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1 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 October 2014 The content of this documents is only informative and referential.

2 This document has been prepared exclusively to be accompanied by an oral presentation and does not hold any publication and/or communication rights. This document is strictly confidential. The person receiving this document agrees that neither they nor their representatives, directors, agents or employees may copy, reproduce or distribute to third parties this document, either in whole or in part, without prior written consent of KALLPA Securities Sociedad Agente de Bolsa S.A.

3 Kallpa Securities SAB June 2008 October 2008 Today Inception Beginning of Operations KALLPA SECURITIES S.A.B. is an investment boutique : o Equity and fixed income sales & trading o Equity Research o Capital Markets o Corporate Finance o Portfolio Management Over 4,000 clients, 35 employees, Peruvian, US and Canadian trading platforms Board of Directors KALLPA SECURITIES S.A.B: o Alberto Arispe: MBA with 8 years of experience in investment banking in New York. o Ricardo Carrión: Outstanding professional, emphasis on capital markets and corporate finance. o Elizabeth Cueva: MBA with 16 years of experience as COO in brokers in Peru. o Andrés Robles: Independent director, MBA, experience in investment banking in the US. o Pablo Berckholtz: Independent director, managing director of Estudio Echecopar. o Emilio Saba: Independent director, succesful businessman. 3

4 Unidades de Negocios KALLPA SECURITIES SAB I. Global Markets II. Asset Management III. Capital Markets IV. Corporate Finance Sales Trading Research Operations Portfolio Management Sales Wealth Management Personal Finance Public Offerings Private Offerings Debt structuring services Advisory Mergers and Acquisitions Valuations Project Evaluation Financial Advisory 4

5 ROE (%) Return on Equity Kallpa SAB ( ) Historical ROE The equity of Kallpa SAB has grown significantly since its inception because 100% of the profits have been reinvested in the company. Return on Equity Kallpa SAB 70.0% 60.0% 63.1% 50.0% 45.1% 40.0% 30.0% 20.0% 33.5% 21.6% 10.0% 0.0% -10.0% -3.0% 5.8% Source: KALLPA 5

6 Kallpa Securities SAB I. Global Markets 6

7 Ranking of SAB s Peru 2014 Source: SMV TRADED VOLUME IN LSE (PEN) Market From 1 January to 30 September 2014 Share% 1 CREDICORP S.A.B. 7,663,865, BTG PACTUAL SA SAB 1,897,775, INTELIGO S.A.B. 1,659,911, S.A.B. SEMINARIO & CIA. 1,274,074, SCOTIA BOLSA S.A.B. 1,231,316, LARRAIN VIAL S.A.B 1,088,838, CONTINENTAL BOLSA S.A.B 630,766, KALLPA SAB S.A. 509,611, PUENTE HNOS. SAB S.A. 368,610, ANDES SECURITIES SAB 207,352, DIVISO BOLSA SAB S.A. 175,995, GRUPO CORIL S.A.B 117,919, INVESTA S.A.B 108,059, INVERSION y DESAR. S.A.B. 101,999, GRUPO RPIVADO S.A.B. 96,392, MAGOT & ASOC. S.A.B. 79,112, S.A.B. CARTISA PERU 57,666, COMPASS GROUP S.A.B. 50,407, PROVALOR S.A.B. 24,944, BNB VALORES PERU SOLFIN S.A.B. 15,592, TRADEK S.A. S.A.B. 9,135, CA PERU SAB 9,070, MGS & ASOC. S.A.B. 4,883, RENTA4 SAB 48, ,383,349,

8 Kallpa SAB Ránking Volume traded in the BVL Volume traded 2010 (S/.) Volume traded 2011 (S/.) Volume traded 2012 (S/.) Volume traded 2013 (S/.) MONTOS NEGOCIADOS (S/.) 1 INTELIGO S.A.B. 5,334,644, CONTINENTAL BOLSA S.A.B. 4,983,156, CREDICORP CAPITAL S.A.B. 4,471,840, SCOTIA BOLSA S.A.B. 2,826,675, SEMINARIO Y CIA S.A.B. 2,312,067, BTG PACTUAL PERU S.A.B. 2,013,645, CITICORP PERU S.A.B. 1,366,329, MGS & ASOCIADOS S.A.B. 1,042,057, INVEST S.A.B. 556,992, COMPASS GROUP S.A.B. 483,977, KALLPA SECURITIES S.A.B. 452,072, ANDES ADVANCED SECURITIES S.A.B. 399,516, INVERSION Y DESARROLLO S.A.B. 361,001, GPI VALORES S.A.B. 345,961, MAGOT S.A.B. 341,635, PROVALOR S.A.B. 306,721, S.A.B. CARTISA EPRU 296,596, GRUPO CORIL S.A.B. 286,232, LATINOAMERICANA S.A.B. 74,281, DIVISO BOLSA S.A.B. 24,141, TRADEK S.A.B. 11,557, INTERCAPITAL S.A.B. 4,899, BNB VALORES PERU SOLFIN S.A.B. 3,857, ,299,861, MONTOS NEGOCIADOS (S/.) 1 CREDICORP CAPITAL S.A.B. 9,794,664, INTELIGO S.A.B. 4,564,825, BTG PACTUAL PERU S.A.B. 3,434,310, CONTINENTAL BOLSA S.A.B. 3,061,688, SEMINARIO Y CIA S.A.B. 2,782,669, SCOTIA BOLSA S.A.B. 2,488,327, CITICORP PERU S.A.B. 1,319,195, KALLPA SECURITIES S.A.B. 1,041,778, INVESTA S.A.B. 774,042, LARRAIN VIAL S.A.B. 719,529, GRUPO CORIL S.A.B. 702,455, INVERSION Y DESARROLLO S.A.B. 615,532, MGS & ASOCIADOS S.A.B. 589,563, COMPASS GROUP S.A.B. 576,711, ANDES ADVANCED SECURITIES S.A.B. 555,933, S.A.B. CARTISA PERU 427,004, MAGOT S.A.B. 372,830, DIVISO BOLSA S.A.B. 197,279, GPI VALORES S.A.B. 189,997, PROVALOR S.A.B. 138,384, LATINOAMERICANA S.A.B. 98,931, BNB VALORES PERU SOLFIN S.A.B. 21,929, OTROS 19,391, ,486,977, MONTOS NEGOCIADOS (S/.) 1 CONTINENTAL BOLSA S.A.B. 10,500,938, CREDICORP CAPITAL S.A.B 5,399,357, INTELIGO S.A.B. 2,861,630, SCOTIA BOLSA S.A.B. 2,801,641, BTG PACTUAL PERU S.A. SAB 2,606,163, LARRAIN VIAL S.A.B. 1,910,192, SEMINARIO y CIA. S.A.B. 1,405,964, KALLPA SECURITIES S.A.B. 1,248,108, GRUPO CORIL S.A.B. 523,450, DIVISO BOLSA S.A.B. 397,051, COMPASS GROUP S.A.B. 360,845, S.A.B. CARTISA PERU 348,426, INVERSION y DESARROLLO S.A.B. 290,710, GPI VALORES S.A.B. 262,725, ANDES ADVANCED SECURITIES S.A.B. 254,927, MGS & ASOCIADOS S.A.B. 251,465, INVESTA S.A.B. 247,551, MAGOT S.A.B. 204,177, PUENTE HNOS. SAB S.A. 164,194, PROVALOR S.A.B. 61,214, LATINOAMERICANA S.A.B. 37,272, BNB VALORES PERU SOLFIN S.A.B. 19,388, OTROS 21,995, ,179,394, MONTOS NEGOCIADOS (S/.) 1 CONTINENTAL BOLSA S.A.B. 4,576,363, LARRAIN VIAL SAB S.A 3,748,667, CREDIBOLSA S.A.B. 3,601,103, INTELIGO S.A.B. 2,473,136, BTG PACTUAL PERU S.A. SAB 2,203,928, SCOTIA BOLSA S.A.B. 1,569,048, SEMINARIO y CIA. S.A.B. 1,183,898, KALLPA SECURITIES S.A.B. 653,681, CITICORP PERU S.A.B 340,919, COMPASS GROUP SAB S.A. 221,434, GRUPO CORIL S.A.B. 220,613, DIVISO BOLSA SAB S.A. 177,416, ANDES SECURITIES SAB S.A.C. 157,366, PROM E INV. INVESTA S.A.B. 138,079, MGS y ASOCIADOS S.A.B. 117,993, MAGOT S.A.B. S.A.C. 110,614, CARTISA PERU S.A.B. 110,188, INVERSION y DESARROLLO S.A.B. 104,793, PUENTE HNOS. SAB S.A. 80,774, GPI VALORES SA SAB 69,426, PROVALOR S.A.B. 68,019, CA PERU SAB SAC 26,376, OTROS 30,450, ,984,295, Source: SMV 8

9 Kallpa SAB Client s Assets $300 $250 Assets in our custody (Expressed in USD MM) $251 $274 $200 $ 195 $150 $100 $147 $124 Client s assets include equities bonds and cash. $50 $0 $4 $ e Source: KALLPA SAB 9

10 Kallpa SAB - Sustained growth in the market Historical Amounts Traded in Equities Kallpa SAB rose from 14th of 18 SABs in 2008 to the 8 th position of 25 SABs in traded volume in the LSE at the end of ,400 1,200 1,000 Traded Volume in the LSE (Expressed in PEN MM) 1,041 1,248 18% of our volume corresponds to Institutional Investors (Pension Funds, Peruvian and International Funds) % of our volume corresponds to retail investors e Source: SMV 10

11 Total Traded Volume PEN MM Total Volume Traded (Expressed in PEN MM) 2,500 2,000 1,500 1,501 2,065 1,445 1,700 International BVL 1, Trading abroad represents, in average 27% of Traded Volume e Source: Kallpa SAB 11

12 Kallpa SAB: Equity Research Kallpa s Equity Research Team covers 21 companies that trade in the LSE. GRAMONC1 VOLCABC1 FERREYC1 TV CVERDEC1 SUE PML ALICORC1 BROCALC1 BAP RIO SCCO 12

13 Kallpa Securities SAB II. Asset Management 13

14 High Net Worth Premium Our Services Personal Finance Institutional Portfolio Asset Management Discretionary Portfolios Global Portfolios Detailed monthly reports Training (Loyalty) Institutional Advisory Advice on portfolio management Review and evaluation of current portfolios Wealth Management Institutional Asset Mgmt Integral Financial Planning Investments Advisory in real and financial sectors Advice on the portfolio managers election Trust Management for private persons Family Office Discretionary investments Portfolio Structure Trust Management Detailed monthly reports. Training in investments Presence in Committee and Board of Directors We provide customized services, characterized by a cordial and trusting relationship. In Kallpa Securities S.A.B. we are committed to our clients. 14

15 Our Difference Personalized relationship (+) Personalization Wealth Management Active participation of the client Flexibility in contributions / withdrawals Direct Contact Manager (-) Direct Investment (+) Diversification Analysis of the risk profile Market Risk Management Global Investment Collective funds Level of sophistication Performance Optimization process Permanent evaluation of the portfolio relative to the benchmark Preferential Fees Banking System (-) Reliability Investments Committee with over 15 years experience Investments with the client's name Daily portfolio valuation 15

16 ene-10 abr-10 jul-10 oct-10 ene-11 abr-11 jul-11 oct-11 ene-12 abr-12 jul-12 oct-12 ene-13 abr-13 jul-13 oct-13 ene-14 abr-14 jul-14 oct-14 Watchlist: Kallpa SAB s recommended portfolio 10/21/ % 200% 150% Watchlist vs. INCA Watchlist acumulado: % INCA (US$) acumulado: 6.49% %C. Base % INCA (US$) Kallpa Securities SAB recommends to invest in equity considering a fundamental analysis. The Watchlist is a portfolio with eight equity stocks that our Research team likes the most. 100% Watchlist s performance % INCA s performance % 50% 0% Perf Watchlist % -1.35% 27.78% % 0.52% -50% INCA US$ 61.19% % 12.70% % -3.58% Stock # Shares Buy Initial Initial Portfolio - Closing Final Portfolio - price weight USD price USD % YTD RIO 17, % 28, , % TV 31, % 28, , % VOLCABC1 77, % 28, , % BAP % 28, , % ALICORC1 8, % 28, , % GRAMONC1 6, % 28, , % FERREYC1 45, % 28, , % ENERSUC1 8, % 28, , % Total % 228, , % Source: Bloomberg, Kallpa SAB Closing prices as of 21/10/14 Exchange rate:

17 Kallpa Securities SAB III. Capital Markets 17

18 Kallpa SAB: Number 1 in junior mining industry in Peru Leading SAB in primary placements in the Peruvian junior mining market. Leading SAB listing junior mining companies in the Lima Stock Exchange. Leading SAB sponsoring junior mining companies in the Lima Stock Exchange. Leading SAB in arbitrage operations in the Peruvian market. Leading SAB promoting the junior mining industry in Peru. Presentación Corporativa 18

19 Kallpa SAB: Primary Offerings of shares - Kallpa Securities is the leader in equity primary private placements among junior mining companies in Peru. - In Kallpa SAB placed US$ 100 mn among Peruvian investors. Corporate presentation 19

20 Kallpa SAB - Achievements Kallpa Securities SAB is sponsor of 13 junior mining companies and advisor of 4 companies that list in LSE mainboard. 20

21 Structuring and placement of debt instruments 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. A DIFFERENT ALTERNATIVE : Analysis and Diagnosis Commercial Papers Corporate Bonds Equity Issuances Advisory on Capital Markets Tracing Advisory Placement Promotion 21

22 Kallpa Securities SAB IV. Corporate Finance 22

23 Corporate Finance KALLPA Securities S.A.B has five units in corporate finance : 1) Mergers and Acquisitions Strategic analysis. Identification of potential buyers and sellers. Valuations. Evaluation of offers. Negotiation of terms and conditions 2) Evaluation of financial and capital structure Optimal debt equity ratio. Find funding sources 3) Buying / selling of business units Alignment with strategic goals. Impact on the value of the company. Funding structure. 4) Valuation of companies Independent and expert opinion. Identification of components of value. 5) Financial Restructuring Determining debt capacity. Renegotiation with funding sources Restructuring debt. 23

24 Long Term View June 2008 TODAY Long Term Brokerage Firm Brokerage House Brokerage House Asset Management Investment Banking Asset Management Private Banking 24

25 Kallpa Securities SAB Contact Information Eduardo Fernandini Head Trader (511) (51) Rafael Sánchez Aizcorbe Managing Director - Asset Management (511) (51) Ricardo Carrión Managing Director Corporate Finance (511) (51) Marco Contreras Senior Equity Research Analyst (511) (51) Monterosa Street Of. 902 Chacarilla, Surco Presentación Corporativa 25

26 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 The content of this documents is only informative and referential

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