Earnings

Presentation

Q4’2014

February, 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

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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.

2

AGENDA

Q4’14 RESULTS BY SEGMENT

2014 HIGHLIGHTS01

02

03

04

WHAT WE ARE DOING

WHAT TO EXPECT IN 2015-2017

01

2014 HIGHLIGHTS

66

21

63

113

Q4'13 Q4'14 2013 2014

160 202

475

604

Q4'13 Q4'14 2013 2014

1,492 1,738

5,322

6,147

Q4'13 Q4'14 2013 2014

Margin 1.2% 1.8%4.4% 1.2%

2013 Consolidated Results Million Soles (S/. mm)

Full Year 2014 Highlights Revenues

Margin 8.9% 9.8%10.7% 11.6%

Double digit growth in Revenues, Adj. EBITDA, and Net

Income vs. 2013

New corporate structure allowing its segments to have

independent capital structures and more transparency

Refinanced debt to reduce cost of debt (US$ 12 mm in

annual savings from lower interest expenses)

Increase in fair value of investment properties of

S/. 138.4 mm and exchange loss of S/.114.5 mm

Increase in EPS from S/. 0.6 to S/. 1.1

5

2014 Consolidated HighlightsMillion Soles (S/. mm)

01

Adj. EBITDA Net Income

66% 67%

65%64%

34% 33%

35%

36%

Q4'13 Q4'14 2013 2014

01

InRetail Shopping MallsInRetail Consumer

Financial Results by SegmentMillion Soles (S/. mm)

6

66% 64%

58% 56%34% 36%

42%

44%

Q4'13 Q4'14 2013 2014

Revenues Revenues

63

110

215

349

Q4'13 Q4'14 2013 2014

38

68

115

202

Q4'13 Q4'14 2013 2014

Adj. EBITDA

Net Rental Margin 75.9% 80.2%82.9% 82.4%7.1% 7.1%8.5% 8.2%Margin

Adj. EBITDA

1,4391,633

5,142

5,833

Supermarkets Pharmacies

123133

364415

InRetail Peru 2014 Highlights

7

SUPERMARKETS

• Opened 28k sqm of sales area (+8.5% net of closings)

• Opened 6 supermarkets (3 in Lima / 3 in

provinces)

• Expanded 5 supermarkets

• Refurbished 11 Plaza Vea stores

• Closed 3 Economax stores

• SSS growth of 4.4%

• Captured efficiencies in SG&A due to multiple

initiatives launched

• Launched “Vea Club” to increase customer knowledge

and enhance promotional campaigns

• Successfuly integrated dry-food and non-food

warehouses

• Completed upgrade of cash registers to NCR platform,

improving customers’ experience at point of sale

• Ranked 8th in GPTW Ranking

01

• Opened 124 pharmacies (37 in Lima / 87 in

provinces); 12 pharmacies closed

• SSS growth of 8.5%

• Increased penetration of high margin products

(+2.7pp)

• Reduced inventory in 32 days (85 days as of

December 2014), freeing up cash

• Sold old distribution center for S/. 12.9 MM,

generating an extraordinary income of S/. 6.8 MM

8

PHARMACIES

01

InRetail Peru 2014 Highlights

9

SHOPPING MALLS

• Inaugurated Real Plaza Salaverry in May 2014 (+73k

sqm of GLA)

• Acquired of Real Plaza Centro Cívico in August 2014

(+41k sqm of GLA) for S/. 190 MM, 7X EBITDA, and

initiated expansion of 8k sqm for a department store

• Expanded 41k sqm of GLA

• Acquired Puruchuco’s landplot for S/. 100 MM for the

development of a new shopping mall

• Increases in mark-to-market of S/. 138 MM in 2014

mainly as a result of new malls in operation and lower

cost of debt

01

InRetail Peru 2014 Highlights

02

Q4´14 RESULTS BY

SEGMENT

02

Q4´14 RESULTS BY

SEGMENT

• +5.9% SSS vs. Q4’14 (+8.5% SSS 2014)

• 50 pharmacies added to the network in Q4’14, 112 in 2014 (+15.4%), total

837 stores

• Intensive competitive environment and stock liquidation to reduce inventory

impacted our sales per ticket, partially compensated by an increased in SSS

transactions

• Expansion of 3 malls in Q4’14 (+11,120 sqm); opening of Real Plaza

Salaverry and acquistion of Real Plaza Centro Cívico in 2014 (+154,880

sqm; +38.9%); total 553,431sqm (607,120 sqm including third party’s

properties)

• +4.9% SSS vs. Q4’13 (+4.4% SSS 2014)

• 2 new stores, 3 expansions and one Economax store closed in Q4’14 (+8k

sqm); 6 new stores, 5 expansions and 3 Economax stores closed in 2014

(+21k sqm, +8.5%), total 101 (269,718 sqm)

• Aggressive and innovative promotional campaigns in Q4’14

2013 Consolidated Results Million Soles (S/. mm)

Revenues Growth of 16.5% vs Q4’13Million Soles (S/. mm)

Supermarkets

Pharmacies

Shopping Malls

Pharmacies

33.7%

Shopping Malls

5.6%

2014 Revenues Breakdown

Revenues

Supermarkets

60.7%

11

Million S/. Var % Var %

Q4'13 2013

InRetail Consumer 1,633 13.5% 5,833 13.4%

Supermarkets 1,094 14.8% 3,757 12.9%

Pharmacies 541 11.0% 2,086 14.4%

InRetail Shopping Malls 110 73.0% 349 62.7%

Total Revenues 1,738 16.5% 6,147 15.5%

Q4'14 2014Million S/.

02

227 227 228

249 249 253

261270

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14

Quarterly Openings and SSS by Segment

Openings Same Store Sales

12

-0.7%

-2.1%

2.1%2.4%

4.8%5.2%

2.6%

4.9%

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14

-1.1%

0.4%

4.0%

6.9%

9.3%

10.8%

8.2%

5.9%

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14

Pharmacies

Supermarkets

297 319 336 399 425

499 542 553

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14

610 636675

725 731 754787

837

Q1'13 Q2'13 Q3'13 Q4'13 Q1'14 Q2'14 Q3'14 Q4'14

Shopping Malls

GLA (‘000 sqm)

Pharmacies

N° Stores

Supermarkets

Sales Area (‘000 sqm)

N° Stores 88 88 90 98 98 98 100 101

N° Malls 13 13 13 15 15 16 17 17

02

Million S/. Var % Var %

Q4'13 2013

InRetail Consumer 133 8.2% 8.7% 415 7.1% 13.9%

Supermarkets 85 7.8% 4.6% 232 6.2% 10.0%

Pharmacies 49 9.0% 17.6% 185 8.9% 19.5%

InRetail Shopping Malls 68 62.0% 77.8% 202 57.8% 75.5%

Total Adj. EBITDA 202 11.6% 26.3% 604 9.8% 27.0%

Q4'14 % Rev 2014 % Rev

• +77.8% growth vs. Q4’13; +75.5% growth vs. 2013

• Net rental Mg. 82.4% vs. 82.9% in Q4’13; 80.2% in 2014 vs. 75.9% in 2013

• Higher margin driven by recent opening of shopping malls and dilution of

fixed costs, offset by higher SG&A

• +4.6% growth vs. Q4’13; +10.0% growth vs. 2013

• EBITDA Mg. 7.8% vs. 8.5% in Q4’13; 6.2% in 2014 vs. 6.3% in 2013

• Lower gross margin in Q4’14 due to intensive promotional campaigns and

lower store contribution from suppliers, despite efficiencies in SG&A

• +17.6% growth vs. Q4’13; +19.5% growth vs. 2013

• EBITDA Mg. 9.0% vs. 8.5% in Q4’13; 8.9% in 2014 vs. 8.5% 2013

• Higher gross margin due to an increase in penetration of high margin

products, logistic efficiencies and extraordinary income, compensated

lower margin in regular products, an increase in rental expenses and

personnel expenses associated to higher commissions to our salesforce

Adjusted EBITDA Growth of 26.3% vs Q4’13Million Soles (S/. mm)

Adj. EBITDA

2014 Adj. EBITDA Breakdown

Supermarkets

37.4%

13

Supermarkets

Pharmacies

Shopping Malls

Shopping Malls

32.7%

Pharmacies

29.9%

Million S/.

02

26 24 26

38 36 43

55

68

Q1 Q2 Q3 Q4

2013 2014

45 42 42

81

55 44

48

85

Q1 Q2 Q3 Q4

2013 2014

104 101 110

160

117 131

154

202

Q1 Q2 Q3 Q4

2013 2014

34 36

43 41 39

46 52

49

Q1 Q2 Q3 Q4

2013 2014

Adjusted EBITDA EvolutionMillion Soles (S/. mm)

InRetail Consolidated (+27.0 YoY)

Pharmacies (+19.5% YoY)

Supermarkets (+10.0% YoY)

Shopping Malls (+75.5% YoY)

14

02

Consolidated Net Income

In Q4’14 we registered non-recurring expenses of

S/.96.6 million associated to the premium paid for

refinancing debt

In 2014, we registered an increase in fair value of

investment properties generated by InRetail Shopping

Malls explained by: (i) a reduction in cost of debt, (ii)

opening of Real Plaza Salaverry

Mark-to-market gain of S/. 96.6 million in Q4’14

vs. S/. 29.8 million in Q4’13

Mark-to-market gain of S/. 138.4 million in 2014

vs. S/. 44.6 million in 2013

Foreign exchange loss generated by the exposure of

our long-term financial obligations:

Exchange loss of S/. 57.6 million in Q4’14 vs.

loss of S/. 8.8 million in Q4’13

Exchange loss of S/. 114.5 million in 2014 vs.

loss of S/. 125.2 million in 2013

Net Income Growth of 79.6% vs 2013Million Soles (S/. mm)

15

66

21

63

113

Q4'13 Q4'14 2013 2014

1.2% 1.8%4.4% 1.2%Net

Margin

02

Consolidated Capex and Financial DebtMillion Soles (S/. mm)

16

Financial Debt Capex

658

1,034

792

2012 2013 2014

Capex by Quarter 2014

114

242

333

104

Q1'14 Q2'14 Q3'14 Q4'14

4.0x

3.6x 3.5x

4.0x 4.0x

1.3x

2.9x3.1x

3.6x3.6x

2012 2013 LTM Q2'14 LTM Q3'14 2014

Debt/EBITDA Net Debt/EBITDA

InRetail

Shopping Malls

Bond Issuances

InRetail

Consumer

Bond Issuances

Debt/EBITDA Net Debt/EBITDA

Debt

Cash

Net

Debt

1,668

1,125

542

1,722

324

1,398

2,226

238

2,028

2,446

285

2,160

1,827

201

1,627

02

InRetail Consumer

Debt / EBITDA: 4.0xNet Debt / EBITDA: 3.6x

Total Consolidated Debt: S/. 2,446 mm

17

Debt by Segments As of December 31st, 2014

Debt

Cash

Net

Debt

1,3471,1681,095976

168131215306

1,1791,036880670

1,1111,099624691

1248681656

9871,01354335

2.9x 3.0x2.9x 2.9x

3.2x

2.0x

2.4x2.5x 2.6x

2.8x

2012 2013 LTM Q2'14 LTM Q3'14 2014

Debt/EBITDA Net Debt/EBITDA

8.2x

5.4x5.0x

6.4x

5.5x

0.4x

4.7x 4.6x

5.9x

4.9x

2012 2013 LTM Q2'14 LTM Q3'14 2014

Debt/EBITDA Net Debt/EBITDA

716

63

653

1,111

131

981

Bond Issuances

Bond Issuances

InRetail Shopping MallsMillion S/. Million S/.

02

03

WHAT WE

ARE DOING

Continue remodeling and refurbishing stores

Lower expenses with emphasis on improving

productivity and efficiencies on our stores

and distribution centers

Continue expanding in Lima and provinces

with 12,000 sqm

19

03

Supermarkets Segment in 2015

1

2Increase gross margin with more efficient

promotional campaigns leveraging Vea Club’s

data and higher penetration of Tarjeta Oh!

3

4

Continue developing and increasing penetration

of high margin products

Lower expenses by capturing additional

supply chain and store efficiencies

Launch digital and e-commerce strategies

Continue improving our assisted sales model

and cross selling opportunities supported on Big

Data management

20

03

Pharmacies Segment in 2015

1

2

3

4

5 Expand in Lima and Provinces with 100 new stores

5

Continue improving performance of malls

• Tenant Mix

• Operational efficiencies

• Marketing attractions

Implement IT solutions to enhance

shopping experience

Strengthen and build new long-term

relationships with local and international

tenants

Prepare to initiate construction of

Puruchuco Shopping Mall

21

03

Shopping Malls Segment in 2015

1Mobile APP

Continue building a portfolio of premium

locations for future malls

2

3

4

04

WHAT TO EXPECT

IN 2015-2017

23

Puruchuco Shopping Mall

04

What to Expect in 2015-2017

Secured Growth in 2015

12k sqm of additional supermarkets sales area in 2015

(+4.4% growth)

100 new pharmacies in 2015

10k sqm of additional GLA from shopping mall’s expansions

Development of Puruchuco Shopping Mall:

+110k sqm of additional GLA expected for 2017

Total estimated investment of US$ 150 MM

US$ 700 million for CAPEX in 2015-2017

By Segments

By type of investment

23

40.3%

7.3%

52.4%

72.5%

21.6%

6.0%

Supermarkets

Pharmacies

Shopping Malls

New stores, malls,

landbank

Logistics, IT, other

Refurbishing of stores,

mall expansions

For more information please contact:

ir@inretail.pe

www.inretail.pe