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First Quarter 2018

EARNINGS PRESENTATION

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Disclaimer

The information contained in this document has been prepared by Cencosud SA ( "Cencosud") for informational purposes only and should not be construed as a solicitation or an offer to buy or sell securities and should not be treated as giving investment advice or

• therwise. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the

information contained herein. The views expressed in this presentation are subject to change without notice and Cencosud has no

• bligation to update or keep current the information contained herein. The information contained in this document is not intended to be
• complete. Cencosud and their respective affiliates, officers, directors, partners and employees accept liability for any loss or damage of

any kind arising from the use of all or part of this material. This presentation may contain statements that are subject to risks and uncertainties and factors, which are based on current expectations and projections about future events and trends that may affect the business of Cencosud. You are cautioned that such forward-looking statements are not guarantees of future performance. There are several factors that can adversely affect the estimates and assumptions

• n which these forward-looking statements are based, many of which are beyond our control.

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Executive Summary

• Revenues decreased 4.0% due to the depreciation of currencies

against CLP, but in local currency they increased 7.2%.

• SSS accelerated in Supermarkets at all countries, Home

Improvement and Department Stores in Peru, against 1Q17.

• The online channel of the retail businesses posted an increase
• f 44.0% compared to 1Q17, and reached a penetration of 2.4%
• ver total retail sales compared to 1.6% in 1Q17.
• Adjusted EBITDA increased 7.0% with margin expanding 77 bps,

driven by higher profitability in Argentina, mainly at Home Improvement and Financial Services.

• Making significant progress on financial strengthening plan:
• On May 9, 2018 signed agreement with Scotiabank which will strengthen the Financial Services business in Peru.
• The sale price for 51% of the financial business in Peru was for USD 100 million and proceeds will be used to

reduce Cencosud's debt.

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Progress in Strategy Execution

Profitability

• Revenues decreased primarily due to the depreciation of all

currencies against CLP, and the challenging environment in Brazil:

• Chile achieved higher revenue driven by most of business units.
• In

Argentina, Home Improvement increased above inflation, Financial Services posted solid loan portfolio growth and Supermarkets accelerated its SSS growth rate.

• Greenfield businesses continue to improve their performance, both

Department Stores in Peru and Home Improvement in Colombia.

• Adjusted EBITDA up 7.0% and margin expanded 77 bps:
• Argentina EBITDA margin expanded driven by Supermarkets, Home

Improvement and Financial Services, as a result of accelerated revenue growth and operating leverage.

• Colombia EBITDA margin benefited from the elimination of the

wealth tax1 and improved results from Home Improvement, partially

• ffset by lower profitability at Supermarkets.
• Chile EBITDA margin remained stable due to larger profitability at

Home Improvement & Shopping Centers, partially

• ffset by

Department Stores & Supermarkets to a lesser extent.

• Peru and Brazil posted an EBITDA margin contraction due to expense

deleverage reflecting lower Supermarket sales.

• Increase in operating results did not flow through to

bottom line as net profit decreased 23.0% YoY reflecting a lower profit from exchange differences and higher taxes.

1 In December 2016, the wealth tax determined over equity was eliminated, with last payment made in 1Q17. Additionally, CREE was eliminated, integrating a surtax to the income tax. In 2018 the income tax is 33% with a surcharge of 4%. As of 2019 the surtax is eliminated.

1Q18 1Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 2.422.805 2.523.563

• 4,0%

7,2% Gross Profit 703.948 737.642

• 4,6%

8,4% Gross Mg. 29,1% 29,2%

• 18 bps

SG&A (585.889) (631.209)

• 7,2%

5,0% SG&A (% of revenues)

• 24,2%
• 25,0%

83 bps Adjusted EBITDA 183.161 171.229 7,0% 19,9%

• Adj. EBITDA Mg.

7,6% 6,8% 77 bps Net Profit 52.453 68.077

• 23,0%
• 11,1%

Net Profit Mg. 2,2% 2,7%

• 53 bps

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Progress in Strategy Execution

Omni-channel Strategy

• The online channel of the retail businesses posted an increase of

44.2% (SM +33.1%, DS +44.7%, HI +74.8%) compared to 1Q17, and reached a penetration of 2.4%1 over total retail sales compared to 1.6% in 1Q17.

• Chile:
• Supermarkets: Increased coverage in the summer plan and 90

minutes delivery services. Robot implemented at 5 Jumbo stores and in trial at 5 more stores.

• Department Stores: Johnson ecommerce platform is live.

Increase of 600 bps YoY in apparel contribution over total ecommerce sales at Paris.cl. C&C implemented at all Paris stores.

• Home Improvement:

C&C service with picking from store enabled at 100% of stores since April 2018, which is complemented with the C&C service implemented in October 2017 with supply from the DC. Dispatch from the CD within 24 hrs also available since April 2018, within the Metropolitan Region.

• Argentina:
• Supermarkets: Drive-Thru implemented at 15 stores.

Complementing food delivery thru third party agreements (Rappi).

• Home Improvement: improved conversion rate after

the implementation of online payment. Web for suppliers with the objective to increase dropship sales.

• Peru:
• Supermarkets: increase in the number of stores with

C&C (12) and Drive-thru (4) service. Nationwide coverage for non-food thru Wong & Metro. Metro food available in all Metropolitan Lima. Launch of almacenes.metro.pe.

• Colombia:
• Supermarkets: Nationwide coverage for non-food e-

commerce orders. Implementation of 12 new food stores for online shopping, covering 88% of the cities with Jumbo stores. Complementing food delivery thru third party agreements (Mercadoni).

1 Considers supermarket formats at all countries with the exception of Brazil and Department Stores considers Chilean Operations.

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Performance by Business

Note: All figures in CLP million unless indicated otherwise. Segment “Others” includes Corporate expenses, Aventura Entertainment Centers and Loyalty Program. Also includes extraordinary gains from the sale of non-core assets: CLP 1,728 million in 1Q18 and CLP 144 million in 1Q17 from the sale of properties. Additionally, in 1Q17 the loss associated with the fire of Easy.cl Distribution Center was recorded for CLP 1,913 million and the wealth tax in Colombia for CLP 2,222 million. 1Q18 1Q17

• Chg. YoY
• Chg. YoY

1Q18 1Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency CLP mn CLP mn As Reported Constant Currency Supermarkets 1.710.678 1.814.359

• 5,7%

5,0% 86.900 98.668

• 11,9%
• 6,7%

5,1% 5,4%

• 36 bps

Home Improvement 324.167 331.757

• 2,3%

17,0% 37.797 31.187 21,2% 50,4% 11,7% 9,4% 226 bps Department Stores 264.117 262.800 0,5% 1,0% 9.374 13.730

• 31,7%
• 32,6%

3,5% 5,2%

• 168 bps

Shopping Centers 59.348 59.483

• 0,2%

9,8% 49.635 47.670 4,1% 13,3% 83,6% 80,1% 349 bps Financial Services 62.969 53.159 18,5% 51,1% 36.435 24.925 46,2% 82,3% 57,9% 46,9% 1.097 bps Others 1.526 2.005

• 23,9%
• 17,1%

(36.979) (44.950)

• 17,7%
• 5,5%

Consolidated 2.422.805 2.523.563

• 4,0%

7,2% 183.161 171.229 7,0% 19,9% 7,6% 6,8% 77 bps REVENUES ADJUSTED EBITDA & MG.

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Supermarkets

Results Supermarket SSS by Country & Food Inflation

Revenues declined 5.7% in CLP reflecting the depreciation of all currencies against CLP, partially compensated by the Easter calendar effect. SSS grew above food inflation in Chile, Brazil and Peru. Adjusted EBITDA decreased 11.9% YoY explained by:

• Chile: Adjusted EBITDA decreased driven by higher promotional activity and

logistic expenses, coupled with higher advertising expenses. This was partially

• ffset by lower production costs and increased productivity.
• Argentina: growth reflects positive performance in imported products and

higher non-food sales, partially offset by increased competition from the informal market. Adjusted EBITDA margin expanded as a result of higher expense leverage, reflecting the efficiency efforts.

1Q18 1Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 1.710.678 1.814.359

• 5,7%

5,0% Gross Profit 426.947 467.732

• 8,7%

2,9% Gross Mg. 25,0% 25,8%

• 82 bps

SG&A (375.973) (411.699)

• 8,7%

4,0% SG&A (% of revenues)

• 22,0%
• 22,7%

71 bps Adjusted EBITDA 86.900 98.668

• 11,9%
• 6,7%
• Adj. EBITDA Mg.

5,1% 5,4%

• 36 bps
• Chg. YoY
• Chg. YoY

1Q18 4Q17 1Q17 1Q18 1Q17 1Q18 1Q17 (%) (%) (%) (%) (%) CLP mn CLP mn Chile 5,1 2,3

• 0,1

3,0 3,2 664.651 630.336 5,4% 5,4% Argentina 20,3 15,1 14,9 21,4 n.d. 345.086 396.131

• 12,9%

18,9% Brazil

• 0,7
• 1,2
• 9,9
• 4,0

4,6 349.893 403.439

• 13,3%
• 2,5%

Peru 1,5 0,4

• 0,6
• 1,0

4,3 186.695 200.435

• 6,9%

0,0% Colombia

• 3,1
• 4,5
• 6,2

1,1 4,9 164.354 184.017

• 10,7%
• 5,0%

Constant Currency Same Store Sales Food Inflation Revenues As Reported

• Brazil: revenues decreased mainly due to the closing of 11

stores YoY and food deflation. Despite greater expense leverage, Adjusted EBITDA was impacted by lower supplier rebates due to

• ur strategy to reduce inventory purchases.
• Peru: positive SSS driven by higher Metro sales, partially offset

by store remodeling's and food deflation. Adjusted EBITDA affected by lower supplier rebates and softer margin in groceries and perishables, partially offset by lower expenses.

• Colombia: revenues reflect the closing of 3 stores YoY and

negative SSS, achieving the best performance in the last 5

• quarters. Despite the improvement in SG&A/sales, EBITDA

margin decreased due to lower rebates from suppliers due to

• ur strategy to reduce inventory purchases.

Source: INE, IBGE, BCRP, BanRep

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Home Improvement

1Q18 1Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 324.167 331.757

• 2,3%

17,0% Gross Profit 105.451 107.295

• 1,7%

20,7% Gross Mg. 32,5% 32,3% 19 bps SG&A (73.509) (80.708)

• 8,9%

10,3% SG&A (% of revenues)

• 22,7%
• 24,3%

165 bps Adjusted EBITDA 37.797 31.187 21,2% 50,4%

• Adj. EBITDA Mg.

11,7% 9,4% 226 bps

• Chg. YoY
• Chg. YoY

1Q18 4Q17 1Q17 1Q18 1Q17 (%) (%) (%) CLP mn CLP mn Chile 0,3

• 3,3

0,2 136.116 135.890 0,2% 0,2% Argentina 26,9 30,0 21,2 172.612 180.406

• 4,3%

30,6% Colombia 6,2 6,2

• 2,1

15.439 15.461

• 0,1%

6,2% As Reported Constant Currency Revenues Same Stores Sales

Results Home Improvement Revenues & SSS by Country

Revenues decreased 2.3% and Adjusted EBITDA increased 21.2% in CLP YoY, affected by the depreciation of currencies against CLP.

• Chile: stable revenues YoY reflecting increased sales of imported

products, wholesale and internet, offset by lower sales from seasonal categories (lower temperatures). Adjusted EBITDA increased 45.2% due to lower personnel and logistic expenses, coupled with the implementation of efficiency and process improvement projects. Additionally, in 1Q17 results were impacted by loss related to the fire at the online DC.

• Argentina: 26.9% SSS on greater sales from imported products and

wholesale, partially offset by lower sales in air conditioning and white

• goods. Adjusted EBITDA expanded due to the greater share of higher

margin imports, lower expenses and greater expense leverage.

• Colombia: positive SSS reflecting the increase

in sales from soft categories and the increase in institutional sales, Mundo Experto and

• ecommerce. EBITDA margin improved due to

the efficient control of general and marketing expenses, in addition to greater operating leverage associated with higher sales.

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Department Stores

1Q18 1Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 264.117 262.800 0,5% 1,0% Gross Profit 75.111 76.025

• 1,2%
• 0,8%

Gross Mg. 28,4% 28,9%

• 49 bps

SG&A (73.993) (70.147) 5,5% 6,2% SG&A (% of revenues)

• 28,0%
• 26,7%
• 132 bps

Adjusted EBITDA 9.374 13.730

• 31,7%
• 32,6%
• Adj. EBITDA Mg.

3,5% 5,2%

• 168 bps

Results Department Stores Revenues & SSS by Country

• Chg. YoY
• Chg. YoY

1Q18 4Q17 1Q17 1Q18 1Q17 (%) (%) (%) CLP mn CLP mn Chile

• 0,7

2,1 4,9 246.437 247.384

• 0,4%
• 0,4%

Peru 11,8 6,7

• 3,8

17.680 15.416 14,7% 23,1% As Reported Constant Curency Revenues Same Stores Sales

Revenues increased 0.5% in CLP and Adjusted EBITDA decreased 31.7% YoY.

• Chile: revenues decreased influenced by declines in sales from

tourists, apparel (affected by the weather) and school category. This was partially offset by double-digit growth in e-commerce and an additional store YoY. Adjusted EBITDA decreased due to greater promotional activity, a higher share of e-commerce sales and higher expenses in security and severances.

• Peru: revenues increased driven by an 11.8% SSS and the net
• pening of one store YoY. SSS growth reflects improved

performance from décor, electronics and sports. Adjusted EBITDA increased as a result of lower promotional activity, an efficient inventory management, product mix shift and greater expense leverage.

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Shopping Centers

1Q18 1Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 59.348 59.483

• 0,2%

9,8% Gross Profit 52.902 52.693 0,4% 9,1% Gross Mg. 89,1% 88,6% 56 bps SG&A (5.487) (6.341)

• 13,5%
• 8,8%

SG&A (% of revenues)

• 9,2%
• 10,7%

141 bps Adjusted EBITDA 49.635 47.670 4,1% 13,3%

• Adj. EBITDA Mg.

83,6% 80,1% 349 bps

Results

• Chg. YoY
• Chg. YoY

1Q18 1Q17 1Q18 1Q17 (%) (%) CLP mn CLP mn Chile 98,3 98,0 37.498 36.209 3,6% 3,6% Argentina 95,2 96,7 14.945 16.095

• 7,1%

26,4% Peru 95,6 94,4 4.786 4.942

• 3,1%

4,3% Colombia 34,1 37,4 2.118 2.237

• 5,4%

0,8% As Reported Constant Currency Revenues Occupancy Rate

Shopping Centers Occupancy Rates & Revenues by Country

Revenues decreased 0.2% in CLP and el Adjusted EBITDA increased 4.1% YoY, affected by the depreciation of all currencies against CLP.

• Chile: revenues increased due to the adjustment to the fixed portion of

contracts (CPI), some contract renewals, the incorporation of new stores to Costanera Center, higher revenues from Sky Costanera and

• parking. Adjusted EBITDA grew due to the reversal in the recognition of

property taxes, lower severance and advertising expenses.

• Argentina: revenues increased due to the adjustment to the fixed

portion of contracts to reflect inflation and higher variable revenues due to the increase in tenant’s sales. Adjusted EBITDA margin decreased reflecting the salary adjustment and higher expenses from legal contingencies, which was partially offset by lower advertising expenses.

• Peru: revenues explained by lower average tariffs paid

by tenants in 1Q17. Adjusted EBITDA margin expanded due to greater expense leverage associated to higher revenues and lower advertising expenses.

• Colombia: revenues reflect adjustments in contracts to

be in line with the rest of the region, partially compensated by a reduction in the occupancy rate. Adjusted EBITDA dropped due to lower expense dilution YoY.

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Financial Services

Revenues increased 18.5% in CLP and Adjusted EBITDA was up 46.2% YoY.

• Chile: Adjusted EBITDA increased driven by loan portfolio growth, which

reflects increased sales in commerce and financial products, as well as an efficient control and reduction of operational expenses.

• Argentina: revenue growth driven by the loan portfolio expansion.

Adjusted EBITDA margin increased as a result of greater expense leverage, partially offset by higher risk related to the financial products growth.

• Brazil: Adjusted EBITDA grew driven by the portfolio growth, lower risk,

cost of funding and greater expense control, partially offset by lower revolving interest after the regulatory change made in May 2017.

• Peru: higher revenues driven by loan portfolio

growth, increased sales in retail, other commerce and financial products. EBITDA Margin fell due to the higher risk, partially offset by a increased expense dilution.

• Colombia: Adjusted EBITDA fell mainly due to a

lower revenues related to the sale of written-off portfolio and higher risk, offset by lower cost of funding and a greater dilution of expenses.

Financial Services Revenues, Loan Portfolio & Risk by Country

Results

1 Provisions over past due loan portfolio (with delinquency greater than 90 days).

• Chg. YoY
• Chg. YoY
• Chg. YoY

1Q18 1Q17 1Q18 1Q17 1Q18 1Q17

Chile

• 39
• 100,0%
• 100,0%

996.412 809.098 23,2% 2,8 2,7

Argentina

43.352 35.892 20,8% 64,9% 12.453.907 8.623.648 44,4% 1,7 2,3

Brazil

1.467 833 76,0% 97,8% 531.338 506.525 4,9% 0,7 0,7

Peru

16.913 15.050 12,4% 20,6% 675.856 501.215 34,8% 2,0 2,0

Colombia

1.237 1.346

• 8,0%
• 2,2%

831.233 759.934 9,4% 2,7 2,3 CLP mn Local Currency (times) Loan Portfolio NPL1 Revenues As Reported Constant Currency As Reported

1Q18 1Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 62.969 53.159 18,5% 51,1% Gross Profit 42.536 32.314 31,6% 68,8% Gross Mg. 67,6% 60,8% 676 bps SG&A (12.298) (12.299) 0,0% 24,7% SG&A (% of revenues)

• 19,5%
• 23,1%

361 bps Adjusted EBITDA 36.435 24.925 46,2% 82,3%

• Adj. EBITDA Mg.

57,9% 46,9% 1.097 bps

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Debt Structure

Key Figures1 Debt by Currency3 1Q18 1Q17

1 Figures translated to USD with end of period exchange rate as of March 2018. 2 Figures translated to USD with end of period exchange rate as of March 2018. Figures presented net from mark to market of derivatives and exclude overdrafts and Comex debt. 3 Debt by Currency and Debt by Rate include Cross Currency Swaps. 4 Proforma after USD 400 million 24-month refinancing of short term debt currently in execution (2Q18).

CLP + UF 77% USD 15% Others Latam Currency 8% CLP + UF 73% USD 18% Others Latam Currency 9% Fixed 79% Floating 21% Fixed 76% Floating 24%

Debt by Interest Rate3 Amortization Schedule (USD mn)2,4

1Q17 1Q18

Total Financial Debt (US$ Bn) 5,3 5,3 Cash (US$ Bn) 293 271 Other Financial Assets (US$ Mn) 656 474 Net Financial Debt (US$ Bn) 4,4 4,6

• Adj. EBITDA LTM (US$ Mn)

1.263 1.180 Net Financial Debt / Adj. EBITDA LTM 3,47 3,86

118 280 458 205 64 861 39 746 58 1.126 247 46 17 89 223 350

18 19 20 21 22 23 24 25 26 27 28 29 30 31 41 45

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Closing Comments

Solid Performance continuing Positive Trend

• Despite headwinds, customers responded favorably to

Cencosud’s value & commercial proposition

• Made significant commercial, operational and financial

progress Results Demonstrate Effective Execution of Strategy

• Additional higher-margin categories positively impacting

margins

• Significant progress in omnichannel capabilities and growth
• f ecommerce sales
• Continue to execute non-core asset sale program (US$ 1.0

billion) announced in August 2017

• Commitment to investment grade rating