EARNINGSPRESENTATION Q3’15

November 2015

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Q3’15 CONSOLIDATEDRESULTS

Q3’15 RESULTs BYSEGMENT

FINANCIAL ratios

1 Q3’15CONSOLIDATEDRESULTS

Q3’15 consolidated financial highlightsMillion Soles (S/. mm)

Highlights Q3’15 Revenues

Growth in Revenues, Adj. EBITDA and Net Income

• Revenues: +8.4% vs. Q3’14

• Adj. EBITDA: +10.6% vs. Q3’14

• Adj. EBITDA Margin: 10.2% vs.10.0%

• Net Income: +968.2% vs Q3’14. Excluding FX and mark tomarket, net income increased 15.7%

Adj. EBITDA Net Income

4,9304,408

1,6741,544

Q3’14

11.8%

8.4%

YTD’15YTD’14Q3’15

45

92

19

2

Q3’15Q3’14

-50.6%

968.2%

YTD’15YTD’14

503

402

170154

YTD’14Q3’15Q3’14

10.6%

25.1%

YTD’15

Margin 10.0% 10.2% 9.1% 10.2% Margin 0.1% 1.2% 2.1% 0.9%

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InRetail Consumer

InRetail Shopping

Malls

10.6%

5.9%

YTD’15

311

52%

48%

YTD’14

281

52%

48%

Q3’15

105

51%

49%

Q3’14

99

48%

52%

10.6%

8.0%

YTD’15

4,647

63%

37%

YTD’14

4,200

63%

37%

Q3’15

1,578

62%

38%

Q3’14

1,460

62%

38%

Margin: 6.8% 6.7% 6.7% 6.7%

Net Rental Margin: 81.2% 83.3% 79.2% 82.5%

317

240

10895

YTD’15YTD’14Q3’15Q3’14

14.4%

32.3%

134

6755

196

46.2%

21.0%

YTD’15YTD’14Q3’15Q3’14

Supermarkets

Pharmacies

Q3’15 Financial results by segmentMillion Soles (S/. mm)

Revenues Adj. EBITDA

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2 Q3’15RESULTS BYSEGMENT

SUPERMARKETS Q3’15 RESULTS BY SEGMENT

SSS growth of 4.3%

+12k sqm of sales area since Q3’14 (+4.8%)

Remodeled and improved layouts on 3 stores (9 stores since Q3’14)

Gross margin maintained at Q3’14, slightly improved by higher rebates

Efficiencies in SG&A (decreased in 36 bps, excl. D&A) driven by higherstore and supply chain productivity and lower administrative expenses

S/. mm Q3'15 Q3'14 Var %

Revenues 984 913 7.8%

Gross Profit 251 233 7.9%

EBITDA 54 48 12.7%

Gross Mg 25.5% 25.5% 3 bps

EBITDA Mg 5.5% 5.3% 24 bps

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PHARMACIES Q3’15 RESULTS BY SEGMENT

SSS growth of 2.1%

Opened 26 pharmacies (87 additional pharmacies since Q3’14, +11.2%)

Gross margin decreased in 18 bps due to price reductions in certainprivate label products in response to more aggressive competitivedynamics between local consumer product brands

Higher store operational and rental expenses due to new store openingsand dollar-denominated rentals, partially compensated by lowermarketing expenses

S/. mm Q3'15 Q3'14 Var %

Revenues 596 549 8.5%

Gross Profit 187 173 7.9%

EBITDA 52 52 -0.1%

Gross Mg 31.3% 31.5% -18 bps

EBITDA Mg 8.7% 9.4% -75 bps

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SHOPPING MALLS Q3’15 RESULTS BY SEGMENT

9k sqm of additional GLA due to mall expansions (+39k sqm since Q3’14)

Maintained high occupancy rates in malls (~96%)

Adjusted EBITDA growth of 21.0% mainly explained by the contribution ofnew shopping malls (Centro Civico acquired in August 2014 and Sullanaacquired in May 2015)

Mark-to-market income of S/.5 mm from shopping mall expansions andacquisitions

S/. mm Q3'15 Q3'14 Var %

Revenues 108 95 14.4%

Gross Profit 77 63 22.0%

Adj. EBITDA 67 55 21.0%

Gross Mg 70.8% 66.4% 442 bps

Net Rental Mg 81.3% 81.2% 11 bps

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Quarterly Openings and SSS by Segment

274 273 273 270 261 253 249

Q3’15Q2’15Q1’15Q4’14Q1’14 Q2’14 Q3’14

SupermarketsSales Area (‘000 sqm)

No Stores 98 98 100 101 102 102

874848 838 837 787 754 731

Q3’15Q1’15 Q2’15Q4’14Q3’14Q2’14Q1’14

PharmaciesNo Stores

581 572 558 553 542 499 425

Q3’15Q2’15Q1’15Q4’14Q3’14Q2’14Q1’14

Shopping MallsGLA (‘000 sqm)

No Malls 15 16 17 17 17 18

Supermarkets

Q1’15

4.3%

Q4’14

4.9%

Q3’14

2.6%

Q2’14

5.2%

Q1’14

4.8%

4.1%

Q2’15

5.6%

Q3’15

Pharmacies

6.4%

Q3’15Q1’15Q2’14

8.2%

Q3’14

5.9%

10.8%

Q4’14

2.1%

Q2’15Q1’14

5.2%

9.3%

102

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SSS Averages 2013: 0.4% 2014: 4.4%

SSS Averages 2013: 2.7% 2014: 8.5%

Openings Same Store Sales (SSS)

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YTD’15: 4.7%

YTD’15: 4.6%

Adjusted ebitda evolutionMillion Soles (S/. mm)

160

110101104

202

154

131117

170170163

Q2Q1

29.6%39.0%

Q4Q3

10.6%

38

262426

68

55

4336

676663

Q1

54.8%74.4%

Q4Q3Q2

21.0%

81

424245

85

4844

55 545257

19.2%4.2% 12.7%

Q4Q3Q2Q1

4143

3634

4952

46

39

5253

45

Q3

-0.1%

Q1

16.7%

15.9%

Q4Q2

2014 20152013

2013 20152014

InRetail Consolidated Shopping Malls

Supermarkets Pharmacies

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Consolidated Net Income Q3’15 vs Q3’14 Million Soles (S/. mm)

Excluding FX and mark-to-market, Net Income increased 15.7% vs Q2’14

Net Income

Net Income excluding after-tax FX and mark-to-market gains:

45

92

19

2

-50.6%

+968.2%

YTD’15YTD’14Q3’15Q3’14

Net Margin 0.1% 1.2%

Net Margin 2.3% 2.5%

2.1%

2.3%

0.9%

2.6%

127

103

4136

+24.1%

+15.7%

YTD’15YTD’14Q3’15Q3’14

• EBITDA growth of 10.6%

• +20.3% increase in depreciation expenses due tonew supermarkets and pharmacy stores

• +14.8% increase in financial expenses mainlyexplained by one-time expense of S/.9.3 mm frombond repurchases

• Forex:

• Q3’15: Loss of S/.35 mm• Q3’14: Loss S/.58 mm

• YTD’15: Loss of S/.132 mm• YTD’14: Loss of S/.57 mm

• Mark-to-market:

• Q3’15: Gain of S/.4 mm• Q3’14: Gain of S/.10 mm

• YTD’15: Gain of S/.15 mm• YTD’14: Gain of S/.42 mm

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3 FINANCIAL ratios

Financial Debt and Consolidated Capex Million Soles (S/. mm)

Debt

Cash

Net Debt

1,668

1,125

542

1,722

324

1,398

2,446

285

2,160

2,467

242

2,225

2014: S/. 792 mm

Free Cash Flow YTD 2015: S/.106 mm

3.7x3.6x

3.8x4.0x

3.6x

4.0x

3.6x

2.9x

1.3x

3.4x3.2x

3.4x

LTM Q3’15LTM Q2’15LTM Q1’15201420132012

Debt / EBITDANet debt / EBITDA

105

134

74

104

333

242

114

Q2’15 Q3’15Q1’15Q4’14Q3’14Q2’14Q1’14

2,499

302

2,197

2,599

190

2,410

YTD 2015: S/.314 mm

Consolidated Financial Debt Consolidated CAPEX

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Debt by segmentMillion Soles (S/. mm)

Total Consolidated Debt: S/.2,599 mm

Debt / EBITDA: 3.7xNet Debt / EBITDA: 3.4x

Debt

Cash

Net Debt

976

306

670

1,095

215

880

1,347

168

1,179

1,374

148

1,226

691

656

35

624

81

543

1,111

124

967

1,139

161

977

1,339

144

1,195

1,128

93

1,035

3.3x3.1x

3.2x3.2x

3.0x2.9x 2.8x

2.4x

2.0x

3.0x2.7x

2.9x

LTM Q3’15LTM Q2’15LTM Q1’15201420132012

Debt/EBITDANet Debt/EBITDA

1,456

127

1,329

4.3x4.5x5.0x

5.5x5.4x

8.2x

4.9x

4.7x

0.4x

4.1x4.1x4.3x

LTM Q3’15LTM Q2’15LTM Q1’15201420132012

1,144

66

1,078

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exposure to usd

1 Repurchased US$ 172.8 mm of our Bonds up to date

• US$ 122 mm Consumer and US$ 50.8 mm Shopping Malls

• One-time expense of ~ US$ 5.8 mm

• Funded US$ 100 mm with medium term loans in PEN at interest rates of ~ 6.7% and the difference with cash from operations

2 Purchased US$ 200 mm Call Spread for InRetailShopping Malls

• Exchange rate fluctuations coverage between S/. 3.225 and S/. 3.75

• Annual cost of 1.84%

3 Converted US$30 mm Principal-Only Swap to US$100 mm Call Spread for InRetail Consumer

• Exchange rate fluctuations coverage between S/. 3.22 and S/ .3.75

• Annual cost of 1.56%

28%39%

23%

72%

38%

dic-14 sep-15

PENUSDHedge

23% of Total Debt exposed to USD (vs. 72% in Dic-14)

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EARNINGSPRESENTATION Q3’15

November 2015

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.

This presentation may include 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.

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