Almendral S.A. is a Chilean holding company established in 1981 that invests, or has invested, in the telecommunications, property, sanitation and healthcare sectors.

Almendral owns a controlling stake (54.8%) in Entel through its Altel Inversiones Ltda.

subsidiary.

[2] The stake represents 98% of Almendral's investment activity, although it also has minor holdings in the areas of housing and sanitation.

[3]