1

RIPLEY CORP

Ripley Corp

PresentationMarch, 2010

RIPLEY CORP

4Q2009 RESULTS

2010 FOCUS & INVESTMENT PLAN

CONCLUSIONS

CONTENTS

2

One of The Largest

Department Stores Companies in

Chile and Peru

RIPLEY CORP

Revenues 2009: MUS$1,751

Market Cap Dec-09: MUS$ 1,624

CHILE

- 39 Stores - Selling space 237,210 sqm

- Revenues 2009: US$1,320 million

- Loan Portfolio Dec-09:

• Tarjeta Ripley: MUS$ 719

• Banco Ripley Chile: MUS$ 414

- Shopping Malls: Selling space 63,966 sqm*

PERU

- 12 Stores – Selling space 106,575 sqm

- Revenues 2009: US$ 431 million

- Loan Portfolio Dec-09:

• Banco Ripley Peru: MUS$ 267

- Shopping Malls: Selling space 48,230 sqm*

Ripley Corp - Summary

Figures in real Chilean pesos as of Dic-09 converted to US$ using Dic 30th FX of $507.10/US$

* Weighted by ownership %3

1956

1985

2000

1993

2005

First store in Santiago

First department store

Ripley Parque Arauco biggest store in South America / New image positioning

Credit business beginning

First store outside Santiago

Opening of Hong Kong office / local bond of UF 6,500,000 (MUS$257)

IPO of Ripley Corp

First store outside Lima (Trujillo). First shopping mall of Aventura Plaza S.A. JV in Peru

First store in Perú

Insurance brokerage and e-commerce

2009

1976

1986

1997

2003

2007

Ripley Corp - 54 years of History

Acquisition of 22.5% of Nuevos Desarrollos S.A.(Plaza Alameda, Plaza

Sur and future developments)

Sale of the participation in Mall Calama, Mall del Centro, Mall del

Centro Rancagua and Mall Panoramico

Opening of Los Andes store in Chile and Chiclayo store in Peru

4

• Calderon family has been connected to the retail business for over 50 years

Calderon Group

65.5%

Free Float

14.5%

Saieh Group

20.0%

Major Shareholders Free Float*

Stockbrokers

& Retail

77.7%

Insurance

Companies

2.0%

Pension

Funds

7.5%

International

Investors

5.1%

Mutual Funds

7.7%

Ripley Corp - Shareholders Structure

*As of December 30st 20095

One of the largest department store company in Chile

• Retail Sales of MUS$ 940

• 39 Stores in Chile with a total selling space of 237,210 sqm

89 98 103 129 140 150 161

186 213

233 237

20 21 2226

28 2931

34

39 39 39

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

M2 (Thousand) N° Stores

Figures in real Chilean pesos as of Dec-09 converted to US$ using Dec 30th FX of $507.10/US$

629717 740

852953 1032 1042 1096

966 940

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Retail revenues evolution MUS$

Market Share in Chile Dec-09

Evolution of sqm and stores in Chile

Department Store - Chile

6

Second largest department store company in Peru

• Retail Sales of MUS$ 431

• 12 Stores in Peru with a total selling space of 106,575 sqm

Retail revenues evolution MUS$Evolution of sqm and stores in Peru

3746 56 65 68

79 88 95 102 1073

45

67

89

1011

12

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

M2 (Thousand) N° Stores

129

214272 315 337 329 359 392

552431

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Department Store - Peru

Figures in real Chilean pesos as of Dec-09 converted to US$ using Dec 30th FX of $507.10/US$

Ripley

44%Falabella

56%

Market share Sep-09

7

409338303260223207186

374

2002 2003 2004 2005 2006 2007 2008 2009

Tarjeta Ripley Net Loan Portfolio Banco Ripley Loan Portfolio

Financial Revenues

1,4 1,7 1,9 2,22,9 3,2

3,74,3

5,1 5,4 5,8

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Financial Revenues and Net Loan Portfolio

(MUS$ as of Dec-09) Issued cards in Chile (Million)

424

588

717

901

1,121

1,272 1,219

1,044

Figures in real Chilean pesos as of Dec-09 converted to US$ using Dec 30th FX of $507.10/US$

Financial Business - Chile

Important actor in consumer loan market in Chile with a gross loan

portfolio of MUS$1,133 (Tarjeta Ripley + Banco Ripley) as of Dec-09• Loan Portfolio of Tarjeta Ripley: MUS$ 719

• Loan Portfolio of Banco Ripley: MUS$ 414

• 5.8 million Tarjeta Ripley cards issued in Chile

8

Fourth player in credit cards loan market in Peru with a loan portfolio of

MUS$267 as of Dec-09

• 2.3 million cards issued in Peru

0,2 0,4 0,50,7

1,0

1,6 1,61,9

2,12,3

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Financial Revenues and Loan Portfolio

(MUS$ as of Dec-09) Issued cards in Peru (Million)

Figures in real Chilean pesos as of Dec-09 converted to US$ using Dec 30th FX of $507.10/US$

Financial Business - Peru

80 105 118154

205281

378

267

4752 64 76

97118

201

147

-100

-50

0

50

100

150

200

250

0

50

100

150

200

250

300

350

400

2002 2003 2004 2005 2006 2007 2008 2009

Financial Revenues Loan Portfolio

9

Strategy is focused in divesting on mature shopping malls and participating in the development of new projects with higher

profitability with the leading group of the industry

• Property of 22.5% of Nuevos Desarrollos S.A. belonging to Grupo Plaza

• 2 shopping malls

• 5 sites for development

• Property of 40% in JV Aventura Plaza S.A. with Falabella and Grupo Plaza in Peru

• 2 shopping malls

• 2 in construction and other 4 planned to be opened before 2014

• 33% of property of Mall Marina Arauco and Curicó

Shopping Mall Chile Selling Space (m2) % Ownership

Marina Arauco 57,968 33%

Mall del Centro de Curicó 45,911 33%

Mall Plaza Sur 74,583 22.5%

Mall Plaza Alameda 57,355 22.5%

Total selling space Chile* 63,966

Shopping Mall Peru Selling Space (m2) % Ownership

Trujillo 44,114 40%

Callao 76,460 40%

Total selling space Perú* 48,230

* Weighted by ownership %

Real Estate Business

Total selling space* 112,196

10

RIPLEY CORP

4Q2009 RESULTS

2010 FOCUS & INVESTMENT PLAN

CONCLUSIONS

CONTENTS

11

12

Chile

- Positive 4th quarter, increase on retail sales, better margins and loan portfolio

growth

- Decrease on provision charges, going back to historical levels

- Steps taken on 2009 are being reflected in the numbers of the company

- Focus on the Financial Business growth and efficiency increase

Peru

- Results in local currency with positive trend

- 4Q09 numbers were affected by accounting translation

- Focus on business growth, opening 2 new stores in 2010 and loan portfolio

increase

Highlights

12.2%

24%

283

318

4Q2008 4Q2009

75

93

4Q2008 4Q2009

1,097

1,006

4Q2008 4Q2009

8.3%

Revenues Var 4Q09 v/s 4Q08 (MUS$) SG&A/sqm 4Q09 v/s 4Q08

Margin Var 4Q09 v/s 4Q08 (MUS$)

Retail in Chile - growth with strong margin increase

Figures in real Chilean pesos as of Dec-09 converted to US$ using Dec 30th FX of $507.10/US$13

Decreased 5% of SG&A/sqm in Peru 2009 crisis arrived later to Peru

4Q09 confirmed positive trend

12,3%

7,7%

-3,3%

-9,1%

-5,0%

5,6%

IIIQ08 IVQ08 IQ09 IIQ09 IIIQ09 IVQ09

RETAIL SALES VAR.(NOMINAL SOLES)

SG&A

146.086 148.441

1,5381 1,4537

4Q 2008 4Q 2009

GAV (MSoles) Gav/M2 (MSoles)

Retail Peru - increasing revenues and efficiency

SG&A (Msoles) SG&A/sqm

14

• Financial revenues decreased due to

lower loan portfolio

• Net loan portfolio increased 9% during

the last 3 months, showing an important

change on the financial business trend

• Provision charges decreased 47%

versus 3Q09 and 22% versus 4Q08,

returning to historical levels

115

8782

4Q2008 3Q2009 4Q2009

Financial Revenues (MUS$)

Chilean Loan Portfolio growing in a controlled risk enviroment

44

63

35

4Q2008 3Q2009 4Q2009

-5%

-28%

-47%

Provision Charges (MUS$)

Figures in real Chilean pesos as of Dec-09 converted to US$ using Dec 30th FX of $507.10/US$

908

606660

4Q2008 3Q2009 4Q2009

9%

-27%

-22%

Net Loan Portfolio (MUS$)

15

8.345

10.358

4Q 2008 4Q 2009

669.546 688.457

72.892 83.623

9,8%10,8%

3Q 2009 4Q 2009

Net Loan Portfolio Provisions Provisions/Loan Portfolio

742.438 772.080

Banco Ripley Peru

Net Income Banco Ripley Peru (Msoles)

24%

Loan Portfolio (Msoles)

Recovery strategic plan has been effective:

Improving the contention in short term

tranches

Improvements in the telephone

collection processes

Support field collection

16

8,40% 8,80%

12,60% 12,50%

10,80% 10,40%

Sep -08 Dec-08 Mar-09 Jun -09 Sep-09 Dec -09

30 days delinquency/Loan Portfolio

Figures in MUS$ as of Dec-09 4Q 2008 4Q 2009 Variation Var %

Revenues 602 517 -85 -14,1%

Operating Result 36 30 -6 -18,1%

Non Operating Result -33 -11 22 -66,6%

Net Income -0,33 18 18 N/A

Figures in real Chilean pesos as of Dec-09 converted to US$ using Dec 30th FX of $507.10/US$

Ripley Corp

17

Figures in MUS$ as of Dec-09 4Q 2008 4Q 2009 Variation Var %

Net Financial Expenses -13 -9 4 -31,9%

Profit on investment in related companies -7 6 12 N/A

Banco Ripley Chile -14 1 16 N/A

Banco Ripley Peru 5 2 -3 -58,3%

Related malls business in Chile & Others 4 2 -3 -54,0%

Aventura Plaza investment in Peru -2 0 2 N/A

Price-Level restatement -6 -3 3 -43,1%

Others -7 -5 2 -28,6%

Non Operating Result -33 -11 22 -66,6%

Non Operating Result - Ripley Corp

Figures in real Chilean pesos as of Dec-09 converted to US$ using Dec 30th FX of $507.10/US$18

Dec-09

256

442

355

Cash Total Debt Net Debt

MU

S$ a

s o

f D

ec

-09

170

Dec-08

148

649

724

Cash Total Debt Net Debt

MU

S$ a

s o

f D

ec

-09

Cash Long Term Debt Net Debt

223

Short Term Debt Cash Long Term Debt Net DebtShort Term Debt

139

3

158

2343 23

185

256

2010 2011 2012 2013 2014 2015 2016-2030

MU

S$ a

s o

f D

ec-0

9

Capital Maturities Caja

Strong Financial Position

19

Cash

Chile Earthquake

Fortunately no fatal victims were reported among the employees

Current store status:

Ripley Store: 38 stores opened over a total of 39

Banco Ripley Branches: 45 branches opened over

a total of 48

No significant problems were reported on the

Distribution Center

Ripley has a solid insurance program that lagerly covers

the estimated losses

Inventory (coverage up to US$ 130 millon)

Others goods and business interruption

(coverage up to UF2,3 MM)

Financial Business measures:

The march payment has been postponed as support to the customer at the affected area

Special credit conditions have been decided for new credit to customer

of the affected area with a special supporting team

20

RIPLEY CORP

4Q2009 RESULTS

2010 FOCUS & INVESTMENT PLAN

CONCLUSIONS

CONTENTS

21

22

Main Goals

Focus

1. Increase revenues with strong margin increase

2. Increase loan portfolio in a controlled risk enviroment

3. To have a simple and efficient operation

How?

We have refocused our Value Proposal

Deeper integration between Retail -Financial

business

Continuous improvement and efficiency Plan

22

23

2010 FOCUS

CHILE PERU

Growing with

strong margin

Loan Portfolio growing in a

controlled risk enviroment

IT & remodeling

stores

2 new stores and

shopping malls

Increase

penetration of

department store

23

Investment Plan

Chile store openings

Los Andes (Nov-09)

Peru store openings

Chiclayo (Nov-09)

2-3 stores in 2010

2 stores onwards

1-2 malls in 2010

Peru (MUS$) 2010 2011New Stores 12.4 12.0Remodeling 13.1 3.3IT 6.8 6.5

Chile (MUS$) 2010 2011Remodeling 24.0 24.0

IT 7.5 7.5

24

RIPLEY CORP

4Q2009 RESULTS

2010 FOCUS & INVESTMENT PLAN

CONCLUSIONS

CONTENTS

25

26

Conclusions

Chile

- Positive 4th quarter, increase on retail sales, better margins and loan portfolio

growth

- Decrease on provision charges, going back to historical levels

- Steps taken on 2009 are being reflected in the numbers of the company

- Focus on the Financial Business growth and efficiency increase

Peru

- Results in local currency with positive trend

- 4Q09 numbers were affected by accounting conversion rules

- Focus on business growth, opening 2 new stores in 2010 and loan portfolio

increase

Speaker

• Juan Diuana – CFO Ripley Corp

• Alexander Cahn – Investor Relations

CONTACT INFORMATION

27

28

RIPLEY CORP

Ripley Corp

PresentationMarch, 2010