CORPORATEPRESENTATION2017

InRetail Overview

Multi-format retailer with exclusive focus in Peru

Leading positions in its 3 segments

#1 supermarket chain

#1 pharmacy chain

#1 shopping center operator

Controlled by Intercorp Peru, one of Peru’s largest

business groups

2

InRetail is part of one of Peru’s leading business groups

Education

77.6%100.0%

Float1/ 28.8%

BVL: INRETC1

1/ Includes 6.3% of Nexus

3

InRetail at a Glance

Sales area / GLA

# Employees

# Stores / S.Centers

N/A

11,959

1,155

627,231 sqm

435

319,168 sqm

14,249

231

Supermarkets Pharmacies Shopping Malls

Adjusted EBITDA 70 8790

Revenues 820 1431,374 2,322

245

LTM Q3’17

(US$ millions)

58.8% 35.1% 6.1%

36.5% 28.2% 35.2%

% of Revenues

% of Adj. EBITDA

19

6.6% 8.5% 80.0%Adj. EBITDA Margin1/10.5%

Note: FX of 3.298 (average LTM Q3’17)1/ For Shopping Malls is calculated over the Net Rental Income

4

SIGNIFICANT UPSIDE POTENTIAL

MARKET LEADERSHIPWITH CLEAR STRATEGY

STRONG FINANCIAL RESULTS

CAPEX2017 - 2019

5

SIGNIFICANT

UPSIDE POTENTIAL

1

6

Fastest growing economy boosts emerging middle class

Real GDP Growth Population by Socio-Economic Category(2009-2016 CAGR)

1/ Average Real GDP growth of Colombia, Brazil, Chile, MexicoSource: IMF – World Economic Outlook

2.4%

Perú

4.6%

Latin America 1/

~1.9x

GDP per Capita

6.06.1

8.79.0

13.313.6

Source: IMF – World Economic Outlook Estimates

(2016, US$ 000)

PeruColombiaBrazilChile MexicoArgentina

Average: US$9.8

Source: APOYO Consultoría 2017

SEC

% of total population

Annual Income

2005 2016

+29p.p.

-29 p.p.

54%

25%

17%

35%$ 7,272

$ 4,545

D

E

5%

14%

15%

33%$ 13,575C

A

$ 24,180

B

7

Significant upside potential for modern retail

Supermarkets Pharmacies Shopping Malls

5.0

4.3

3.7

2.6

2.39788

69

50

208

Source: Euromonitor, 2016

Sales of Retail Pharma per capita US$ - 2015

Source: Accep 2016

Malls per million people - 2015Penetration as a % of Total Sales - 2016

Source: Business Monitor, 2015

ChileBrazilPeru Colombia

Mean ex-Peru: 3.9

~1.7x

Colombia ChileBrazilPeru Mexico

Mean ex-Peru: 115.4

~2.6x

56%

24%

59%

68%

52%

BrazilPeru Chile Mexico

Mean ex-Peru: 58.8%

~2.4x

Sales area per capita:Peru 0.23 sqm vs Mexico

0.40 sqm

8

EcuadorEcuador

Opening Peaking Maturing Closing

9

Peru: Rising Retailing Market in Peaking Stage

Global Retail Development Index Opportunities

Peru (2002)

Chile (1998) Mexico (2003)Brazil (2005)

Peru (2015)Brazil (2013)

Mexico (2009)

Mexico (2016)

Chile (2016)

Growing middle class

Consumers willing to explore organized formats

Consumers seek organized formats and global brands

Real estate affordable and available

Consumer spending has expanded

Sophisticated local competition

Real estate difficult to secure

Consumers used to modern retail

Higher discretionary spending

High competition

Real Estate expensive and not readily available

2016 Ranking

1. China6. Turkey9. Peru

15. Colombia20. Brazil25. Paraguay

Peru top-ranked LatAm country in the GRDI

Retail is gaining force, mainly in some of Lima’semerging neighborhoods and in secondarycities

Consumer confidence is the highest in LatAm

Increasing development of malls with space fornew players.

Strong interest from fast-fashions

Peru:

Source: ATKearney – The 2016 Global Retail Development Index TM

MARKET LEADERSHIPWITH CLEAR STRATEGY

2

10

Supermarkets Pharmacies

First mover in 17 out of the 23 cities outside of

Lima

Total sales area (sqm): 319,168

62% of stores are owned1/

(7)

(1)

(5)

(3)

(74)

(3)

(2)

(1)(1)

(2)

(2)

(2)

(2)

(1)(1)

(125)

106 Spmkts

125 Mass

Present in all of Peru’s 24 departments

100% of stores are rented

42% in Lima / 58% in Provinces

Largest nationwide footprint of premier retail locations

1/ Owned by Supermercados Peruanos or through a related party

Shopping Malls

First mover in 6 out of the 12 cities

Total GLA (sqm): 627,231

Piura (2)

Chiclayo

Trujillo

Arequipa

Juliaca

Chimbote

Lima (8)

Cajamarca

Cusco

Huánuco

Huancayo

Only modern shopping mall

19 Malls

11

(8)

(7)(39)

(23)

(21)

(25)(15)

(9)(20)(41)

(37)

(5)

(9)

(70)

(34)

(47)

(16)

(51)

(483)

(77)

(52)

(4)

(3)

(59)

1,155 Stores

Openings and SSS by Segment

Same Store Sales (SSS)Openings

319 316 304 290 270 249 225 306

Q2’17Q1’1720162015201420132012 Q3’17

SupermarketsSales Area (‘000 sqm)

No Mass 4 2 2 19

PharmaciesNo Stores

Shopping MallsGLA (‘000 sqm)

No Malls 13 15 17

Supermarkets

Q2’17

5.8%

Q1’17

7.9%

2016

1.2%

2015

3.7%

2014

4.4%

2013

0.4%

2012

3.2%

Q3’17

3.9%

Pharmacies

18

12

1,155 1,149 1,125 1,107 921 837 725

580

Q2’17Q1’1720162015201420132012 Q3’17

627 626 626 626 582 553 399

286

Q2’17Q1’1720162015201420132012 Q3’17

2012

13.6%

Q2’17

-5.6%

Q1’17

-3.3%

2016

5.9%

2015

5.1%

2014

8.5%

2013

2.7%

-4.5%

Q3’17

No Spmkts 82 96 99 104

Shopping Malls

5.2%

2015

4.7%

2016

5.2%

201420132012

9.9%

1.3%

Q3’17

2.6%

Q2’17

4.6%

Q1’17

3.1%

19

59

106

Note/ Shopping Malls’ SSS include anchor stores

70

106

19

101

107

19

YTD’17: 5.8%

YTD’17: -4.5%

YTD’17: 2.9%

125

106

19

Supermarkets Segment

Formats

One stop shop: food and non-food products, and

entertainment to differentiate from traditional markets

Attractive price positioning through “Every Day Low

Price” strategy

Fastest growing chain with largest presence across

Peru

Compact sized formats provide flexibility to grow

Secured access to landbank and Real Estate team to

sustain growth

Launched e-commerce platforms for Plaza Vea and

Vivanda brands

Ranked 12th among the most valuable brands in Peru

(Brandz)

Sales arearange (m2)

# of StoresTotal / Provinces

BrandRevenues

LTM Q3’17 S/4,532 mm

2,000 – 5,000

500 – 2,000

900 – 1,200

69 / 28

29 / 6

9 / 0

Supermarkets15%

High-end6%

Compact Hypermarkets

79%

Figures as of the las twelve months September2017*Supermarkets consider revenues from Mass format

13

14

Discount Model

• Low CAPEX, low cost, every day low price format to

capture untapped demand and penetrate traditional

trade

• 125 stores between 100 and 300 sqm in Lima

• Testing value proposition (assortment, price,

store size, etc.)

• Ensuring cost structure through store productivity

and efficient supply chain

• Piloting a small distribution center in the south of

Lima

Pharmacies Segment

Pharmaceutical Retail Market

# of Stores

PlayerModern Market

1,149

~7,000

~ 1,500Other

chains

Mom & Pops

53%

48%

Total Market

35%

32%

32%

Sustainable “Every Day Low Price” strategy…

High market-share

Strong bargaining power with suppliers

High penetration of profitable private labels

Operational efficiencies

…with fast store growth

Small, standardized formats (~120 sqm)

Limited Capex of US$60,000 per store

100% leased stores with proven renewal track record

Ranked 11th among the most valuable brands in Peru

(Brandz)

Note: Figures as LTM Q3’17Source: IMS.

AssistedSales Model

15

Shopping Malls Segment

Shopping Malls Sales

7,206

2,167 2,173 2,580

4,135

5,458

Otros 1/

Source: ACCEP 2017

Falabella includes Open Plaza and 60% of Mall Aventura Plaza

Parque Arauco includes its malls and 50% of Mega Plaza

1/ 6 additional malls, 40% of Aventura Mall and 50% of Mega Plaza

Sales (S/ millions) 2016

Occupancy Rates

97%

2014

94%

Q3’17

97%

Q2’17

96%

Q1’17

96%

2016

97%

20152013

93%

2012

92%

16

Nationwide premium portfolio of 19 locations

627k sqm of GLA, an expansion of 7% over the

last 24 months

Preferred partner for local and international

tenants:

High tenant renewal rates and low

concentration of renewal per year

High occupancy levels despite recent important

additions in GLA

Secured access to landbank to sustain growth

Ranked 4th among most valuable brands in Peru

(Brandz)

3STRONG FINANCIAL

RESULTS

17

Consolidated Financial ResultsMillion Soles (S/ mm)

Highlights Revenues

Adj. EBITDA Net Income

5,6905,305

1,9121,794

6.5%

YTD’17YTD’16Q3’17Q3’16

+7.3%

183176

6349

28.9%

YTD’17YTD’16Q3’17Q3’16

+4.0%

575561

200196

2.2%

YTD’17YTD’16Q3’17Q3’16

+2.5%

Margin 10.9% 10.5% Margin 2.7% 3.3%

18

10.6% 3.3%

Gross Margin

31.1% 30.7%31.0% 30.5%

10.1% 3.2%

Resilient growth in revenues and double digit growth in net income, in a still slow macroeconomic environment

Supermarkets: high single digit growth in revenues and double digit growth in EBITDA

Pharmacies: revenue growth improvement and consistent gross margin expansion

Shopping Malls: high occupancy rates and positive tenants’ SSS

Financial Results by FormatMillion Soles (S/ mm)

4.7%

YTD’17

367

54%

46%

YTD’16

357

50%

50%

Q3’17

128

51%

49%

Q3’16

122

48%

52%

+2.8%

YTD’17

5,372

62%

38%

YTD’16

5,001

61%

39%

Q3’17

1,802

61%

39%

Q3’16

1,689

60%

40%

6.7%

+7.4%

Margin:

Net Rental Margin:

83.1% 79.5%

347333

117114

2.4%

YTD’17YTD’16Q3’17Q3’16

+4.2%

212211

7374

-0.4%

YTD’17YTD’16Q3’17Q3’16

+0.4%

Spmkts

Pharmacies

Revenues Adj. EBITDA

7.2% 7.1% 7.1%

19

Gross Margin

28.8% 28.5%28.8%

Gross Margin

70.3% 69.4%69.4% 82.8%

28.5%

66.9%

6.8%

79.9%

InRetail Consumer - Financial ResultsMillion Soles (S/ mm)

Revenues Adj. EBITDA

3,3523,062

1,1001,018

8.0%

YTD’17YTD’16Q3’17Q3’16

+9.5%

20

200179

6659

10.7%

YTD’17YTD’16Q3’17Q3’16

+11.6%

2,0291,948

705675

Q3’16

4.5%

YTD’17YTD’16Q3’17

+4.1%

169180

6364

-1.2%

YTD’17YTD’16Q3’17Q3’16

-6.2%

Margin: 5.8% 6.0% 5.8%Gross

Margin26.5% 26.3%26.4%

Margin: 9.4% 8.9% 9.2%Gross

Margin32.6% 32.4%32.9%

26.1%

32.9%

6.0%

8.3%

Su

pe

rma

rke

tsP

ha

rma

cie

s

Consolidated Net IncomeMillion Soles (S/ mm)

2121

Net Income

183176

6349

+4.0%

+28.9%

YTD’17YTD’16Q3’17Q3’16

Net Margin 2.7% 3.3%

Net Margin 3.3% 3.3%

3.3%

3.2%

171169

6459

+1.0%

+8.3%

YTD’17YTD’16Q3’17Q3’16

Net Income Breakdown

Net Income excluding FX and mark-to-market

3.2%

3.0%

49

Net Income Q3’17

63

Higher Tax

-5

Higher D&A

-2

FX

17

Higher Mark to Market

-4

Lower Net Financial Expenses

4

EBITDA Growth

4

Net Income Q3’16

Net Income Q3’17: +8.3%

+2.2% Adjusted EBITDA

-7.1% Financial Expenses, net

+14.6% Taxes

Consolidated Capex and Free Cash FlowMillion Soles (S/ mm)

22

CAPEX Cash-Flow Breakdown

Free Cash Flow LTM Q3’17: S/ 247 mm

159

130

119

195

87

161

79

Q3’16Q2’16Q1’16 Q2’17Q1’17Q4’16 Q3’17

197

244

158

443

Ending Cash

Balance Q3’17

Other Non-Operating Investing Activities

-103

Financial Expenses

-136

Debt Increase

CAPEX

-408

Operating Cash Flow

Starting Cash

Balance 2017

2016: S/ 523 mm YTD’17: S/ 408 mm

Consolidated Financial DebtMillion Soles (S/ mm)

Consolidated Financial Debt

23

USD Exposure

1,668

1,125

542

1,722

324

1,398

2,446

285

2,160

2,670

325

2,344

2,659

432

2,227

2,792

435

2,357

2,780

449

2,330

Debt

Cash

Net Debt

1/ Since 2015, ratios are adjusted for positive hedge effect

3.4x3.5x3.3x

3.6x

4.0x

3.6x

4.0x

3.6x

2.9x

1.3x

2.8x

3.2x

2.9x2.9x

LTM

Q3’17

LTM

Q3’16

20162015201420132012

Debt/EBITDANet Debt/EBITDA

28%38% 35%

40%

72%

23%23%

22%

39% 42% 39%

sep-17dic-16dic-15dic-14

Hedge PENUSD

Debt by SegmentMillion Soles (S/ mm)

24

Total Consolidated Debt: S/2,780 mm

Debt / EBITDA: 3.4xNet Debt / EBITDA: 2.9x

Debt

Cash

Net Debt

976

306

670

1,095

215

880

1,347

168

1,179

691

656

35

624

81

543

1,111

124

987

3.0x3.0x

2.7x

3.1x3.2x

3.0x2.9x 2.8x

2.4x

2.0x

2.2x

2.6x2.4x

2.6x

2015201420132012 LTM

Q3’17

LTM

Q3’16

2016

Debt/EBITDANet Debt/EBITDA

1,422

202

1,220

1,248

128

1,120

4.2x4.3x4.3x4.4x

5.5x5.4x

8.2x

3.7x4.0x

4.9x4.7x

0.4x

3.3x3.7x

LTM

Q3’17

LTM

Q3’16

20162015201420132012

1,402

277

1,125

1,257

162

1,095

1,273

168

1,105

1,519

273

1,245

1,575

211

1,364

1,205

235

969

1/ Since 2015, ratios are adjusted for positive hedge effect

25

USD Debt Exposure and Debt Maturity by SegmentMillion Soles (S/ mm)

19% 20% 21% 20%

81%

26% 25% 26%

55% 53% 54%

dic-14 dic-15 sep-17dic-16

36%

55%47%

55%

64% 21%22%

19%

24% 31% 27%

dic-16dic-14 dic-15 sep-17

USD Exposure Debt Maturity

PENUSDHedge

PENUSDHedge

207147

205

75

59

52

51

68

120 948

2020

26

2018

221

2021+

998

2019

264

2017

233

Debt MaturityInterests

45 46

83 80

77

17

189

2020

94

2017

11

9

2019

126

2021+

1,277

1,088

128

2

2018

Interests Debt Maturity

4CAPEX

2017-2019

26

27

CAPEX 2017 - 2019

2017 Key Investments Projected CAPEX of S/2 B for 2017-2019

Supermarkets

Pharmacies

Shopping Malls

Opening of 4,800 sqm of sales area

Initiated construction of new Distribution Center to be fully operational in 1H 2018

+70 new pharmacies

Start construction of Puruchuco mall (120k sqm of GLA)

By Type of Investment

Supermarkets40%

Pharmacies13%

Shopping Malls47%

New stores, malls and landbank

70%

Refurbishing and expansions

12%

Maintenance7%

Logistics, IT, other12%

5APPENDIX

28

29

Composition of Stores by Age

Pharmacies

Supermarkets

73% 72% 72% 70% 72% 72% 72% 75% 78% 77% 78% 83% 83% 85%

7% 8% 10% 9% 10%10% 9% 11% 14% 8% 9% 7%

10% 10% 10% 10% 9% 12% 14% 8% 9% 7%9% 12% 14% 11% 10% 7%

88%

4%4%

5%3%3%3%3%5%

Q1’16

5%

Q4’16

6%

Q1’17

5%

Q2’17Q3’16Q2’16

6%

Q3’15

4%

Q2’15Q1’15Q4’14Q3’14

4%

Q2’14

6%

Q1’14 Q3’17

5%

Q4’15

5%

Mature1-2 years 2-3 years0-1 years

52% 52% 51% 49% 49% 51% 54% 59% 62% 64% 65% 62% 61% 62%

8% 11% 18% 21% 20% 20%16% 14% 13% 12%

11% 10% 10%24% 23% 23% 18% 15% 15% 14% 13% 13% 12% 11%9% 9% 8%

18% 17% 16% 15% 15% 14% 12% 11% 11% 10% 12%18% 19% 20%

64%

9%

10%

17%

Q3’15Q2’15Q1’15 Q2’17Q1’17Q4’16Q3’16Q2’16Q4’15 Q1’16Q1’14

6%

Q2’14 Q3’14 Q4’14 Q3’17

Mature2-3 years1-2 years0-1 years

30

Cash Cycle

Pharmacies

Supermarkets

31131

1132323244-29-30-29

-43

-29-30-30-39

-31-36

-31-35-32-39-38

120

100

80

60

0

-20

-40

-60Q1’16

61

93

Q4’15

52

93

Q3’15

59

92

Q2’15

54

93

Q1’15

59

93

Q4’14

52

90

Q3’14

59

93

Q2’14

53

99

Q3’16

60

90

Q2’16

57

88

Q3’17

73

105

Q2’17

61

91

Q1’17

55

86

Q4’16

56

99

Q1’14

52

94

CycleInventory TurnoverDays Acc PayablesDays Acc Receivables

3344

434333344

3

-24-29

-23-26-24-24-25-27-30-32-27-19-17-18

-10

120

100

140

80

0

-20

-40

Q3’15

83

116

Q2’15

78

112

Q1’15

112

Q4’14

82

104

Q3’14

87

107

81103

126

Q1’14

103

116 116

Q2’16Q2’14

83

111

Q1’16

84

112

Q3’17Q4’15

105

3

Q2’17

89

121

Q1’17

8477

Q4’16

95

125

Q3’16

8888

120110

Days Acc Receivables Days Acc Payables Inventory Turnover Cycle

This material does not constitute an offering document. This material was prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities. Any offering of securities

will be made solely by means of an offering memorandum, which will contain detailed information about the company and its business and financial results, as well as its financial statements.

Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended.

This p<resentation includes forward-looking statements or statements about events or circumstances which have not yet occurred. We have based these forward-looking statements largely on our current beliefs and

expectations about future events and financial trends affecting our businesses and our future financial performance. These forward-looking statements are subject to risk, uncertainties and assumptions, including, among other

things, general economic, political and business conditions, both in Peru and in Latin America as a whole. The words “believes”, “may”, “will”, “estimates”, “continues”, “anticipates”, “intends”, “expects”, and similar words are

intended to identify forward-looking statements. We undertake no obligations to update or revise any forward-looking statements because of new information, future events or other factors.

In light of these risks and uncertainties, the forward-looking events and circumstances discussed in this presentation might not occur. Therefore, our actual results could differ substantially from those anticipated in our forward-

looking statements.

No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. It should not be regarded by recipients as a substitute for the

exercise of their own judgment. We and our affiliates, agents, directors, employees and advisors accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material.

This material does not give and should not be treated as giving investment advice. You should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it

necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any information in this material.

For more information contact:

ir@inretail.pe

www.inretail.pe