Corporate Presentation 4T17

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Dorothy Booth
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1 Corporate Presentation 4T17

2 INVESTMENT HIGHLIGHTS OUR STRATEGY LOOKING AHEAD 2

3 WHY CENCOSUD? LEADING SOUTH AMERICAN MULTI-FORMAT RETAILER 1 PREMIER BRAND PORTFOLIO WITH INTEGRATED MULTI-FORMAT STRATEGY UNPARALLELED GROWTH TRACK RECORD HOLDING VALUABLE LAND BANK 5 Business Divisions & 5 countries Leadership positions across the region Market Cap USD 8.5 bn employees 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 6,1 mm sqm of land bank to fuel future growth across the region TOTAL SELLEING SPACE ( 000 sqm) SEASONED MANAGEMENT TEAM LISTED AT BCS 2 RATED IG BY MOODY S AND FITCH PRIVILEDGED POSITION TO BENEFIT FROM IMPROVED ECONOMIC ENVIRONMENT Sound Corporate Governance standards with SOX standards: 9 Seasoned Board Members 3 Paulmann Family members 2 Independent members Board of Directirs Committee: Total of 3 members; 2 independent Listed on BCS (2004) 46.3% Free Float Daily Avg Trading Volume: US$ 10.6 mm Rated IG by Moody s and Fitch Member of the EME DJSI Leadership positions across the region Peru: sqm of land bank La Molina Project Argentina Turnaround economy 3,2 mm sqm land bank 1 Figures as of December BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange). Figures as of December 2017 using a constant Exchange rate of CLP 615,22 per USD. 3 Market Cap calculated as of December 31, 2017 using the stock closing price of CLP and constant Exchange rate of CLP 615,22 per USD 3

Financial Services provided through a Joint

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) 4 4

REGIONAL MULTI-FORMAT MARKET LEADER, DIVERSIFIED BY BUSINESS AND GEOGRAPHY REVENUE BREAKDOWN

EBITDA BREAKDOWN BY GEOGRAPHY (as of December 17) US$ 1,142 mm 1,2 (6.

improvement 80 department stores 26 shopping centers F.S.

: JV with Bradesco 92 supermarkets 11 department stores 4 shopping centers Financial Services

: JV with Colpatria Note: Figures converted to USD using a constant exchange rate of CLP

5 REGIONAL MULTI-FORMAT MARKET LEADER, DIVERSIFIED BY BUSINESS AND GEOGRAPHY REVENUE BREAKDOWN BY GEOGRAPHY (as of December 17) US$ 16,997 mm ADJ. EBITDA BREAKDOWN BY GEOGRAPHY (as of December 17) US$ 1,142 mm 1,2 (6.7% Adjusted EBITDA margin) 9% 8% 10% 4% 15% 43% 26% 60% 25% 246 supermarkets 35 home improvement 80 department stores 26 shopping centers F.S.: JV with Scotiabank CHILE ARGENTINA BRAZIL PERU COLOMBIA 283 supermarkets 51 home improvement 22 shopping centers Financial Services 204 supermarkets 3 different regions F.S.: JV with Bradesco 92 supermarkets 11 department stores 4 shopping centers Financial Services 100 supermarkets 10 home improvement 2 shopping centers F.S.: JV with Colpatria Note: Figures converted to USD using a constant exchange rate of CLP 615,22 per USD 1 Graph excludes Adj. EBITDA from Brazilian operations with presented a negative contribution of US$ 43 mm 2 Adjusted EBITDA represents EBITDA plus exchange differences and gains (losses) from indexation units, minus revaluation of assets. The figures includes CLP 14,891 mm of extraordinary gains from the sale of non-core properties. 5 5

6 STRONG FOOD RETAIL PLAYER; A BUSINESS MORE RESILIENT TO ECONOMIC DOWNTURNS REVENUE BREAKDOWN BY BUSINESS (as of December 2017) 1 US$ 16,997 mm ADJUSTED EBITDA BY BUSINESS (as of December 2017) 1 US$ 1,142 mm (6.7% Adjusted EBITDA margin) 2,3 Retail accounted for 95% of Revenues US$12,120mm US$2,169mm US$1,913mm 13% 3% 11% 2% 71% Complementary Business US$416mm Retail accounted for 63% of Adjusted EBITDA US$599mm 4.9% mg US$202mm 9.3% mg US$96mm 5.0% mg 14% 7% 13% 24% 42% Complementary Business US$331mm 79.5% mg US$376mm Supermarkets Home Improvement Department Stores Shopping Centers Financial Services US$187mm 49.6% mg 1 Graph excludes the Others Segment which contributes with USD 15 mm in revenues and USD 271 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 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. Consolidation and synergies Internationalization process IPO NYSE (CAGR: 7.

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 Consolidation and synergies Internationalization process IPO NYSE (CAGR: 7.8%) Revenues increased from US$9.3 bn in 2010 to US$17 bn in 2017 Peru 16,8 17,8 17,8 Delisting NYSE 16,8 17,0 14,9 Consolidation in the Chilean market 12,4 IPO BCS 1 10,0 9,0 10,1 Opening of first supermarkets 1,1 1,5 2,2 4,1 5,1 6, Revenues denominated in USD, calculated with an exchange rate of CLP 615,22 per USD 2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange) 7

8 STRONG LIQUIDITY POSITION AND COMFORTABLE AMORTIZATION SCHEDULE Successful liability management and new bond issuance of US 1bn in July 2017 improves liquidity and amortization schedule Pre-paid of the 2021 and 2023 bonds in 3Q17 Investment Grade rating since 2011 USD 21% Otras Latam 8% DEBT BY CURRENCY (AFTER CCS) 3 USD 17% Otras Latam 7% Fitch Ratings: BBB- (stable) Moody s: Baa3 (stable) 4Q17 CLP + UF 71% CLP + UF 76% 4Q16 NET FINANCIAL DEBT EVOLUTION DEBT AMORTIZATION SCHEDULE (USD MM) 2 6,3 Amortization Schedule (US$Mn) 4,6 4,7 3,4 4,3 3,7 3,2 3,7 3,3 3,2 4,3 3,8 Net Financial Debt (US$ mm) NFD/Adjusted EBITDA (times) Debt denominated in USD using end of period exchange rate of each year 2 Amortization schedule does not consider overdrafts or comex liabilities. Presented net of Mark to market of derivatives (excluding forwards) 3 Debt exposure to USD after cross-currency swaps. 8 8

EXPERIENCED MANAGEMENT TEAM CORPORATE GOVERNANCE AND BOARD OF DIRECTORS MANAGEMENT TEAM Sound corporate governance SOX Standards: Bronislao Jandzio 19 9 seasoned Board members: 3 Paulmann Family

10 years in the industry Jaime Soler CEO 13 MD of Audit 20 years in the industry Board of Directors Committee (SVS 1 ): David Gallagher Richard Büchi (Independent) Mario Valcarce (Independent) Heike

9 EXPERIENCED MANAGEMENT TEAM CORPORATE GOVERNANCE AND BOARD OF DIRECTORS MANAGEMENT TEAM Sound corporate governance SOX Standards: Bronislao Jandzio 19 9 seasoned Board members: 3 Paulmann Family members 2 Independent members Horst Paulmann K. 10 years in the industry Jaime Soler CEO 13 MD of Audit 20 years in the industry Board of Directors Committee (SVS 1 ): David Gallagher Richard Büchi (Independent) Mario Valcarce (Independent) Heike Paulmann K. Roberto Philipps Peter Paulmann K. David Gallagher 7 Rodrigo Hetz HHRR Rodrigo Larraín CFO Dag Loebenstein CLM Tomás Zavala CSM Carlos Madina Ricardo Yunge Matías Videla Eric Baset SCM SM Chile SM Argentina SM Colombia Independent members Cristián Eyzaguirre Richard Büchi Julio Moura Mario Valcarce 1 As required under Chilean law, we have established a Directors Committee composed of three directors. The Company has also established an audit committee comprised of three nonmanagement members of our Board of Directors. The members are Roberto Philipps, David Gallagher and Cristián Eyzaguirre, each of whom is independent within the meaning of the SEC corporate governance rules. Our board of directors has determined that Roberto Philipps is audit committee financial expert as defined by the SEC. Mario Campodónico SM Peru Cristián Gutierrez SM Brazil Antonio Ureta HIM Carlos Mechetti GC Ricardo Bennett DSM # Patricio Rivas FSM Years in Cencosud CEO: Chief Executive Officer. HHRR: Human Resources. CFO: Chief Financial Officer. CLM: Corporate Logistic Manager. CSM: Corporate Strategy Manager. SCM: Shopping Centers Manager. SM: Supermarkets Manager. FSM: Financial Services Manager. GC: General Counsel. HIM: Home Improvement Manager. DSM: Department Stores Manager. 9 9

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

however you want, wherever you want IT & Logistic Investments Process Standardization and Centralization SAP

Liability Management Non-core assets sale Health & Wellness Organics Free of Health Strategic Planning Area in

Scotiabank, Colpatria and Bradesco Sustainable relationship with suppliers Big Data & Analytics Private Labels

11 THE THREE PILLARS OF OUR STRATEGY 1 GROWTH TRENDS 2 3 EFFICIENCY AND PRODUCTIVITY Organic Growth Remodeling Omni-channeling New projects Digital Transformation and Omnichanneling Whatever you want, whenever you want, however you want, wherever you want IT & Logistic 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 Organics 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 Sinergies 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 USD 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 USD 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 opening and a better regional economic environment. CAPEX DISTRIBUTION BY INVESTMENT TYPE US$ 400 mm Adjusted EBITDA margin of7,2%. Our Capex base plan includes investments of USD 400 million, which could be revised upwards as our plan to divest non-core assets of up to USD 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 Propostion and Store Competitiveness Plan. 20% 26% 54% Remodleing and Organic Growth Technology, Logistics and Omnichannel Mantainance and recurring Capex Working Spotlights Omnichannel development, innovation and leadership in new trends. The Company made significant progress improving efficiencies and increasing service standards, and continued to execute its Financial Strenghthening and Business Profitability Plan. 13

Corporate Presentation 3Q18

Corporate Presentation 3Q18 1 INVESTMENT HIGHLIGHTS OUR STRATEGY LOOKING AHEAD 2 WHY CENCOSUD? LEADING SOUTH AMERICAN PREMIER BRAND PORTFOLIO WITH MULTI-FORMAT RETAILER 1 INTEGRATED MULTI-FORMAT STRATEGY