CORPORATEPRESENTATION

March 2017

InRetail Overview

Multi-format retailer with exclusive focus in Peru

Leading positions in its 3 segments

#1 supermarket chain

#1 pharmacy chain

#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

Education

77.6%100.0%

Float1/ 28.8%

BVL: INRETC1

1/ Includes 6.3% of Nexus

3

InRetail at a Glance

Sales area / GLA

# Employees

# Stores / S.Centers

N/A

11,107

1,107

625,636 sqm

312

304,293 sqm

15,130

165

Supermarkets Pharmacies Shopping Malls

Adjusted EBITDA 72 8582

Revenues 777 1361,256 2,155

235

2016

(US$ millions)

57.9% 35.8% 6.3%

34.4% 30.0% 35.6%

% of Revenues

% of Adj. EBITDA

19

6.5% 9.2% 82.1%Adj. EBITDA Margin1/10.9%

Note: FX of 3.38 (average 2016)1/ For Shopping Malls is calculated over the Net Rental Income

4

KEY INVESTMENT HIGHLIGHTS

SIGNIFICANT UPSIDE POTENTIAL

1 2 3 4MARKET LEADERSHIPWITH CLEAR STRATEGY

STRONG FINANCIAL RESULTS

CAPEX2017 - 2019

5

SIGNIFICANT

UPSIDE POTENTIAL

1

6

Fastest growing economy boosts emerging middle class

Real GDP Growth Population by Socio-Economic Category(2009-2015 CAGR)

1/ Average Real GDP growth of Colombia, Brazil, Chile, MexicoSource: IMF – World Economic Outlook

3.2%

Perú

5.4%

Latin America 1/

~1.7x

GDP per Capita

6.06.1

8.79.0

13.313.6

Source: IMF – World Economic Outlook Estimates

(2015, US$ 000)

PeruColombiaBrazilChile MexicoArgentina

Average: US$8.3

Source: APOYO Consultoría 2016

SEC

% of total population

Annual Income

2005 2015

+28.1p.p.

-28.1 p.p.

54.7%

25.9%

18.3%

34.2%$ 8,608

$ 4,720

D

E

5.1%

14.3%

15.4%

32.1%$ 13,862C

$ 46,299A

$ 23,523B

7

Significant upside potential for modern retail

Supermarkets Pharmacies Shopping Malls

5.0

4.3

3.7

2.6

2.39788

69

50

208

Source: Euromonitor, 2016

Sales of Retail Pharma per capita US$ - 2015

Source: Accep 2016

Malls per million people - 2015Penetration as a % of Total Sales - 2015

Source: Business Monitor, 2015

ChileBrazilPeru Colombia

Mean ex-Peru: 3.9

~1.7x

Colombia ChileBrazilPeru Mexico

Mean ex-Peru: 115.4

~2.6x

53%

26%

58% 59%

40%

Colombia BrazilPeru ChileMexico

Mean ex-Peru: 52.5%

~2.0x

Sales area per capita:Peru 0.24 sqm vs Chile

0.67sqm

8

Ecuador

Opening Peaking Maturing Closing

9

Peru: Rising Retailing Market in Peaking Stage

Global Retail Development Index Opportunities

Peru (2002)

Chile (1998) Mexico (2003)Brazil (2005)

Peru (2015)Brazil (2013)

Mexico (2009)

Mexico (2016)

Chile (2016)

Growing middle class

Consumers willing to explore organized formats

Consumers seek organized formats and global brands

Real estate affordable and available

Consumer spending has expanded

Sophisticated local competition

Real estate difficult to secure

Consumers used to modern retail

Higher discretionary spending

High competition

Real Estate expensive and not readily available

2016 Ranking

1. China6. Turkey9. Peru

15. Colombia20. Brazil25. Paraguay

Peru top-ranked LatAm country in the GRDI

Retail is gaining force, mainly in some of Lima’semerging neighborhoods and in secondarycities

Consumer confidence is the highest in LatAm

Increasing development of malls with space fornew players.

Strong interest from fast-fashions

Peru:

Source: ATKearney – The 2016 Global Retail Development Index TM

MARKET

LEADERSHIPWITH CLEAR STRATEGY

2

10

Supermarkets Pharmacies

First mover in 17 out of the 23 cities outside of

Lima

Total sales area (m2): 304,293

62% of stores are owned1/

(7)

(1)

(5)

(3)

(74)

(3)

(2)

(1)(1)

(2)

(2)

(2)

(2)

(1)(1)

(59)

106 Spmkts

59 Mass

Present in all of Peru’s 24 departments

100% of stores are rented

43% in Lima / 57% in Provinces

Largest nationwide footprint of premier retail locations

Note: As of December 20161/ Owned by Supermercados Peruanos or through a related party

Shopping Malls

First mover in 6 out of the 12 cities

Total GLA (m2): 625,636

Piura (2)

Chiclayo

Trujillo

Arequipa

Juliaca

Chimbote

Lima (8)

Cajamarca

Cusco

Huánuco

Huancayo

Only modern shopping mall

19 Malls

11

(9)

(6)(34)

(22)

(20)

(24)(15)

(8)(19)(39)

(37)

(5)

(8)

(60)

(29)

(45)

(17)

(49)

(473)

(74)

(51)

(3)

(3)

(57)

1,107 Stores

Openings and SSS by Segment

Same Store Sales (SSS)Openings

304 290 270 249 225

2012 2016201520142013

SupermarketsSales Area (‘000 sqm)

No Mass 4 2 2 19

PharmaciesNo Stores

Shopping MallsGLA (‘000 sqm)

No Malls 13 15 17

Supermarkets

2016

1.2%

Q4’16

1.0%

Q3’16

0.0%

Q2’16

0.6%

Q1’16

3.4%

2015

3.7%

2014

4.4%

2013

0.4%

2012

3.2%

Pharmacies

18

12

1,107 921 837 725

580

201420132012 20162015

582 553 399

286

626

20162015201420132012

2016

5.9%

Q4’16

2.7%

Q3’16

7.2%

Q2’16

5.1%

Q1’16

9.0%

2015

5.1%

2014

8.5%

2013

2.7%

2012

13.6%

No Spmkts 82 96 99 104

Shopping Malls

Q1’162015

8.2%

Q4’16

2.4%

9.9%

2013

5.2%

Q2’16 Q3’16

6.3%4.4%

2012

4.7%2.6%

2014

5.2%

2016

19

59

106

Note/ Shopping Malls’ SSS include anchor stores

Supermarkets Segment

Formats

One stop shop: food and non-food products, and

entertainment to differentiate from traditional markets

Attractive price positioning through “Every Day Low

Price” strategy

Fastest growing chain with largest presence across

Peru

Compact sized formats provide flexibility to grow

Secured access to landbank and Real Estate team to

sustain growth

Launched e-commerce platforms for Plaza Vea and

Vivanda brands

Ranked 12th among the most valuable brands in Peru

(Brandz)

Sales arearange (m2)

# of StoresTotal / Provinces

BrandRevenues

2016 S/4,241 mm

2,000 – 5,000

500 – 2,000

900 – 1,200

68 / 28

29 / 6

9 / 0

Supermarkets13%

High-end6%

Compact Hypermarkets

81%

Figures as of December 2016

13

14

Piloting New Discount Model

• Piloting a low CAPEX, low cost, every day low price

format to capture untapped demand and penetrate

traditional trade

• 59 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

Pharmacies Segment

Pharmaceutical Retail Market

# of Stores

Annual sales per store

PlayerModern MarketS/4.9bn

S/2.1mm

~ S/0.3mm

~ S/1.7mm

1,107

~7,000

~ 1,500Other

chains

Mom & Pops

52%

48%

Total MarketS/7.2bn

34%

33%

33%

Sustainable “Every Day Low Price” strategy…

High market-share

Strong bargaining power with suppliers

High penetration of profitable private labels

Operational efficiencies

…with fast store growth

Small, standardized formats (~120 sqm)

Limited Capex of US$60,000 per store

100% leased stores with proven renewal track record

Ranked 11th among the most valuable brands in Peru

(Brandz)

Note: Figures as of December 2016Source: IMS - Since Sept 2016, calculation methodology changed since some independent pharmacies were included in the modern channel.

AssistedSales Model

15

Shopping Malls Segment

Shopping Malls Sales

7,087

2,034 2,150

4,570 5,159

1,953

Other 1/

Source: ACCEP 2016

Falabella includes Open Plaza and 60% of Mall Aventura Plaza

Parque Arauco includes its malls and 50% of Mega Plaza

1/ 6 additional malls, 40% of Aventura Mall and 50% of Mega Plaza

Sales (S/ millions) 2015

Occupancy Rates

2013

93%

2012

92%

2011

94%

2015

97%

2014

94%

2016

97%

16

Nationwide premium portfolio of 19 locations

626k sqm of GLA, an expansion of 13% over the

last 24 months

Preferred partner for local and international

tenants:

High tenant renewal rates and low concentration

of renewal per year

High occupancy levels despite recent important

additions in GLA

Secured access to landbank to sustain growth

Ranked 4th among most valuable brands in Peru

(Brandz)

STRONG FINANCIAL

RESULTS3

17

Consolidated Financial ResultsMillion Soles (S/ mm)

Highlights Revenues

High single digit growth in Adj. EBITDA and Revenues and+85.5% in Net Income

Gross Margin: +74 bps in 2016

EBITDA Margin: +25 bps in 2016

Net Margin: +156 bps in 2016

Adj. EBITDA Net Income

7,2736,798

1,9681,868

+7.0%

5.4%

20162015Q4’16Q4’15

268

144

9199

-7.6%

+85.5%

20162015Q4’16Q4’15

793724

232219

6.2%

20162015Q4’16Q4’15

+9.5%

Margin 11.7% 11.8% Margin10.7% 5.3 % 4.6% 2.1%

18

10.9% 3.7%

Gross

Margin30.8% 30.2% 31.0%31.8%

Financial Results by FormatMillion Soles (S/ mm)

6.8%

+12.1%

2016

515

53%

47%

2015

459

56%

44%

Q4’16

158

62%

38%

Q4’15

148

64%

36%

5.3%

2016

6,853

62%

38%

2015

6,406

64%

36%

Q4’16

1,852

64%

36%

Q4’15

1,759

65%

35%

+7.0%

Margin:

Net Rental Margin:

80.7% 80.1%

458435

125118

2015Q4’16Q4’15

+5.2%

5.8%

2016

286272

7573

+5.3%

2.7%

20162015Q4’16Q4’15

Spmkts

Pharmacies

Revenues Adj. EBITDA

82.8%

8.4% 8.5% 7.2% 7.5%

19

Gross Margin

28.7% 28.0% 28.8%29.7%

Gross Margin

68.1% 69.1% 68.8%67.0% 82.1%

InRetail Consumer - Financial ResultsMillion Soles (S/ mm)

Supermarkets

Revenues Adj. EBITDA

Pharmacies

4,2414,077

1,1791,149

2015Q4’16Q4’15

+4.0%

2.7%

2016

20

277259

9896

+7.1%

2.3%

20162015Q4’16Q4’15

2,6242,339

676613

+12.2%

Q4’15

10.3%

20162015Q4’16

241

202

6153

15.9%

20162015Q4’16Q4’15

+19.2%

Margin: 8.3% 8.3% 6.3% 6.5%Gross

Margin27.2% 26.1% 26.7%27.7%

Margin: 8.6% 9.1% 8.7% 9.2%Gross

Margin31.7% 31.7% 32.7%33.6%

Consolidated Net IncomeMillion Soles (S/ mm)

21

Net Income

Net Income excluding FX and mark-to-market:

268

144

9199

+85.5%

-7.6%

20162015Q4’16Q4’15

Net Margin 5.3%

Net Margin

2.1%

252240

83113

+5.2%

-26.1%

20162015Q4’16Q4’15

4.6% 3.7%

5.0% 3.5%4.2% 3.5%

Net Income Breakdown

69

181102

268

1442

Lower FX Effect

Lower Mark to Market

22

Higher Financial Expenses

EBITDA Growth

Net Income 2015

Net Income 2016

Other

21

Net income Q4’16: -26.1%

• S/54 mm of tax expenses in 2016 vs S/ 4 mm in 2015,

due to a one-time reversion in 2015 of S/ 24 million of

deferred tax due to changes in Shopping Malls’

accounting treatment

Net income 2016: +5.2%

• +9.5% Adj. EBITDA

• +1.1% in financial expenses, net

• +134.9% in tax expenses, due to a one-time reversion

in 2015 of S/ 24 mm of deferred tax in Shopping Malls

Consolidated Capex and Free Cash FlowMillion Soles (S/ mm)

22

CAPEX Cash-Flow Breakdown

Free Cash Flow 2016: S/361 mm

195

87

161

79

197

105

134

74

Q4’16Q3’16Q2’16Q1’16Q4’15Q3’15Q2’15Q1’15

244

884

235

Ending Cash

Balance 2016

Other Non-Operating Investing Activities

-171

Financial Expenses

-175

Debt Decrease

-7

CAPEX

-523

Operating Cash Flow

Ending Cash

Balance 2015

2015: S/510 mm 2016 : S/523 mm

Consolidated Financial DebtMillion Soles (S/ mm)

Consolidated Financial Debt

23

USD Exposure

28%38% 35%

72%

23%23%

39% 42%

dic-16dic-15dic-14

PENUSDHedge

Debt

Cash

Net Debt

1,668

1,125

542

1,722

324

1,398

2,446

285

2,160

3.3x3.5x3.5x3.6x3.6x

4.0x

3.6x

4.0x

3.2x

3.6x

2.9x

1.3x

2.8x2.9x

3.2x3.2x

2016LTM Q3’16

LTM Q2’16

LTM Q1’16

2015201420132012

Debt/EBITDANet Debt/EBITDA

2,670

325

2,344

1/ Since 2015, ratios are adjusted for positive hedge effect

• -S/ 11 mm debt in 2016 vs 2015, explained by:

• -S/ 7 mm from debt repayment• -S/ 24 mm from PEN appreciation • +S/ 7 mm from new Call Spread financing• +S/ 13 mm from 2021 bond structuring costs

2,694

265

2,429

2,671

262

2,409

2,792

435

2,357

2,659

432

2,227

Debt by SegmentMillion Soles (S/ mm)

24

Total Consolidated Debt: S/.2,659 mm

Debt / EBITDA: 3.3xNet Debt / EBITDA: 2.8x

Debt

Cash

Net Debt

976

306

670

1,095

215

880

1,347

168

1,179

691

656

35

624

81

543

1,111

124

987

2.7x

3.0x2.9x3.0x3.1x3.2x

3.0x2.9x

2.6x

2.8x

2.4x

2.0x

2.2x2.4x

2.6x2.7x

2016LTM

Q3’16

LTM

Q2’16

LTM

Q1’16

2015201420132012

Debt/EBITDANet Debt/EBITDA

4.3x4.3x4.4x4.5x4.4x

5.5x5.4x

8.2x

4.0x

4.9x

4.7x

0.4x

3.7x4.0x4.1x3.7x

2016LTM

Q3’16

LTM

Q2’16

LTM

Q1’16

2015201420132012

1,422

202

1,220

1,248

128

1,120

1,427

150

1,276

1,267

119

1,148

1/ Since 2015, ratios are adjusted for positive hedge effect

1,420

138

1,282

1,251

130

1,121

1,519

273

1,245

1,273

168

1,245

1,402

277

1,125

1,257

162

1,095

25

USD Debt Exposure and Debt Maturity by SegmentMillion Soles (S/ mm)

19% 20% 21%

81%

26% 25%

55% 53%

dic-14 dic-16dic-15

36%

55%47%

64% 21%22%

24% 31%

dic-15dic-14 dic-16

USD Exposure Debt Maturity

PENUSDHedge

PENUSDHedge

144 127

204

7768

62

53

51

66

2018 20192017

913

2021+2020

118

266

220195

861

Interests Debt Maturity

44 45 46

88 85 82

80

17

207

2020

1,105

20192017 2018

97

1,311

130 127132

2021+

Debt MaturityInterests

CAPEX

2017 - 2019

4

26

27

CAPEX 2017 - 2019

2017 Key Investments Projected CAPEX of S/2 B for 2017-2019

Supermarkets

Pharmacies

Shopping Malls

Opening of 8.5k sqm of sales area(+2.8% growth in 2017)

Initiated construction of new Distribution Center to be operational in 1H 2018

+100 new pharmacies(+9.0% growth in 2017)

Start construction of Puruchuco mall (120k sqm of GLA) to open in 2H 2018

By Type of Investment

Supermarkets40%

Pharmacies13%

Shopping Malls47%

New stores, malls and landbank

70%

Refurbishing and expansions

12%

Maintenance7%

Logistics, IT, other12%

Appendix5

28

29

Composition of Stores by Age

Pharmacies

Supermarkets

73% 72% 72% 70% 72% 72% 72% 75% 78% 77% 78%

7% 8% 10% 9% 10%10% 9% 11% 14%10% 10% 10% 10% 9% 12% 14% 8% 9%

9% 12% 14% 11% 10% 7%

83%

8%7%

Q1’16 Q4’16

6%3%

Q3’16

4%5%

Q2’16

5%5%

Q4’15

6%

Q3’15

4%

Q2’15Q1’15Q4’14Q3’14

4%

Q2’14

6%

Q1’14

Mature2-3 years1-2 years0-1 years

52% 52% 51% 49% 49% 51% 54% 59% 62% 64% 65% 62%

8% 11% 18% 21% 20% 20% 16% 14% 13% 12%11%24% 24% 23% 18% 15% 15% 14% 13% 13% 12% 11%

18% 17% 15% 15% 15% 14% 12% 11% 11% 10% 12% 18%

9%

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

6%

Mature2-3 years1-2 years0-1 years

30

Cash Cycle

Pharmacies

Supermarkets

1

1132323244

-43

-29-30-30-39

-31-36

-31-35-32-39-38

60

100

80

0

-20

-40

-60Q4’16

53

99

3

Q3’16

60

90

Q2’16

57

88

59

92

Q2’15

54

93

Q1’15

59

93

Q4’14

52

90

Q3’14

59

93 93

56

99

Q1’14

52

94

Q3’15

52

Q4’15

93

61

Q1’16Q2’14

CycleInventory TurnoverDays Acc PayablesDays Acc Receivables

44

434333344

3

-26-24

-24-25-27-30-32-27-19-17-18

-10

140

120

100

80

0

-20

-40

Q2’16

83

111

Q1’16

112

Q4’15

88

120

Q3’15

84

Q4’16

9583

116

Q2’15

78

112

Q1’15

81

112

Q4’14

82

104

125

87

107

Q2’14

103

126

Q3’14

103

116

Q3’16

88

116

Q1’14

Inventory Turnover CycleDays Acc PayablesDays Acc Receivables

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 presentation 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