Corporate Presentation 3Q18

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1 Corporate Presentation 3Q18 1

2 INVESTMENT HIGHLIGHTS OUR STRATEGY LOOKING AHEAD 2

US$ 6.8 bn 2 135,182 employees 1,114 retail stores + 54 shopping centers 3.

1 mm sqm of land bank to fuel future growth across the region TOTAL SELLING SPACE ( 000 sqm) 4.387 4.417 4.418 4.401 4.356 2014 2015 2016 2017 09.

3 WHY CENCOSUD? LEADING SOUTH AMERICAN PREMIER BRAND PORTFOLIO WITH MULTI-FORMAT RETAILER 1 INTEGRATED MULTI-FORMAT STRATEGY Business Divisions & 5 countries Leadership positions across the region Market Cap US$ 6.8 bn 2 135,182 employees 1,114 retail stores + 54 shopping centers 3.6 mm sqm of retail space + 782,545 sqm of shopping centers GLA to third parties Recognized brand portfolio UNPARALLELED GROWTH TRACK RECORD HOLDING VALUABLE LAND BANK 6.1 mm sqm of land bank to fuel future growth across the region TOTAL SELLING SPACE ( 000 sqm) SEASONED MANAGEMENT TEAM 3 LISTED ON BCS 4 RATED IG BY MOODY S AND FITCH PRIVILEDGED POSITION TO BENEFIT FROM IMPROVED ECONOMIC ENVIRONMENT Sound Corporate Governance with SOX standards: 8 Seasoned Board Members 3 Paulmann Family members 2 Independent members Board of Directors Committee: Total of 3 members; 2 independent Listed on BCS (2004) 46.3% Free Float Daily Avg. Trading Volume: US$ 8.7 mm Rated IG by Moody s and Fitch Member of the EME DJSI Market leadership positions across the region Peru: 133,510 sqm of land bank La Molina Project Argentina: 3.2 mm sqm land bank 1 Figures as of September Market Cap calculated as of September 2018 using the stock closing price of CLP 1,564 and constant Exchange rate of CLP 660,42 per US$ 3 David Gallagher presented his resignation on June 29, effective immediately due to his appointment as ambassador of the United Kingdom. 4 BCS stands for Bolsa de Comercio de Santiago. Figures as of September 2018 using close stock price CLP 1,564 and a constant Exchange rate of CLP 660,42 per US$. 3

CENCOSUD: A PAN-REGIONAL MARKET LEADER COLOMBIA JV 3 RD SUPERMARKET 2 ND HOME IMPROVEMENT PERU 2 ND SUPERMARKET 4 TH DEPARMENT STORES JV BRAZIL 4 TH SUPERMARKET Leadership position in Northeast,

4 CENCOSUD: A PAN-REGIONAL MARKET LEADER COLOMBIA JV 3 RD SUPERMARKET 2 ND HOME IMPROVEMENT PERU 2 ND SUPERMARKET 4 TH DEPARMENT STORES JV BRAZIL 4 TH SUPERMARKET Leadership position in Northeast, Minas Gerais, and Río de Janeiro CHILE 2 ND SUPERMARKET 2 ND HOME IMPROVEMENT 2 ND SHOPPING CENTERS 2 ND DEPARTMENT STORES JV ARGENTINA 2 ND SUPERMARKETS 1 ST HOME IMPROVEMENT 1 ST SHOPPING CENTERS Note; Financial Services provided through a Joint Venture in Chile (Scotiabank), Brazil (Bradesco) and Colombia (Colpatria). In May 8, 2018 an agreement was signed with Scotiabank to jointly develop the business in Peru. 4

REGIONAL MULTI-FORMAT MARKET LEADER, DIVERSIFIED BY BUSINESS UNIT AND GEOGRAPHY REVENUE BREAKDOWN BY GEOGRAPHY (LTM as of

9% Adjusted EBITDA margin) 10% 8% 10% 4% 14% 45% 27% 59% 23% 250 supermarkets 35 home improvement stores 81 department stores

: JV with Scotiabank CHILE ARGENTINA BRAZIL PERU COLOMBIA 284 supermarkets 51 home improvement stores 22 shopping centers

rvices 200 supermarkets 3 different regions F.S.

2 shopping centers F.S.: JV with Colpatria Note: Figures converted to US$ using a constant exchange rate of CLP 660.

EBITDA from Brazilian operations which presented a negative contribution of US$ 30 mm 2 Adjusted EBITDA represents EBITDA

5 REGIONAL MULTI-FORMAT MARKET LEADER, DIVERSIFIED BY BUSINESS UNIT AND GEOGRAPHY REVENUE BREAKDOWN BY GEOGRAPHY (LTM as of Sept 18) ADJ. EBITDA BREAKDOWN BY GEOGRAPHY (LTM as of Sept 18) US$ 15,104 mm 3 US$ 1,046 mm 1,2,3 (6.9% Adjusted EBITDA margin) 10% 8% 10% 4% 14% 45% 27% 59% 23% 250 supermarkets 35 home improvement stores 81 department stores 26 shopping centers F.S.: JV with Scotiabank CHILE ARGENTINA BRAZIL PERU COLOMBIA 284 supermarkets 51 home improvement stores 22 shopping centers Financial Services 200 supermarkets 3 different regions F.S.: JV with Bradesco 93 supermarkets 11 department stores 4 shopping centers Financial Services 99 supermarkets 10 home improvement stores 2 shopping centers F.S.: JV with Colpatria Note: Figures converted to US$ using a constant exchange rate of CLP per US$ 1 Graph excludes Adj. EBITDA from Brazilian operations which presented a negative contribution of US$ 30 mm 2 Adjusted EBITDA represents EBITDA plus exchange differences and gains (losses) from indexation units, minus revaluation of assets. These figures include CLP 11,097 mm of extraordinary gains from the sale of non-core real estate assets in the LTM period. 3 Figures exclude the adjustment of hyperinflation in Argentina (IAS 29). Including the adjustment, revenues for the LTM period were US$ 14,446 mn and Adjusted EBITDA was US$ 1,015 mn, using end of period exchange rate of CLP per US$. Argentina represented 19% of total revenues and 25% of total Adjusted EBITDA. 5 5

6 STRONG FOOD RETAIL PLAYER; A BUSINESS MORE RESILIENT TO ECONOMIC DOWNTURNS REVENUE BREAKDOWN BY BUSINESS (LTM as of Sept 2018) 1,4 US$ 15,104 mm ADJUSTED EBITDA BY BUSINESS (LTM as of Sept 2018) 1 US$ 1,046 mm (6.9% Adjusted EBITDA margin) 2,3,4 Retail accounted for 95% of Revenues US$10,650mm US$1,916mm US$1,771mm 13% 2% 12% 2% 71% Complementary Business US$375mm US$383mm Retail accounted for 63% of Adjusted EBITDA US$ 549mm 5.2% mg US$206mm 10.7% mg US$69mm 3.9% mg Supermarkets Home Improvement Department Stores Shopping Centers Financial Services 5% 16% 15% 22% 42% Complementary Business US$292mm 78.0% mg US$198mm 51.6% mg Note: Figures converted to US$ using a constant exchange rate of CLP per US$ 1 Graph excludes the Others segment, which contributes US$ 9 mm in revenues and US$ 267 mm in Adj. EBITDA. Adj. EBITDA represents EBITDA plus exchange differences and gains (losses) from indexation units, minus revaluation of assets. 2 Revenues and Adjusted EBITDA from Shopping Centers don t include related party transactions 3 Mg = Adjusted EBITDA margin 4 Figures exclude the adjustment of hyperinflation in Argentina (IAS 29). Including the adjustment, revenues for the LTM period were US$ 14,446 mn and Adjusted EBITDA was US$ 1,015 mn, using end of period exchange rate of CLP per US$. 6 6

PROVEN GROWTH TRACK RECORD (CAGR: 6.4%) Total selling space grew from 2.8 mm sqm in 2010 to 4.4 mm sqm in 2017. (CAGR: 7.8%) Revenues increased from US$9.

7 PROVEN GROWTH TRACK RECORD (CAGR: 6.4%) Total selling space grew from 2.8 mm sqm in 2010 to 4.4 mm sqm in (CAGR: 7.8%) Revenues increased from US$9.3 bn in 2010 to US$17 bn in 2017 Internationalization process IPO NYSE Consolidation and synergies Consolidation in the Chilean market 13,9 Peru 15,7 16,5 16,6 Delisting NYSE 15,7 15,8 15,1 IPO BCS 1 9,3 8,3 9,4 11,5 Opening of first supermarkets 1,0 1,4 2,1 3,8 4,7 5, Revenues denominated in US$, calculated with an exchange rate of CLP per US$ 2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange) LTM

8 STRONG LIQUIDITY POSITION AND COMFORTABLE AMORTIZATION SCHEDULE Pre-payment of the 2021 and 2023 bonds in 3Q17 & Pre-payment of local bonds BCencE (UF 2 million), BCencO (CLP 54,000 million) and Incabond (PEN 280 million) in 2Q18. Others Latam; 7% DEBT BY CURRENCY (AFTER CCS) 3 Others Latam; 9% Investment Grade rating since 2011 Fitch Ratings: BBB- (stable) Moody s: Baa3 (negative) USD; 20% 3Q18 CLP + UF; 73% USD; 21% 3Q17 CLP + UF; 70% NET FINANCIAL DEBT EVOLUTION DEBT AMORTIZATION SCHEDULE (US$ MM) 1,2 4,6 4,6 3,7 3,4 3,9 3,7 3,5 3,8 3,3 3,2 4,0 3,7 4,5 4,5 Net Financial Debt (USD bn) NFD/Adj. EBITDA (times) Debt denominated in US$ using end of period exchange rate of 30 September Amortization schedule is presented net off gains/losses from mark to market of derivatives, overdrafts and Comex debt (excluding forwards). 3 Debt by currency after cross-currency swaps. 8 8

EXPERIENCED MANAGEMENT TEAM CORPORATE GOVERNANCE AND BOARD OF DIRECTORS MANAGEMENT TEAM 2 Sound corporate governance SOX Standards: Bronislao Jandzio 20 8 seasoned Board members: 3 Paulmann Family

(Independent) Heike Paulmann K. Horst Paulmann K. Peter Paulmann K.

9 EXPERIENCED MANAGEMENT TEAM CORPORATE GOVERNANCE AND BOARD OF DIRECTORS MANAGEMENT TEAM 2 Sound corporate governance SOX Standards: Bronislao Jandzio 20 8 seasoned Board members: 3 Paulmann Family members 2 Independent members 10 years in the industry Andreas Gebhardt CEO MD of Audit Board of Directors Committee (CMF 1 ): Roberto Philipps Richard Büchi (Independent) Mario Valcarce (Independent) Heike Paulmann K. Horst Paulmann K. Peter Paulmann K. 8 Rodrigo Hetz HHRR Ricardo Bennett DSM Rodrigo Larraín CFO Eric Basset HIM Dag Loebenstein CLM Patricio Rivas FSM Antonio Ureta SM Matias Videla CSCM Independent members Roberto Philipps Mario Valcarce Julio Moura Cristián Eyzaguirre 24 Carlos Mechetti GC # Years in Cencosud Richard Büchi CEO: Chief Executive Officer. HHRR: Human Resources. CFO: Chief Financial Officer. CLM: Corporate Logistics Manager. SM: Supermarkets Manager; DSM: Department Stores Manager. HIM: Home Improvement Manager. FSM: Financial Services Manager. CSCM: Corporate Shopping Centers Manager. GC: General Counsel. 2 Jaime Soler presented his resignation effective as of September 30, In his replacement the Board has appointed Andreas Gebhardt, who assumed this function in October 1,

10 INVESTMENT HIGHLIGHTS OUR STRATEGY LOOKING AHEAD 10

THE THREE PILLARS OF OUR STRATEGY 1 GROWTH TRENDS 2 3 EFFICIENCY AND PRODUCTIVITY Organic Growth Remodeling Omni-channel New projects Digital

Standardization and Centralization SAP Unification Robotic Process Automation CSC: Continue Growing Financial Strengthening Commitment with IG

materializing planning for each business division Strategic Alliances JVs with Scotiabank, Colpatria and Bradesco Sustainable relationship with

11 THE THREE PILLARS OF OUR STRATEGY 1 GROWTH TRENDS 2 3 EFFICIENCY AND PRODUCTIVITY Organic Growth Remodeling Omni-channel New projects Digital Transformation and Omnichannel Whatever you want, whenever you want, however you want, wherever you want IT & Logistics Investments Process Standardization and Centralization SAP Unification Robotic Process Automation CSC: Continue Growing Financial Strengthening Commitment with IG Liability Management Non-core assets sale Health & Wellness Organic Free of Health Strategic Planning Area in charge of coordinating and materializing planning for each business division Strategic Alliances JVs with Scotiabank, Colpatria and Bradesco Sustainable relationship with suppliers Big Data & Analytics Private Labels and Regional Synergies Sustainability Talent Procurement Close to the business Regional team Efficiency, process and people STRONG VALUES 11

12 INVESTMENT HIGHLIGHTS OUR STRATEGY LOOKING AHEAD 12

GUIDANCE AND INVESTMENT PLAN FOR 2018 For 2018, the company expects revenues of US$16,200 million, based on an acceleration in sales in Supermarkets, Home Improvement and Department Stores, in

13 GUIDANCE AND INVESTMENT PLAN FOR 2018 For 2018, the company expects revenues of US$16,200 million, based on an acceleration in sales in Supermarkets, Home Improvement and Department Stores, in addition to significant growth of the online business, a continuation of strong performance in Shopping Center revenues, store openings and a better regional economic environment. CAPEX DISTRIBUTION BY INVESTMENT TYPE US$ 400 mm Adjusted EBITDA margin of 7.2%. Our Capex base plan includes investments of US$ 400 million, which could be revised upwards as our plan to divest non-core assets of up to US$ 1 billion announced at the end of August last year is executed. During 2017, 7 stores were opened and the remodeling of another 18 was completed, according to the Reinforcement of Value Proposition and Store Competitiveness Plan. 20% 26% 54% Remodeling and Organic Growth Technology, Logistics and Omnichannel Maintenance and recurring Capex Working Spotlights Omnichannel development, innovation and leadership in new trends. The Company made significant progress increasing efficiencies and lifting service standards, and continued to execute its Financial Strengthening and Business Profitability Plan. 13

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Corporate Presentation 4T17

Corporate Presentation 4T17 INVESTMENT HIGHLIGHTS OUR STRATEGY LOOKING AHEAD 2 WHY CENCOSUD? LEADING SOUTH AMERICAN MULTI-FORMAT RETAILER 1 PREMIER BRAND PORTFOLIO WITH INTEGRATED MULTI-FORMAT STRATEGY