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1

Second Quarter 2018

EARNINGS PRESENTATION

2

Disclaimer

Cencosud and their respective affiliates, officers, directors, partners and employees accept liability for any loss or damage

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

• r sell securities and should not be treated as giving

investment advice

• r
• therwise.

No representation

• r

warranty, express or implied, is provided in relation to the accuracy, completeness or reliability

• f 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.

3

Executive Summary

• Revenues decreased 6.9% due to the depreciation of currencies

against CLP, mainly ARS and BRL. At constant exchange rate, revenue increased a healthy 8.3%.

• Positive

SSS trend in Supermarkets Brazil and better performance YoY and QoQ in Peru and Colombia, positively impacted by the Soccer World Cup. SSS accelerated at Home Improvement in the region and Department Stores in Peru, against 1Q18.

• The online channel of retail businesses increased 54.1% YoY, and

reached a penetration of 3.6%1 over total retail sales compared to 2.2% in 2Q17.

• Adjusted EBITDA increased 6.6% with margin expanding 81 bps,

driven by higher profitability in Supermarkets Brazil, Financial Services Argentina, as well as Supermarkets and Home Improvement Chile.

1 Considers supermarket formats at all countries with the exception of Brazil, Department Stores Chilean Operations and Home Improvement in the 3 countries

4

Progress in Strategy Execution

Profitability

• Revenues decreased primarily due to the depreciation of all currencies

against CLP, mainly ARS (36.6%) and BRL (16.5%):

• Chile achieved higher revenue driven by most business units.
• In Argentina, Home Improvement and Shopping Centers posted

growth above inflation, while Financial Services delivered solid loan portfolio growth YoY.

• Greenfield businesses continue to improve their performance,

both Department Stores in Peru and Home Improvement in Colombia.

• Adjusted EBITDA up 6.6% and margin expanded 81 bps:
• Brazil posted improvements on a YoY and a QoQ basis, based on

better revenue performance and greater operating leverage.

• Argentina EBITDA margin expanded driven by Financial Services

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

• Peru posted an EBITDA margin expansion driven by Department

Stores, Financial Services and Supermarkets.

• Colombia EBITDA margin remained stable driven by improved

margins at Home Improvement, Shopping Centers and Supermarkets, partially offset by Financial Services.

• Chile EBITDA margin decreased due to lower gains from the sale of

properties YoY, and in a lesser extent lower profitability at Department Stores and Shopping Centers.

• Net profit decreased 84.7% YoY reflecting a non-cash FX

loss due to the CLP devaluation against USD, partially offset by lower tax expenses.

2Q18 2Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 2.406.517 2.586.037

• 6,9%

8,3% Gross Profit 689.705 728.212

• 5,3%

13,0% Gross Mg. 28,7% 28,2% 50 bps SG&A (596.299) (655.583)

• 9,0%

8,8% SG&A (% of revenues)

• 24,8%
• 25,4%

57 bps Adjusted EBITDA 153.241 143.783 6,6% 22,4%

• Adj. EBITDA Mg.

6,4% 5,6% 81 bps Net Profit 3.682 24.046

• 84,7%
• 51,9%

Net Profit Mg. 0,2% 0,9%

• 78 bps

5

Progress in Strategy Execution

Omnichannel Initiatives

• Online channel of the retail businesses increased 54.1% YoY (SM

+44.6%, DS +47.3%, HI +105.7%), and reached a penetration of 3.6%1

• ver total retail sales compared to 2.2% in 2Q17.
• Supermarkets (Regional)
• C&C available at 267 stores; Drive thru at 40 stores.
• Buy online + delivery available at 108 stores.
• Buy in store + delivery available at 133 stores.
• Home Improvement

Chile

• Implementation of C&C with picking at the stores, at all 35 Easy

stores. Argentina

• Collect from store for large and bulky products available at all
• stores. Successful first hot sale at Blaisten.

Colombia

• Migration to new Call Center Atento.
• Optimization of Easy.com.co Home page to 3 seconds of load,

above its main competitors.

• Department Stores
• C&C (stock at DC) available at 46 stores compared to 34

as of June 2017.

• Bopis (buy online pick up in store, stock at the stores)

available at 33 stores, compared to 2 stores as of June 2017.

• 200 kiosks with PinPad, compared to 99 as of June 2017.

1 Considers supermarket formats at all countries with the exception of Brazil, Department Stores Chilean Operations and Home Improvement in the 3 countries.

6

Progress in Strategy Execution

Efficiency Initiatives

Supermarkets

• Chile:
• Self Check-out: installed 114 units at 20 stores compared to

62 units at 11 stores as of June 2017.

• Self Scanning: installed 60 units at 15 stores, similar to June

2017.

• Self Service scales: installed 62 units at 53 stores as of June

2018, compared to 47 units at 47 stores as of June 2017.

• Argentina
• Self Check-out: installed 304 units at 66 stores compared to

192 units at 49 stores as of June 2017.

• Self Scanning: installed 124 units at 30 stores, compared to

76 units at 18 stores as of June 2017.

• Self Service scales: installed 308 units at 182 stores as of

June 2018, compared to 153 units at 90 stores as of June 2017.

• Installed doors at cold equipment at 48 stores YoY.
• Peru
• Self Check-out: installed 9 units at 2 stores YoY.
• Self Scanning: installed 81 units at 16 stores,

compared to 66 units at 11 stores as of June 2017.

• Brazil:
• Has installed doors at cold equipment at 130

stores by the end of June 2018, compared to 120 stores by the end of June 2017.

• Colombia:
• Has installed doors at cold equipment at 21

stores YoY.

7

Progress in Strategy Execution

Efficiency Initiatives

• Digital poster: tool which provides the stores the

possibility of printing promotional posters by entering the product code and selecting the type of promotion.

• Colombia:
• Energy

Efficiency project: LED lights, doors in refrigerators, renewal of cold equipment to save energy consumption at store level. Energy consumption reduced by 10% YoY.

• Receipt alerts: guarantee that once we receive goods

that are sold out, these go thru directly to the selling space, to ensure availability of products and avoid loss of sales.

• Availability of products/stock out controls: tool allows to

monitor/have daily control

• f

the stock-outs and insufficient merchandise, allowing for an adequate management of the stock at the store and avoid sale losses.

• Shifts Planner: automatically schedules shifts in an
• ptimized way, taking into account the particularities and

behavior of the individual store, ensuring compliance with labor laws and work policies defined by the company. Supermarkets

• Chile:
• Robot: Scans more than 20,000 price tags each night and

delivers reports of price differences, product availability and

• assortment. 4 pilots being tested at 4 stores.
• Collecting Boxes1: 43 more equipment installed YoY reaching a

total of 100 units installed.

• Argentina
• Energy consumption (Kwh): Automatically and by remote the

lights of the store are turned one and off, avoiding unnecessary energy consumption. Implemented at 44 stores.

• Peru
• Scales: 249 scales renovated at 28 stores, making them suitable

to implement the SGB system (scales update perishable prices automatically with SAP). SGB implemented at 4 stores.

• Brazil:
• Collectors: implementation of devices to update stock prices,

supply and availability of products in store. Devices’ functions reduce the execution time of in store activities by at least 40%.

1 Machine that enables automation of money count at store treasuries.

8

Progress in Strategy Execution

Efficiency Initiatives

Department Stores

• Chile
• Self Check-out: 2 stores with the service available.
• Implementation of self-price consulting devices: 351

devices implemented at 44 stores as of June 2018, against 271 devices at 43 stores as of June 2017.

• Path finder: 34 portable Wireless labeling devices

implemented at 19 stores.

• Wi-fi at Paris stores: 20 stores with wi-fi implemented

as of June 2018. Home Improvement

• Chile:
• Self Check-Out:

20 more stores with self-payment terminals available.

• Compusafe: allows to automate money count at store treasuries.
• Inventory Efficiency Plan: forecast generation, measurement of

suppliers service indicators, delivery of refined assortment at 2 pilot stores.

• Biometric access: facilitates the self-monitoring of suppliers.

Allows to validate contract fulfillment and consequently the fines associated with non-compliance.

• Increase in the effective load of trucks reducing freight expenses.
• Argentina
• Private Security: Reduction of hours. 43,781 hours reduced in the

October-December 2017 period. 89,720 hours reduced in the Jan- Jun 2018 period.

• Additional Police: Reduction of hours. 20,903 hours reduced in the

November-December 2017 period. 77,868 hours reduced in the Jan-Jun 2018 period.

• Cleaning Services: Headcount reduction at 26 stores

in the August-December 2017 period. Process continues throughout 2018, with 39 stores carrying

• ut the reduction.
• Colombia
• Change to Led technology in stores. Savings have

been more than 50% in the monthly energy expenditure.

9

Performance by Business

Note: All figures in CLP million unless indicated otherwise. “Others” segment include Corporate expenses, Aventura Entertainment Centers and Loyalty Program. Also includes extraordinary gains from the sale of non-core assets: CLP 7,682 million in 2Q17 and CLP (747) million in 2Q18. 2Q18 2Q17

• Chg. YoY
• Chg. YoY

2Q18 2Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency CLP mn CLP mn As Reported Constant Currency Supermarkets 1.695.508 1.863.621

• 9,0%

5,3% 82.370 73.750 11,7% 13,6% 4,9% 4,0% 90 bps Home Improvement 300.255 317.692

• 5,5%

22,3% 24.641 20.099 22,6% 64,7% 8,2% 6,3% 188 bps Department Stores 286.129 282.639 1,2% 1,8% 13.207 13.159 0,4% 0,1% 4,6% 4,7%

• 4 bps

Shopping Centers 59.268 61.876

• 4,2%

10,9% 47.215 51.447

• 8,2%

4,3% 79,7% 83,1%

• 348 bps

Financial Services 63.302 55.629 13,8% 61,2% 31.827 24.666 29,0% 82,8% 50,3% 44,3% 594 bps Others 2.055 4.580

• 55,1%
• 39,0%

(46.019) (39.337) 17,0% 34,3% Consolidated 2.406.517 2.586.037

• 6,9%

8,3% 153.241 143.783 6,6% 22,4% 6,4% 5,6% 81 bps REVENUES ADJUSTED EBITDA & MG.

10

Supermarkets

Results Supermarket SSS by Country & Food Inflation

Revenues declined 9.0% in CLP reflecting the depreciation of all currencies against CLP, partially offset by improved performance in Brazil, Peru & Colombia. Adjusted EBITDA increased 11.7% YoY explained by:

• Chile: Adjusted EBITDA increased driven by lower production and logistic costs

and more efficient promotional activity, partially offset by pre-opening expenses.

• Argentina: lower EBITDA margin reflects higher promotional activity, lower

rebates from suppliers and lower SG&A dilution, all partially offset by the positive effect of inflation on inventory.

• Brazil: revenue performance improved (BRL) benefitting from changes in the

commercial structure and pricing, coupled with the anniversary campaign (May). Adjusted EBITDA improved due to the change in the commercial model and greater SG&A leverage.

• Peru: positive SSS impacted by increased Metro sales & the

Soccer World Cup, partially offset by the remodeling of one

• store. Adjusted EBITDA margin improved reflecting the results
• f efficiency projects.
• Colombia: revenues reflect lower sales in perishables, store

remodelings and closings, partially offset by the positive World Cup effect, higher apparel and online sales. EBITDA margin improved due to renegotiated commercial agreements, increased energy efficiency and lower marketing expenses.

Source: INE, IBGE, BCRP, BanRep 2Q18 2Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 1.695.508 1.863.621

• 9,0%

5,3% Gross Profit 423.510 460.964

• 8,1%

8,4% Gross Mg. 25,0% 24,7% 24 bps SG&A (377.514) (428.905)

• 12,0%

6,4% SG&A (% of revenues)

• 22,3%
• 23,0%

75 bps Adjusted EBITDA 82.370 73.750 11,7% 13,6%

• Adj. EBITDA Mg.

4,9% 4,0% 90 bps

• Chg. YoY
• Chg. YoY

2Q18 1Q18 2Q17 2Q18 2Q17 2Q18 2Q17 (%) (%) (%) (%) (%) CLP mn CLP mn Chile 1,9 5,1 3,3 2,8 2,7 677.607 662.065 2,3% 2,3% Argentina 17,7 20,3 20,3 23,2 n.d. 313.553 417.186

• 24,8%

18,5% Brazil 1,6

• 0,7
• 7,0
• 2,8

1,0 330.362 389.805

• 15,2%

1,5% Peru 2,7 1,5

• 2,6
• 1,4

3,9 191.471 201.524

• 5,0%

1,5% Colombia 0,3

• 3,1
• 5,7

1,6 2,0 182.515 193.042

• 5,5%
• 1,2%

Constant Currency Same Store Sales Food Inflation Revenues As Reported

11

Home Improvement

Results Home Improvement Revenues & SSS by Country

Revenues decreased 5.5% and Adjusted EBITDA increased 22.6% in CLP YoY, affected by the depreciation of currencies against CLP.

• Chile: revenue growth reflects a positive 7.9% SSS driven by the higher

wholesale and internet sales. Adjusted EBITDA increased 63.8% due to increased efficiency, lower logistic costs and higher expense control.

• Argentina: 29.8% SSS increase on greater sales for all categories,

underpinned by sustained growth of internet sales. Adjusted EBITDA expansion from greater share of higher margin products such as imports, and the efficiency plan implemented.

• Colombia: positive 10.5% SSS reflects higher sales from private labels

and improved product availability levels. EBITDA margin up driven by the greater contribution from private labels over total sales, lower logistic costs and greater operating leverage.

2Q18 2Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 300.255 317.692

• 5,5%

22,3% Gross Profit 94.838 98.887

• 4,1%

28,4% Gross Mg. 31,6% 31,1% 46 bps SG&A (76.203) (85.038)

• 10,4%

18,2% SG&A (% of revenues)

• 25,4%
• 26,8%

139 bps Adjusted EBITDA 24.641 20.099 22,6% 64,7%

• Adj. EBITDA Mg.

8,2% 6,3% 188 bps

• Chg. YoY
• Chg. YoY

2Q18 1Q18 2Q17 2Q18 2Q17 (%) (%) (%) CLP mn CLP mn Chile 7,9 0,3

• 0,7

132.539 123.082 7,7% 7,7% Argentina 29,8 26,9 23,4 151.800 179.549

• 15,5%

33,3% Colombia 10,5 6,2

• 5,5

15.917 15.062 5,7% 10,5% As Reported Constant Currency Revenues Same Stores Sales

12

Department Stores

Results Department Stores Revenues & SSS by Country

Revenues increased 1.2% in CLP and Adjusted EBITDA increased 0.4% YoY.

• Chile: revenues decreased influenced by a 57% decline in sales

from tourists, and the negative effect from milder weather on apparel, partially offset by double-digit growth in e-commerce. Adjusted EBITDA decreased due to greater promotional activity, higher personnel and IT expenses.

• Peru: revenues increased driven by a 24.0% SSS and the net
• pening of one store YoY. SSS growth reflects improved

performance at all categories and the positive Soccer Word Cup

• effect. Adjusted EBITDA increased as a result of improved

margins at apparel and electronic sales (better season transitions) and greater expense leverage.

2Q18 2Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 286.129 282.639 1,2% 1,8% Gross Profit 80.415 79.001 1,8% 2,3% Gross Mg. 28,1% 28,0% 15 bps SG&A (75.653) (73.585) 2,8% 3,4% SG&A (% of revenues)

• 26,4%
• 26,0%
• 41 bps

Adjusted EBITDA 13.207 13.159 0,4% 0,1%

• Adj. EBITDA Mg.

4,6% 4,7%

• 4 bps
• Chg. YoY
• Chg. YoY

2Q18 1Q18 2Q17 2Q18 2Q17 (%) (%) (%) CLP mn CLP mn Chile

• 1,0
• 0,7

5,0 262.571 264.197

• 0,6%
• 0,6%

Peru 24,0 11,8

• 3,4

23.558 18.442 27,7% 36,5% As Reported Constant Curency Revenues Same Stores Sales

13

Shopping Centers

Results Shopping Centers Occupancy Rates & Revenues by Country

Revenues decreased 4.1% in CLP and Adjusted EBITDA decreased 8.2% YoY, affected by the depreciation of all currencies against CLP.

• Chile: revenues increased due to contract renewals and higher

revenues from offices, Sky Costanera and parking, partially offset by lower variable sales. Adjusted EBITDA decreased due to higher expenditures on preventive maintenance, advertising campaigns and rental expenses, coupled with timing differences between the collection of common expenses and actual spending.

• Argentina: revenues increased driven by the adjustment in the

fixed portion of contracts (inflation) and higher variable revenues from higher tenant’s sales. Adjusted EBITDA margin decreased reflecting the retroactive payment of a lease agreement (one-off).

• Peru: revenues explained by higher variable revenues

related to increased tenant’s sales reflecting the Soccer World Cup effect. Adjusted EBITDA margin decreased due to greater rental expenses.

• Colombia: lower revenues explained by one less tenant,

partially offset by the incorporation of one new tenant by the end of the quarter. Adjusted EBITDA margin increased

• n lower personnel expenses.
• Chg. YoY
• Chg. YoY

2Q18 2Q17 2Q18 2Q17 (%) (%) CLP mn CLP mn Chile 99,1 99,2 36.752 36.210 1,5% 1,5% Argentina 98,0 98,4 15.457 18.294

• 15,5%

33,2% Peru 96,4 97,0 4.857 5.053

• 3,9%

2,7% Colombia 72,7 72,3 2.202 2.319

• 5,0%
• 0,7%

As Reported Constant Currency Revenues Occupancy Rate

2Q18 2Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 59.268 61.876

• 4,2%

10,9% Gross Profit 52.360 54.677

• 4,2%

9,5% Gross Mg. 88,3% 88,4%

• 2 bps

SG&A (6.730) (5.149) 30,7% 53,1% SG&A (% of revenues)

• 11,4%
• 8,3%
• 303 bps

Adjusted EBITDA 47.215 51.447

• 8,2%

4,3%

• Adj. EBITDA Mg.

79,7% 83,1%

• 348 bps

14

Financial Services

Revenues increased 13.8% in CLP and Adjusted EBITDA was up 29.0% YoY.

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

increased sales in commerce and financial products, as well as a reduction of operational expenses.

• Argentina: revenue growth reflecting loan portfolio expansion. Adjusted

EBITDA margin increased as a result of greater expense leverage, partially offset by higher risk (financial products growth) and a more complex economic environment.

• Brazil: Adjusted EBITDA decreased driven by the currency devaluation

and lower revolving interest after the regulatory change, partially offset by lower risk, cost of funding and greater expense control.

• Peru: higher revenues driven by loan portfolio growth,

increased sales in retail, other commerce and financial

• products. EBITDA Margin increased due to higher expense

dilution, partially offset by increased risk.

• Colombia: Adjusted EBITDA fell mainly due to a lag in the

comparison base (1Q7 income provisions accounted in 2Q17) and lower interests income due to regulatory changes, partially offset by higher income from the sale of written-off portfolio, lower cost of funding and lower risk.

Financial Services Revenues, Loan Portfolio & Risk by Country

Results

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

2Q18 2Q17

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 63.302 55.629 13,8% 61,2% Gross Profit 37.584 32.282 16,4% 68,9% Gross Mg. 59,4% 58,0% 134 bps SG&A (10.463) (11.591)

• 9,7%

22,1% SG&A (% of revenues)

• 16,5%
• 20,8%

431 bps Adjusted EBITDA 31.827 24.666 29,0% 82,8%

• Adj. EBITDA Mg.

50,3% 44,3% 594 bps

• Chg. YoY
• Chg. YoY
• Chg. YoY

2Q18 2Q17 2Q18 2Q17 2Q18 2Q17

Chile

• (39)
• 100,0%
• 100,0%

1.021.035 843.403 21,1% 2,8 2,6

Argentina

43.305 39.135 10,7% 74,5% 13.054.240 9.448.677 38,2% 1,3 2,1

Brazil

339 530

• 36,0%
• 23,4%

544.536 530.497 2,6% 0,6 0,7

Peru

18.537 14.225 30,3% 39,2% 726.238 509.320 42,6% 1,8 1,8

Colombia

1.121 1.778

• 36,9%
• 34,1%

834.699 760.260 9,8% 2,7 2,1 CLP mn Local Currency (times) Loan Portfolio NPL1 Revenues As Reported Constant Currency As Reported

15 15

Debt Structure

Key Figures1 Debt by Currency3 2Q18 2Q17

1 Figures converted to USD using end of period exchange rate as of 30 June 2018. 2 Figures converted to USD using end of period exchange rate as of 30 June 2018. Figures are presented net off gains/losses from mark to market of derivatives, overdrafts and Comex debt. 3 Debt by Currency and Debt by Rate include Cross Currency Swaps.

Debt by Interest Rate3 Amortization Schedule (USD mn)2

CLP + UF; 72% USD; 20% Others Latam; 8% CLP + UF; 73% USD; 19% Otras Latam; 8% Fixed; 80% Floating; 20% Fixed; 74% Floating; 26%

95 316 589 182 59 801 36 727 54 1.076 229 42 16 208 350 18 19 20 21 22 23 24 25 26 27 28 29 30 41 45

2Q17 2Q18

Total Financial Debt (US$ Bn) 5,0 5,2 Cash (US$ Mn) 187 226 Other Financial Assets (US$ Mn) 542 568 Net Financial Debt (US$ Bn) 4,3 4,4

• Adj. EBITDA LTM (US$ Mn)

1.071 1.106 Net Financial Debt / Adj. EBITDA LTM 4,02 3,99

16

Closing Comments

Solid Performance in a Challenging Environment

• Improved performance in many countries offset by

weaker currencies which impact consolidated financial results

• Higher EBITDA reflects improved profitability in most

countries Significant Progress with Business Initiatives

• E-commerce growing rapidly – increasing as percentage of

total sales

• Ongoing roll-out of new technology and equipment

driving efficiency improvements

• Continue to focus on debt reduction through sale of non-

core asset initiatives