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Investor Presentation FEBRUARY 2017

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Investor Presentation FEBRUARY 2017 1 Investor Presentation FEBRUARY 2017 CONTACTS SARAH INMON (HEAD OF INVESTOR RELATIONS) | EDUARDO PEREZ MARCHANT (CORPORATE FINANCE MANAGER) TEL: (562) 22990510- 1| EMAIL: - [email protected] 2 disclaimer This document has been prepared by Parque Arauco for the purpose of providing general infor- mation about the Company. The Company assumes no responsibility for, or makes any represen- tation or warranty, express or implied, with respect to, the accuracy, adequacy or completeness of the information contained herein. The Company expressly disclaims any liability based on such information, errors therein or omissions therefrom. This presentation includes certain statements, estimates and forecasts provided by the Company with respect to it’s anticipated future performance and involves significant elements or subjec- tive judgment and analysis that may or may not prove to be accurate or correct. There can be no assurance that these statements, estimates and forecasts will be attained and actual outcomes and results may differ materially from what is estimated or forecast herein. The information contained herein has been prepared to assist interested parties in making their own evaluation of the company and does not purport to be all - inclusive or to contain all the infor- mation that a potential counterparty may desire. In all cases, interested parties should conduct their own independent investigation and analysis of the Company. Interested parties can only rely on the result of their own investigation and the representations and warranties made in any definitive agreement that may be executed. - 2 - 3 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS - 3 - INTRODUCTION Parque Arauco at a glance parque arauco OPERATIONAL METRICS BY COUNTRY Parque Arauco is the third largest shopping center operator in Chile , the Peru second largest Peru, and the fourth largest in Colombia. 38.9% Peru 30.9% Indicator/ Country CHILE PERU COLOMBIA TOTAL Colombia 14.6% Total GLA (m2)1 454,000 380,000 143,000 977,000 TOTAL GLA1 TOTAL 2 Owned GLA 383,108 270,000 124,775 777,883 977,000 m2 REVENUES US$MM 237 Revenues 2016 (US$MM)2 147 73 17 237 46.5% 62.1% Colombia # of Operations 26 18 3 46 Chile Chile 7.0% Shareholder structure (December 2016) 5% 2% Others Local Mutual Funds 26% Controlling Group OPERATIONAL METRICS BY FORMAT 24% Neighborhood Neighborhood 3 Outlet Foreign MARKET CAP 9.9% Outlet 5.3% investment 5.2% Funds US$MM 2,020 6.2% Strip center 5% 4.0% Said Yarur Family Strip center 4.0% 3% 1 TOTAL Abumohor Family TOTAL GLA 2 2 13% 977,000 m REVENUES 22% Local pension Local brokers Funds US$MM 237 79.9% 85.5% Daily Traded Volume 2016: US$MM 1.8 Regional Regional Source: Parque Arauco (1) Does not include Marina Arauco nor Mall Center Curicó (2) Revenues from January 2016- December 2016. Exchange rate: US$= CLP 676.74 (3) Source: Bloomberg 5 INTRODUCTION In the last five years Parque Arauco has doubled GLA, revenues and EBITDA (1) 2 GLA m 1982 Parque Arauco Kennedy opens as first shopping center in Chile 1993 Arauco Maipu inaugurates in Santiago +2.0X 1995 Parque Arauco S.A. IPO 1997 Inauguration of Marina Arauco in Viña del Mar, Chile 947,000 2006 Parque Arauco expands into Peru with the purchase of a 45% stake in MegaPlaza Norte in Lima 728,500 818,500 2008 Parque Arauco acquires Arauco Estación in Santiago, Chile 693,100 2010 Parque Arauco opens first mall in Colombia, Parque Arboleda in 559,700 479,200 Pereira 2011 Capital increase for US$145 MM 2012 Parque Arauco enters outlet format in Chile by acquiring Arauco Premium Outlet Buenaventura 2014 Capital increase for US$182 MM 2015 Purchase of minority shareholders in Colombia and Peru 2011 2012 2013 2014 2015 2016 2016 Capital increase for US$100 MM Revenues(1) US$ MM EBITDA(1) US$ MM +1.9X +1.8X 237 163 148 185 215 126 158 109 137 96 127 91 2011 2012 2013 2014 2015 2016 2011 2012 2013 2014 2015 2016 Source: Parque Arauco. Exchange Rate: US$= 676,74 (1) Does not include Marina Arauco nor Mall Center Curicó nor Mall Costa Pacífico in Coronel. - 5 - 6 INTRODUCTION The spread over the cost of capital of our last projects is approximately 3% 9% 6% 3% Real WACC (2) Spread Over Real WACC Real Cap Rate(1) Source: Parque Arauco (1) Real caprate is the yield on cost rate averaged by amount invested and considers the following properties: Arauco Express Calama, Arauco Express Ciudad Empresarial I, Arauco Express Colón, Arauco Express Huechuraba, Arauco Express Irarrázaval, Arauco Express Las Brujas, Arauco Express Luis Pasteur, Arauco Express Manuel Montt, Arauco Express Palmares, Arauco Premium Outlet Buenaventura, Arauco Premium Outlet Curauma, Arauco Premium Outlet San Pedro, Arauco Premium Outlet Coqumbo, Arauco Quilicura, MegaPlaza Chimbote, MegaPlaza Express Villa El Salvador, MegaPlaza Express Chincha, InOutlet Faucett, Viamix Chorrillos, Viamix Las Malvinas, InOutlet Premium Lurín, MegaPlaza Cañete, MegaPlaza Express Barranca, MegaPlaza Pisco, El Quinde Cajamarca, El Quinde Ica, Plaza Jesús María, Parque Caracolí. (2) Weighted Average Cost of Capital 7 INTRODUCTION Total Return Parque Arauco’s value creation is proven by the fact that it has had one of the highest “Total Return” of the real estate sector in the last years Total Return1, last 5 years Total Return1, last 15 years Annualized, local currency Annualized, local currency 17% 16% 16% Falabella 18% 15% 14% 14% 13% Parque Arauco 18% 12% 11% 10% 10% Simon 18% 8% 7% Taubman 16% Macerich 13% 4% 3% 1% Keplierre 13% -2% -7% General Growth 10% Intu IPSA 9% IPSA Simon Unibail S&P 500 Aliansce Falabella Iguatemi Keplierre Macerich Taubman Multiplan Fibra Uno Fibra Hammerson 8% Hammerson Parque Arauco Arauco Parque General Growth S&P 500 7% BR Malls Intu 3% Cencosud Source: Bloomberg (1) Total return includes dividends as of December 31,2016. - 7 - Intu INTRODUCTION Revenue type and contract duration FIXED VS VARIABLE RENTAL REVENUES CONTRACT LENGTH as of December 30, 2016 (BASED ON º/º OF revenues) Other Revenues 15% 85% Rental Revenues 39% 100% 10% Variable Revenues 10% 15% 41% ‹2 YEARS 2-3 YEARS 3-4 YEARS ›4 YEARS TOTAL 85% Fixed Revenues OUR RENTAL REVENUES ARE DERIVED PRIMARILY 39 º/ OF OUR CONTRACTS HAVE A DURATION OF MORE º FROM FIXED CONTRACTS AND ARE PROTECTED AGAINST INFLATION THAN 4 YEARS AND THE AVERAGE LENGTH IS 6.5 YEARS 9 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS - 9 - 10 OUR OPERATIONS Portfolio Parque Arauco has iconic and dominant shopping centers in Chile, Peru and Colombia PARQUE ARAUCO KENNEDY - CHILE ARAUCO MAIPÚ - CHILE LARCOMAR - PERÚ LA COLINA- COLOMBIA MEGAPLAZA NORTE - PERÚ ARAUCO ESTACIÓN - CHILE - 10 - 11 OUR OPERATIONS Portfolio Parque arauco is concentrated in Santiago and Lima, which makes the company a “market specialist” in these cities Antofagasta Coquimbo Cajamarca Santiago Lima San Antonio Chillán Cañete Pisco Quilicura Buenaventura Arequipa Concepción Outlet MegaPlaza Norte Kennedy Plaza Jesús María Maipú InOutlet Faucett Estación Central Larcomar Villa Chorrillos Villa El Salvador InOutlet Premium Lurín SANTIAGO1: 58% DEL NOI DE PARQUE ARAUCO LIMA1: 19% DEL NOI DE PARQUE ARAUCO Source: Parque Arauco (1) Santiago represents 90% of the NOI of Chile and Lima represents 65% of the NOI of Peru. NOI: Net Operating Income: Ingresos ordinarios + Costo de ventas + Gastos de Administración - Depreciación y- Amortización 11 - + NOI Empresas relacionadas 12 OUR OPERATIONS Chile Portfolio Parque Arauco has 6 regional shopping centers, 4 outlets and 14 strip centers in Chile. the average age of the portfolio is 17 years. Year of 2 Owned GLA GLA (m ) % Ownership 2 Occupancy (m ) incorporation Antofagasta Parque Arauco Kennedy 113,500 100% 113,500 98.6% 1982 Coquimbo Arauco Maipú 73,500 100% 73,500 99.0% 1993 Santiago Arauco Chillán 32,000 100% 32,000 100.0% 2007 San Antonio Arauco Estación 66,500 83% 55,195 97.4% 2008 Chillán Arauco San Antonio 28,500 51% 14,535 94.2% 2009 Quilicura Buenaventura Arauco Express 33,000 53% 17,378 84.9% 2012 Concepción Outlet Kennedy Arauco Premium Outlets(1) 45,000 100% 45,000 92.4% 2012 Maipú Arauco Quilicura 32,000 100% 32,000 99.8% 2013 Estación Central Mall Costa Pacífico 30,000 100% 30,000 N/A 2017 Total Chile 454,000 84% 413,108 96.7% Source: Parque Arauco (1) Arauco Premium Outlet has four outlets located in Santiago, Concepción, Coquimbo and Curauma. (2) Arauco Express has 14 Stripcenters in Chile: 11 strip centers in Santiago, 1 in Viña del Mar, 1 in Calama, and 1 in Antofagasta. - 12 - 13 OUR OPERATIONS perú Portfolio In Peru in the company has 6 regional shopping centers and 8 neighborhood shopping centers, 2 outlets and 2 strip centers. The average age of the portfolio is 5 years. Year of 2 1 Owned GLA GLA (m ) % Ownership 2 Occupancy (m ) incorporation MegaPlaza Norte 110,000 50% 55,000 98.9% 2006 Cajamarca MegaPlaza Express Villa Chorrillos 8,000 50% 4,000 96.6% 2009 Larcomar 26,500 100% 26,500 92.7% 2010 Lima Parque Lambramani 29,500 100% 29,500 88.0% 2010 MegaPlaza Chimbote 28,000 50% 14,000 95.5% 2012 Ica Cañete MegaPlaza Express Villa El Salvador 9,500 50% 4,750 98.3% 2012 Pisco MegaPlaza Express Chincha 9,000 50% 4,500 76.1% 2013 Arequipa MegaPlaza Norte InOutlet and Viamix(2) 22,500 100% 22,500 68.7% 2013 Plaza Jesús María InOutlet Faucett MegaPlaza Cañete 16,500 50% 8,250 98.0% 2013 Larcomar MegaPlaza Express Barranca 10,000 50% 5,000 98.8% 2013 Villa Chorrillos Villa El Salvador MegaPlaza Pisco 14,500 50% 7,250 95.3% 2015 InOutlet Premium Lurín El Quinde Cajamarca 30,500 100% 30,500 92.8% 2015 El Quinde Ica 36,500 100% 36,500 96.5% 2015 Plaza Jesús María 14,500 100% 14,500 75.6% 2016 MegaPlaza Jaén 14,500 50% 7,250 82.7% 2016 Total Perú 380,000 71% 270,000 92.6% Source: Parque Arauco (1)Only parnter in Peru is Grupo Wiese, which includes MegaPlaza formats (50%).
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