INVESTOR PRESENTATION AUGUST 2014 | 1 | 2 DISCLAIMER THIS - - PowerPoint PPT Presentation

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INVESTOR PRESENTATION

AUGUST 2014

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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

INVESTMENT HIGHLIGHTS 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) Average Exchange Rate 2013: US$ 1 =CLP 553; LTM = Jul. 13 - Jun. 14 (1) Marina Arauco not included (2) Average Exchange Rate 2013: US$ 1 =CLP 553; LTM= Jul. 13 - Jun. 14

SHAREHOLDER STRUCTURE (JUNE 2014) PARQUE ARAUCO OPERATIONAL METRICS BY COUNTRY Total 715,154 m2 Market Cap 1,597 US$MM Total 210 US$ MM

TOTAL GLA 1 REVENUES LTM2

Colombia 10.3% Colombia 8.2% Perú 34.6% Perú 24.1% Chile 55.2%

Investment Funds 26.4% Mutual Funds 2.1% Insurance Companies 0.3% Others 6.2% Controlling Group 26.0% Abumohor Family 2.7% Said Yarur Family 6.1% Brokers 22.1% Pension Funds 8.1%

Chile 67.6%

Indicator / Country CHILE PERÚ COLOMBIA

Total GLA (m2)1 394,536 247,118 73,500 Owned GLA 362,307 146,706 32,010 Occupancy 96.8% 96.0% 91.5 % Revenues LTM2 (US$MM) 142 51 17 # of Operations 17 10 2

(1) Marina Arauco not included (2) Average Exchange Rate 2013: US$ 1 =CLP 553; LTM= Jul 13 - Jun. 14 Others includes strip centers and outlet malls.

OPERATIONAL METRICS BY FORMAT Total 715,154 m2 Total 210 US$ MM

TOTAL GLA 1 REVENUES LTM2

Others 6.5% Others 5.4% Neighborhood 6.9% Regional 86.6% Regional 91.5% Neighborhood 3.1%

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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 51 2005 55 2006 61 2007 83 2008 123 2009 122 2010 132 2011 156 2012 181 2013 194

3.9x

CAGR 16.1% 2004 2004 2004 130,785 32 14 2013 2013 2013 693,100 135 91

5.3x 4.2x 6.5x

Source: Parque Arauco SVS. Exchange Rate: US$ 1 = CLP 553. 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 (JUL 13 - JUN 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

17%

Variable Revenues

83%

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 715,154 M2 OF TOTAL GLA IN 12 REGIONAL SHOPPING CENTERS, 5 NEIGHBORHOOD SHOPPING CENTERS, 3 OUTLET MALLS AND 9 STRIPCENTER IN CHILE, PERÚ AND COLOMBIA

GLA (m2) 247,118 % Ownership 59.4% Owned GLA 146,706 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) 73,500 % Ownership 43.6 % Owned GLA 32,010 Partners: Grupo Bancolombia in all projects (45%) Familia Merheg in Parque Arboleda (45%) GLA (m2) 394,536 % Ownership 91.8 % Owned GLA 362,307 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 INVESTMENT HIGHLIGHTS OUR OPERATIONS FUTURE DEVELOPMENTS

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INVESTMENT HIGHLIGHTS

INVESTMENT HIGHLIGHTS

Outstanding Financial Performance with a Conservative Debt Structure Leading Position in the Andean Region Commercial Real Estate Industry Strong Commercial Relationships Favorable Macroeconomic Outlook and Attractive Industry Dynamics Differentiated Business Model Ambitious Investment Plan

1 6 2 4 3 5

PARQUE ARAUCO IS THE RIGHT COMPANY IN THE RIGHT INDUSTRY IN THE RIGHT COUNTRIES

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INVESTMENT HIGHLIGHTS

FAVORABLE MACROECONOMIC OUTLOOK AND ATTRACTIVE INDUSTRY DYNAMICS

UNDERPENETRATED SHOPPING CENTER SECTORS IN CHILE, PERÚ AND COLOMBIA VS. DEVELOPED COUNTRIES STRONG REAL GDP GROWTH PROJECTIONS… …WITH A STILL RELATIVELY LOW GDP PER CAPITA 2014E (US$)

PARQUE ARAUCO IS POSITIONED IN COUNTRIES WITH STRONG MACROECONOMIC PROSPECTS AND UNDERPENETRATED SHOPPING CENTER SECTORS

2014e (%) 2015e (%) GLA per 1,000 inhabitants % of retail sales in shopping centers (2013) GDP per capita 2014e

Australia U.S.A. Canada Chile México Brazil Colombia Perú

62,127 54,609 53,118 17,048 11,687 10,773 8,150 7,019

U.S.A. Canada Australia Chile México Colombia Perú Brazil

2,200 1,360 940 197 134 74 65 64

Canada U.S.A. Australia Chile Perú México Brazil Colombia

65% 55% 51% 25% 24% 24% 20% 12%

Brazil Canada U.S.A. Australia México Chile Colombia Perú

1.3 2.2 1.7 3.1 2.7 3.0 4.8 5.1 1.7 2.5 3.0 2.9 3.8 3.8 4.7 5.6

Source: Bloomberg Concensus as of July 2014 Source: International Council of Shopping Centers (June 2014, November 2013 for Chile, Colombia, and Perú) Source: IMF as of October 2013. Based on PPP Source: International Council of Shopping Centers (June 2014, November 2013 for Chile, Colombia and Perú)

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INVESTMENT HIGHLIGHTS

LEADING POSITION IN THE ANDEAN REGION COMMERCIAL REAL ESTATE INDUSTRY

Shopping Centers / Country CHILE PERÚ COLOMBIA Total GLA GLA 394,536 m2

247,118 m2 73,500 m2 715,154 m2

Market Share 12 % 12 % 2 % 8 % Ranking #3 #3 (n.a.) (n.a.) PARQUE ARAUCO HAS A STRONG, LEADING POSITION IN EVERY COUNTRY IN WHICH IT IS PRESENT - IT IS THE 3RD 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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INVESTMENT HIGHLIGHTS

DIFFERENTIATED BUSINESS MODEL

PARQUE ARAUCO HAS A UNIQUE BUSINESS MODEL, BEING THE ONLY PUBLICLY TRADED OPERATOR IN THE ANDEAN REGION WITH AN EXCLUSIVE FOCUS ON REAL ESTATE, AND ALSO HAS A WIDE SCOPE IN TERMS OF GEOGRAPHY, FORMATS AND SOCIOECONOMIC LEVELS Continuous Improvement in Shopping Experience Multiformat and Coverage

• f Different Socio-Economic

Segments Focus on the High Performing Andean Region

Client Culture Experienced Team Strong Relationship with Retailers Commitment of Controlling Shareholders 4 IMPORTANT INTANGIBLE ASSETS

Prime Location Lean Construction Taylor made Layouts and Designs

INVESTMENT HIGHLIGHTS

STRONG COMMERCIAL RELATIONSHIPS

OVER 30 YEARS OF INDUSTRY EXPERIENCE HAS ENABLED PARQUE ARAUCO TO CREATE SOLID AND LONGSTANDING COMMERCIAL RELATIONSHIPS WITH ITS TENANTS

PERÚ CHILE COLOMBIA

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INVESTMENT HIGHLIGHTS

AMBITIOUS INVESTMENT PLAN

219.5 US$MM VALUE OF LANDBANK

OUR INVESTMENT PIPELINE IS COMPLEMENTED BY OUR LANDBANK FROM WHICH FUTURE PROJECTS WILL BE DEVELOPED.

INVESTMENT TIMELINE (US$MM)

Chile 61 US$MM Peru 72.5 US$MM Colombia 86 US$MM 2008

7 180 187 CHILE PERÚ COLOMBIA OTROS

2009

14 108 42 52

2010

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99 12

• 14
• 116

2011

62 105 19 24

2012

47 180 56 77

2013

65 289 124 100

2014-2017e *

587 201 97 289 The investment amount estimated for years 2014 - 2017 includes the total amount to be invested in projects and therefore may include a portion that has already been invested.

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INVESTMENT HIGHLIGHTS

OUTSTANDING FINANCIAL PERFORMANCE

STEADY REVENUE GROWTH US$MM

18%

2009 122 2010 132 2011 156 2012 181 1H13 89 1H14 105

STABLE EBITDA GENERATION

15%

2009 81 2010 86 2011 101 2012 118 1H13 62 1H14 71

US$ MM

SOLID FINANCIAL PERFORMANCE AND A CONSERVATIVE DEBT STRUCTURE HAS KEPT FINANCIAL COVENANTS AT COMFORTABLE LEVELS ALLOWING FOR FAVORABLE FINANCING CONDITIONS

(1) Does not include Marina Arauco for comparative purposes

(1) (1)

Note: Exchange rate = 553 CLP / USD Source: Parque Arauco 194 2013 2013 135

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INVESTMENT HIGHLIGHTS

CONSERVATIVE DEBT STRUCTURE

SOLID FINANCIAL PERFORMANCE AND A CONSERVATIVE DEBT STRUCTURE HAS KEPT FINANCIAL COVENANTS AT COMFORTABLE LEVELS ALLOWING FOR FAVORABLE FINANCING CONDITIONS

FINANCIAL COVENANTS NET FINANCIAL DEBT US$MM1 FINANCIAL DEBT AMORTIZATION SCHEDULE US$MM1 5 4 3 2 1 2009 2010 2011 2012

Rating: AA- (ICR) and A+ (Fitch). Average interest paid in 2012: 5.3% 1.Exchange rate: 553 CLP / USD

EBITDA / Financial Expenses Liabilities / (Equity + Mint Int)

0-3 months 14 4-6 months 9 7-12 months 84 13-24 months 67 25-36 months 176 37-48 months 34 49-60 months 114 6-10 years 265 11-20 years 87 dec - 10 420 jun-11 496 dec-11 348 jun-12 417 dec-12 455 jun-13 541 sep-13 619

> 2.5x < 1.4x

674 dec-13

2013 2Q14

jun-14 585

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INTRODUCTION TO PARQUE ARAUCO INVESTMENT HIGHLIGHTS OUR OPERATIONS RECENT 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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SAN ANTONIO CHILLÁN Maipú Kennedy Buenaventura Outlet Estación Central Quilicura SANTIAGO

GLA (m2) %Ownership Owned GLA (m2) Occupancy SANTIAGO 97.2% 96.9% 98.6% 98.2% 95.2 % 91.6 % 93.7 % 99.4 % 78.6% 96.8% SAN ANTONIO CHILLÁN

OUR OPERATIONS

CHILE » SHOPPING CENTERS

CONCEPCIÓN

CONCEPCIÓN Parque Arauco Kenned 115,200 100 % 115,200 Arauco Maipú 74,000 100 % 74,000 Paseo Arauco Estación 68,000 83 % 56,440 Arauco Quilicura 31,260 100 % 31,260 Buenaventura Outlet Mall 20,000 100 % 20,000 Arauco Express 13,182 51 % 6,723 (Stripcenters Chile) Arauco San Antonio 29,000 51 % 14,790 Arauco Chillán 37,500 100 % 37,500 Mall Outlet Concepción 6,394 100 % 6,394 TOTAL CHILE 394,536 91.5% 362,307

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PARQUE ARAUCO ENTERED PERÚ IN 2006 AND IS NOW ONE OF THE TOP SHOPPING CENTER OPERATORS IN THE COUNTRY WITH 247,118 M2 OF TOTAL GLA

PERÚ

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

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OUR OPERATIONS

CHIMBOTE BARRANCA CAÑETE CHINCHA AREQUIPA LIMA Megaplaza Norte Villa El Salvador Mega Express Villa Larcomar Outlet

GLA (m2) %Ownership Owned GLA (m2) Occupancy MegaPlaza Norte 107,400 50 % 53,700 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 7,200 51 % 3,672 MegaPlaza Chimbote 28,000 33.5 % 9,380 MegaPlaza Express Chincha 7,224 50 % 3,612 Parque Lambramani 29,390 100 % 29,390 MegaPlaza Cañete 16,397 50 % 8,199 MegaPlaza Express Barranca 9,507 50 % 4,754 TOTAL PERÚ 247,118 59.4% 146,706 94.7% 99.3% 95.3% 99.4 % 82.9 % 99.9 % 100.0 % 94.7 % 99.9% 100.0% 96.0% 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 34,000 30.3 % 10,285 Parque Caracolí 39,500 55 % 21,725 TOTAL COLOMBIA 73,500 43.6% 32,010 93.7 % 89.7 % 91.5% BUCARAMANGA

PEREIRA BUCARAMANGA

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INTRODUCTION TO PARQUE ARAUCO INVESTMENT HIGHLIGHTS OUR OPERATIONS FUTURE DEVELOPMENTS

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To date, Parque Arauco has announced projects that will add 141,648 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$ 587 million. Parque Arauco has a land bank valued at US$ 219.5 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

3Q 2014 Under development Under development 2H 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)

952 6,907 7,859

Owned GLA (m2)

952 6,907 7,859

Format

Regional Outlet Mall

Estimated Opening Date

1Q 2015 4Q 2014

Total Investment

(MMUS$)

9 24 33

% Ownership

100.0% 100.0%

EXPANSION PROJECTS

7,224 23,915 25,222 14,000 TBD 63,428 133,789 12 52 63 14 124 289 554 7,224 12,197 12,863 7,000 TBD 34,885 74,169 Mall Outlet Curauma Stripcenters Chile (Arauco Express) Stripcenters Perú MegaPlaza Pisco MegaPlaza La Colina Total

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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 688,482 81% 219.5 Parque El Golf Lurin La Molina Colonial Landbank IPSA TOTAL PERÚ 15,000 67,000 10,085 2,960 163,040 258,085 70% 100% 51% 51% 50% 62% 28.5 14 16 2 12 72.5

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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INVESTOR PRESENTATION

AUGUST 2014