Corporate Presentation Cencosud. Fourth Quarter

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1 Corporate Presentation Cencosud 2015 Fourth Quarter

Corporate Presentation www.cencosud.com 2 The information contained herein has been prepared by Cencosud S.A.

2 Corporate Presentation 2 The information contained herein has been prepared by Cencosud S.A. ( Cencosud ) solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment or other advice. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this presentation are subject to change without notice and Cencosud is under no obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete and is qualified in its entirety by reference to more detailed information included in the preliminary offering memorandum. Cencosud and its respective affiliates, agents, directors, partners and employees 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 presentation may contain statements that are forward-looking subject to risks and uncertainties and factors, which are based on current expectations and projections about future events and trends that may affect Cencosud s business. You are cautioned that any such forward-looking statements are not guarantees of future performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control.

53 Malls 4,394,604 sqm of Selling Space 800 MM

5 MM Cards Issued Retailing Power 2015 936

4 mm sqm Revenue Evolution (USD Bn) 9.785 8.847 6.

3 Corporate Presentation 3 Cencosud snapshot Key Metrics 1,117 Stores + 53 Malls 4,394,604 sqm of Selling Space 800 MM Customers 148,700 Employees Over 5.5 MM Cards Issued Retailing Power Supermarkets; 2.4 mm sqm 53 Shopping Centers; 0.8 mm sqm 94 Home Improvement; 0.8 mm sqm 88 Department Stores; 0.4 mm sqm Revenue Evolution (USD Bn) CAGR OF 15.8% *

4 Corporate Presentation 4 Cencosud is a leading multi-format retailer in South America Regional Footprint / Market Position Underpenetrated Region Sales Area Per Capita D-Stores (sqm/capita) 3 rd Supermarkets 2 nd Home Improvement 1 st Supermarkets 4 th Department Store 4 th Supermarkets Northeast Region (#2) Minas Gerais (#1) Rio de Janeiro (#3) Sales Area Per Capita DYS (sqm/capita) 2 nd Supermarkets 2 nd Home Improvement 2 nd Shopping Centers 2 nd Department Stores 2 nd Supermarkets 1 st Home Improvement 2 nd Shopping Centers Sales Area Per Capita Food Retail (sqm/capita) Source: ILACAD and US Census Bureau, figures as of December 2013 Source: Euromonitor

663,218 17.4 16.8 3.6x 89% 16.5 14.6 9.7 8.8 9.9 12.0 6.0 4.0 4.9 2.2 2015 1: this number includes shopping centers 2.

5 Corporate Presentation 5 Cencosud a Development and Growth Story 2009 LTM ,170 10,873, % 192% Acquisitions and Revenue (USD Billion) Colombia 663, x 89% : this number includes shopping centers 2. EBITDA is calculated as EBITDA minus revaluation of assets, indexation units and foreign exchange variations. 3: Net Financial Debt does not include debt related to Cencosud s banking activities. Source: ILACAD and US Census Bureau, figures as of December 2013

6 Corporate Presentation 6 The Cencosud Roadmap Strategic Focus: Healthy Organization, Focus on Consumer Consumer Centric Sustainable Brands Strong Team Focus The Business: Expense Control, Competitiveness Main Market Trends, Omni-Channel, Loyalty Program, Brand Building Efficiency & Productivity Loyalty Programs Competitive Edge Growth & Market Share Private Label with Perceived Value Bottom Line & Cash Generation Omni-Channel Speeding up E- Commerce

7 Corporate Presentation 7 High Income Brands Low Income Brands Excellence in Perishables Imported Products Quality in Service Promotional Pricing Quality on a Budget Proximity

Corporate Presentation www.cencosud.com 8 1Q15 Highlights Revenue expansion in all divisions mainly fueled by Supermarkets and Home Improvement.

8 Corporate Presentation 8 1Q15 Highlights Revenue expansion in all divisions mainly fueled by Supermarkets and Home Improvement. Department Stores SSS back to positive territory with gross profit gains. Colombia continues to deliver positive SSS in Food retail and Home Improvement. Significant expansion of gross margin drives Adj. EBITDA growth. Closed Scotiabank financial services transaction.

Corporate Presentation www.cencosud.com 9 Food Retail and D-Stores leading top line growth Robust SSS in Chile supermarkets.

9 Corporate Presentation 9 Food Retail and D-Stores leading top line growth Robust SSS in Chile supermarkets. Santa Isabel repositioning gaining additional speed Stable gross margin with more efficient pricing strategy Declining traffic trend broken Further top line growth curbed by negative currency swings in the COP and BRL. D-Stores bouncing back from 2014 lows. Positive SSS from Chile and Peru greenfield Gross margin recovery following improved currency pass thru and better pricing Inventories in Check

Competitive Pressures Depreciation of BRL

Management changes in Brazil laying ground

around 2% according to guided by management.

10 Corporate Presentation 10 Food Retail in Brazil Undergoing High Competitive Pressures Depreciation of BRL and soft demand lead to negative SSS & revenue contraction from Brazilian supermarkets. Management changes in Brazil laying ground to later develop improved commercial strategy. Focus on profitability: EBITDA generation at around 2% according to guided by management. SAP rollout yielding results in gross profit through better performance management Leaner operations; Additional SG&A curbs & COGs management to come

11 Figures in CLP million Corporate Presentation 11 Consolidated Revenue Evolution Consolidated Adjusted EBITDA Evolution Revenue gains across all division despite unfavorable currency swings in Colombia and Brazil. Positive SSS across all markets and businesses except Brazil. Colombia Home Improvement recovering SSS traction on better product mix and recovering construction industry in Bogota area. Ebitda expansion on Supermarket improvements in Peru, Brazil and Argentina. Department Stores posting Ebitda expansion of over 100% on improved Chile performance. Home Improvement booked a reduction in Ebitda generation on new store openings across its footprint, labor contingencies in Argentina and migration to new product mix in Colombia..

12 Results By Business

13 Figures in CLP million Corporate Presentation 13 Revenue Evolution 303 Adjusted EBITDA Evolution Supermarkets Positive SSS in Argentina and stable currency led top line gains in the division. 13 Net Store Openings YoY or 1.6% selling space Growth. Chile recorded outstanding 1Q15 SSS performance on recovering Santa Isabel. Price investment strategy in Peru continues to yield SSS gains. Aggressive competitive scenario in Brazil and slowing economy lead to negative SSS. SSS evolution by country (local currency) 813 Peru Ebitda jumped 85.7% on expanding gross margin and curbed SG&A. Brazil Ebitda growth was fueled by expanding gross margin and SG&A cuts. Ebitda in Argentina posts expansion of 7.4% on positive SSS and stable gross margin. Chile and Colombia posted lower Ebitda generation on labor contingencies in Chile and higher headcount in Colombia. Colombia margins remained stable

14 Figures in CLP million Corporate Presentation 14 Home Improvement Department Stores Revenue up 19% on positive SSS across all markets led by Argentina. Ebitda for division dropped on greater SG&A from Argentina on labor contingencies and accounting changes at Blaisten, collective bargaining agreements and one off in Chile. Colombia continues to improve performance. Gains in revenue on positive SSS in Chile and Peru. Progress in EBITDA on improved pricing and currency management. Improved inventory management leading to reduced working capital needs.

15 Figures in CLP million Corporate Presentation 15 Shopping Centers Financial Services % - 4.6% Revenue growth in all markets; Chile mainly explained by retroactive lease collection for antenna space and renegotiation of lease agreements with Ripley. Shopping Center EBITDA contracted to higher real estate taxes paid in Chile and Argentina partially offset by higher occupancy rates in Chile, Argentina & Peru. Argentina and Peru lead in top line growth on greater portfolio. Lower risk in Brazil explains greater contribution to revenues and Ebitda. Lower EBITDA in most markets was the result of higher cost of funding

16 Corporate Presentation 16 Effective Tax Rate Conciliation Chile Brazil: Higher income tax rate of 22.5% vs. 20% in 1Q14 Non- Cash effect of un-claimable tax losses at a HoldCo level of CLP 4,217 million (FUT effect) Badwill due to corporate reorganization Non-Cash unrecoverable Tax Losses at our Brazilian Sub Total Effect of CLP 6,559 million Colombia Higher income tax rate of 39% vs. 34% in 1Q14 Newly created wealth tax (non-deductible tax expense) as a one time effect in the 1Q15 for the next 2 years Accelerated depreciation of tax goodwill Higher income tax in Colombia due to tax reform Total effect of CLP 4,010 million

17 Corporate Presentation 17 Financial Ratios Cencosud estimates it can bring down its net financial leverage to under 3.0x by YE15 Net debt evolution (US$ bn) Net leverage (net debt / EBITDA) Breakdown by Rate (After CCS) Fixed Variable Breakdown by Currency (After CCS) CLP CLF USD BRL COP PEN ARS

18 Corporate Presentation 18 Debt Amortization Schedule (USD million) as of March 2015 Chile Financial Services deal with Scotiabank materialized on May 1 st Following reception of funds our liquidity position also improves substantially. FINANCIAL DEBT USD MM Amortizations as of March 2015 Amortizations Proforma as of March 2015

19 Chile food strategy yields above inflation SSS. Positive momentum in revenue across most division D-Stores recovering with some weak spots in April due to weather related factors. Leverage down closer to target as of 2Q15. Progress on Real Estate IPO and Costanera Center.

20 First Quarter 20 Upcoming Events Bank of America CalGems Conference Los Angeles, CA June 2 thru 4 Credit Suisse Annual Mid Summer Latam Conference New York, NY Aug 5 & 6 2Q15 Earnings Release August 28, 2015 After market Marisol Fernández León IR Manager Phone mariasoledad.fernandez@cencosud.cl Natalia Nacif Senior IR Analyst Phone natalia.nacif@cencosud.cl Ignacio Reyes Miranda Senior IR Analyst Phone Ignacio.reyesmiranda@cencosud.cl

Earnings Presentation FIRST QUARTER 2016

Earnings Presentation FIRST QUARTER 2016 Agenda 1 Highlights of the period 2 Consolidated overview 3 Overview by Business Units 4 Overview by Country 5 Balance Sheet Financials 6 Q&A First Quarter Highlights