1

March 31, 2020

2

The information contained in this document is not disclosed in

order to comply with any information disclosure obligation that

applies to Plaza S.A. or any of its subsidiaries to comply with the

law or any other binding regulation. Therefore, by making this

disclosure Plaza S.A. is under no obligation to update the

information contained in it, nor to repeat such information

disclosure in the future. The information contained in this

document is correct on the date it was issued. It is your

responsibility to: (i) check whether this document contains the

most recent information disclosure by Plaza S.A. regarding the

issues reported here; and (ii) be aware that from the date this

document was issued, changes may have taken place in the

economic conditions or market conditions that affect Plaza S.A.,

or its subsidiaries, and its business performance. The information

contained in this document and the manner in which it is

presented, taken by itself or together with other information

formally disclosed by Plaza S.A., describes its past and present

business performance. However, it does not constitute a basis for

assuming that such performance can be maintained in the future.

It could improve or worsen. Any performance projections are

subject to risks and uncertainties that could result in substantial

deviations from expectations. Moreover, many of these risks and

uncertainties are outside the control of Plaza S.A. and its

subsidiaries, such as: changes in consumer habits; development

of new technologies relevant to our business and inaccessible by

Plaza S.A. and its subsidiaries; fluctuations in the cost of

consumables; new regulations or amendments to current

regulations; decisions by regulatory authorities; competitor

behavior; political changes that affect market conditions; interest

rates; exchange rates; natural disasters; and climatic conditions.

The aforementioned list is not exhaustive, but merely exemplary.

This document is not a transaction request regarding securities

issued by Plaza S.A. or any of its subsidiaries. Our sole purpose

has been to truthfully and promptly inform you, according to our

understanding of best practice and market standards, and

compliments our information disclosures required by the law.

3

Main business events

•

•

•

EXECUTIVE SUMMARY

4

EXECUTIVE SUMMARY

Financial performance for last twelve months (LTM)

•

•

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•

•

5

EXECUTIVE SUMMARY

Financial performance and events in the first quarter 2020•

•

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•

6

EXECUTIVE SUMMARY

Financial performance and events for the first quarter 2020 [cont.] •

•

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•

7

Operational GLA•

•

>>>>>

Supporting our business partners: prioritizing long-term relationships•

•

•

Financial liquidity and Solvency•

>

>

>

>

Reducing investments, operating costs and dividends•

•

•

•

•

Initiatives associated with the Covid-19 pandemic

8

Initiatives for visitors

•

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•

•

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Initiatives to reopen premises not open to the public(business partners)•

•

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•

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Initiatives for employees (Mallplaza)•

•

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•

•

•

Initiatives associated with the Covid-19 pandemic

Reopening will be gradual, for shorter periods and will be strictly coordinated with authorities

—People's health and safety will continue to be our

priority. Maximum focus on operational and disinfection protocols

—Acceleration of the omnichannel transformation.

Projects in development to support business partners with delivery services, access to Marketplace and Click

& Collect

99

C H A P T E R 0 1

1010

Last twelve monthsended March 31, 2020 (1),(2)

WE OPERATE (1)

Urban centers

Cities

CHILE

PERÚ

COLOMBIA

Stores

Gross leasable area (GLA) (1)

Social networking followers

Visitor flow (1)

million / year

Business partner sales (1)(3)

CLP billion

Business partner sales per m2 (1)(2)

CLP/m2

Occupancy

1111

RATINGPLAZA S.A.(3)

(CL) FITCH RATINGS

REVENUE

CLP million

Last 12 monthschange

NET INCOME (5)

CLP million-16% excluding

Arica tax effect in 2018

EBITDA (4)

CLP million

FFO (6)

CLP million

As of March 31, 2020 (1),(2)

(CL) FELLER RATE

(CL) HUMPHREY’S

1212

(construction almost completed)

Estimated total investment USD 239 million(1)

Mallplaza Comas

GLA OPENING 2020

MallplazaNorteStage 2Santiago, Chile

MallplazaOesteSantiago,Chile

MallplazaLa SerenaLa Serena,Chile

3 expansionsChile

FORTHCOMING PROJECTS

(construction recently started)

Estimated total investment USD 177 million(1)

Mallplaza Cali

GLA APERTURA

MallplazaBellavistaLima,Peru

MallplazaTrujilloTrujillo,Peru

2 expansionsPeru

1313

Figures

as of March 31, 2020

(2)

207 207

Mar2019 Mar2020

82 107

Mar 2019 Mar 2020

400 396

Mar 2019 Mar 2020

3.248 3.020

Mar 2019 Mar 2020

1015

Mar 2019 Mar 2020

41 44

Mar 2019 Mar 2020

238218

Mar 2019 Mar 2020

76122

Mar 2019 Mar 2020

1.361 1.372

Mar 2019 Mar 2020

1414

C H A P T E R 0 2

151515

Business partners

Retail proposal

GrowthHuman capital

Excellence SustainabilityOmnicanality

1616

GLA m2

ColombiaGLA m2

Peru

Projects in progress

Colombia

Projects paralyzed

GLA m2

1717

Chile

(construction almost completed)

Chile Chile Peru Peru

(construction recently started)

17

1818

35% OF GLA IN MIXED USE AND RETAILTAINMENT

35%

19%

14%

31%

1%

Complementary to Retail

Convenience Retail

Specialty Retail

Large Stores

Others

As of March 31, 2020

Retailtainment

Mixed use and services

Automobile sales

Encourage people to visit and socialize

• Cinemas

• Play areas for children

• Cultural venues

• Food & beverage outlets (terraces, markets, impulse kiosks, food hall, food courts, cafe) with final mile delivery services

• Medical buildings with over 2.4 million procedures per year

• Educational centers, with over 22,000 students studying daily

• Fitness centers

• Offices in towers

• Service and financial stores

• Automobile sales showrooms

191919

WHICH TOOLS AND PLATFORMS ARE WE DEVELOPING?

• We are accelerating innovative initiatives to shorten final mile delivery times.

We are progressing with an accelerated omnichannel

transformation that integrates us a digital

ecosystem and digitalizes the core business.

We understand our shopping centers to be omnichannel

ecosystems, where multiple interactions occur and we are continuously improving them

to provide a better visiting and shopping experience for our customers, which opens

up opportunities for our business partners.

202020

REAL TIME DATA CAPTURE Visitor flow recognitionPersonal and prompt communication.Heat maps.

FREEFLOW PARKING EXPERIENCE Xpress parkingDeparture recommendationsFind your car

WEB APP VISITORS Customized view by mall.Access to brands and online conversion via gift cardsEntrepreneurial product offerings.

RELATIONSHIP MARKETING360° perspective of customers for personalized communication.Triggers for consumers

BUSINESS PARTNER PORTAL Unified digital channel for services and interactions with stores and brands.

ENTREPRENEURS' PORTALUnified relationship channel for entrepreneurs.Benefits to improve their omnichannel business.

PROCESS DIGITALIZATION GLA management process digitalizationWorld Class tool for business management.Backoffice Processes Digitalization

LOGISTICS HUBIncorporate Click&CollectDrive Thru

UNIFIED OPERATIONS CENTERArtificial intelligence used at the operations center to strengthen security and efficiency

2121

0,00%

1,00%

2,00%

3,00%

4,00%

5,00%

6,00%

Contract indexation above inflation 12M (actual currency)Inflation

Long-term revenue stability

and diversification

-3.1% growth over inflation

for same store contracts

compared to the previous year, due to lower revenue

mainly associated with the

days shopping centers were partially open as a result of

the social unrest in Chile in

October 2019, and the impact of the coronavirus

pandemic across the region.

Revenue flow and economic value of investment

properties indexed to

inflation.

LTM March 2020

Remaining duration of lease contracts

COST OF OCCUPATION (2) (LTM 1Q2020)

Total average

Fixed revenue

Variable revenue

(Same Store Rent - Last 12 months) (3)

89%

11%

)

Lease revenue Other revenue

2222

12M 1Q19 12M 1Q20

(1) EBITDALast 12 months

(2)

EBITDA - Last 12 months

EBIT

DA

Mill

on

es N

uev

os

Sole

s

153.968

184.261 200.687

209.236 222.408

247.276 238.308 233.817

0

50.000

100.000

150.000

200.000

250.000

2013 2014 2015 2016 2017 2018 2019 1Q202012M

EBIT

DA

Mill

on

es C

LP

93100

2323

Total year 2019

Mallplaza has 5 of the 10 largest shopping centers in Chile by sales

Total year 2019

Mallplaza has 6 of the 10 largest shopping centers in Chile by GLA

Total year 2019

Mallplaza has 6 of the 10 largest shopping centers in Chile by revenue

OTHERS

5OTHERS

4OTHERS

4

2424

168 156129 117

95

Mallplaza Vespucio Mallplaza Oeste Mallplaza Norte Mallplaza Trébol Mallplaza Egaña

LTM 1Q2020

Over 4,000 stores distributed across 23

urban centers, in 15 cities and 3 countries

No asset represents over 10% of GLA

Diversified customer portfolio. Top 5 customers represent only 18% of

revenue

Related companies represent only 12% of Plaza S.A. revenue

Focused on a Regional Mall format (GLA

average mall 73,700m2) GLA average throughout Mallplaza73,700m2

LTM 1Q2020

As of March 31, 2020

Others88%

Related Companies

12%

TOP 5 Business Partners

18%

Others82%

252525

• Building long-term relationships with business partners.

• We are progressing with our onmichanneltransformation by opening up opportunities for our business partners. For example, Mallplaza'sability to offer our business partners’ services and products to our customers while they are visiting the mall, by activating triggers with real-time segmented communication.

• We provide continual support and communication for our business partners’ daily business.

• We generate community engagement and familiarity with local neighborhoods

• +3,000 entrepreneurs participate annually in over 920 entrepreneurial fairs and over 194 training sessions in our shopping centers.

• +20 cultural initiatives in Chile, Peru and Colombia, which were attended by over 4 million people during 2019

• 6 LEED certified shopping centers: 4 in Chile, 1 in Peru and 1 in Colombia.

• Over 95% of Mallplaza's processes use NCRE, while energy efficiency and efficient water use are preferred.

AWARDS

Most Sustainable Retailer in Latin America

Mallplaza joins DJSI 2019

Mallplaza achieved first place in the Retail Real Estate sector of the MERCO 2019 ranking

Ethical Business Generation Award 2019

Mallplaza received awards forRecon Latin America & Caribbean 2019

Mallplaza joins the Chilean Hall of Fame

UNESCO rewards Mallplaza Manizales as a "Learning City"

Certification Program for Energy Saving Projects.

Mallplaza is among the 10 best companies to work for in Chile and Peru

Award for joining IPSA 2019

2626

C H A P T E R 0 3

2727

MILLION

1Q 2020Visitor flow

Changes to visitor flow Compared to 1Q 2019

Business partners’ sales

Changes in business partners’ sales

compared to 1Q 2019

CLP BILLION

Operational figures

First Quarter 2020 Plaza S.A.

2828

First Quarter 2020 Plaza S.A.

1Q 2020 REVENUE

CLP million

Revenue

UTILIDAD (2)

CLP million

EBITDA

CLP million

FFO

CLP million

Change compared to 1Q 2019

29

CLP millionas of March 31, 2020

Current assets increased by CLP 160,282 million, or103%, due to higher cash and cash equivalents of CLP129,261 million associated with issuing the Series Pbonds and new short-term loans, and other currentnon-financial assets of CLP 7,677 million due toinsurance policy renewals and amortizable licenses.This was offset by decreased trade and other currentreceivables of CLP -13,682 million associated withhigher revenue due to seasonality in December andlower lease revenue in March due to partial operationassociated to the Covid19 pandemic.

Non-current assets grew by CLP 16,737 million, or 1%,due to an increase in equity method investments ofCLP 9,896 million related to the translation effect andearnings of Mall Plaza Peru S.A. Also an increase ininvestment properties of CLP 4,893 million mainly dueto the 2020 investment plan, associated with theexpansion at Mallplaza Norte, remodeling works atMallplaza Vespucio, expansion at Mallplaza La Serena,expansion at Mallplaza Oeste, Mallplaza Barranquillaand Mallplaza Cali, although partially offset bytranslation effects from the Colombian currency. Othernon-current non-financial assets increased by CLP1,024 million, due to increased amortizable revenueand decreased prepayments, due to translation effectsfrom the Colombian currency.

Current liabilities increased by CLP 108,282 million, or53%, due to an increase in other current financialliabilities of CLP 100,692 million, associated with newshort term loans, and increased trade and otherpayables of CLP 9,360 million, due to the increase ininvestment properties. This was offset by a decrease incurrent employee benefit provisions of CLP -2,075million, associated with bonuses, and a decrease inother current non-financial liabilities of CLP -1,581million, due to a decrease in VAT payable.

Non-current liabilities have increased by CLP 35,042million, or 3%, mainly due to increases in other non-current financial liabilities of CLP 33,135 millionassociated with the issuance of the Series P bond, inaddition to increased deferred tax liabilities of CLP2,031 million, due to prepayments and linear revenue.

Equity grew by CLP 33,695 million, due to increases inretained earnings of CLP 22,614 million and in non-controlling interests of CLP 3,852 million, due to capitalcontributions in Colombia, and decreases in otherreserves of CLP 7,228 million, due to translation effectsand the liquidation of SWAPs.

30

When comparing 1Q2020 with 1Q2019, the decrease in

operating revenue is -4%, mainly due to decreased lease

revenue for the days shopping centers were partially open in

March 2020, due to Covid19 pandemic. Excluding this effect,

revenue would have grown by 5.4%.

Gross profit for 1Q2020 decreased by -10% with respect to

1Q2019, or CLP -5,671 million. This decrease is mainly due to a

16% increase in cost of sales, due to increases in leasable area in

Colombia and increased Mall operation costs due to additional

property taxes, security and insurance expenses. Operating

revenue decreased by -4% due to decreased lease revenue for

the days shopping centers were partially open in March 2020

due to Covid19 pandemic.

Administrative expenses for 1Q2020 decreased by CLP 577

million, or -7%, compared to 1Q2019, mainly due to lower

remunerations expenses associated with reduced staff variable

bonuses of CLP 414 million, offset by increased expenses on

licenses and technological services.

EBITDA for 1Q2020 decreased by CLP -4,492 million, or -7%,

compared to 1Q2019. Operational efficiency is EBITDA over

operating revenue and was 78.5%.

Financial costs in 1Q2020 decreased by CLP 1 million, compared

to the same period for the previous year, mainly due to lower

interest rates and lower average financial debt.

Financial income for 1Q2020 decreased by CLP -217 million,

which represents -28% compared to the same period for the

previous year, due to decreased investment income on cash

surpluses.

Indexation adjustments are changes in the Chilean peso value of

financial debt in Chile denominated in Unidades de Fomento

(UF). They do not represent cash flows, and are merely

accounting adjustments. Indexation adjustments for 1Q2020

generated an increased loss of CLP -7,702 million, due to

increases in the value of the UF of 1.02% in 1Q2020 compared

to 0% in 1Q2019.

Under IFRS, these financial statements do not include any

inflation adjustments for assets, liabilities and equity, which

have been recorded at their nominal values since December 31,

2014. Only those assets and liabilities that are denominated in a

currency other than the Chilean peso have been adjusted. This

mainly applies to financial liabilities in UF in the consolidated

financial statements of Plaza S.A.

These earnings were CLP 22,614 million for 1Q2020, a decrease

of 26% compared to 1Q2019, or CLP -8,135 million. The

reduction in earnings is mainly due to the increased loss on

indexation of CLP -7,702 million, and decreases in gross profit of

CLP -5,671 million, due to increases in cost of sales of CLP -2,871

million and decreases in operating revenue of CLP -2,800

million. These were offset by a decrease in the income tax

expense of CLP 5,018 million and decreases in administrative

expenses of CLP 577 million.

CLP millionas of March 31, 2020

31

Net operating income generated by all the assetsoperated by Plaza S.A. in Chile, Peru and Colombia.NOI includes all the revenue and expenditurerequired to operate these assets (investmentproperties).

Total NOI for the last 12 months ended March 2020was CLP 255,226 million, a decrease of 5% overthe year, and an increase of 48% over the last 7years. Negative growth in the first quarter was 6%compared to the same period for the previous year,due to the impact of Coronavirus in Chile and theregion.

This is the net operating income generated byassets operated by Plaza S.A. in Chile, Peru andColombia, weighted by its equity interest in eachcompany. NOI includes all the revenue andexpenditure required to operate these assets(investment properties).

Adjusted NOI for the last 12 months ended March2020 was CLP 226,294 million, a decrease of 7%over the year, and an increase of 46% over the last7 years. Negative growth in the first quarter was 7%compared to the same period for the previous year,due to the impact of Coronavirus in Chile and theregion.

20.000

40.000

60.000

80.000

1Q 2019 1Q 2020

CLP

mill

ion

100.000

150.000

200.000

250.000

300.000

2013 2014 2015 2016 2017 2018 201912M 1Q20

CLP

mill

ion

20.000

40.000

60.000

80.000

1Q 2019 1Q 2020

CLP

mill

ion

100.000

150.000

200.000

250.000

2013 2014 2015 2016 2017 2018 2019 12M1Q20

CLP

mill

ion

32

• FFO (Funds From Operations) is the net

operating cash flow attributable to owners ofthe parent company, weighted by their equity

interest in each company. This cash flow

excludes items that do not represent cash flowor are not recurring (Other income and

expenses by function) in the statement of net

income.

• Last 12 months FFO to March 31, 2020 is CLP

165,018 million, a decrease of -5% compared

to the same period last year.

• Last 12 months FFO grew by 40% between

December 2013 and March 2020 Annual

growth rate of 5% for the period.

• FFO for the first quarter was CLP 43,154

million, a decrease of 2% compared to the

same period for the previous year.

20.000

25.000

30.000

35.000

40.000

45.000

50.000

1Q 2019 1Q 2020

CLP

mill

ion

s

100.000

120.000

140.000

160.000

180.000

2013 2014 2015 2016 2017 2018 2019 12M1Q20

CLP

mill

ion

s

3333

0,8 1,0

dic-19 mar-20

3,6 3,5

dic-19 mar-20

6,5 6,7

dic-19 mar-20

0,10,2

dic-19 mar-20

3,5 3,7

dic-19 mar-20

0,8 0,8

dic-19 mar-20

3434

249.763

66.953

138.288 131.049

29.194

131.719

513.466

EBITDA last 12 Months to March 2020CLP 233,817 million

• The financial debt repayment profile is

predominantly long-term, with over 60% ofdebt maturing in over 3 years’ time.

• Over 40% of financial debt matures in over 10

years’ time.

• All debt is denominated in the same currency

used to repay it

TOTAL FINANCIAL DEBT (CLP million)

Bonds

Bank borrowing

Debt Repayment Cash Flow (CLP million)

UF91,9%

COP8,1%

UF COP

Short Term21%

Long Term79%

35

F I N A N C I A L R E S U L T S P L A Z A S . A .