The leading Peruvian retailer

CORPORATE
PRESENTATION
March 2020
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 Q4’19 FINANCIAL RESULTS

4 CAPEX GUIDANCE 2020-2022

5 APPENDIX
InRetail Overview

 Peruvian multi-format retailer, with presence in the

Andean region through the Pharma business

 Leading positions in Peru in its 3 segments

 #1 food retail chain
 #1 pharmacy chain and distributor in Peru, with
presence in the Andean region
 #1 shopping center operator

 Controlled by Intercorp, one of Peru’s largest

business groups

3
 InRetail is part of one of Peru’s leading business groups

Education
Float 28.8%

1/

BVL: INRETC1

2019 Intercorp metrics:

a

 More than USD 6.6 billion in sales in 2019

 2 listed companies with a combined market capitalization of ~ USD 6.3 billion as of December, 2019
 More than 82,000 employees

1/ On January 26, 2018, InRetail announced the acquisition of Quicorp for an equity value of US$583 million. Nexus holds a ~12.98% participation in InRetail Pharma.
4
 2019 Financial and Operational Snapshot
Million Soles (S/ mm)

Food Shopping
Pharma
Retail Malls
1/
2019 figures
(S/ mm; %) + + =
Revenues 5,762 6,852 543 13,070
% Revenues Contribution 44% 52% 4%

Adj. EBITDA (Pre-IFRS 16) 2/ 400 711 325 1,427

% EBITDA Contribution 28% 49% 23%

Adj. EBITDA Margin

6.9% 10.4% 78.5% 10.9%
(Pre-IFRS 16) 3/

_
Market Position 1st 1st 1st

# of Stores 535 4/ 2,077 21 _

# of Employees 15,959 19,379 451 35,789

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments. 2/ Adj. EBITDA excludes mark-to-market gains from valuation of investment properties in
the Food Retail and Shopping Malls segments and IFRS 16 effect. 3/ InRetail Shopping Malls’ Adjusted EBITDA margin is represented here as our Net Rental Margin, calculated as Adj. EBITDA 5
(Pre-IFRS 16) /Net Rental Income. 4/ Includes 17 convenience stores.
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 Q4’19 FINANCIAL RESULTS

4 CAPEX GUIDANCE 2020-2022

5 APPENDIX
Investment Thesis
The leading multi-format retailer in a growing and underpenetrated Peruvian market

1
Proven track record  Consistent organic growth and successful integration of acquisitions
for delivering
 Seasoned management team with broad industry experience
sustainable and
profitable growth  Access to capital markets backed by a successful track record

2
 Peru is a fast growing economy with an expanding middle class

Significant upside  High growth potential due to low penetration of modern retail in our three business
potential segments

 Peru’s modern retail is still in its early stages of development

3
 Geographically diversified footprint with prime locations in each of the 24 departments
in Peru
Market leadership
with clear strategy  Highly recognized brands with a clear value proposition in our different formats

 Consistent sales area expansion while maintaining healthy SSS growth rates

7
 Proven track record of profitable growth
Revenues (S/ million)

13,070

SPSA TURNAROUND PERIOD

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Acquisition of SPSA Plaza Vea Agreement Acquisition InRetail’s Strategic Opening of Mass format Plaza Vea Quicorp Opening of
SPSA from launches expansion to open of IPO Alliance: RP expansion becomes #1 acquisition Mass store
Royal Ahold Vivanda and outside Inkafarma Inkafarma (US$ 460M) Plaza Vea & Salaverry (+40 stores) in Peru #400
Plaza Vea Lima stores in Tarjeta Oh!
Super Plaza Vea
formats

First mall First mall First power International Opening of Opening of Mass International
Opening of
opening in outside Lima center Bond store #100 store #1000 expansion Bond
RP
Lima (Chiclayo) is launched Issuance issuance
Puruchuco
(2001) (Pro)

International Launch of
Bond E-commerce
Issuance platform

8
Investment Thesis
The leading multi-format retailer in a growing and underpenetrated Peruvian market

1
Proven track record  Consistent organic growth and successful integration of acquisitions
for delivering
 Seasoned management team with broad industry experience
sustainable and
profitable growth  Access to capital markets backed by a successful track record

2
 Peru is a fast growing economy with an expanding middle class

Significant upside  High growth potential due to low penetration of modern retail in our three business
potential segments

 Peru’s modern retail is still in its early stages of development

3
 Geographically diversified footprint with prime locations in each of the 24 departments
in Peru
Market leadership
with clear strategy  Highly recognized brands with a clear value proposition in our different formats

 Consistent sales area expansion while maintaining healthy SSS growth rates

9
 Fastest growing economy boosts emerging middle class

Real GDP Growth Population by Socio-Economic Category

CAGR 2012 - 2018 CAGR 2018 - 2021

1.8% 1.1%

Annual
SEC 2007 2018
Income
3.7% 3.9%
2.8% % of total population
1.9%

A $ 46,992
Perú Latin America 1/ Perú Latin America 1/
8% 12%
Source: IMF – World Economic Outlook
B $ 25,960 +12%

GDP per Capita

(2018, US$ 000) C $ 14,730 18% 26%

16.0
D $ 9,196 29% 26%
11.6 Average:
9.8 8.9 US$10.0 -12%
7.0 6.7
E $ 4,676 45% 36%

Source: APEIM 2018

Chile Argentina Brazil Mexico Peru Colombia

Source: IMF – World Economic Outlook Estimates

1/ Average Real GDP growth of Colombia, Brazil, Chile, Mexico. 10

Significant upside potential for modern retail

Food Retail Pharmacies Shopping Malls

Penetration as a % of Total Sales - 2018 Healthcare Expenditure as % of GDP - 2018 Malls per million people - 2018

Sales area per capita:

Peru 0.25 sqm vs Mexico
0.40 sqm
70%
8.0
Mean ex-Peru:
62% 9.7%
54.4% 59% 9.2%
Mean ex-Peru:
7.8%

6.8% Mean ex-Peru:

~2.2x ~1.4x 5.1
5.0
5.3% 5.5%

27% ~1.8x 4.1

25%

2.7 2.7

Peru Colombia Brazil Chile Mexico Mexico Peru Colombia Chile Brazil Peru Brazil Uruguay Colombia Chile
Source: Euromonitor, 2019 Source: Fitch, 2019 Source: Accep 2019

11
 Retail market in Peru in early stage of development

Global Retail Development Index Opportunities Peru top-ranked LatAm country in the GRDI

Opening Peaking Maturing Closing 2019 Ranking

Mexico (2009) 1. China 13. Peru

Brazil (2013) 5. Indonesia 16. Brazil
Peru (2015) 10. Colombia 21. Paraguay
Brazil (2005) Mexico (2016)
Chile (1998) Mexico (2003)
Chile (2016)
Peru (2002)

Peru:
Growing Consumers Consumer Consumers
middle class seek organized spending has used to modern
formats and expanded retail  Increase consumer spending, growing middle class and
Consumers
global brands strong consumer confidence
willing to Sophisticated Higher
explore Real estate local discretionary
organized affordable and competition spending  Free-trade agreements with strategic markets will keep
formats available investment and trade flows strong
Real estate High
difficult to competition
secure  Hot spot for international retailers to invest in the
Real Estate apparel and specialty sector
expensive and
not readily
available

Source: ATKearney – The 2017 Global Retail Development Index TM. 12

Investment Thesis
The leading multi-format retailer in a growing and underpenetrated Peruvian market

1
Proven track record  Consistent organic growth and successful integration of acquisitions
for delivering
 Seasoned management team with broad industry experience
sustainable and
profitable growth  Access to capital markets backed by a successful track record

2
 Peru is a fast growing economy with an expanding middle class

Significant upside  High growth potential due to low penetration of modern retail in our three business
potential segments

 Peru’s modern retail is still in its early stages of development

3
 Geographically diversified footprint with prime locations in each of the 24 departments
in Peru
Market leadership
with clear strategy  Highly recognized brands with a clear value proposition in our different formats

 Consistent sales area expansion while maintaining healthy SSS growth rates

13
 Largest nationwide footprint of premier retail locations

Food Retail Pharmacies Shopping Malls

108 Spmkts
5 Economax 2,077 Stores 2/ 21 Malls
405 Mass
19 Mimarket
(16)
(58)
(97) (11)
(6) Piura (2)
(2)
(83)
(64) Chiclayo
(1) Cajamarca
(2) (1) (44)
(131)
Trujillo
(5)
(63)
(34) Chimbote
(3) (1) (13) (29) Huánuco
(1) Ucayali
(77)
(74) (942)
(405) (2) (59) (8) Lima (9) Huancayo
(1) (5) Cusco
(19) (1)
(1) (88) (9)
(3) (24) (30)
(2) (2) (124) Juliaca
(1) (15) Arequipa
(2) (30)
(1) Only modern shopping
mall in the city

 First mover in 20 out of 24 cities outside of  Present in all of Peru’s 24 departments  First mover in 6 out of the 12 departments
Lima
 100% of stores are rented  Total GLA (sqm): 807k
 Total sales area (sqm): 395k
 46% of stores are owned 1/  46% in Lima / 54% in Provinces

1/ Owned by Supermercados Peruanos or through a related party, calculated as % of sqm. 14

2/ Excludes Bolivia pharmacy stores in map.
 Quarterly Openings and SSS By Segment

Openings Same Store Sales (SSS)

Food Retail Food Retail 2018: 7.9%

Sales Area (‘000 sqm) 2019: 4.1%
372 375 380 395 9.5%
361
47 53 56 61 66 7.8%
23 23 23 23
Mass
4.1%
Economax 296 296 296 296 306 2.0% 1.5%
Spmkts
Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19
No Spmkts 106 106 106 106 108
No Economax 4 5 5 5 5
No Mass 285 326 347 376 405

2018: 5.3%
Pharmacies Pharmacies 2019: 2.6%
No Stores
2,063 2,062 2,061 2,062 2,077 6.3%
4.8%
980 983 981 980 983
Mifarma 2.4%
2.3%
Inkafarma
1,083 1,079 1,080 1,082 1,094

Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 -0.5%

Q4’18 Q1’19 Q2’19 Q3’19 Q4’19

Shopping Malls Shopping Malls 1/

GLA (‘000 sqm) 2018: 5.7%
2019: 3.3%
807 5.8%
676 676 676 676 5.3%
4.0%
2.9%
1.6%

Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19

No malls 20 20 20 20 21

1/ Shopping Malls’ tenant SSS include anchor stores.

15
 Food Retail Segment

Formats

Sales area # of % of
Format
range (sqm) Stores Revenues 1/

 Every-Day-Low-Price strategy for Plaza Vea stores Compact

Hypermarket
2,000 – 5,000 70 73% 2/
 New discount formats Mass and Mimarket to capture
untapped demand and accelerate penetration of
traditional trade

Supermarket
 New Cash & Carry format Economax to consolidate
500 – 2,000 30 11%
multiformat strategy

 Fastest growing chain with largest presence across

Peru High-end
Supermarket
900 – 1,200 8 5%
 Secured access to landbank and Real Estate
development team to sustain growth

 Launched e-commerce platforms for Plaza Vea and

Hard Discount
Vivanda brands
150 - 200 405 7%
 Ranked #3 in Great Place to Work ranking and #12
among the most valuable brands in Peru (Brandz)
Cash & Carry
3,500 – 4,500 5 4%

1/ Considers 2019 Revenues.

2/ Includes revenues from convenience stores.
16
 Pharma Segment: Pharmacies
 Leading pharmacy player in Peru with +2,000 stores
 Strong cash flow generation in a Capex light business model
 Solid track record in a resilient consumer non-discretionary industry

Every-Day-Low-Prices Discounts and promotions

 Focused on offering the  Targeted discounts to loyal

lowest prices to a wider customers. i.e. 10% discount on
audience Mondays and 10% discount for
people aged 50+
 Ranked #1 top of mind
pharmacy chain in Peru  Supported by the successful
‘Monedero del Ahorro’ loyalty
program with over 11 million
subscribers

Focused on assisted sales Mixed formats: Assisted sales and drugstores

Drugstore

30%

70%
Counter 1/

1/ Assisted sales model. 17

 Pharma Segment: Manufacturing, Distribution and Marketing

Best-in-class distribution network Vertical integration with Pharmacy chains (% of sales)

Leading pharmaceutical Pharmacy chains

distributor in Peru with presence
in the Andean region

46.0% Other channels

Vital link between manufacturers 54% of MDM sales are
and healthcare providers to alternative sales
channels 1/
Robust network density reaching +26k
POS through all channels

Partner of choice for leading Brand Development CIPA

pharma companies

1 Access to market intelligence

2 Manufacturing capabilities

3 Instant access to own +2,000 pharmacies

4 Best-in-class distribution to other channels

1/ Q3’19: Includes government, independent pharmacies, private hospitals, wholesalers and others. 18
 Shopping Malls Segment

Shopping Malls Sales

Sales (S/ millions) 2018

 Nationwide premium portfolio of 21 locations, with 807k sqm of GLA 6,232

4,756
 Preferred partner for local and international tenants:
3,505
 High tenant renewal rates and low concentration of renewal per
2,761 2,686 2,597
year

 High occupancy levels 1,200 1,149

 Secured access to landbank to sustain growth

1/

 Proven track record in developing and operating successful

shopping malls
Source: ACCEP 2019
 Ranked 4th
in Great Place to Work ranking for companies from 251 to
1,000 employees and 4th among most valuable brands in Peru
(Brandz) Occupancy Rates

Real Plaza 97% 97% 96% 95% 96% 96% 94%

Puruchuco

2016 2017 1T’18 Q1’19 Q2’19 Q3´19 Q4’19

1/ On June 2018, Parque Arauco combined businesses with the Wiese Family, owner of Mega Plaza. Parque Arauco holds 70% ownership of the combined operations, which is not included in this figure. 19
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 Q4’19 FINANCIAL RESULTS

4 CAPEX GUIDANCE 2020-2022

5 APPENDIX
 Q4’19 Consolidated Financial Results
Million Soles (S/ mm)

Highlights Revenues

 Low single-digit growth in Revenues, mainly explained by a +6.8%

contraction in the MDM unit of our Pharma segment 13,070

12,243

 Solid growth in Adjusted EBITDA in our three segments

+2.9%
 Consolidated Gross Margin, Adjusted EBITDA and Net Income 3,346 3,444
margin expansions due to a good operating performance

Q4’18 Q4’19 2018 2019

 Net Income positively impacted by mark-to-market of Real Plaza
Puruchuco and other investment properties Gross
29.3% 31.0% 29.2% 30.2%
Margin

Adj. EBITDA (Pre-IFRS 16) 1/ Net Income (Pre-IFRS 16) 1/

+20.6% 177.3%

1,427 624

1,183

99.8%
16.9%
260
225
429
367
130

Q4’18 Q4’19 2018 2019 Q4’18 Q4’19 2018 2019

Margin 11.0% 12.5% 9.7% 10.9% Margin 3.9% 7.6% 1.8% 4.8%

Note: 2018 consolidated figures include eleven months of Quicorp’s operation and one-time expenses related to the acquisition.
1/ Adj. EBITDA excludes mark-to-market gains from valuation of investment properties of Food Retail and Shopping Malls segments and IFRS 16 effect. Net Income excludes IFRS 16 effect. 21
Food Retail

S/ mm Q4'19 Q4'18 Var % 2019 Var %

Revenues 1,573 1,459 7.8% 5,762 12.0%
Gross Profit 424 403 5.2% 1,516 11.4%
Adj. EBITDA 1/ (Pre-IFRS 16) 134 117 14.7% 400 16.3%
Gross Mg 26.9% 27.6% -68 bps 26.3% -14 bps
Adj. EBITDA Mg 1/ (Pre-IFRS 16) 8.5% 8.0% 52 bps 6.9% 25 bps

Net opening of 34k sqm (+9.3%) of sales area since Q4’18. Opened 2 Plaza Vea
stores (+10k sqm) and 29 net Mass stores (+4.8k sqm) in Q4’19

SSS growth of 1.5% in Q4’19

Gross margin decreased 68 bps in Q4’19, mainly due to the higher penetration of
new formats, and lower rebates related to fewer store openings compared to
Q4´18

Adjusted EBITDA margin increased 52 bps in Q4’19, mainly due to higher

employee productivity and fixed cost dilution

% Sales per format (Q4’19)

2/
83%

4%

8%

5%

1/ Adjusted EBITDA excludes mark-to-market gains from valuation of investment properties and excludes IFRS 16 effect.
2/ Includes Mimarket and Corporate sales. 22
Pharma

Pharmacies 1/ MDM 1/ Total

S/ mm
Q4'19 Var % Q4'19 Var % Q4'19 Var % 2019 Var %
Revenues 1,275 1.9% 633 -11.7% 1,740 -1.7% 6,852 2.2%
Gross Profit (Pre-IFRS 16) 481 5.1% 87 22.7% 561 11.5% 2,130 10.1%
Adj. EBITDA 2/ (Pre-IFRS 16) 176 23.1% 31 30.1% 206 23.0% 711 31.7%
Gross Mg 37.7% 36.6% 13.7% 9.9% 32.3% 382 bps 31.1% 223 bps
Adj. EBITDA Mg 2/ (Pre-IFRS 16) 13.8% 11.5% 4.9% 3.3% 11.8% 238 bps 10.4% 232 bps

Pharmacies
Top line growth of 1.9% and SSS growth of -0.5% in Q4’19

Gross margin of 37.7%, 115 bps above Q4’18

Adjusted EBITDA margin of 13.8%

MDM
Lower revenues due to fine tuning of distribution business to focus on more profitable
business lines

Gross margin of 13.7% in Q4’19, which considers reclassification of logistic expenses

related to the distribution of products, from operating expenses to cost of goods sold,
implemented in Q4’18 as per IFRS 15

Adjusted EBITDA margin of 4.9% in Q4’19, 156 bps above Q4’18, mainly due to the
absence of one-time personnel expenses that negatively impacted margin in Q4’18

1/ Pharmacies refers to the retail pharma unit which operates mainly Inkafarma and Mifarma stores. MDM refers to the Manufacturing,
Distribution and Marketing unit. Segment breakdown considers management figures. 23
2/ Adj. EBITDA excludes IFRS 16 effect.
Shopping Malls

S/ mm Q4'19 Q4'18 Var % 2019 Var %

Revenues 154 138 11.2% 543 6.9%
Gross Profit (Pre-IFRS 16) 104 93 11.3% 362 5.8%
Adj. EBITDA 1/ (Pre-IFRS 16) 93 85 9.1% 325 4.7%
Gross Mg 67.4% 67.4% 4 bps 66.8% -70 bps
Net Rental Mg 2/ (Pre-IFRS 16) 79.6% 80.0% -41 bps 78.5% -118 bps

Revenue growth of 11.2% in Q4’19, with tenant SSS growth of 1.6%

Maintained high occupancy rates in malls of ~94% in Q4’19

Net Rental Margin of 79.6%, slightly lower than Q4’18 due to the absence of other
income associated to insurance reimbursements, recorded in Q4’18

Mark-to-market1/ gain of S/157.7 mm in Q4’19 vs S/6.6 mm in Q4’18 mainly

explained by the opening of Real Plaza Puruchuco on November 13th 2019

Real Plaza Puruchuco

1/ Adjusted EBITDA excludes mark-to-market gains from valuation of investment properties and excludes IFRS 16 effect.
2/ Net Rental Margin is calculated as Adj. EBITDA Pre-IFRS 16/Net Rental Income. Net Rental Income is defined as Total Income 24
minus reimbursable operating costs related to the maintenance and management of Shopping Malls.
 Consolidated Net Income
Million Soles (S/ mm)

Net Income (Pre-IFRS 16) 1/ Net Income Breakdown (Pre-IFRS 16) 1/

624

5 21
-82
99.8% 124

260 -0
225 62
260
130
130

Q4’18 Q4’19 2018 2019 Net EBITDA Flat Net Higher Net FX Lower Higher Net
Income Growth Financial Mark to Effect D&A Tax Income
Q4’18 Expenses Market Expense Q4’19
Margin 3.9% 7.6% 1.8% 4.8%

Net Income excluding one-time financial expenses, FX and

mark-to-market 2/ (Pre-IFRS 16)

514

415

+30.8%

166
127

Q4’18 Q4’19 2018 2019

Margin 3.8% 4.8% 3.4% 3.9%

Note: 2018 consolidated figures include eleven months of Quicorp’s operation and one-time expenses related to the acquisition.
1/ Net Income excludes IFRS 16 effect. 2/ Net Income adjusted for (i) one-time financial expenses related to the acquisition of Quicorp and associated liability management of S/102 mm 25
in Q1’18 and S/73 mm in Q2’18, (ii) FX loss/gain, (iii) mark-to-market income from the valuation of investment properties and (iv) IFRS 16 effect.
 Capex and Cash-Flow Breakdown
Million Soles (S/ mm)

Consolidated CAPEX Cash-Flow Breakdown

2018: S/998 mm 2019: S/847 mm

1/
335
-847

263
243 249 1,533
180 -35
223
196 -400
183
152
-132 740
-22
643

155

Q1’18 Q2’18 Q3’18 Q4’18 Q1’19 Q2’19 Q3’19 Q4’19 Starting Operating CAPEX Financial Financial Dividend Other Non- Ending
Cash Cash Flow Debt and Expenses Distribution Operating Cash
Balance Lease Investing Balance
2019 Liability Activities 2019

1/ Q1’18 CAPEX includes ~S/180 mm of the acquisition of Real Plaza Pucallpa and Estación Central.
26
 Consolidated Financial Debt
Million Soles (S/ mm)

Consolidated Financial Debt 1/ USD Exposure

Net Debt/Adj. EBITDA Debt/Adj. EBITDA

4.8x

4.0x 4.0x 4.0x 3.9x 3.8x

3.6x 3.6x 39% 42% 40%
4.3x 47%
3.3x 3.3x 49%
3.6x 3.5x 3.5x 3.4x 3.4x
3.2x 3.1x
2.8x 23% 3% 2%
2.5x 23% 22%

48% 51%
38% 35% 38%

2014 2015 2016 2017 LTM 2018 LTM LTM LTM 2019 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
Q1’18 Q1’19 Q2’19 Q3’19
PF
Hedge USD PEN

Quicorp
acquisition
Debt 2,446 2,670 2,659 2,704 5,089 5,069 5,187 5,181 5,325 5,250

2/
Cash 285 325 432 599 497 671 700 575 612 762

Net
2,160 2,344 2,227 2,105 4,592 4,398 4,487 4,606 4,713 4,488
Debt

InRetail Peru distributed a US$ 35mm

dividend in Q2’19

1/ Periods of 2018 consider a normalized Adj. EBITDA, which includes LTM Adj. EBITDA for Quicorp and excludes one-time expenses related to the acquisition of Quicorp. Includes cash equivalents
as cash. Since 2015, ratios are adjusted for currency hedge effect. Adj. EBITDA excludes IFRS 16 effect. 2/ Cash includes S/33.5 mm and S/83.8 mm of short term loans from SPSA and InRetail 27
Pharma to a related party, which were repaid on August 14th, 2019.
 Debt By Segment 1/
Million Soles (S/ mm)

Total Consolidated Debt: S/5,250 mm

Debt / Adj. EBITDA: 3.6x
Net Debt / Adj. EBITDA: 3.1x

3.4x 3.4x 3.4x 3.7x 5.6x 5.7x 5.7x 5.8x 5.8x

3.5x
3.0x 3.1x 3.2x 3.1x
2.7x 3.1x 2.9x
3.1x 3.0x 5.1x 5.1x 5.2x
2.8x 4.0x 5.1x 4.9x
2.6x 2.8x
2.6x 2.6x
2.2x 2.4x
2.0x
3.1x

0.1x

2017 2018 LTM LTM LTM 2019 -0.3x 2017 2018 LTM LTM LTM 2019
Q1’19 Q2’19 Q3’19 2017 2018 LTM LTM LTM 2019 Q1’19 Q2’19 Q3’19
Q1’19 Q2’19 Q3’19

Debt 826 1,039 1,208 1,249 1,288 1,232 27 2,235 2,188 2,125 2,146 2,103 1,193 1,795 1,791 1,807 1,891 1,915

Cash 151 137 122 145 2/ 93 108 91 513 520 424 2/ 468 635 278 170 248 207 238 203
Net
675 902 1,086 1,104 1,195 1,124 -64 1,722 1,668 1,701 1,678 1,468 915 1,626 1,544 1,600 1,653 1,712
Debt

1/ Periods of 2018 for InRetail Pharma consider a normalized Adj. EBITDA, which includes LTM Adj. EBITDA for Quicorp and excludes one-time expenses related to the acquisition of Quicorp. Includes
treasury stock and cash equivalents as cash. Ratios are adjusted for currency hedge effect. Adj. EBITDA excludes IFRS 16 effect. 2/ Cash includes S/33.5 mm and S/83.8 mm of short term loans from SPSA28
and InRetail Pharma to a related party, which were repaid on August 14th, 2019.
IFRS 16 EBITDA Bridge
Million Soles (S/ mm)

1/

Q4’19

Accounting Operating Profit Q4’19 501.5 102.7 182.9 249.6

Excluded rental expenses of assets

-92.6 -34.3 -67.9 -2.4
with right-of-use as per IFRS 16

D&A of PP&E 2/ -64.4 +41.1 +25.2 -156.4

Additional depreciation of assets with

+85.0 +24.9 +65.9 +1.9
right-of-use as per IFRS 16 3/
Adj. EBITDA Q4’19
429.5 134.4 206.2 92.7
(Pre-IFRS 16)

FY 2019

Accounting Operating Profit 2019 1,344.6 286.7 617.1 502.3

Excluded rental expenses of assets

-349.4 -124.4 -254.2 -12.2
with right-of-use as per IFRS 16

D&A of PP&E 2/ +124.6 +149.7 +111.7 -172.5

Additional depreciation of assets with

+306.9 +88.3 +236.1 +7.7
right-of-use as per IFRS 16 3/
Adj. EBITDA 2019
1,426.7 400.3 710.7 325.2
(Pre-IFRS 16)

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments.
2/ Includes mark-to-market. 29
3/ Includes depreciation of key money as per IFRS 16, net of disposal of assets with right-of-use and associated liabilities, as per IFRS 16.
IFRS 16 Net Income Reconciliation
Million Soles (S/ mm)

1/

Q4’19

Accounting Net Income Q4’19 271.0

Rental expenses of assets with right-of-use as per IFRS 16 -92.6

Financial expenses from debt of assets with right-of-use as per IFRS 16 +26.0

Exchange rate income from debt of assets with right-of-use as per IFRS 16 -20.1

Additional depreciation of assets with right-of-use as per IFRS 16 2/ +85.0

Deferred income tax -9.0

Net Income Q4’19 (Pre-IFRS 16) 260.3

FY 2019

Accounting Net Income 2019 596.8

Rental expenses of assets with right-of-use as per IFRS 16 -349.4

Financial expenses from debt of assets with right-of-use as per IFRS 16 +97.1

Exchange rate income from debt of assets with right-of-use as per IFRS 16 -18.8

Additional depreciation of assets with right-of-use as per IFRS 16 2/ +306.9

Deferred income tax -9.0

Net Income 2019 (Pre-IFRS 16) 623.6

1/ Consolidated figures for InRetail include intercompany eliminations and consolidation adjustments.
2/ Includes depreciation of key money as per IFRS 16, net of disposal of assets with right-of-use and associated liabilities, as per IFRS 16 30
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 Q4’19 FINANCIAL RESULTS

4 CAPEX GUIDANCE 2020-2022

5 APPENDIX
CAPEX Guidance 2020-2022
Projected CAPEX of S/2.1 B for 2020-2022

Food Retail By Segment

Plaza Vea:
 2 new Plaza Vea stores in 2020 (+6.9k sqm of sales area)
Shopping
 2 to 3 new Plaza Vea stores per year in 2021 and 2022 (avg. of 3.5k Malls 33%
sqm of sales area per store)
Economax: 55% Food
Retail
 1 new Economax store in 2020 (+3.3k sqm of sales area)
 1 to 2 new Economax stores per year in 2021 and 2022 (avg. of 3.5k
11%
sqm of sales area per store) Pharma
Mass:
 100 new stores and 40 closings in 2020 (avg. of 200 sqm of sales area
per store)
By Type of Investment
 100 new stores per year in 2021 and 2022 (avg. of 200 sqm of sales
area per store) Logistics, IT

Pharma 10%

 60 new stores per year in 2020, 2021 and 2022

Maintenance 17%

Shopping Malls
 Expansion of Real Plaza Cusco in 2020 (+23k sqm of GLA) Refurbishing 7%
and expansions 66% New stores,
 +5 to 10k sqm of GLA expansions per year in 2021 and 2022 malls
and landbank
 Start one new shopping mall development in 2021

32
1 INRETAIL OVERVIEW

2 INVESTMENT THESIS

3 Q4’19 FINANCIAL RESULTS

4 CAPEX GUIDANCE 2020-2022

5 APPENDIX
 Composition of Stores by Age

Food Retail 5% 8% 9% 8% 8% 8% 10% 11%

6% 14% 16% 14% 12%
6% 5% 4% 4% 7%
9% 4% 6% 5% 8%
6% 5% 7% 7% 8% 12%
5% 7%
3% 4% 6% 7% 6%

81% 81% 82% 82% 82% 79% 77% 76% 74% 73% 73% 71%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
Mature 2-3 years 1-2 years 0-1 years

1%
Pharmacies 1/ 6% 7% 4% 3% 2%
6%
1%
6%
1%
4% 1%
3% 2%
16% 17% 14% 10% 10% 6%
14% 11% 12% 11% 12%
13%
10% 8% 10% 10% 11%
9% 11%
10% 10% 9%

86% 90%
79% 82% 83%
70% 71% 74% 76%
65% 66% 68%

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19

Mature 2-3 years 1-2 years 0-1 years

1/Since Q1’18 includes Mifarma stores. 34

 Cash Cycle

Food Retail

Pharma 1/
141
121 120 119 121 117
110 108 114
105 104 106
84 89 90 83
77 75 76 79 78
72 66 70

35
28 27 25 25 25 23 25
3 3 3 4

Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
-16 -10 -13 -13 -4 -14
-23 -24 -22 -19
-29 -32

Days Acc Payables Inventory Turnover Days Acc Receivables Cycle

1/ 2018 considers only eleven months of Quicorp’s operations. 35

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 substitute for the exercise of
their own judgment. We and our affiliates, agents, directors, employees and advisors accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or 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.

36
For more information contact:

ir@inretail.pe
www.inretail.pe