[First Quarter 2019] CONTACTS Tori Creighton (Head of Investor - - PowerPoint PPT Presentation

SLIDE 1

INVESTOR PRESENTATION

[First Quarter 2019]

CONTACTS Tori Creighton (Head of Investor Relations) Francisco Moyano (Corporate Finance Manager) Claudio Chamorro (CFO) Tel: (562) 22990510 | Email: ir@parauco.com

SLIDE 2

2

PARQUE ARAUCO Investor Presentation First Quarter 2019

This document has been prepared by Parque Arauco for the purpose of providing general information about the Company. The Company assumes no responsibility for,

• r 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 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 signifjcant elements or 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 only rely on

the result of their own investigation and the representations and warranties made in any defjnitive agreement that may be executed.

«

IMPORTANT DISCLAIMER

SLIDE 3

3

PARQUE ARAUCO Investor Presentation First Quarter 2019

«

8 4 13

OUR OPERATIONS INTRODUCTION INVESTMENT HIGHLIGHTS

34

FUTURE DEVELOPMENT

SLIDE 4

4

PARQUE ARAUCO Investor Presentation First Quarter 2019

• 1. INTRODUCTION

SLIDE 5

5

PARQUE ARAUCO Investor Presentation First Quarter 2019 Risk Rating Agency Rating Fitch AA- Feller AA- ICR AA- Key Figures Total GLA (m2) 1,057,500 Revenues LTM (US$ MM) 290 EBITDA LTM (US$ MM) 212 EBITDA Margin LTM (%) 73.2% Net Financial Debt (US$ MM) 922 Total Assets (US$ MM) 3,763

PARQUE ARAUCO AT A GLANCE

Regional shopping centers

17

Outlets

7

Strip centers

18

Neighborhood shopping centers

10

Offjces, medical centers, hotels

9

SHAREHOLDER STRUCTURE (MARCH 2018) FINANCIAL INDICATORS (MARCH 2018) POSITIVE LOCAL RISK RATING 1% 6% 26% 5% 3% 17% 21% Said Yarur Family Others Controlling Group Abumohor Family Local Pension Funds Local Mutual Funds Local Brokers 21% Foreign Investment Funds Market Cap US$MM 2,417

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

• peration of mixed-used properties in

the Andean region.

SLIDE 6

6

PARQUE ARAUCO Investor Presentation First Quarter 2019

GLA M2 NOI US$ MM

Source: Parque Arauco. Exchange Rate: US$= 640.62. Does not include Marina Arauco nor Mall Center Curicó.

IN THE LAST SIX YEARS PARQUE ARAUCO HAS DOUBLED GLA, NOI AND AFFO

Parque Arauco Kennedy opens as fjrst shopping center in Chile Capital increase for US$182 MM Purchase of minority shareholders in Colombia and Peru Parque Arauco S.A. IPO Capital increase for US$100 MM Parque Arauco expands into Peru with the purchase of a 45% stake in MegaPlaza Norte in Lima Parque Arauco opens fjrst mall in Colombia, Parque Arboleda in Pereira Capital increase for US$145 MM

1982 2014 1995 2015 2016 2006 2010 2011

+1.9X

559,700

2012

693,100

2013

728,500

2014

947,000

2016

818,500

2015

1,012,000

2017

1,053,000

2018 +2.0X 118 2012 135 2013 154 2014 203 2016 179 2015 239 2017 238 2018 CONTROLLED ADJUSTED FFO US$ MM +1.9X 78 2012 99 2013 91 2014 115 2016 103 2015 140 2017 147 2018 Parque Arauco signs agreement for a business combination with Wiese Group in Peru

2018

SLIDE 7

7

PARQUE ARAUCO Investor Presentation First Quarter 2019

CORPORATE PURPOSE OUR VALUES

Our purpose is to create spaces that contribute to improving people’s lives.

• Happiness
• Excellence
• Growth
• Profjtability
• Sustainability

Our mission is to be leaders in developing and operating real estate assets, through profjtable and sustainable growth that generates value for our stakeholders.

MISSION PILLARS OF OUR CULTURE STRATEGIC OBJECTIVES

and the environment

Respect

for people

O p e n n e s s

t

• c

h a n g e a n d i n n

• v

a t i

• n

Right option,

Choose the

not the

easiest

• ne

things

Make

happen

that inspires an exceptional

T eam

Create

a work environment

« « « «

PURPOSE, MISSION AND CORPORATE VALUES

7

SLIDE 8

8

PARQUE ARAUCO Investor Presentation First Quarter 2019

2.

OUR OPERATIONS

SLIDE 9

9

PARQUE ARAUCO Investor Presentation First Quarter 2019

PARQUE ARAUCO KENNEDY CHILE LARCOMAR PERU ARAUCO MAIPÚ CHILE MEGAPLAZA NORTE PERU ARAUCO ESTACIÓN CHILE PARQUE LA COLINA COLOMBIA

PARQUE ARAUCO HAS ICONIC AND DOMINANT SHOPPING CENTERS IN CHILE, PERU AND COLOMBIA

SLIDE 10

10

PARQUE ARAUCO Investor Presentation First Quarter 2019

• 1. Arauco Express has 15 strip centers in Chile: 11 strip centers in Santiago, 1 in Viña del Mar, 1 in Calama, 1

in Coquimbo, and 1 in Antofagasta.

• 2. Arauco Premium Outlet has four outlets located in Santiago, Concepción, Coquimbo and Curauma.

Regional shopping centers Neighborhood shopping center Outlets Strip centers Chile GLA (m2) % Ownership Owned GLA (m2) Occupancy Year of incorporation Parque Arauco Kennedy 111.500 100% 111.500 97,7% 1982 Arauco Maipú 72.000 100% 72.000 99,6% 1993 Arauco Chillán 35.000 100% 35.000 93,5% 2007 Arauco Estación 67.000 83% 55.610 96,4% 2008 Arauco San Antonio 28.500 36% 10.175 95,7% 2009 Arauco Express1 37.000 51% 18.870 90,1% 2012 Arauco Premium Outlets2 46.000 100% 46.000 98,7% 2012 Arauco Quilicura 32.000 51% 16.320 99,7% 2013 Arauco Coronel 30.000 51% 15.300 97,4% 2017 Parque Angamos 10.500 55% 5.775 72,9% 2018 Arauco El Bosque 30.000 51% 15.300 100,0% 2018 Total Chile 499.500 80,5% 401.850 96,7%

8 4 15

CHILEAN PORTFOLIO

The average age of the portfolio is 17 years. IN CHILE PARQUE ARAUCO HAS:

1

SLIDE 11

11

PARQUE ARAUCO Investor Presentation First Quarter 2019

• 1. Only partner in Peru is Grupo Wiese, which includes MegaPlaza formats (50%).
• 2. InOutlet and Viamix includes two premium outlets in Lima and three strip centers in Lima.

Peru GLA (m2) % Ownership Owned GLA (m2) Occupancy Year of incorporation MegaPlaza Norte 11.500 50% 55.750 97,0% 2006 MegaPlaza Express Villa Chorrillos 8.000 50% 4.000 97,3% 2009 Larcomar 27.000 100% 27.000 80,5% 2010 Parque Lambramani 30.000 100% 30.000 93,9% 2010 MegaPlaza Chimbote 28.000 50% 14.000 95,4% 2012 MegaPlaza Express Villa El Salvador 9.000 50% 4.500 93,1% 2012 MegaPlaza Express Chincha 10.500 50% 5.250 94,1% 2013 InOutlet and Viamix2 26.000 100% 26.000 85,7% 2013 MegaPlaza Cañete 16.500 50% 8.250 99,4% 2013 MegaPlaza Express Barranca 9.500 50% 4.750 90,3% 2013 MegaPlaza Pisco 14.500 50% 7.250 93,2% 2015 El Quinde Cajamarca 32.500 100% 32.500 95,0% 2015 El Quinde Ica 36.500 100% 36.500 98,2% 2015 MegaPlaza Jaén 14.500 50% 7.250 97,4% 2016 MegaPlaza Huaral 14.000 50% 7.000 80,6% 2017 MegaPlaza Villa El Salvador II 15.500 50% 7.750 48,4% 2017 Total Peru 403.500 48% 277.750 92,0%

PERUVIAN PORTFOLIO

The average age of the portfolio is 8 years. IN PERU PARQUE ARAUCO HAS: Regional shopping centers Neighborhood shopping center Oulets Strip centers

6 3 9 2

SLIDE 12

12

PARQUE ARAUCO Investor Presentation First Quarter 2019

Colombia GLA (m2) % Ownership Owned GLA (m2) Occupancy Year of incorporation Parque Arboleda 40.500 55% 22.275 98,2% 2010 Parque Caracoli 38.500 100% 38.500 89,1% 2013 Parque La Colina 62.000 100% 62.000 97,5% 2016 Premium Outlet Arauco (Sopó) 13.500 100% 13.500 52,9% 2017 Total Colombia 154.500 88% 136.275 91,7%

COLOMBIAN PORTFOLIO

Regional shopping centers Oulet in Colombia

3 1

The average age of the portfolio is 5 years. IN COLOMBIA PARQUE ARAUCO HAS:

SLIDE 13

13

PARQUE ARAUCO Investor Presentation First Quarter 2019

3.

INVESTMENT HIGHLIGHTS

SLIDE 14

14

PARQUE ARAUCO Investor Presentation First Quarter 2019

INVESTMENT HIGHLIGHTS

1. 2. 4. 3. 5.

Stability Financial Strength Diversifjcation Growth Sustainability and Corporate Governance

SLIDE 15

15

PARQUE ARAUCO Investor Presentation First Quarter 2019 FIXED VS VARIABLE RENTAL REVENUES CONTRACT LENGTH (BASED ON % OF REVENUES) TENANT REVENUE (BASED ON % OF REVENUES LTM) 36% 15% 10% 39% 100%

39% of our contracts have a duration of more than 4 years and the average length is 5.7 years. Our top 10 tenants represent only 12% of Parque Arauco’s total revenue.

16 % Other revenues 11 % Variable revenues 89 % Fixed revenues 84 % Rental revenues

5.7

years

12 %

<2 years 2-3 years 3-4 years >4 years TOTAL 12 % Top 10 88 % Other tenants

Our rental revenues are derived primarily from fjxed contracts and are protected against infmation.

REVENUE TYPE AND CONTRACT DURATION

«

STABILITY

SLIDE 16

16

PARQUE ARAUCO Investor Presentation First Quarter 2019

• 2.9
• 1.1

4.2 3.0 1.6 4.1 6.1 2.8 3.8 6.6 3.4 3.6 3.7 7.0 1.7 2.6

• 0.5

3.4

• 1.5

2.1

• 2.2

1.2

• 3.1

0.1 12.7 0.2

• 0.9
• 0.2
• 0.9

0.3 10.7 7.6

• 2.4

5.3 7.4 1Q17 1Q18 2Q17 3Q17 4Q17 SSS SSR SSS SSR 10.6 10.5 10.0 10.7 9.8 10.9 13.9 11.1 15.0 16.0 13.2 SAME STORE SALES (SSS) Y SAME STORE RENT (SSR) (%) OCCUPANCY COST (%)

CONSISTENT SAME STORE GROWTH AND HEALTHY OCCUPANCY COST

Note: Peru’s Same Store Sales and Same Store Rent in 4Q17 do not include Larcomar due to contingencies. 2Q18 1Q17 1Q18 2Q17 3Q17 4Q17 2Q18 7.5 7.4 7.7 7.7 7.4 7.2 4.3 2.5

«

STABILITY

3Q18

• 4.0

2.1 1.3 2.8 6.6 8.1 11.4 3Q18 7.4 13.2 10.4 4Q18 6.8 10.0

• 2.7

4.4 4Q18 3.5 4.2 7.1 8.6 SSR SSS

• 4.2

1.3 1Q19 4.1 2.2 3.7 5.5 13.9 8.3 11.3 1Q19

SLIDE 17

17

PARQUE ARAUCO Investor Presentation First Quarter 2019

+9.2%

• 0.4%

+0.6% +15.4% +16.2% +15.6% +6.6% +2.6% +7.1%

• 0.7%

+5.1% +7.1%

(1) In MUSD using the following exchange rates: US$1= CLP 668.95 US$1= PEN 3.30, US$1= COP 3,130.94. (2) Including overhead expenses (Corporate headquarters, regional Services Center, Chile Division, Peru Division and Colombia Division) 1,646 163 171 118 127

1Q18 457,500 499,500 1Q19 LTM1Q18 LTM1Q19 LTM1Q18 LTM1Q19 LTM1Q18 LTM1Q19

911 971 76 78 53 57

405,000 403,500 1Q18 1Q19 LTM1Q18 LTM1Q19 LTM1Q18 LTM1Q19 LTM1Q18 LTM1Q19 279 322 35 41 25 29 155,500 154,500 1Q18 1Q19 LTM1Q18 LTM1Q19 LTM1Q18 LTM1Q19 LTM1Q18 LTM1Q19

CHILE PERU COLOMBIA

GLA (M2) TENANT SALES 1 (US$ MM) COUNTRY LEVEL REVENUES1 (US$ MM) COUNTRY LEVEL EBITDA1,2 (US$ MM)

RESULTS HAVE BEEN POSITIVE IN ALL THREE COUNTRIES

1,657

«

STABILITY

SLIDE 18

18

PARQUE ARAUCO Investor Presentation First Quarter 2019

85% 7% 3% 5% COUNTRY LEVEL DIVERSIFICATION (% REVENUES) FORMAT LEVEL DIVERSIFICATION (% REVENUES) SOCIO-ECONOMIC DIVERSIFICATION (% REVENUES) 14% 27% 59% 9% 48% 43% Regional Chile Medium-High Medium-Low Neighborhood Peru Medium Outlet Colombia Strip center

PARQUE ARAUCO DIVERSIFIES ITS MARKET RISKS AT A COUNTRY, FORMAT, AND SOCIO-ECONOMIC LEVEL

«

DIVERSIFICATION

SLIDE 19

19

PARQUE ARAUCO Investor Presentation First Quarter 2019 Source: GDP Growth, Population and GDP Per Capita: International Monetary Fund, April 2018. Retail Sales: Euromonitor, December 2018.

2016

1.6%

2017

1.5%

2018

4.0%

2016

4.0%

2017

2.5%

2018

4.0%

2016

1.9%

2017

1.8%

2018

2.7%

GDP GROWTH 2016

18.2

2017

18.4

2018

18.6

2016

31.5

2017

31.8

2018

32.2

2016

48.7

2017

49.3

2018

49.8

POPULATION (MILLIONS) 2016 2017

22,409

2018f

22,731

2016

11,974

2017

12,160

2018f

12,483

2016

13,099

2017

13,174

2018f

13,404

GDP PER CAPITA, PPP 2016

1.8%

2017

0.9%

2018

0.5%

2016

3.9%

2017

4.6%

2018

4.5%

2016

0.7%

2017

2.3%

2018

3.1%

RETAIL SALES GROWTH

PARQUE ARAUCO OPERATES IN THREE ATTRACTIVE ECONOMIES

22,337 Chile Peru Colombia

«

DIVERSIFICATION

Chile Peru Colombia Chile Peru Colombia Chile Peru Colombia

SLIDE 20

20

PARQUE ARAUCO Investor Presentation First Quarter 2019 PHASE 1 DETAILS PHASE II DETAILS

New fmagship Falabella

25 ,000 m2

5-Star Hotel Hilton by Hilton UF 5

,355 ,000

Investment ABL adicionales

2017

Construction start Opening date

2021

Opening date

2024

Rooms

401 3,000 m2

Convention Center

2021

Construction start

15 ,000 m2

Tower

RATIONALE

DIVERSIFICATION VIA MIXED-USE PROPERTIES

• Generate synergy between formats
• Densify strategic locations in urban

areas

• Respond to each area’s difgerent

client needs

• Follow new trends toward creating

spaces that allow people to connect

PARQUE ARAUCO KENNEDY EXPANSION

UF 2,200,000 Investment

11,000 m2

Additional GLA Additional GLA

10,000 m2

«

DIVERSIFICATION

SLIDE 21

21

PARQUE ARAUCO Investor Presentation First Quarter 2019 Source: Prepared using information published by the International Council of Shopping Centers (ICSC) (Mexico, Argentina, and Chile), Brazilian Shopping Center Council (ABRASCE), Peruvian Shopping Center Council (ACCEP), Colombian Shopping Center Association (ACE) and Parque Arauco analysis.

Million m2 39% of total Million m2 24% of total

GLA: GLA:

18.4 11.1

MÉXICO ANDEAN REGION Million m2 32% of total

GLA:

15.4

BRASIL ARGENTINA Million m2 5% of total

GLA:

2.1

GLA: 47.4 million m2

Indicator Chile Peru Colombia Total GLA (th) 4,438 2,764 5,700 GLA Parque Arauco (th) 500 404 155 Market Share 11% 15% 3% Rank #3 #3 #4

LATIN AMERICA

PARQUE ARAUCO HAS 1 MILLION M2 AND A 2% MARKET PARTICIPATION IN LATIN AMERICAN AND A 9% MARKET PARTICIPATION IN THE ANDEAN REGION

GROWTH

«

SLIDE 22

22

PARQUE ARAUCO Investor Presentation First Quarter 2019

TOTAL INVESTMENT (US$ MM) 2012 2013 2014 2016 2015 2017 136 229 188 341 299 172 TOTAL 1,274

• 1. Using the following exchange rates: US$1= CLP 668.95. M&A considers cash fmows used for acquiring subsidiares or other businesses. Minority

interests considers cash fmows used for acquiring non-controlling interests and other payments to acquire joint ventures. 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.

5% Landbank 12% M&A 12% Minority Interest 71% Greenfjelds and expansions

PARQUE ARAUCO’S GROWTH HAS COME FROM GREENFIELD PROJECTS, M&A AND MINORITY INTEREST PURCHASES

77 2018

GROWTH

«

SLIDE 23

23

PARQUE ARAUCO Investor Presentation First Quarter 2019 5% 3% 8%

OUR VALUE CREATION SPREAD IS APPROXIMATELY 3%

23 Cap Rate WACC Spread Over WACC

GROWTH

«

SLIDE 24

24

PARQUE ARAUCO Investor Presentation First Quarter 2019

Parque Arauco’s value creation is proven by the fact that it has had one

• f the highest “Total Return” of the real estate sector in the last years.

Source: Bloomberg

• 1. Total return includes dividends as of March 31, 2019.

TOTAL RETURN 1, LAST 10 YEARS ANNUALIZED, LOCAL CURRENCY Falabella 12% Klepierre 15% Simon 23% Macerich 22% Taubman 17% Parque Arauco 28% BR Malls 11% Multiplan 19% Iguatemi 21% S&P 500 16% IPSA 8% Hammerson 7% Cencosud 4% Intu

• 4%

TOTAL RETURN

TOTAL RETURN 1, LAST 5 YEARS ANNUALIZED, LOCAL CURRENCY Cencosud Intu Iguatemi Simon Falabella Parque Arauco IPSA BR Malls Multiplan Klepierre Taubman Brookfjeld Aliansce Macerich Fibra Uno Hammerson 14% 2% 7%

• 1%

10% 5%

• 3%

14% 1% 7% 7% 4%

• 5% -6%
• 2%
• 13%

GROWTH

«

S&P 500 11%

SLIDE 25

25

PARQUE ARAUCO Investor Presentation First Quarter 2019

PARQUE ARAUCO IS SUPPORTING THE GLOBALIZATION OF SEVERAL BRANDS ENTERING THE ANDEAN REGION

53.0 52.7 44.0 21.3 9.9 23.1 13.2 8.7 U n i t e d S t a t e s C h i l e U n i t e d K i n g d

• m

A r g e n t i n a M é x i c

• P

e r ú B r a z i l V e n e z u e l a RETAIL PRESENCE BY COUNTRY (% OF GLOBAL BRANDS IN COUNTRY) 1

FIRST OPENINGS IN CHILE FIRST OPENINGS IN PERU FIRST OPENINGS IN COLOMBIA

1) Source: CBRE: How Global is the business of retail? (2017)

There is still potential for new international brands to enter the Chilean, Peruvian and Colombian markets.

27.5 C

• l
• m

b i a

GROWTH

«

SLIDE 26

26

PARQUE ARAUCO Investor Presentation First Quarter 2019

INNOVATING IN A NEW BUSINESS ENVIRONMENT

Digital Directories New webpages New Wifj Smart parking Customer journey redesign App development E-COMMERCE SALES GROWTH 1 PARQUE ARAUCO IS INVESTING IN TECHNOLOGY INTERNET USE FOR ONLINE SHOPPING AND BILL PAYING (%) 2 United States China Chile Colombia Perú 2.191 77% 49% 30% 12% 7% 1) Source: Eurmonitor, December 2018 2) Source: Global Findex 2017 (WorldBank) 15.0% 26.0% 11.6% 23.3% 14.1% 23.5% 13.4% 26.8% 13.1% 32.7% 2013 2017 2014 2015 2016 0.4% 3.7% 1.2% 2.5% 3.0% 1.2% 0.9% 1.2% 1.5%

• 1.6%

2013 2014 2015 2016 2017 BRICK AND MORTAR SALES GROWTH 1 ECOMMERCE SALES OVER TOTAL RETAIL SALES 1 8.5% 9.3% 10.3% 11.6% 13.3% 2.4% 1.9% 3.2% 1.6% 1.3% 2013 2014 2015 2016 2017 USA Chile, Perú, Colombia USA Chile, Perú, Colombia

GROWTH

«

2018 3.7% 13.7% 13.3% 37.5% 2017 2018 1.3%

• 0.5%

SLIDE 27

27

PARQUE ARAUCO Investor Presentation First Quarter 2019 CLOSING

• 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

PARQUE ARAUCO PARTICIPATES IN COUNTRIES WITH GROWING RETAIL MARKETS

GROWTH

«

100 200 300 400 500 600 500 1.000 1.500 2.000 2.500 3.000 3.500 4.000 GDP / GLA GLA per 1,000 inhabitants GLA per 1000 inhabitants GDP / GLA 50 100 150 200 250 300 500 1.000 1.500 2.000 2.500 GDP / GLA GLA per 1,000 inhabitants GLA per 1000 inhabitants GDP / GLA

ROOM FOR GROWTH IN EMERGING ECONOMIES 1 RETAIL MARKETS IN CAPITAL CITIES1

SLIDE 28

28

PARQUE ARAUCO Investor Presentation First Quarter 2019

WORKPLACE RECOGNITION MANAGEMENT RECOGNITION SUSTAINABILITY RECOGNITION INVESTOR RELATIONS RECOGNITION Recognized by the Corporate Reputation Monitor as one of 100 companies with the best corporate reputation in Chile. For the third year running, in 2018 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. 3rd best Investor Relations program in 2018 Latin American Real Estate sell-side ranking by Institutional Investor. Parque Arauco was recognized by Great Place to Work in Chile in 2018.

PARQUE ARAUCO HAS RECEIVED IMPORTANT RECOGNITIONS FROM LOCAL AND INTERNATIONAL ORGANIZATIONS

SUSTAINABILITY & CORPORATE GOVERNANCE

«

SLIDE 29

29

PARQUE ARAUCO Investor Presentation First Quarter 2019

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 of 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 operational 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

• ur 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 our 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

• perations

Magaging the enviromental impact of shopping center construction

IN THE LAST YEARS WE HAVE CONTINUED ADVANCING OUR SUSTAINABILITY STRATEGY

SUSTAINABILITY & CORPORATE GOVERNANCE

«

SLIDE 30

30

PARQUE ARAUCO Investor Presentation First Quarter 2019

LIABILITIES / EQUITY EBITDA/FINANCIAL EXPENSES NET FINANCIAL DEBT/EBITDA NET FINANCIAL DEBT / EQUITY 2013 3.89x 2014 3.31x 2015 3.33x 2016 3.04x 2017 3.42x 2013 0.59x 2013 5.00x 2014 0.47x 2014 4.25x 2015 0.76x 2015 5.87x 2016 0.72x 2016 5.88x 2017 0.77x 2017 5.54x > 2.50x < 1.40x < 1.50x 2013 0.89x 2014 0.81x 2015 1.15x 2016 1.18x 2017 1.21x

PARQUE ARAUCO’S POLICY IS TO FINANCE PROJECTS WITH 50% DEBT AND 50% EQUITY, AND IS COMFORTABLY WITHIN ALL ITS COVENANTS

2018 1.21x 2018 0.66x 2018 3.76x 2018

5.19x

_ _ _

FINANCIAL STRENGTH

«

1Q19 1.22x 1Q19 0.54x 1Q19

4.40x

1Q19 3.80x

SLIDE 31

31

PARQUE ARAUCO Investor Presentation First Quarter 2019

CONSERVATIVE DEBT STRUCTURE

134 121 166 57 133 213 15 10 15 177 15 37 47 44 43 43 44 44 45 38 37 17 8 4 4 4 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 LIABILITY AMORTIZACION PROFILE AND DURATION (MM USD) 1

6.1

years

5.7

years

DEBT DURATION LOCAL RATING RENTAL CONTRACT LENGTH

Fitch: AA- Feller: AA- ICR: AA- SUMMARY OF DEBT BY CURRENCY SUMMARY OF LIABILITY STRUCTURE SUMMARY OF DEBT RATES 75% 17% 61% 3% 8% 92% 36% 8% UF PEN Bonds Leasing Variable Fixed Loans COP Source: Parque Arauco (1) Does not include accrued interests and the exchange rate is at the close of March 31, 2018. MARCH 2018 MARCH 2018 MARCH 2018

FINANCIAL STRENGTH

«

3 2045

SLIDE 32

32

PARQUE ARAUCO Investor Presentation First Quarter 2019 The cost of debt of Parque Arauco has decreased 180 POINTS from

4.1% to 2.3%

the spread fjve years ago had collateral agreements, while the current spread is unsecured with no collateral.

GENERIC LONG-TERM BOND ISSUED BY PARQUE ARAUCO IN CHILE

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

THE COST OF DEBT HAS DECREASED IMPORTANTLY IN THE PAST 5 YEARS

Generic AA Chilean Bond (Duration 15 years) 32 DATE: 08 / 30 / 2018 BASE: 1.59 % SPREAD: 0.75% RATE 2.34% DURATION: 8.9

FINANCIAL STRENGTH

«

Central Bank of Chile Interest Rate

SLIDE 33

33

PARQUE ARAUCO Investor Presentation First Quarter 2019

4.

FUTURE DEVELOPMENTS

SLIDE 34

34

PARQUE ARAUCO Investor Presentation First Quarter 2019

FUTURE DEVELOPMENTS

1) Projects in Chile in UF, in Peru in ThPEN, in Colombia in MCOP 2) Considering the exchange rate as of March 31, 2019: 27.565,76 CLP/UF, 678.53 CLP/US$, 3,184.62 COP/US$, 3.32 PEN/US$. 3) In addition to the 11,000 m2, this expansion includes a 401 room Hilton by Hilton Hotel and the largest hotel convention center in Santiago. 4) This project also includes a 15,000 m2 tower. 5)In accordance with the relevant event reported on March 29, 2019, this is related to a binding agreement with the Wiese Group for the purchase of its 50% participation in all MegaPlaza malls in Peru. This transaction has until April 29, 2019, to be fjnalized. NEW PROJECTS TYPE COUNTRY FORMAT ESTIMATED DATE TOTAL GLA M² % OWNERSHIP TOTAL OWNED GLA M² TOTAL INVESTMENT LOCAL CURRENCY¹ TOTAL INVESTMENT MUSD2 La Molina Development Perú Neighborhood TBD 19,500 100% 19,500 180,000 54 Subtotal 19,500 19,500 54 EXPANSIONS TYPE COUNTRY FORMAT ESTIMATED DATE TOTAL GLA M² % OWNERSHIP TOTAL OWNED GLA M² TOTAL INVESTMENT LOCAL CURRENCY¹ TOTAL INVESTMENT MUSD2 Parque Arauco Kennedy - Phase 1³ Expansion Chile Regional / Hotel 2H21 11,000 100% 11,000 5,355,000 218 Parque Arauco Kennedy - Phase 24 Expansion Chile Regional/Tower 2H24 10,000 100% 10,000 2,200,000 88 Arauco Premium Outlet Buenaventura Espansión Chile Outlet 2H19 3,500 100% 3,500 140,000 6 Subtotal 24,500 24,500 312 OTHER PROJECTS TYPE COUNTRY FORMAT ESTIMATED DATE TOTAL GLA M² % OWNERSHIP TOTAL OWNED GLA M² TOTAL INVESTMENT LOCAL CURRENCY¹ TOTAL INVESTMENT MUSD2 MegaPlaza5 Minority Interest Perú Various 2H19 N/A 50% 123.000 583.450 174 Subtotal

• 123.000

174 ACQUISITIONS TYPE COUNTRY FORMAT ESTIMATED DATE TOTAL GLA M² % OWNERSHIP TOTAL OWNED GLA M² TOTAL INVESTMENT LOCAL CURRENCY¹ TOTAL INVESTMENT MUSD2 Puerto Nuevo Antofagasta Development Chile Strip center 2Q19, 2020 9,500 100% 9,500 709,710 29 Subtotal 9,500 9,500 29 Total 53,500 176,500 569 Remaining to Invest 480

SLIDE 35

35

PARQUE ARAUCO Investor Presentation First Quarter 2019

NAME M2 % OWNERSHIP TOTAL COST (LOCAL CURRENCY)1 TOTAL COST (MUSD)2 Quilicura 25,486 100% 78,000 3 Buenaventura 115,864 100% 455,000 18 Chicureo 47,614 100% 206,000 8 Los Andes 39,254 100% 117,000 5 San Pedro de la Paz 17,002 100% 51,000 2 Total Chile 245,220 100% 907,000 36 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 Otros MegaPlaza 106,157 50% 85,685 24 Total Peru 349,043 70% 168,765 49 Neiva 49,537 100% 18,000 6 Valledupar 46,000 100% 30,000 9 Barranquilla 56,166 100% 76,000 24 Total Colombia 151,703 100% 124,000 39 Total 745,966 86% 124 TOTAL COST US$ 124 MILLION

LANDBANK BY TOTAL COST (MARCH 2018)

31% 29% 40% Chile Peru Colombia

LANDBANK

1) Landbank in Chile in UF, in Peru in ThPEN, in Colombia in MCOP. 2) Considering the exchange rate as of March 31, 2019: 27.565,76 CLP/UF, 678,53 CLP/US$, 3.184,62 COP/US$, 3,32 PEN/US$.

SLIDE 36

36

PARQUE ARAUCO Investor Presentation First Quarter 2019 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 the occupied GLA for the period MONTHLY SALES/M2 : Monthly tenant sales divided by the occupied GLA for the period 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

• f 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.

«

GLOSSARY

SLIDE 37