Investor Presentation

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1 1 Investor Presentation Fourth Quarter 2017 CONTACTS SARAH INMON (HEAD OF INVESTOR RELATIONS) FRANCISCO MOYANO (CORPORATE FINANCE MANAGER) CLAUDIO CHAMORRO (CFO) TEL: (562)

2 2 Important Disclaimer This document has been prepared by 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.

3 3 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS

4 at a glance 4 OPERATIONAL METRICS BY COUNTRY is the third largest shopping center operator in Chile and Peru, and the fourth largest in Colombia. Indicator Country CHILE PERU COLOMBIA TOTAL Total GLA (m 2 ) 1 454, , ,500 1,012,000 Owned GLA (m 2 ) 419, , , ,019 Revenues 2017 (US$MM) # of operations SHAREHOLDER STRUCTURE (DECEMBER 2017) 1% 6% Others Local mutual funds 21% Foreign investment funds 22% Local brokers MARKET CAP 3 US$MM 2,637 26% Controlling Group 5% Said Yarur Family 3% Abumohor Family 16% Local pension funds DAILY TRADED VOLUME 2017: US$MM % Chile Peru Colombia 44.9% 39.7% TOTAL TOTAL GLA 1 REVENUES 1,012,000 M 2 2 US$MM 281 OPERATIONAL METRICS BY FORMAT 59.0% Regional Neighborhood Outlet Strip center 77.1% 11.4% 7.6% 3.9% 87.2% 4.7% TOTAL TOTAL GLA 1 REVENUES 1,012,000 M 2 2 US$MM % 12.7% 7.0% 1.1% Source:. (1) Does not include Marina Arauco nor Mall Center Curicó. (3) Source: Bloomberg (2) Revenues from January December Exchange Rate: US$=

5 In the last five years has doubled GLA, NOI and AFFO 5 GLA (1) M 2 559, , x 728, , ,000 1,012, Kennedy opens as first shopping center in Chile 1995 S.A. IPO 2006 expands into Peru with the purchase of a 45% stake in MegaPlaza Norte in Lima 2010 opens first mall in Colombia, Parque Arboleda in Pereira 2011 Capital increase for US$145 MM 2014 Capital increase for US$182 MM 2015 Purchase of minority shareholders in Colombia and Peru 2016 Capital increase for US$100 MM NOI US$ MM x CONTROLLED ADJUSTED FFO (1) US$ MM x Source:. Exchange Rate: US$= (1) Does not include Marina Arauco nor Mall Center Curicó.

6 The spread over the cost of capital of our last projects is approximately 3% 6 9% 6% 3% Source: REAL CAP RATE (1) REAL WACC (2) SPREAD OVER REAL WACC (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, 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 7 Total Return 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 ANNUALIZED, LOCAL CURRENCY TOTAL RETURN 1, LAST 10 YEARS ANNUALIZED, LOCAL CURRENCY 16% S&P % 9% Iguatemi 9% Klepierre 7% Macerich Unibail 7% GGP Simon 6% Hammerson Source: Bloomberg (1) Total return includes dividends as of December 31, % 6% 6% Falabella 5% Multiplan 5% IPSA 1% Taubman 0% Intu -1% Fibra Uno -4% -5% -5% Aliansce Cencosud BR Malls 21% Falabella 18% Simon 16% Taubman 15% Klepierre 13% Fibra Uno 12% Macerich 11% IPSA 10% Cencosud 9% Multiplan 9% Unibail 9% GGP 8% S&P 8% Iguatemi 7% BR Malls 7% Hammerson 5% Aliansce 4% Intu 0%

8 Revenue type and contract duration 8 FIXED VS VARIABLE RENTAL REVENUES AS OF DECEMBER 31, % Other Revenues 85% Rental Revenues 14% Variable Revenues 86% Fixed Revenues Our rental revenues are derived primarily from fixed contracts and are protected against inflation CONTRACT LENGTH (BASED ON % OF REVENUES) 32% 16% 12% 40% 100% 2 YEARS 2-3 YEARS 3-4 YEARS 4 YEARS TOTAL 40% of our contracts have a duration of more than 4 years and the average length is 5.8 years

9 Purpose, Mission and Corporate Values 9 CORPORATE PURPOSE OUR VALUES Our purpose is to create spaces that contribute to improving people s lives. MISSION Our mission is to be leaders in developing and operating real estate assets, through profitable and sustainable growth that generates value for our stakeholders PILLARS OF OUR CULTURE Happiness Excellence STRATEGIC OBJECTIVES Growth Profitability Sustainability Respect for people Choose the and the environment Right option, not the easiest one Create a work environment that inspires an exceptional Te a m Openness to change and innovation Make things happen

10 10 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS

11 11 has iconic and dominant shopping centers in Chile, Peru and Colombia has iconic shopping centers in all three countries ARAUCO MAIPÚ - CHILE ARAUCO ESTACIÓN - CHILE LARCOMAR - PERÚ MEGAPLAZA NORTE - PERÚ PARQUE LA COLINA- COLOMBIA PARQUE ARAUCO KENNEDY - CHILE

12 "Market Specialist" 12 is concentrated in Santiago and Lima, which makes the company a market specialist in these cities Lima Santiago MEGAPLAZA NORTE JESUS MARIA INOUTLET FAUCETT LARCOMAR Lima ARAUCO QUILICURA ARAUCO MAIPÚ ARAUCO PREMIUM OUTLET BUENAVENTURA PARQUE ARAUCO KENNEDY ARAUCO ESTACIÓN INOUTLET PREMIUM LURÍN VILLA CHORRILLOS VILLA EL SALVADOR Lima 1 : 19% of NOI Santiago Santiago 1 : 53% of NOI (1) Santiago represents 78% of the NOI of Chile, Lima represents 67% of the NOI of Peru, and Bogota represents 7% of the NOI of and 63% of the NOI of Colombia in 2017.

13 Chilean Portfolio Colombia 13 In Chile has 7 regional shopping centers, 4 outlets and 14 strip centers. The average age of the portfolio is 16 years. Perú Chile GLA (m 2 ) % Ownership Owned GLA (m 2 ) Occupancy Year of incorporation Kennedy 111, % 111, % 1982 Arauco Maipú 74, % 74, % 1993 Arauco Chillán 32, % 32, % 2007 Arauco Estación 66,500 83% 55, % 2008 Arauco San Antonio 28,500 70% 19, % 2009 Arauco Express 1 33,000 53% 17, % 2012 Arauco Premium Outlets 2 47, % 47, % 2012 Arauco Quilicura 32, % 32, % 2013 Arauco Coronel 30, % 30, % 2017 Total Chile 454,500 92% 419, % Chile Source: (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.

14 Peruvian Portfolio Colombia In Peru in the company has 6 regional shopping centers and 10 neighborhood shopping centers, 2 outlets and 2 strip centers. The average age of the portfolio is 6 years. Perú Peru GLA (m 2 ) % Ownership Owned GLA (m 2 ) Occupancy Year of incorporation MegaPlaza Norte 111,500 50% 55, % 2006 MegaPlaza Express Villa Chorrillos 8,000 50% 4, % 2009 Larcomar 26, % 26, % 2010 Parque Lambramani 30, % 30, % 2010 MegaPlaza Chimbote 28,000 50% 14, % 2012 MegaPlaza Express Villa El Salvador 9,500 50% 4, % 2012 MegaPlaza Express Chincha 9,000 50% 4, % 2013 InOutlet and Viamix(2) 23, % 23, % 2013 MegaPlaza Cañete 16,500 50% 8, % 2013 MegaPlaza Express Barranca 10,000 50% 5, % 2013 MegaPlaza Pisco 14,500 50% 7, % 2015 El Quinde Cajamarca 31, % 31, % 2015 El Quinde Ica 36, % 36, % 2015 Plaza Jesús María 14, % 14, % 2016 MegaPlaza Jaén 14,500 50% 7, % 2016 MegaPlaza Huaral 9,000 50% 4, % 2017 MegaPlaza Villa El Salvador II 10,000 50% 5,000 NA 2017 Total Perú 70% 281, % Chile Source: (1) Only partner in peru is Grupo Wiese, which includes MegaPlaza formats (50%). (2) InOutlet and Viamix includes two premium outlets in Lima and two strip centers in Lima.

15 Colombian Portfolio Colombia has 3 regional shopping centers and one outlet in Colombia. The average age of the portfolio is 3 years. Perú Colombia GLA (m 2 ) % Ownership Owned GLA (m 2 ) Occupancy Year of incorporation Parque Arboleda 41,000 55% 22, % 2010 Parque Caracoli 38, % 38, % 2013 Parque La Colina 62, % 62, % 2016 Arauco Premium Outlet Bogotá 13, % 13,500 NA 2017 Total Colombia 155,500 88% 137, % Chile Source:ParqueArauco

16 16 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS

17 Portfolio 6. Important growth opportunities Our operations 1. Consistent results in a challenging macroeconomic environment 17 has 3 regional shopping centers in Colombia and the average age of the portfolio is 3 years 5. Conservative debt structure and outstanding financial performance Investment Highlights 2. Stable and diversified revenues 4. Solid corporate governance and increased concern with sustainability 3. Strong commercial relationships with local and global businesses

18 Consistent results in a challenging macroeconomic environment 18 Positive but weaker macroeconomic outlook and attractive industry dynamics is positioned in countries with strong macroeconomic prospects GDP GROWTH Chile Peru Colombia 4.0% 3.8% POPULATION (MILLIONS) Chile Peru Colombia % 1.4% 2.5% 2.7% 1.9% 1.7% 2.8% Av. Latam: f f f f f f RETAIL SALES GROWTH Chile Peru Colombia 3.9% 3.5% 1.8% 0.9% f % % 2018f 0.7% % % 2018f GDP PER CAPITA, PPP Chile Peru Colombia 22,337 22,409 22, ,974 12, f , f 13, , , f Av. Latam: 15,078 Source: GDP Growth, Population and GDP Per Capita: International Monetary Fund., October 2017 Retail Sales: Euromonitor, December 2017.

19 Consistent results in a challenging macroeconomic environment Results have been positive in all three countries 19 Chile GLA Tenant Sales 1 (USDMM) Country Level Revenues 1 (USDMM) Country Level EBITDA 1,2 (USDMM) +7.2% +8.2% +8.2% +7.3% ,500 1,579 1, Peru , % +6.8% +4.0% +11.7% 402, Colombia % % % % 143, , (1) In MMUSD using the following exchange rates: US$1= CLP US$1= PEN 3.26, US$1= COP 2, (2) Including overhead expenses (Corporate headquarters, regional Services Center, Chile Division, Peru Division and Colombia Division)

20 Consistent results in a challenging macroeconomic environment Consistent Same Store Growth and a Healthy Occupancy Cost 20 CHILE SAME STORE SALES CHG. % CHILE SAME STORE RENT CHG. % CHILE OCCUPANCY COST % 9.8% % Others 42% Anchor Stores 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 4Q17 PERU SAME STORE SALES 1 CHG. % PERU SAME STORE RENT 1 CHG. % PERU OCCUPANCY COST % 7.4% Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 4Q17 COLOMBIA SAME STORE SALES 1 CHG. % COLOMBIA SAME STORE RENT 1 CHG. % COLOMBIA OCCUPANCY COST % 9.2% 41% Others 70% Others 59% Anchor Stores 30% Anchor Stores 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 1Q17 2Q17 3Q17 4Q17 4Q16 4Q17 1) Peru s Same Store Sales and Same Store Rent in 4Q16 and 4Q17 do not include Larcomar due to contingencies.

21 Stable and diversified revenues diversifies its market risks at a country, format, and socio-economic level 21 COUNTRY LEVEL DIVERSIFICATION (% REVENUES) Chile Peru Colombia 12.6% 28.3% FORMAT LEVEL DIVERSIFICATION (% REVENUES) Regional Neighborhood Outlet Strip center 4.7% 7.0% 1.1% SOCIO-ECONOMIC DIVERSIFICATION (% REVENUES) Medium- High Medium Medium-Low 48.2% 42.7% 59.1% 87.2% 9.1%

22 Stable and diversified revenues With a 39% market share in Chile, is the outlet market leader in the countries where we operate 22 ARAUCO PREMIUM OUTLET BUENAVENTURA, CHILE ARAUCO PREMIUM OUTLET CONCEPCIÓN, CHILE ARAUCO PREMIUM OUTLET CURAUMA, CHILE INOUTLET FAUCETT, PERÚ INOUTLET PREMIUM OUTLET LURIN, PERÚ ARAUCO PREMIUM OUTLET CURAUMA, CHILE Keys to the Premium Outlet Format >> 1 >> Location Located near main cities 2 >> Premium Brands name-brands 3 >> Discounts More than 30% discount Outlets currently in our portfolio

23 Strong commercial relationships with local and global brands is supporting the globalization of several brands entering the Andean region 23 RETAIL PRESENCE BY COUNTRY 1 (% OF GLOBAL BRANDS IN COUNTRY) 57.5% 51.5% 39.5% 21.0% 20. 7% 1 st in Colombia 1 st in Chile 1 st in Colombia 11.7% 10.2% 9.9% United Kingdom United States Mexico Chile Brazil Argentina Venezuela Peru N.A. Colombia 1 st in Chile 1 st in Peru and Chile 1 st in Chile (1) Source: CBRE- How Global is the business of retail? (2016). This report did not include Colombia.

24 Solid corporate governance and increased concern with sustainability has received important recognitions from local and international organizations 24 Workplace Recognition Management Recognition was recognized by Great Place to Work in Chile in st place ranking in 2017 Transparency in Reporting on Anti-Corruption. Investor Relations Recognition 2 nd best Investor Relations program in 2017 Latin American Real Estate sell-side ranking by Institutional Investor. Sustainability Recognition For the second year running, in 2017 Parque Arauco is part of the Dow Jones Emerging Market Sustainability Index. We are the first Latin American real estate company to be part of this prestigious index. Source:

25 Solid corporate governance and increased concern with sustainability In the last years we have continued advancing our sustainability strategy Highlights Environmental Management 1.We established the baseline for energy, water, greenhouse gases (GHG) and residual consumption in Chile, Peru and Colombia. 2.We developed an environmental management model, which will be implemented in We continued sustainably building projects in Colombia (Parque La Colina) and Peru (InOutlet Premium Lurin). 4.We began a study to identify and prioritize climate change risks in some of our assets and projects. Social Management 5.We worked on designing a community relationship strategy and policy applicable to all of operations. 6.We approved and implemented a corporate donation policy. 7.More than 20 foundations or social organization had access to free space in our assets. 8.Our intellectual disability intern program had more than 40 participants. 9.We supported more than 340 small entrepreneurs, with more than 20 local and emerging entrepreneur fairs. Corporate Governance 10. We evaluated our corporate governance practices with an expert consultant in this matter. 11. We redefined our values, purpose, mision and long term strategy. 12.We strengthened our risk management team, which performed an exhaustive examination of this matter. 13.We initiated a diagnostic with international experts in safety and security standards in our assets. 14.We continued being one of the best places to work, according to the ranking Great Place to Work. Other Highlights 15.We adhere to the United Nations Global Compact. 16. We are the first Latin American Real Estate Company to enter into the Dow Jones Sustainability Emerging Markets Index. Source:

26 Conservative debt structure and outstanding financial performance 's policy is to finance projects with 50% debt and 50% equity, and is comfortably within all its covenants 26 LIABILITIES EQUITY NET FINANCIAL DEBT EQUITY 0.78x 0.89x 0.81x 1.14x 1.18x 1.21x < 1.40x < 1.50x 0.76x 0.72x 0.77x 0.59x 0.43x 0.47x EBITDAFINANCIAL EXPENSES NET FINANCIAL DEBTEBITDA 3.42x 3.89x 3.37x 3.33x 3.04x 3.42x > 2.50x 3.85x 5.00x 4.25x 5.87x 5.88x 5.54x

27 Conservative debt structure and outstanding financial performance The Company has a conservative debt structure 27 LIABILITY AMORTIZATION PROFILE AND DURATION 1 SUMMARY OF DEBT BY CURRENCY December 2017 (US$MM) Average Duration: 6.4 Years % UF SUMMARY OF LIABILITY STRUCTURE DECEMBER % CLP 14% PEN 9% COP months months 7-12 months months months months months 6-10 years years years 57% Bonds DECEMBER % Loans Source: (1) Does not include accrued interests and the exchange rate is at the close of December 31, LOCAL DEBT RATING Fitch: AA- Feller: AA- ICR:AA- BBB- BBB BBB+ A- A A+ AA- AA AA+ SUMMARY OF DEBT RATES 90% Fixed 4% Leasing DECEMBER DEC % Variable

28 Conservative debt structure and outstanding financial performance The cost of debt has decreased importantly in the past 5 years 28 Date: Base: 1.66% Spread: 1.74% Duration: 14.3 Date: Base: 1.62% Spread: 1.68% Duration: Date: Base: 1.46% Spread: 1.02% Duration: Generic long-term bond issued by in Chile The cost of debt of has decreased 160 points from 4.1% to 2.5% The spread five years ago had collateral agreements, while the current spread is unsecured with no collateral. Source: Risk America

29 29 Important growth opportunities has 1 million m 2 and a 2% market participation in Latin American and a 9% market participation in the Andean Region. Mexico GLA: 18.4 million m 2 39% of total Brazil GLA: 15.4 million de m 2 32% of total Latin America GLA: 47.0 million m 2 Indicator CHILE PERU COLOMBIA Total GLA (th) 3,500 2,700 4,900 GLA (th) Market Share 13% 15% 3% Rank #3 #3 #4 Source: Prepared using information published by the International Council of Shopping Centers (ICSC) (Mexico, Argentina, and Chile), Brazilian Shopping Center Council (ABRASCE), Peruvian Shopping Center Council (ACCEP), Colombian Shopping Center Association (ACE) and analysis. Andean Region GLA: 11.1 million m 2 24% of total Argentina GLA: 2.1 million m 2 5% of total

30 Important growth opportunities The Latin American real estate region is quickly developing 30 Latin American Retail Real Estate History Highlights 1960 First condominium mall in Peru: Risso y San Isidro 1972 First condominium mall in Colombia: San Diego in Medellín 1980 Inauguration of Mexico s first mall: Perisur 2004 Mexico establishes FIBRA tax structure 2016 Walmart sells 10 assets in Chile for ~US$ 650 million to insurance company Peru establishes FIRBIS tax structure 1966 Inauguration of Brazil s first mall: Iguatemi São Paulo 1979 First condominium mall in Chile: Los Cobres de Vitacura 1982 First rental-model mall in Chile: Parque Arauco Kennedy 2011 First FIBRA listed in Mexico 2017 Chile passes regulation allowing pension funds to directly invest in real estate

31 Important growth opportunities participates in markets with a growing retail market 31 GLA PER 1,000 INHABITANTS 1 2,500 AT KEARNEY GRDI WINDOW OF OPPORTUNITY 2 OPENING PEAKING MATURING CLOSING GLA per 1,000 habitants 2,000 1,500 1, United States Canada Australia UK Chile Mexico Colombia Peru Brazil Argentina GLA per 1,000 habitants Colombia Middle class is growing; consumers are willing to explores organized formats; government is relaxing restrictions Peru Brazil Consumers seek organized formats and greater exposure to global brands; retail shopping districts are being developed; real estate is affordable and available Consumer spending has expanded significantly; desirable real estate is more difficult to secure; local competition has become more sofisticated Mexico Chile Consumes are more used to modern retail; discretionary spending is higher; competition is fierce both from local and foreign retailers; real estate is expensive and not readily available (1) Source: International Council of Shopping Centers, World Bank, analysis (2) Source: AT Kearney Global Retail Development Index 2017

32 Important growth opportunities Omnichannel shopping is increasing in importance in Latin America 32 ECOMMERCE SALES AS A % OF TOTAL RETAIL SALES 1 PARQUE ARAUCO IS INVESTING IN TECHNOLOGY Brick & Mortar ecommerce ANDEAN REGION UNITED STATES 99% 2012 US$ DEC. 145 BILLION % 93% 2012 US$ DEC. 2,834 BILLION % Digital Directories New webpages New Wifi Smart Parking 97% 2017 US$ DEC. 163 BILLION % 88% 2017 US$ DEC. 3,110 BILLION % Customer journey redesign App development (1) Source:Euromonitor, December 2017

33 Important growth opportunities 's growth has come from greenfield projects, M&A and minority interest purchases 33 TOTAL INVESTMENT (US$ MM) ,348 4% Landbank 12% M&A % Minority Interests % Total Greenfields and expansions (1) Using the following exchange rates: US$1= CLP M&A considers Cash flows used for acquiring subsidiares or other businesses. Minority interests considers cash flows used for acquiring non-controlling 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.

34 34 INTRODUCTION OUR OPERATIONS INVESTMENT HIGHLIGHTS FUTURE DEVELOPMENTS

35 Future Developments and onwards New Projects Type Country Format Estimated Opening Date Total GLA m 2 % ownership Owned GLA m 2 Total Investment Local Currency Parque Angamos Development Chile Neighborhood 2H18 11,000 55% 6, , Arauco Express Coquimbo Development Chile Strip Center 2H18 3,000 53% 1, ,000 7 Viamix Colonial Development Peru Neighborhood 1T18 3, % 3,000 25,000 7 La Molina Development Peru Neighborhood T.B.D. 19, % 19, , Subtotal 36,500 30, Total Investment USDMM Expansions Type Country Format Estimated Opening Date Total GLA m 2 % ownership Owned GLA m 2 Total Investment Local Currency Kennedy Expansion 3 Expansion Chile Regional Hotel 2H21 11, % 11,000 5,355, Bazar Gourmet- Kennedy Expansion Chile Regional 2H18 NA 100% NA 120,000 5 Arauco Express Ossandón Expansion Chile Srip Center 1H19 1,000 53% ,500 3 El Quinde Cajamarca Expansion Expansion Peru Regional 1H18 2, % 2,500 40, Subtotal 14,500 14, Total Investment USDMM Projects Incorporated in 2017 Type Country Format Estimated Opening Date Total GLA m 2 % ownership Owned GLA m 2 Total Investment Local Currency Arauco Coronel Adquisition Chile Regional 1Q17 30, % 30,000 1,520, MegaPlaza Express Huaral Development Peru Neighborhood 1Q17 9,000 50% 4,500 46, Parque Lambramani Renovation Renovation Peru Regional 3Q17 NA 100% NA 23,500 8 Hotel Bucaramanga Expansion Colombia Hotel 3Q17 NA 100% NA 19,500 7 MegaPlaza Villa El Salvador II Development Peru Neighborhood 4Q17 11,000 50% 5,500 36, Arauco Premium Outlet Bogotá Development Colombia Outlet 4Q17 13, % 13,000 78, Subtotal 63,000 53, Total Investment USDMM New Landbank 9 Total 114,000 97, Remaining to Invest 246 1) Projects in Chile in UF, in Peru in ThPEN and in Colombia in MCOP 2) Exchange rate as of December 31, 2017: 26,800 CLPUF, CLPUSD, 2,984.8 COPUSD, 3.24 PENUSD. 2) In addition to the 11,000 m 2, this expansion includes a 401 room Hilton by Hilton Hotel and the largest hotel convention center in Santiago.

36 36 Parque La Colina was inaugurated in December 2016 OPENING DATE: The shopping center opened on December 6, COMMERCIALIZATION STATE: 92.7% of the GLA is open. The restauarant boulevard called Social opened during the second half of BRANDS:

37 37 We are expanding Kennedy Hotel Operator: Construction Company: Project Details Construction started: 2017 Opening date: 2021 Investment: UF 5,355,000 5 star hotel: Hilton by Hilton Additional GLA: 11,000 m 2 Hotel rooms: 401 Convention center: 3,000 m 2 Additional parking: 700

38 38 Landbank Name m 2 % Ownership Total Cost (local currency) Total Cost (USD MM) Quilicura 25, % 78,000 3 Buenaventura 115, % 455, Chicureo 47, % 206,000 9 Los Andes 39, % 117,000 5 Others in Chile 55, % 445, Total Chile 283, % 1,301, Chimbote 42, % 18,000 6 Talara 30, % 9,400 3 Ica 12, % 13,500 4 Chiclayo 6, % 6,300 2 Pomalca Chiclayo 45, % 6,565 2 Lambayeque- MegaPlaza 25,260 50% 18,900 6 San Juan de Lurigancho- MegaPlaza 80,000 50% 10,415 3 Others MegaPlaza 106,157 50% 85, Total Peru 349,043 70% 168, Neiva 49, % 18,000 6 Valledupar 46, % 30, Barranquilla 56, % 76, Total Colombia 151, % 124, Total 784,531 87% 148 LANDBANK BY TOTAL COST (DECEMBER 2017) Chile Peru Colombia 34% TOTAL COST US$ 148 MILLION 23% 37% 1) Landbank in Chile in UF, in Peru in ThPEN and in Colombia in MCOP 2) Exchange rate as of December 21, 2017: 26,800 CLPUF, CLPUSD, 2,984.8 COPUSD, 3.24 PENUSD.

39 39 Glossary»Adjusted FFO Margin - AFFO revenues»affo -Adjusted Funds From Operations: Net Profit - Depreciation & Amortization - Other Incomeexpenses - Share of Profit (Loss) of Associates Accounted - Foreign Exchange Differences - Income (Loss) for indexed assets and liabilities - Gains (losses) from the difference between the previous book value and the fair value of financial assets - Deferred tax+ Associates accounted Adjusted FFO»Controlling Adjusted FFO -AFFO attributable to the shareholders of the company»controlling FFO -FFO attributable to the shareholders of the company»ebitda - Earnings Before Income Tax Depreciation and Amortization: Revenues + Cost of Sales + Administration Expenses - Depreciation and Amortization EBITDA margin -EBITDA divided by revenues»eps -Earnings Per Share: Net income attributable to the equity holders of the companyweighted average number of shares outstanding»ffo -Funds From Operations: Net Profit - Depreciation & Amortization - Share of Profit (Loss) of Associates Accounted + Associates Accounted FFO»GLA -Gross Leasable Area. Equivalent to the sum of all the areas available for lease»greenfield Projects - Organic development of new shopping centers»landbank -Land held by the company for future development»ltm -Refers to information from the last twelve months»monthly Revenuesm 2 -Monthly revenues divided by the occupied GLA for the period»monthly Salesm 2 -Monthly tenant sales divided by the occupied GLA for the period»neighborhood Mall -A shopping mall with a GLA between 6,000 and 20,000 m 2» Net income margin -Net profit revenues»noi -Net Operating Income: Revenues + Cost of Sales + Administration Expenses - Depreciation & Amortization + Associates accounted NOI»Occupancy -GLA paying rent divided by total GLA»Occupancy cost -Minimum rent, plus variable rent, plus common expenses, plus a promotion fund that the tenants pay divided by the sales of the tenant.»owned GLA -Total GLA weighted by s interest in the mall»pipeline -Greenfield and expansion projects under development»premium Outlet - Shopping center located outside of the city offering name brand clothing and goods for a reduced price»regional Mall - A shopping mall with a GLA over 20,000 m 2.»SSR -Same Store Rent: Percentage change in rent collected from tenants that paid rent in both of the periods compared»sss -Same Store Sales: Percentage change in sales from tenants that reported sales in both of the periods compared»strip Center -A shopping center with a GLA less than 6,000 m 2 Tenant Sales Tenant sales of the consolidated assets»uf -Unidad de Fomento: A chilean currency unit indexed according to inflation on a daily basis.

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