(9,917)

(8,936)

2Q18 2Q19

2Q18 2Q192Q18 2Q192Q18 2Q19

• 2Q19 Revenue: decreased CLP$ MM -1,983 YoY (-3.4%) due to lower HOLD (CLP$ MM -3,526), in

Punta del Este, despite higher DROP (+25.2%) as a result of new markets strategy. Without

considering this effect, Revenue: CLP$ MM +1,543, due to higher Gaming volume (DROP +17.2%

and COIN-IN +12.7%), mainly in Santiago and Antofagasta, and due to the incorporation of San

Antonio and Los Angeles. • Costs 2Q19: increased CLP$ MM -5,014 due to new markets development for Punta del Este and

new commercial strategy (CLP$ MM -1,923), and the incorporation of San Antonio and Los Angeles

(CLP$ MM -1,023) and higher Depreciation and Amortization (CLP$ MM -2,068) mainly for leases

effect. • EBITDA 2Q19 decreases CLP$ MM 4,580 YoY; -52.7%, due to lower Revenues (CLP$ MM -1,983)

and higher Costs (CLP$ MM -2,946). The above partially offset by lower SG&A expenses (CLP$ MM

+349). Consolidated HOLD effect was CLP$MM -2,606, normalized EBITDA decreases CLP$ MM -

1,054. • In 2Q19 Net Income/Loss reached a loss of CLP$ MM 8,936 (CLP$ MM +981 YoY), due to lower

Gross Margin (CLP$ MM -6,997) and lower results in Inflation liabilities indexation (CLP$ MM -

1,188), due to replacement of bank debt to UF Bonds. The above, partially offset by an increase in

Other Earnings (CLP$ MM +3,621) mainly due to profit on the sale of assets, a decrease in Other

Expenses (CLP$ MM +1,121), due to higher restructuring expenses in 2018, a positive effect on

Exchange Differences (CLP$ MM +1,405), due to debt in US$ dollars and lower Financial

Expenses (CLP$ MM +1,244), due to prepayment costs for Bond E in 2018. • On April 17th, 2019, Enjoy S.A. issued a UF 2,000,000 bond in the local market, unsecured, 9

years, amortizing since year 6, at 3.5% yield. The funds will be used to prepay debt. This Bond

lowers the average rate from 8.23% to 8.12% and increases debt duration from 3.38 to 4.35

years. ICR y Humphreys graded this issuance “BBB+”. • On April 1st we started operating in Los Angeles and San Antonio. • Non-strategic assets sales: sale of 10th. floor. • Annual Shareholders Meeting was held on April 24: Directors, External Auditors and Risk Rating

Agencies were ratified. • On June 17, Bondholders meeting (Series I – J) was held: modification covenants. • Dow Jones Sustainability Index assessment.

• Credicorp Capital Lima Conference Book: Target price $ 50 • Request of construction deadline extension for Viña del Mar license project was authorized by the

SCJ (9 months for casino and 18 months for other works).

“During the second quarter of 2019 Enjoy managed to increase its customer base, as a result of a commercial strategy turnaround, the search for new markets and the incorporation of two new properties to the chain. This increase in gaming volume, however, is impacted by the Hold or random effect, typical of this industry. Today Enjoy is at a turning point and we are optimistic about the future, because we have drawn a road map that will allow us to continue capturing opportunities for efficiency, profitability and growth in the region. We are working on strengthening our value proposal and commercial strategy, and there is an important work to deepen loyalty and continue to attract new customers. We have important developments from the renewal of 3 of our licenses and the incorporation of a fourth property, and we are committed to continue advancing in the fulfillment of our growth and profitability challenges with a strong sense of responsibility. ”

Normalized EBITDA

NET INCOME (LOSS)

1

EBITDA

8,695

4,115

7,775 6,721

58,692 56,709

Explained mainly by Punta del Este HOLD.

Loss due to lower gross margin due to HOLD effect and higher costs, and negative effect of UF bonds indexation.

Rodrigo Larraín K. CEO

San Antonio and Los Angeles properties were incorporated Revenue decreased CLP$ MM -1,983 due to HOLD effect

Excluding HOLD effect, Revenue increased CLP$ MM 1,543

Enjoy S.A. issued a UF 2,000,000 bond in the local market

3.5% Yield

EBITDA decreased 52.7%, due to lower HOLD in Punta del Este and higher costs.

CLP$ MM

2 Q

2 0 1 9 E A R N I N G S R E L E A S E

2 Q 1 9 H I G H L I G H T S

REVENUE

ENJOY Punta del Este: Revenue decreased CLP$ MM -3,984 (↓28.4%) YoY during 2Q19, mainly due to a decrease in table

games HOLD, -12.3 bps. (HOLD effect CLP$ MM -2,894), despite of higher DROP (+25.2%) as a result of new markets

strategy (increase of 50 VIP clients). The above was partially compensated by higher Slots WIN ↑5.5% (increase in COIN-IN

+8.4%). Sales costs increased CLP$ MM 1,142 due to new markets strategy. EBITDA reached CLP$ MM -4,179

(↓451.3%).

ENJOY Antofagasta: Revenue increased ↑7.6% YoY during 2Q19, due to higher visits (+10.7%) as a consequence of

changes in our value proposal, which resulted in an increase of CLP$ MM 1,580 in Coin-in (↑2.1%) and an increase of

CLP$ MM 156 in total WIN (↑2.5%). Meanwhile, Hotel revenues increased ↑11.4% and FF&BB revenues increased

↑23.5%. Sales costs increased 16.8% by change of strategy in value proposal mentioned above. EBITDA reached CLP$

MM 2,038 (↑ 9.6%).

ENJOY Coquimbo: Revenue decreased ↓5.6% YoY during 2Q19, due to a 10.3% decrease in visits, what was reflected in

a decrease in Slots WIN (↓4.4%), Hotel revenues (↓8.4%) and FF&BB revenues (↓13.9%). Sales costs increased 3.3%

and EBITDA decreased CLP$ MM 451 (↓17.1%).

ENJOY Viña del Mar: Revenue decreased ↓4.9% YoY during 2Q19, mainly due to a decrease in Slots WIN (↓9.8%) as a

consequence of lower HOLD (1.2 bps.). The above, partially offset by higher table games WIN (↑10.9%), higher Hotel

revenues (↑2.5 %) and higher FF&BB revenues (↑8.1%). Meanwhile, sales costs decreased as a result of efficiency

initiatives (-8%). EBITDA reached CLP$ MM 1,684 (↓11.1%).

ENJOY San Antonio: Reported revenue reached CLP$ MM 2,233 (↓0.8% YoY), where an increase in Slots WIN stands out

due to higher COIN-IN (CLP$ MM +1,591). El EBITDA reached CLP$ MM 440 (↑31.0% a/a) during 2Q19.

ENJOY Santiago: Revenue increased ↑6.9% YoY during 2Q19, mainly due to higher table games (↑35.1%) as a result of

higher DROP (↑5.8%) and HOLD (+5.1 p.p.). The above as a result of new customers loyalty initiatives, which resulted in

increased visits (↑1.2%) and higher Hotel revenues (↑7.7%). The above, partially offset by lower FF&BB revenues

(↓17.5%). Higher sales costs and SG&A expenses were registered (CLP$ MM -874) as a consequence of new value

proposal which affects prices and marketing expenses. EBITDA reached CLP$ MM 2,961 (↓5.4%).

ENJOY Los Ángeles: The reported revenue reached CLP$ MM 1,172 (↓0.8% YoY) during 2Q19. EBITDA reached CLP$ MM

339 (↑1.2% YoY) due to costs and expenses efficiencies.

R E S U LT S B Y U N I T

2 Q 1 9

E A R N I N G S R E S U L T S

ENJOY Pucón: Revenue decreased ↓13.3% YoY during 2Q19, due to lower table games WIN (↓39.8%) as a result of a

decrease in DROP (↓18.7%). Meanwhile, Hotel revenues decreased (↓24.6%) and FF&BB revenues decreased (↓33.7%),

all above due to lower visits (↓9.4%). Sales costs decreased as a consequence of efficiency initiatives (-10.3%). EBITDA

reached CLP$ MM 90 (↓73.0%).

ENJOY Chiloé: Revenue increased ↑1.0% YoY during 2Q19, due to higher WIN in table games (↑55.1%) as a result of

higher DROP (↑2.9%) and Hotel revenues (↑3.1%). The above partially offset by a decrease in FF&BB revenues (↓8.4%).

Sales costs and SG&A expenses increased 1.6%. EBITDA reached CLP$ MM -81 (↑0.4%).

ENJOY Villarrica: Revenues increased ↑4.2% YoY during 2Q19, due to higher FF&BB revenues (↑7.7%) and Hotel

revenues (↑3.1%). Sales costs and SG&A expenses decreased 18.4% as a result of efficiency initiatives. EBITDA reached

CLP$ MM 33 (↑408.8%).

ENJOY Puerto Varas: Increase in revenue ↑10.8% YoY during 2Q19, due to higher Hotel revenues (↑28.9%). Meanwhile

FF&BB revenues decrease 8.5%. Sales costs and SG&A expenses increased 8.8% due to higher hotel occupancy. EBITDA

reached CLP$ MM -74 (↓27.6%).

ENJOY Mendoza: Revenue in ARS$ ↑49.9% YoY during 2Q19, due to higher DROP in VIP room. EBITDA in ARS$ M 98,797

(↑46.6%). Revenue in CLP$ decreased ↓12.3% YoY during 2Q19, due to devaluation. EBITDA CLP$ MM 1,377 (↓1.0%).

Higher sales costs (CLP $ MM -5,014) during the second quarter due to the development of new markets for Punta del Este,

new commercial strategy (CLP $ MM -1,923), and the incorporation of San Antonio and Los Angeles (CLP $ MM -1,023 ) and

higher Depreciation and Amortization (CLP $ MM -2,068) mainly due to leasing effect. While lower SG&A expenses were

recorded (CLP $ MM -349).

2 Q 1 9

E A R N I N G S R E S U L T S

R E S U LT S B Y U N I T

S A L E S C O S T S a n d S G & A E X P E N S E S

U N I T M E T R I C S

GAMING 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 2Q19

# Visits 110,811 122,691 78,060 69,992 323,028 298,412 51,613 48,915 88,655 89,692 40,480 31,314 30,830 27,947 18,943 18,299 29,980 28,440

Slot Machines

Hold 7.4% 7.4% 8.3% 7.8% 8.5% 7.3% 6.4% 6.3% 6.5% 6.3% 5.6% 6.3% 9.5% 8.2% 7.3% 7.1% 5.5% 5.3%

WIN (CLP$MM) 5,466 5,615 6,412 6,128 11,271 10,169 1,851 1,902 7,666 7,454 958 987 2,010 2,045 858 861 4,299 4,535

# Slot Machines 778 790 919 919 1,500 1,500 353 349 1,056 974 210 203 475 454 246 246 538 540

Game Tables

Hold 23.2% 25.5% 25.8% 26.5% 26.8% 31.0% 17.8% 16.9% 18.5% 23.7% 19.4% 16.8% 34.1% 25.2% 28.6% 43.1% 20.8% 8.5%

WIN (CLP$MM) 792 799 914 929 2,222 2,464 209 181 3,226 4,360 297 238 414 249 138 214 8,474 4,350

# Game Tables 41 42 25 28 71 73 17 17 54 60 12 12 32 23 17 17 64 64

HOSPITALITY

ADR 75,937 84,999 79,430 82,425 135,067 133,629 - 58,654 88,231 87,094 N/A N/A 59,804 61,356 67,373 69,842 84,820 79,306

Ocupancy 72.4% 76.3% 80.1% 70.3% 74.0% 77.9% 38.1% 42.2% 67.6% 73.9% N/A N/A 57.9% 48.3% 67.9% 67.0% 59.8% 59.1%

Chiloé Punta del EsteAntofagasta Coquimbo Viña del Mar Santiago PucónSan Antonio Los Angeles

78%

10%

12%

Gaming FF&BB Hotel

R E V E N U E & E B I T D A

B Y

U N I T

R E V E N U E & E B I T D A B Y U N I T

Total revenue

by

business

CLP$ MM ∆ % y/y

Revenue 10,042 -28.4%

EBITDA -4,179 -451.3%

EBITDA Mg. -41.6%

Revenue 7,799 7.6%

EBITDA 2,038 9.6%

EBITDA Mg. 26.1%

Revenue 7,429 -5.6%

EBITDA 2,187 -17.1%

EBITDA Mg. 29.4%

Revenue 12,278 -4.9%

EBITDA 1,684 -11.1%

EBITDA Mg. 13.7%

Revenue 2,233 -0.8%

EBITDA 440 31.0%

EBITDA Mg. 19.7%

Revenue 10,968 6.9%

EBITDA 2,961 -5.4%

EBITDA Mg. 27.0%

Revenue 1,172 -6.2%

EBITDA 339 1.2%

EBITDA Mg. 28.9%

Revenue 2,688 -13.3%

EBITDA 90 -73.0%

EBITDA Mg. 3.4%

Revenue 1,483 1.0%

EBITDA -81 0.4%

EBITDA Mg. -5.5%

Revenue 418 4.2%

EBITDA 33 408.8%

EBITDA Mg. 7.9%

Revenue 380 10.8%

EBITDA -74 -27.6%

EBITDA Mg. -19.5%

Revenue 56,709 -3.4%

EBITDA 4,115 -52.7%

EBITDA Mg. 7.3%

ENJOY S.A.

Villarrica

Puerto Varas

Chiloé

Los Ángeles

Pucón

San Antonio

Santiago

Viña del Mar

Antofagasta

Coquimbo

UNIT

Punta del Este

** **

C O N S O L I D A T E D

I N C O M E S T A T E M E N T

I N C O M E S TAT E M E N T

N O R M A L I Z E D I N C O M E S TAT E M E N T *

* Excludes HOLD effect over theoretical HOLD and non-recurring expenses

** Adjustment to eliminate differences between Hold and the Theoretical Hold in the income of game tables.

Revenue 58,692 56,709 -3.4%

Sales Costs -48,907 -53,921 10.3%

Gross margin 9,785 2,787 -71.5%

SG&A expenses -6,666 -6,317 -5.2%

Provision for doubtful accounts -307 -817 166.1%

Other income by function -1,445 -324

Other gains (losses) -612 3009 -591.4%

Operating Margin 1,061 -845 -179.6%

Financial Income 67 380 471.4%

Financial expenses -8,861 -7,617 -14.0%

Share of profit (loss) of associates 89 327 265.6%

Exchange Rate Differences -1,821 -416 -77.2%

Indexation for designated assets/liabilities for inflation -497 -1,685 239.2%

Income before tax -9,962 -9,856 -1.1%

Income tax (expense) benefit 45 927 1943.7%

Net Income, attributable to owners of parent -9,941 -9,199 -7.5%

Net Income, attributable to non-controlling interests 25 262 963.6%

Net Income -9,917 -8,936 -9.9%

CLP$ millions 2Q18 2Q19 ∆%

Gross margin 9,785 2,787 -71.5%

SG&A expenses -6,666 -6,317 -5.2%

Depreciation & Amortization 5,577 7,645 37.1%

EBITDA 8,695 4,115 -52.7%

Hold Efect -920 2,606

Normalized EBITDA 7,775 6,721 -13.6%

Normalized EBITDA Margin 13.2% 11.9%

Leasing 831 -

Normalized EBITDA w/o leasing 8,606 6,721 -21.9%

CLP$ millions 2Q18 2Q19 ∆%

Quarter

Quarter

C H A N G E I N C O V E N A N T

NFD/EBITDA Adj. Ratio reached 4.74x in 2Q19

(4.14x in 4Q18, proforma + 53% Mendoza´s

EBITDA). 144A Bond: 5.00x in 2Q19 (4.31x in

4Q18).

Decrease in EBITDA due to HOLD effect (HOLD

LTM CLP$ MM -3,534) and decrease in cash

for CAPEX, commercial strategy and purchase

of new casinos.

CHANGE Previous measurament Bondholder´s approved proposal

NFD/ Adj. EBITD. <= 4.50 times <= 5.50 times; from June 2019 until December 2020

Definition:

Adjusted EBITDA Adjusted EBITDA: Enjoy S.A.

Adjusted EBITDA:

Enjoy S.A. + 53% MENDOZA EBITDA

Definition: NFD NFD: Enjoy S.A. NFD:

Enjoy S.A. + 53% MENDOZA NFD

Investment Proyects

Commercial Strategy

Reinforcement

Volatility Risk

SCJ new licenses investment plan USD 120 MM

Slots renovation

Improve value proposal in Casinos

Boost commercial activities

New value proposal

Maintain room required by the industry (HOLD

volatility)

Including Mendoza Relevant operation visibility

Structure homologation for future covenants

F I N A N C I A L D E B T & D E B T I N D I C A T O R S

D E B T R AT I O S

dec-18 jun-19

# Stocks 4,694,959,928 4,694,959,928

Market Cap  CLP$ 265 MM  CLP$ 220 MM

Financial Ratios

NFD / Aj. EBITDA 4.31x 4.74x

Total liabilities / Total Equity 2.75x 2.79x

Short term debt 0.29% 0.24%

Long term debt 0.71% 0.76%

NFD / Equity 1.47x 1.60x

Aj. EBITDA / Net Financial Expenses* 2.25x 2.17x

*: According to International Bond Indenture

CLP$MM

17,103 27,627 4,758 4,893 4,638 377 394 412 431 374 6,977 13,954 13,954 13,954

89,973 130,888

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

US$ Bond UF Bonds Others14.837

Revolving debt

F I N A N C I A L

D E B T

D E B T

C L P $ M M

F I N A N C I A L D E B T

M AT U R I T Y P R O F I L E

CLP$ MM jun-19

Short term bank debt 19,648

Long term bank debt -

Leasing 23,074

Commercial papers 18,753

Guarantees 506

Local Bond 138,812

Internacional Bond 130,888

Total 331,681

New Local Bond Issuance (Series J)

Amount: UF 2,000,000

Yield: 3.50%

Duration: 6.5 years

Amortizing since year 6

Unsecured

Use of proceeds: refinancing

Benefits:

Short term bank credit lines release

Increase Duration

Lower financial expenses

33,8 29,2 28.4 31.6 32.0

26.8 28.9 27.7 29.1 31.3 31.2 33.4 39.8 37.7 38.2 34.4

39.6 36.1 38.0

51.8 56.8 60.2 59.4 61.2 58.8 54.8 57.8 54.1 53.7

64.0 61.1

81.4 91.5 88.4 86.9 86.3

81.7 83.6

dec-17 ene-18 feb-18 mar-18 abr-18 may-18 jun-18 jul-18 ago-18 sep-18 oct-18 nov-18 dec-18 ene-19 feb-19 mar-19 abr-19 may-19 jun-19

W O R K I N G

C A P I T A L

W O R K I N G C A P I TA L

W O R K I N G C A P I TA L T U R N O V E R C H I L E

W O R K I N G C A P I TA L T U R N O V E R U R U G U AY

Working capital

CLP$MM

Operative Working Capital dec-18 jun-19 dec-18 jun-19 Var.

Trade debtors and other accounts receivable, current 21,581 20,168 32,167 29,706 -3,085

Inventories 2,580 2,809 1,635 1,277 -14

Trade debtors and other accounts receivable, no current 38,203 39,066 24,987 17,362 -4,317

Total -14,042 -16,089 8,815 13,621 -1,218

Tax Working Capital 8,375 7,965 6,513 7,741 -424

Other Working Capital -1,272 -1,733 -11,338 -10,122 -365

Total 2,920 -7,250 -2,005

Chile Uruguay

CLP$MM US$M

93.4 100.8 104.4 90.6 89.0 88.3 85.3 84.4 72.6 75.4 74.7 80.3

94.3 107.0 114.4 116.3 114.8 115.4

102.1

74.1 64.7 72.1 63.5 48.5 48.6 42.4 45.9 48.8 49.0 52.0 58.3

77.1 48.1 47.2 56.1 48.9 54.4 58.4

dec-17 ene-18 feb-18 mar-18 abr-18 may-18 jun-18 jul-18 ago-18 sep-18 oct-18 nov-18 dec-18 ene-19 feb-19 mar-19 abr-19 may-19 jun-19

Accounts receivable days Accounts payable days

Working capital investment as of June 30, 2019: CLP$ MM 2,005:

• Negatively impacted due to accounts payable in Uruguay: payment of the annual gaming license fee (US$ MM 3.9 net of

provisions)

• Positively impacted in Chile due to increase in accounts accounts payable, due to accounts payable structure optimization

*

38.8%

ENJOY

30.8%

13.0%

17.4%

SUN DREAMS

CLAIRVEST–SOL

OTHERS

37.7% 38.1% 38.6% 38.2% 38.5% 39.1% 37.6% 36.8% 37.5%

38.8%

2011 2012 2013 2014 2015 2016 2017 2018 12Mjun

2018

12Mjun

2019

42.2%

Proformajun 2019

**

M A R K E T

S H A R E

M A R K E T S H A R E I N

C H I L E

* Includes Casinos in San Antonio & Los Angeles **Includes Casino in Puerto Varas

Investor Relations CFO: Esteban Rigo-Righi

Head of Investor Relations: Carolina Galvez

e-mail: inversionistas@enjoy.cl

Disclaimer The information presented in this document has been prepared by Enjoy S.A. (hereinafter the "Company" or "Enjoy, with the purpose of providing general

background information about the Company.) In its preparation, information provided by the Company and public information has been used.

In the opinion of the administration of Enjoy SA, these consolidated financial statements adequately reflect the financial and economic situation of the

Company as of june 30, 2019. All figures are expressed in Chilean pesos (Closing exchange rate 679,15 CLP / USD as of June 30, 2019) and are issued in

accordance with the provisions of General Standard No. 346 (which repealed General Standard No. 118 and modified General Standard No. 30) and Circular

No. 1,924, both, of the Superintendence of Securities and Insurance.

Enjoy S.A. is a Public Limited Company incorporated by public deed dated October 23, 2001.

Enjoy S.A. is the parent company of a group of companies dedicated to the exploitation of gambling casinos, hotels, discos, restaurants, event halls, shows,

traders, leasing companies, importers, exporters of slot machines and their accessories, real estate companies, investment companies and agencies of

business, among others, which are organized through three subsidiaries of the first line, which are detailed below:

• Enjoy Gestión Ltda., Is the society under which mainly companies that are dedicated to the operation of gaming casinos, restaurants, hotels, night clubs,,

event halls and shows, among others and also companies that provide advisory services, are grouped. management and operation to the rest of the group

companies and third parties.

• Inversiones Enjoy S.p.A., is the company under which the investments and operations abroad are grouped.

• Inversiones Inmobiliarias Enjoy S.p.A., is the company under which the real estate business in Chile is grouped.