BTG Pactual

June 2013

1

Celfín

RipleyCorp

PERUsince 1997

COLOMBIAsince 2013

Presence in 3 countries with strong economic outlook

3 Stores

14,750 m2 of selling space

10 stores confirmed

21 stores

153,981m2 of selling space

2

CHILEsince 1956

Financial information as of Mar 2013. CLP/USD: 472

CHILE

68%

PERU

32%

Total Revenues LTM:

USD 2,775 M

153,981m2 of selling space

Total Loans: US$371 million

463 thousand credit cards with debt

Participation in 4 shopping centers

41 stores

258,212 m2 of selling space

Total Loans: US$1,244 million

1,053 thousand credit cards with debt

Participation in 6 shopping centers

1956 First store in Santiago

1976 Credit business beginning

1985 First department store

2000 Insurance brokerage and e-commerce

1993 Ripley Parque Arauco � biggest store in South America / New image positioning

1997 First store in Peru

RipleyCorp 57 years of history

2000 Insurance brokerage and e-commerce

2003 Opening of Hong Kong office / local bond of UF 6,500,000 (MUS$257)

2005 IPO of Ripley Corp.

2007 First store outside Lima (Trujillo). First shopping mall of Aventura Plaza S.A. JV in Peru

2009 Acquisition of 22.5% of Nuevos Desarrollos S.A.(Plaza Alameda. Plaza Sur and future developments)

2010 Financial Statements under IFRS

3

2002 Opening of Ripley Bank Chile

2013 First stores in Colombia

Ripley Parque Arauco

Bank Ripley

Calderón Volochinsky

53,0%

Calderón Kohon12,5%

Pension Funds14,5%

Mutual Funds2,4%

Foreign Inv.5,9% Others

11,8%

Main ShareholdersApr 2013

•Market Cap: US$ 2 bn

•Free Float: 34.5%

•Daily Average Transactions (2013): MUS$ 2.7

Market Information

RipleyCorp Shareholders and market information

Free Float: 34.5%

4

MUS$ 2.7

•Local IPO: 2005

•P/E: 24.8

•P/Book: 1.23Calderon Family

• Company founded by Calderon Family

• 3 members of the family are on the board

and 1 member is the CEO of Ripley.

• Ripley represents the family’s main

investment.Stock price as of May 31st, 2013

Increasing sales

Focusing on margins

RETAILBUSINESS

5

Focusing on margins

5,122

5,5065,780 5,899

4.500

5.000

5.500

6.000

6.500

2010 2011 2012 mar-13

RipleyChile

Sales(US$)/m2

Increasing sales with focus in margins

1,2061,297

1,428 1,435

600

700

800

900

1.000

1.100

1.200

1.300

1.400

2010 2011 2012 mar-13

Sales(US$ million)

2010 2011 2012 mar-13

6

2010 2011 2012 mar-13

526615

682 696

250

350

450

550

650

750

850

2010 2011 2012 mar-13

4,960 5,024

5,2795,099

4.400

4.600

4.800

5.000

5.200

5.400

2010 2011 2012 mar-13

Sales(US$)/m2Sales(US$ million)

March Figures are LTM

28.9%

26.9%

25.1%

23.4%

27.9%

29.6%

23.9%

26.1%

20,0%

22,0%

24,0%

26,0%

28,0%

30,0%

32,0%

2Q11 2Q12 3Q11 3Q12 4Q11 4Q12 1Q12 1Q12

Improving demand estimations, considering volume and the mix of products

Adding new brands and increasing the value of current ones

RipleyChile

Retail Margin/Retail Sales

Increasing sales with focus in margins

2Q11 2Q12 3Q11 3Q12 4Q11 4Q12 1Q12 1Q12

7

Increasing the number of collections per season

27.2%

26.3%

20.9%

21.6%

28.2%

26.8%

21.3%

25.3%

20,0%

21,0%

22,0%

23,0%

24,0%

25,0%

26,0%

27,0%

28,0%

29,0%

2Q11 2Q12 3Q11 3Q12 4Q11 4Q12 1Q12 1Q12

Retail Margin/Retail Sales

Increase loan portfolio

Controlled risk

FINANCIAL BUSINESS

8

Main Challenge:Increase portfolio.

Launching new RipleyMastercard in Chile.

New IT system, allowing automatic revolving in Chile.

RipleyChile

Total Loans (US$M)

Loan Portfolio

831 817 830 788

422 440 458 456

400

600

800

1.000

1.200

345

396 403371

200

250

300

350

400

450

500

550

600

2010 2011 2012 mar-13

Bank Peru

9

Expand financial product priorities in Peru.

200

2010 2011 2012 mar-13

Credit Card Chile Bank Chile

4,8%

6,0%6,4%

5,4%4,7%

5,4%4,9%

4,4%4,4%

1Q 2Q 3Q 4Q

Decrease in NPL as a percentage of the loan portfolio in Chile, related to the selective process of lending, together with the positive macroeconomic indicators.

RipleyChile

Credit Card: NPL/ Total Loan Portfolio

Non Performing Loans with controled levelsin Chile and Peru

1Q 2Q 3Q 4Q2011 2012 2013

10

Increase in NPL as a percentage of the loan portfolio in Peru, related to an increase in cash advance products.

NPL: loans that are 90 days or more past due

2,9% 3,2% 3,5%4,2%4,0% 3,8% 3,8% 3,9%

4,3%

0,0%

1,0%

2,0%

3,0%

4,0%

5,0%

6,0%

7,0%

1Q 2Q 3Q 4Q

2011 2012 2013

Ripley Bank Peru: NPL/ Total Loan Portfolio

% Provisions

% Loan Portf

% Provisions

% Loan Portf

% Provisions

% Loan Portf

% Provisions

% Loan Portf

% Provisions

% Loan Portf

Not Delayed 9.4% 75.5% 2.2% 76.5% 0.8% 82.5% 2.9% 62.8% 1.2% 82.1%1-30 9.4% 13.5% 9.1% 12.0% 6.0% 9.7% 12.8% 13.4% 12.8% 6.7%

31-60 18.3% 4.0% 26.9% 4.2% 18.8% 3.1% 29.2% 6.7% 22.9% 3.4%

61-90 33.7% 2.5% 42.1% 2.6% 36.3% 1.7% 39.1% 5.7% 40.1% 2.3%

91-120 47.7% 1.7% 54.6% 1.7% 62.0% 1.0% 48.3% 4.2% 52.2% 1.8%

121-150 62.2% 1.5% 66.9% 1.5% 71.5% 1.0% 57.4% 4.1% 68.1% 1.8%

INDUSTRY BENCHMARK

RipleyChile

Strong risk coverage for credit card businessin Ripley Chile

151-180 82.2% 1.2% 67.7% 1.5% 90.0% 0.9% 70.7% 3.2% 77.3% 1.8%

Total 12.7% 100.0% 7.9% 100.0% 4.6% 100.0% 14.3% 100.0% 7.1% 100.0%Provisions 46,904 33,996 43,775 17,260 19,341

Loan Portf 372,069 429,525 953,839 120,447 272,404

Total NPL $ 16,535 20,134 27,855 13,713 14,842NPL/Total Loans (%) 4.4% 4.7% 2.9% 11.4% 5.4%Provisions/NPL 2.8 1.7 1.6 1.3 1.3

11

Ripley is the only player that makes a significant provision on not delayed portfolio

Source: Companies financial statements as of March 2013.

NPL: loans that are 90 days or more past due

Focusing in Peru and Colombia the opening of new stores

2012-2015 high investment period

EXPANSIONPLAN

period

Investment in “young malls”

12

RipleyCorp

Increasing 80% our selling space in 4 years

68

102

Chile Peru Colombia

Department Stores (m2) /Population (Th)

Lower penetration of the department store business in Peru and Colombia explains the focus of Ripley’s expansion plan.

13

Nº of stores Selling Space (m2)

2011 2015 Var%New Stores

2011 2015 Var% New m2

Chile 38 44 16% 6 235,520 286,431 22% 50,911

Peru 15 35 133% 20 124,428 248,154 99% 123,726

Colombia 0 15 15 0 112,270 112,270

Ripley Corp 53 94 77% 41 359,948 646,626 80% 286,678

RipleyCorp

New stores (m2)

Important recent investments in early stage of maturity

4.390 19.522 23.078 8.00022.372

24.08730.039

62.59826.800

82.960

0

20.000

40.000

60.000

80.000

100.000

120.000

140.000

2009-2011 2012 2013 2014-2015

Chile Peru Colombia (m2)

5

7

12

22

Nº of stores

50.675

29.025 33.07522.000

20.000

14.000

0

20000

40000

60000

80000

100000

120000

140000

2009-2011 2012 2013 2014-2015Chile Peru (m2)

14

Adding 58% of new m2 in stores from 2012 to 2015New shopping malls through Nuevos Desarrollos and Aventura Plaza

Chile Peru Colombia (m2)

1

3

2

3

Nº of malls

New malls (m2)

Los Ángeles 2Q 2013•6,170 m2

Plaza Egaña 3Q 2013•10,380 m2

Copiapó 4Q 2013

Piura 2Q 2013•5,410 m2

ICA 2Q 2013•5,500 m2

Other 3 stores 2H 2013

Bucaramanga 2Q 2013• 4,400 m2

Centro Mayor 2Q 2013• 4,700 m2

Calima 2Q 2013

RipleyCorp

2013 New Stores and Shopping Malls

15

Copiapó 4Q 2013•6,500 m2

Mall Plaza Egaña 3Q 2013•22.5% of Ripley•80,000 m2

Mall Plaza Copiapó 4Q2013•22.5% of Ripley•37,000 m2

Other 3 stores 2H 2013•18,020 m2

Calima 2Q 2013• 5,500 m2

Neiva 2H 2013• 5,200 m2

m2 estimated

RipleyCorp

Book Value in Ripley : US$ 408 million

Developing shopping malls with high growth potential

ChileSelling

Space (m2)Ownership

(%)Opened

Marina Arauco 58,000 33.3% 1999

Mall del Centro Curicó 46,000 33.3% 2006

Mall Plaza Sur 71,000 22.5% 2008

Mall Plaza Alameda 60,000 22.5% 2008

Mall Plaza Mirador Bío Bío 43,000 22.5% 2012

Mall Concepción 41,000 100% 2012

16

Aventura Plaza Santa Anita

Mall Concepción 41,000 100% 2012

Total Chile 319,000

Total Chile x Ownership 114,782

PeruSelling

Space (m2)Ownership

(%)Opened

Aventura Plaza Trujillo 58,000 40% 2007

Aventura Plaza Bellavista 67,000 40% 2008

Aventura Plaza Arequipa 59,000 40% 2010

Aventura Plaza Santa Anita 50,000 40% 2012

Total Peru 234,000

Total Peru x Ownership 93,600

Total Selling Space x Ownership 208,382

RipleyCorp

“Young Malls” with potential to increase their returns

Total m2 x ownership

Nº Shopping malls

Years old (average)

Projects (start up face)

LandsInvestment

M$Net profit LTM M$

Returns LTM Returns 2012

Inm Viña del Mar 34.632 2 10 42.253 5.798 13,7% 13,4%

Nuevos Desarrollos 39.150 3 3 4 3 62.724 1.318 2,1% 1,9%

Mall Concepción 41.000 1 0 50.004 -264 -0,5% -3,6%

Aventura Plaza 93.600 4 3 1 1 36.814 1.855 5,0% 4,6%

TOTAL 208.382 10 3 5 4 191.795 8.706 4,5% 3,5%

17

Aventura Plaza Santa Anita

•Except Inm Viña del Mar, the malls do not do a annual asset revaluations and present assets and results at a historical value. Profitability of projects are above 13% real.

•Several projects and lands with strong investments. Potential profitability in the future.

•3 shopping malls recently open at the end of 2012.

RipleyCorp

CAPEX Ripley Corp

CAPEX PLAN 2013 – 2015 (New stores, remodeling stores, IT and others)

Corp Chile Peru Colombia Total

Capex US$ M 2013-2015

40 50 130 130 350

New Stores 2013-2015

4 15 15 34

New Malls 4 3 7

*Mall - Projects with Mall Plaza

18

New Malls 2013-2015

4 3 7

Opening a new country with low

RIPLEY COLOMBIA

19

country with low penetration in department stores and financial business

RipleyColombia

First 10 stores confirmed• Grupo Exito - “Viva” Shopping malls 6 stores

• Inversiones La 14 S.A. – Calima Bogota• Bucaramanga, Centro Mayor and Fontanar Chía

Administration

Starting in Colombia in 2013 with retail and financial business

20

Administration• CEO Sergio Collarte (ex CEO Peru) • Top management hired and over 1,000 employees.

Estimation for Colombia at year 10• Total Revenues (retail+fin): USD 1,000 M• Nº credit cards: 500,000• EBITDA: USD 110 M• Selling space: 200,000 m2

RipleyColombia

Bucaramanga1H 2013Selling Space: 4,400 m2

Centro Mayor (Bogota)1H 2013

Bucaramanga

4 Stores for 2013

New Stores in Colombia for 2013

COLOMBIA

OPEN

OPEN

21

1H 2013Selling Space: 4,700 m2

Calima (Bogota)1H 2013Selling Space: 5,500 m2

Neiva2H 2013Selling Space: 5,300 m2

Centro MayorBogotá

OPEN

Calima

15000

20000

25000

RipleyColombia

Bucaramanga

EBITDA 1Q2012 and 1Q2013

With negative impact on results at the beginning

COLOMBIA

-5000

0

5000

10000

Ripley Chile + Bank

Ripley Peru Ripley Corp with out Colombia

Ripley Colombia Ripley Corp

M$

1Q2012 1Q2013

22

Calima

Appendix

23

68.916

RipleyCorp Low Leverage per business

Real Estate Business

Retail BusinessInventories, property assets, payable accounts and others

Leverage (FND/Equity)

0,0391,749

629,589

237,840

43,565 43,565

Assets Liabilities + Equity

177,080245,996

68.916

Assets Liabilities + Equity

Financial BusinessCAR loan porfolio, Banks, equity and financial debt

24

Real Estate BusinessInvestment in malls and stores.

0,4

2,9

Figures in million pesos

186,053

732,202

81,536

627,685

Assets Liabilities + Equity

RipleyCorp Summary 1Q 2013 Results

$MM % Rev $MM % Rev

Revenues of Non-Banking Operations 259.603 88,4% 248.253 87,7% 11.350 4,6%

Revenues of Banking Operations 34.213 11,6% 34.706 12,3% -494 -1,4%

Total Revenues 293.816 100,0% 282.960 100,0% 10.856 3,8%

COST of Non-Banking Operations -169.690 -65,4% -169.213 -68,2% -476 0,3%

COST of Banking Operations -12.195 -35,6% -11.467 -33,0% -728 6,4%

Total COGS -181.884 61,9% -180.680 63,9% -1.204 0,7%

GROSS PROFIT 111.931 38,1% 102.280 36,1% 9.652 9,4%

SG&A Expenses -103.368 -35,2% -94.329 -33,3% -9.038 9,6%

Ripley Corp (CLP million)1T2013 1T2012

Var CLP Var % CLP

25

SG&A Expenses -103.368 -35,2% -94.329 -33,3% -9.038 9,6%

EBIT 8.563 2,9% 7.950 2,8% 613 7,7%

Financial income 916 0,3% 858 0,3% 58 6,7%

Financial costs -5.335 -1,8% -5.186 -1,8% -150 2,9%

Other subsidiaries income (expenses) 2.599 0,9% 1.855 0,7% 743 40,1%

Other non-operating income (expenses) 268 0,1% -218 -0,1% 487

Exchange differences -198 -0,1% 755 0,3% -954

Inflation-indexed monetary units -410 -0,1% -337 -0,1% -73 21,6%

Other non-operating banking expenses -139 0,0% -69 0,0% -71 103,2%

Non-operating Income -2.300 -0,8% -2.340 -0,8% 40 -1,7%

Income before taxes 6.264 2,1% 5.610 2,0% 654 11,7%

Income taxes -299 -0,1% -22 0,0% -277 1270,9%

Net Income 5.964 2,0% 5.588 2,0% 376 6,7%

EBITDA 16.922 5,8% 15.857 5,6% 1.066 6,7%

This presentation contains forward-looking statements. including statements

Disclaimer

RipleyCorp

This presentation contains forward-looking statements. including statements regarding the intent. belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking statements are not guarantee of future performance and involve a number of risks and uncertainties including. but not limited to. the risks detailed in the company’s financial statements. and the fact that actual results could differ materially from those indicated by such forward-looking statements.

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