Corporate Presentation

(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

December 2015

(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 S.A.B. is an investment boutique

:

o

Global Sales & Trading

o

Equity Research

o

Capital Markets

o

Corporate Finance

o

Asset Management

Inception

Beginning of

Operations

•

Over 4,000 clients,

•

Over 30 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.

June

2008

October

2008

Today

(4)

KALLPA SECURITIES SAB

I. Global Markets

•Sales

•Trading

•Research

•Operations

II. Asset

Management

•Portfolio Management

•Sales

•Wealth Management

•Personal Finance

III. Capital

Markets

•Public Offerings

•Private Offerings

•Debt structuring

services

•Advisory

IV. Corporate

Finance

•Mergers and

Acquisitions

•Valuations

•Project Assessment

•Financial Advisory

Business Units

(5)

I. Global Markets

(6)

TRADED VOLUME IN EQUITIES (PEN)

From January 1

st

to December 31

st

2015

Market

Share (%)

1

CREDICORP CAPITAL SAB

3,442,899,646.22

28.3%

2

BTG PACTUAL PERU SAB

1,944,238,637.39

16.0%

3

INTELIGO SAB

1,637,570,543.93

13.5%

4

SCOTIA BOLSA SAB

1,319,036,525.66

10.8%

5

SEMINARIO y CIA. SAB

1,121,858,672.96

9.2%

6

LARRAIN VIAL SAB

877,797,747.96

7.2%

7

CONTINENTAL BOLSA SAB

525,939,001.94

4.3%

8

KALLPA SECURITIES SAB

476,242,994.07

3.9%

9

DIVISO BOLSA SAB

173,778,181.42

1.4%

10

GRUPO CORIL SAB

127,070,898.46

1.0%

11

INVERSION Y DESARROLLO SAB

107,367,333.19

0.9%

12

PUENTE SAB

74,036,359.85

0.6%

13

INVESTA SAB

60,147,471.82

0.5%

14

ADCAP SECURITIES PERU SAB

59,230,373.71

0.5%

15

MAGOT SAB

52,060,321.06

0.4%

16

SAB CARTISA PERU

45,590,064.42

0.4%

17

GPI VALORES SAB

44,144,977.03

0.4%

18

PROVALOR SAB

27,365,457.03

0.2%

19

COMPASS GROUP SAB

17,499,763.14

0.1%

20

RENTA4 SAB

10,821,800.90

0.1%

21

BNB VALORES PERU SOLFIN SAB

9,244,807.95

0.1%

22

CA PERU SAB

6,397,224.10

0.1%

23

TRADEK SAB

4,671,120.35

0.0%

24

CITICORP PERU SAB

910.05

0.0%

TOTAL

12,165,010,834.61

Source: SMV

(7)

TRADED VOLUME IN FIXED INCOME (PEN)

From January 1

st

to December 31

st

2015

Market

Share (%)

1 CREDICORP CAPITAL SAB

2,108,043,720.78

32.4%

2 SCOTIA BOLSA SAB

973,517,043.95

15.0%

3 CONTINENTAL BOLSA SAB

766,822,185.58

11.8%

4 DIVISO BOLSA SAB

580,186,241.00

8.9%

5 INTELIGO SAB

529,643,648.42

8.1%

6 KALLPA SECURITIES SAB

434,178,968.16

6.7%

7 ADCAP SECURITIES PERU SAB

351,886,206.80

5.4%

8 SEMINARIO y CIA. SAB

289,684,066.20

4.5%

9 BTG PACTUAL PERU SAB

204,633,262.89

3.1%

10 PUENTE SAB

138,771,137.44

2.1%

11 INVERSION Y DESARROLLO SAB

66,617,793.51

1.0%

12 SAB CARTISA PERU

29,155,880.00

0.4%

13 GRUPO CORIL SAB

12,723,748.00

0.2%

14 BNB VALORES PERU SOLFIN SAB

7,198,747.92

0.1%

15 RENTA4 SAB

7,056,626.21

0.1%

16 GPI VALORES SAB

2,480,270.26

0.0%

TOTAL

6,502,599,547.12

100.0%

Source: SMV

(8)

Source: SMV

Kallpa SAB – Volume Traded 2012 – 2015

1 CONTINENTAL BOLSA SAB 10,500,938,353

2 CREDICORP CAPITAL SAB 5,399,357,746

3 INTELIGO SAB 2,861,630,859

4 SCOTIA BOLSA SAB 2,801,641,649

5 BTG PACTUAL PERU SAB 2,602,163,994

6 LARRAIN VIAL SAB 1,910,192,013

7 SEMINARIO y CIA. SAB 1,405,964,942

8 KALLPA SECURITIES SAB 1,248,108,133

9 GRUPO CORIL SAB 523,450,210

10 DIVISO BOLSA SAB 397,051,202

11 COMPASS GROUP SAB 360,845,735

12 SAB CARTISA PERU 348,426,700

13 INVERSION Y DESARROLLO SAB 290,710,898

14 GPI VALORES SAB 262,725,572

15 ADCAP SECURITIES PERU SAB 254,927,415

16 MGS & ASOCIADOS SAB 251,465,296

17 INVESTA SAB 247,551,559

18 MAGOT SAB 204,177,209

19 PUENTE SAB 164,194,433

20 PROVALOR SAB 61,214,239

21 LATINOAMERICANA S.A.B. 37,272,182

22 BNB VALORES PERU SOLFIN SAB 19,388,803

23 Otros 21,995,332

TOTAL 32,175,394,473 MONTOS NEGOCIADOS 2012 - (S/)

1 CONTINENTAL BOLSA SAB 4,576,363,088

3 CREDICORP CAPITAL SAB 3,601,103,745

4 INTELIGO SAB 2,473,136,390

8 KALLPA SECURITIES SAB 653,681,605

9 BTG PACTUAL PERU SAB 369,515,453

10 CITICORP PERU SAB 340,919,551

12 GRUPO CORIL SAB 220,613,786

15 INVESTA SAB 138,079,016

16 MGS & ASOCIADOS SAB 117,993,485

17 MAGOT SAB 110,614,973

19 INVERSION Y DESARROLLO SAB 104,793,617

20 PUENTE SAB 80,774,321

23 Otros 56,983,559

TOTAL 21,984,341,033 MONTOS NEGOCIADOS 2013 - (S/)

1 CREDICORP CAPITAL SAB 9,338,308,398

4 INTELIGO SAB 2,024,613,710

7 CONTINENTAL BOLSA SAB 669,415,415

9 PUENTE SAB 415,255,580

12 INVESTA SAB 156,815,781

13 INVERSION Y DESARROLLO SAB 139,283,879

16 MAGOT SAB 95,461,914

21 CA PERU SAB 14,464,684

22 TRADEK SAB 9,764,806

23 Otros 4,981,034

TOTAL 21,859,611,135 MONTOS NEGOCIADOS 2014 - (S/)

1 CREDICORP CAPITAL SAB 3,442,899,646

3 INTELIGO SAB 1,637,570,544

6 LARRAIN VIAL SAB 877,797,748

7 CONTINENTAL BOLSA SAB 525,939,002

11 INVERSION Y DESARROLLO SAB 107,367,333

12 PUENTE SAB 74,036,360

13 INVESTA SAB 60,147,472

15 MAGOT SAB 52,060,321

20 RENTA4 SAB 10,821,801

22 CA PERU SAB 6,397,224

23 Otros 4,672,030

TOTAL 12,165,010,835 MONTOS NEGOCIADOS 2015 - (S/)

(9)



Client´s assets include

equities, bonds, at

market price, and cash.

Source: Kallpa SAB

Kallpa SAB – Client’s Assets

4

28

147

124

251

195

247

294

0

50

100

150

200

250

300

350

2008

2009

2010

2011

2012

2013

2014

2015

Assets in our custody

(10)

139

303

452

1,041

1,248

654

593

476

0

200

400

600

800

1,000

1,200

1,400

2008

2009

2010

2011

2012

2013

2014

2015

PEN MM

Trade Volume in the BVL



Historical Amounts Traded in Equities



In 2015,

35%

of our volume

corresponds to Institutional

Investors

(Pension

Funds,

Peruvian

and

International

Funds)



65%

of

our

volume

corresponds to retail investors.

Source: SMV

(11)

PEN MM

* As of September 30th

Source: Kallpa SAB



Trading in foreign

exchanges represented

20% of Traded Volume

in 2015.

Total Traded Volume

117

736

850

1,501

2,065

1,445

1,639

1,606

0

500

1,000

1,500

2,000

2,500

2008

2009

2010

2011

2012

2013

2014

2015

Total Traded Volume

Internacional

BVL

(12)

Kallpa´s Equity Research Team covers 20 companies that trade in the BVL.

Kallpa SAB: Equity Research

GRAMONC1

VOLCABC1

FERREYC1

BVN

BROCALC1

TV

ALICORC1

CVERDEC1

BAP

INRETC1

MINSURI1

SCCO

(13)

II. Asset Management

(14)

Institutional Advisory



Advice on portfolio

management



Review and evaluation of

current portfolios

Asset Management



Discretionary Portfolios



Global Portfolios



Detailed monthly reports



Training (Loyalty)

Wealth Management



Integral Financial Planning



Investments Advisory in real

and financial sectors



Advice on the portfolio

managers election



Trust Management for

private persons



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

P

rem

ium

Hig

h

N

et

W

or

th

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.

(15)

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 sophistication

Banking

System

Collective

funds

Direct

Investment

Wealth

Management

Our Difference

(16)

Kallpa Securities SAB recommends to invest

in

equities

considering

fundamental

analysis. The Watchlist is a portfolio with

eight top picks of our Equity Research team.

Watchlist: Kallpa SAB’s recommended portfolio– 31/12/2015

Stock

# Shares

Buy

price

Initial

weight

Initial

Position (USD)

Closing

price

Current

Position (USD)

% YTD

BAP

173

158.11

12.5%

27,341

97.90

16,929

-38.1%

IFS

952

28.72

12.5%

27,341

22.75

21,655

-20.8%

ALICORC1

11,457

7.11

12.5%

27,341

5.80

19,465

-28.8%

GRAMONC1

11,586

7.03

12.5%

27,341

1.97

6,686

-75.5%

ENERSUC1

8,157

9.99

12.5%

27,341

8.10

19,352

-29.2%

MILPOC1

33,886

2.40

12.5%

27,341

1.60

15,881

-41.9%

RIO/THO

2,555

2.43

12.5%

27,341

8.45

21,588

-21.0%

TV

29,398

0.93

12.5%

27,341

0.36

10,436

-61.8%

Total

100.00%

218,724

131,992

-39.65%

Source: Bloomberg, Kallpa SAB Closing prices as of 31/12/14 Exchange rate: 3.4140

Watchlist’s

performance 2010

–

2015

+26.88%

Benchmark’s

performance 2010

–

2015

-40.99%

Perf.

2010

2011

2012

2013

2014

2015

Watchlist 130.56% -1.35% 27.78% -24.16% -4.23%

-39.65%

Benchmark 68.42% -15.89% 31.54% -20.44% -6.34%

-40.95%

-50% 0% 50% 100% 150% 200% 250% en e -10 ju n -10 n o v-10 abr -1 1 se p -11 fe b -12 ju l-12 d ic-12 m ay-13 o ct-13 m ar -14 ag o -14 en e -15 ju n -15 n o v-15

Watchlist vs.Peru Select 2010 - 2015

Watchlist USD

Benchmark USD

Watchlist acummulated: +27 %

Benchmark acummulated: -41 %

(17)

III. Capital Markets

(18)

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

.

(19)

Kallpa SAB: Primary Offerings of shares

- Kallpa Securities is the leader in equity primary private placements among junior

mining companies in Peru.

(20)

Kallpa Securities SAB is sponsor of 9 junior mining companies and advisor

of 3 companies that list in BVL mainboard.

(21)



Commercial Papers



Corporate Bonds



Equity Issuances



Advisory on Capital

Markets

Analysis and

Diagnosis

Advisory

Promotion

Placement

Monitoring



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 :

(22)

Kallpa SAB: Primary Offerings of fixed income

–

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

medium-size companies).

–

In the last 3 years, Kallpa SAB has placed US $ 25 MM in fixed income instruments.

–

In December 2015, Kallpa SAB structured and placed the first issuance of corporate

bonds in the MAV.

(23)

IV. Corporate Finance

(24)

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.

KALLPA Securities S.A.B

has five units in corporate finance

:

Corporate Finance

(25)

Brokerage Firm

Investment Banking

Long Term

Brokerage House

TODAY

Asset Management

Brokerage House

June 2008

Asset Management

Private Banking

(26)

Calle Monterosa 233

–

Of. 902,

Chacarilla, Surco, Lima 33

Contact Information

Head Trader

[email protected]

(511) 630 7516

(51) 9 8752 5831



Eduardo Fernandini

Managing Director

–

Corporate Finance

[email protected]

(511) 630 7526

(51) 9 9347 9320



Ricardo Carrión

Managing Director - Asset Management

[email protected]

(511) 630 7500

(51) 9 8754 2410



Rafael Sánchez Aizcorbe

Kallpa Securities SAB

Senior Equity Research Analyst

[email protected]

(511) 630 7528

(51) 9 9114 8139

(27)