Ripley Corp3Q2020 Earnings Presentation

DISCLAIMER

This presentation contains projections for the future regarding the expectations of the Company, its business,

results and its administration. It is noted that the statements contained here have been prepared based on

information subject to change and risks and future or nature of the activity of the Company uncertainties. By

virtue of the foregoing, this presentation does not guarantee future results, which may differ from the results

projected here which is not the responsibility of the Company or the administration.

Digital Sales recorder the highest growth in history

3

Retail Segment

+321,4% digital sales,

+446.1% in August

63,4% digital salesNMV from 3Q20 ~50% NMV LTM

10x delivery volumen

strengthening Ship From Store

2x active SKUs+76% new sellers

1.5 million shipments per monthwith one of the shortest lead time in theindustry

we expand distribution network+50 gray stores Chile and Peru+80 withdrawal points in Peru

Physical sales reverse trend with store reopening

4

Sales in recent months surpassed those of previousyears, thanks to the recovery of physical sales andgrowth in digital sales

Consolidated Income Variation (YoY) N° of operative stores1/

Gradual recovery of our physical operations, despitecontinuing with capacity and schedule restrictions

Retail Segment

1/ Monthly average of stores open to public

4%9%

-46%

-80%-71%

-51%

-13%

2%

27%

47%

ene-20 feb-20 mar-20 abr-20 may-20 jun-20 jul-20 ago-20 sept-20 oct-20

75 75 40 5 4 19 40 38 50 65 -

500

1.000

1.500

2.000

2.500

0

10

20

30

40

50

60

70

80

ene-20 feb-20 mar-20 abr-20 may-20 jun-20 jul-20 ago-20 sept-20 oct-20

Tiendas abiertas

Total Tiendas

Venta Física Promedio

jan-20 feb-20 mar-20 apr-20 may-20 jun-20 jul-20 aug-20 sep-20 oct-20jan-20 feb-20 mar-20 apr-20 may-20 jun-20 jul-20 aug-20 sep-20 oct-20

Stores open

Total storesAverage physical sales

Higher preference and digitalization of our clients

5

Banking Segment

3x saving accountsreflection of preference

100% onlinecredit and debit card

79% digital clientsvs 41% in 3Q19

79% digital paymentshigher collection level

Half a million Chek users+500 thousand enrolled users

3x amount of QoQ transactions

+57% redemptions compared to 2019greater loyalty

Sustained recovery of activity and traffic in shopping centers

6

Real Estate Segment

• First mall inaugurated in pandemic in LatAm• Largest mall in the Lambayeque region• +49,000 m2 of GLA• Investment of USD50MM• +4,000 formal jobs created

• Capacity for more than 150 brands• Varied offer: Ripley, Oechsle, H&M, Plaza Vea,

Promart, Calvin Klein, Tommy Hilfiger, Renzo Costa,Aventura Motors, among others

• Successful inauguration, with sales level/m2 50%1/

higher than those registered in Santa Anita andArequipa

• Currently 70% of GLA is in operation

Tenant Sales (YoY) and operating GLA

(MA Santa Anita and MA Arequipa) Inauguration of Mall Aventura Chiclayo

1/Mall Aventura Chiclayo was inaugurated on November 4, therefore the sales / m2 indicator corresponds to the 26 days of operation.

97%

108%

57%

18% 20%

29%

49%54%

84%

94%

94%

12%

75%

ene-20 feb-20 mar-20 abr-20 may-20 jun-20 jul-20 ago-20 sept-20 oct-20

Ventas mensual (YoY) % GLA operativo (promedio)

jan-20 feb-20 mar-20 apr-20 may-20 jun-20 jul-20 aug-20 sep-20 oct-20

Monthly Sales (YoY) GLA operating (average)

Highlights 3Q20

7

Retail sales recovered with the reopening of physical stores and registered historical growth of

321.4% in our digital sales. Regarding our only digital platform, today we are the second retailer

most searched in Chile

Merchandise inventories in Chile fell app. $ 9,000 million, 4.7%

Decrease in the net cost of risk in Chile as a result of the higher liquidity in the months

of August and September, resulting in an improvement in the collection and recovery

and therefore a lower net cost of risk

We reached half a million users in Chek, our virtual wallet. On the other hand, our Ripley

Puntos Go loyalty program continues to strengthen, reflecting the engagement of our

customers

Consolidated SG&A expenses fell 12.4%, as a result of the efficiency measures

implemented in all our segments

Expansion of our operations in Peru, with the inauguration of the Aventura Chiclayo Mall and

the store and bank branch in that mall

3Q20 Ripley Corp

8

CONSOLIDATED RIPLEY CORP Quarter Accumulated

(amounts in MMCLP) 3Q20 3Q19 Var(%) 9M20 9M19 Var(%)

Revenues from ordinary activities 377,151 402,036 -6.2% 945,435 1,236,622 -23.5%

Gross Profit 101,703 141,526 -28.1% 276,717 445,757 -37.9%

SG&A expenses (118,601) (135,403) -12.4% (347,484) (406,253) -14.5%

EBIT (16,898) 6,124 NA (70,767) 39,504 NA

Non-operating income (13,941) 63,036 NA (37,235) 56,241 NA

Income/los before taxes (30,840) 69,160 NA (108,002) 95,745 NA

Net Income (24,518) 46,990 NA (81,158) 68,850 NA

EBITDA 9,592 35,385 -72.9% 13,631 126,007 -89.2%

3Q20 Retail Results

Digital channel registered historical growth of 321%

9Amounts in MMCLP

C h i l e

• Revenues increased 7.2% compared to 3Q19, positively

impacted by the 10% AFP withdraw and cyber effect in

September

• Gross margin was 15.9%, impacted in 500 bps due to the cost

of shipment

• SG&A drop by 12.7%, due to efficiencies implemented,

mainly in renting expenses

• Operating Income better than 2Q20 by $ 6,169 million

P e r u

• Revenues fall 1.4% in CLP (-5.6% in PEN)

• Gross margin was 17.0%, well above 2Q20, impacted in 200

bps due to the cost of shipment

• Operating Income better than 2Q20 by $ 5,775 million

• Higher selling costs associated withshipments

• Change in the channel and sales mix with

greater participation in the hard goods category

REVENUES

EBIT

71.955 46.624

3Q20

+4.0%

275,438

365,537

233,019

106,295

286,479

3T19 4T19 1T20 2T20 3T20

8,6684,771

15,944

39,377

26,898

2Q201Q204Q193Q19

+169.5%

+210.3%+12mil

3Q19 4Q19 1Q20 2Q20 3Q20

3Q20 Banking Results

Slowdown in gross portfolio decline

C h i l e

• Portfolio falls 24.4% compared to 3Q19

• Total revenues fell 31.2% due to a drop in loans and an

adjustment in the accrual rate

• Operational costs decreased by 55.0%, due to lower cost

for associated net cos of risk due to the fall in NPLs

• Gross profit decreased 13.6% compared to 3Q19,

reaching 41,190 million

P e r u

• Portfolio falls 12.8% in PEN (-8.9% in CLP)

• Decrease in total income of 26.5% PEN, impacted by a fall

in the portfolio and a lower accrual rate on rescheduled

loans (relief measures)

• Operational costs increased 19.3% in PEN (24.4% in CLP),

mainly due to voluntary provisions created during the

quarter, associated with the effects of the pandemic

(MPEN 23 million)

• Gross profit reached $ 11,075 million, a drop of 54.4%

10Amounts in MMCLP

REVENUES

NET INCOME

-28.6%

123,203 121,615 121,625

102,180

87,932

3T19 4T19 1T20 2T20 3T20

11,508

2,153

7,927

8,909

9,620

3T19 4T19 1T20 2T20 3T20

-13.9%

3Q19 4Q19 1Q20 2Q20 3Q20

3Q19 4Q19 1Q20 2Q20 3Q20

Banking Segment: high level of liquidity and capital adequacy

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• Comfortable liquidity (LCR)and solvency indicators,well above the regulatory limit and the average ofthe banking system for both of them

• Core deposits (made by individuals) increased inboth countries, reaching 33.4% in Chile and 52.4% inPeru, measured over the loan portfolio

Leverage indicators do not consider accounting changes from the adoption of IFRS16

Basel Index Chile Basel Index Peru

Ripley Corp Banking

(amounts in MMCLP) sept-20 dec-19 sept-19

Cash 522,647 266,238 213,160

Financial Debt 1,224,993 1,313,655 1,225,746

Net Financial Debt 702,347 1,047,416 1,012,586

Equity 280,346 302,980 296,177

Assets 1,590,988 1,699,133 1,594,833

NFD/Assets 0.44x 0.62x 0.63x

NFD/Equity 2.51x 3.46x 3.42x

15.79 15.93

19.68

11,60

12,60

13,60

14,60

15,60

12,50

14,50

16,50

18,50

20,50

sept-19 dec-19 sept-20

Banco Ripley CL Banking Industry CL

16.5516.06

16.44

sept-19 dec-19 sept-20

Banco Ripley PE Banking Industry PE

3Q20 Real Estate Results

(1) Amounts proportional to the participation that Ripley has in each company, which incorporates the valuations of investment properties at fair value. Nuevos Desarrollos S.A. keeps its Investment Properties valued at cost, so Ripley makes the adjustments so that said valuation adjusts to Ripley's accounting policy and as of the date reclassified as assets available for sale 2) GLA proportional to the participation that Ripley has in each company.(3) Includes profit from sale of Mall de Concepcion

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MALL AVENTURA REVENUES MALL AVENTURA EBITDA

3Q20 3Q19

Ownership CountryInvestment(MMCLP) (1)

Net Income GLA (sqm)(2) MallsNet

IncomeGLA

(sqm)(1) Malls

Leased properties 100% Chile 6,825 -3,125 50,783(3)

Inm. Mall Viña del Mar S.A. 50% Chile 92,092 -944 95,250 3 2,452 86,081 3

Nuevos Desarrollos S.A. 22,5% Chile 178,822 -665 107,996 8 1,639 106,847 8

Mall Aventura S.A. 100% Peru 342,354 -1,263 157,218 2 948 143,671 2

Total 620,093 -5,997 360,464 13 55,822 336,599 13

-46.8% -60.1%

4,834

6,338

5,384

3,1372,574

3T19 4T19 1T20 2T20 3T20

-18.0%3,614

4,0223,678

1,7901,442

3T19 4T19 1T20 2T20 3T20

-19.5%

3Q19 4Q19 1Q20 2Q20 3Q20 3Q19 4Q19 1Q20 2Q20 3Q20

Non-Banking Segment: liquidity and leverage

13

• Higher liquidity reaching level of $156,039 millions(+53% the level shown in September 2019)

• Inventory adjustments and purchase level allowed toreduce inventory in Chile by app $ 9,000 million andinventory days by 24 compared to 3Q19, reaching 106days

Debt Maturity Profile Non – Banking Segment (MMCLP)

Ripley Corp Non-Banking Segment

(amounts in MMCLP) sept-20 dec-19 sept-19

Cash 156,039 128,260 101,780

Financial Debt 499,111 347,937 354,558

Net Financial Debt 343,071 219,677 252,778

Equity 723,697 814,422 767,821

Assets 1,624,426 1,560,724 1,469,138

NFD/Assets 0.21x 0.14x 0.17x

NFD/Equity 0.47x 0.27x 0.33x

43,455

123,604

9,319 8,770 7,612

56,42639,859

2,936

1,479

88,331

2,610 2,610

2,610

127,880

46,392

125,083

97,649

11,38010,222

59,036

167,739

1-3 months 3-12 months 1-2 years 2-3 years 3-4 years 4-5 years +5 years

Banking Bonds

RIPLEY CORP

RESULTADOS 2T2020