Investor P resentation Investor Presentation First Quarter 2017 - PowerPoint PPT Presentation

/ / 1 1 Investor P resentation Investor Presentation First Quarter 2017 First Quarter 2017 Parque Arauco CONTACTS SARAH INMON (HEAD OF INVESTOR RELATIONS) | EDUARDO PEREZ MARCHANT (CORPORATE FINANCE MANAGER) | CLAUDIO CHAMORRO (CFO) |TEL: (562) 22990510 | EMAIL: IR@PARAUCO.COM

/ 2 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 anticipa- ted 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. Investor Presentation First Quarter 2017 Parque Arauco

/ 3 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS Investor Presentation First Quarter 2017 Parque Arauco

/ Parque Arauco at a glance 4 Parque Arauco OPERATIONAL METRICS BY COUNTRY Chile Peru Colombia Parque Arauco is the third largest shopping center operator in Chile and Peru, and the fourth largest in Colombia. 39.1% 29.6% 14.5% Indicator/ Country CHILE PERU COLOMBIA TOTAL Total GLA (m 2 ) 1 453,500 381,500 141,500 976,500 TOTAL TOTAL GLA 1 REVENUES 2 Owned GLA (m 2 ) 415,414 270,750 123,275 809,439 976,500 M 2 US$MM 253 Revenues LTM 1Q17 (US$MM) 2 156 75 22 253 8.7% # of operations 25 18 3 46 61.7% 46.4% SHAREHOLDER STRUCTURE (MARCH 2017) Local mutual funds 6% OPERATIONAL METRICS BY FORMAT 2% 26% Others Regional Neighborhood Outlet Strip center Controlling Group 4.9% 9.9% 6.8% 6.2% 2.7% 25% 4.0% Investor Presentation First Quarter 2017 MARKET CAP 3 5% US$MM 2,353 Foreign Said Yarur Family TOTAL investment TOTAL GLA 1 3% REVENUES 2 funds 976,500 M 2 US$MM 253 Parque Arauco Abumohor Family 12% 21% 79.9% 85.6% Local pension funds Local brokers DAILY TRADED VOLUME 1Q17: US$MM 3.4 Source: Parque Arauco. (3) Source: Bloomberg (1) Does not include Marina Arauco nor Mall Center Curicó. (2) Revenues from April 2016- March 2017. Exchange Rate: US$= 655.71

/ In the last fjve years Parque Arauco has doubled GLA, 5 revenues and EBITDA 1982 Parque Arauco Kennedy opens as first shopping center in Chile 1993 Arauco Maipu inaugurates in Santiago 1995 Parque Arauco S.A. IPO GLA (1) M 2 1997 Inauguration of Marina Arauco in Viña del Mar, Chile 2006 Parque Arauco expands into Peru with the purchase of a 45% +1.7 x stake in MegaPlaza Norte in Lima 2008 Parque Arauco acquires Arauco Estación in Santiago, Chile 976,500 2010 Parque Arauco opens first mall in Colombia, Parque Arboleda in Pereira 935,900 818,500 2011 Capital increase for US$145 MM 728,500 693,100 2012 Parque Arauco enters outlet format in Chile by acquiring Arauco 559,700 Premium Outlet Buenaventura 2014 Capital increase for US$182 MM 2015 Purchase of minority shareholders in Colombia and Peru 2016 Capital increase for US$100 MM 2012 2013 2014 2015 2016 UDM 2017 EBITDA (1) US$ MM REVENUES (1) US$ MM +1.8 x +1.8 x 253 175 Investor Presentation First Quarter 2017 244 169 223 153 192 130 164 114 142 99 Parque Arauco 2012 2013 2014 2012 2013 2014 2015 2016 UDM 2015 2016 UDM 2017 2017 Source: Parque Arauco. Exchange Rate: US$= 655,71 (1) Does not include Marina Arauco nor Mall Center Curicó.

/ T he spread over the cost of capital of our last pro jects is 6 approximately 3% 6% 9% 3% REAL CAP RATE (1) REAL WACC (2) SPREAD OVER REAL WACC Investor Presentation First Quarter 2017 Source: Parque Arauco (1) Real cap rate is the yield on cost rate averaged by amount invested and considers the following properties: Arauco Express Calama, Arauco Express Ciudad Empresarial I, Arauco Express Colón, Arauco Express Huechuraba, Parque Arauco Arauco Express Irarrázaval, Arauco Express Las Brujas, Arauco Express Luis Pasteur, Arauco Express Manuel Montt, Arauco Express Palmares, Arauco Premium Outlet Buenaventura, Arauco Premium Outlet Curauma, Arauco Premium Outlet San Pedro, Arauco Premium Outlet Coqumbo, Arauco Quilicura, MegaPlaza Chimbote, MegaPlaza Express Villa El Salvador, MegaPlaza Express Chincha, InOutlet Faucett, Viamix Chorrillos, Viamix Las Malvinas, InOutlet Premium Lurín, MegaPlaza Cañete, MegaPlaza Express Barranca, MegaPlaza Pisco, El Quinde Cajamarca, El Quinde Ica, Plaza Jesús María, Parque Caracolí. (2) Weighted Average Cost of Capital

/ 7 T otal 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 RETURN 1 , LAST 5 YEARS TOTAL RETURN 1 , LAST 15 YEARS ANNUALIZED, LOCAL CURRENCY ANNUALIZED, LOCAL CURRENCY 17% 21% Parque Arauco 16% 15% 19% Falabella 13% 12% 11% 10% 16% Simon 9% 8% 15% Taubman 5% 5% 5% 13% Keplierre 4% 2% 11% Macerich 1% -6% -3% -3% 10% IPSA Parque Arauco Unibail S&P 500 Klepierre Iguatemi Hammerson Fibra Uno GGP Multiplan Simon Falabella Macerich Inut IPSA Taubman 8% GGP BR Malls Aliansce Investor Presentation First Quarter 2017 5% S&P 500 5% Cencosud Hammerson -1% Intu Parque Arauco Source: Bloomberg (1) Total return includes dividends as of May 31, 2017.

/ 8 Revenue type and contract duration FIXED VS VARIABLE RENTAL REVENUES CONTRACT LENGTH AS OF MARCH 31, 2017 (BASED ON % OF REVENUES) 15% Other Revenues 40% 100% 85% Rental Revenues 14% 14% 32% 15% Variable Revenues Investor Presentation First Quarter 2017 ‹2 YEARS 2-3 YEARS 3-4 YEARS ›4 YEARS TOTAL 85% Fixed Revenues Parque Arauco Our rental revenues are derived primarily 40% of our contracts have a duration of more from fixed contracts and are protected against inflation than 4 years and the average length is 6.0 years

/ 9 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS Investor Presentation First Quarter 2017 Parque Arauco

/ 10 Parque Arauco has iconic and dominant shopping centers in Chile, Peru and Colombia Parque Arauco has iconic shopping centers in all three countries PARQUE ARAUCO KENNEDY - CHILE ARAUCO MAIPÚ - CHILE LARCOMAR - PERÚ Investor Presentation First Quarter 2017 Parque Arauco PARQUE LA COLINA- COLOMBIA MEGAPLAZA NORTE - PERÚ ARAUCO ESTACIÓN - CHILE

/ 11 "Market Specialist" Parque Arauco is concentrated in Santiago and Lima, which makes the company a “market specialist” in these cities Lima Santiago ARAUCO PREMIUM OUTLET BUENAVENTURA ARAUCO MEGAPLAZA NORTE QUILICURA PARQUE ARAUCO JESUS MARIA KENNEDY ARAUCO MAIPÚ INOUTLET FAUCETT Lima ARAUCO ESTACIÓN LARCOMAR VILLA CHORRILLOS Santiago VILLA EL SALVADOR INOUTLET PREMIUM LURÍN Santiago 1 : 59% del NOI de Parque Arauco Investor Presentation First Quarter 2017 Lima 1 : 18% del NOI de Parque Arauco Parque Arauco (1) Santiago represents 95% of the NOI of Chile, Lima represents 66% of the NOI of Peru, and Bogota represented 59% of the NOI of Colombia in the fjrst quarter of 2017..

/ Colombia 12 Chilean Portfolio In Chile Parque Arauco has 7 regional shopping centers, 4 outlets and 14 strip centers. The average age of the portfolio is 16 years. Perú Owned GLA Year of Chile GLA (m 2 ) % Ownership Occupancy (m 2 ) incorporation Parque Arauco Kennedy 113,500 100% 113,500 95.7% 1982 Arauco Maipú 74,000 100% 74,000 98.6% 1993 Arauco Chillán 32,000 100% 32,000 99.9% 2007 Arauco Estación 66,000 83% 54,780 97.9% 2008 Arauco San Antonio 28,500 60% 17,032 95.3% 2009 Arauco Express 1 33,000 53% 17,602 80.9% 2012 Arauco Premium Outlets 2 44,500 100% 44,500 90.9% 2012 Arauco Quilicura 32,000 100% 32,000 100.0% 2013 Chile Arauco Coronel 30,000 100% 30,000 93.5% 2017 Total Chile 453,500 92% 415,414 95.4% Investor Presentation First Quarter 2017 Parque Arauco Source: Parque Arauco (1) Arauco Express has 14 Stripcenters in Chile: 11 strip centers in Santiago, 1 in Viña del Mar, 1 in Calama, and 1 in Antofagasta. (2) Arauco Premium Outlet has four outlets located in Santiago, Concepción, Coquimbo and Curauma.