1 Investor Presentation MAY 2016 CONTACTS SARAH INMON (HEAD OF INVESTOR RELATIONS) | EDUARDO PEREZ MARCHANT (CORPORATE FINANCE MANAGER) - 1 - TEL: (562) 22990510 | EMAIL: IR@PARAUCO.COM
2 2 disclaimer This document has been prepared by Parque Arauco for the purpose of providing general infor- mation about the Company. The Company assumes no responsibility for, or makes any represen- tation or warranty, express or implied, with respect to, the accuracy, adequacy or completeness of the information contained herein. The Company expressly disclaims any liability based on such information, errors therein or omissions therefrom. This presentation includes certain statements, estimates and forecasts provided by the Company with respect to it’s anticipated future performance and involves signifjcant elements or subjec - tive 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 infor- mation that a potential counterparty may desire. In all cases, interested parties should conduct their own independent investigation and analysis of the Company. Interested parties can only rely on the result of their own investigation and the representations and warranties made in any defjnitive agreement that may be executed. - 2 -
3 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS - 3 -
INTRODUCTION Parque Arauco at a glance parque arauco OPERATIONAL METRICS BY COUNTRY Parque Arauco is the third largest shopping center operator in Chile and Peru 41.2% Peru, and one of the main players in Colombia. Peru 31.2% Indicator/ Country CHILE PERU COLOMBIA Colombia TOTAL 9.5% TOTAL GLA 1 Total GLA (m 2 ) 1 411,000 343,000 79,000 REVENUES 2 833,000 m 2 Owned GLA 375,035 239,130 60,775 US$MM 214 Occupancy 95.9% 92.7% 92.7 % Colombia 49.3% 62.4% 6.4% Revenues March 2016 (US$MM) 2 133.5 66.7 13.7 Chile Chile # of Operations 21 16 2 Shareholder structure (March 2015) 6% 2% Others OPERATIONAL METRICS BY FORMAT Mutual Funds 26% Others Controlling Group 8.0% Neighborhood Neighborhood 3.9% 9.9% 25% MARKET CAP 3 Investment Others Funds US$MM 1,638 8.0% TOTAL 5% TOTAL GLA 1 TOTAL GLA Said Yarur Family REVENUES 2 833,000 m 2 833,000 m 2 3% US$MM 214 Abumohor Family 12% 21% 82.1% 88.1% Pension Funds Brokers Regional Regional Source: Parque Arauco Others includes strip centers and outlet malls. (1) Does not include Marina Arauco nor Mall Center Curicó (2) Revenues from April 2015- March 2016. Exchange rate: US$= CLP 701.6. (3) Source: Bloomberg
5 INTRODUCTION In the last five years Parque Arauco has doubled GLA, revenues and EBITDA GLA (1) m 2 1982 Parque Arauco Kennedy opens as fjrst shopping center in Chile 1995 Parque Arauco S.A. IPO +1.9 X 2006 Parque Arauco expands into Peru with the purchase of a 45% stake in MegaPlaza Norte in Lima 2009 Opening of Parque Arauco´s fjrst neighborhood center, MegaPlaza 818.500 Express Villa Chorrillos in Peru 728.500 693.100 2010 Parque Arauco opens fjrst mall in Colombia, Parque Arboleda in Pereira 559.700 2011 Capital increase for US$145 MM 479.200 440.500 2012 Acquisition of Arauco Premium Outlet Buenaventura, Parque Arauco´s fjrst outlet mall in Chile 2013 Acquisition of InOutlet Faucett, Parque Arauco´s fjrst outlet mall in Peru 2014 Capital increase for US$182 MM 2015 Purchase of minority shareholders in Colombia and Peru 2010 2011 2012 2013 2014 2015 2016 Capital increase for US$100 MM Revenues (1) US$ MM EBITDA (1) US$ MM +2.0 X +1.9 X 143 208 179 122 106 153 93 133 88 123 74 104 2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 Source: Parque Arauco. Exchange Rate: US$= 701.6. (1) Does not include Marina Arauco nor Mall Center Curicó. - 5 -
INTRODUCTION Revenue type and contract duration FIXED VS VARIABLE RENTAL REVENUES as of March 31, 2016 CONTRACT LENGTH (BASED ON º /º OF GLA) Other Revenues 14% 86% Rental Revenues 61% 100% 6% 7% Variable Revenues 13% 26% ‹2 YEARS 2-3 YEARS 3-4 YEARS ›4 YEARS TOTAL 87% Fixed Revenues OUR RENTAL REVENUES ARE DERIVED PRIMARILY 61º/º OF OUR CONTRACTS HAVE A DURATION OF MORE FROM FIXED CONTRACTS AND ARE PROTECTED AGAINST INFLATION THAN 4 YEARS AND THE AVERAGE LENGTH IS 10 YEARS
7 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS - 7 -
8 OUR OPERATIONS Portfolio ARAUCO MAIPÚ - CHILE LARCOMAR - PERÚ PARQUE ARAUCO KENNEDY - CHILE PARQUE ARBOLEDA- COLOMBIA MEGAPLAZA NORTE - PERÚ ARAUCO ESTACIÓN - CHILE - 8 -
9 Chile OUR OPERATIONS Portfolio Parque Arauco has 6 regional shopping centers, 3 outlets and 12 strip centers in Chile. the average age of the portfolio is 17 years. Year of Owned GLA GLA (m 2 ) % Ownership Occupancy (m 2 ) incorporation Parque Arauco Kennedy 116,500 100% 116,500 97.5% 1982 Arauco Maipú 75,000 100% 75,000 96.3% 1993 Santiago Arauco Chillán 32,000 100% 32,000 99.4% 2007 San Antonio Arauco Estación 66,000 83% 54,780 97.6% 2008 Chillán Arauco San Antonio 28,500 51% 14,535 93.9% 2009 Buenaventura Outlet Quilicura Concepción Arauco Express (Strip Centers Chile) 22,000 51% 11,220 87.0% 2012 Kennedy Maipú Arauco Premium Outlets (1) 39,000 100% 39,000 88.2% 2012 Estación Central Arauco Quilicura 32,000 100% 32,000 99.4% 2013 Total Chile 411,000 91% 375,035 95.9% Source: Parque Arauco (1) Arauco Premium Outlet has three outlets located in Santiago, Concepción and Curauma. (2) Arauco Express has 12 Stripcenters in Chile: 10 strip centers in Santiago, 1 in Viña del Mar and 1 in Calama. - 9 -
10 perú OUR OPERATIONS Portfolio In Peru in the company has 6 regional shopping centers and 6 neighborhood shopping centers, two outlets and two strip centers. The average age of the portfolio is 5 years. Year of Owned GLA GLA (m 2 ) % Ownership 1 Occupancy (m 2 ) incorporation MegaPlaza Norte 104,000 50% 52,000 96.1% 2006 Cajamarca MegaPlaza Express Villa 8,000 50% 4,000 93.7% 2009 Larcomar 26,000 100% 26,000 90.2% 2010 Lima Parque Lambramani 29,500 100% 29,500 86.6% 2010 Ica MegaPlaza Chimbote 28,000 34% 9,380 96.2% 2012 Cañete Pisco MegaPlaza Express Villa El Salvador 9,500 50% 4,750 98.0% 2012 Arequipa MegaPlaza Express Chincha 8,000 50% 4,000 96.6% 2013 MegaPlaza Norte InOutlet Faucett InOutlet and Viamix (2) 22,000 100% 22,000 67.7% 2013 Larcomar Villa Chorrillos MegaPlaza Cañete 16,500 50% 8,250 98.2% 2013 Villa El Salvador MegaPlaza Express Barranca 10,000 50% 5,000 96.4% 2013 InOutlet Premium Lurín MegaPlaza Pisco 14,500 50% 7,250 94.4% 2015 El Quinde Cajamarca 30,500 100% 30,500 92.9% 2015 El Quinde Ica 36,500 100% 36,500 95.4% 2015 Total Perú 343,000 70% 239,130 92.7% Source: Parque Arauco (1) Main Parnters in Peru include Grupo Wiese, in all MegaPlaza formats (50%), and Inversiones Centenario in Parque El Golf Project. (50%). - 10 - (2) InOutlet and Viamix includes two premium outlet malls in Lima and two strip centers in Lima.
11 COLOMBIA OUR OPERATIONS Portfolio Parque Arauco has two regional shopping centers in Colombia and the average age of the portfolio is 5 years Year of Owned GLA GLA (m 2 ) % Ownership Occupancy (m 2 ) Bucamaranga incorporation Pereira Parque Arboleda 40,500 55% 22,275 94.0% 2010 Parque Caracoli 38,500 100% 38,500 91.2% 2013 Total Colombia 79,000 77% 60,775 92.7% Source: Parque Arauco - 11 -
12 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS - 12 -
13 6. 1. Important growth Strong results in a challenging opportunities. macroeconomic environment. 5. 2. investment Conservative debt Country, format and highlights structure and outstanding socio-economic diversification. financial performance. 4. 3. Strong management Strong commercial relationships with local team and policies. and global businesses. - 13 -
14 STRONG RESULTS IN A CHALLENGING MACROECONOMIC ENVIRONMENT Favorable macroeconomic outlook and attractive industry dynamics Parque Arauco is positioned in countries with strong macroeconomic prospects and underpenetrated shopping center sectors STRONG REAL GDP GROWTH PROJECTIONS… …WITH A STILL RELATIVELY LOW GDP PER CAPITA 2016E (US$) --3.7 Brasil U.S.A. 58,625 0.9 -0.5 Argentina Chile 14,366 3.0 1.8 Chile Argentina 13,359 2.6 2.0 U.S.A. México 10,622 2.3 2.4 Colombia Brasil 9,354 3.0 2.5 Mexico Colombia 7,388 2.8 3.5 Peru Perú 6,242 4.0 2016e (%) 2017e (%) GDP per capita 2016e Source: Bloomberg Concensus as of May 2015. Source: IMF as of April 2015. Gross domestic product per capita, current prices. - 14 -
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