[PPT] - INVESTOR DAY L I M A N O V E M B E R 2 0 1 4 AGENDA DA WELCOME PowerPoint Presentation

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INVESTOR DAY

L I M A N O V E M B E R 2 0 1 4

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AGENDA DA WELCOME ADDRESS THIRD QUARTER RESULTS PARQUE ARAUCO PERÚ OVERVIEW AND STRATEGY PARQUE ARAUCO PERÚ CASE STUDIES

LAMBRAMANI
LARCOMAR
INOUTLET FAUCETT

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AGENDA WELCOME A E ADDRES ESS THIRD QUARTER RESULTS PARQUE ARAUCO PERÚ OVERVIEW AND STRATEGY PARQUE ARAUCO PERÚ CASE STUDIES

LAMBRAMANI
LARCOMAR
INOUTLET FAUCETT

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WELCO COME A E ADDRES ESS

CLAUDIO CHAMORRO CFO HOLDING PARQUE ARAUCO

INVE VEST STOR D DAY LIMA

MA 2 2014

14

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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 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 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 differ materially from what is estimated or forecast herein.

THIS DOCUMENT HAS BEEN PREPARED BY PARQUE ARAUCO FOR THE PURPOSE OF PROVIDING GENERAL INFORMATION ABOUT THE COMPANY.

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
f their own investigation and the representations and

warranties made in any definitive agreement that may be executed.

DISCLAIMER

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INTRODUCTION TO PARQUE ARAUCO

OUR OPERATIONS FUTURE DEVELOPMENTS

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INTRODUCTION TO PARQUE ARAUCO

PARQUE ARAUCO AT A GLANCE

Parque Arauco is the third largest shopping center company in Chile, with operations in Perú and Colombia.

(1) Marina Arauco not included (2) Exchange Rate: US$ 1 =CLP 560; LTM = Oct. 13 -Sept. 14 (1) Marina Arauco not included (2) Exchange Rate: US$ 1 =CLP 560; LTM= Oct. 13 - Sept. 14

SHAREHOLDER STRUCTURE (SEPT 2014) PARQUE ARAUCO OPERATIONAL METRICS BY COUNTRY Total 718,000 m2 Market Cap 1,712 US$MM Total 216 US$ MM

TOTAL GLA 1 REVENUES LTM2

Colombia 10.0% Colombia 8.3% Perú 35.1% Perú 25.4% Chile 54.9%

Investment Funds 27.4% Mutual Funds 1.7% Insurance Companies 0.3% Others 6.2% Controlling Group 26.0% Abumohor Family 2.7% Said Yarur Family 6.1% Brokers 21.3% Pension Funds 8.3%

Chile 66.3%

Indicator / Country CHILE PERÚ COLOMBIA

Total GLA (m2)1 394,500 252,000 71,500 Owned GLA 359,985 149,495 31,460 Occupancy 95.7% 95.8% 89.6 % Revenues LTM2 (US$MM) 143 55 18 # of Operations 18 11 2

(1) Marina Arauco not included (2) Exchange Rate: US$ 1 =CLP 560; LTM= Oct 13 - Sept. 14 Others includes strip centers and outlet malls.

OPERATIONAL METRICS BY FORMAT Total 718,000 m2 Total 216 US$ MM

TOTAL GLA 1 REVENUES LTM2

Others 7.7% Others 5.5% Neighborhood 6.8% Regional 85.5% Regional 90.9% Neighborhood 3.6%

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INTRODUCTION TO PARQUE ARAUCO

SUCCESSFUL GROWTH STORY

REVENUES (US$MM) GLA M2 EBITDA US$MM NET INCOME US$MM 2006 First steps of expansion into Perú (45% stake in Megaplaza Norte in Lima) 2006 Chilean expansion begins with Mall Center in Curicó 2009 First Neighborhood shopping center in Perú (Mega Express Villa, in Chorrillos, Lima) 2010 Acquisition of Larcomar mall in Mirafmores, Lima 2010 Inauguration of fjrst mall in Colombia (Parque Arboleda in Pereira) 2011 First capital increase: US$168 mm 2012 Parque Arauco’s 30th anniversary, marked by further expansion in Chile, Perú & Colombia 2014 Capital increase for US$182 mm 2004 50 2005 54 2006 60 2007 82 2008 122 2009 121 2010 131 2011 154 2012 179 2013 192

3.9x

CAGR 16.1% 2004 2004 2004 130,785 32 14 2013 2013 2013 693,100 133 89

5.3x 4.2x 6.5x

Source: Parque Arauco SVS. Exchange Rate: US$ 1 = CLP 560. 2004-2008 in Chilean GAAP, 2009-2013 in IFRS. Marina Arauco not included.

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INTRODUCTION TO PARQUE ARAUCO

REVENUE TYPE AND CONTRACT DURATION

FIXED VS VARIABLE RENTAL REVENUES (OCT 13 - SEPT 14)

OUR RENTAL REVENUES ARE DERIVED PRIMARILY FROM FIXED CONTRACTS

CONTRACT LENGTH (BASED ON % OF GLA)1

AND 64% OF OUR CONTRACTS HAVE A DURATION OF MORE THAN 4 YEARS

16%

Variable Revenues

84%

Fixed Revenues

< 2 years 2-3 years 3 - 4 years > 4 years Total

21 9 6 64 100

OUR REVENUES ARE PROTECTED AGAINST INFLATION

1. As of June 2014.

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INTRODUCTION TO PARQUE ARAUCO

OPERATIONS SUMMARY

THE COMPANY HAS 718,000 M2 OF TOTAL GLA IN 12 REGIONAL SHOPPING CENTERS, 5 NEIGHBORHOOD SHOPPING CENTERS, 3 OUTLET MALLS AND 11 STRIPCENTER IN CHILE, PERÚ AND COLOMBIA

GLA (m2) 252,000 % Ownership 59.3% Owned GLA 149,495 Partners: Grupo Wiese in all Megaplaza formats (50%) Los Portales S.A. in all S.C.P. projects (49%) Inversiones Centenario, S.A.A. in Parque el Golf project (50%) PERÚ COLOMBIA GLA (m2) 71,500 % Ownership 43.6 % Owned GLA 31,460 Partners: Grupo Bancolombia in all projects (45%) Familia Merheg in Parque Arboleda (45%) GLA (m2) 394,500 % Ownership 91.3 % Owned GLA 359,985 Partners: Empresas de Ferrocarriles del Estado in Paseo Arauco Estación (17%) Aurus Renta Inmobiliaria Fondo de Inversión in all Arauco Express projects (49%) NYK, S.A. in Arauco San Antonio (20%) Inversiones Doña Olga S.A. in Arauco San Antonio (29%) Gestora de Patrimonios S.A. in Arauco Express Ciudad Empresarial (20%) CHILE

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INTRODUCTION TO PARQUE ARAUCO

LEADING POSITION IN THE ANDEAN REGION COMMERCIAL REAL ESTATE INDUSTRY

Shopping Centers / Country CHILE PERÚ COLOMBIA Total GLA GLA 394,500 m2

252,000 m2 73,500 m2 718,000 m2

Market Share 12 % 12 % 2 % 8 % Ranking #4 #3 (n.a.) (n.a.) PARQUE ARAUCO HAS A STRONG, LEADING POSITION IN EVERY COUNTRY IN WHICH IT IS PRESENT - IT IS THE 4TH LARGEST PLAYER IN CHILE, THE 3RD LARGEST PLAYER IN PERU AND ONE OF THE MAIN OPERATORS IN COLOMBIA IN TERMS OF GLA

Market Share Source: ISCS.as of November 2013; Revenue Source: 2013 Company Financial Statements

Parque Arauco

2%

11,687

PARQUE ARAUCO IS THE ONLY COMPANY IN THE ANDEAN REGION FOCUSED ON RETAIL REAL ESTATE Chilean Company 1 Chilean Company 2 Peruvian Company 1 Peruvian Company 2 85% 15% Revenues from Real Estate Revenues from Home Improvement Revenues from Department Stores Revenues from Supermarkets Revenues from Financial Operations Revenues from Other 4.9% 44% 30% 14% 7% 12% 9% 74% 4% 64% 34% 3% 66% 34%

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INTRODUCTION TO PARQUE ARAUCO OUR OPERATIONS FUTURE DEVELOPMENTS

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CHILE

PARQUE ARAUCO BUILT THE FIRST SHOPPING CENTER IN CHILE MORE THAN 30 YEARS AGO AND THE COMPANY CONTINUES TO BE AN INNOVATIVE LEADER IN THE MARKET

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CHILE » SHOPPING CENTERS

OUR OPERATIONS

PARQUE ARAUCO KENNEDY - SANTIAGO ARAUCO SAN ANTONIO - SAN ANTONIO ARAUCO QUILICURA - SANTIAGO ARAUCO CHILLÁN - CHILLÁN ARAUCO MAIPÚ - SANTIAGO BUENAVENTURA OUTLET MALL - SANTIAGO STRIPCENTERS CHILE PASEO ARAUCO ESTACIÓN - SANTIAGO MALL OUTLET CONCEPCIÓN - CONCEPCIÓN

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Parque Arauco Kennedy Arauco Maipú Paseo Arauco Estación Arauco Quilicura Buenaventura Outlet Mall Arauco Express (Stripcenters Chile) Arauco San Antonio Arauco Chillán Mall Outlet Concepción

SAN ANTONIO CHILLÁN Maipú Kennedy Buenaventura Outlet Estación Central Quilicura SANTIAGO

GLA (m2) %Ownership Owned GLA (m2) Occupancy SANTIAGO 97.7% 96.8% 97.8% 98.8% 92.4 % 83.9 % 93.2 % 93.4 % 75.3% 95.7% SAN ANTONIO CHILLÁN

OUR OPERATIONS

CHILE » SHOPPING CENTERS

CONCEPCIÓN

CONCEPCIÓN TOTAL CHILE 115,000 75,000 69,000 32,000 19,000 18,000 100% 100% 83% 100% 100% 51% 115,000 75,000 57,270 32,000 19,000 9,180 28,500 31,500 6,500 394,500 51% 100% 100% 91.3% 14,535 31,500 6,500 359,985

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PARQUE ARAUCO ENTERED PERÚ IN 2006 AND IS NOW ONE OF THE TOP SHOPPING CENTER OPERATORS IN THE COUNTRY WITH 252,000 M2 OF TOTAL GLA

PERÚ

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PERÚ » SHOPPING CENTERS

OUR OPERATIONS

MEGAPLAZA EXPRESS VILLA EL SALVADOR - LIMA MEGAPLAZA CHIMBOTE MEGAPLAZA EXPRESS VILLA - LIMA MEGAPLAZA CAÑETE LARCOMAR FASHION CENTER - LIMA MEGAPLAZA EXPRESS BARRANCA MEGAPLAZA NORTE - LIMA INOUTLET FAUCETT - LIMA MEGAPLAZA EXPRESS CHINCHA PARQUE LAMBRAMANI - AREQUIPA VIAMIX CHORRILLOS

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OUR OPERATIONS

CHIMBOTE BARRANCA CAÑETE CHINCHA AREQUIPA LIMA MegaPlaza Norte MegaPlaza Villa El Salvador MegaPlaza Express Villa Chorrillos and Viamix Chorrillos Larcomar InOutlet Faucett

GLA (m2) %Ownership Owned GLA (m2) Occupancy MegaPlaza Norte 107,500 50 % 53,750 MegaPlaza Express Villa 7,000 50 % 3,500 Larcomar Fashion Center 26,000 100 % 26,000 MegaPlaza Express Villa 9,000 50 % 4,500 El Salvador InOutlet Faucett 7,500 51 % 3,825 Viamix Chorrillos 4,000 51% 2,040 MegaPlaza Chimbote 28,000 33.5 % 9,380 MegaPlaza Express Chincha 7,000 50 % 3,500 Parque Lambramani 30,000 100 % 30,000 MegaPlaza Cañete 16,500 50 % 8,250 MegaPlaza Express Barranca 9,500 50 % 4,750 TOTAL PERÚ 252,000 59.3% 149,495 94.7% 99.3% 95.3% 99.4 % 82.9 % N/A 99.9 % 100.0 % 94.7 % 99.9% 100.0% 95.8% LIMA CHIMBOTE CHINCHA AREQUIPA CAÑETE BARRANCA

PERÚ » SHOPPING CENTERS

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COLOMBIA

PARQUE ARAUCO ENTERED THE COLOMBIAN MARKET IN 2008 AND SINCE THEN HAS BEEN LEADING THE CHANGE IN THE SHOPPING CENTER BUSINESS MODEL IN THE COUNTRY

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OUR OPERATIONS

COLOMBIA » SHOPPING CENTERS

PARQUE CARACOLÍ PARQUE ARBOLEDA

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COLOMBIA » SHOPPING CENTERS

OUR OPERATIONS

PEREIRA GLA (m2) %Ownership Owned GLA (m2) Occupancy Parque Arboleda 33,000 30.3 % 10,285 Parque Caracolí 38,500 55 % 21,175 TOTAL COLOMBIA 71,500 43.6% 31,460 92.9 % 86.8 % 89.6% BUCARAMANGA

PEREIRA BUCARAMANGA

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INTRODUCTION TO PARQUE ARAUCO OUR OPERATIONS FUTURE DEVELOPMENTS

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To date, Parque Arauco has announced projects that will add 132,300 m2 of GLA over the next few years. Developments have been announced in Chile, Perú and Colombia and the total investment is estimated at US$ 579 million. Parque Arauco has a land bank valued at US$ 226.5 million (at acquisition cost), which will be used to support future growth and to develop shopping centers, outlet malls and strip centers in Chile, Peru and Colombia.

FUTURE DEVELOPMENTS

NAME OF THE PROJECT Location

Chile Chile Perú Perú Perú Colombia

Total GLA (m2) Owned GLA (m2) Format

Outlet Mall Strip Center Strip Center Neighborhood Various Regional

Estimated Opening Date

4Q 2014 Under development Under development 4Q 2014 Under development 1H 2017

Total Investment

(MMUS$)

% Ownership

100.0% 51.0% 51.0% 50.0% 50.0% 55.0%

GREENFIELD PROJECTS NAME OF THE PROJECT

Boulevard V Kennedy Expansion Buenaventura Expansion Total

Location

Chile Chile

Total GLA (m2)

1,000 6,900 7,900

Owned GLA (m2)

1,000 6,900 7,900

Format

Regional Outlet Mall

Estimated Opening Date

1Q 2015 4Q 2014

Total Investment

(MMUS$)

9 24 33

% Ownership

100.0% 100.0%

EXPANSION PROJECTS

7,200 14,700 25,100 14,000 TBD 63,400 124,400 12 35 72 14 124 289 546 7,200 7,497 12,801 7,000 TBD 34,870 69,368 Mall Outlet Curauma Stripcenters Chile (Arauco Express) Stripcenters Perú MegaPlaza Pisco Others MegaPlaza La Colina Total Total 132,300 77,268 579

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FUTURE DEVELOPMENTS

LANDBANK

Barranquilla Neiva Valledupar TOTAL COLOMBIA 54 11 21 86 56,000 47,000 54,000 157,000 100% 100% 55% 85% TOTAL 695,187 83% 226.5 Parque El Golf Lurin La Molina Colonial Landbank IPSA TOTAL PERÚ 15,000 67,000 10,085 2,960 169,745 264,790 70% 100% 51% 51% 50% 64% 28.5 14 16 2 19 79.5

Total Cost

(MMUS$)

M2 % Ownership Name

Quilicura 2 Buenaventura Coquimbo Chicureo Los Andes Others in Chile TOTAL CHILE 3 16 4 10 5 23 61 25,486 70,297 40,000 47,614 40,000 50,000 273,397 100% 100% 100% 100% 100% 100% 100%

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AGENDA WELCOME ADDRESS THIRD QUAR ARTE TER R RESUL SULTS TS PARQUE ARAUCO PERÚ OVERVIEW AND STRATEGY PARQUE ARAUCO PERÚ CASE STUDIES

LAMBRAMANI
LARCOMAR
INOUTLET FAUCETT

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THIRD Q RD QUARTER R R RESULTS

EDUARDO PÉREZ MARCHANT GERENTE DE FINANZAS HOLDING PARQUE ARAUCO

INVE VEST STOR D DAY LIMA

MA 2 2014

14

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INCOME STATEMENT - CONSOLIDATED 3Q13

Chg. %

2014 2013

Chg. %

3Q14 CH$ THOUSANDS

Revenues Cost of Sales Gross Profjt Administration Expenses OPERATING INCOME Depreciation & Amortization EBITDA Other Income / Expenses Financial Income Financial Expenses Share of Profjt (Loss) of Associates Accounted Foreign Exchange Differences Income (Loss) for indexed assets and liabilities NON-OPERATING INCOME (EXPENSES) Profjt before Income Tax Income Tax NET PROFIT (LOSS) Attributable to: Equity holders of the company Minority interests NET PROFIT (LOSS) 30,784,238 (7,304,268) 23,479,970 (3,353,095) 20,126,875 (1,069,819) 21,196,694 (288,046) 1,549,326 (6,804,619) 1,275,828 1,830,529 (1,687,822) (4,124,804) 16,002,071 (1,901,116) 14,100,955 12,428,020 1,672,935 14,100,955 88,685,580 (20,667,518) 68,018,062 (10,411,194) 57,606,868 (2,587,508) 60,194,376 (1,285,183) 3,682,371 (18,626,733) 3,732,461 2,394,387 (9,153,414) (19,256,111) 38,350,757 (6,593,456) 31,757,301 27,046,397 4,710,904 31,757,301 26,136,196 (5,427,593) 20,708,603 (2,972,418) 17,736,185 (685,865) 18,422,050 (1,828,635) 695,857 (5,414,886) 1,169,250 (640,369) (2,684,077) (8,702,860) 9,033,325 (910,171) 8,123,154 7,034,562 1,088,592 8,123,154 75,295,864 (15,844,459) 59,451,405 (9,077,709) 50,373,696 (2,062,384) 52,436,080 (4,769,623) 2,748,521 (13,793,406) 3,829,881 404,917 (2,816,785) (14,396,495) 35,977,201 (6,227,890) 29,749,311 26,872,050 2,877,261 29,749,311 17.8% 34.6% 13.4% 12.8% 13.5% 56.0% 15.1%

84.2%

122.7% 25.7% 9.1%

385.9%
37.1%
52.6%

77.1% 108.9% 73.6% 76.7% 53.7% 73.6% 17.8% 30.4% 14.4% 14.7% 14.4% 25.5% 14.8%

73.1%

34.0% 35.0%

2.5%

491.3% 225.0% 33.8% 6.6% 5.9% 6.7% 0.6% 63.7% 6.7%

FINANCIAL AND OPERATING RESULTS

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1. FFO = EBITDA + FINANCIAL INCOME + FINANCIAL EXPENSES 2. TOTAL TENANT SALES = SALES OF CONSOLIDATED ASSETS 3. GLA OF MARINA ARAUCO NOT CONSIDERED 4. EXCLUDES 3,250,000 TREASURY

SHARES 5.EPS = NET INCOME ATTRIBUTABLE TO THE EQUITY HOLDERS OF THE COMPANY/WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING.

3Q13

Chg. %

2014 2013

Chg. %

3Q14

EBITDA Margin % Net Income Margin % FFO (Ch$ Millions)1 FFO Margin % Total Tenant Sales (Ch$ Millions)2 Total GLA (m2)3 Owned GLA(m2)3 Weighted Avg. Shares (Millions)4 EPS (Ch$ Thousands)5 Stock Price (Ch$) Daily Traded Volume (Ch$ Millions) 68.9% 40.4% 15,941 51.8% 320,611 718,000 540,940 814.50 15.26 1,142.60 415.39 67.9% 30.5% 45,250 51.0% 936,239 718,000 540,940 789.22 34.27 1,142.60 999.30 70.5% 26.9% 13,703 52.4% 279,129 642,100 483,431 699.50 10.06 970.00 1,085.00 69.6% 35.7% 41,391 55.0% 794,850 642,100 483,431 699.50 38.42 970.00 1,331.00

163

1346 16.3%

64

14.9% 11.8% 11.9% 16.4% 51.7% 17.8%

61.7%
177
519

9.3%

395

17.8% 11.8% 11.9% 12.8%

10.8%

17.8%

24.9%

KEY PERFORMANCE INDICATORS

“During the third quarter, sales in Parque Arauco´s shopping centers in Peru and Colombia continued consolidating and showed healthy levels

f growth, while sales in our shopping centers in Chile remained relatively stable in spite of the overall deceleration of retail sales in the country.

Also during the quarter we incorporated the fjrst strip center to our portfolio in Peru. This marks the fjrst time we have participated in this format outside of Chile. Strip Center Viamix Chorrillos adds 4,000 m2 of GLA and adds to Parque Arauco´s diverse commercial offering in Peru which includes regional shopping centers, neighborhood shopping centers, outlet malls and strip centers. Finally, during the third quarter the President of Parque Arauco S.A.´s Board of Directors, Mr. José Said Saffje was recognized as one of the top three Directors of Leading Companies in Sustainability by Agenda de Líderes Sustentables 2020, ALAS20, organized by the think tank

GovernArt. The same organization recognized Parque Arauco as one of the top fjve companies in Chile in terms of quality of its investor

relations team. This recognition joins that given by Revista Capital during the second quarter, which distinguished Parque Arauco as one

f the top three medium sized companies in Chile in terms of its investor relations team” said Chief Executive Offjce Juan Antonio Álvarez.

FINANCIAL AND OPERATING RESULTS

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OPERATING INCOME

REVENUES (Ch$ Millions)

3Q13 26,136 3Q14 30,784 2013 75,296 2014 88,686 17.8% 17.8%

Consolidated occupancy remained stable at 95.1% in 3Q14. Total tenant sales for the quarter increased by 14.9% to Ch$ 320,611 million. Parque Arauco is committed to diversifying its asset base in terms of formats. During the last twelve months, Parque Arauco increased its GLA of outlet malls and strip centers by 42.5%. During the third quarter Parque Arauco inaugurated its tenth strip center in Chile, Strip Center Las Brujas in La Reina, Santiago and construction continued on Strip Center El Carmen de Huechuraba and Mall Outlet Curauma. Additionally, Buenaventura Premium Outlet is being expanded by 6,900 m2. In Peru, Strip Center Viamix Chorrillos was added to the portfolio and construction on a new neighborhood shopping center, MegaPlaza Pisco, continued. Revenues for the third quarter of 2014 increased 17.8% year-

ver-year to Ch$ 30,784 million. The growth was primarily the

result of additional GLA and improved rental revenues and tenant sales across nearly all of the Company´s existing properties. Total GLA for the Company at the end of the third quarter was 718,000 m², up 11.8% compared to the same period in 2013. The increase refmects the addition of Mall Outlet Concepcion, Strip Center Manuel Montt and Strip Center Las Brujas in Chile, and Strip Center Viamix Chorrillos, MegaPlaza Cañete, and MegaPlaza Barranca in

Peru. Additionally, the expansion of Arauco Chillan in Chile, and the

expansions of MegaPlaza Norte, Parque Lambramani and InOutlet Faucett (Lima Outlet Center) in Peru contributed to the growth of the Company´s GLA.

14.9% 17.8%

TENANT SALES (Ch$ Millions)

3Q13 279,129 3Q14 320,611 2013 794,850 936,239 2014

FINANCIAL AND OPERATING RESULTS

SLIDE 31

3Q14 REVENUES BY COUNTRY

8.4%

Colombia

27.6%

Perú

64.0%

Chile

3Q13 REVENUES BY COUNTRY

8.2%

Colombia

22.3%

Perú

69.5%

Chile

In keeping with the Company’s regional expansion strategy, revenue participation of assets outside of Chile continued to increase in the third quarter. Revenues from Colombia and Peru represented 36% of total revenues, up from 30.5% during the same period in 2013. During the third quarter of 2014, revenues from Chile totaled Ch$ 19,701 million, revenues from Peru were Ch$ 8,504 million, and revenues from Colombia reached Ch$ 2,579 million. Operating income during the third quarter of 2014 increased 13.5% to Ch$ 20,127 million. Cost of sales and administration expenses increased 26.9% during the period, reaching Ch$ 10,657 million. This increase is explained by additional expenses in territorial taxes, electricity and salaries.

FINANCIAL AND OPERATING RESULTS

1H14 REVENUES BY COUNTRY

8.2%

Colombia

26.7%

Perú

65.1%

Chile

1H13 REVENUES BY COUNTRY

6.6%

Colombia

22.6%

Perú

70.7%

Chile

SLIDE 32

The Company reported EBITDA of Ch$ 21,197 million during the third quarter of 2014, a 15.1% increase over 2013. The consolidated EBITDA margin was 68.9%, compared with the previous year’s margin of 70.48%. The decrease refmects the increased number

f new shopping centers in the Company´s portfolio that are still

in the process of maturation, as well as additional costs incurred during a period of intense growth. Colombia and Peru´s contribution to the company´s EBITDA during the third quarter increased importantly to 32.7%, up from 25% during the same period in 2013. During the quarter, EBITDA from operations in Chile totaled Ch$ 14,269 million, Ch$ 5,734 million in Peru and Ch$ 1,193 million in Colombia.

EBITDA BY COUNTRY 3Q14 EBITDA BY COUNTRY 3Q13

EBITDA

EBITDA (Ch$ Millions)

5.6%

Colombia

27.1%

Perú

67.3%

Chile

6.0%

Colombia

19.0%

Perú

75.0%

Chile

FINANCIAL AND OPERATING RESULTS

3Q13 18,422 3Q14 21,197 2013 52,436 60,194 2014 15.1% 14.8%

SLIDE 33

Net non-operating expenses during the third quarter of 2014 totaled Ch$ 4,125 million, compared to net non-operating expenses of Ch$ 8,703 million in 2013. The reduction was due primarily to a better result in foreign exchange differences due to the depreciation

f the local currencies against the dollar; lower expenses in the other income and other expenses account due to events that occurred

in 2013 and did not occur in 2014, higher expenses in the fjnancial expenses account due to the company holding more debt overall including a higher proportion of nominal debt; and a lower cost for losses on indexed assets and liabilities, due to a lower level of infmation in 2014 than in 2013. Income taxes for the quarter increased to Ch$ 1.901 million as compared to the 2013 fjgure of Ch$ 910 million. Excluding the non- cash deferred tax expense, third quarter 2014 real income tax totaled Ch$ 2,730 million compared to Ch$ 1,213 million in 2013.

FINANCIAL AND OPERATING RESULTS

Net profjt was up 73.6% in the third quarter due to the Company´s higher EBITDA and lower non-operating expenses. Net profjt attributable to equity holders of the company was up 76.7% and earnings per share increased from Ch$ 10.06 to Ch$ 15.26. The average number of shares outstanding for the quarter and the total number of shares outstanding increased to 817,747, 054 after the capital increase that was executed during the fjrst quarter 2014. This fjgure includes 3,250,000 treasury shares. FFO (“Funds from Operations”) for the quarter were Ch$ 15,941 million, as compared to Ch$ 13,703 million in 2013, representing a 16.3% increase.

3Q13

Chg. %

2014 2013

Chg. %

3Q14 CH$ THOUSANDS

Real Income Tax Deferred Tax Total Tax (2,729,878) 828,762 (1,901,116) (7,289,635) 696,179 (6,593,456) (1,212,648) 302,477 (910,171) (5,427,051) (800,839) (6,227,890) 125.1% 174.0% 108.9% 34.3%

186.9%

5.9%

SLIDE 34

Current assets increased to Ch$ 158,556 million from Ch$ 117,108 million at the end of 2013 due primarily to an increase in cash and cash equivalents. Cash and cash equivalents increased to Ch$ 108,255 million from Ch$ 68,946 million as of December 31,

2013. The additional cash refmects the Ch$ 103,894 million capital increase completed during the fjrst quarter.

Non-current assets increased to Ch$ 1,219,890 million from Ch$ 1,084,848 million as of December 31, 2013. The increase was due primarily to Ch$ 120,537 million of additional investment properties corresponding to the ongoing development of projects which include growth in Chile of Ch$ 42,669 million, growth in Peru of Ch$ 24,578 million and growth in Colombia of Ch$ 21,771 million.

BALANCE SHEET REVIEW

ASSETS 31.12.2013 Dif.

Current Assets Non Current Assets Total Assets 158,556 1,219,890 1,378,445 117,108 1,084,848 1,201,956 35.4% 12.4% 14.7%

30.09.2014

Var. (%)

Ch$ millions

41,448 135,042 176,489

SLIDE 35

BALANCE SHEET REVIEW

LIABILITIES AND EQUITY 31.12.2013 Dif.

Current Liabilities Non Current Liabilities Total Liabilities Equity Total Liabilities and Equity 78,383 523,689 602,072 776,374 1,378,445 2,319 33,104 35,423 141,067 176,489 76,064 490,585 566,649 635,307 1,201,956 3.0% 6.7% 6.3% 22.2% 14.7%

30.09.2014

Var. (%)

Ch$ millions

Current liabilities increased by Ch$ 2,319 million while non-current liabilities increased by Ch$ 33,104 million, mainly due to higher deferred tax liabilities. Total equity increased by Ch$ 141,067 million due mainly to the capital increase executed during the fjrst quarter of 2014.

SLIDE 36

BALANCE SHEET REVIEW

FINANCIAL INDICATORS 30.09.2014 Covenant Limit

Gross Financial Debt Net Financial Debt Net Financial Debt / EBITDA (12 months) EBITDA / Financial Expenses (12 months) Liabilities / Equity Current Liabilities Non-Current Liabilities Ch$ million Ch$ million times times times % % > 2.5 < 1.4 458,464 350,209 4.3 3.4 0.8 13 87 441,378 372,432 5.0 3.9 0.9 13 87

Units 31.12.2013

Net fjnancial debt at the end the third quarter of 2014 was $350,209 million. The Company remains comfortably within its fjnancial covenants, with Liabilities/Equity of 0.8 times as compared to a limit of 1.4 times and EBITDA/Financial Expenses of 3.4 times, above the limit of 2.5 times.

CONCEPT 30.09.2014 31.12.2013

Financial Leasing Bank Loans Bonds Hedge Liabilities TOTAL 1,329 46,011 5,364

52,704

10,585 270,492 116,163 8,412 405,652 9,017 264,401 118,446 13,895 405,760 1,275 29,373 5,078

35,726

30.09.2014 31.12.2013 Current MM$ Non Current MM$ Current MM$ Non Current MM$

SLIDE 37

CASH FLOW REVIEW

Cash fmow from operating activities decreased by 6% to Ch$ 36,979 million. Investment activities during the semester generated a negative cash fmow of Ch$ 80,424 million which is explained by the use of cash for the development of new projects and the expansion of existing

properties. Financing activities generated a positive cash fmow of Ch$ 79,585 million which is mainly explained by the Ch$ 103,894 million

capital increase that was executed during the quarter.

CASH FLOW (CH$ MILLIONS) 30.09.2013 Dif.

From Operating Activities From Investment Activities From Financing Activities

Eff. of var. exchange rate on cash and cash equi.

Net cash fmow during the period Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 36,979 (80,424) 79,585 3,169 39,309 68,946 108,255 (2,244) 31,473 35,937 5,392 70,558 (34,836) 35,722 39,223 (111,897) 43,648 (2,223) (31,249) 103,782 72,533

6%
28%

82%

243%
226%
34%

49%

30.09.2014

Var. %

BALANCE SHEET REVIEW

SLIDE 38

MAIN FINANCIAL INDICATORS

MAIN FINANCIAL INDICATORS1

30.09.2014 FINANCIAL RATIOS INDICATOR

Liquidity Level Leverage Ratio Short Term Debt Long Term Debt Interest Coverage Ratio Net Profjt Basic EPS Return on Equity Return on Assets Return on Operating Assets Dividend Yield Gross Profjt Margin Current Assets / Current Liabilities Total Liabilities / Equity Current Liabilities / Total Liabilities Non Current Liabilities / Total Liabilities EBITDA / Financial Costs* Net Profjt Net Profjt att. Equity Holders / N° shares - trea. shares Net profjt att. Equity Holders / Av. Shareholders Equity* Net profjt att. Equity Holders / Average Total Assets* Net Profjt /Average Operating Assets* Dividends Paid Last 12 m. / Last Share Price Operating profjt / Revenues times times % % times Ch$ mill. Ch$ % % % % % 2.02 0.78 13.02 86.98 3.43 57,607 34.27 9.24 4.01 5.23 2.36 64.96

Unit 30.09.2013

1.99 0.84 11.93 88.07 3.94 50,374 38.42 8.00 4.37 5.46 2.80 66.90

1. THE OPERATIONAL AND FINANCIAL INDICATORS PRESENTED ARE CALCULATED BASED ON STANDARDS SET OUT BY THE SUPERINTENDENCIA DE VALORES Y SEGUROS, AND THEY DON´T NECESARRILY

COINCIDE WITH THE CALCULATIONS USED TO CALCULATE THE COMPANY´S DEBT COVENANTS. * CALCULATED USING RESULTS FROM THE LAST TWELVE MONTHS.

SLIDE 39

*PARQUE ARBOLEDA DOES NOT INCLUDE OFFICE TOWERS **GLA OF MARINA ARAUCO NOT INCLUDED

PORTFOLIO 2014

TOTAL ** 718,000 75% 540,940 12% 107,500 7,000 26,000 30,000 28,000 9,000 7,000 16,500 9,500 7,500 4,000 252,000 53,700 3,500 26,000 30,000 9,380 4,500 3,612 8,199 4,754 3,825 2,040 149,495 29% 0% 0% 7% 0% 0%

1%

Nuevo Nuevo 50% Nuevo 30%

Total GLA (m2) % Ownership Owned GLA (m2) Var.% Total GLA vs 2013

Parque Arboleda* Parque Caracolí TOTAL COLOMBIA 33,000 38,500 71,500 30% 55% 44% 10,285 21,175 31,460

3%

1%

1%

Parque Arauco Kennedy Arauco Maipu Arauco Chillán (Plaza El Roble) Paseo Arauco Estación Arauco San Antonio Arauco Quilicura Arauco Express (Strip Centers) Buenaventura Premium Outlet Outlet Mall Concepción TOTAL CHILE 115,000 75,000 31,500 69,000 28,500 32,000 18,000 19,000 6,500 394,500 100% 100% 100% 83% 51% 100% 51% 100% 100% 91% 115,000 75,000 31,500 57,270 14,535 32,000 9,180 19,000 6,500 359,985 0% 1% 26% 1%

2%

0% 32%

5%

Nuevo 5%

Name

Megaplaza Norte Mega Express Villa Chorrillos Larcomar Parque Lambramani Megaplaza Chimbote Mega Express Villa El Salvador Mega Express Chincha Mega Express Cañete Mega Express Barranca InOutlet Faucett (Lima Outlet Center) Viamíx Chorrillos TOTAL PERU 50% 50% 100% 100% 34% 50% 50% 50% 50% 51% 51% 59%

SLIDE 40

GLA Revenue Chile in MMCLP/ Perú in MPEN Colombia in MMCOP

Parque Arauco Kennedy Arauco Maipú Arauco Chillán (Plaza El Roble) Paseo Arauco Estación Arauco San Antonio Arauco Quilicura Arauco Express (Stripcenters Chile) Buenaventura Premium Outlet Mall Outlet Concepción TOTAL CHILE Megaplaza Norte Mega Express Villa Chorrillos Larcomar Parque Lambramani Mega Plaza Chimbote Mega Express Villa El Salvador Mega Express Chincha Mega Plaza Cañete Mega Plaza Barranca InOutlet Faucett (Lima Outlet Center) Víamix Chorrillos TOTAL PERÚ Parque Arboleda Parque Caracolí TOTAL COLOMBIA 115,000 75,000 31,500 69,000 28,500 32,000 18,000 19,000 6,500 394,500 107,500 7,000 26,000 30,000 28,000 9,000 7,000 16,500 9,500 7,500 4,000 252,000 33,000 38,500 71,500 73,500 115,200 74,000 25,000 68,000 29,000 32,000 13,600 20,000

376,800

83,000 7,000 26,000 28,000 28,000 9,000 7,300

5,000
193,300

34,000 38,000 72,000 0% 1% 26% 1%

2%

0% 32%

5%
5%

30% 0% 0% 7% 0% 0%

4%
50%
30%
3%

1%

1%

0% 27,099 8,346 3,190 10,017 2,611 2,323 1,712 2,324 227 57,848 56,394 3,184 24,405 8,284 7,650 3,844 3,144 4,046 3,082 2,865

116,898

13,279 11,924 25,203 25,331 7,733 3,095 9,758 2,556 1,252 1,640 1,906

53,271

45,612 2,950 19,654 7,543 7,183 3,192 1,815

1,910
89,859

12,709 6,253 18,963 7% 8% 3% 3% 2% 86% 4% 22%

9%

24% 8% 24% 10% 6% 20% 73%

50%
30%

4% 91% 33%

Sales

258,094 113,671 45,786 75,210 23,840 31,160 9,951 22,930 1,925 582,569 799,892 47,541 170,576 106,868 154,773 45,479 21,769 79,517 25,969 32,427 1,406 1,486,216 954,695 109,779 87,257 197,036 242,276 103,156 45,040 69,863 22,869 19,578 9,683 20,053

532,518

731,182 41,607 133,640 94,057 146,058 36,505 12,935

25,047
1,221,032

99,986 42,225 142,211 7% 10% 2% 8% 4% 59% 3% 14%

9%

9% 14% 28% 14% 6% 25% 68%

29%
22%

10% 107% 39%

EBITDA

24,941 7,970 2,431 8,741 1,728 1,865 1,015 1,794 52 50,537 44,767 2,380 16,572 3,386 5,123 2,879 2,251 2,733 2,046 2,464

84,601

10,279 8,286 18,564 23,393 7,215 2,407 8,455 1,758 871 1,082 1,401 46,582 35,603 2,070 12,223 2,322 4,454 2,251 998

1,520
61,440

10,633 3,694 14,327 7% 10% 1% 3%

2%

114%

6%

28%

8%

26% 15% 36% 46% 15% 28% 126%

62%
38%
3%

124% 30%

9M13 9M14 9M13 9M14

Var. %
Var. %
Var. %

9M13 9M14

Var. %

9M13 9M14

PROPERTY LEVEL RESULTS NINE MONTHS 2014

SLIDE 41

Chile in MMCLP/ Perú in MPEN Colombia in MMCOP

Parque Arauco Kennedy Arauco Maipú Arauco Chillán (Plaza El Roble) Paseo Arauco Estación Arauco San Antonio Arauco Quilicura Arauco Express (Stripcenters Chile) Buenaventura Premium Outlet Mall Outlet Concepción TOTAL CHILE Megaplaza Norte Mega Express Villa Chorrillos Larcomar Parque Lambramani Mega Plaza Chimbote Mega Express Villa El Salvador Mega Express Chincha Mega Plaza Cañete Mega Plaza Barranca InOutlet Faucett (Lima Outlet Center) Víamix Chorrillos TOTAL PERÚ Parque Arboleda Parque Caracolí TOTAL COLOMBIA 97.7% 96.8% 93.4% 97.8% 93.2% 98.8% 83.9% 92.4% 75.3% 95.7% 94.7% 99.3% 93.5% 94.7% 99.9% 99.4% 100.0% 99.9% 100.0% 81.0%

95.8%

92.9% 86.8% 89.6% 98.4% 97.2% 91.3% 98.7% 94.7% 97.7% 100.0% 90.8%

97.1%

92.0% 99.9% 89.8% 77.6% 100.0% 96.0% 95.0%

88.0%
91.3%

97.1% 77.0% 86.5%

75
40

214

90
152

112

1610

164

135

272

64

372 1710

8

337 500

698
450
425

976 308 256,029 175,156 171,683 124,257 98,031 111,967 84,184 137,311 38,508 172,919 870 759 768 428 615 573 338 542 317 655

695

387,879 281,142 332,052 248,856 158,856 207,803 115,612 91,509 99,159 88,760 122,021

168,266

1,037 674 626 434 621 490 257

913
771

343,950 226,852 298,240 3% 10%

17%

7% 7% 13%

5%

13%

3%
16%

13% 23%

1%
1%

17% 32%

28%
10%

13% 24% 11%

EBITDA Margin

92.0% 95.5% 76.2% 87.3% 66.2% 80.3% 59.3% 77.2% 22.8% 84.4% 79.4% 74.8% 67.9% 40.9% 67.0% 74.9% 71.6% 67.5% 66.4% 86.0%

70.5%

77.4% 69.5% 73.1% 92.4% 93.3% 77.8% 86.7% 68.8% 69.6% 66.0% 73.5%

84.9%

78.1% 70.2% 62.2% 30.8% 62.0% 70.5% 55.0%

79.6%
65.3%

83.7% 59.1% 70.7%

36

219

156

56

260

1075

670

370

44

133 459 571 1009 497 437 1663

646
524
626

1042 246 26,882 12,861 11,961 16,549 10,739 8,345 14,480 13,914 4,537 17,171 61 51 110 33 30 48 49 28 38 58

55

46,919 38,418 42,473 26,019 11,908 14,280 16,148 10,228 6,341 15,033 11,598

16,833

65 48 92 35 31 43 36

70
57

43,719 33,597 39,767 3% 8%

16%

2% 5% 32%

4%

20%

2%
5%

6% 19%

5%

0% 13% 35%

17%
4%

7% 14% 7%

9M13 9M14 9M13 9M14

Var. b.p.
Var. %
Var. b.p.

9M13 9M14

Var. %

9M13 9M14

PROPERTY LEVEL RESULTS NINE MONTHS 2014

Monthly sales per m2 * Monthly revenue per m2* Occupancy

*MONTHLY SALES/REVENUE PER M2 FIGURES ARE CALCULATED USING THE SALES/REVENUE OF THE PERIOD DIVIDED BY THE AVERAGE OCCUPIED GLA OF THE PERIOD.

SLIDE 42

GLA Revenue Chile in MMCLP/ Perú in MPEN Colombia in MMCOP

Parque Arauco Kennedy Arauco Maipú Arauco Chillán (Plaza El Roble) Paseo Arauco Estación Arauco San Antonio Arauco Quilicura Arauco Express (Stripcenters Chile) Buenaventura Premium Outlet Mall Outlet Concepción TOTAL CHILE Megaplaza Norte Mega Express Villa Chorrillos Larcomar Parque Lambramani Mega Plaza Chimbote Mega Express Villa El Salvador Mega Express Chincha Mega Plaza Cañete Mega Plaza Barranca InOutlet Faucett (Lima Outlet Center) Víamix Chorrillos TOTAL PERÚ Parque Arboleda Parque Caracolí TOTAL COLOMBIA 115,000 75,000 31,500 69,000 28,500 32,000 18,000 19,000 6,500 394,500 107,500 7,000 26,000 30,000 28,000 9,000 7,000 16,500 9,500 7,500 4,000 252,000 33,000 38,500 71,500 73,500 115,200 74,000 25,000 68,000 29,000 32,000 13,600 20,000

376,800

83,000 7,000 26,000 28,000 28,000 9,000 7,300

5,000
193,300

34,000 38,000 72,000 0% 1% 26% 1%

2%

0% 32%

5%
5%

30% 0% 0% 7% 0% 0%

4%
50%
30%
3%

1%

1%

0% 9,201 2,810 1,076 3,427 840 806 612 770 227 19,769 19,477 1,063 8,624 2,872 2,647 1,330 1,056 1,612 1,158 1,145

40,982

4,490 4,067 8,558 8,605 2,624 1,009 3,285 816 628 560 624

18,151

15,584 1,038 6,676 2,584 2,535 1,107 879

974
31,377

4,308 3,713 8,022 7% 7% 7% 4% 3% 28% 9% 23%

9%

25% 2% 29% 11% 4% 20% 20%

18%
31%

4% 10% 7%

Sales

83,443 37,220 14,931 25,410 7,296 10,621 3,877 7,648 1,438 191,884 285,912 16,782 59,528 37,775 54,840 16,355 7,905 27,568 9,622 13,830 1,406 531,522 37,327 30,955 68,282 82,360 36,680 15,007 23,986 7,211 9,194 3,511 6,947

184,896

245,438 14,430 47,155 31,484 52,556 12,975 7,624

11,829
423,493

34,416 23,971 58,387 1% 1%

1%

6% 1% 16% 10% 10%

4%

16% 16% 26% 20% 4% 26% 4%

17%
26%

8% 29% 17%

EBITDA

8,484 2,736 772 3,114 587 654 357 616 52 17,373 16,217 838 6,160 1,122 1,827 983 775 1,214 800 1,013

30,949

3,213 2,643 5,856 7,979 2,432 701 2,936 561 444 374 438

15,865

10,996 708 4,128 881 1,652 770 555

767
20,456

3,627 2,656 6,283 6% 13% 10% 6% 5% 47%

5%

41%

10%

47% 18% 49% 27% 11% 28% 40%

32%
51%
11%

0%

7%

3Q13 3Q14 3Q13 3Q14

Var. %
Var. %
Var. %

3Q13 3Q14

Var. %

3Q13 3Q14

PROPERTY LEVEL RESULTS THIRD QUARTER 2014

SLIDE 43

Chile in MMCLP/ Perú in MPEN Colombia in MMCOP

Parque Arauco Kennedy Arauco Maipú Arauco Chillán (Plaza El Roble) Paseo Arauco Estación Arauco San Antonio Arauco Quilicura Arauco Express (Stripcenters Chile) Buenaventura Premium Outlet Mall Outlet Concepción TOTAL CHILE Megaplaza Norte Mega Express Villa Chorrillos Larcomar Parque Lambramani Mega Plaza Chimbote Mega Express Villa El Salvador Mega Express Chincha Mega Plaza Cañete Mega Plaza Barranca InOutlet Faucett (Lima Outlet Center) Víamix Chorrillos TOTAL PERÚ Parque Arboleda Parque Caracolí TOTAL COLOMBIA 97.7% 96.8% 93.4% 97.8% 93.2% 98.8% 83.9% 92.4% 75.3% 95.7% 94.7% 99.3% 93.5% 94.7% 99.9% 99.4% 100.0% 99.9% 100.0% 81.0%

95.8%

92.9% 86.8% 89.6% 98.4% 97.2% 91.3% 98.7% 94.7% 97.7% 100.0% 90.8%

97.1%

92.0% 99.9% 89.8% 77.6% 100.0% 96.0% 95.0%

88.0%
91.3%

97.1% 77.0% 86.5%

75
40

214

90
152

112

1610

164

135

272

64

372 1710

8

337 500

698
450
425

976 308 248,035 171,930 148,737 125,942 90,546 113,615 95,095 139,293 168,107 936 805 808 448 653 610 370 559 338 765

740

398,265 299,891 346,706 252,983 169,549 209,522 119,248 85,758 105,580 90,646 128,720 171,433 1,069 698 654 453 659 517 370

863
797

354,424 257,566 307,023

2%

1%

29%

6% 6% 8% 5% 8%

2%
12%

15% 24%

1%
1%

18% 0%

11%
7%

12% 16% 13%

EBITDA Margin

92.2% 97.4% 71.8% 90.9% 69.9% 81.1% 58.3% 80.0% 22.8% 85.5% 83.3% 78.8% 71.4% 39.1% 69.0% 73.9% 73.4% 75.3% 69.1% 88.5%

73.4%

71.6% 65.0% 68.0% 92.7% 92.7% 69.5% 89.4% 68.9% 70.6% 66.8% 70.2%

84.7%

74.9% 71.5% 61.8% 34.1% 66.2% 71.1% 65.9%

78.7%
65.4%

84.2% 71.5% 77.5%

51

469 228 151 102 1054

848

977

81

836 729 961 495 283 280 749

980
798
1264
654
949

27,349 12,982 10,724 16,984 10,428 8,624 15,004 14,022 17,319 64 51 117 34 32 50 49 33 41 63

57

47,909 39,403 43,451 26,432 12,129 14,087 16,332 9,704 7,212 14,458 11,562 16,829 68 50 93 37 32 44 43

71
59

44,365 39,901 42,180 3% 7%

24%

4% 7% 20% 4% 21% 3%

6%

2% 26%

8%
1%

12% 16%

11%
3%

8%

1%

3%

3Q13 3Q14 3Q13 3Q14

Var. b.p.
Var. %
Var. b.p.

3Q13 3Q14

Var. %

3Q13 3Q14

PROPERTY LEVEL RESULTS THIRD QUARTER 2014

Monthly sales per m2 * Monthly revenues per m2* Occupancy

*MONTHLY SALES/REVENUE PER M2 FIGURES ARE CALCULATED USING THE SALES/REVENUE OF THE PERIOD DIVIDED BY THE AVERAGE OCCUPIED GLA OF THE PERIOD.

SLIDE 44

HIGHLIGHTS BY COUNTRY

PEREIRA BUCARAMANGA CHIMBOTE CHINCHA CAÑETE BARRANCA AREQUIPA SANTIAGO SAN ANTONIO CHILLÁN LIMA CONCEPCIÓN

SLIDE 45

HIGHLIGHTS BY COUNTRY

CHILE

ARAUCO SAN ANTONIO, CHILE

During the third quarter of 2014, Parque Arauco opened its tenth strip center in Chile, Strip Center Las Brujas, in La Reina, Santiago. This property adds 3,600m2 to Parque Arauco´s portfolio as the company continues to build its GLA of strip centers through its subsidiary, Arauco Express. Construction continues on El Carmen de Huechuraba which will open during the fourth quarter of this year and become the company´s 11th strip center. This quarter tenant sales of Arauco Express increased by 10%, income increased by 9% and EBITDA decreased by 5% due to higher administration expenses. In Arauco Chillan the 12,500 m2 the expansion of the mall was completed and all commercial space was opened to the public, including the new anchor store Hites, and the new food court. During the quarter Caffarena, OPV, Rip Curl and Cellairis opened in the new tower of the shopping center. The renovation of the old food court began and that space will be used for new entertainment options and fashion retailers. The mall was offjcially inaugurated during the third quarter by members of the local government and Parque Arauco´s CEO Juan Antonio Álvarez. This quarter, tenant sales in Arauco Chillan decreased by 1%, income increased by 7% and EBITDA increased by 10%. In Parque Arauco Kennedy, the third quarter brought new improvements in terms of customer services. The Valet Parking service was expanded, enabling faster and easier access for customers wishing to use the service. At the same time, Parque Arauco began operating innovative interactive kiosks designed to enable customers to quickly sign up for Arauco Tag, the system that links the Parque Arauco Kennedy parking lot with customers’ highway toll payment system, making parking payment automatic and the process of entering and exiting the parking lots much more convenient.

SLIDE 46

STRIP CENTER COLON - SANTIAGO PARQUE ARAUCO KENNEDY - SANTIAGO ARAUCO QUILICURA - SANTIAGO

The shopping mall initiated a new platform to communicate with its customers with the launch of Revista Detalle (www.revistadetalle.cl.) The website is a blog that provides a way to keep customers informed of news related to fashion, technology, art and gastronomy, among other topics. The expansion of the Luxury District continues, which will add new stores to the high end mix. The expansion is expected to be completed during the fjrst quarter of 2015 and will add 1,000 m2 of GLA. During the quarter, tenant sales in Parque Arauco Kennedy increased 1%, revenues increased by 7% and EBITDA increased by 6%. In Mall Arauco Maipu diversifjcation of the commercial mix continued and new stores were added including Place Vendome, Audiomusica, Polemic, and GNC, offering an array of new products and services and further increasing the draw of the mall. During the quarter, tenant sales increased 1%, revenues increased 7% and EBITDA increased 13%. In Arauco Paseo Estacion we continued remodeling and modernizing not only the physical space but also the commercial mix, adding more highly demanded brands and remodeling one of the food courts. The mall is also modernizing its signage to help customers navigate the large mall surrounded by the main train and bus station in

Santiago. Tenant sales increased 6%, revenues increased 4% and EBITDA increased

6%. During the third quarter of 2014 Mall Arauco Quilicura inaugurated Clinica Megasalud, adding health care and dental care as services offered at the shopping center for the residents of Quilicura and its surroundings. New stores offering clothing and beauty supplies also opened, including Americanino, Tua and Planet Sport improving the

verall commercial mix of the shopping center. The mall continues to perform above

expectations and this quarter tenant sales increased 16%, revenues increased 28% and EBITDA increased 47%. In Arauco San Antonio, during the quarter the recently inaugurated Sonesta Hotel fully opened and began to see an increase in visits. The mall is also working on improving its commercial mix and has signed contracts to welcome new brands during the coming months such as Maui and Sons. The expansion of Buenaventura Premium Outlet continues and is going as planned. Some space has already been handed over to retailers for them to complete the fjnishing of the interior space in order to open at the beginning of next year. During the quarter tenant sales increased 10%, revenues increased 23% and EBITDA increased by 41%. Mall Outlet Concepcion, which opened during the second quarter of this year, has been well received by the community and has quickly reached an occupancy rate of 75.3%. Parque Arauco´s participation in premium outlet malls will further be expanded with the opening of Mall Outlet Curauma, expected to be completed during the fourth quarter of this year. The mall, located near the city of Valparaiso, will add 7,200 m2 of premium outlet retail to the coastal region of Chile.

SLIDE 47

PERÚ

LARCOMAR, LIMA

HIGHLIGHTS BY COUNTRY

SLIDE 48

MEGAPLAZA CAÑETE- CAÑETE MEGAPLAZA NORTE - LIMA

In Peru, Parque Arauco announced the inclusion of the fjrst strip center into its portfolio, ViaMix Chorrillos. Chorrillos, which has 4,000 m2 of GLA, began contributing to the company´s EBITDA during the third quarter. In Larcomar, Parque Arauco continued working to position the mall as the premier shopping center in the city. The upscale restaurant La Trattoria de Mambrino, a well-known name in Lima, joined the already impressive list

f upscale restaurants in the mall. In addition, a VIP parking area and Valet

Parking service was incorporated. Finally the Larcomar webpage was re- launched with a new look and better information to improve the shopping experience even before the customer arrives. The efforts to renovate the mall can be seen clearly in the numbers - this quarter the tenant sales increased 26%, revenues increased 29% and EBITDA increased 49%. In Parque Lambramani Parque Arauco continued improving the commercial mix of the mall adding new stores and services including an Easy Taxi stand to help customers fjnd transportation options safely. The mall´s customer rewards system “Puntos Bonus” gained traction and a number of new stores in the mall joined the program to enable purchases in their store help clients earn points that can be used in the mall and therefore encouraging customer

loyalty. During the quarter tenant sales increased by 20%, revenues

increased by 11% and EBITDA increased by 27% as compared to the same period in 2013. During the third quarter of 2014, after the inauguration of its expansion, InOutlet Faucett saw its occupancy rate steadily increasing to 81%. During the tenant sales increased 17%, revenues increased 18% and EBITDA increased 32%. Performance in all the MegaPlazas throughout Peru was very strong during the quarter and revenues and EBITDA increased in every shopping mall. In MegaPlaza Norte, new stores were opened including U.S. Polo and the restaurant Mr. Shao, among others. In MegaPlaza Cañete, Coney Park, a store that offers entertainment for children opened. The neighborhood shopping center format will be expanded during the fourth quarter with the inauguration of MegaPlaza Pisco in the city of Pisco. The US$14 million project will add 14,000 m2 to the company´s portfolio and will include Plaza Vea, Estilos and Promart as the anchor stores.

PARQUE LAMBRAMANI -AREQUIPA

SLIDE 49

COLOMBIA

PARQUE CARACOLÍ, BUCARAMANGA

HIGHLIGHTS BY COUNTRY

SLIDE 50

PARQUE ARBOLEDA, PEREIRA PARQUE LA COLINA, BOGOTA

In Colombia, in Parque Arboleda, the interior of the offjce tower continues to be completed and will soon offer high quality, well equipped space to business looking for commercial space in

Pereira. The shopping center remains the preferred mall in the

coffee region of the country and during the quarter the tenant sales increased 8%, revenues increased 4% and EBITDA decreased 11%, as the mall began paying territorial taxes in 2014. In Parque Caracoli, the Parque Arauco team continued improving the commercial mix of the mall. The North American brand American Eagle opened its second store in all of Colombia in the mall located in Bucaramanga. The mall showed strong growth with tenant sales increasing 29%, revenues increasing 10% and EBITDA remaining fmat during the quarter. Construction at Parque La Colina in Bogota is on schedule and

n budget. The shopping center will be Parque Arauco´s largest

asset in Colombia and is expected to open during the fjrst half of

2017. The mall will include Falabella as its anchor store, various

international brands, and a variety of entertainment and service

ptions in its 63,400 m2 of GLA.

SLIDE 51

BALANCE SHEET 31.12.2013 30.09.2014 CH$ THOUSANDS

ASSETS Current Assets Cash and Cash Equivalents Other Current Non-Financial Assets Trade Accounts Rec. and Other Rec. Accounts Receivable from Rel. Comp. Current Tax Receivable Total Current Assets 108,255 4,180 17,566 6,152 22,404 158,556 68,946 3,149 18,886 4,836 21,291 117,108

CH$ THOUSANDS

LIABILITIES Current Liabilities Other Current Financial Liabilities

Comm. Cred. and Other Acc. Payable

Current Acc. Payable to Rel. Parties Current Provisions Tax Liabilities Current Provisions for Employees Other Current Liabilities Total Current Liabilities 35,726 25,101 1,902 2,330 5,083 1,999 3,923 76,064 Non-Current Liabilities Other Non-Current Fin. Liabilities Deferred Tax Liabilities Other Non-Current Liabilities Total Non-Current Liabilities TOTAL LIABILITIES Non-Current Assets Other Non-Current Non-Fin. Assets Non-Current Accounts Receivable Non-Current Acc. Rec. with Rel. Part. Share of Profjt (Loss) of Associates Accounted Intangible Assets exc. Surplus Value Surplus Value Property, Plant and Equipment Investment Properties Deferred Tax Assets Total Non-Current Assets 25,791 278 50,586 15,160 17,427 2,922 1,068,376 39,350 1,219,890 26,458 808 542 49,634 14,988 15,629 2,724 947,839 26,225 1,084,848 TOTAL ASSETS 1,378,445 1,201,956 TOTAL LIABILITIES AND EQUITY 1,378,445 1,201,956

CONSOLIDATED FINANCIAL STATEMENTS

31.12.2013 30.09.2014

52,704 11,265 2,188 1,508 5,908 3,086 1,723 78,383 405,760 100,194 17,736 523,689 602,072 405,652 75,999 8,934 490,585 566,649 336,925 (3,737) 294,211 201 4,853 632,453 143,921 776,374 233,643 (3,737) 290,550 (10,113) 510,344 124,963 635,307 EQUITY Issued Share Capital Treasury Shares Accumulated Earnings (Losses) Premium on New Issued Shares Other Reserves

Attrib. to Shareholders of the Company

Minority Interest Total Equity

SLIDE 52

Net cash fmow from FINANCING activities Share Issuance Proceeds from long term debt Loans to related entities Loan Payments Loan payments to related entities Financial leasing payments Dividend payments Interest received Interest paid Other inputs (outputs) in cash Net cash fmow from fjnancing activities Net increase (decrease) in cash and cash equivalents, before the effect of changes in the exchange rate Effects of variation in the exchange rate on cash and cash equivalents Increase (decrease) in net cash and cash equivalent Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period 112,306,650 77,331,149 285,415 (80,198,278) (2,328,648) (23,900,658) 3,089,444 (17,815,653) 10,815,939 79,585,360 36,140,147 3,168,904 39,309,051 68,945,796 108,254,847

30.09.2014 30.09.2013

Var. %

CASH FLOW STATEMENT CH$ THOUSANDS

Net cash fmow from OPERATING activities Receipts from sales of goods and services Payments to suppliers for goods and services Payments on behalf of employees Income taxes refunded Other inputs (outputs) in cash Net cash fmow from operating activities Net Cash fmow from INVESTMENT activities Cash fmows used for acquiring subsidiaries or other businesses Loans to related entities Purchases of property, plant and equipment Purchases of intangible assets Proceeds from related entities Dividends received Purchases of other long-term assets Other inputs (outputs) in cash Net Cash fmow from investment activities 137,235,554 (68,390,124) (10,285,269) (1,213,151) (20,367,874) 36,979,136

CONSOLIDATED FINANCIAL STATEMENTS

(3.512.345) (1.315.958) (530.380) (138.202) 542.191 2.569.709 (84.531.035) 6.491.671 (80.424.349) 112,058,479 (42,350,581) (8,142,149) (2,930,464) (19,412,553) 39,222,732 (11.799.567) (364.421) (642.565) (3.990) 761.142 1.218.809 (99.814.401) (1.252.088) (111.897.081) 13,708,498 97,358,336 1,797,851 (31,549,023) (1,004,809) (1,355,084) (18,646,794) 2,347,972 (15,196,538) (3,812,512) 43,647,897 (29,026,452) (2,222,811) (31,249,263) 103,782,289 72,533,026 22% 61% 26%

59%

5%

6%
70%

261%

17%

3364%

15%
29%

111%

618%
28%

719%

21%
84%

154% N/A 72% 28% 32% 17%

384%

82%

225%
243%
226%
34%

49%

SLIDE 53

AGENDA WELCOME ADDRESS THIRD QUARTER RESULTS PARQ RQUE A ARAUCO PERÚ RÚ OVE VERVI VIEW AND S STRATE TEGY PARQUE ARAUCO PERÚ CASE STUDIES

LAMBRAMANI
LARCOMAR
INOUTLET FAUCETT

SLIDE 54

PARQUE ARAUCO P PERU OVERVI VIEW EW A AND S STRATEGY GY

EDUARDO HERRERA CEO PARQUE ARAUCO PERU

INVE VEST STOR D DAY LIMA

MA 2 2014

14

SLIDE 55

INTROD

ODUCTION T ON TO P PERÚ

INTRODUCTION TO THE

COMMERCIAL REAL ESTATE SECTOR

INTRODUCTION TO

PARQUE ARAUCO PERÚ

SLIDE 56

PERU HAS A GDP OF US$377 BILLION AND A PER CAPITA GDP OF US$12,000

INTRODUCTION TO PERÚ

PERÚ HAS A LARGE GDP FOR REGIONAL STANDARDS US$ Billion, 2014 (F) AND A RELATIVELY SMALL PER CAPITA GDP US$, 2014 (F)

Source: Internacional Monetary Fund (IMF) Source: IMF

182 377 410 546 927 642 Peru Chile Venezuela Colombia Argentina Mexico 2.143 Ecuador Brazil 3.073 13.459 15.153 23.165 Colombia 11.989 Ecuador 11.352 Peru Brazil 17.925 Argentina 22.101 Chile Venezuela 17.917 Mexico

SLIDE 57

PERU HAS GROWN IMPORTANTLY BUT SHOWS SIGNS OF DECELERATION

INTRODUCTION TO PERÚ

PERÚ HAS GROWN IMPORTANTLY IN THE LAST 3 YEARS REAL GDP % CHANGE, AVERAGE 2012-2014 BUT SHOWS SIGNS OF DECELERATION REAL GDP % CHANGE

Source: IMF Source: IMF

0,7 1,3 1,3 3,9 4,5 4,5 5,1 2,5 Argentina Brazil Venezuela Mexico Chile Colombia Ecuador Peru 3,6 5,8 6,0 6,5 8,5 2013 2014 2012 2011 2010

SLIDE 58

PERU IS EXPECTED TO CONTINUE TO LEADING THE REGIONAL IN TERMS OF GROWTH

INTRODUCTION TO PERÚ

PERÚ WILL CONTINUE TO LEAD REGIONAL GROWTH REAL GDP % CHANGE, AVERAGE 2014-2017 PERÚ GDP GROWTH EXPECTATIONS REAL GDP % CHANGE

Source: IMF Source: IMF

1,6
0,9

1,7 3,4 3,4 4,5 4,6 4,9 Venezuela Argentina Brazil Mexico Chile Ecuador Colombia Peru 5,5 5,5 3,6 5,1 2017 2016 2015 2014

SLIDE 59

INTRODUCTION TO PERÚ
INTROD

ODUCTION T ON TO T THE COMMERCIAL R L REAL L EST ESTATE SECTO TOR

INTRODUCTION TO

PARQUE ARAUCO PERÚ

SLIDE 60

ANNUAL VARIATION OF GLA (thousands)

GLA GROWTH SINCE 2005 HAS BEEN SIGNIFICANT BUT HAS RECENTLY SLOWED

INTRODUCTION TO THE COMMERCIAL REAL ESTATE SECTOR

NUMBERS OF SHOPPING CENTERS IN PERU EVOLUTION OF GLA IN PERU (thousands) ANNUAL GROWTH RATE (%)

2.244 2.002 1.598 1.380 1.211 964 785 601 489 382 +22% +22% 2014 2014 2009 2009 2006 2006 2008 2008 2007 2007 2011 2011 2010 2010 2012 2012 2013 2013 2005 2005 71 60 50 45 38 28 24 19 14 10 2014 2014 2005 2005 2007 2007 2006 2006 2012 2012 2013 2013 +24% +24% 2009 2009 2008 2008 2010 2010 2011 2011 242 403 218 169 247 179 184 112 107 93 2011 2011 2012 2012 2010 2010 2006 2006 2009 2009 2008 2008 2007 2007 2005 2005 2014 2014 2013 2013

25 16 26 23 31 23 28 32 10 20 30 40 2005 2006 2007 2014 2011 2009 2008 2012 2010 2013 14 12

Sources: ACEEP (Asociación de Centros Comerciales y Entretenimiento de Perú) and Apoyo (retail sector report)

SLIDE 61

THERE IS OPPORTUNITY FOR GROWTH IN THE SECTOR

INTRODUCTION TO THE COMMERCIAL REAL ESTATE SECTOR

GLA (M2) PER 1000 INHABITANTS 2013 % OF RETAIL SALES IN SHOPPING CENTERS 2013

Source: International Council of Shopping Centers Source: International Council of Shopping Centers

64 65 74 134 197 940 1.369 2.200 Australia Canada USA Chile Mexico Brazil Peru Colombia 20,0 Colombia 12,0 Brazil 24,0 55,0 Chile 51,0 24,0 Mexico Peru 25,0 Australia Canada 65,0 USA

SLIDE 62

PRIVATE CONSUMPTION AND RETAIL SALES ARE EXPECTED TO GROW

GDP (BILLION US$) AND GDP CHANGE (%) TOTAL, PRIVATE AND PUBLIC INVESTMENT GROWTH (%) INTERNAL DEMAND (MMUS$) AND CONSUMPTION (MMUS$) RETAIL SALES (MMUS$) AND RETAIL SALES CHANGE (%) Source: IMF Source: Banco Central de Reserva del Perú. Source: Banco Central de Reserva del Perú.

2008 2009 2010 2011 2012 2013 2014 E 2015 E 2016 E 30%

23%

39% 13% 12% 11% 0% 8% 11% 24%

9%

26% 11% 16% 6% 0% 5% 6% 25%

2%

23% 6% 16% 8% 0% 9% 12%

Source: Banco Central de Reserva del Perú. TOTAL PRIVATE PUBLIC

INTRODUCTION TO THE COMMERCIAL REAL ESTATE SECTOR

US$MM 2008 008 2009 009 2010 010 2011 011 2012 012 2013 013 2014E 014E Dome mesti tic Deman mand 126, 26,43 434 125, 25,22 226 145, 45,22 220 160, 60,97 977 178, 78,86 865 197, 97,03 038 203, 03,54 540 13. 13.6%%

3,3%

3% 14. 14.9% 7.7% 7% 8.0% 0% 7.0% 0% 3.3% 3% Private Consum umption

n

78, 78,610 82, 82,989 91, 91,595 100, 00,61 614 110, 10,72 729 119, 19,96 966 125, 25,48 484 8.9% 9% 2.8% 8% 8.7% 7% 6.0% 0% 6.1% 1% 5.4% 4% 4.6% 6% Private Invest stment 24, 24,676 22, 22,934 28, 28,735 32, 32,139 37, 37,038 40, 40,584 40, 40,422 23. 23.9%

9,1%

1% 25. 25.9% 11. 11.0% 15. 15.6% 6.4% 4%

0,4%

4%

433 403 377 358 333 259 254 100 200 300 400 500 2 4 6 8 10 2014E 2009 2012 2008 2010 284 2013 2016E 2015E 309 2011 20,9 19,8 18,7 17,9 16,9 13,8 12,9 5 10 15 20 25

5

5 10 15 15,7 2010 2011 2016E 2015E 2014E 2013 2012 2009 14,4 2008

SLIDE 63

INTRODUCTION TO

PERÚ

INTRODUCTION TO

THE COMMERCIAL REAL ESTATE SECTOR

INTROD

ODUCTION T ON TO PARQU QUE A ARAUC UCO P O PERÚ

SLIDE 64

INTRODUCIÓN TO PARQUE ARAUCO PERÚ

PARQUE ARAUCO ENTERED PERU IN 2006 AND FOUND A COMMERCIAL REAL ESTATE SECTOR POORLY PENETRATED OUTSIDE LIMA AND WITH A LOW VARIETY OF FORMATS

MARKET CONDITIONS ON 2006

HIGH EXPECTATIONS OF GDP GROWTH, CONSUMPTION GROWTH AND

RETAIL SALES GROWTH

LOW COMMERCIAL REAL ESTATE PENETRATION IN THE COUNTRY
VERY LOW COMMERCIAL REAL ESTATE PENETRATION IN CITIES OUTSIDE

LIMA

LOW VARIETY OF FORMATS: MOSTLY REGIONAL SHOPPING CENTERS

SLIDE 65

THE COMPANY UNDERSTOOD THE HIGH POTENTIAL OF THE COUNTRY/SECTOR AND EXPANDED RAPIDLY THROUGH GREENFIELDS AND ACQUISITIONS BY WAY OF PARTNERSHIPS

INTRODUCTION TO PARQUE ARAUCO PERÚ

5 10 15 100.000 200.000 300.000 1 1 2009 2008 2 1 4 2006 2007 2010 5 2013 6 2011 10 11 2012 2014 100% Parque Arauco Los Portales Group Centenario Group # of operations GLA (m2)

Megaplaza Norte Lambramani

Wiese Group

Megaexpress Villa Megaplaza Norte InOutlet Faucett Lambramani Larcomar Megaplaza Chimbote Megaexpress Villa El Salvador Megaexpress Chincha Megaplaza Cañete Megaexpress Barranca

Acquisitions Greenfields

Agreement to develop Camino Real/Parque El Golf ViaMix Chorillos

SLIDE 66

WE HAVE SHOPPING CENTERS IN THE MOST IMPORTANT REGIONS IN PERU

INTRODUCTION TO PARQUE ARAUCO PERÚ

Megap aplaza za Norte rte Format Regional Shopping Center GLA (m²) 107,500 Partner Grupo Wiese (50%) Larcom comar Fashi hion

n Cent

nter Format Regional Shopping Center GLA (m²) 26,000 Partner 100% Parque Arauco InO nOut utlet Fa Faucett Format Outlet Malls GLA (m²) 7,500 Partner Los Portales S.A. (49%) Meg ega Expres ess V Villa lla C Chorrillo llos Format Neighborhood Shopping Center GLA (m²) 7,000 Partner Grupo Wiese (50%) ViaM aMix Chor horrillos

s

Format Strip Centers GLA (m²) 4,000 Partner Los Portales S.A. (49%) Meg ega Expres ess V Villa lla E El Salvador Format Neighborhood Shopping Center GLA (m²) 9,000 Partner Grupo Wiese (50%) Pa Parque Lamb mbra raman ani Format Regional Shopping Center GLA (m²) 30,000 Partner 100% Parque Arauco Meg ega Expres ess C Chin incha Format Neighborhood Shopping Center GLA (m²) 7,000 Partner Grupo Wiese (50%) Megap aplaza za Cañete te Format Neighborhood Shopping Center GLA (m²) 16,500 Partner Grupo Wiese (50%) Megap aplaza za Barranca ca Format Neighborhood Shopping Center GLA (m²) 9,500 Partner Grupo Wiese (50%) Megap aplaza za Chimb mbote te Format Regional Shopping Center GLA (m²) 9,500 Partner Grupo Wiese (50%)

Regional Neighborhood Outlet Strip center

SLIDE 67

WE PARTICIPATE IN FOUR DIFFERENT FORMATS

REGIONAL S SHOPPI OPPING CENTERS NEIGHBOR ORHOOD OOD S SHOPPING C CENTERS STRI RIPCENTERS RS OUTL TLETS TS

4 Regional Shopping Centers

191,500 m²

5 Neighborhood Shopping Centers

49,000 m²

1 Outlet Mall 7,500 m² 1 Strip Center

4,000 m²

INTRODUCTION TO PARQUE ARAUCO PERÚ

SLIDE 68

INTRODUCTION TO PARQUE ARAUCO PERÚ

E X A M P L P L E # # 1 : R R E G I O N O N A L S S H O P P I O P P I N G C C E N T E R I N A A H I G H I I N C O M E / L A R G E G G E O G O G R A P H P H I C A R E A E X A M P M P L E # 2 : : N E I G H B O R O R H O O D O D S H O P P O P P I N G C E N E N T E R E R I N A A M I D D L E L E I N C O M E / E / S M A L L L L G G E O G R A P H I C A A R E A E A

BEING INDEPENDENT ALLOWS US TO PROVIDE THE RIGHT FORMAT WITH THE RIGHT COMMERCIAL MIX FOR EACH SPECIFIC GEOGRAPHY AND SEGMENT LARC RCOMAR

Source: Asociación Peruana de Empresas de Investigación de Mercados - APEIM

MEGAPL APLAZ AZA A BARRAN ANCA A

C B D A E 16.0% 1.3% 48.4% 100.0% 30.4% TOTAL 3.9% 50.3% 100.0% 21.5% B D 2.7% C E A 21.8% 3.8% TOTAL

Source: Asociación Peruana de Empresas de Investigación de Mercados - APEIM

26,000 m2 of GLA 9,500 m2 of GLA Lima population: 9.500.000 residents Barranca population: 140.000 residents

SLIDE 69

FUTURE GROWTH

WE HAVE ANNOUNCED PLANS TO INVEST US$ 210MM IN PERU WE CURRENTLY HOLD AN IMPORTANT LANDBANK OF MORE THAN 250,000 M2

INTRODUCTION TO PARQUE ARAUCO PERÚ

72 210 138 Inversión IPSA Inversión SCP Total 2.960 10.085 15.000 169.745 264.790 Colonial La Molina Total Parque El Golf Lurin 67.000 Terrenos IPSA

ADDITIONALLY:

WE ANNOUNCED AN AGREEMENT WITH GRUPO CENTENTARIO TO DEVELOP A NEW PROJECT THAT WILL

INTEGRATE OUR PIECE OF LAND IN SAN ISIDRO IN LIMA (PARQUE EL GOLF) WITH THE CAMINO REAL COMMERCIAL CENTER CURRENTLY OWNED BY GRUPO CENTENARIO

WE ANNOUNCED A MEMORANDUM OF UNDERSTANDING TO PURCHASE EL QUINDE SHOPPING CENTERS IN

ICA AND CAJAMARCA, AND 143,000 M2 OF LANDBANK, FOR A TOTAL ENTERPRISE VALUE OF US$100MM

SLIDE 70

AGENDA WELCOME ADDRESS THIRD QUARTER RESULTS PARQUE ARAUCO PERÚ OVERVIEW AND STRATEGY PARQ RQUE A ARAUCO PERÚ RÚ CAS ASE STUD STUDIES

PARQUE L

LAMB MBRAMAN MANI

LAR

ARCOMAR AR

INOUTL

UTLET F T FAUC UCETT

SLIDE 71

CASE SE STU STUDY PARQUE L E LAMBR MBRAMA AMANI

EDUARDO HERRERA CEO PARQUE ARAUCO PERU

INVE VEST STOR D DAY LIMA

MA 2 2014

14

SLIDE 72

LAMBRAMANI CASE STUDY

IN 2008, AREQUIPA WAS A CITY WITH STRONG GDP GROWTH AND A LOW PENETRATION OF SHOPPING CENTERS

AREQUIPA HAD STRONG ECONOMIC PERSPECTIVES AND A LOW PENETRATION OF SHOPPING CENTERS Arequipa was the second largest city in Perú with a population of almost 800,000 Existing commercial real estate in 2008:

1 Plaza Vea
1 Falabella
1 Maestro Home Center

SLIDE 73

IN 2009, PARQUE ARAUCO BEGAN DEVELOPING A SHOPPING CENTER IN AREQUIPA

LAMBRAMANI CASE STUDY

SLIDE 74

FIVE REGIONAL SHOPPING CENTERS HAVE OPENED SINCE 2010

LAMBRAMANI CASE STUDY

Parque Lambramani: 30.000 m2 of GLA Opened in 2010 Real Plaza Arequipa: 25.000 m2 of GLA Opened in 2010 Open Plaza Arequipa 42,000 m2 of GLA Opened in 2010 Aventura Plaza Arequipa: 68.000 m2 of GLA Opened in 2011 Arequipa Shopping Center 30.000 m2 of GLA Expected to open in 2014

Parque Lambramani Mall Aventura Plaza Arequipa Open Plaza Arequipa Real Plaza Arequipa Arequipa Shopping Center

SLIDE 75

EXCLUDING LIMA, AREQUIPA HAS THE HIGHEST COMMERCIAL REAL ESTATE PENETRATION IN PERU

LAMBRAMANI CASE STUDY

1 Source: Asociación de Centro Comerciales del Perú, (ACCEP) 2013 1 Source: ACE Perú 2013

3 24 25 28 32 40 46 62 64 64 100 138 143 176 M2 GLA Ucayalí Cajamarca Lima provinces Junín Áncash Huánuco Puno Cusco San Martín Arequipa Piura Ica La libertad Lambayeque 3 18 19 28 30 34 41 50 52 77 79 131 135 141 GLA/1000 HAB. Lambayeque Lima provinces Cajamarca Huánuco Junín Áncash Cusco Puno San Martín Arequipa Ucayalí Piura Ica La libertad

SLIDE 76

WE CREATED A PLAN TO FACE THE HIGH COMPETITION

LAMBRAMANI CASE STUDY

TAKING INTO CONSIDERATION THE SCENARIO OF HIGH COMPETITION… …WE CREATED A PLAN TO BRING MORE CLIENTS TO OUR SHOPPING CENTER 1. 1. Conc

ncent

ntration o n of A Anchor

r S

Stor

res

2. 2. Commer ercial al a and M Market eting P Plan

Purchase awards

ds

Even

ents

Medi

edia camp mpaign

Night

ht sales es

Te

Tenant support

1 2

SLIDE 77

WE FOUND AN OPPORTUNITY to IMPROVE THE MIX OF ANCHOR STORES IN LAMBRAMANI

LAMBRAMANI CASE STUDY

WE UNDERSTOOD THAT GIVEN THE COMPETITIVE SCENARIO A WONG SUPERMARKET WAS NOT THE BEST ANCHOR STORE FOR LAMBRAMANI WE CHANGED THE TWO LEVEL WONG SUPERMARKET INTO A METRO SUPERMARKET ON THE FIRST FLOOR… …AND A PARIS DEPARTMENT STORE ONTHE SECOND FLOOR

1

SLIDE 78

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: PURCHASE AWARDS

2

AUTOLIQUIDABLE DE VAJILLA

DURATION: March 15 - 31

AUTOLIQUIDABLE DE MONEDEROS RENZO COSTA

DURATION: April 28 – May 9

AUTOLIQUIDABLE DE TARJETEROS RENZO COSTA

DURATION: May 10-30

SLIDE 79

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: PURCHASE AWARDS

2

CELEBRAMOS TU PRIMERA COMPRA CON BONUS

DURATION: Ongoing

AUTOLIQUIDABLE DE ANIS NAJAR

DURATION: August 1-15

AUTOLIQUIDABLE DEL CINE

DURATION: September 5 -

October 15

SLIDE 80

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: FEBRUARY EVENTS

2

Peruvian Pisco Day, pisco tasting with “El Gaucho” (barbeque restaurant).
Roxette concert for Valentine´s Day.
Make-up clases with Montalvo beauty salon.
“GO Icarus” concerts every Friday.

SLIDE 81

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: MARCH EVENTS

2

Women´s Day.
Happiness Day
Andrés Vásquez concert every Friday.
Musical performance by “Las Cajoneritas” in the plaza.

SLIDE 82

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: JUNE EVENTS

2

Runway show with Esika, attended by Maju Mantilla, ex Miss World.
Inauguration of art work by Toulouse Lautrec.
Barra Móvil kickoff with Cerveza Arequipeña.
Canchita kickoff with Diario DEPOR.

SLIDE 83

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: SEPTEMBER EVENTS

2

Casting for Perú Tiene Talento.
Shopping Day.
Gianmarco tribute with Joel Cuba.
Ecológica marathon

SLIDE 84

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: NIGHT SALES

2

SLIDE 85

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: TENANT SUPPORT

2

Book Exhibition: support for Zeta Bookstore

SLIDE 86

LAMBRAMANI CASE STUDY

COMMERCIAL AND MARKETING PLAN: TENANT SUPPORT

2

Fashion Show: support for several womens apparel brands such as Emporium, Roox, Dunkervolk, Bughi, Squeeze, Exit, Scrombro, Paris, Estilos, Adidas, Merrel, Marathon, Ecco, Milano Bags, Pasarela, Bata ,Renzo Costa, Nike, and others.

SLIDE 87

LAMBRAMANI CASE STUDY

LAMBRAMANI SALES HAVE INCREASED GRADUALLY IN THE LAST YEARS

3

+10% 2013 2014* 146 +13% 2012 133 129

TENANT SALES MMPEN

*October 2013 - September 2014

SLIDE 88

CASE SE STU STUDY LARCO COMAR AR

EDUARDO HERRERA CEO PARQUE ARAUCO PERU

INVE VEST STOR D DAY LIMA

MA 2 2014

14

SLIDE 89

LARCOMAR WAS BUILT IN 1998 BY GRAÑA & MONTERO HOLDING

LARCOMAR CASE STUDY

Larcomar was built on a cliff overlooking the Pacific Ocean in the Miraflores sector of Lima, one

ne of
f th

the bes est neighb hbor

rho

hood

ds in

in the he city, ma made up up primarily ily of

f weal

ealthy familie

ilies. Miraflores is also one of the most popular tourist

destinations in Lima as there are many hotels and tourist attractions in the area. Since its inauguration, Larcomar has been one

ne of
f th

the mo most em emblem emat atic sp spots in in Lima ma, known for its architectural

uniqueness. It has also been a hotspot for people visiting

the city and is listed in many international guide books on Lima. Before Parque Arauco took control, the shopping mall performed below expectations. Th The comme

mmercial mix

ix of

f

th the ma mall wa was tailored ed prim imaril ily fo for to tourists ts, 50 50% of

f th

the ma mall´s GL GLA wa was de dedi dicate ted to to en enter ertai ainmen ent such uch as as movie vie theat ater ers and nd ni night ght cl club

ubs. But given the mall´s design,

location and international draw, it was clear this shopping center held much more potential. ABOUT LARCOMAR LARCOMAR DURING THE NINETIES

SLIDE 90

PARQUE ARAUCO ACQUIRED LARCOMAR IN 2009

LARCOMAR CASE STUDY

As Parque Arauco was seeking potential greenfield projects to develop it was also actively monitoring the market for potential acquisitions. At that time Larcomar was positioned as a shop hopping ng center er and nd ent ntertainm nment nt cent nter strong

ngly ori

rien ented to to to tourists ts as a result of a weak

ffering of retail brands and the market situation.

The 26,000 m2 mall was an attractive acquisition option for Parque Arauco. It was a well-built project in a pr prim ime loc

cation
n wit

ithin in a very ery at attrac active sector

r of
f Lima. The socio-

economic profile of Miraflores would provide exposure for Parque Arauco to a differe rent typ ype of

f custome

mer tha han in in Megap aplaz aza Nor

rte, which was in a predominately middle

class area in northern Lima. During 2009 Larcomar registered tena nant nts sa sales of

f US

US$ 50 50 millio million and EBITDA of US$ 5,7 million. Parque Arauco finalized the purchase of 100% of Larcomar in July of 2010 for US$ 58 million.

ABOUT THE ACQUISITION LARCOMAR TODAY

SLIDE 91

A PLAN WAS DEVELOPED TO RENOVATE AND IMPROVE THE EMBLEMATIC SHOPPING CENTER LARCOMAR WAS DEPRECIATED AND HAD A POOR TENANT MIX TARGETED MAINLY AT TOURISTS A PLAN WAS CREATED TO REPOSITION LARCOMAR One of the major potential points for improvement in Larcomar was the profitability of the commercial mix. Parque Arauco wanted to transform Larcomar into not just the most popular mall for tourists but also the first

ption of the residents of the surrounding areas of

Miraflores, San Isidro, Barranco and San Borja. This meant changing the commercial mix and offering more international retail brands as well as evaluating the best placements of the stores within the mall. As the commercial team was working on the tenant mix, the engineering team was looking for ways to improve the look of the mall. Many renovations were needed for the central plazas, service areas, mall accesses, and parking lots. The façade floors, lighting system and signage also needed to be updated. 1. 1. Face e Lifting ng 2. 2. Comme mmercial Mix 3. 3. Repos

sitioni
ning

1 2 3

LARCOMAR CASE STUDY

SLIDE 92

FACELIFTING: BEFORE AND AFTER

LARCOMAR CASE STUDY

1

SLIDE 93

FACELIFTING: BEFORE AND AFTER

LARCOMAR CASE STUDY

1

SLIDE 94

LARCOMAR CASE STUDY

FACE LIFTING: LARCOMAR TODAY

1

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LARCOMAR CASE STUDY

CHANGE IN THE COMMERCIAL MIX: NEW BRANDS

2

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LARCOMAR CASE STUDY

CHANGE IN THE COMMERCIAL MIX: NEW RESTAURANTS

2

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LARCOMAR CASE STUDY

CHANGE IN THE COMMERCIAL MIX: ENTERTAINMENT ALTERNATIVES

2

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LARCOMAR CASE STUDY

REPOSITIONING: PAPER MEDIA SUMMER 2014

3

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LARCOMAR CASE STUDY

REPOSITIONING: PAPER MEDIA MOTHER’S DAY 2014

3

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LARCOMAR CASE STUDY

REPOSITIONING: NEWSLETTER SUMMER 2014

3

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LARCOMAR CASE STUDY

REPOSITIONING: NEWSLETTER MOTHER’S DAY 2014

3

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LARCOMAR CASE STUDY

REPOSITIONING: ONLINE MEDIA

3

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LARCOMAR CASE STUDY

THE REPOSITIONING PLAN WAS A SUCCESS AND HAD A POSITIVE IMPACT ON RESULTS

22,5 18,1 19,1 17,9 17,1 2013 2012 +24% 2014* 2011 2010 EBITDA INCREASED MORE THAN 4 MILLION PEN IN 2014

*October 2013 – September 2014

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FUTURE PLANS: H&M WILL ENTER LARCOMAR IN 2016

LARCOMAR STUDY CASE

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CASE SE STU STUDY INOUTL TLET F T FAUCETT TT

EDUARDO HERRERA CEO PARQUE ARAUCO PERU

INVE VEST STOR D DAY LIMA

MA 2 2014

14

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IN 2008 PARQUE ARAUCO ENTERED THE OUTLET FORMAT BY ACQUIRING BUENAVENTURA PREMIUM OUTLET IN CHILE

INOUTLET FAUCETT CASE STUDY

ABOUT THE ACQUISITION BUENAVENTURA TODAY

SLIDE 107

IN 2012, PARQUE ARAUCO SIGNED A PARTNERSHIP WITH GRUPO LOS PORTALES AND CREATED SCP

INOUTLET FAUCETT CASE STUDY

ABOUT GRUPO LOS PORTALES ABOUT STRIP CENTERS DEL PERU

51%

49% 51%

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INOUTLET FAUCETT (AT THAT TIME “LIMA OUTLET CENTER”) WAS CONTRIBUTED IN 2013 AS PART OF THE PARTNERSHIP WITH GRUPO LOS PORTALES

INOUTLET FAUCETT CASE STUDY

INOUTLET (FORMER “LIMA OUTLET CENTER”) IN 2013 GREAT LOCATION AT 100M FROM THE AIRPORT

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A PLAN WAS MADE TO RENOVATE AND IMPROVE THE OUTLET MALL

LIMA OUTLET CENTER WAS DEPRECIATED AND HAD A POOR TENANT MIX WE CREATED A PLAN TO REPOSITION LIMA OUTLET CENTER Parque Arauco saw an opportunity to improve the profitability of the shopping mall by improving the tenant mix. Parque Arauco wanted to make the Lima Outlet Center the best outlet in Lima. This meant changing the commercial mix, offering more space to international retail dedicated brands and evaluating the best placement of the stores within the mall. As the commercial team was working on the tenant mix the engineering team was looking for ways to expand and improve the mall. Many improvement were needed including building a pedestrian footpath and underground parking lots. 1. 1. Face e Lifting ng 2. 2. Comme mmercial Mix 3. 3. Repos

sitioni
ning

1 2 3

INOUTLET FAUCETT CASE STUDY

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FACELIFTING: BEFORE AND AFTER

1

INOUTLET FAUCETT CASE STUDY

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FACELIFTING: PEDESTRIAN FOOTPATH

1

INOUTLET FAUCETT CASE STUDY

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FACELIFTING: UNDERGROUND PARKING LOT

1

INOUTLET FAUCETT CASE STUDY

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FACELIFTING: EXPANSION OF 2,000 M2 OF GLA

1

INOUTLET FAUCETT CASE STUDY

SLIDE 114

COMMERCIAL MIX: NEW BRANDS

2

INOUTLET FAUCETT CASE STUDY

SLIDE 115

COMMERCIAL MIX: NEW BRANDS

2

INOUTLET FAUCETT CASE STUDY

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COMMERCIAL MIX: FIRST FLOOR LAYOUT

2

INOUTLET FAUCETT CASE STUDY

SLIDE 117

COMMERCIAL MIX: SECOND FLOOR LAYOUT

2

INOUTLET FAUCETT CASE STUDY

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REPOSITIONING: NEW BRAND (FROM “LIMA OUTLET CENTER” TO “INOUTLET FAUCETT”)

3

INOUTLET FAUCETT CASE STUDY

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REPOSITIONING: ADVERTISING DISPLAY PANELS

3

INOUTLET FAUCETT CASE STUDY

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REPOSITIONING: RADIO CAMPAIGN

3

INOUTLET FAUCETT CASE STUDY

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REPOSITIONING: ONLINE CAMPAIGN

3

INOUTLET FAUCETT CASE STUDY

SLIDE 122

REPOSITIONING: ONLINE CAMPAIGN

3

INOUTLET FAUCETT CASE STUDY

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AGENDA WELCOME ADDRESS THIRD QUARTER RESULTS PARQUE ARAUCO PERÚ OVERVIEW AND STRATEGY PARQUE ARAUCO PERÚ CASE STUDIES

LAMBRAMANI
LARCOMAR
INOUTLET FAUCETT
NEIGHBORHOOD

SHOPPING CENTERS

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INVESTOR DAY

L I M A N O V E M B E R 2 0 1 4