas Aguas Calientes Ltda, and Chilur SA was its majority shareholder with 57.38% of its interest.