Corporate Presentation

2018

T R A D I N G – C O R P O R A T E F I N A N C E – R E S E A R C H – A S S E T M A N A G E M E N T

This document has been prepared

exclusively to be accompanied by an oral

presentation and does not hold any

publication and/or communication

rights.

The person receiving this document

agrees that neither they nor their

representatives, directors, agents or

employees may copy, reproduce or

distribute this document to third parties ,

either in whole or in part, without prior

written consent of KALLPA Securities

Sociedad Agente de Bolsa S.A.

Kallpa Securities SAB, founded in 2008, is a leading institution in the investment banking and securities

brokerage services in Peru. We are a team of 35 people, led by the managing partners.

Who are we?

Alberto Arispe

•CEO of Kallpa SAB. He has 25 years of experience in international capital markets. He holds an MBA from New York University and a bachelor's degree in Economics from Pontifical University of Peru. He worked for 6 years in investment banking in New York City. Expert in valuations, research and sales & trading of stocks and bonds.

Ricardo Carrión

• Managing Director - Corporate Finance of Kallpa SAB. He has 18 years of experience in securities markets and investment banking. He holds a bachelor's degree in Business Administration from the University of Lima. He worked for 8 years at BCP in Corporate Finance and Capital Markets. Specialist in issues related to investment banking.

Elizabeth Cueva

•COO of Kallpa SAB. 25 years of experience in peruvian capital markets. She holds an MBA from Centrum Católica and a bachelor's degree in Accounting from San Martín de Porres University. Experience in accounting, operations, compliance and good corporate governance.

Corporate Presentation | 3

Alberto Arispe – Chief Executive Officer

MBA from the Stern School of Business of New York University in 2000 and Bachelor’s degree in

Economics from Pontificia Universidad Católica del Perú in 1993. Between 2005 and 2008 he was Project

Development Manager in the Lima Stock Exchange. Between 2000 and 2005 he worked in New York as

Vice President of Emerging Markets for Swiss Re Corp. Since 2005, he is professor at the School of Business

of Universidad de Lima, where he teaches Securities Markets.

Ricardo Carrión – Corporate Finance Manager

Bachelor’s degree in Business Administration from Universidad de Lima, with focus in Finance. He has more

than 15 years of experience in banking. He served many years in the Corporate Finance and Capital

markets department at Banco de Crédito del Perú, participating in the most important deals in the

Peruvian market. His experience in focused in structuring debt securities (Corporate Bonds, Commercial

Papers and equity issuances, among others).

Kallpa Securities SAB

Global

Markets

Asset

Management

Capital

Markets

Corporate

Finance

• Sales

Equities/Bonds/FX

• Trading

Equities/Bonds/FX

• Research

• Operations

• Sales

• Portfolio

Management

• Wealth Management

• Personal Finance

• Public Offerings

• Private Offerings

• Debt Structuring

Services

• Advisory

• Mergers and

Acquisitions

• Valuations

• Project Assessment

• Advisory

Business Units

Corporate Presentation | 4

Source: Kallpa SAB

Average ROE between 2011 and 2018

Average ROE 26.2%

Returns on Equity

42.2%

92.1%

45.1%

21.7%

5.8% 4.2% 7.7%

17.3%

12.3% 11.9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

ROE Average 15.8%

Corporate Presentation | 5

Global Markets

Kallpa Securities SAB

Presentación Corporativa | 6

Volume Traded in Equities 2018 (PEN)

From January 2nd to December 31st Market Share

1 CREDICORP CAPITAL SAB 10,510,623,052.63 47.15%

2 SEMINARIO y CIA. SAB 2,439,296,130.90 10.94%

3 BTG PACTUAL PERU SAB 2,139,506,421.37 9.60%

4 INTELIGO SAB 2,087,563,215.96 9.36%

5 SCOTIA BOLSA SAB 1,602,599,476.19 7.19%

6 LARRAIN VIAL SAB 1,297,675,901.19 5.82%

7 CONTINENTAL BOLSA SAB 674,384,903.61 3.03%

8 KALLPA SECURITIES SAB 417,084,153.85 1.87%

9 GRUPO CORIL SAB 222,970,478.40 1.00%

10 SAB SURA 186,799,282.27 0.84%

11 INVESTA SAB 172,112,986.50 0.77%

12 INVERSION Y DESARROLLO SAB 102,295,183.70 0.46%

13 MAGOT SAB 86,338,657.32 0.39%

14 PROVALOR SAB 70,380,729.01 0.32%

15 DIVISO BOLSA SAB 61,096,037.11 0.27%

16 SAB CARTISA PERU 57,563,889.57 0.26%

17 ADCAP SECURITIES PERU SAB 48,085,116.72 0.22%

18 ACRES SAB 47,085,167.97 0.21%

19 RENTA4 SAB 32,852,391.69 0.15%

20 CA PERU SAB 15,794,907.30 0.07%

21 BNB VALORES PERU SOLFIN SAB 11,328,279.09 0.05%

22 TRADEK SAB 8,888,654.62 0.04%

TOTAL 22,292,325,016.97 100.00%

Source: SMV

Volume Traded in Equities 2018 (PEN)

Corporate Presentation | 7

Source: SMV

Volume Traded in Equities (2015 – 2018)

Corporate Presentation | 8

1 CREDICORP CAPITAL SAB 3,442,899,646 1 CREDICORP CAPITAL SAB 6,974,174,660 1 CREDICORP CAPITAL SAB 15,759,811,179 1 CREDICORP CAPITAL SAB 10,510,623,053

2 BTG PACTUAL PERU SAB 1,944,238,637 2 INTELIGO SAB 2,942,567,044 2 CONTINENTAL BOLSA SAB 7,690,584,151 2 SEMINARIO y CIA. SAB 2,439,296,131

3 INTELIGO SAB 1,637,570,544 3 SEMINARIO y CIA. SAB 1,593,901,035 3 BTG PACTUAL PERU SAB 4,565,323,484 3 BTG PACTUAL PERU SAB 2,139,506,421

4 SCOTIA BOLSA SAB 1,319,036,526 4 BTG PACTUAL PERU SAB 1,437,287,951 4 INTELIGO SAB 2,953,224,934 4 INTELIGO SAB 2,087,563,216

5 SEMINARIO y CIA. SAB 1,121,858,673 5 SCOTIA BOLSA SAB 1,371,525,497 5 SEMINARIO y CIA. SAB 2,752,941,646 5 SCOTIA BOLSA SAB 1,602,599,476

6 LARRAIN VIAL SAB 877,797,748 6 LARRAIN VIAL SAB 1,302,596,464 6 LARRAIN VIAL SAB 2,353,974,970 6 LARRAIN VIAL SAB 1,297,675,901

7 CONTINENTAL BOLSA SAB 525,939,002 7 CONTINENTAL BOLSA SAB 638,273,557 7 SCOTIA BOLSA SAB 1,665,983,891 7 CONTINENTAL BOLSA SAB 674,384,904

8 KALLPA SECURITIES SAB 476,242,994 8 KALLPA SECURITIES SAB 402,476,687 8 SAB SURA 984,157,266 8 KALLPA SECURITIES SAB 417,084,154

9 DIVISO BOLSA SAB 173,778,181 9 GRUPO CORIL SAB 231,445,966 9 KALLPA SECURITIES SAB 640,122,362 9 GRUPO CORIL SAB 222,970,478

10 GRUPO CORIL SAB 127,070,898 10 DIVISO BOLSA SAB 218,746,486 10 GRUPO CORIL SAB 317,846,030 10 SAB SURA 186,799,282

11 INVERSION Y DESARROLLO SAB 107,367,333 11 SAB SURA 166,216,266 11 MAGOT SAB 274,597,505 11 INVESTA SAB 172,112,987

12 PUENTE SAB 74,036,360 12 INVERSION Y DESARROLLO SAB 146,446,052 12 DIVISO BOLSA SAB 266,352,211 12 INVERSION Y DESARROLLO SAB 102,295,184

13 INVESTA SAB 60,147,472 13 MAGOT SAB 133,699,736 13 INVERSION Y DESARROLLO SAB 214,642,902 13 MAGOT SAB 86,338,657

14 ADCAP SECURITIES PERU SAB 59,230,374 14 INVESTA SAB 89,117,680 14 INVESTA SAB 198,888,157 14 PROVALOR SAB 70,380,729

15 MAGOT SAB 52,060,321 15 CITICORP PERU SAB 78,816,323 15 SAB CARTISA PERU 117,025,170 15 DIVISO BOLSA SAB 61,096,037

16 SAB CARTISA PERU 45,590,064 16 ADCAP SECURITIES PERU SAB 68,343,898 16 ADCAP SECURITIES PERU SAB 90,019,455 16 SAB CARTISA PERU 57,563,890

17 GPI VALORES SAB 44,144,977 17 SAB CARTISA PERU 62,787,324 17 CA PERU SAB 70,872,809 17 ADCAP SECURITIES PERU SAB 48,085,117

18 PROVALOR SAB 27,365,457 18 RENTA4 SAB 29,798,487 18 PROVALOR SAB 63,841,174 18 ACRES SAB 47,085,168

19 COMPASS GROUP SAB 17,499,763 19 PROVALOR SAB 18,973,102 19 RENTA4 SAB 61,489,116 19 RENTA4 SAB 32,852,392

20 RENTA4 SAB 10,821,801 20 GPI VALORES SAB 14,254,134 20 BNB VALORES PERU SOLFIN SAB 46,009,282 20 CA PERU SAB 15,794,907

21 Others 20,314,062 21 Others 30,883,118 21 Others 120,046,382 21 Others 20,216,934

TOTAL 12,165,010,835 TOTAL 17,952,331,468 TOTAL 25,447,942,897 TOTAL 22,292,325,017

VOLUMEN TRADED 2018- (PEN)VOLUMEN TRADED 2015 - (PEN) VOLUMEN TRADED 2016 - (PEN) VOLUMEN TRADED 2017 - (PEN)

Source: Kallpa SAB

Total Volume Traded (USD MM)

Corporate Presentation | 9

116

245 301

545

783

535

716

504

826 825 814

0

500

1000

1500

2000

2500

3000

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Local Equities Foreign Equities Fixed Income FX

Client´s assets

include equities,

bonds, at market

price, and cash.

Kallpa SAB has

approximately 6,000

clients

Assets under custody (USD MM)

4

28

147 124

251

195

247

294

338

422

350

0

50

100

150

200

250

300

350

400

450

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Source: Kallpa SAB

Corporate Presentation | 10

Kallpa Securities SAB has coverage of 20 companies that trade in the Lima Stock Exchange (BVL).

Equity Research

Corporate Presentation | 11

Asset Management

Presentación Corporativa | 12

Institutional Advisory

Advice on portfolio management

Review and evaluation of current portfolios

Asset Management

Discretionary Portfolios Global Portfolios Detailed monthly reports

Wealth Management

Integral Financial Planning Investments Advisory in real

and financial sectors Advice on the portfolio

managers election Family Office

Institutional Asset Mgmt

Discretionary investments Portfolio Structure Trust Management Detailed monthly reports Training in investments Presence in Committee and

Board of Directors

Personal Finance

Pre

miu

m

Hig

h N

et

Wo

rth

Institutional Portfolio

We provide customized services, characterized by a cordial and trusting relationship. In Kallpa Securities S.A.B. we are committed to our clients.

Our services

Corporate Presentation | 13

Personalization

Active participation of the client

Flexibility in contributions /

withdrawals

Direct Contact Manager

Diversification

Analysis of the risk profile

Market Risk Management

Global Investment

Performance

Optimization process

Permanent evaluation of the

portfolio relative to the benchmark

Preferential Fees

Reliability

Investments Committee with over

15 years experience

Investments with the client's name

Daily portfolio valuation

(+)

(+) (-)

(-)

Personalized relationship

Level of sofistication

Banking System

Collective funds

Direct Investment

Wealth Management

Our difference

Corporate Presentation | 14

Capital Markets

Kallpa Securities SAB

Leading broker in primary placements in the Peruvian junior mining market.

Leading broker listing junior mining companies in the Lima Stock Exchange.

Leading broker sponsoring junior mining companies in the Lima Stock Exchange.

Leading broker in arbitrage operations in the Peruvian market.

Leading broker promoting the junior mining industry in Peru.

#1 in junior mining in Perú

Corporate Presentation | 16

Kallpa SAB is the leader in equity primary private placements among junior mining companies in Peru

between 2010 and 2017 Kallpa SAB has placed over USD 120 MM among Peruvian investors.

Equity Primary Offerings

Corporate Presentation | 17

Kallpa SAB issponsor of 9 junior mining companies and advisor of 1 company listed in the main board of

the Lima Stocks Excahnge.

Sponsorship

Corporate Presentation | 18

Commercial Papers

Corporate Bonds

Equity Issuances

Advisory on Capital

Markets

Analysis and Diagnosis

Advisory

Promotion Placement

Monitoring

A DIFFERENT ALTERNATIVE :

Kallpa SAB arises to provide businesses with consulting services in capital markets as a form

of financing not only for large companies or large corporations, but also to the segments of

medium and small companies.

Capital Markets

Corporate Presentation | 19

Kallpa SAB is the leader in primary offerings at MAV (Stock Exchange segment for medium-size

companies).

In the last 4 years, Kallpa SAB has placed over USD 30 MM in fixed income securities.

Fixed Income Primary Offerings

Corporate Presentation | 20

Corporate Finance

Kallpa Securities SAB

Mergers & Acquisitions

•Strategic analysis.

•Identification of potential buyers and sellers.

•Valuations.

•Evaluation of offers.

•Negotiation of terms and conditions

Valuation of Companies

•Independent and expert opinion.

•Identification of components of value.

Corporate Finance

•Optimal debt equity ratio.

•Determining debt capacity.

•Restructuring debt.

•Find funding sources.

Advisory

Value

Creation

Investment Banking

Corporate Presentation | 22

Head Trader efernandini@kallpasab.com (511) 630 7516 (51) 987 525 831

Eduardo Fernandini Head of Research

mcontreras@kallpasab.com (511) 630 7528 (51) 991 148 139

Marco Contreras

Special Operations Manager mrodriguezv@kallpasab.com (511) 630 7500 (51) 940 206 765

Miguel Rodríguez Corporate Finance Manager rcarrion@kallpasab.com (511) 630 7526 (51) 993 479 320

Ricardo Carrión

Contact Information

Corporate Presentation | 23

Corporate Presentation

2018

T R A D I N G – C O R P O R A T E F I N A N C E – R E S E A R C H – A S S E T M A N A G E M E N T