Ripley Corp June 2017

RIPLEY CORP: A GREAT INVESTMENT OPPORTUNITY

Retail 38%

Bank 25%

Real Estate 37%

Equity

• 72 stores in the best locations

• Improving profitability through greater emphasis in:

Fashion & brands Operational efficiencies

• 3.4 million active credit cards • NFD/Equity: 3.13x • Bank focused on the Ripley client • Low leverage allows for growth

without additional capital

• Stake in 11 malls in Chile and Peru (8 joint ventures and 3 full owned malls)

• Improving profitability as new projects are launched and existing projects mature

CURRENT VALUE OF RIPLEY CORP’S STOCK AT 1.07x ITS BOOK VALUE

Amounts in CLP Stock price: 503,98 CLP (June 2nd) Sources: Ripley Corp’s Mar-17 Financial Statements, Santiago Stock Exchange

First store in Santiago

First department

store

Credit business beginning

Opening of Ripley Parque

Arauco

First store in Peru

Opening of Ripley Bank

Chile

A COMPANY WITH HISTORY AND SUCCESS

IPO of Ripley Corp

Colocación primer bono

Banco Ripley Chile

Consolidation of Mall Aventura S.A.

Closing of Ripley Colombia’s operations

Ripley Chile Bank placed its first bond

First stores in Colombia.

Integration of Ripley’s Chilean

Financial Business

Acquisition of 22.5%

of Nuevos Desarrollos S.A.

Re

tail

Fin

anci

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Re

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Fin

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Ripley is a lead actor in the retail industry in Chile and Peru, with a market share of approximately 18% and 38%, respectively

It has an integrated participation in the retail, banking and real estate businesses in both countries

The Company opened in the stock market in 2005. Its current market capitalization is MM$ 975,732(1)

Controlled by the Calderón Volochinsky family, which maintains 53% of the share capital of the Company (mar-2017)

43 stores

272,573 m2

EBITDA: MMM$ 29

Chile 66%

Peru 34%

LTM Income MMM$ 1,621

Loan portfolio: MMM$ 767

1,256(Th) credit cards with debt

EBIT: MMM$ 54

9 malls

MMM$ 304 investment

EBITDA(3): MMM$ 29

29 stores

192,884 m2

EBITDA: MMM$ 10

Loan portfolio: MMM$ 356

466(Th) credit cards with debt

EBIT: MMM$ 20

2 malls

MMM$ 174 investment

EBITDA(2): MMM$ 12

Sources: Ripley Corp’s Mar-17 Financial Statements, SBIF and Bloomberg

Note: Amounts in CLP; EBITDA and EBIT LTM (1) Bloomberg, June 2nd 2017 (2) Proforma using the consolidated EBITDA of Mall Aventura S.A. (from July 2016 on) and the unconsolidated EBITDA of Aventura

Plaza S.A. weighted by ownership of 1Q16 (3) Proportional EBITDA, weighted by Ripley Corp’s ownership

61 years of experience in the retail industry

A COMPANY WITH HISTORY AND SUCCESS

A. RETAIL BUSINESS

B. FINANCIAL BUSINESS

C. REAL ESTATE BUSINESS

D. LOOKING FORWARD

77% OF OUR SALES SURFACE IS LOCATED IN MAIN SHOPPING MALLS 23% IN URBAN CENTERS OF MAJOR CITIES IN CHILE AND PERU

RETAIL BUSINESS

STORES SITUATED IN THE BEST LOCATIONS

Ripley Chile’s distribution center has a surface of 67,000 m2 and dispatches 50 million units per year.

Meanwhile, Ripley Peru’s distribution center has a surface of 45,000 m2 and dispatches 32 million units per year.

RETAIL BUSINESS

LARGE LOGISTIC INFRASTRUCTURE IN PLACE

MAIN DRIVERS

Increase the profitability per square meter prioritizing fashion and clothing brands

Improve the efficiency in operations

Ripley’s Strategic Plan is focused on Product, Store and Management dimensions

RETAIL STRATEGIC PLAN

RETAIL BUSINESS

INCREASE PROFITABILITY PER SQUARE METER WITH GREATER EMPHASIS IN FASHION & BRANDS AND LARGER OPERATIONAL EFFICIENCIES

PRODUCT DIMENSION

New management of private and exclusive brands with a clear differentiation strategy through fashion

Management of private and exclusive brands based on lifestyle methodology

ALLIANCES WITH LARGE INTERNATIONAL RETAIL GROUPS BESTSELLER (DENMARK), IN SITU (SPAIN)

RETAIL BUSINESS

RETAIL STRATEGIC PLAN

MANAGEMENT DIMENSION

Focus on profitability and efficiency towards each brand’s surface area

New service model optimizes staff expenses in stores

Align restock and product availability to a model that involves faster inventory turnover (Lead Time)

Optimize merchandise flow

24 STORES WITH THE NEW ATTENTION MODEL

RETAIL BUSINESS

RETAIL STRATEGIC PLAN

STORE DIMENSION

A SIMPLE AND ENTERTAINING STORE

Standardize product displays and visual elements

Develop ecommerce and omnichannel

Create a entertaining and captivating store for our clients, based on the product

INCREASE M2 OF APPAREL & FASHION PRODUCTS COMPLEMENTING HARD GOODS THROUGH ONLINE CHANNEL

RETAIL BUSINESS

RETAIL STRATEGIC PLAN

15 24 36 48 72 94 203 294 353 447 514 730

1,066 1,275

1,592

1,958

2,350

2,820

1990 2001 2003 2005 2007 2009 2011 2013 2015 2013 2014 2015 2016

Awards

Annual sales growth of Ripley through e-commerce

Strategic Plan focused on platform development and internet sales

Ripley’s e-commerce sales are growing over 20% annually in Chile and Perú

More than 80 million visits during 2016 to Ripley’s internet homepage

On April 4th Mercado Ripley.com was officially launched, this new platform allows third parties to sale their products at Ripley’s website

Ripley’s growth is 1.8 x that of e-Commerce industry in Chile

Winner of the 2015 and 2016 awards in Chile and 2016 in Peru

2013 2014 2015 2016

39%

E-commerce in Chile 1990 – 2016 (USD mm)

Chile Peru

2015 2016 2016

39%

40%

23%

25%

75%

2016

Sources: Ripley Corp’s Mar-17 Financial Statements Chamber of Commerce Santiago

RIPLEY’S e-COMMERCE

IMPORTANT GROWTH IN e-COMMERCE

A. RETAIL BUSINESS

B. FINANCIAL BUSINESS

C. REAL ESTATE BUSINESS

D. LOOKING FORWARD

OU

R P

RO

MIS

E

A SIMPLE BANK

CLOSE WITH ITS CUSTOMERS

OU

R A

TTR

IBU

TES

TRANSPERENCY QUICKNESS ACCESABILITY BENEFITS

In the sale In services Onmichannel From Ripley world

With the charges In problem resolution Monday through Sunday Ripley reward points

In the comunication No waiting time Where the client wants to be Valued alliances

HO

W W

E'LL

DO

IT

CLIENT KNOWLEDGE

DIGITAL INNOVATION IN PRODUCTS, CHANNELS AND SERVICES

INTEGRATION WITH RETAIL

LEAN PROCCESSES

CULTURE AND A CAPABLE TEAM

CHILE’S FINANCIAL BUSINESS

Ripley Private Label Card

Ripley Mastercard

Used Only In Ripley Stores And A Select

Group Of Associated Commerce

Can be used in the entire Transbank

Network

Paid in Installments Revolving credit line

MIGRATION TO RIPLEY MASTERCARD - CHILE

As percentage of the loan portfolio

CHILE’S FINANCIAL BUSINESS

64%

36%

30%

35%

40%

45%

50%

55%

60%

65%

70%

Mastercard Private Label

2013

Ripley begins offering

Mastercard to new clients

Continues marketing

Mastercard exclusively to new clients

Greater selectivity with new clients and

focusing on existing client

migration

Gradually resume growth in loan portfolio with a focus on selectivity and migration of

known clients

2014 2015 2016-2017

Healthy evolution of Early Non performing loans (“NPL’s”) when compared to previous years

Late NPL’s show a slight increase when compared to previous years, yet in healthy levels and in line with the behavior of the Chilean banking system during the first months of 2017

The Net Provision Expense even considering the new provisions model, is stable and in line with previous years.

(*) In October 2016, Ripley Bank Chile changed its risk provisions aligning its model to the BIF definitions

0,1%

0,4%

0,7%

1,0%

1,3%

1,6%

1,9%

Net Provision Expense (Does not consider contingent and prudential provisions)

2014 2015 2016 2016 Old provisions model 2017

14,0%

16,0%

18,0%

20,0%

22,0%NPL's 1-90 Days

3,5%

4,0%

4,5%

5,0%

5,5%

6,0%NPL's 90 + Days

CHILE’S FINANCIAL BUSINESS

Early and late NPL’s still maintaining healthy levels

Rise in Net Provision Expenses in 2017 is explained: 1) by the deterioration in the payment behavior of the Peruvian banking system as a whole, as well as the requirement to constitute provisions based in behaviors with other banks and not only with Ripley Bank 2) El Niño’s first consequences 0,0%

0,2%

0,4%

0,6%

0,8%

1,0%

1,2%

Net Provision Expense

2014 2015 2016 2017

7%

9%

11%

13%

15%

17%NPL's 1-90 days

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

NPL's 90 + days

PERU’S FINANCIAL BUSINESS

A. RETAIL BUSINESS

B. FINANCIAL BUSINESS

C. REAL ESTATE BUSINESS

D. LOOKING FORWARD

REAL ESTATE BUSINESS

5.284

7.563 9.287

11.795

5.829

13.102

9.856 11.541

Mall Concepción Inm. Mall Viña delMar

Nuevos Desarrollos Mall Aventura (2)

UDM mar-16 UDM mar-17

Ripley Corp’s ownerships in Real Estate businesses (mar-17)

LTM EBITDA(1)

Ownership Country Investment(1)

(CLP MM) GLA (m2)(1) Malls

Mall Concepción 100% Chile 76,510 26,000 1

Nuevos Desarrollos S.A. 22.5% Chile 122,831 76,605 6

Inm. Mall Viña del Mar S.A. 50% Chile 104,220 58,500 2

Mall Aventura S.A. 100% Peru 174,543 122,900 2

Total 478,104 284,005 11

Note: Nuevos Desarrollos includes: Plaza Sur, Plaza Alameda, Plaza Mirador Bío Bío, Las Américas (Iquique), Plaza Egaña y Plaza Copiapó; Mall Aventura includes: Aventura Plaza Arequipa y Aventura Plaza Santa Anita; Inm. Mall Viña del Mar includes Mall Marina y Mall Centro Curicó (1) Amounts equivalent to the total of the asset weighed by the percentage of Ripley’s ownership (2) Proportional EBITDA of Ripley Corp. EBITDA of Mall Aventura considers three months of Aventura Plaza S.A.’s EBITDA (pre consolidation) weighted by Ripley Corp’s ownership in such company

CLP million

EBITDA LTM mar-17 increased 18.9%(1) when compared to LTM mar-16, reaching CLP MM$ 40,328

On April 2016 Ripley’s ownership of Inm. Mall Viña del Mar came up to 50% after the purchase of an extra 16.67% of it

Starting 2Q16, Ripley recognizes all of its investments properties at fair value instead of historical cost

On July 2016 the division of Aventura Plaza S.A. was executed and Ripley began to consolidate the operation of Mall Aventura S.A.

CONTINUE GROWING IN OUR REAL ESTATE BUSINESS

A. RETAIL BUSINESS

B. FINANCIAL BUSINESS

C. REAL ESTATE BUSINESS

D. LOOKING FORWARD

MAIN FOCUS MAIN SOURCE OF GROWTH & PROFITABILITY

RET

AIL

- Fashion & Brands

- Increase Profitability

Increase in

margins through strategic plan

focused on brands

Strengthening eCommerce channel

Increase in square meters and higher

store maturity

BA

NK

- Competitive Credit Card

- New Core Banking System

Migrate known

clients to Mastercard

Keep healthy leverage ratios

Implement electronic accounts, debit cards

and other bank services

Conservative growth

leveraging on known clients

REA

L ES

TATE

- Grow in Mall operations

Greater maturity of existing malls, new

malls under associates and expansion of existing owned malls

Developing new projects

LOOKING FORWARD

On May 19th of this year, the controlling group of Ripley Corp and El Puerto de Liverpool

(“Liverpool”) agreed to put an end to the Partnership Agreement, stating that ten months after this agreement was announced, geopolitical and economic changes have occurred in both the Chilean and Mexican markets, which motivated the termination. After this decision, the parties also indicated that they will continue focusing their efforts in growing their businesses and currents projects. Also, both Liverpool and the controlling group of Ripley will continue to keep good relations and close dialog to share experiences and better practices, as well as they´ll continue evaluating future business opportunities together.

In the Ordinary Shareholders Meeting, held April 13th 2017,a dividend distribution of $10.94 per

share was approved, which represents 30% of 2016’s distributable net income

Additionally, two new board members were elected in said Meeting, Mauricio Balbontín and Alejandro Rosemblatt replacing Gustavo Alcalde and Felipe Morande, respectively

Finally New store Ripley San Fernando in Chile opened May 6th 2017 3,127 m2 of selling space

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APPENDIX

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APPENDIX

Calderon Volochinsky

Family 53%

Others 22%

Mutual funds 1%

Pension Funds 12%

Calderon Kohon Family

12%

As of March 2017

MAIN SHAREHOLDERS

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APPENDIX