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Ripley Corp January 2018 Over 60 years of history PHASE IV PHASE I PHASE II PHASE III PROFITABILITY AND BEGINNING REPOSITIONING SCALE SELECTIVE GROWTH Credit Opening of Opening of Acquisition of First bond Consolidation business Ripley Ripley Bank 22.5% of places by of Mall beginning Parque Chile Nuevos Ripley Bank Aventura Arauco Desarrollos Chile S.A. 1976 1993 2002 2009 2014 2016 1956 1997 2013 2017 1985 2005 2015 Opening of First First Opening Closing of three stores: store in department First store IPO of of Ripley Ripley San Santiago store in Peru Ripley Corp Colombia Colombia Fernando, Los Dominicos y Coquimbo 2 Ripley overview Peru 29 stores 34% 192,884 m2 Retail Sep-17 LTM EBITDA: MMM$ 6 Revenues MMM$1,662(1) Revenues: MMM$ 1,207 Loan Portfolio: MMM$ 353 Chile 74 stores 478 (Th) cards w/ debt 2 Financail 66% Retail 479,575 m EBIT: MMM$ 20 EBITDA: MMM$ 39 (1) Referential EBITDA 2 malls MMM$ 175 investment 11% 19% Revenues: MMM$ 436 Real Estate EBITDA: MMM$ 11 9% 83 branch offices Loan Portfolio: MMM$ 1,127 Financial 1,737 (Th) cards w/ debt 45 stores EBIT: MMM$ 68 286,691 m2 61% Retail EBITDA: MMM$ 33 Assets Revenues: MMM$ 23 Loan Portfolio: MMM$ 774 1,259 (Th) cards w/ debt 20% 12 malls 26% MMM$ 480 investment Finanancial EBIT: MMM$ 47 Real Real Estate EBITDA(2): MMM$ 40 10 malls MMM$ 305 investment 54% EBITDA(2): MMM$ 29 Real Real Estate Note: Data by September 2017 and amounts in CLP. Revenues, EBITDA and EBIT LTM. Does not consider Corp, Chile nor Peru’s central offices (1) Does not include Corp’s central offices (2) Referential EBITDA: 9% consolidated real estate investment and 11% non-consolidated real estate investment in joint ventures 3 (3) Referential EBITDA proportional to Ripley’s stake, considers real estate investments in consolidated and non-consolidated investments 1 Retail Business 2 Financial Business 3 Real Estate Business 4 LTM sep-17 Results 5 Looking forward RETAIL BUSINESS 1 Wide presence in Chile and Peru, with leadership in both countries (1) I Región(1) Market share (Sep 2017) II Región (2) Chile 80% of our selling III Región (1) surface is located in main La Polar Tricot Hites 7% 3% Ripley shopping centers in 5% 18% IV Región (2) major cities of Chile and AD Retail V Región (6) Peru 8% VI Región (2) Región Metropolitana (17) Paris + Johnsons 25% Falabella VII Región (2) 34% VIII Región (6) Cajamarca (1) IX Región (2) Piura (2) XIV Región (1) Peru X Región (2) Paris 7% Pucallpa (1) Chiclayo (1) Ripley 38% Huancayo (1) Trujillo (1) XII Región (1) Chimbote (1) Callao (1) Juliaca (1) Falabella Lima (16) 55% Ica (1) Arequipa (2) 5 (1) Market share based on retail revenues from department stores with public information RETAIL BUSINESS 1 Large logistic infrastructure in place Ripley Chile’s distribution center has a surface of 67,000 m2 and dispatches 50 million units per year. Meanwhile, Ripley Peru’s distribution center has a surface of 45,000 m2 and dispatches 32 million units per year. 6 RETAIL STRATEGIC PLAN 1 Focus in increasing investment profitability with greater emphasis in fashion & clothing • Focus on managing private labels, which have a larger contribution • Improving electro department by optimizing assigned surface and online sales Product • Alliances with large international brands Achieve margins increase and differentiation from other retailers • Increase profitability of surfaces dedicated to brands • First level logistic process, able to satisfy both the traditional channel and e-commerce • Optimization of life cycle, which allows to decrease discount sales and optimize inventories Management • Speed up replenishment and availability of products in stores, avoiding stock-outs Continuous improvement of the information and processes to benefit commercial management • Internet and omnichannel development • New attention model, in line with international retail and reducing HR expenses Store • Offer entertaining, simple and captivating stores, focused on product • Standardize products exhibition norms and visual elements Offer simple and entertaining channels, controlling HR expenses 7 RETAIL BUSINESS 1 Retail indicators Selling surface Chile Sales evolution (MMCLP)(1) 286.691 272.307 276.080 276.080 269.446 45 42 43 43 42 407.594 394.712 400.557 405.313 350.748 692.969 743.576 744.346 763.647 799.180 2013 2014 2015 2016 2017 2013 2014 2015 2016 LTM sep-17 Selling surface Peru Same Stores Sales (SSS) 6% 192.884 192.884 4% 173.189 177.799 156.842 26 27 29 29 2% 22 0% 2014 2015 2016 LTM-sep 17 -2% 2013 2014 2015 2016 2017 -4% Selling surface (m2) N° of stores -6% Chile Peru 8 (1) Does not include central offices RIPLEY’S e-COMMERCE BUSINESS 1 . Increasing omnichannel and digitalization focus Awards . Strategic Plan focused on platform development and internet sales . On April 4th Mercado Ripley.com was launched, allowing third parties to sale their products at Ripley’s website . Close to 80 million visits during 2016 to Ripley’s internet homepage in Chile . Winner of the 2015 and 2016 in Chile and 2016 and 2017 in Peru 2015 2016 2016 2017 e-Commerce sales evolution e-Commerce in Chile 1990 – 2017 (USD mm) 3.689 75% 2.960 2.350 40% 40% 40% 1.958 1.592 1.275 1.066 730 25% 447 514 23% 353 15 24 36 48 72 94 203 294 2014 2015 2016 1990 2001 2003 2005 2007 2009 2011 2013 2015 2017 Chile Peru 9 Source: Ripley Corp, estimated from the Santiagos’s Chambers of Commerce. CAC: Compound annual growth 1 Retail Business 2 Financial Business 3 Real Estate Business 4 LTM sep-17 Results 5 Looking forward FINANCIAL BUSINESS 2 A SIMPLE BANK Close to its customers OUR PROMISE OUR TRANSPARENCY QUICKNESS ACCESABILITY BENEFITS In the sale In services Omnichannel From Ripley world With the charges In problem resolution Monday through Sunday Ripley reward points Where the client wants to In the communication No waiting time be Valued alliances OUR ATTRIBUTES OUR Client knowledge Digital innovation in products, channels and services Integration with retail Lean processes Culture and a capable team HOW WE'LL DO IT WE'LL HOW 11 FINANCIAL BUSINESS 2 Banking industry leader in cards Credit card market share(1) Others . 49 branch offices 10% BCI . #3 in the banking industry of loans per branch 8% (2) CAR offices 26% Banco Estado . #1 in credit card market share Chile 9% . #4 in the banking industry of credit card loans . 4.0% ROA, the highest in the banking system Banco de Chile Cencosud 13% +Scotiabank 19% Santander 15% Credit card market share(1) . 34 branch offices Others 15% Banco Falabella . #3 in the banking industry of loans per branch 22% offices(3) Scotiabank 7% Peru . #2 in credit card market share Banco Cencosud . Estacion R: new format of branch offices that offer 9% Ripley 20% financial products and electronics and home appliances financing BCP 13% Interbank 14% Source: SBIF, SBS, last available data (november-17). (1) As a percentage of the total credit cards in the industry (2) Considers banks with over CLP 100,000 million in consumer loans. Measured as total consumer loans / branch offices 12 (3) Considers banks with over pen 480 million in consumer loans. Measured as total consumer loans / branch offices (4) Considers only “CAT administradora de tarjetas S.A”., owned 51% by Scotiabank and 49% by Cencosud FINANCIAL BUSINESS 2 Bank in Chile Bank in Peru ROE ROE 19,2% 19,2% 18,4% 17,7% 17,9% 18,2% 16,7% 16,1% Good profitability indicators 2015 2016 nov-16 nov-17 2015 2016 nov-16 nov-17 Basel Index Basel Index 15,9% 21,3% 21,8% 14,7% 15,1% 20,0% 19,0% 13,6% Solid financial position and good levels of Basel Index 2015 2016 oct-16 oct-17 2015 2016 oct-16 oct-17 Loan portfolio (MM$) Loan Portfolio (MMPEN) 778.659 808.482 746.319 744.633 1.776 1.695 1.800 1.541 Growing loan portfolio YoY 2015 2016 nov-16 nov-17 2015 2016 nov-16 nov-17 13 Sources: Ripley Corp, SBIF and SBS FINANCIAL BUSINESS 2 Ripley Chile NPL’s 1-90 Days NPL’s 90 + Days 22% 6,0% 5,5% 20% 5,0% 18% 4,5% 4,0% 16% 3,5% 14% 3,0% Healthy evolution of early NPL’s (less than 90 Net Risk Provision Expense(*) days) and improving when compared to (Does not consider non-IFRS provisions: contingent and additional previous years and recent months provisions) 1,6% Over 90 days NPL’s show a slight rise, explained 1,1% by a worsening of the employment quality as 0,6% well as a response to a less dynamic economy 0,1% Monthly net risk cost, has shown a slight increase in the recent months, yet in line with expected levels 2014 2015 2016 2016 Old provisions model 2017 (1) In October 2016, Ripley Bank Chile changed its risk provisions aligning its 14 model to the SBIF definitions FINANCIAL BUSINESS 2 Ripley Peru NPL’s 1-90 Days NPL’s 90 + Days 17% 6% 15% 5% 13% 4% 11% 3% 9% 2% 7% 1% Both early (under 90 days) and late Non Net Risk Provision Expense 1,2% Performing Loans (NPL’s) are still maintaining 1,0% healthy levels when compared to previous 0,8% years 0,6% The rise in net provisions expenses and late 0,4% 0,2% NPL’s, regarding 2016 is mild and maintained in 0,0% reasonable levels, thanks to the credit risk evaluations policies in place Net risk costs is increasing in line with the rise of the loan portfolio 2014 2015 2016 2017 15 1 Retail Business 2 Financial Business 3 Real Estate Business 4 LTM sep-17 Results 5 Looking forward REAL ESTATE BUSINESS 3 ~ MM$480,000 of investment in real estate assets with growing profitability EBITDA (2) LTM-Sep .