3Q13 Results 3Q13. Parque Arauco S.A. Executive Summary: 642,100 m 2 and continued diversification of portfolio with

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1 3Q13 3Q13 Results Parque Arauco S.A. Executive Summary: CONFERENCE CALL: Date: November 5, 2013 Time: 10:00am EST 12:00pm Santiago Participants calling from: US (Toll Free): Chile (Toll Free): International: Participant Elite Entry Number: Webcast: links/parque html 3Q13 revenues increased 16.3% over 3Q 2012, reaching Ch$26,136 million, consolidated occupancy rate of 95%. Strong increase in operating results from Colombia and Peru. EBITDA grew 15.6% to Ch$18,422 million, on an EBITDA margin of 70.5%. Net Profit totaled Ch$8,123 million, a 31.1% decrease over 3Q 2012 due to increased non-operating expenses. Contacts: Samantha Zerbe Head of IR 16.6% increase in total Gross Leasable Area (GLA) to 642,100 m 2 and continued diversification of portfolio with expansion of strip centers and outlet malls. Cash position of Ch$ 72,533 million. Eduardo Perez Marchant Finance Manager Claudio Chamorro Carrizo CFO Tel: (562) Fax: (562) ir@parauco.com Third Quarter 2013 Parque Arauco S.A.

2 1.- INDEX 1.- Index Financial and Operating Highlights Portfolio Summary of Financial Results Analysis of Consolidated Results Financial Indicators Property Highlights by Country Parque Arauco Kennedy Mall Arauco Maipú Plaza El Roble Paseo Arauco Estación Arauco San Antonio Megaplaza Norte Mega Express Villa Chorrillos Larcomar Fashion Center Parque Lambramani Megaplaza Chimbote Mega Express Villa El Salvador Parque Arboleda Operations Opened in Last 12 Months Projects Under Development Consolidated Financial Statements Page 2

3 2.- FINANCIAL AND OPERATING HIGHLIGHTS 3Q13 3Q12 Chg.% 9M13 9M12 Chg.% Revenues (Ch$ Millions) 26,136 22, % 75,296 66, % EBITDA (Ch$ Millions) 18,422 15, % 52,436 46, % EBITDA Margin % 70.5% 70.9% -0.6% 69.6% 70.2% -0.8% Net Income - Equity holders ofthe company (Ch$ Millions) 7,035 10, % 26,872 24, % Net Income Margin % 26.9% 47.9% -43.8% 35.7% 37.7% -5.2% FFO (Ch$ Millions) 1 11,191 13, % 35,429 35, % FFO Margin % 42.8% 62.0% -30.9% 47.1% 54.3% -13.3% Weighted Avg. Shares (million) % % EPS ($) % % Stock Price (Ch$) % % Daily Traded Volume (Ch$ million) 1, % 1, % Total Tenant Sales (Ch$ Millions) 2 279, , % 794, , % Total GLA (m2) 3 642, , % 642, , % Own GLA (m2) 483, , % 483, , % 1: FFO = Net Profit - Depreciation & Amortization - Income (loss) for indexed assets and liabilities - Negative Goodwill - Gains (losses) from the difference between the previous book value and the fair value of financial assets - Deferred Taxes 2: Total Tenant Sales = Sales of Consolidated Assets 3: Total GLA = GLA of Marina Arauco Not considerated Parque Arauco continued to deliver strong revenues and operating results during the third quarter. We are achieving both regional and format diversification in line with the goals of our strategic plan. In the third quarter the share of revenue represented by our properties in Colombia doubled to 8% as compared to the previous year s third quarter thanks to the inauguration of Parque Caracoli in Bucamaranga in April of this year and the strong performance of our mall in Pereira, Parque Arboleda. In addition to GLA growth in the shopping center format, we are also increasing our participation in the strip center and outlet mall lines of business in Chile and Peru. Overall, GLA increased by 16.6% to 642,100 m2 as compared to the same period in We are committed to continuous innovation and the improvement of the customer experience which are key drivers of strong results. This quarter we were proud to launch Arauco Mapps, the first geolocation mobile application for a shopping mall in Latin America. The app enables users to search for stores in Parque Arauco Kennedy by name or category, see information about the store, and guides them to the store and even back to their car said Chief Executive Juan Antonio Álvarez. Page 3

4 3- PORTFOLIO MALL Total GLA Own GLA Chg.% Total GLA vs 3Q2012 Parque Arauco Kennedy 115, , % Arauco Maipu 74,000 74, % Plaza El Roble 25,000 25,000 - Paseo Arauco Estación 68,000 56,440 - Arauco San Antonio 29,000 14,790 - Arauco Quilicura 32,000 32, % Arauco Express Consolidado 13,600 6, % Buenaventura Outlet Mall 20,000 20,000 - TOTAL CHILE 376, , % Megaplaza Norte 83,000 41,500 - Mega Express Villa Chorrillos 7,000 3,500 - Larcomar Fashion Center 26,000 26,000 - Parque Lambramani 28,000 16,800 - Megaplaza Chimbote 28,000 9,380 - Mega Express Villa El Salvador 9,000 4,500 - Mega Express Chincha 7,300 3,650 New Lima Outlet Center 5,000 2,550 New TOTAL PERU 193, , % Parque Arboleda 34,000 10,285 - Parque Caracolí 38,000 20,900 New TOTAL COLOMBIA 72,000 31, % TOTAL 642, , % Page 4

5 4.- SUMMARY OF FINANCIAL RESULTS Income Statement - Consolidated Ch$ Thousands 3Q13 3Q12 Chg. % 9M13 9M12 Chg. % Revenues 26,136,196 22,469, % 75,295,864 66,222, % Cost of Sales (5,427,593) (4,487,004) 21.0% (15,844,459) (14,235,972) 11.3% Gross Profit 20,708,603 17,982, % 59,451,405 51,986, % Administration Expenses (2,972,418) (2,449,673) 21.3% (9,077,709) (6,785,548) 33.8% OPERATING INCOME 17,736,185 15,533, % 50,373,696 45,201, % Depreciation & Amortization 685, , % 2,062,384 1,295, % EBITDA 18,422,050 15,938, % 52,436,080 46,496, % Other Income / Expenses (1,828,635) 690, % (4,769,623) (791,832) 502.4% Financial Income 695,857 2,633, % 2,748,521 6,343, % Financial Expenses (5,414,886) (4,769,342) 13.5% (13,793,406) (14,484,833) -4.8% Share of Profit (Loss) of Associates Accounted 1,169,250 1,223, % 3,829,881 3,396, % Foreign Exchange Differences (640,369) 53, % 404,917 (493,253) % Income (Loss) for indexed assets and liabilities (2,684,077) 550, % (2,816,785) (2,760,609) 2.0% NON-OPERATING INCOME (8,702,860) 383, % (14,396,495) (8,790,166) 63.8% Profit before Income Tax 9,033,325 15,916, % 35,977,201 36,410, % Income Tax (910,171) (4,125,872) -77.9% (6,227,890) (9,159,486) -32.0% NET PROFIT (LOSS) 8,123,154 11,790, % 29,749,311 27,251, % Attributable to: Equity holders of the company 7,034,562 10,752,190-35% 26,872,050 24,935, % Minority interests 1,088,592 1,038,494 5% 2,877,261 2,315, % NET PROFIT (LOSS) 8,123,154 11,790, % 29,749,311 27,251, % 5.- ANALYSIS OF CONSOLIDATED RESULTS OPERATING INCOME Revenues for 3Q 2013 expanded by double digits to Ch$ 26,136 million, a 16.3% increase as compared to 3Q 2012, and was primarily the result of additional GLA year over year as well as improved tenant sales. Total GLA for the company increased to 642,100 m² as a result of the additions of Mega Express Chincha, Lima Outlet Center, and Parque Caracolí. Our portfolio of assets was also enhanced with the GLA expansions of Parque Arauco Kennedy, Arauco Maipu, Arauco Quilicura, and Arauco Express (Stripcenters Chile). Revenues (Ch$ Million) 66,223 75,296 22,470 26,136 3Q12 3Q13 9M12 9M13 Consolidated occupancy remained stable at 95%. Total tenant sales for the third quarter increased by 13.3% to Ch$ 279,129 million. Page 5

6 The Company continues to see the evolution of its portfolio diversification and regional expansion strategy with the increased revenue participation of its assets outside of Chile, led by Colombia. During the quarter, Chile revenues were Ch$ 18,168 million, accounting for 70% of the total, Peru revenues were Ch$ 5,829 million, accounting for 22% of the total and Colombia revenues were Ch$ 2,139 million accounting for 8% of the total. Revenues by Country 3Q13 Revenue by Country 3Q12 8% 22% 70% CHILE COLOMBIA PERU 4% 23% 73% CHILE COLOMBIA PERU Gross profit for the quarter was Ch$ 20,709 million, a year-over-year increase of 15.2% as the company continues to see leverage from the scale of its expanding operations and focuses on cost containment initiatives. Operating income increased 14.2% to Ch$ 17,736 million, while administration expenses increased to Ch$ 2,972 million. The main drivers for the increase in administration expenses were additional GLA and an amortization related to the acquisition of the Buenaventura Outlet Mall in EBITDA The Company reported EBITDA of Ch$ 18,422 million in 3Q 2013, a 15.6% increase over 3Q The consolidated EBITDA margin was 70.5%, slightly lower than the previous year s margin of 70.9%. The Company s strong EBITDA growth reflects its ability to continue expanding GLA and rental revenues while managing cost of sales as a share of revenue. Page 6

7 Following a similar trend in regional revenue diversification, Colombia s EBITDA participation doubled as compared to the prior year s third quarter. Third quarter EBITDA was Ch$13,817 million for Chile, Ch$ 3, 491 million for Peru and Ch$ 1,113 million for Colombia. EBITDA by Country 3Q13 EBITDA by Country 3Q12 19% 6% 75% 3% 20% CHILE CHILE COLOMBIA COLOMBIA PERU 77% PERU Page 7

8 Non-Operating Expenses Net non-operating expenses in 3Q 2013 totaled Ch$ 8,703 million compared to net non- operating income of Ch$ 383 million in 3Q With the use of cash for the continued investment in the development and expansion of assets, financial income was lower in 3Q 2013 totaling Ch$ 696 million compared to Ch$ 2,634 million in 3Q Other expenses increased to Ch$ 1,829 million, due in part to the development of new projects. Financial expenses increased 13.5% to Ch$ 5,415 million in 3Q 2013 and were impacted by a higher level of debt. A 4.4% decrease to Ch$ 1,169 million of Share of profits of associated accounts reflects the equity method of accounting for the investments in Marina Arauco, Boulevard Marina Arauco and Mall Center Curico which continue to show strong performance. The loss from foreign exchange differences of Ch$ 640 million mainly reflects the appreciation of USD denominated debt in Peru. And finally, the loss from indexed assets and liabilities mainly reflects the appreciation of the UF (Chilean inflation linked currency) denominated debt in Chile. Income Tax Income taxes decreased to Ch$ 910 million as compared to the 3Q 2012 figure of Ch$ 4,126 million due to lower net income in comparison to the same quarter last year. Excluding the non-cash deferred tax expense, the 3Q 2013 real income tax totaled Ch$ 1,213 million compared to Ch$ 1,839 million in 3Q Ch$ Thousands 3Q13 3Q12 Chg. % 9M13 9M12 Chg. % Real Income Tax (1,212,648) (1,838,886) 16% (5,427,051) (4,539,721) 56% Deferred Tax 302,477 (2,286,987) -95% (800,839) (4,619,765) -44% Total Tax (910,171) (4,125,873) -39% (6,227,890) (9,159,486) 10% Net Profit and FFO In 3Q 2013, net income decreased 31.1% to Ch$ 8,123 million, as compared with net income of Ch$ 11,791 million, in 3Q 2012 as a result of higher non- operating expenses in FFO ( Funds from Operations ) for 3Q 2013, defined as net income plus depreciation and amortization minus a gain (loss) on indexed assets and liabilities minus any gains (losses) on other non-cash items, was Ch$ 11,191 million, as compared to Ch$ 13,932 million in 3Q Page 8

9 Debt Net financial debt at the end of 3Q 2013 was Ch$ 342,233 million. The Company remains comfortably within its financial covenants with Liabilities/(Equity + Minority Interest) of 0.84x as compared to a limit of 1.4x and EBITDA/Financial Expenses of 3.9x, above the requisites of 2.5x. Cash and cash equivalents totaled Ch$ 72,533 million compared to Ch$ 103,782 million on December 31, 2012 as the company continues to develop and expand properties. 6.- FINANCIAL INDICATORS Financial Indicators sep-30 December 31 Covenant Units Limit Gross Financial Debt Ch$ million 414, ,133 Gross Financial Debt US$ million Net Financial Debt Ch$ million 342, ,351 Net Financial Debt US$ million Net Financial Debt / Equity times EBITDA / Financial Expenses (12 times months) > 2.5 Liabilities / Equity times < 1.4 Current Liabilities % 12% 15% Non-Current Liabilities % 88% 85% Page 9

10 7.- PROPERTY HIGHLIGHTS BY COUNTRY PARQUE ARAUCO KENNEDY PAK generated total EBITDA of Ch$ 7,979 million in 3Q 2013, which was 6.0% higher than the previous year s third quarter. EBITDA margin remained strong at 92.7%. During the quarter the inauguration of the Luxury District had a positive impact on the results of the mall. Tenant Sales (Ch$ millions) 82,360 83,019-1% 242, ,876-7% Total GLA (m 2 ) 115, ,000 7% 115, ,000 7% Monthly Sales per m 2 (Ch$) 245, ,231-4% 243, ,391-9% Monthly Rent per m 2 (Ch$) 22,466 21,905 3% 22,285 22,610-1% % Occupancy 98.4% 98.8% -0.4 bp 98.4% 98.8% -0.4 bp EBITDA Margin (%) 92.7% 93.8% -1.1 bp 92.4% 92.6% -0.3 bp MALL ARAUCO MAIPÚ Highlighting the good tenant mix of the asset, tenant sales increased 32.7% to Ch$ 36,680 million. The shopping center continues to deliver strong growth generating total revenue of Ch$ 2,624 million in 3Q 2013, an increase of 7.2% compared to 3Q EBITDA improved to Ch$ 2,432 million, an increase of 9.1%, as compared to the same period of 2012, and a record for the mall. EBITDA margin was 92.7% in 3Q Tenant Sales (Ch$ millions) 36,680 27,642 33% 103,156 76,757 34% Total GLA (m 2 ) 74,000 64,000 16% 74,000 64,000 16% Monthly Sales per m 2 (Ch$) 165, ,967 15% 154, ,258 16% Monthly Rent per m 2 (Ch$) 10,834 11,576-6% 10,595 10,729-1% % Occupancy 97.2% 96.3% 0.9 bp 97.2% 96.3% 0.9 bp EBITDA Margin (%) 92.7% 90.3% 2.4 bp 93.3% 84.9% 8.4 bp PLAZA EL ROBLE Plaza El Roble contributed total revenue of Ch$ 1,009 million during 3Q 2013, in line with the same period in 2012 while EBITDA generated Ch$ 701 million on a margin of 69.5%. Results continue to hold despite the ongoing renovation and expansion of the property. Page 10

11 Tenant Sales (Ch$ millions) 15,007 14,280 5% 45,040 43,163 4% Total GLA (m 2 ) 25,000 25,000 0% 25,000 25,000 0% Monthly Sales per m 2 (Ch$) 200, ,396 5% 200, ,833 4% Monthly Rent per m 2 (Ch$) 11,768 11,844-1% 12,140 11,798 3% % Occupancy 91.3% 97.8% -6.5 bp 91.3% 97.8% -6.5 bp EBITDA Margin (%) 69.5% 79.9% bp 77.8% 82.2% -4.4 bp PASEO ARAUCO ESTACIÓN Paseo Arauco Estación earned total revenues of Ch$ 3,284 million in 3Q 2013, in line with the same period last year. The mall s EBITDA was Ch$ 2,936 million, 3.1% higher than the EBITDA in 3Q 2012 on a margin of 89.4%. Tenant Sales (Ch$ millions) 23,986 22,724 6% 69,863 63,707 10% Total GLA (m 2 ) 68,000 68,000 0% 68,000 68,000 0% Monthly Sales per m 2 (Ch$) 117, ,393 6% 114, ,097 10% Monthly Rent per m 2 (Ch$) 14,054 13,797 2% 14,009 14,031 0% % Occupancy 98.7% 98.2% 0.5 bp 98.7% 98.2% 0.5 bp EBITDA Margin (%) 89.4% 87.9% 1.5 bp 86.7% 87.0% -0.4 bp ARAUCO SAN ANTONIO San Antonio contributed income of Ch$ 816 million and EBITDA of Ch$ 562 million in 3Q 2013 and an EBITDA margin of 68.9%. Operation of the hotel which will be integrated into the property is scheduled to start in 1H Tenant Sales (Ch$ millions) 7,211 6,887 5% 22,869 21,874 5% Total GLA (m 2 ) 29,000 29,000 0% 29,000 29,000 0% Monthly Sales per m 2 (Ch$) 82,880 79,157 5% 87,621 83,808 5% Monthly Rent per m 2 (Ch$) 7,260 7,134 2% 7,401 8,027-8% % Occupancy 94.7% 94.0% 0.7 bp 94.7% 94.0% 0.7 bp EBITDA Margin (%) 68.9% 78.5% -9.6 bp 68.8% 79.6% bp Page 11

12 7.6 - MEGAPLAZA NORTE The property added income of Sol$ 14,636 thousand, a 11.8% decrease as compared to the same period of the prior year. The property posted EBITDA of Sol$ 10,966 thousand and an EBITDA margin of 74.9%. The expansion and change in the tenant mix of this property are scheduled to be completed during the 4Q Tenant Sales (Sol$ thousands) 245, ,483-6% 731, ,940-1% Total GLA (m 2 ) 83,000 83,000 0% 83,000 83,000 0% Monthly Sales per m 2 (Sol$) 986 1,046-6% % Monthly Rent per m 2 (Sol$) % % % Occupancy 92.0% 99.9% -7.9 bp 92.0% 99.9% -7.9 bp EBITDA Margin (%) 74.9% 78.8% -3.9 bp 78.1% 80.3% -2.2 bp MEGA EXPRESS VILLA CHORRILLOS This property, located in Chorrillos, Peru, contributed income of Sol$ 980 thousand in 3Q The shopping center s EBITDA increased by 16.2% to Sol$ 700 thousand compared to last year and had an EBITDA margin of 71.5%. Tenant Sales (Sol$ thousands) 14,430 12,078 19% 41,607 35,017 19% Total GLA (m 2 ) 7,000 7,000 0% 7,000 7,000 0% Monthly Sales per m 2 (Sol$) % % Monthly Rent per m 2 (Sol$) % % % Occupancy 99.9% 97.0% 2.9 bp 99.9% 97.0% 2.9 bp EBITDA Margin (%) 71.5% 72.2% -0.8 bp 70.2% 67.3% 2.8 bp Page 12

13 7.8 - LARCOMAR FASHION CENTER Located in Lima, the mall contributed income of Sol$ 6,676 thousand in 3Q 2013, 15.5% lower than the same period last year. The center s EBITDA was Sol$ 4,128 thousand, also lower by 20.9% if compared to last year. During the last twelve months the company has changed more than half of the tenants, successfully implementing the plan to improve the tenant mix, attract exclusive brands and achieve higher rent/m2 in the medium term. Tenant Sales (Sol$ thousands) 47,155 46,481 1% 133, ,484-2% Total GLA (m 2 ) 26,000 26,000 0% 26,000 26,000 0% Monthly Sales per m 2 (Sol$) % % Monthly Rent per m 2 (Sol$) % % % Occupancy 89.8% 87.0% 2.8 bp 89.8% 87.0% 2.8 bp EBITDA Margin (%) 61.8% 66.1% -4.2 bp 62.2% 65.0% -2.8 bp PARQUE LAMBRAMANI Located in Arequipa, Peru, the mall generated income of Sol$ 2,584 thousand, while EBITDA increased 3.5% to Sol$ 881 thousand. The occupancy decreased from 92.3% to 77.6% primarily because of the construction related to the new anchor tenant, Paris, and a new Metro supermarket which will replace a Wong supermarket. The Company continues to differentiate the property from peers through marketing, entertainment, food, and top line stores. Tenant Sales (Sol$ thousands) 31,484 31,707-1% 94,057 92,573 2% Total GLA (m 2 ) 28,000 28,000 0% 28,000 28,000 0% Monthly Sales per m 2 (Sol$) % % Monthly Rent per m 2 (Sol$) % % % Occupancy 77.6% 92.3% bp 77.6% 92.3% bp EBITDA Margin (%) 34.1% 36.6% -2.5 bp 30.8% 38.0% -7.3 bp MEGAPLAZA CHIMBOTE For 3Q 2013, Megaplaza Chimbote contributed income of Sol$ 2,535 thousand, and EBITDA of Sol$ 1,677 thousand on an margin of 66.2%. Page 13

14 Tenant Sales (Sol$ thousands) 52,556 42,429 24% 146,058 80,115 82% Total GLA (m 2 ) 28,000 28,000 0% 28,000 28,000 0% Monthly Sales per m 2 (Sol$) % % Monthly Rent per m 2 (Sol$) % % % Occupancy 100.0% 88.0% 12.0 bp 100.0% 88.0% EBITDA Margin (%) 66.2% 38.5% 27.6 bp 62.0% 30.7% MEGA EXPRESS VILLA EL SALVADOR This property in the south of Lima contributed income of Sol$ 1083 and earned an EBITDA of Sol$ 770 thousand during the third quarter of Tenant Sales (Sol$ thousands) 12,975 8,527 52% 36,505 18, % Total GLA (m 2 ) 9,000 9,000 0% 9,000 9,000 0% Monthly Sales per m 2 (Sol$) % % Monthly Rent per m 2 (Sol$) % % % Occupancy 96.0% 74.0% 22.0 bp 96.0% 74.0% EBITDA Margin (%) 71.1% 46.6% 24.5 bp 70.5% 36.1% PARQUE ARBOLEDA For 3Q 2013, Parque Arboleda contributed income of Col$ 4,308 million, a 65.4% increase compared to 3Q EBITDA increased 49.1% to Col$ 3,627 million compared to last year and EBITDA margin was 84.2%. Tenant Sales (Col$ millions) 34,416 32,266 7% 99,986 93,096 7% Total GLA (m 2 ) 34,000 34,000 0% 34,000 34,000 0% Monthly Sales per m 2 (Col$) 337, ,331 7% 326, ,235 7% Monthly Rent per m 2 (Col$) 36,866 35,099 5% 36,269 33,043 10% % Occupancy 97.1% 93.1% 4.0 bp 97.1% 93.1% 4.0 bp EBITDA Margin (%) 84.2% 85.4% -1.2 bp 83.7% 83.9% -0.2 bp *EBITDA Margins exclude intercompany fees, in-line with regional industry practices Page 14

15 7.13 OPERATIONS OPENED IN THE LAST 12 MONTHS Arauco Express (Stripcenters Chile) Arauco Express (Stripcenters Chile): In this quarter, Arauco Express contributed income of Ch$ 560 million, EBITDA of Ch$ 374 million and an EBITDA margin of 66.8%. Two stripcenters are currently under construction in the city of Santiago, one in the district of Providencia and the other in the district of La Reina. Both are scheduled to open in 1H2014. Operating and Commercial Indicators 3Q Tenant Sales (Ch$ millions) 3,511 9,683 Total GLA (m 2 ) 13,600 13,600 Monthly Sales per m 2 (Ch$) 86,063 79,109 Monthly Rent per m 2 (Ch$) 13,059 12,774 % Occupancy 100.0% 100.0% EBITDA Margin (%) 66.8% 66.0% Buenaventura Outlet Mall Buenaventura Outlet Mall (Chile): In this quarter of operation, the property earned EBITDA of Ch$ 438 million. This property is currently going through additional renovations. Operating and Commercial Indicators 3Q2013 9M13 Tenant Sales (Ch$ millions) 6,947 20,053 Total GLA (m 2 ) 20,000 20,000 Monthly Sales per m 2 (Ch$) 115, ,406 Monthly Rent per m 2 (Ch$) 9,709 9,956 % Occupancy 90.8% 90.8% EBITDA Margin (%) 70.2% 73.5% Page 15

16 Mall Arauco Quilicura Mall Arauco Quilicura (Chile): Officially inaugurated in April of 2013, this property earned EBITDA of Ch$ 444 million during 3Q Operating and Commercial Indicators 3Q2013 9M13 Tenant Sales (Ch$ millions) 9,194 19,578 Total GLA (m 2 ) 32,000 32,000 Monthly Sales per m 2 (Ch$) 95,774 67,979 Monthly Rent per m 2 (Ch$) 5,776 3,807 % Occupancy 97.7% 97.7% EBITDA Margin (%) 70.6% 69.6% Mega Express Chincha MegaPlaza Chincha (Peru): During its first full quarter of operation, this property earned EBITDA of Sol$ 551 thousand. Operating and Commercial Indicators 3Q Tenant Sales (Sol$ thousands) 7,624 12,935 Total GLA (m 2 ) 7,300 7,300 Monthly Sales per m 2 (Sol$) Monthly Rent per m 2 (Sol$) % Occupancy 95.0% 95.0% EBITDA Margin (%) 65.9% 55.0% Page 16

17 Lima Outlet Center Lima Outlet Center (Peru): This property was consolidated into results beginning in May of 2013 and earned an EBITDA of Sol$ 767 thousand for the period. Operating and Commercial Indicators 3Q Tenant Sales (Sol$ thousands) 18,825 32,043 Total GLA (m 2 ) 5,000 5,000 Monthly Sales per m 2 (Sol$) 1,255 1,068 Monthly Rent per m 2 (Sol$) % Occupancy 88.0% 88.0% EBITDA Margin (%) 78.7% 79.6% Parque Caracolí Parque Caracolí (Colombia): This property earned EBITDA of Col$ 2,656 million as of its inauguration in April, Operating and Commercial Indicators 3Q Tenant Sales (Col$ millions) 23,971 42,225 Total GLA (m 2 ) 38,000 38,000 Monthly Sales per m 2 (Col$) 210, ,238 Monthly Rent per m 2 (Col$) 27,661 24,866 % Occupancy 77.0% 77.0% EBITDA Margin (%) 71.5% 59.1% Page 17

18 8.- PROJECTS IN PROGRESS: GREENFIELDS AND EXPANSIONS This section includes projects that are currently under construction or have been approved by the Board to commence construction. Pipeline Tables Greenfield Projects Name Location Estimated Total Final Owned Total of the (Country) Opening GLA Stake GLA Investment Projetc Date (m2) (m2) (US$MM)* Mall Outlet Concepción Chile 1H , % 6,000 9 Mall Outlet Curauma Chile 3Q , % 7, Stripcenters Chile (Arauco Express)** Chile Under development 6,769 51% 3, Mega Express Barranca Perú 4Q ,500 50% 4, Mega Express Cañete Perú 4Q ,500 50% 8, Stripcenters Perú** Perú Under development 10,798 51% 5, La Colina Colombia 1H ,500 55% 34, Total 120,267 70, Expansions Summary Name Location Estimated Total Final Owned Total of the (Country) Opening GLA Stake GLA Investment Projetc Date (m2) (m2) (US$MM)* Expansion El Roble - Chillán Chile 1H , % 12, Lima Outlet Center Perú 1H ,200 50% 1,100 5 Expansion in MegaPlaza Perú 4Q ,000 50% 12, Total 39,700 26, * Total amount invested in project. Does not include MMUS$ 58 to be invested in Marina Arauco. **GLA represents projects currently under construction w hile Total Investment includes projects under construction and projected projects. Page 18

19 9.-CONSOLIDATED FINANCIAL STATEMENTS BALANCE SHEET Balance Sheet September 30 December 31 September 30 December 31 Ch$ Millions Assets Liabilities Current Liabilities Current Assets Other Current Financial Liabilit 35,339 36,330 Comm. Cred. and Other Acc. Pay 7,084 18,346 Cash and Cash Equivalents 72, ,782 Current Acc. Payable to Rel. Par 2,274 1,994 Other Current Financial Assets 0 0 Current Provisions 10,727 6,328 Other Current Non-Financial Asse 6,705 2,964 Tax Liabilities 3,552 4,936 Trade Accounts Rec. and Other Re 21,785 21,685 Other Current Liabilities 2,515 2,733 Accounts Receivable from Rel. Co 4,563 4,198 Total Current Liabilities 61,491 70,666 Current Tax Receivable 16,708 13,041 Total Current Assets 122, ,671 Non-Current Liabilities Other Non-Current Fin. Liabilitie 379, ,804 Non-Current Liabilities 0 0 Non-Current Acc. Payable to Rel 1,564 1,476 Non-Current Assets Deferred Tax Liabilities 64,074 62,507 Other Non-Current Liabilities 8,812 7,674 Other Non-Current Financial Asse 0 0 Other Non-Current Non-Fin. Asset 15,648 10,728 Total Non-Current Liabilities 453, ,461 Non-Current Accounts Receivable Non-Current Acc. Rec. with Rel. Pa 1,118 1,802 Total Liabilities 515, ,128 Share of Profit (Loss) of Associate 44,143 41,339 Intangible Assets exc. Surplus Va 15,170 16,258 Equity Surplus Value 8,101 2,964 Issued Share Capital 229, ,907 Property, Plant and Equipment 2,586 2,448 Accumulated Earnings (Losses) 272, ,255 Investment Properties 902, ,292 Other Reserves (13,857) (8,729) Deferred Tax Assets 16,727 15,630 Attrib. to Shareholders of the C 488, ,433 Minority Interest 125, ,806 Total Non-Current Assets 1,006, ,695 Total Equity 613, ,239 TOTAL ASSETS 1,128,752 1,051,367 TOTAL LIABILITIES AND EQUITY 1,128,752 1,051,367 Page 19

20 CASH FLOW STATEMENT Cash Flow Statement Ch$ Thousands 3Q2013 3Q2012 Chg. % 9M2013 9M2012 Chg. % Net cash flow from operating activities Receipts from sales of goods and services 37,823,949 33,469, % 112,058,479 97,541, % Other receipts from operating activities Payments to suppliers for goods and services (16,434,416) (10,741,223) 53.0% (42,350,581) (38,522,749) 9.9% Payments on behalf of employees (3,415,158) (2,853,533) 19.7% (8,142,149) (8,049,788) 1.1% Other payments for operating activities Income taxes refunded (191,956) (3,211,977) -94.0% (2,930,464) (5,240,430) -44.1% Other inputs (outputs) in cash (3,266,215) 873, % (19,412,553) (12,844,205) 51.1% Net cash flow from operating activities 14,516,204 17,536, % 39,222,732 32,883, % Net Cash flow from investment activities Cash flows used for getting control of subsidiaries or other businesses 2,833 (14,769,784) % (11,799,567) (14,769,784) -20.1% Other proceeds from the sale of equity or debt instruments of other entities 0 9,435, % 0 9,435, % Loans to related entities (107,563) 1,226, % (364,421) (4,422,129) -91.8% Proceeds from sale of property, plant and equipment Purchases of property, plant and equipment (478,065) (769,298) -37.9% (642,565) (438,710) 46.5% Purchases of intangible assets ,581,774 - Figures from other long-term assets 0 0-5,538, Purchases of other long-term assets (42,665,556) (9,930,778) 329.6% (99,814,401) (45,661,508) 118.6% Cash advances and loans to third Proceeds from related entities 761, , Charges from repayment of advances and loans to third 0 (3,909,514) % Dividens received % 1,218, , % Interest received (1,589,896) 1,759, % 2,347,972 5,137, % Other inputs (outputs) in cash (1,284,342) (4,776,430) -73.1% (1,256,078) (559,604) 124.5% Net Cash flow from investment activities (45,361,447) (21,734,151) 108.7% (109,549,109) (50,373,731) 117.5% Net cash flow from financing activities Share Issuance 8,170,286 14,973, % 13,708,498 14,973, % Payments for other shares in the equity 0 (4,871,494) % 0 (4,871,494) % Payments for others debt issues (548,733) (347,885) 57.7% (1,355,084) (347,885) 289.5% Total figures from loans 51,122,312 (1,358,751) % 97,358,336 39,043, % Loans from related entities (990,746) 0-793, Proceeds from issuance of obligation with the public Loan Payments (14,054,858) (6,390,832) 119.9% (31,549,023) (16,331,829) 93.2% Other Payments Dividends paid 94,316 (1,170,335) % (18,646,794) (19,866,601) -6.1% Interest received Interest paid (5,709,127) (5,118,870) 11.5% (15,196,538) (14,813,448) 2.6% Other inputs (outputs) in cash (2,029,841) (384,267) 428.2% (3,812,512) (1,146,202) 232.6% Net cash flow from financing activities 36,053,609 (4,668,762) % 41,299,925 (3,359,952) % Net increase (decrease) in cash and cash equivalents, before the effect of changes in the exchange rate 5,208,366 (8,866,130) % (29,026,452) (20,849,705) 39.2% Effects of variation in the exchange rate on cash and cash equivalents 617,660 1,302, % (2,222,811) 1,276, % Increase (decrease) in net cash and cash equivalent 5,826,026 (7,563,261) % (31,249,263) (19,572,990) 59.7% Cash and cash equivalents at beginning of period 66,707, ,651, % 103,782, ,661, % Cash and cash equivalents at end of period 72,533, ,088, % 72,533, ,088, % Page 20