2Q19 INVESTOR PRESENTATION - Parque Arauco

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2Q19 INVESTOR PRESENTATION - Parque Arauco
PARQUE ARAUCO      |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   1

                2Q19                               INVESTOR
                                                   PRESENTATION
2Q19 INVESTOR PRESENTATION - Parque Arauco
MEMORIA INTEGRADA 2018 PARQUE ARAUCO

                                                                    IMPORTANT DISCLAIMER

                                                                    This document has been prepared by Parque
                                                                    Arauco for the purpose of providing general
                                                                    information about the Company. The Company
                                                                    assumes no responsibility for, or makes any
                                                                    representation or warranty, express or implied,
                                                                    with respect to, the accuracy, adequacy or
                                                                    completeness of the information contained
                                                                    herein. The Company expressly disclaims any
                                                                    liability based on such information, errors therein
                                                                    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.

                                                                    The information contained herein has been
                                                                    prepared to assist interested parties in making
                                                                    their own evaluation of the company and does
                                                                    not purport to be all - inclusive or to contain all
                                                                    the information that a potential counterparty
                                                                    may desire. In all cases, interested parties should
                                                                    conduct their own independent investigation and
                                                                    analysis of the Company. Interested parties can
                                                                    only rely on the result of their own investigation
                                                                    and the representations and warranties made in
                                                                    any definitive agreement that may be executed.

CONTACTS:            Tori Creighton (Head of Investor Relations)
                     Francisco Moyano (Corporate Finance Manager)
                     Claudio Chamorro (CFO)
                     Tel: (562) 22990510 | Email: ir@parauco.com
2Q19 INVESTOR PRESENTATION - Parque Arauco
MEMORIA INTEGRADA 2018 PARQUE ARAUCO

Content

                                             1                                 2
INTRODUCTION       PG. 4                         OUR OPERATIONS       PG. 10

›› Parque Arauco at a glance                     ›› Chilean portfolio
›› Purpose, Mission & corporate strategy         ›› Peruvian portfolio
›› Geographic presence: assets and formats       ›› Colombian portfolio
›› Parque Arauco iconic and dominant
   shopping centers

                                             3                                 4
INVESTMENT HIGHLIGHTS        PG. 14              FUTURE DEVELOPMENTS PG. 31
›› Investment highlights                         ›› Future developments
›› Stability                                     ›› Landbank
›› Diversification                               ›› Glossary
›› Growth
›› Sustainability & Corporate governance
›› Financial strength
2Q19 INVESTOR PRESENTATION - Parque Arauco
PARQUE ARAUCO   |   INTRODUCTION |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   4

                1
                INTRODUCTION
                        CONTENT

                         Parque Arauco at a glance
                         Purpose, Mission & corporate strategy
                         Geographic presence: assets and formats
                         Parque Arauco iconic and dominant
                         shopping centers
2Q19 INVESTOR PRESENTATION - Parque Arauco
PARQUE ARAUCO                                                                      |   INTRODUCTION |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT       5

PARQUE ARAUCO

At a glance

Parque Arauco is a real estate   FINANCIAL INDICATORS (JUNE 2018)                          SHAREHOLDER STRUCTURE
company dedicated to the         KEY FIGURES                          TOTAL                Data as of June 2018
development and operation        GLA (m )
                                       2
                                                                   1,061,500
of mixed-used properties in                                                                                                 Local
                                 Revenues LTM (US$ MM)                  288                                                 mutual       Other
the Andean region.                                                                                                          funds        shareholders         Foreign
                                 EBITDA LTM (US$ MM)                    215                                 Abumohor
                                                                                                                                2%                            investment
                                                                                                               family                      6%
                                 EBITDA Margin LTM (%)                73.6%                                                                                   funds
                                                                                                                 3%
                                 Net Financial Debt (US$ MM)          1,087                    Said Yarur                                                      22%
                                                                                                   family
  POSITIVE                       Total Assets (US$ MM)                3,589
  LOCAL RISK RATING                                                                                 5%

                                                                                              17%
   Risk Rating Agency                                                                            Local
                                                                                              pension
                                                                                                funds
   Feller
   AA
                                 17 Regional
                                    shopping centers
                                                               10 Neighborhood
                                                                  shopping centers
   ICR                                                                                                                                                               25%
   AA                                                                                                                                                               Controlling
                                                                                                                                                                    group
                                                                                                                       20%
   Fitch
                                                                                                                         Local
   AA-
                                 7 Outlets       19 Strip
                                                    centers
                                                                 9 Offices, medical
                                                                   centers, hotels
                                                                                                                       brokers
2Q19 INVESTOR PRESENTATION - Parque Arauco
PARQUE ARAUCO                                                                                               |   INTRODUCTION |   OUR OPERATIONS   |    INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT         6

IN THE LAST SIX YEARS

Parque Arauco has doubled GLA, NOI and AFFO

                                              1995                                                                         2010
   1982                                       Parque Arauco S.A. IPO           2006                                        Parque Arauco opens first mall in                             2011
   Parque Arauco Kennedy                                                                                                   Colombia, Parque Arboleda in Pereira
                                                                               Parque Arauco expands into Peru                                                                           Capital increase
   opens as first shopping                                                     with the purchase of a 45% stake                                                                          for US$145 MM
   center in Chile.                                                            in MegaPlaza Norte in Lima.

   2014                                                                                             2016
   Capital increase for US$182 MM                     2015                                          Capital increase for US$100 MM                   2019
                                                      Purchase of minority shareholders                                                              Parque Arauco achieves full operational
                                                      in Colombia and Peru                                                                           control of Peruvian operation with purchase
                                                                                                                                                     of Wiese Group minority interest.

GLA (M2)                                                            NOI (US$ MM)                                                      CONTROLLED ADJUSTED FFO (US$ MM)

                            +1.9x                                                           +2.0x                                                                     +1.9x
                                                     1,053,000
                                             1,012,000                                                                                                                                                  147
                                      947,000                                                               239      238                                                                   140
                            818,500
                                                                                                     203                                                                         115
          693,100 728,500                                                                    179                                                                       103
                                                                                     154                                                             99        91
559,700                                                                       135                                                        78
                                                                       118

 2012      2013    2014      2015      2016    2017   2018             2012   2013   2014   2015    2016   2017     2018                2012     2013        2014      2015     2016      2017      2018
2Q19 INVESTOR PRESENTATION - Parque Arauco
PARQUE ARAUCO                                                                 |   INTRODUCTION |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   7

Purpose, mission & corporate strategy

CORPORATE PURPOSE

To create spaces that contribute to improving
people’s lives

MISSION

To be leaders in developing and operating real
estate assets, through profitable and sustainable
growth that generates value for our stakeholders.

STRATEGIC OBJECTIVES

 Growth
 Profitability
 Sustainability

OUR VALUES

                                   Excellence and Happiness are the cornerstones of our corporate culture
2Q19 INVESTOR PRESENTATION - Parque Arauco
PARQUE ARAUCO                                     |   INTRODUCTION |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   8

GEOGRAPHIC PRESENCE

Assets and formats

Chile                 Peru                                                        53 ASSETS
29 ASSETS             20 ASSETS
                                                                                 We are present in Latin
                                                                                 American markets with high
                                                                                 growth potential in real
                                                                                 estate development:
8   Regional
    shopping
                      6   Regional
                          shopping
                                                                                 Chile, Peru and Colombia.
    centers               centers

                                                                                 Colombia
                                                                                 4 ASSETS
1     Neighborhood
      shopping
                      9    Neighborhood
                           shopping
      center               centers

                                                                                 3    Regional
                                                                                      shopping
                                                                                      centers
16 Strip
   centers
                      3    Strip
                           centers
                                          2 Premium
                                            Outlets

                                                                                 1 Outlets
4 Premium
    Outlets
2Q19 INVESTOR PRESENTATION - Parque Arauco
PARQUE ARAUCO                                                         |   INTRODUCTION |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   9

PARQUE ARAUCO HAS ICONIC AND DOMINANT SHOPPING CENTERS

In Chile, Peru and Colombia

 PARQUE ARAUCO KENNEDY / CHILE                 ARAUCO MAIPÚ / CHILE                              ARAUCO ESTACIÓN / CHILE

 LARCOMAR / PERU                               MEGAPLAZA NORTE / PERU                            PARQUE LA COLINA / COLOMBIA
2Q19 INVESTOR PRESENTATION - Parque Arauco
PARQUE ARAUCO   |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   10

                OUR
                OPERATIONS

                2
                           CONTENT

                          Chilean portfolio
                          Peruvian portfolio
                          Colombian portfolio
PARQUE ARAUCO                                                                                                                              |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT           11

Chilean portfolio

IN CHILE PARQUE ARAUCO HAS:

     17                                          8 Regional shopping centers

     years                                       1 Neighborhood shopping center
                                                 16 Strip centers
     AVERAGE AGE
     OF THE PORTFOLIO                            4 Outlets

                                                                         FORMAT                                           YEAR INCORPORATED   TOTAL GLA (m2)             OWNERSHIP (%)        Parque Arauco-owned             OCCUPANCY (%)
                                                                                                                                                                                                          GLA (m2)

 Parque Arauco Kennedy                                                   Regional Shopping Center                               1982                110,500                       100%                    110,500                         98.6%
 Arauco Maipú                                                            Regional Shopping Center                               1993                 72,000                       100%                      72,000                        99.6%
 Arauco Chillán                                                          Regional Shopping Center                               2007                 35,500                        51%                      18,105                        93.5%
 Arauco Estación                                                         Regional Shopping Center                               2008                 67,000                        83%                      55,610                        95.7%
 Arauco San Antonio                                                      Regional Shopping Center                               2009                 28,500                        36%                      10,175                        95.6%
 Arauco Express         1
                                                                         Strip Center                                           2012                 39,500                        51%                      20,145                        92.3%
 Arauco Premium Outlets               2
                                                                         Outlet                                                 2012                 46,000                       100%                      46,000                        98.3%
 Arauco Quilicura                                                        Regional Shopping Center                               2013                 32,000                        51%                      16,320                        97.7%
 Arauco Coronel                                                          Regional Shopping Center                               2017                 30,000                        51%                      15,300                        97.6%
 Parque Angamos                                                          Neighborhood Shopping Center                           2018                 10,500                        55%                       5,775                        69.3%
 Arauco El Bosque                                                        Regional Shopping Center                               2018                 30,000                        51%                      15,300                   100.0%
 Total Chile                                                                                                                                        501,500                        77%                    385,230                     96.7%
1. Includes 16 strip centers located in: Santiago (12), Viña del Mar (1), Calama (1), Coquimbo (1) and Antofagasta (1).
2. Includes four premium outlets located in Santiago, Concepción, Coquimbo and Curauma.
PARQUE ARAUCO                                                                                                              |   INTRODUCTION   |   OUR OPERATIONS   |     INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT           12

Peruvian portfolio
IN PERU PARQUE ARAUCO HAS:

     8                                         6 Regional shopping centers

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

                                                                                FORMAT                             YEAR       TOTAL GLA (m2)               OWNERSHIP (%)            Parque Arauco-owned         OCCUPANCY (%)
                                                                                                               INCORPORATED                                                                     GLA (m2)

 MegaPlaza Norte                                                                Regional Shopping Center          2006              112,000                             92%                     102,816                     98.7%
 MegaPlaza Express Villa Chorrillos                                             Neighborhood Shopping Center      2009                 8,000                            92%                        7,344                    96.0%
 Larcomar                                                                       Regional Shopping Center          2010                27,000                        100%                          27,000                    79.9%
 Parque Lambramani                                                              Regional Shopping Center          2010                30,000                        100%                          30,000                    95.6%
 MegaPlaza Chimbote                                                             Regional Shopping Center          2012                28,000                            92%                       25,704                    95.8%
 MegaPlaza Express Villa El Salvador                                            Neighborhood Shopping Center      2012                 9,000                            92%                        8,262                    95.0%
 MegaPlaza Express Chincha                                                      Neighborhood Shopping Center      2013                10,500                            89%                        9,387                    95.8%
 MegaPlaza Cañete                                                               Neighborhood Shopping Center      2013                26,000                        100%                          26,000                    85.4%
 MegaPlaza Express Barranca                                                     Neighborhood Shopping Center      2013                16,500                            92%                       15,147                    98.6%
 InOutlet (premium outlets) and Viamix (strip centers)                     1
                                                                                Outlets / Strip Centers           2013                10,000                            92%                        9,180                    89.7%
 MegaPlaza Express Pisco                                                        Neighborhood Shopping Center      2015                14,500                            92%                       13,311                    92.8%
 El Quinde Cajamarca                                                            Regional Shopping Center          2015                33,000                        100%                          33,000                    95.8%
 El Quinde Ica                                                                  Regional Shopping Center          2015                36,500                        100%                          36,500                    98.9%
 MegaPlaza Express Jaén                                                         Neighborhood Shopping Center      2016                14,500                            87%                       12,601                    96.7%
 MegaPlaza Huaral                                                               Neighborhood Shopping Center      2017                14,000                            92%                       12,852                    96.3%
 MegaPlaza Villa El Salvador II                                                 Neighborhood Shopping Center      2017                15,500                            92%                       14,229                    93.0%
 Total Peru                                                                                                                         405,000                             95%                     383,333                     95.0%
1. InOutlet and Viamix includes two premium outlets in Lima and three strip centers in Lima.
PARQUE ARAUCO                                                                            |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT           13

Colombian portfolio

IN COLOMBIA PARQUE ARAUCO HAS:

 3 Regional
 shopping centers
 1 Outlet

  5
  years
  AVERAGE AGE
  OF THE PORTFOLIO

                                      FORMAT                     YEAR INCORPORATED   TOTAL GLA (m2)                 OWNERSHIP (%)       Parque Arauco-owned GLA           OCCUPANCY (%)
                                                                                                                                                            (m2)

Parque Arboleda                       Regional Shopping Center               2010           41,000                            55%                         22,550                      96.8%
Parque Caracolí                       Regional Shopping Center               2013           38,500                           100%                         38,500                      91.2%
Parque La Colina                      Regional Shopping Center               2016           62,000                           100%                         62,000                      97.0%
Arauco Premium Outlet Bogotá (Sopó)   Outlet                                 2017           13,500                           100%                         13,500                      57.1%
Total Colombia                                                                            155,000                             88%                        136,550                      92.0%
PARQUE ARAUCO    |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   14

                INVESTMENT
                HIGHLIGHTS

                3
                        CONTENT

                         Investment highlights
                         Stability
                         Diversification
                         Growth
                         Sustainability
                         & Corporate governance
                         Financial strength
PARQUE ARAUCO                                                 |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   15

Investment highlights

                                          Financial
                                          Strength                     Stability

                                           5                              1

                     Sustainability and
                 Corporate Governance                                                     Diversification

                                   4                                                         2

                                                        3
                                                      Growth
PARQUE ARAUCO                                                                                |    INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   16

STABILITY

Revenue type and contract duration

REVENUE BREAKDOWN                                     CONTRACT LENGTH                                                          TENANT REVENUE
                                                      (Based on % of revenues)                                                 (Based on % of revenues LTM)

                    4%
                    Parking   11%
                              Other                                                      39%     100%                                                                 12%
                              revenues                                                                                                                                Top 10

                                                                                 10%
                                                                    15%
85%                                                       36%
Rental                                     11%
revenues                                   Variable
                                           revenues

                                                          4         TOTAL
                                                                                                                                                88%
                                                                                                                                                Other tenants
                                                         years      years        years   years

                                89%
                                Fixed
                                revenues

    Our rental revenues are derived primarily
                                                          5.7                                                                         Our top 10 tenants
                                                                                                                                      represent only 12% of
                                                                                                                                                                                12 %
    from fixed contracts and are protected                years             weighted average length of
                                                                            rental contracts
                                                                                                                                      Parque Arauco’s total
    against inflation.                                                                                                                revenue.
PARQUE ARAUCO                                                                                                                                  |   INTRODUCTION   |   OUR OPERATIONS    |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT          17

STABILITY

Consistent same store growth and healthy occupancy cost

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

   CHILE                                                                                                                                                                                                        11.4              11.3
                                                                                                                                                                       10.7                 10.9                                               11.0
                                                                                                                                                                                                      10.6
                                                                                                                                                                                                                         10.4
                                                                                                                                                            10.0                 9.8

                                                                3.4                                                     4.4               3.8
                                                  2.6
                                               1.7                         2.1                                 2.1
                                                                                       1.2                                       1.3
                                                                                                    0.1

                                                             -0.5
                                                SSS            SSR      -1.5       -2.2                                                -2.2
                                                                                                -3.1                 -2.7
                                                                                                            -4.0              -4.2
    PERU                                                                                                                                                    7.5                             7.7                                    8.3
                                                                                    6.6                                                                                7.4       7.4                   7.2      7.4                            7.6
                                                                            6.1                                                                                                                                           6.8
                                                                                                                                         7.0
                                                4.2             4.1                     3.8 3.6                      4.2
                                                                                               3.4                      3.5      4.1
                                                   3.0                   2.8                                2.8
                                                              1.6                                              1.3            2.2
                                                                                                                                       0.7

                                                                                                                                 SSS          SSR

                                                                           10.7                                                                                                             16.0
  COLOMBIA                                                                                                           8.6                                    13.9       13.2                                     13.2               13.9
                                                                                                            8.1                                                                                       12.7                                     12.5
                                                                                    7.4                                 7.1                                                     11.1
                                                                                                               6.6                                                                                                       10.0
                                                                                          5.3                                 5.5      5.3
                                                                                                   4.3                                    4.0
                                                                                                                                 3.7
                                                                                                2.5

                                                 0.2                     0.3
                                                              -0.2
                                                      -0.9       -0.9                                                            SSS          SSR

* Note: Peru’s Same Store Sales and Same Store Rent in 4Q17 do not include Larcomar due to contingencies.
PARQUE ARAUCO                                                                                                                                      |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   18

STABILITY

Results have been positive in all three countries

GLA (M2)                                                                                                                                 TENANT SALES1 (US$)

1,061,500 m2                                                                                                                             MMUS$ 2,901
Total M2                                47,2%                                                     14,6%                                  Total US$ MM                               55,4%                                            11,0%
                                        501,500 m2                                                155,000 m2                                                                        MMUS$ 1,606                                      MMUS$ 318
                                        Chile                                                     Colombia                                                                          Chile                                            Colombia
                                                                                                                                         SALES/M2
                                                                                                                                         295
                                                                                                                                         Chile

                                                                                                  38,2%                                  221                                                                                         33,7%
                                                                                                  405,000 m2                             Peru                                                                                        MMUS$ 976
                                                                                                  Peru                                                                                                                               Peru
                                                                                                                                         194
                                                                                                                                         Colombia

COUNTRY LEVEL EBITDA1,2 (US$ MM)                                                                                                         COUNTRY LEVEL REVENUES1 (US$)

MMUS$ 212                                                                                                                                MMUS$ 287
Total US$ MM                            59,8%                                                        13,2%                               Total US$ MM                               58,9%                                            13,9%
                                        MMUS$ 127                                                    MMUS$ 28                                                                       MMUS$ 169                                        MMUS$ 40
                                        Chile                                                        Colombia                            REVENUES/M2                                Chile                                            Colombia

                                                                                                                                         29
                                                                                                                                         Chile

                                                                                                                                         17
                                                                                                     26,9%                               Peru
                                                                                                                                                                                                                                     27,2%
                                                                                                     MMUS$ 57                                                                                                                        MMUS$ 78
                                                                                                     Peru                                23                                                                                          Peru
                                                                                                                                         Colombia

1. In MUSD using the following exchange rates: US$1= CLP 690.87 US$1= PEN 3.32, US$1= COP 3,248.72.
2. Including overhead expenses (Corporate headquarters, regional Services Center, Chile Division, Peru Division and Colombia Division)
PARQUE ARAUCO                                                                                                                                   |   INTRODUCTION       |     OUR OPERATIONS                  |       INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT                                           19

DIVERSIFICATION

Parque Arauco operates in three attractive economies
                                                                            RETAIL CONSUMPTION (US$ Billion)                                                      NOMINAL INTEREST RATES
                                                                               2015        2017       2018E       2020E   2022E                                                                                 BCP 7 años                                 BCP 2 años
                                                                                                                                                                        5
   CHILE                                                                                                                  4,3%                                     4.5
                                                                                                       3,6%       3,8%
                                                                                           3,3%                                                                         4
                                                                                                                                                                   3.5
   18.6 million            4.0%                                                                                            62,4
   Population              2018 GDP                                                                     54,2      58,1                                                  3
                                                                                51,4        52,5                                  E-Commerce/Total
                                                                                                                                                                   2.5
   2.6%                    2.8%                 2.7%                                                                                In-store sales

                                                                                                                                                                            jul.-17

                                                                                                                                                                                      sept.-17

                                                                                                                                                                                                     nov.-17

                                                                                                                                                                                                                ene.-18

                                                                                                                                                                                                                           mar.-18

                                                                                                                                                                                                                                     may.-18

                                                                                                                                                                                                                                               jul.-18

                                                                                                                                                                                                                                                         sept.-18

                                                                                                                                                                                                                                                                    nov.-18

                                                                                                                                                                                                                                                                              ene.-19

                                                                                                                                                                                                                                                                                         mar.-19

                                                                                                                                                                                                                                                                                                    may.-19
   Inflation               2019f GDP            2020f GDP                        1,5         1,8            2      2,3     2,8      Online sales

                                                                                                                                                                        7
                                                                                                                                                                                                                      PEN 10Y                                       PEN 20Y
    PERU                                                                                                                                                            6.5
                                                                                                                          2,4%
                                                                                                                  2,0%                                                  6
                                                                                            1,6%       1,5%
   32.2 million            4.0%                                                                                                                                     5.5
   Population              2018 GDP                                                                               35,1    37,3    E-Commerce/Total                      5
                                                                                            31,1        32,6
                                                                                 28,7
   2.3%                    3.4%                 3.5%                                                                                In-store sales                  4.5
   Inflation               2019f GDP            2020f GDP

                                                                                                                                                                                jul.-17

                                                                                                                                                                                           sept.-17

                                                                                                                                                                                                       nov.-17

                                                                                                                                                                                                                 ene.-18

                                                                                                                                                                                                                            mar.-18

                                                                                                                                                                                                                                       may.-18

                                                                                                                                                                                                                                                 jul.-18

                                                                                                                                                                                                                                                           sept.-18

                                                                                                                                                                                                                                                                      nov.-18

                                                                                                                                                                                                                                                                                ene.-19

                                                                                                                                                                                                                                                                                          mar.-19

                                                                                                                                                                                                                                                                                                      may.-19
                                                                                 0,3         0,5            0,5    0,7     0,9      Online sales

                                                                                                                                                                   7.5                                     COGR10Y Index                                      COGR1Y Index
  COLOMBIA                                                                                                                12,1%
                                                                                                                                                                     7
                                                                                                                  8,7%
                                                                                                      5,2%                                                         6.5
                                                                                           3,7%
                                                                                                                                                                     6
   49.8 million            2.7%                                                                                           78,6
   Population              2018 GDP                                                                               74,3                                             5.5
                                                                               68,8        69,5        70,8                       E-Commerce/Total
                                                                                                                                                                     5
   3.3%                    3.1%                 3.1%                                                                                In-store sales
                                                                                                                                                                   4.5
   Inflation               2019f GDP            2020f GDP                       1,2         2,7         3,9       7,1     10,8      Online sales                     4

                                                                                                                                                                            jul.-17

                                                                                                                                                                                          sept.-17

                                                                                                                                                                                                      nov.-17

                                                                                                                                                                                                                ene.-18

                                                                                                                                                                                                                           mar.-18

                                                                                                                                                                                                                                     may.-18

                                                                                                                                                                                                                                               jul.-18

                                                                                                                                                                                                                                                         sept.-18

                                                                                                                                                                                                                                                                    nov.-18

                                                                                                                                                                                                                                                                              ene.-19

                                                                                                                                                                                                                                                                                        mar.-19

                                                                                                                                                                                                                                                                                                   may.-19
Source: GDP Growth, Population: Bloomberg consensus, June 2018. Retail Sales: Euromonitor, December 2018.
PARQUE ARAUCO                                                                                                         |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT           20

DIVERSIFICATION

Parque arauco diversifies its market risks
at a country, format, and socio-economic level
COUNTRY LEVEL DIVERSIFICATION                                      FORMAT LEVEL DIVERSIFICATION                                                         SOCIO-ECONOMIC DIVERSIFICATION
(Based on % of revenues)                                           (Based on % of revenues)                                                             (Based on % of revenues)

                     14%                                                                       5%            7%                                                                              9%
                     Colombia                                                          Neighborhood                                                                      48%                 Medium-low
                                                                                                             Outlet
                                                                                                                                                                         Medium
                                       27%                                                                      3%     Strip Center
                                       Peru

       59%                                                                      85%                                                                                                                      43%
       Chile                                                                    Regional                                                                                                                 Medium-high

GLA BY CATEGORY (%)
 %
50.0                                                                                                         46.2
45.0
40.0
35.0        30.9 31.7          29.8                                                                                                                                                                           Chile
30.0                                                                                           26.9                 26.0
25.0                    20.8                 19.5                       22.3                                                                                                                                  Perú
20.0                                  18.1                16.6                                        17.2
                                                                               15.3 16.0                                                      13.4
15.0                                                             11.2                                                            12.0                10.4                                                     Colombia
10.0                                                                                                                                    7.2
                                                    3.9
 5.0                                                                                                                                                                   0.9 2.0 0.4 1.2                        Consolidated
 0.0
               Departament            Home improvement                Food &                   Specialized retail                Mixed-use & services                      Others
                  Stores               & supermarkets              entertainment
PARQUE ARAUCO                                                                                                                                                            |   INTRODUCTION       |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   21

GROWTH

Parque Arauco’s investment history

Parque Arauco is a real estate company dedicated to the
development and operation of mixed-used properties in the
Andean region.
                                                                                                                                                                                        3%                  Our value creation
                                                                                                                                                                                                            spread (approx).

TOTAL INVESTMENT (US$ MM)*                                                                                                                                                         VALUE CREATION SPREAD

                                                                                                                   1,391
                                                                                                       53
                                                                                        71                                                                                                                                           3%                8%
                                                                          159
                                                                                                                               5% Landbank
                                                            277
                                                                                                                               12% M&A
                                              316                                                                              12% Minority Interest
                                                                                                                                                                                                                 5%
                                174
                  212
                                                                                                                               71%
                                                                                                                               Greenfields
    125                                                                                                                        and expansions

  2012           2013          2014           2015            2016         2017         2018         2Q19          TOTAL                                                                                        WACC            Spread Over         Cap Rate
                                                                                                                                                                                                                                   WACC

1. Using the following exchange rates: US$1= CLP 690.87. M&A considers cash flows used for acquiring subsidiares or other businesses. Minority interests considers cash flows used for acquiring non-con-
trolling interests and other payments to acquire joint ventures. Greenfields and landbank includes purchase of other long-term assets. This does not include other investments, including interests recieved,
purchases of property, plant and equpment, purchases of intangible assets, dividends recieved, and other inputs (outputs) of cash.
PARQUE ARAUCO                                                                                                                      |   INTRODUCTION   |   OUR OPERATIONS       |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT         22

GROWTH

Total return

Parque Arauco’s value creation is proven by the fact that it has had one of the
highest “Total Return” of the real estate sector in the last years.

TOTAL RETURN1, LAST 5 YEARS                                                                                         TOTAL RETURN1, LAST 10 YEARS
ANNUALIZED, LOCAL CURRENCY                                                                                          ANNUALIZED, LOCAL CURRENCY

          18%
                    16%
                                                                                                                          19%
                              12%                                                                                               17% 17% 17%
                                       11%
                                                                                                                                                            15%
                                                  6%      4%     3%                                                                                                 13% 12%
                                                                                                                                                                                         10%    9%
                                                                        0%     -1% -4%                                                                                                                  9%
                                                                                            -7% -8%
             1        2          3        4          5    6       7      8
                                                                                                      -10%                                                                                                     5%     3%     1%
                                                                                 9     10   11   12
                                                                                                       13                   1        2         3      4         5      6         7         8      9      10     11     12      13

                                                                                                             -21%                                                                                                                      -8%

                                                                                                              14                                                                                                                        14

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

Source: Bloomberg
1. Total return includes dividends as of June 30, 2019.
PARQUE ARAUCO                                                                                                   |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   23

GROWTH

Parque Arauco is supporting the globalization
of several brands entering the Andean region
RETAIL PRESENCE BY COUNTRY
(% OF GLOBAL BRANDS IN COUNTRY)1
                                                                                                       FIRST OPENINGS
                                                                                                       IN CHILE
            53.0         52.7

                                  44.0

                                           27.5
                                                      23.1
                                                                21.3
                                                                          13.2
                                                                                   9.9
                                                                                                 8.7

                 s                                         il     ile          a     rú           la
             te            om     ico        bia        az      Ch          tin    Pe         ue
         St
            a             d       éx       m         Br                    n                 z
     d                ing       M      l o                              ge                ne
  ite           d
                     K              Co                               Ar                 Ve
Un           e
        Unit                                                                                           FIRST OPENINGS
                                                                                                       IN PERU

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

1) Source: CBRE: How Global is the business of retail? (2017)
PARQUE ARAUCO                                                                                                                      |   INTRODUCTION   |   OUR OPERATIONS       |    INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT          24

GROWTH

Innovating in a new business environment

E-COMMERCE SALES                                                                 E-COMMERCE SALES                                                                    BRICK AND MORTAR
OVER TOTAL RETAIL SALES1 (%)                                                     GROWTH1 (%)                                                                         SALES GROWTH 1 (%)

                                                                13.7                                                                           37.5
                                                      13.3                                                                       32.7
                                                                                    26.0                               26.8
                                            11.6
                                10.3                                                           23.3        23.5                                                               3.7
                    9.3
   8.5                                                                                                                                                                                              3.0
                                                                3.7              15.0                  14.1
                                                          3.2                                                        13.4     13.1          13.3                                              2.5
                                             2.4                                            11.6
                                 1.9                                                                                                                                                                                           1.5
   1.3              1.6                                                                                                                                                                 1.2               1.2         1.2               1.3
                                                                                                                                                                        0.4                                     0.9
                                                                                                                                                                                                                            -1.6     -0.5
   2013          2014          2015         2016      2017      2018               2013      2014        2015         2016     2017          2018
                                                                                                                                                                         2013            2014        2015       2016        2017       2018
  USA        Chile, Perú, Colombia                                                  USA      Chile, Perú, Colombia                                                        USA           Chile, Perú, Colombia

                                                                                                                                            INTERNET USE FOR ONLINE SHOPPING
  PARQUE ARAUCO IS INVESTING IN TECHNOLOGY
                                                                                                                                            AND BILL PAYING2 (%)

                                                                                                                                            United States                                                         77
                                                                                                                                                      China                                         49

                                                                                                                                                      Chile                             30
  Digital                    New                   New                  Smart           Customer              App                                  Colombia              12
Directories                webpages                Wifi                parking           journey          development
                                                                                        redesign                                                       Perú         7

1. Source: Eurmonitor, December 2018
2. Source: Global Findex 2017 (WorldBank)
PARQUE ARAUCO                                                                                                                                                            |    INTRODUCTION         |    OUR OPERATIONS           |    INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   25

GROWTH

Parque Arauco participates in countries
with growing retail markets

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

2,500                                                                                                               300                              2,500                                                                                                                    300

2,000                                                                                                               250                              2,000                                                                                                                    250

                                                                                                                    200                                                                                                                                                       200
1,500                                                                                                                                                1,500
                                                                                                                    150                                                                                                                                                       150
1,000                                                                                                                                                1,000
                                                                                                                    100                                                                                                                                                       100
 500                                                                                                                50                                  500                                                                                                                   50

    0                                                                                                               0                                      0                                                                                                                  0
                       e                                                                            il                                                               k         o           n         e               ty           o            á         lo        a     es
        US
           A
                   po
                      r          UK       pa
                                             n
                                                      xic
                                                          o
                                                                hil
                                                                    e
                                                                          Pe
                                                                             r u       bia       as    ina                                                       Yo
                                                                                                                                                                    r
                                                                                                                                                                          ok
                                                                                                                                                                             y          do       po
                                                                                                                                                                                                    r               i
                                                                                                                                                                                                                             tia
                                                                                                                                                                                                                                 g
                                                                                                                                                                                                                                           go
                                                                                                                                                                                                                                              t
                                                                                                                                                                                                                                                      au       Lim s Air
                                        Ja          e          C
                                                                                   lom         Br ent                                                                                n                           oC
                ga                                M                                                  g                                                       w           T         Lo          ga             ic        Sa
                                                                                                                                                                                                                          n           Bo           oP               o
            Sin                                                                  Co              Ar                                                      Ne                               Sin       M
                                                                                                                                                                                                            ex                                Sa                 en
                                                                                                                                                                                                                                                              Bu
                            GLA per 1,000 inhabitants                    GDP / GLA                                                                                                  GLA per 1,000 inhabitants                             GDP / GLA

1. Source: International Council of Shopping Centers, World Bank, The Brooking Institution, CoStar, Alphawise, CASC, CapitalLand Mall Trust, Japan Council of Shopping Centers, Mexico (CBRE), Brazil
(ABRASCE), Peru (ACCEP), Morgan Stanley Research
PARQUE ARAUCO                                                  |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   26

SUSTAINABILITY & CORPORATE GOVERNANCE

Parque Arauco has received important recognitions
from local and international organizations

                    Parque Arauco was recognized                           Parque Arauco has been included, for the
                    by Great Place to Work in Chile in 2018.               second consecutive year, in the FTSE4Good
                                                                           index. This index includes the best
                                                                           performing companies in sustainability,
                                                                           taking into account environmental,
                                                                           social and governance topics.

                  3 rd best Investor Relations program in 2018             For the third year running, in 2018 Parque
                  Latin American Real Estate sell-side ranking             Arauco is part of the Dow Jones Emerging
                  by Institutional Investor.                               Market Sustainability Index. We are the first
                                                                           Latin American real estate company to be
                                                                           part of this prestigious index.
PARQUE ARAUCO                                                                                    |   INTRODUCTION   |   OUR OPERATIONS   |       INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT                                  27

SUSTAINABILITY & CORPORATE GOVERNANCE

In the last years we have continued advancing
our sustainability strategy

 SUSTAINABILITY AGENDA

GENERATING SOCIAL VALUE                             COMMITMENT AND LEADERSHIP IN
                                                    DECISION MAKING
•Develop programs and initiatives that support
local and emerging entrepreneurship in Chile,       • Continue progress on assessment and
Peru and Colombia.                                  implementation of labor practices in order                                         Support for local                         Managing Working
                                                    to be recognized as a company that attracts                                          and emerging                            conditions with
• Conduct activities that promote a culture         the best talent.                                                                  Enterpreneurship                           our value chains
of inclusion and accessibility at our shopping                                                                                                                                                                    Magaging the
centers in Chile, Peru and Colombia.                • Implement a risk management model                                    Social
                                                                                                                                                                                                                  enviromental
                                                                                                                   integration of
                                                                                                                                                                                   Res                            impact of
• Develop and implement a corporate                 • Strengthen ethics and good corporate                         our shopping                                      alu
                                                                                                                                                                        e             p
                                                                                                                                                                                    Ou on
                                                                                                                                                                   lV                  rS                         shopping center
strategy on engagement with surrounding             governance practices.                                                 center

                                                                                                                                                                                            sa opp
                                                                                                                                                              ia
                                                                                                                                                                                                                  construction

                                                                                                                                                                                              bil ing C
                                                                                                                                                                                        h
                                                                                                                                                            oc
communities.

                                                                                                                                                                                                 ity
                                                                                                                                                Generating S

                                                                                                                                                                                                     Operating
                                                                                                                                                                                                                  Magaging the

                                                                                                                                                                                                       enter
                                                                                                                  Strengthening                                      SUSTAINABILITY
                                                                                                                        ties with                                                                                 enviromental
RESPONSIBLY OPERATING                               OTHER HIGHLIGHTS                                                Neighboring                                                                                   impact of shopping
OUR SHOPPING CENTERS                                                                                               communities                                                                                    center operations

                                                                                                                                                          ip

                                                                                                                                                                                                C
                                                                                                                                                                   om in              g
                                                                                                                                                                     mi Decision Makin ersh
                                                    • We adhere to the United Nations Global
                                                                                                                                                                       tme            d
                                                                                                                                                                          nt and Lea
• Provide training on and launch a tool for         Compact.
assessing our strategic suppliers’ sustainability
                                                                                                                               Ethics and                                                                   Atracting and
practices in Chile, Peru and Colombia.              • We continued to be the only Latin American                           good corporate                             Managing                              retaining talent
                                                    Real Estate Company in the Dow Jones                                      governance
• Implement sustainable construction                                                                                                                                and monitoring
                                                    Sustainability Emerging Markets Index for the
standards for future Parque Arauco projects.        third consecutive year.

• Measure environmental performance of              • We published our second integrated annual
operational shopping centers and efficiently        report based on our 2018 results.
manage natural resources.
PARQUE ARAUCO                                                                             |   INTRODUCTION    |   OUR OPERATIONS    |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   28

FINANCIAL STRENGTH

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

             LIABILITIES / EQUITY                                         NET FINANCIAL DEBT / EQUITY
                  2013    2014    2015    2016    2017    2018    2Q19     2013   2014    2015     2016        2017      2018        2Q19

                                                                                                                                             < 1.50x
                                                  1.21x   1.21x   1.28x
                                  1.15x   1.18x

                  0.89x
                          0.81x                                                                                0.77x
                                                                                          0.76x    0.72x                0.66x        0.69x
                                                                          0.59x
                                                                                  0.47x

             EBITDA/FINANCIAL EXPENSES                                    NET FINANCIAL DEBT / EBITDA
                  2013    2014    2015    2016    2017    2018    2Q19     2013   2014    2015     2016        2017      2018        2Q19

              3.89x                                               3.87x                   5.87x    5.88x
                                                          3.76x                                                5.54x
                                                                          5.00x                                         5.19x        5.04x
                          3.31x   3.33x           3.42x
                                          3.04x                                   4.25x
PARQUE ARAUCO                                                                                                                          |    INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   29

FINANCIAL STRENGTH

Conservative debt structure

LIABILITY AMORTIZACION PROFILE AND DURATION (US$ MM)1

                                   213

                                                          177
                 166

     134
           121
                             133
                                                                                                                                                       6.1                               5.7                        Feller: AA
                                                                                                                                                       years                             years                      ICR: AA
                        57
                                                                                                                                                                                                                    Fitch: AA-
                                                                             47 44 43 43 44 44 45
                                                                       37                         38 37
                                                                                                                                                                                         Rental
                                         15 10 15                15                                           17                                                                         contract length
                                                                                                                   8    4   4   4   3                  Debt duration                                                Local rating
  19

  20

  21

  22

  23

  24

  25

  26

  27

  28

  29

  30

  31

  32

  33

  34

  35

  36

  37

  38

  39

  40

  41

  42

  43

  44

  45
20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20

20
SUMMARY OF DEBT BY CURRENCY                                                                      SUMMARY OF LIABILITY STRUCTURE                                           SUMMARY OF DEBT RATES

                                                      17%                                                                                                                                                        8%
                                                      PEN                                                                                                                                                        Variable

                                                                                                                                        36%
                                                                6%                                                                      Loans
                                                                COP
                                  JUNE 2019                                                                            JUNE 2019                                                                     JUNE 2019

             77%                                                                                      61%                                                                            92%
             UF                                                                                       Bonds                                                                          Fixed
                                                                                                                                    3% Leasing
Source: Parque Arauco
(1) Does not include accrued interests and the exchange rate is at the close of June 30, 2019.
PARQUE ARAUCO                                                                                                                  |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   30

FINANCIAL STRENGTH

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

                                  DATE: 04 /17/2015
                                  BASE: 1.62%
                                                                                        DATE: 08/30/2018
                                                                                                                                    PA                                           The cost of debt of Parque Arauco
                                  SPREAD: 1.68%
                                                                                        BASE: 1.59%                                                                              has decreased 180 POINTS from
                                  RATE: 3.30%
                                                                                                                                                                                 4.1% to 2.3%
                                                                                        SPREAD: 0.75%
                                  DURATION: 14.77
DATE: 12/12/2014                                                                        RATE: 2.34%                                 Generic
BASE: 1.66%                                                                             DURATION: 8.9                               long-term bond                               the spread five years ago had
                                                                                                                                                                                 collateral agreements, while the
SPREAD: 1.74%
                                                    DATE: 10/12/2016                                                                Issued by Parque                             current spread is unsecured with
RATE: 3.40%
                                                    BASE: 1.46%                                                                     Arauco in Chile                              no collateral.
DURATION: 14.3
                                                    SPREAD: 1.02%
                                                    RATE: 2.48%
     4                                              DURATION: 12.71

   3,5

     3

   2,5

     2

   1,5

     1                                                                                                    Generic AA Chilean Bond
                                                                                                          (Duration 15 years)

   0,5
                                                                                                          Central Bank of Chile
     0                                                                                                    Interest Rate
       4

                 4

                            5

                                   5

                                              6

                                                       6

                                                                7

                                                                       7

                                                                                  8

                                                                                            8

                                                                                                    9
       1

                 1

                              1

                                     1

                                                1

                                                       1

                                                                  1

                                                                         1

                                                                                    1

                                                                                           1

                                                                                                      1
    2-

              8-

                           2-

                                  8-

                                             2-

                                                    8-

                                                               2-

                                                                      8-

                                                                                 2-

                                                                                        8-

                                                                                                   2-
  -0

            -0

                         -0

                                -0

                                           -0

                                                  -0

                                                             -0

                                                                    -0

                                                                               -0

                                                                                      -0

                                                                                                 -0
22

          22

                       22

                              22

                                         22

                                                22

                                                           22

                                                                  22

                                                                             22

                                                                                    22

                                                                                               22

Source: Risk America
PARQUE ARAUCO    |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   31

                FUTURE

                4
                DEVELOPMENTS
                            CONTENT

                           Future developments
                           Landbank
                           Glossary
PARQUE ARAUCO                                                                                   |    INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   32

FUTURE DEVELOPMENTS

Parque Arauco Kennedy expansion

 PHASE 1                                                                              PHASE 2

  Format
  Mixed use

  Commercial GLA
  11,000 m2

  PA ownership
  100%
                       This expansion will add 11,000 m2 of commercial GLA at
                                                                                                                                                           The second expansion phase
  Total investment     Parque Arauco Kennedy, along with a 5-star Hilton hotel             Format                Total investment
                                                                                                                                                           at Parque Arauco Kennedy was
  US$212 million       featuring 401 rooms and Santiago’s largest hotel convention         Mixed use             US$86 million                             announced in 2018. It includes
                       center (with capacity for more than 2,800 people and
                                                                                                                                                           a 14-story, 15,000 m2 tower
                       surface area of 3,000 m2). Additionally, there will be two          Commercial GLA        Construction begins
  Construction began                                                                                                                                       with an additional 10,000 m2
                       restaurants, three bars, two pools, a gym and an executive
  2017                                                                                     10,000 m2             2021                                      GLA at the base of the tower.
                       lounge as well as 700 additional parking spaces. The project
                       also includes construction of a 25,000 m2 Falabella store,
  Scheduled to open    the retail chain’s largest.                                         PA ownership          Scheduled to open
  2021                                                                                     100%                  2024
PARQUE ARAUCO       |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   33

FUTURE DEVELOPMENTS

Parque Alegra

                                                        Type                     PA ownership
                                                        Regional mall            100%

                                                        Location                 Total investment
                                                        Barranquilla,            US$135 million
                                                        Colombia
                                                                                 Construction begins
                                                        Additional GLA           2019
                                                        50,000 m2
                                                                                 Scheduled to open
                                                                                 2021

                                                The project is in the initial stage of construction and is
                                                located in the southern part of Barranquilla on Boyacá
                                                Avenue, one of the main roads that connects the
                                                northern and southern sectors of the city, as well as the
                                                Barranquilla Airport. The anchor stores of the project
                                                will be a department store (Falabella), a supermarket
                                                (Olímpica), a movie theater (CineColombia) and a
                                                children’s entertainment area (Playland). The shopping
                                                center will have more than 300 stores, a food court, a
                                                restaurant area, large common areas and underground
                                                parking, and is expected to be the leading shopping
                                                center in southern Barranquilla.
PARQUE ARAUCO                                                                                                                                                 |   INTRODUCTION   |    OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT         34

FUTURE DEVELOPMENTS

In Chile, Peru and Colombia

                                                                                                                                                                                                                                         TOTAL           TOTAL
                                                                                                                                                                   TOTAL GLA                              Parque Arauco           INVESTMENT        INVESTMENT
                                                            TYPE                       COUNTRY FORMAT                                    SCHEDULED TO OPEN               (m²)     OWNERSHIP (%)          owned GLA (m2)       (Local currency) 1        (MUS$)2
 New Projects
 Parque Alegra                                              Development                Colombia Regional                                       2H21                      50,000            52.5%                    26,250              433,000                135
 La Molina                                                  Development                Peru             Neighborhood                            TBD                      19,500            100%                     19,500              180,000                 54
 Subtotal                                                                                                                                                                69,500                                    45,750                                      189
 Expansions
 Parque Arauco Kennedy, Phase 13                            Expansion                  Chile            Regional/Hotel                         2H21                      11,000            100%                     11,000            5,355,000                218
 Parque Arauco Kennedy, Phase 2                  4
                                                            Expansion                  Chile            Regional/Tower                         2H24                      10,000            100%                     10,000            2,200,000                88
 Arauco Premium Outlet Buenaventura Expansion                                          Chile            Outlet                                 2H19                       3,500            100%                      3,500              140,000                 6
 Subtotal                                                                                                                                                                24,500                                    24,500                                      312
 Acquisitions
 Puerto Nuevo Antofagasta                                   Development                Chile            Strip center                 Various dates (2019 - 2022)          9,500            100%                      9,500              709,710                 29
 Subtotal                                                                                                                                                                 9,500                                      9,500                                      29
 Projects incorporated in 2019
 Arauco Express El Peñón                                    Acquisition                Chile            Strip center                           2Q19                       2,100            51%                       1,070              146,201                  6
 MegaPlaza                                                  Minority Interest Peru                      Various                                2Q19                           -            50%                    123,000               583,450                174
 Subtotal                                                                                                                                                                 2,100                                   124,070                                      180
 Total                                                                                                                                                                  105,600                                   203,820                                      710
 Remaining to invest                                                                                                                                                                                                                                           454

1. Projects in UF (Chile), MPEN (Peru) and MCOP (Colombia)
2. Considering the exchange rate as of June 30, 2019: 27,908.86 CLP/UF, 679.15 CLP/US$, 3,209.39 COP/US$, 3.29 PEN/US$.
3. In addition to the 11,000 m2 of GLA. This expansion includes a 401-room Hilton hotel and the largest hotel convention center in Santiago.
4. The project also includes a 15,000 m2 tower.
PARQUE ARAUCO                                                             |   INTRODUCTION      |   OUR OPERATIONS       |    INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT                       35

Landbank

LANDBANK BY TOTAL COST (JUNE 2019)                              NAME                                                   SURFACE         OWNERSHIP                     TOTAL               TOTAL
                                                                                                                      AREA (m2)              (%)               INVESTMENT           INVESTMENT
                                                                                                                                                                    (LOCAL              (MUS$)2
                                                                                                                                                                CURRENCY)1

                                                               Chile
  29%                          40%
                                                               Quilicura                                                  25,486               100%                  78,000                  3
  Chile           TOTAL COST                                   Buenaventura                                             115,864                100%                455,000                  18
                               Peru
                    US$ 124
                   MILLION            745,966 m            2   Chicureo                                                   47,614               100%                206,000                   8
                                                               Los Andes                                                  39,254               100%                117,000                   5
                                      total surface area
    31%                               of our land bank
                                                               San Pedro de la Paz                                        17,002               100%                  51,000                  2
 Colombia                                                      Total Chile                                              245,220               100%                 907,000                  36
                                                               Peru
                                                               Chimbote                                                 42,657                 100%                  18,000                  5
                                                               Talara                                                   30,675                 100%                    9,400                 3
                                                               Ica                                                      12,643                 100%                  13,500                  4
                                                               Chiclayo                                                   6,609                100%                    6,300                 2
                                                               Pomalca Chiclayo                                         45,042                 100%                    6,565                 2
                                                               Lambayeque-MegaPlaza                                     25,260                  50%                  18,900                  6
                                                               San Juan de Lurigancho- MegaPlaza                        80,000                  50%                  10,415                  3
                                                               Other MegaPlazas                                        106,157                  50%                  85,685                 24
                                                               Total Peru                                              349,043                  70%                168,765                  49
                                                               Colombia
                                                               Neiva                                                    49,537                 100%                  18,000                  6
                                                               Valledupar                                               46,000                 100%                  30,000                  9
                                                               Barranquilla                                             56,166                 100%                  76,000                 24
                                                               Total Colombia                                          151,703                100%                 124,000                  39
                                                               Total                                                   745,966                  86%                                        124

                                                               1. Land bank in UF (Chile), MPEN (Peru) and MCOP (Colombia)
                                                               2. Considering the exchange rate as of June 30, 2019: 27,908.86 CLP/UF, 679.15 CLP/US$, 3,209.39 COP/US$, 3.29 PEN/US$.
PARQUE ARAUCO                                                                                                   |   INTRODUCTION   |   OUR OPERATIONS   |   INVESTMENT HIGHLIGHTS | FUTURE DEVELOPEMENT   36

Glossary

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