Corporate Presentation

SMU S.A.

June 2022
CAUTION REGARDING
FORWARD-LOOKING
STATEMENTS
This presentation may contain forward-looking statements. We
have based any such forward-looking statements largely on our
current beliefs, expectations and projections about future events
and financial trends affecting our business. Although management
considers these projections to be reasonable based on information
currently available to it, many important factors could cause our
actual results to differ substantially from those anticipated in our
forward-looking statements. The words “believe,” “may,” “will,”
“aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,”
“forecast” and similar words are intended to identify forward-looking
statements. Forward-looking statements include information
concerning our possible or assumed future results of operations,
business strategies, financing plans, competitive position, industry
environment, potential growth opportunities and the effects of future
regulation and competition.
By their very nature, forward-looking statements involve inherent
risks and uncertainties, both general and specific, and risks that
predictions, forecasts, projections and other forward-looking
statements will not be achieved. In light of the risks and
uncertainties described above, the forward-looking events and
circumstances discussed in this presentation might not occur and
are not guarantees of future performance. Therefore, we caution
readers not to place undue reliance on these statements. Forward-
looking statements speak only as of the date they were made, and
we undertake no obligation to update or revise any forward-looking
statements included in this presentation because of new
information, future events or other factors.
2
 1. Company Overview & Strategy
CONTENTS 2. Recent Highlights
3. Financials

3
SMU Today Leading food retailer in Chile, with multiple formats
At a Glance and broad market coverage in a defensive industry

Deep Insight into

Multiple Formats
Customer Base

Stores located
near over 80%
of Chile’s population

.
7.2
Defensive industry
with focus on food: #3 food retailer in Chile,
98% of revenue with 17.2% market share
4
SMU Today Multiple formats provide broad coverage of all socioeconomic
Our Formats segments and all shopping habits

UNIMARC MAYORISTA 10/ SUPER10 ALVI SMU PERU

TRADITIONAL SUPERMARKET SOFT DISCOUNT CASH & CARRY LOW-COST / CASH & CARRY

FOCUS ON PROXIMITY AND FILL-IN FOCUS ON PRICE AND STOCK-UP WHOLESALE CLUB, FOCUS ON FILL-IN FOCUS ON PRICE AND STOCK-UP

71% OF REVENUE 15% OF REVENUE 12% OF REVENUE 2% OF REVENUE

281 STORES 63 STORES 33 STORES 27 STORES

AVG SIZE 1,200 M2 AVG SIZE 1,300 M2 AVG SIZE 1,300 M2 AVG SIZE 700 M2

5
SMU Today
100% coverage of Chile with leading position in several regions,
Geographic
supported by integrated operating platform
Coverage

SMU Distribution Network Region SMU Stores (1) SMU Market Share (2)

ANTOFAGASTA XV 2 15,5%
3,000 M2
I 7 24,2%

COQUIMBO II 16 17,8%
30,000 M2
III 11 31,3%
IV 25 31,1%
V 35 11,3%
SANTIAGO OVERALL MARKET SHARE
LO AGUIRRE IMPORTS ALVI
METRO 103 12,5%
58,000 M2 25,000 M2 17,200 M2 IN CHILE: 17.2%
VI 20 12,5%
CONCEPCIÓN VII 25 18,6%
15,500 M2
XVI 14 27,6%
VIII 50 19,7%
PTO. MONTT
9,900 M2 IX 24 17,7%

XIV 12 26,6%
COYHAIQUE
2,000 M2 X 25 25,0%
XI 2 56,3%

PUNTA ARENAS XII 8 54,9%

10,800 M2

(1) Number of Unimarc, Alvi, Mayorista 10, and Super10 stores as of Dec. 31, 2021.
(2) Market share figures are calculated as portion of SMU’s sales in total 2020 Chilean supermarket sales by region according to
INE as of Dec. 31, 2021. 6
SMU Today Loyalty programs provide insight that allows us to
Our Customers better understand our more than 10 million customers…

% C2C3D Socioeconomic Groups in:

89% 89%
Our customers are
representative of
the population in
Chile

7
SMU Today …and personalized promotional activity allows us to differentiate
Our Customers our value proposition to better satisfy our customers’ needs

8
SMU Strategy Proven track record of strategy execution, with
Our History action plans for future growth and profitability

2007-2013 2014-2016 2017-2019

Growth + Integration Optimization + Efficiency Growth + Profitability

Customer Experience

Operating Efficiency

Premium Store Locations Commercial Strengthening

Organizational Excellence
Expansion to New Formats Operating Efficiency
Sustainability
National Coverage Financial Strengthening

Organic and Inorganic Growth Technological Development

Financial Strengthening

9
 Remain focused on customer experience, efficiency and productivity,
SMU Strategy
organizational excellence, and sustainability,
Plan 2020-2022
while accelerating omnichannel growth in Chile and Peru

Customer Omnichannel Efficiency & Committed & Sustainable

Experience Growth Productivity Organization

FINANCIAL TECHNOLOGY &

CAPACITY DIGITALIZATION

10
Customer Our customers are at the center of our decisions and our business strategy. Efforts
Experience to improve our value propositions are focused on customer needs and preferences

Advanced Analytics New Private Label Portfolio Fresh Food Offering

Machine learning models and Attractive new products at
Deep Customer cutting-edge data science help
Special focus on fruits and
convenient prices vegetables, bakery, and butcher
Insights us to truly understand our
Private label offering has tripled sections
customers
since 2019 and continues to grow
+10MM identified Implementation of purchase
Alvi programs and supplier
customers development initiatives for
(Representing 97% of produce
sales) World class demand and
replenishment planner based on
AI to ensure product availability
and assortment

11
Omnichannel Being closer to our customers with formats that meet their needs is part of our
Growth corporate purpose and drives our growth path and omnichannel strategy

New Openings Store Upgrades e-Commerce

Close to our 2021-2023
Implementation of Own platforms focused
Customers differentiated value on “planned” shops:
15 Stores propositions to our store Satisfy top customer priorities:
portfolio, guided by customer • OTIF
Our portfolio of formats • User experience
needs and preferences • Personalization
serves all customer
6 Stores
shopping missions with Store upgrade plan Develop micro-fulfillment center
broad geographic includes 30-40 Unimarc, to optimize logistics
Alvi, and Super10 stores
coverage Complement with
5 Stores in per year
partnerships with last
2022 milers for “express”
shops

12
Efficiency & Through efficiency and productivity initiatives we aim to improve product availability
Productivity and check-out experience, while controlling operating expenses

Redesign In-store Processes Logistics Optimization

Operating Platform
Supply chain Network expansion
Distribution network • Centralization • Adding capacity to distribution
supports broad • Efficient replenishment centers
geographic coverage
Improve check-out experience Freight cost optimization
Existing ERP (SAP, • Workforce management • Transportation management
ASR, Geocom) system to optimize staffing system
facilitates adoption of • Self-checkout Picking optimization
new technologies
Digitalization of in-store tasks

13
Committed & As a leading food retailer, we have an opportunity to create a positive impact
Sustainable on a significant number of stakeholders by effectively managing our economic,
Organization social, and environmental performance

Shared Value Care for the Environment Governance

Culture of Development of Local Reduce Food Waste Corporate Governance
Sustainability Suppliers
• Optimize demand planning • Specialized Board
• Grow 100% Nuestro committees, including
• Savings on soon-to-expire
Program Sustainability Committee
Under 2017-2019 Plan, products
SMU laid the Community Relations • Food donation direct from Best Practices
groundwork for more 98% of stores in Chile
• Good Neighbor Policy • Develop human rights due
awareness and • Partnering with Foundations Carbon Footprint Measurement diligence process
transparency across and Organizations
• Certified under Huella Chile
the organization since 2019

14
 1. Company Overview & Strategy
CONTENTS 2. Recent Highlights
3. Financials

15
Recent
Omnichannel Growth: New Store Openings and Remodels
Highlights

Launch of Super10

• New soft discount format

• Inauguration of first store in 2021, with four stores currently

operating

• Value proposition offers a complete assortment of quality

products at attractive prices, targeting end customers

Store Openings

• New store openings and reopenings in Unimarc, Alvi,

and Maxiahorro

16
Recent
Highlights

Omnichannel
Growth

Continuing to expand coverage

• Operations in all 16 regions of Chile

Recent
Highlights

Customer
Experience

New
Product
Launches
➢ New brands and over 600
new products introduced in
2021, including a new line of
basic staples; bread and
pastries; cleaning supplies;
among others

18
Recent
Operating Efficiency: Initiatives Drive Productivity
Highlights

Operating efficiency initiatives Sales/Full-Time Equivalent (Chile - CLP Mn/month)

• In-store processes
+24%
• New technology in stores and distribution
centers 11,2
9,2

Impact on operating indicators

2020 2021
• Sales/full-time equivalent +24% in 2021

19
Recent
Highlights

Committed &
Sustainable
Organization

Reducing
Food
Waste Four-tier approach:

1. Customer insight → attractive assortment

2. Demand planning → accuracy in product volume

3. Pronto Consumo → price savings on products close to

expiration date

4. Food donation → implemented in 98% of stores in Chile

20
Recent
Highlights

Committed &
Sustainable
Organization

Reducing
Our
Impact
➢ Carbon footprint: measuring AND
reducing through energy efficiency
initiatives

➢ New program to offer refills of laundry

detergent, to reduce packaging volumes

21
Recent
Highlights

Committed &
Sustainable
Organization

Growing
100% Nuestro
Program
➢ Local small and medium businesses

➢ 25 new suppliers in 2022 YTD (+13 in 2021)

➢ Business conferences held in partnership with Chilean

Entrepreneurs Association (ASECH) to continue to incorporate
new suppliers

22
Recent
Sale of OK Market
Highlights

Sale completed Feb. 28, 2022

• Strategic decision to focus on core formats: traditional
supermarket, cash & carry, soft discount, e-commerce
• Equity value of OK Market business: CLP 49 bn
• Estimated impact on 1Q22 net income: CLP 20 bn
• Proceeds to be primarily reinvested in SMU strategic
initiatives

23
 1. Company Overview & Strategy
CONTENTS 2. Recent Highlights
3. Financials

24
 Includes. OKM
Financial Consistent delivery of growth in revenue, gross margin, EBITDA,
Position EBITDA margin, and net income Excludes OKM (1)

Revenue (CLP Bn) and Gross Margin (%) Operating Expenses (2) (CLP Bn)

2.535 2.472 2.572

2.297 2.316 2.264
484 503 512 487 495 507
29,7% 29,7% 29,4% 29,5% 29,2% 29,1%
21,1% 21,7% 20,2% 21,5% 20,0% 19,7%

2019 2020 2021 2020 2021 LTM Mar'22 2019 2020 2021 2020 2021 LTM Mar'22
Pro Forma Excl. OKM Excl. OKM Excl. OKM Pro Forma Excl. OKM Excl. OKM Excl. OKM
(Incl. OKM) Incl. OKM

Revenue Gross Margin OPEX OPEX/Revenue

EBITDA (3) (CLP Bn) and EBITDA Margin (%) Net Income (CLP Bn)
120

234 226 241 76

198 185 180
35 30
8,6% 8,0% 9,2% 7,9% 9,1% 9,4%

2019 2020 2021 2020 2021 LTM Mar'22 2019 2020 2021 LTM Mar'22
Pro Forma Excl. OKM Excl. OKM Excl. OKM
(Incl. OKM)

EBITDA EBITDA Margin

(1) As of Dec. 31, 2021, the OK Market business was classified as available-for-sale and consolidated in a single in a single line of the P&L, results from discontinued operations. 2020 figures were restated to be comparable, in accordance with IFRS 5.
(2) Operating expenses: Sum of distribution and administrative expenses, excluding depreciation and amortization.
(3) EBITDA = Gross profit – administrative expenses – distribution costs + depreciation + amortization. 25
Financial Operating improvements and capital structure optimization have led to sustained
Position strengthening of financial position, maintaining full compliance with bond covenants (1)

Bond Covenant: Net Financial Debt / Equity (2) Bond Covenant: Net Interest Coverage (3)
(1) Due to the implementation of IFRS 16
on Jan. 1, 2019, figures for 2019, 2020,
1,03X 4,9X 5,4X 2021 and 2022 as reported are not
1,03X 1,03X 1,03X
4,0X 3,8X comparable with figures for prior
0,75X 2,8X periods, when IAS 17 was in force. Pro
0,57X 0,59X 0,59X 0,55X 2,2X forma IAS 17 figures have been
0,45X provided for 2019 for illustrative
2,5X 2,5X 2,5X 2,5X purposes only, in order to facilitate
2,0X 2,0X
comparative analysis over time.
Dec. '17 Dec. '18 Dec. '19 Dec. '20 Dec. '21 Mar. '22 Dec. '17 Dec. '18 Dec. '19 Dec. '20 Dec. '21 LTM (2) Net financial debt = Total current and
(IAS 17) (IAS 17) (IFRS 16) (IFRS 16) (IFRS 16) (IFRS 16) (IAS 17) (IAS 17) (IFRS 16) (IFRS 16) (IFRS 16) Mar'22 non-current financial liabilities minus
(IFRS 16) total current and non-current
Net Financial Debt / Equity Bond Covenant obligations for rights of use minus cash
Net Interest Coverage Bond Covenant and cash equivalents
(3) Interest coverage = EBITDA/net
financial expenses
Net Financial Liabilities / EBITDA (4) (5) Net Interest Coverage (6) (4) Net financial liabilities = other current
and non-current financial liabilities -
11,7X cash and cash equivalents
9,5X
3,9X (5) EBITDA adjusted for store rental
3,4X expenses = EBITDA including store
2,7X 4,9X 5,4X rental expenses not included in
2,1X administrative expenses under IFR
(6) Net interest coverage adjusted for store
rental expenses = EBITDA adjusted for
store rental expenses/(total financial
DEC. 2021 MAR. 2022 DEC. 2021 MAR. 2022 expenses – financial expenses for
obligations for rights of use – total
financial income)
Net Financial Liabilities/EBITDA Net Interest Coverage
Net Financial Debt/EBITDA Adjusted for Store Rental Expenses Net Interest Coverage Adjusted for Store Rental Expenses

26
Financial …as well as improved credit ratings, and a comfortable
Position debt maturity profile for coming periods

DEC/2016 NOV/2017 JAN/2018 APR/2018 APR/2019 APR/2021 APR/2022

BB – BB + BBB – BBB A- A A (STABLE OUTLOOK)

DEC/2016 JAN/2017 JAN/2018 MAR/2018 DEC/2018 JUN/2019 MAR/2021 MAR/2022

BB BB + BBB – BBB BBB + A- A A (POSITIVE OUTLOOK)

Debt Maturity Profile as of March 31, 2022

Cash and Cash Equivalents
(Bonds and Bank Debt - CLP Bn)
(CLP Bn)

207
122
77 77 114
42 30 40 40 32
22 9 9 9 9 4 0
Dec. 2021 Mar. 2022

BANK DEBT LOCAL BONDS

27
Financial …and flexibility in the Company’s cash position, further
Position supported by valuable accumulated NOL’s

Free Cash Flow: Net Operating Losses – Dec. 2021

Other Non-Current Assets

• EBITDA (2021) 225 Bn 56,2% Deferred Tax Assets
18,4%
• Interest payments (2022) (48 Bn)
• Payments of rental contracts
classified as financial leases (2022) (47 Bn) TOTAL
ASSETS
• Capex (2022) (60 Bn) CLP 2.3
70 Bn TN
Current Assets
25,4%

CAPEX (CLP Bn) Highlights:

60 • SMU has accumulated Net Operating Losses (NOLs) backing a

46 47 deferred tax asset from tax losses recorded at CLP 418 Bn
41
28 32 • Chilean law allows companies to carry losses forward indefinitely,
offsetting future income taxes
• No annual limit on the utilization of tax losses in Chile

2017 2018 2019 2020 2021 2022E • NOLs are adjusted annually for inflation

28
Financial Dividend policy: 75% of net income
Position

Dividend Yield
(Dividends Paid/Share Price)
Latest dividend announcements

11,6%
• Final dividend CLP 3.76549 (paid April
29, 2022)
4,2%
• Interim dividend CLP 6.47041 (paid June
1,2%
6, 2022)
2019 2020 2021

29
Corporate Experienced management team and a committed
Governance board of directors with ample industry experience

Experienced Management Team Board of Directors

29 Comptroller
J. Quijano
32 CEO
M. Gálvez

31 CFO 25 Customers & Mktg 20 Commercial 12 e-Commerce 17 Real Estate Dvlpt 17 Legal & Ext. Affairs
A. Silva L. Astorino H. Montalva J. Fernández C. Selume C. González

41 Operations 25 People & Sustain. 21 Strategic Planning SMU Peru IT & Digital
20 28 Years of experience
M. Fuentes P. Coronel G. Persson P. Llosa E. Herrera

Ownership Structure (May 31, 2022) Board of Directors: Expertise in Diverse Industry Sectors
Name Position Sector Expertise

Pilar Dañobeitía E. Chairwoman Multisector

CorpGroup Others
50,6% 38,3% Francisca Saieh G. Vice Chairwoman Marketing & Consumer Design

Alejandro Álvarez A. Director Legal

Abel Bouchon S. Director Consumer & Retail

Fernando Del Solar C. Director Consumer & Retail

Andrés Olivos B. Director Consumer & Retail

Rodrigo Pérez M. Independent Director Financial & Public
Southern Cross Group Tina Rosenfeld K. Independent Director Consumer & Retail
11,1%
Raúl Sotomayor V. Director Multisector

30
Corporate Presentation
SMU S.A.

June 2022