Brother of Ricardo Claro appointed new president of South American Steamboat Company

SANTIAGO.- The South American Steamboat Company (La Compañía Sudamericana de Vapores (CSAV)) announced today that Jaime Claro Valdés has been appointed as the new company president in replacement of his deceased brother, Ricardo Claro.

Byway of a document sent to the Securities and Insurance Supervisor (SVS), the company announced that Arturo Claro Fernández had been designated as vice-president of the board of directors and Víctor Pino had been appointed as director of the company, taking over the position left by Ricardo Claro.

The corporation also announced that it had agreed to emit 79,640,707 shares of stock at a price of $439 pesos each, which completes the capital increase that was agreed upon on April 25th of this year.

With regards to the transaction, the company explained that it was able to raise "a figure much lower than the US$ 200 million dollars that had previously been expected", which can principally be explained by the fluctuations that have been observed in the price of the stock.

Faced with the scenario, the CSAV board of directors agreed to summon a shareholders' meeting to approve a new increase in capital in an effort to complete the US$ 200 million dollars that had originally been planned.