CORPORATE

PRESENTATION
2018
InRetail Overview

▪ Peruvian multi-format retailer, also present in

Ecuador, Colombia and Bolivia in the pharma
business

▪ Leading positions in Peru in its 3 segments

▪ #1 supermarket chain
▪ #1 pharmacy chain in Peru and leading
pharmaceutical distributor in the Andean
region
▪ #1 shopping center operator

▪ Controlled by Intercorp Peru, one of Peru’s largest

business groups

2
 InRetail is part of one of Peru’s leading business groups

100.0% 77.6%

Education

Float1/ 28.8%

2/

BVL: INRETC1
1/ Includes 6.3% of Nexus
2/ On January 26, 2018, InRetail announced the acquisition of Quicorp for an equity value of US$583 million.
3
InRetail + Quicorp – Financial and Operational Snapshot

Food Shopping
Pharma1/
Retail Malls

2017 figures
(PEN mm; %) + + = (Proforma) 1/

Revenues 4,652 6,898 476 11,974

% Revenues 40% 57% 4%

Adj. EBITDA 2/ 310 422 294 1,016

% EBITDA 31% 40% 29%

Adj. EBITDA Margin 6.7% 6.1% 80.9% 8.5%

Market Position 1st 1st 1st 1st

# of Stores 268 2,195 19 -

# of Employees 14,590 23,177 439 38,206

Countries
1/ Preliminary proforma combined figures for 2017.
2/ Shopping Malls EBITDA was adjusted for mark to market gains from valuation of investment properties. Mifarma EBITDA was adjusted
for extraordinary expenses related to the acquisition of Albis.
4
SIGNIFICANT UPSIDE
POTENTIAL

MARKET LEADERSHIP
WITH CLEAR STRATEGY

STRONG FINANCIAL RESULTS

CAPEX
2017 - 2019

5
1
SIGNIFICANT
UPSIDE POTENTIAL
6
 Fastest growing economy boosts emerging middle class

Real GDP Growth Population by Socio-Economic Category

(2009-2016 CAGR)
4.6%
~1.9x Annual
SEC 2005 2016
Income
2.4%
% of total population

A
Perú Latin America 1/ $ 24,180 5% 15%
+29
1/ Average Real GDP growth of Colombia, Brazil, Chile, Mexico B
p.p.
Source: IMF – World Economic Outlook

GDP per Capita C $ 13,575 14% 33%

(2016, US$ 000)

13.6 D $ 7,272 25% 35%

13.3 Average:
US$9.8 -29
p.p.
9.0 8.7
E $ 4,545 54% 17%
6.1 6.0

Source: APOYO Consultoría 2017

Argentina Chile Mexico Brazil Colombia Peru

Source: IMF – World Economic Outlook Estimates

7
 Significant upside potential for modern retail

Supermarkets Pharmacies Shopping Malls

Penetration as a % of Total Sales - 2016 Sales of Retail Pharma per capita US$ - 2015 Malls per million people - 2015

Sales area per capita:

Peru 0.23 sqm vs Mexico
0.40 sqm
68% 208 5.0
Mean ex-Peru: Mean ex-Peru:
58.8% 115.4
59% 4.3
56% Mean ex-Peru:
52% 3.9
3.7
~2.6x
~2.4x
~1.7x
2.6
97 2.3
88
24% 69
50

Peru Brazil Ecuador Chile Mexico Peru Colombia Mexico Brazil Chile Peru Brazil Colombia Ecuador Chile

Source: Euromonitor, 2016 Source: Business Monitor, 2015 Source: Accep 2016

8
 Peru: Rising Retailing Market in Peaking Stage

Global Retail Development Index Opportunities Peru top-ranked LatAm country in the GRDI
Opening Peaking Maturing Closing 2016 Ranking
Mexico (2009) 1. China 15. Colombia
Peru (2015)
Brazil (2013) 6. Turkey 20. Brazil
9. Peru 25. Paraguay
Brazil (2005) Mexico (2016)
Chile (1998) Mexico (2003)

Peru (2002)
Chile (2016)
Peru:

Growing Consumers Consumer Consumers ▪ Retail is gaining force, mainly in some of Lima’s
middle class seek spending has used to emerging neighborhoods and in secondary
organized expanded modern retail cities
Consumers formats and
willing to global Sophisticated Higher
explore brands local discretionary ▪ Consumer confidence is the highest in LatAm
organized competition spending
formats Real estate ▪ Increasing development of malls with space for
affordable Real estate High
difficult to competition new players.
and available
secure
Real Estate
▪ Strong interest from fast-fashions
expensive
and not
readily
available

Source: ATKearney – The 2016 Global Retail Development Index TM

9
2
MARKET LEADERSHIP
WITH CLEAR STRATEGY

10
 Largest nationwide footprint of premier retail locations

Supermarkets Pharmacies 1/ Shopping Malls 1/

107 Spmkts 2,195 Stores 21 Malls
161 Mass

(17)
(59)
(7) (106) (11)
(2) Piura (2)
Cajamarca
(1) (96) (74) Chiclayo
(42)
(5) (142) Trujillo

(71) (36) Chimbote Huánuco

(3) (1) (30)
(1) (12) Ucayali

(74) (2) (82) (8) Lima (9) Huancayo

(981)
(161) (4) (71) Cusco
(2)
(10)
(3) (96) (24) (33) Juliaca
(2)
(2) (135) Arequipa
(15)
(1)
(1) (33) Only modern shopping mall

◼ First mover in 17 out of the 23 cities outside of ◼ Present in all of Peru’s 24 departments ◼ First mover in 6 out of the 12 cities
Lima ◼ 100% of stores are rented ◼ Total GLA (sqm): 670,393
◼ Total sales area (sqm): 327,226 ◼ 45% in Lima / 55% in Provinces
◼ 62% of stores are owned2/

1/ Including acquisitions of 2018 for Pharmacies and Shopping Malls 11

2/ Owned by Supermercados Peruanos or through a related party
 Openings and SSS by Segment

Openings Same Store Sales (SSS)

Supermarkets Supermarkets 2016: 1.2%
Sales Area (‘000 sqm) 2017: 5.9%
327 7.9%
288 289 290 304 306 316 319
5.7% 6.0%
3.4% 3.9%
Mass
285 285 285 295 295 299 298 299 1.0%
Spmkts 0.6% 0.0%
Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17
Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17

No Spmkts 104 104 104 106 106 107 106 107

No Mass 23 25 33 59 70 101 125 161

2016: 5.9%
Pharmacies (Only Inkafarma) Pharmacies (Only Inkafarma) 2017: -3.6%
No Stores
1,107 1,125 1,149 1,155 1,153 9.0%
922 932 980 7.2%
5.1%
2.7%

-1.2%
-3.3% -4.5%
-5.6%
Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17

Shopping Malls 1/ Shopping Malls 1/

GLA (‘000 sqm) 2016: 5.2%
2017: 2.6%

582 589 589 626 626 626 627 633 8.2%

6.3%
4.4% 4.6%
2.4% 3.1%
1.3% 1.8%

Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17

No malls 18 18 18 19 19 19 19 19

1/ Shopping Malls’ SSS include anchor stores. Figures do not include acquisition made on January 2018
12
 Supermarkets Segment

Formats

Revenues
Sales area # of Stores
▪ One stop shop: food and non-food products, and Brand 2017
range (sqm) Total / Provinces
entertainment to differentiate from traditional S/4,652 MM
markets

▪ Differentiated price positioning through “Every Day

Low Price” strategy

Compact
▪ Fastest growing chain with largest presence across
2,000 – 5,000 69 / 28 Hypermarkets
Peru 79%

▪ Secured access to landbank and Real Estate team to

sustain growth

▪ Launched e-commerce platforms for Plaza Vea and

Vivanda brands Supermarkets
500 – 2,000 29 / 6 12%

▪ Ranked 12th among the most valuable brands in

High-end
Peru (Brandz) and 1st in Great Place to Work 900 – 1,200 9/0 6%

Hard Discount
150-200 161 / 0 3%

Figures as of 2017

13
 Discount Model

• Low CAPEX, low cost, every day low price format to

capture untapped demand and penetrate traditional
trade

• 161 stores between 100 and 300 sqm in Lima

• Testing value proposition (assortment, price,

store size, etc.)

• Ensuring cost structure through store productivity

and efficient supply chain

14
 Pharmacies Segment

Every Day Low prices strategy Discounts and promotions

▪ Targeted discounts to loyal
customers
▪ Every day low price strategy focused
on continue being the best value – 10% Mondays or 10% for people
proposition and the No.1 top of mind aged 50+
pharmacy chain in Peru ▪ Supported by the successful
‘Monedero del Ahorro’ loyalty
▪ Strategy targets a wider audience
program with over 7 million
subscribers

Focused on assisted sales Mixed formats: Assisted sales and drugstores

Drugstore
21%

Counter(1)
Counter (1) 79%
100%

(1) Assisted sales model. 15

 Shopping Malls Segment

Shopping Malls Sales

Sales (S/ millions) 2016
7,206

▪ Nationwide premium portfolio of 21 locations

5,458

4,135
▪ 670k sqm of GLA, an expansion of 8.0% over the
2,580
last 24 months 2,173 2,167

▪ Preferred partner for local and international Otros 1/

tenants:
Source: ACCEP 2017
▪ High tenant renewal rates and low Falabella includes Open Plaza and 60% of Mall Aventura Plaza
Parque Arauco includes its malls and 50% of Mega Plaza
concentration of renewal per year 1/ 6 additional malls, 40% of Aventura Mall and 50% of Mega Plaza

▪ High occupancy levels despite recent important

Occupancy Rates
additions in GLA
92% 93% 94% 97% 97% 96% 96% 97% 97%

▪ Secured access to landbank to sustain growth

▪ Ranked 4th among most valuable brands in Peru

(Brandz) 2012 2013 2014 2015 2016 Q1’17 Q2’17 Q3’17 Q4’17

16
3
STRONG FINANCIAL
RESULTS
17
 Consolidated Financial Results
Million Soles (S/ mm)

Highlights Revenues
+7.4%
High single digit growth in revenues and EBITDA and double digit
growth in net income in Q4’17 7,810
7,273
▪ Supermarkets: double digit growth in revenues and EBITDA

▪ Pharmacies: revenue and EBITDA growth and SSS improvement +7.7%

▪ Shopping Malls: high occupancy rates and positive tenants’ SSS 1,968 2,120

Q4’16 Q4’17 2016 2017

Gross
31.8% 31.1% 31.0% 30.7%
Margin

Adj. EBITDA Net Income

+4.0% +6.7%

793 825 286

268

+11.9%
+7.7%
91 102
232 250

Q4’16 Q4’17 2016 2017 Q4’16 Q4’17 2016 2017

Margin 11.8% 11.8% 10.9% 10.6% Margin 4.6% 4.8% 3.7% 3.7%

18
Financial Results by Format
Million Soles (S/ mm)

Revenues Adj. EBITDA

+7.6% +4.4%
Pharmacies
7,374 Supermarkets 537
6,853 515

37% 43%
38% 47%

8.0%
8.1%

158 170
1,852 2,002 63%
62% 36% 53% 57%
36% 35% 38%

64% 65% 62% 64%

Q4’16 Q4’17 2016 2017 Q4’16 Q4’17 2016 2017

Gross
29.7% 29.1% 28.8% 28.7% Margin: 8.5% 8.5% 7.5% 7.3%
Margin:

+3.9% +2.8%

458 476 294

286

3.2% 9.3%

125 129 75 82

Q4’16 Q4’17 2016 2017 Q4’16 Q4’17 2016 2017

Gross Net Rental

67.0% 67.4% 68.8% 67.0% 80.1% 83.4% 82.1% 80.9%
Margin: Margin:

19
 InRetail Consumer - Financial Results
Million Soles (S/ mm)

Revenues Adj. EBITDA

+9.7%
+11.8%
4,652
4,241 310
277
Supermarkets

12.2%
10.2%

98 110
1,179 1,300

Q4’16 Q4’17 2016 2017 Q4’16 Q4’17 2016 2017

Gross
27.7% 27.1% 26.7% 26.4% Margin: 8.3% 8.4% 6.5% 6.7%
Margin

+4.2% -4.5%
241
2,734 231
2,624
Pharmacies

4.3% 0.6%

676 705 61 62

Q4’16 Q4’17 2016 2017 Q4’16 Q4’17 2016 2017

Gross
33.6% 33.2% 32.7% 33.0% Margin: 9.1% 8.7% 9.2% 8.4%
Margin

20
 Consolidated Net Income
Million Soles (S/ mm)

Net Income Net Income Breakdown

+6.7%

286 12 -5 -4
268 0 -10 102
91 18

+11.9%

91 102

Q4’16 Q4’17 2016 2017 Net EBITDA Flat Net Higher Lower Higher Higher Net
Income Growth Financial Mark to FX Gain D&A Tax Income
Q4’16 Expenses Market Q4’17
Net Margin 4.6% 4.8% 3.7% 3.7%

Net Income excluding FX and mark-to-market

+3.0%

252 260
Net Income Q4’17: +7.1%

+7.1% ▪ +7.7% Adjusted EBITDA

83 89
▪ +0.2% Financial Expenses, net

▪ +18.4% Taxes
Q4’16 Q4’17 2016 2017

Net Margin 4.2% 4.2% 3.5% 3.3%

21
 Consolidated Capex and Free Cash Flow
Million Soles (S/ mm)

CAPEX Cash-Flow Breakdown

2016: S/ 523 mm 2017: S/ 541 mm

195

161 159
-541

130 133
119 814

92

87 -235
79

-92 280
244

Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17 Starting Operating CAPEX Debt Financial Other Non- Ending
Cash Cash Flow Increase Expenses Operating Cash
Balance Investing Balance
2017 Activities 2017

22
 Consolidated Financial Debt
Million Soles (S/ mm)

Consolidated Financial Debt1/ USD Exposure

4.0x 4.0x

3.6x 3.6x 3.6x

3.3x 3.3x
2.9x 39% 40%
42%
3.2x

2.8x 72%
2.5x
23% 22%
23%

1.3x
38% 35% 38%
28%

2012 2013 2014 2015 2016 2017 Dec-14 Dec-15 Dec-16 Dec-17

Net Debt/EBITDA Debt/EBITDA Hedge USD PEN

Debt 1,668 1,722 2,446 2,670 2,659 2,704

Cash 1,125 324 285 325 432 599

Net
542 1,398 2,160 2,344 2,227 2,105
Debt

1/ Since 2015, ratios are adjusted for currency hedge effects

23
 Debt by Segment
Million Soles (S/ mm)

Total Consolidated Debt: S/2,704 mm

Debt / EBITDA: 3.3x
Net Debt / EBITDA: 2.5x

3.2x 8.2x
3.0x 3.1x
2.9x 2.8x
2.7x 2.8x
2.4x
2.6x 5.4x 5.5x
2.0x
2.2x 2.2x 4.4x 4.3x
4.9x 4.0x
4.7x 4.0x 3.7x
3.1x
0.4x

2012 2013 2014 2015 2016 2017 2012 2013 2014 2015 2016 2017

Net Debt/EBITDA Debt/EBITDA

Debt 976 1,095 1,347 1,422 1,402 1,511 691 624 1,111 1,248 1,257 1,193

Cash 306 215 168 202 277 319 656 81 124 128 162 278
Net 1,120 1,095 915
670 880 1,179 1,220 1,125 1,192 35 543 987
Debt
1/ Since 2015, ratios are adjusted for currency hedge effects

24
USD Debt Exposure and Debt Maturity by Segment
Million Soles (S/ mm)

USD Exposure Debt Maturity

913
24% 31% 28%
54
64% 21% 292 274
19%
22% 62
201 62

Interests 74 859
55% 53% 229 102
47% 212 18
36%
Debt Maturity 127
84

Dec-14 Dec-15 Dec-16 Dec-17 2018 2019 2020 2021 2022+

Hedge USD PEN

985
53% 54% 50
55%
265
81%
115
26% 25% 26% 137 133 935
103
Interests 91 88 150
20% 21% 19% 86
19% Debt Maturity 45 45 17
Dec-14 Dec-15 Dec-16 Dec-17 2018 2019 2020 2021 2022+

Hedge USD PEN

25
4
CAPEX
2018-2020
26
 CAPEX 2018-2020

2018 Key Investments Projected CAPEX of S/2 B for 2018-2020

Opening of +7,600 sqm of sales area

Start operations of our new distribution center in

1H18
Supermarkets
Finish construction and start operations of our
new production facility and fresh food warehouse

Continue expanding Mass

By Type of Investment
Pharmacies # of store openings under revision

Start construction of Puruchuco mall

(+120k sqm of GLA)
Shopping
~+8k sqm of GLA from mall expansions
Malls
Acquisition of Real Plaza Pucallpa and Estación
Central (+37,483 sqm of GLA)

27
5
APPENDIX

28
Composition of Stores by Age
Supermarkets

7% 4% 6% 5% 5% 5% 5% 2% 4% 2%
9% 12% 14% 11% 10%
9% 7% 4% 6% 3% 5% 4% 6%
12% 14% 8% 8% 9% 6% 5% 4% 2%
10% 10% 10% 9% 11% 14%
10% 10% 9%
7% 6% 4% 8% 10% 9% 10%

85% 88% 90%

78% 78% 83% 84%
73% 72% 72% 72% 72% 72% 75% 77%
70%

Q1’14 Q2’14 Q3’14 Q4’14 Q1’15 Q2’15 Q3’15 Q4’15 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17

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

Pharmacies

13% 12% 11% 11% 10% 12% 7%

18% 17% 15% 15% 14% 19% 19% 20% 17%
13% 13% 12% 11% 17%
15% 15% 14%
18% 9% 9% 8% 10%
24% 23% 23% 13% 12% 8%
16% 14% 11% 10% 10% 9%
20% 20%
18% 21%
6% 8% 11%

63% 65% 66% 62% 62% 64% 68%

60% 62%
53% 52% 52% 49% 50% 52% 55%

Q1’14 Q2’14 Q3’14 Q4’14 Q1’15 Q2’15 Q3’15 Q4’15 Q1’16 Q2’16 Q3’16 Q4’16 Q1’17 Q2’17 Q3’17 Q4’17

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

29
Cash Cycle

Supermarkets
99 99 105 99
94 93 90 93 93 92 93 93 88 90 91
86
73
56 59 59 59 61 57 60 55 61 59
52 52 54 52 53

4 4 2 3 2 3 2 3 1 1 1 3 1 1 3 4

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17

-32 -35 -31 -31 -30 -30 -29 -29 -30 -29 -35
-38 -39 -36 -39 -43

Days Acc Payables Inventory Turnover Days Acc Receivables Cycle

Pharmacies

126 125 121

116 116 120 116
107 112 112 112 111 110 108
104 105

103 103
95 89
87 83 88 84 83 88 84
82 81 78 77 72

3 4 4 3 3 3 3 4 3 4 4 4 3 3 3 4

Q1'14 Q2'14 Q3'14 Q4'14 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q4'17
-10
-18 -17 -19 -23
-27 -30 -27 -25 -24 -24 -26 -29 -24
-32 -32
Days Acc Payables Inventory Turnover Days Acc Receivables Cycle

30
This material does not constitute an offering document. 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. Any offering of securities
will be made solely by means of an offering memorandum, which will contain detailed information about the company and its business and financial results, as well as its financial statements.

Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended.

This p<resentation includes 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.
For more information contact:
ir@inretail.pe
www.inretail.pe