[PPT] - 4Q19 INVESTOR PRESENTATION IMPORTANT DISCLAIMER This document has PowerPoint Presentation

SLIDE 1 PARQUE ARAUCO INTRODUCTION INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | 1 INVESTOR PRESENTATION

4Q19

SLIDE 2 This document has been prepared by Parque Arauco for the purpose of providing general information about the Company. The Company assumes no responsibility for, or makes any representation 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

r omissions therefrom.

This presentation includes certain statements, estimates and forecasts provided by the Company with respect to it’s anticipated future performance and involves signifjcant elements

r subjective 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 difger 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 information 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

nly rely on the result of their own investigation

and the representations and warranties made in any defjnitive agreement that may be executed. CONTACTS: Tori Creighton (Head of Investor Relations) Francisco Moyano (Corporate Finance Manager) Claudio Chamorro (CFO) Tel: (562) 22990510 | Email: ir@parauco.com IMPORTANT DISCLAIMER

SLIDE 3 INTRODUCTION PG. 4

1

OUR OPERATIONS PG. 10

2

INVESTMENT HIGHLIGHTS PG. 14

3

FUTURE DEVELOPMENTS PG. 31

4

›› Parque Arauco at a glance ›› Purpose, Mission & corporate strategy ›› Geographic presence: assets and formats ›› Parque Arauco iconic and dominant shopping centers ›› Chilean portfolio ›› Peruvian portfolio ›› Colombian portfolio ›› Sustainability & Corporate governance ›› Financial strength ›› Growth ›› Stability ›› Diversification ›› Investment highlights ›› Landbank ›› Future developments ›› Glossary

SLIDE 4 PARQUE ARAUCO INTRODUCTION INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | 4

1

INTRODUCTION

CONTENT Parque Arauco at a glance Purpose, Mission & corporate strategy Geographic presence: assets and formats Parque Arauco iconic and dominant shopping centers

SLIDE 5 PARQUE ARAUCO INTRODUCTION INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | 5

At a glance

Parque Arauco is a real estate company dedicated to the development and operation

f mixed-used properties in

the Andean region. PARQUE ARAUCO

10 Neighborhood

shopping centers

17 Regional

shopping centers

7 Outlets 20 Strip

centers

9 Offjces, medical

centers, hotels FINANCIAL INDICATORS (DECEMBER 2019) KEY FIGURES TOTAL GLA (m2) 1,075,500 Revenues LTM (US$ MM) 268 EBITDA LTM (US$ MM) 196 EBITDA Margin LTM (%) 73.2% Net Financial Debt (US$ MM) 1,068 Total Assets (US$ MM) 3,596 SHAREHOLDER STRUCTURE Data as of December 2019 Risk Rating Agency POSITIVE LOCAL RISK RATING Feller AA ICR AA Fitch AA- 23% Foreign investment funds 25% Controlling group 18% Local brokers 16% Local pension funds 5% Said Yarur family 3% Abumohor family 1% Local mutual funds 8% Other shareholders

SLIDE 6 PARQUE ARAUCO INTRODUCTION INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | 6 97 121 159 141 187 199

Parque Arauco has doubled GLA, NOI and AFFO

IN THE LAST SEVEN YEARS GLA (M2) 693,100 728,500 818,500 947,000 1,012,000 +1.6x 1,053,000 2013 2014 2015 2016 2017 2018 NOI (US$ MM) +2.2x 2013 2014 2015 2016 2017 2018 CONTROLLED ADJUSTED FFO (US$ MM) +2.2x 2013 2014 2015 2016 2017 2018 66 71 90 81 110 123

1982

Parque Arauco Kennedy

pens as fjrst shopping

center in Chile.

2010 2016

Parque Arauco opens fjrst mall in Colombia, Parque Arboleda in Pereira Capital increase for US$100 MM

2011 2019

Capital increase for US$145 MM Parque Arauco achieves full operational control of Peruvian operation with purchase

f Wiese Group minority interest.

2006 2015

Parque Arauco expands into Peru with the purchase of a 45% stake in MegaPlaza Norte in Lima. Purchase of minority shareholders in Colombia and Peru

1995 2014

Parque Arauco S.A. IPO Capital increase for US$182 MM 1,075,500 2019 218 2019 2019 147

SLIDE 7 PARQUE ARAUCO INTRODUCTION INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | 7

Purpose, mission & corporate strategy

Excellence and Happiness are the cornerstones of our corporate culture CORPORATE PURPOSE To create spaces that contribute to improving people’s lives MISSION To be leaders in developing and operating real estate assets, through profjtable and sustainable growth that generates value for our stakeholders. STRATEGIC OBJECTIVES Growth Profjtability Sustainability OUR VALUES

SLIDE 8 PARQUE ARAUCO INTRODUCTION INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | 8

Assets and formats

GEOGRAPHIC PRESENCE Colombia 4 ASSETS

3 Regional

shopping centers

1 Outlets

Peru 20 ASSETS

9

Neighborhood shopping centers

3

Strip centers

6 Regional

shopping centers

2 Premium

Outlets Chile 30 ASSETS

1

Neighborhood shopping center

17 Strip

centers

8 Regional

shopping centers

4 Premium

Outlets We are present in Latin American markets with high growth potential in real estate development: Chile, Peru and Colombia. 54 ASSETS

SLIDE 9 PARQUE ARAUCO INTRODUCTION INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | 9

In Chile, Peru and Colombia

PARQUE ARAUCO HAS ICONIC AND DOMINANT SHOPPING CENTERS PARQUE ARAUCO KENNEDY / CHILE LARCOMAR / PERU ARAUCO MAIPÚ / CHILE MEGAPLAZA NORTE / PERU ARAUCO ESTACIÓN / CHILE PARQUE LA COLINA / COLOMBIA

SLIDE 10 10 PARQUE ARAUCO INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | INTRODUCTION

2

OUR OPERATIONS

CONTENT Chilean portfolio Peruvian portfolio Colombian portfolio

SLIDE 11 11 PARQUE ARAUCO INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | INTRODUCTION

Chilean portfolio

1. Includes 16 strip centers located in: Santiago (12), Viña del Mar (1), Calama (1), Coquimbo (1) and Antofagasta (1).
2. Includes four premium outlets located in Santiago, Concepción, Coquimbo and Curauma.

FORMAT YEAR INCORPORATED TOTAL GLA (m2) OWNERSHIP (%) OWNED GLA (m2) OCCUPANCY (%) Parque Arauco Kennedy Regional Shopping Center 1982 111,000 100% 111,000 98.7% Arauco Maipú Regional Shopping Center 1993 75,000 100% 75,000 99.9% Arauco Chillán Regional Shopping Center 2007 35,500 51% 18,105 94.0% Arauco Estación Regional Shopping Center 2008 67,000 83% 55,610 95.4% Arauco San Antonio Regional Shopping Center 2009 28,500 36% 10,175 95.4% Arauco Express 1 Strip Centers 2012 40,500 51% 20,655 90.3% Arauco Premium Outlets 2 Outlets 2012 48,500 100% 48,500 94.7% Arauco Quilicura Regional Shopping Center 2013 32,000 51% 16,320

Arauco Coronel

Regional Shopping Center 2017 30,000 51% 15,300 97.9% Parque Angamos Neighborhood Shopping Center 2018 10,500 55% 5,775 82.2% Arauco El Bosque Regional Shopping Center 2018 30,000 51% 15,300 99.6% Puerto Nuevo Antofagasta Strip Center 2019 6,500 100% 6,500 75.4% Total Chile 515,000 77% 398,240 96.1% 8 Regional shopping centers 1 Neighborhood shopping center 17 Strip centers 4 Outlets AVERAGE AGE OF THE PORTFOLIO

17 years

IN CHILE PARQUE ARAUCO HAS:

SLIDE 12 12 PARQUE ARAUCO INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | INTRODUCTION

Peruvian portfolio

1. InOutlet and Viamix includes two premium outlets in Lima and three strip centers in Lima.

6 Regional shopping centers 9 Neighborhood shopping centers 3 Strip centers 2 Outlets AVERAGE AGE OF THE PORTFOLIO

9 years

IN PERU PARQUE ARAUCO HAS: FORMAT YEAR INCORPORATED TOTAL GLA (m2) OWNERSHIP (%) OWNED GLA (m2) OCCUPANCY (%) MegaPlaza Norte Regional Shopping Center 2006 112,000 100% 112,000 98.1% MegaPlaza Express Villa Chorrillos Neighborhood Shopping Center 2009 8,000 100% 8,000 96.7% Larcomar Regional Shopping Center 2010 27,000 100% 27,000 85.3% Parque Lambramani Regional Shopping Center 2010 30,000 100% 30,000 92.6% MegaPlaza Chimbote Regional Shopping Center 2012 28,000 100% 28,000 95.8% MegaPlaza Express Villa El Salvador Neighborhood Shopping Center 2012 9,000 100% 9,000 97.3% MegaPlaza Express Chincha Neighborhood Shopping Center 2013 10,500 100% 10,500 95.5% MegaPlaza Cañete Neighborhood Shopping Center 2013 26,000 100% 26,000 93.0% MegaPlaza Express Barranca Neighborhood Shopping Center 2013 16,500 100% 16,500 99.4% InOutlet (premium outlets) and Viamix (strip centers)1 Outlets / Strip Centers 2013 10,000 100% 10,000 90.2% MegaPlaza Express Pisco Neighborhood Shopping Center 2015 15,000 100% 15,000 92.5% El Quinde Cajamarca Regional Shopping Center 2015 33,000 100% 33,000 96.9% El Quinde Ica Regional Shopping Center 2015 36,500 100% 36,500 98.7% MegaPlaza Express Jaén Neighborhood Shopping Center 2016 14,500 100% 14,500 97.4% MegaPlaza Huaral Neighborhood Shopping Center 2017 14,000 100% 14,000 95.9% MegaPlaza Villa El Salvador II Neighborhood Shopping Center 2017 15,500 100% 15,500 93.4% Total Peru 405,500 100% 405,500 95.6%

SLIDE 13 13 PARQUE ARAUCO INVESTMENT HIGHLIGHTS FUTURE DEVELOPEMENT OUR OPERATIONS | | | | INTRODUCTION

Colombian portfolio

3 Regional shopping centers 1 Outlet AVERAGE AGE OF THE PORTFOLIO

6 years

IN COLOMBIA PARQUE ARAUCO HAS: FORMAT YEAR INCORPORATED TOTAL GLA (m2) OWNERSHIP (%) OWNED GLA (m2) OCCUPANCY (%) Parque Arboleda Regional Shopping Center 2010 41,000 55% 22,550 98.3% Parque Caracolí Regional Shopping Center 2013 39,000 100% 39,000 89.5% Parque La Colina Regional Shopping Center 2016 62,000 100% 62,000 96.4% Arauco Premium Outlet Bogotá (Sopó) Outlet 2017 13,000 100% 13,000 64.7% Total Colombia 155,000 88% 136,550 92.5%

SLIDE 14 14 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

3

INVESTMENT HIGHLIGHTS

CONTENT Stability Sustainability & Corporate governance Diversification Financial strength Investment highlights Growth

SLIDE 15 15 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Investment highlights

Financial Strength Stability Diversifjcation Growth Sustainability and Corporate Governance 5 4 2 1 3

SLIDE 16 16 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Revenue type and contract duration

STABILITY TENANT REVENUE (Based on % of revenues LTM) REVENUE BREAKDOWN 4% 11% 14% 15% 85% 86% 85% Parking Other revenues Variable rental revenues Top 10 Rental revenues Fixed rental revenues Other tenants Our rental revenues are derived primarily from fjxed contracts and are protected against infmation. Our top 10 tenants represent only 15% of Parque Arauco’s total revenue. CONTRACT LENGTH (Based on % of revenues LTM) 44% 13% 7% 36% 100% <2 years 2-3 years 3-4 years >4 years TOTAL weighted average length of rental contracts

6.0 years 15.5 %

SLIDE 17 17 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS 7.4 7.7 7.2 7.4 6.8 8.3 11.0 9.8 10.9 10.6 11.4 10.4 11.3 7.6 7.0 0.7 6.6 6.1 2.8 3.8 3.4 3.6 1.3 2.8 3.5 4.2 4.1 2.2

Consistent same store growth and healthy occupancy cost

STABILITY OCCUPANCY COST (%) SAME STORE SALES (SSS) AND SAME STORE RENT (SSR) (%) 2Q19 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 12.5 3.8 SSR SSS

1.5

2.1

2.2
2.2

1.2

3.1

0.1

4.0

2.1

2.7

4.4

4.2

1.3 SSS SSR SSS SSR 4.0 5.3 CHILE PERU COLOMBIA * Note: Same Store Sales and Same Store Rent for the fourth quarter 2019 do not include Arauco Quilicura since the majority of the mall is closed due to incidents related to the social crisis in Chile 2Q19 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 0.3 10.7 5.3 7.4 4.3 2.5 6.6 8.1 7.1 8.6 3.7 5.5 12.7 11.1 16.0 13.2 10.0 13.9 3Q19 3.1

1.3

2.8 1.6 5.8 9.5 11.4 7.9 11.9 3Q19

3.4
6.1

4Q19 5.3 0.1 10.5 7.5 9.9 4Q19 10.2 12.4

SLIDE 18 18 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Results have been positive in all three countries

STABILITY GLA (M2) TENANT SALES1 (US$) 47.9% 515,000 m2 Chile 1,075,500 m2 Total M2 MMUS$ 2,764 Total sales SALES/M2 299 Chile 249 Peru 317 Colombia 52.4% MMUS$ 1,450 Chile 37.7% 405,500 m2 Peru 35.5% MMUS$ 980 Peru 14.4% 155,000 m2 Colombia 12.1% MMUS$ 334 Colombia COUNTRY LEVEL REVENUES1 (US$) MMUS$ 268 Total revenues REVENUES/M2 28 Chile 20 Peru 29 Colombia 57.6% MMUS$ 154 Chile 28.1% MMUS$ 75 Peru 14.3% MMUS$ 38 Colombia MMUS$ 196 Total EBITDA 58.1% MMUS$ 114 Chile 28.3% MMUS$ 56 Peru 13.6% MMUS$ 27 Colombia COUNTRY LEVEL EBITDA1,2 (US$ MM)

1. In MUSD using the following exchange rates: US$1= CLP 767.22 US$1= PEN 3.35, US$1= COP 3,371.26.
2. Including overhead expenses (Corporate headquarters, regional Services Center, Chile Division, Peru Division and Colombia Division)

SLIDE 19 19 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS 1.5 2 2.5 3 3.5 4 4.5 5 dic.-18 ene.-19 feb.-19 mar.-19 abr.-19 may.-19 jun.-19 jul.-19 ago.-19 sept.-19

ct.-19

nov.-19 dic.-19 BCP 10 años BCP 2 años 1,2 2,7 3,9 7,1 10,8 68,8 69,5 70,8 74,3 78,6 3,7% 5,2% 8,7% 12,1% 0,3 0,5 0,5 0,7 0,9 28,7 31,1 32,6 35,1 37,3 1,6% 1,5% 2,0% 2,4% 1,5 1,8 2 2,3 2,8 51,4 52,5 54,2 58,1 62,4 3,3% 3,6% 3,8% 4,3%

Parque Arauco operates in three attractive economies

DIVERSIFICATION CHILE PERU COLOMBIA Source: GDP Growth, Population: Bloomberg consensus, December 2018. Retail Sales: Euromonitor, December 2018. RETAIL CONSUMPTION (US$ Billion) 2015 2017 2018E 2020E 2022E NOMINAL INTEREST RATES 18.6 million Population 2.6% Infmation 4.0% 2018 GDP 2.2% 2019f GDP 1.4% 2020f GDP Online sales In-store sales Online sales In-store sales Online sales In-store sales E-Commerce/Total 32.2 million Population 2.3% Infmation 4.0% 2018 GDP 2.2% 2019 GDP E-Commerce/Total 49.8 million Population 3.3% Infmation 2.7% 2018 GDP 3.3% 2019 GDP E-Commerce/Total 1 2 3 4 5 6 7 8 dic.-18 ene.-19 feb.-19 mar.-19 abr.-19 may.-19 jun.-19 jul.-19 ago.-19 sept.-19

ct.-19

nov.-19 dic.-19 COGR1Y Index COGR10Y Index 3 4 5 6 7 dic.-18 ene.-19 feb.-19 mar.-19 abr.-19 may.-19 jun.-19 jul.-19 ago.-19 sept.-19

ct.-19

nov.-19 PEN 10Y PEN 20Y 3.0% 2020f GDP 3.2% 2020f GDP

SLIDE 20 20 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Parque Arauco diversifjes its market risks at a country, format, and socio-economic level

DIVERSIFICATION SOCIO-ECONOMIC DIVERSIFICATION (Based on % of revenues LTM) COUNTRY LEVEL DIVERSIFICATION (Based on % of revenues LTM) 50% 28% 43% 58% 7% 14% Colombia Medium Peru Medium-high Chile Medium-low FORMAT LEVEL DIVERSIFICATION (Based on % of revenues LTM) GLA BY CATEGORY (%) 7% 3% Outlet Strip Center 6% Neighborhood 84% Regional 50.0 45.0 40.0 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0 % 30.9 23.0 21.8 26.6 Department Stores 18.1 28.6 4.0 20.2 Home improvement & supermarkets 11.3 21.3 16.0 15.8 Food & entertainment 27.3 16.8 47.2 25.9 Specialized retail 12.1 7.6 10.0 10.2 Mixed-use & services 0.3 2.7 1.0 1.3 Others Chile Perú Colombia Consolidated

SLIDE 21 21 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Parque Arauco’s investment history

GROWTH

1. Using the following exchange rates: US$1= CLP 767.22. M&A considers cash fmows used for acquiring subsidiares or other businesses. Minority interests considers cash fmows used for acquiring non-con-

trolling interests, other payments to acquire joint ventures, and payments from changes in ownership interests in subsidiaries that do not result in a loss of control. Greenfjelds and landbank includes purchase of other long-term assets. This does not include other investments, including interests recieved, purchases of property, plant and equpment, purchases of intangible assets, dividends recieved, and other inputs (outputs) of cash. TOTAL INVESTMENT (US$ MM)* 2012 2013 2014 2016 2015 2017 TOTAL 9% M&A 20% Minority Interest 71% Greenfjelds and expansions 113 191 157 285 250 144 1,574 130 2018 Parque Arauco is a real estate company dedicated to the development and operation of mixed-used properties in the Andean region. 303 2019 VALUE CREATION SPREAD 3% 5% 8% Cap Rate Spread Over WACC WACC Our approximate value creation spread

3%

SLIDE 22 22 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Dynamic Asset Management

DATE OPERATION ASSETS COUNTRY COUNTERPART PRICE MMUS$ % OWNERSHIP TOTAL GLA (M2) CHANGE IN OWNED GLA (M2) April 2019 Purchase Parque Alegra Colombia Colvalor 35 52.5% 50,000 26,250 March 2019 Purchase Activos MegaPlaza Peru Grupo Wiese 174 50.0% 246,000 123,000 March 2019 Purchase Puerto Nuevo Chile Puerto Nuevo Antofagasta S.A. 29 100.0% 9,500 9,500 January 2019 Purchase Arauco Express strip centers Chile LarrainVial 42 47.0% 37,000 17,390 November 2018 Purchase Arauco El Bosque Chile Open Plaza 73 100.0% 30,000 30,000 October 2018 Greenfjeld Parque Angamos Chile

34

55.0% 10,500 5,775 2018-2019 Expansion Parque Arauco Kennedy Chile

114

100.0% 11,000 11,000 Subtotal 501 June 2019 Sale Arauco Chillán Chile Ameris 9.5 9.0% 35,500 (3,195) April 2019 Sale Arauco Chillán Chile Ameris 44 40.0% 35,500 (14,200) March 2019 Sale Arauco Express strip centers Chile Banchile 45 49.0% 37,000 (18,130) January 2019 Sale Arauco Quilicura, Arauco El Bosque, Arauco Coronel, Arauco San Antonio Chile Ameris 115 49.0% 120,500 (59,045) February 2018 Sale Parque El Golf (property) Peru Inversiones Centenario 78 100.0%

Subtotal

291.5 NET INVESTMENT 209.5 Parque Arauco has executed a series of transactions in the past few months that refmect a search for continued company growth with an effjcient fjnancing, via several M&A transactions and minority interest sales. Between 2018 and 2019, operations for acquisitions and capex investments total US$ 501 million and sales for US 291.5 million, resulting in a net investment of US$209.5 million. GROWTH

SLIDE 23 23 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS 19% 18% 13% 12% 12% 4% 4% 0%

3%
6%
8%
13%
15%

15% 14% 14% 14% 12% 11% 7% 3% 3% 2% 2% 1%

4%
17%

Total return

GROWTH 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. Source: Bloomberg

1. Total return includes dividends as of December 31, 2019.

Iguatemi Empresa de Shopping C Multiplan Empreendimentos Imob BR Malls Participacoes SA Parque Arauco SA S&P 500 Index Klepierre SA S&P/CLX IPSA CLP TR Simon Property Group Inc Parque Arauco SA Iguatemi Empresa de Shopping C Multiplan Empreendimentos Imob S&P 500 Index BR Malls Participacoes SA Simon Property Group Inc Klepierre SA Taubman Centers Inc SACI Falabella Cencosud SA Hammerson PLC Taubman Centers Inc Macerich Co/The S&P/CLX IPSA CLP TR Macerich Co/The SACI Falabella Hammerson PLC Cencosud SA Intu Properties PLC 1 2 3 4 5 6 7 8 1 2 3 4 5 6 7 8 9 10 11 12 13 9 10 11 12 13 14 1 1 2 2 9 9 3 3 10 10 4 4 11 11 5 5 12 12 6 6 13 13 7 7 8 8 TOTAL RETURN1, LAST 5 YEARS ANNUALIZED, LOCAL CURRENCY TOTAL RETURN1, LAST 10 YEARS ANNUALIZED, LOCAL CURRENCY 14

SLIDE 24 24 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Parque Arauco is supporting the globalization

f several brands entering the Andean region

GROWTH 1) Source: CBRE: How Global is the business of retail? (2017) RETAIL PRESENCE BY COUNTRY (% OF GLOBAL BRANDS IN COUNTRY)1 53.0 52.7 44.0 21.3 9.9 23.1 13.2 8.7 United States Chile United Kingdom Argentina México Perú Brazil Venezuela 27.5 Colombia There is still potential for new international brands to enter the Chilean, Peruvian and Colombian markets. FIRST OPENINGS IN PERU FIRST OPENINGS IN COLOMBIA FIRST OPENINGS IN CHILE

SLIDE 25 25 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Innovating in a new business environment

GROWTH

1. Source: Eurmonitor, December 2018
2. Source: Global Findex 2017 (WorldBank)

E-COMMERCE SALES OVER TOTAL RETAIL SALES1 (%) E-COMMERCE SALES GROWTH1 (%) BRICK AND MORTAR SALES GROWTH 1 (%) INTERNET USE FOR ONLINE SHOPPING AND BILL PAYING2 (%) 8.5 9.3 10.3 11.6 13.3 2.4 1.9 3.2 1.6 1.3 2013 2013 2013 2014 2014 2014 2015 2015 2015 2016 2016 2016 2017 2017 2017 USA Chile, Perú, Colombia 2018 2018 2018 3.7 13.7 15.0 26.0 11.6 23.3 14.1 23.5 13.4 26.8 13.1 32.7 13.3 37.5 0.4 3.7 1.2 2.5 3.0 1.2 0.9 1.2 1.5

1.6

USA USA Chile, Perú, Colombia Chile, Perú, Colombia 1.3

0.5

PARQUE ARAUCO IS INVESTING IN TECHNOLOGY Digital Directories New webpages New Wifj Customer journey redesign App development Smart parking United States China Chile Colombia Perú 77 49 30 12 7

SLIDE 26 26 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Parque Arauco participates in countries with growing retail markets

GROWTH ROOM FOR GROWTH IN EMERGING ECONOMIES 1 RETAIL MARKETS IN CAPITAL CITIES 1 USA Chile Singapore Tokyo London Singapore Mexico City Santiago Bogotá Sao Paulo Lima Buenos Aires New York Peru UK Colombia Mexico Brasil Argentina Japan 2,500 2,000 1,500 1,000 500 2,500 2,000 1,500 1,000 500 300 250 200 150 100 50 300 250 200 150 100 50 GLA per 1,000 inhabitants GDP / GLA GLA per 1,000 inhabitants GDP / GLA

1. Source: International Council of Shopping Centers, World Bank, The Brooking Institution, CoStar, Alphawise, CASC, CapitalLand Mall Trust, Japan Council of Shopping Centers, Mexico (CBRE), Brazil

(ABRASCE), Peru (ACCEP), Morgan Stanley Research

SLIDE 27 27 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Parque Arauco has received important recognitions from local and international organizations

SUSTAINABILITY & CORPORATE GOVERNANCE For the fourth year running, in 2019 Parque Arauco is part of the Dow Jones Emerging Market Sustainability Index. We are the first Latin American real estate company to be part of this prestigious index. The Parque Arauco team was honored in Institutional Investor’s Latin America Executive Team Rankings in the following categories: Best CFO, Best Investor Relations Program, Best ESG, and Best Website. Parque Arauco was recognized by Great Place to Work in Chile as 9th of the top 100 best companies and as 18th of the top 100 best companies in Colombia in 2019. Parque Arauco has been included, for the second consecutive year, in the FTSE4Good

index. This index includes the best

performing companies in sustainability, taking into account environmental, social and governance topics. For the first year, Parque Arauco was included in S&P Global’s 2020 Sustainability Yearbook, recognized as one of the companies in the top 15% of its industry in terms of ESG performance.

SLIDE 28 28 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

In the last years we have continued advancing

ur sustainability strategy

SUSTAINABILITY & CORPORATE GOVERNANCE SUSTAINABILITY AGENDA GENERATING SOCIAL VALUE

Develop programs and initiatives that support

local and emerging entrepreneurship in Chile, Peru and Colombia.

Conduct activities that promote a culture
f inclusion and accessibility at our shopping

centers in Chile, Peru and Colombia.

Develop and implement a corporate

strategy on engagement with surrounding communities. RESPONSIBLY OPERATING OUR SHOPPING CENTERS

Provide training on and launch a tool for

assessing our strategic suppliers’ sustainability practices in Chile, Peru and Colombia.

Implement sustainable construction

standards for future Parque Arauco projects.

Measure environmental performance of
perational shopping centers and effjciently

manage natural resources. COMMITMENT AND LEADERSHIP IN DECISION MAKING

Continue progress on assessment and

implementation of labor practices in order to be recognized as a company that attracts the best talent.

Implement a risk management model
Strengthen ethics and good corporate

governance practices. OTHER HIGHLIGHTS

We adhere to the United Nations Global

Compact.

We continued to be the only Latin American

Real Estate Company in the Dow Jones Sustainability Emerging Markets Index for the third consecutive year.

We published our second integrated annual

report based on our 2018 results. SUSTAINABILITY R e s p

n

s a b i l i t y O p e r a t i n g G e n e r a t i n g S

c

i a l V a l u e C

m

m i t m e n t a n d L e a d e r s h i p O u r S h

p

p i n g C e n t e r i n D e c i s i

n

M a k i n g Support for local and emerging Enterpreneurship Managing Working conditions with

ur value chains

Social integration of

ur shopping

center Strengthening ties with Neighboring communities Managing and monitoring Ethics and good corporate governance Atracting and retaining talent Magaging the enviromental impact of shopping center operations Magaging the enviromental impact of shopping center construction

SLIDE 29 29 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS

Parque Arauco’s policy is to fjnance projects with 50% debt and 50% equity, and is comfortably within all its covenants

FINANCIAL STRENGTH 0.89x 0.81x 1.15x 1.18x 1.21x 1.21x 1.29x LIABILITIES / EQUITY NET FINANCIAL DEBT / EQUITY EBITDA/FINANCIAL EXPENSES NET FINANCIAL DEBT / EBITDA 2013 2013 2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019 3.89x 3.31x 3.33x 3.04x 3.42x 3.76x 3.76x 0.59x 0.47x 0.76x 0.72x 0.77x 0.66x 0.68x < 1.50x 5.00x 4.25x 5.87x 5.88x 5.54x 5.19x 5.31x 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019

SLIDE 30 30 PARQUE ARAUCO FUTURE DEVELOPEMENT INVESTMENT HIGHLIGHTS | | | | INTRODUCTION OUR OPERATIONS 304 133 51 122 214 11 7 13 166 15 35 45 42 41 41 42 42 43 37 36 16 8 6 4 4 3

Conservative debt structure

FINANCIAL STRENGTH LIABILITY AMORTIZACION PROFILE AND DURATION (US$ MM)1 Source: Parque Arauco (1) Does not include accrued interests and the exchange rate is at the close of December 31, 2019. SUMMARY OF DEBT BY CURRENCY SUMMARY OF LIABILITY STRUCTURE SUMMARY OF DEBT RATES 9% 3% 2% COP Leasing Variable 19% 36% PEN Loans 73% UF 61% Bonds 98% Fixed Rental contract length Debt duration Local rating

6.0 years 5.4 years

Feller: AA ICR: AA Fitch: AA- DEC 2019 DEC 2019 DEC 2019

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The cost of debt has decreased importantly in the past 5 years

FINANCIAL STRENGTH Source: Risk America DATE: 12/12/2014 BASE: 1.66% SPREAD: 1.74% RATE: 3.40% DURATION: 14.3 DATE: 04 /17/2015 BASE: 1.62% SPREAD: 1.68% RATE: 3.30% DURATION: 14.77 DATE: 10/12/2016 BASE: 1.46% SPREAD: 1.02% RATE: 2.48% DURATION: 12.71 DATE: 08/30/2018 BASE: 1.59% SPREAD: 0.75% RATE: 2.34% DURATION: 8.9 Generic AA Chilean Bond (Duration 15 years) Central Bank of Chile Interest Rate

4.1% to 2.3%

the spread fjve years ago had collateral agreements, while the current spread is unsecured with no collateral. The cost of debt of Parque Arauco has decreased 180 POINTS from Generic long-term bond Issued by Parque Arauco in Chile PA

SLIDE 32 32 PARQUE ARAUCO FUTURE DEVELOPEMENT | | | | INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS

4

FUTURE

DEVELOPMENTS

CONTENT Landbank Future developments Glossary

SLIDE 33 33 PARQUE ARAUCO FUTURE DEVELOPEMENT | | | | INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS

Parque Arauco Kennedy expansion

Total investment US$82 million Construction begins 2021 Scheduled to open 2024 PHASE 1 Format Mixed use Commercial GLA 10,000 m2 PA ownership 100% PHASE 2 The second expansion phase at Parque Arauco Kennedy was announced in 2018. It includes a 14-story, 15,000 m2 tower with an additional 10,000 m2 GLA at the base of the tower. Format Mixed use Commercial GLA 11,000 m2 PA ownership 100% Total investment US$202 million Construction began 2017 Scheduled to open 2021 This expansion will add 11,000 m2 of commercial GLA at Parque Arauco Kennedy, along with a 5-star Hilton hotel featuring 401 rooms and Santiago’s largest hotel convention center (with capacity for more than 2,800 people and surface area of 3,000 m2). Additionally, there will be two restaurants, three bars, two pools, a gym and an executive lounge as well as 700 additional parking spaces. The project also includes construction of a 25,000 m2 Falabella store, the retail chain’s largest.

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Parque Alegra

PA ownership 52.5% Total investment US$132 million Construction begins 2019 Scheduled to open 2021 Type Regional mall Location Barranquilla, Colombia Additional GLA 50,000 m2 The project is in the initial stage of construction and is located in the southern part of Barranquilla on Boyacá Avenue, one of the main roads that connects the northern and southern sectors of the city, as well as the Barranquilla Airport. The anchor stores of the project will be a department store (Falabella), a supermarket (Olímpica), a movie theater (CineColombia) and a children’s entertainment area (Playland). The shopping center will have more than 300 stores, a food court, a restaurant area, large common areas and underground parking, and is expected to be the leading shopping center in southern Barranquilla.

SLIDE 35 35 PARQUE ARAUCO FUTURE DEVELOPEMENT | | | | INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS

In Chile, Peru and Colombia

TYPE COUNTRY FORMAT SCHEDULED TO OPEN TOTAL GLA (m²) OWNERSHIP (%) Parque Arauco

wned GLA (m2)

TOTAL INVESTMENT (Local currency) 1 TOTAL INVESTMENT (MUS$)2 New Projects Parque Alegra Development Colombia Regional 2H21 50,000 52.5% 26,250 433,000 132 La Molina Development Peru Neighborhood TBD 19,500 100% 19,500 180,000 54 Subtotal 69,500 45,750 186 Expansions Parque Arauco Kennedy, Phase 13 Expansion Chile Regional/Hotel 2H21 11,000 100% 11,000 5,355,000 202 Parque Arauco Kennedy, Phase 24 Expansion Chile Regional/Tower 2H24 10,000 100% 10,000 2,200,000 82 Arauco Premium Outlet Buenaventura (Remainder of m2) Expansion Chile Outlet 1Q20 1,000 100% 1,000

Subtotal

22,000 22,000 284 Acquisitions Puerto Nuevo Antofagasta (Balmaceda tower, Hotel tower) Development Chile Strip center 1H20 (Tower), 2H21(Hotel) 3,000 100% 3,000 250,000 9 Subtotal 3,000 3,000 9 Projects incorporated in 2019 Arauco Premium Outlet Buenaventura Expansion Chile Outlet 4Q19 2,500 100% 2,500 140,000 5 Puerto Nuevo Antofagasta (Singular and Maipu Towers) Development Chile Strip center 3Q19 6,500 100% 6,500 460,000 17 Arauco Express El Peñón Acquisition Chile Strip center 2Q19 2,100 51% 1,070 146,201 6 MegaPlaza Minority Interest Peru Various 2Q19

50%

123,000 583,450 174 Subtotal 11,100 133,070 202 Total 105,600 203,820 675 Remaining to invest 335

1. Projects in UF (Chile), MPEN (Peru) and MCOP (Colombia)
2. Considering the exchange rate as ofDecember 31, 2019: 28,309.94 CLP/UF, 748.74 CLP/US$, 3,271.55 COP/US$, 3.31 PEN/US$.
3. In addition to the 11,000 m2 of GLA. This expansion includes a 401-room Hilton hotel and the largest hotel convention center in Santiago.
4. The project also includes a 15,000 m2 tower.

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Landbank

745,966 m2

total surface area

f our land bank

NAME SURFACE AREA (m2) OWNERSHIP (%) TOTAL INVESTMENT (LOCAL CURRENCY)1 TOTAL INVESTMENT (MUS$)2 Chile Quilicura 25,486 100% 78,000 3 Buenaventura 115,864 100% 455,000 17 Chicureo 47,614 100% 206,000 8 Los Andes 39,254 100% 117,000 4 San Pedro de la Paz 17,002 100% 51,000 2 Total Chile 245,220 100% 907,000 34 Peru Chimbote 42,657 100% 18,000 5 Talara 30,675 100% 9,400 3 Ica 12,643 100% 13,500 4 Chiclayo 6,609 100% 6,300 2 Pomalca Chiclayo 45,042 100% 6,565 2 Lambayeque-MegaPlaza 25,260 50% 18,900 6 San Juan de Lurigancho- MegaPlaza 80,000 50% 10,415 3 Other MegaPlazas 106,157 50% 85,685 24 Total Peru 349,043 70% 168,765 49 Colombia Neiva 49,537 100% 18,000 6 Valledupar 46,000 100% 30,000 9 Barranquilla 56,166 100% 76,000 23 Total Colombia 151,703 100% 124,000 38 Total 745,966 86% 121

1. Land bank in UF (Chile), MPEN (Peru) and MCOP (Colombia)
2. Considering the exchange rate as of December 31, 2019: 28,309.94 CLP/UF, 748.74 CLP/US$, 3,271.55 COP/US$, 3.31 PEN/US$.

LANDBANK BY TOTAL COST (DEC 2019) 31% Colombia 41% Peru 28% Chile TOTAL COST US$ 121 MILLION

SLIDE 37 37 PARQUE ARAUCO FUTURE DEVELOPEMENT | | | | INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS

Glossary

ADJUSTED FFO MARGIN: AFFO / revenues AFFO: Adjusted Funds From Operations: Net Profjt Depreciation & Amortization - Other Income/expenses - Share of Profjt (Loss) of Associates Accounted - Foreign Exchange Difgerences - Income (Loss) for indexed assets and liabilities - Gains (losses) from the difgerence between the previous book value and the fair value of fjnancial assets - Deferred tax+ Associates accounted Adjusted FFO CONTROLLING ADJUSTED FFO: AFFO attributable to the shareholders of the company CONTROLLING FFO: FFO attributable to the shareholders of the company EBITDA: Earnings Before Income Tax Depreciation and Amortization: Revenues + Cost of Sales + Administration Expenses - Depreciation and Amortization EBITDA margin

EBITDA divided by revenues

EPS: Earnings Per Share: Net income attributable to the equity holders of the company/weighted average number of shares outstanding FFO: Funds From Operations: Net Profjt - Depreciation & Amortization - Share of Profjt (Loss) of Associates Accounted + Associates Accounted FFO GLA: Gross Leasable Area. Equivalent to the sum of all the areas available for lease GREENFIELD PROJECTS: Organic development of new shopping centers LANDBANK: Land held by the company for future development LTM: Refers to information from the last twelve months MONTHLY REVENUES/M2: Monthly revenues divided by revenue-generating GLA during the month MONTHLY SALES/M2 : Monthly tenant sales divided by salesgenerating GLA during the month NEIGHBORHOOD MALL: A shopping mall with a GLA between 6,000 and 20,000 m2 NET INCOME MARGIN: Net profjt / revenues NOI: Net Operating Income: Revenues + Cost of Sales + Administration Expenses - Depreciation & Amortization + Associates accounted NOI OCCUPANCY: GLA paying rent divided by total GLA OCCUPANCY COST: Minimum rent, plus variable rent, plus common expenses, plus a promotion fund that the tenants pay Parque Arauco divided by the sales of the tenant. OWNED GLA: Total GLA weighted by Parque Arauco’s interest in the mall PIPELINE: Greenfjeld and expansion projects under development PREMIUM OUTLET: Shopping center located outside of the city ofgering name brand clothing and goods for a reduced price REGIONAL MALL: A shopping mall with a GLA over 20,000 m2. SSR: Same Store Rent: Percentage change in rent collected from tenants that paid rent in both of the periods compared SSS: Same Store Sales: Percentage change in sales from tenants that reported sales in both of the periods compared STRIP CENTER: A shopping center with a GLA less than 6,000 m2 TENANT SALES: Sales of the consolidated assets UF: Unidad de Fomento: A chilean currency unit indexed according to infmation on a daily basis.

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