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Second Quarter 2019

EARNINGS PRESENTATION

Disclaimer

Cencosud and their respective affiliates, officers, directors, partners and employees accept no 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. The information contained in this presentation 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 presentation is not intended to be complete.

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Executive Summary

• Softer consumption in Chile and weak macroeconomic environment in Argentina

affected results during the quarter. Despite these headwinds, Adjusted EBITDA1 margin expanded 95 bps supported by operational improvements in Brazil, Peru and Colombia, as well as lower SG&A as a result of the efficiency plans implemented in labor costs and basic services and the IFRS16 rule adoption2.

• At constant exchange rates, revenue increased 6.8% YoY. Under previous accounting

standards which excludes IAS29 (hyperinflation accounting in Argentina) effective since 3Q18, revenues decreased 4.9% due to the depreciation of ARS and BRL against the CLP. As reported, and including IAS29, revenues decreased 1.8%.

• During the second quarter, the IPO of Shopping Centers was successfully executed,

raising USD 1.055 million. Proceeds will be used to pay down debt at Cencosud.

• 1. Adjusted EBITDA: Gross profit + Other income by function + Other gains (losses) – SG&A + D&A + profit of equity method associate - Asset Revaluation
• 2. IFRS16 rules states all leases exceeding 12 months in length and not of low value, should be recognized in the balance sheet.

(A) (B) (C) (D) CLP mn CLP mn Ex-IAS29 3 Constant Currency CLP mn CLP mn CLP mm (%) Revenues 2.288.196 2.406.517

• 4,9%

6,8% 54.869 20.293 2.363.357

• 1,8%

Gross Profit 630.842 689.705

• 8,5%

5,6% 24.758 7.160 662.760

• 3,9%

Gross Mg. 27,6% 28,7%

• 109 bps

28,0%

• 62 bps

SG&A (540.501) (596.299)

• 9,4%

4,4% (20.888) (5.953) (567.342)

• 4,9%

SG&A (% of revenues)

• 23,6%
• 24,8%

116 bps

• 24,0%

77 bps Adjusted EBITDA 167.501 153.241 9,3% 19,7% 13

• 167.513

9,3%

• Adj. EBITDA Mg.

7,3% 6,4% 95 bps 7,1% 72 bps Net Profit 9.599 3.682 160,7% 231,6% (28.803) 244 (18.960) n.a. Net Profit Mg. 0,4% 0,2%

• 0,8%

Inflation Effect4 Conversion Effect5 As Reported Under Previous Accounting Standards 2Q191 2Q182

• Chg. YoY
• Chg. YoY

IAS29 2Q196

• Chg. YoY

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2Q19 Highlights

Consolidated 2Q19 Results

1 Excludes the adjustment by hyperinflation in Argentina 2 As Reported 3 Considers the quarter results with previous accounting methodology, using an average exchange rate per month in Argentina. 4 ‘Inflation effect’ reflects the three months period results from Argentina updated by inflation. 5 ‘Conversion effect’ reflects the translation from ARS to CLP figures of the 6 months period using end of period exchange rate as of June 2019. 6 Includes the adjustment by hyperinflation in Argentina. 7 (A) + (B) + (C) = (D)

(A) (B) (C) (D) CLP mn CLP mn Ex - IAS29 3 Constant Currency CLP mn CLP mn CLP mn (%) Revenues 4.562.933 4.829.322

• 5,5%

5,9% 67.792 (17.067) 4.613.658

• 4,5%

Gross Profit 1.288.715 1.393.653

• 7,5%

6,6% 18.623 (7.196) 1.300.142

• 6,7%

Gross Mg. 28,2% 28,9%

• 62 bps

28,2%

• 68 bps

SG&A (1.082.704) (1.182.187)

• 8,4%

8,7% (28.932) 4.483 (1.107.153)

• 6,3%

SG&A (% of revenues)

• 23,7%
• 24,5%

75 bps

• 24,0%

48 bps Adjusted EBITDA 463.238 336.402 37,7% 51,3% 1.594 (2.945) 461.886 37,3%

• Adj. EBITDA Mg.

10,2% 7,0% 319 bps 10,0% 305 bps Net Profit 186.960 56.134 233,1% 151,6% (51.755) (907) 134.299 139,2% Net Profit Mg. 4,1% 1,2% 2,9% 175 bps 6M191 6M182

• Chg. YoY
• Chg. YoY

Under Previous Accounting Standards As Reported 6M196

• Chg. YoY

IAS29 Conversion Effect5 Inflation Effect4

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6M19 Highlights

Consolidated 6M19 Results

1 Excludes the adjustment by hyperinflation in Argentina 2 As Reported 3 Considers the quarter results with previous accounting methodology, using an average exchange rate per month in Argentina. 4 ‘Inflation effect’ reflects the three months period results from Argentina updated by inflation. 5 ‘Conversion effect’ reflects the translation from ARS to CLP figures of the 3 months period using end of period exchange rate as of March 2019. 6 Includes the adjustment by hyperinflation in Argentina. 7 (A) + (B) + (C) = (D)

Update: Cencosud Shopping Centers Completes IPO

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 May 6, 2019: Cencosud Shopping was registered on the Financial Market Commission (CMF) under number 1164.  May 17, 2019: Notes Issuance of UF 10,000,000 structured in Series A for UF 7,000,000 for a term of 10 years and Series B for UF 3,000,000 for a term of 25 years. Funds will be used to refinance liabilities.  June 17-27, 2019: Local, international roadshow and pricing of the publicly offered shares  June 28, 2019: Cencosud Shopping successfully placed through the Santiago Stock Exchange, 472 million shares to the public at a price

• f $1,521 CLP, raising USD 1,055 million.

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2019 Focus: Omnichannel

Supermarket

• Chile launched the new Jumbo App with express delivery

in August 2019

• Argentina: efforts focused on increasing web page

visibility on the internet

• Colombia:

launch

• f

Metro website with national coverage on non-food products and food coverage in Bogota

• Peru: focus centered on increasing the number of sku’s
• ffered on the website.

Home Improvement

• Chile: double digit growth due to Cyber Monday. Good

performance of the recently introduced same day Click and Collect, improvements to the post-sales systems and the implementation of systems to automate certain processes in the back-office

• Argentina: alliances

with banks to boost sales in installments

• Colombia: increasing online assortment and a good

performance on strategic alliances

Department Stores

• Chile:
• Successful execution of Cyber Monday campaign
• Positive results after the changes made to the lay-out

and efficiencies in the picking process

Internet Sales VAR % 19/18 Penetration 2Q19 Penetration 2Q18 Supermarkets 11,6% 1,6% 1,4% Department Stores 17,6% 20,9% 17,1% Home Improvement 53,8% 6,3% 3,7% Total 22,0% 4,5% 3,5%

Supermarkets

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Results1 Supermarket SSS by Country & Food Inflation

Revenues declined YoY by 3.0% in CLP reflecting the depreciation of ARS against CLP. Revenue comparisons were affected by the World Soccer Cup which took place in June 2018 and higher promotional activity, partially offset by higher online sales in all countries. Adjusted EBITDA increased 24,7% in CLP YoY explained by the adoption of IFRS16 across countries. Excluding this effect, Adjusted EBITDA margin was flat YoY, reflecting higher EBITDA in Brazil and Colombia, partially offset by Argentina, Peru and Chile, due to higher promotional activity in these countries.

Source: INE, IBGE, BCRP, BanRep 1 For comparative purposes and business performance analysis, figures exclude the effect of hyperinflation in Argentina.

2Q19 2Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 1.645.463 1.695.508

• 3,0%

6,9% Gross Profit 400.456 423.510

• 5,4%

5,8% Gross Mg. 24,3% 25,0%

• 64 bps

SG&A (347.428) (377.514)

• 8,0%

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

• 21,1%
• 22,3%

115 bps Adjusted EBITDA 102.690 82.370 24,7% 21,2%

• Adj. EBITDA Mg.

6,2% 4,9% 138 bps

• Chg. YoY
• Chg. YoY

2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 (%) (%) (%) (%) CLP mn CLP mn Chile 0,0 1,9 2,2 2,2 685.717 677.607 1,2% 1,2% Argentina 35,5 17,7 64,0 23,2 246.533 313.553

• 21,4%

35,2% Brazil

• 0,2

1,6 5,9

• 2,8

333.868 330.362 1,1% 0,0% Peru

• 3,3

2,7 2,5

• 1,4

206.208 191.471 7,7%

• 0,3%

Colombia 0,5 0,3 4,6 3,9 173.138 182.515

• 5,1%
• 0,6%

Same Store Sales Constant Currency Food Inflation Revenues As Reported

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Results1 Home Improvement Revenues & SSS by Country

Revenues decreased 9.8% YoY explained by the depreciation of ARS against CLP. In Argentina revenue growth in local currency is explained by the inflation increase, offset by lower wholesale

• revenues. This was offset a positive SSS in Chile and Colombia,

mainly due to the increase in wholesale revenues and online sales. Adjusted EBITDA declined 16.6% in CLP, affected by the depreciation of ARS against CLP, partially offset by the adoption of

• IFRS16. Excluding this effect Adjusted EBITDA decreased 25,5%.

Gross Margin in Chile and Argentina is explained by lower rebates from suppliers and in the case of Colombia due to the liquidation

• f obsolete inventory. Nevertheless, in Chile and Colombia EBITDA

margin increased due to efficiency plans.

1 For comparative purposes and business performance analysis, figures exclude the effect of hyperinflation in Argentina.

2Q19 2Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 270.687 300.255

• 9,8%

18,1% Gross Profit 80.321 94.838

• 15,3%

16,2% Gross Mg. 29,7% 31,6%

• 191 bps

SG&A (66.511) (76.203)

• 12,7%

18,5% SG&A (% of revenues)

• 24,6%
• 25,4%

81 bps Adjusted EBITDA 20.559 24.641

• 16,6%

10,5%

• Adj. EBITDA Mg.

7,6% 8,2%

• 61 bps
• Chg. YoY
• Chg. YoY

2Q19 2Q18 2Q19 2Q18 (%) (%) CLP mn CLP mn Chile 3,2 7,9 138.114 132.539 4,2% 4,2% Argentina 31,2 29,8 115.973 151.800

• 23,6%

31,2% Colombia 9,2 10,5 16.600 15.917 4,3% 9,3% As Reported Constant Currency Revenues Same Stores Sales

Home Improvement

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Results Department Stores Revenues & SSS by Country

Revenues decreased 3.9% YoY in CLP reflecting lower sales of electronic products and higher promotional activity. In Chile SSS was -5.8% affected by a drop in average prices, partially

• ffset by the increase of online sales. In the case of Peru,

revenues increased slightly due to higher apparel sales, offset by lower electronic product sales as a result of the Soccer World Cup in 2018. Adjusted EBITDA decreased 9,1% and margin declined 25 bps impacted by the higher promotional activity and lower rebates from suppliers, partially offset by decrease in expenses resulting from the efficiency and process restructuring plans.

2Q19 2Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 275.054 286.129

• 3,9%
• 4,5%

Gross Profit 73.173 80.415

• 9,0%
• 9,5%

Gross Mg. 26,6% 28,1%

• 150 bps

SG&A (75.601) (75.653)

• 0,1%
• 0,8%

SG&A (% of revenues)

• 27,5%
• 26,4%
• 105 bps

Adjusted EBITDA 12.011 13.207

• 9,1%
• 9,2%
• Adj. EBITDA Mg.

4,4% 4,6%

• 25 bps
• Chg. YoY
• Chg. YoY

2Q19 2Q18 2Q19 2Q18 (%) (%) CLP mn CLP mn Chile

• 5,8
• 1,0

249.447 262.571

• 5,0%
• 5,0%

Peru

• 0,8

24,0 25.607 23.558 8,7% 0,6% As Reported Constant Curency Revenues Same Stores Sales

Department Stores

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Results1 Shopping Centers Occupancy Rates & Revenues by Country

Revenues decreased 5.5% YoY in CLP and Adjusted EBITDA decreased 3.5% due to higher SG&A explained by the change in the accounting for advertising spending, partially offset by the IFRS16 effect.

• Chile: revenue growth driven by fixed revenues, partially offset

by lower variable sales from tenants. Adjusted EBITDA increased driven by the adoption of IFRS16 and higher gross profit reflecting lower common expenses.

• Argentina: revenues up 23.6% in local currency due to the

inflation adjustment in a portion of contracts. Adjusted EBITDA margin contraction explained by higher salary expenses and land taxes, partially offset by the adoption of IFRS16.

• Peru: revenue growth driven by higher fixed revenues

due to the entry of new tenants. Adjusted EBITDA margin expanded driven by the adoption of IFRS16 and lower energy expenses.

• Colombia: revenues decreased 4.0% YoY in CLP reflecting

higher vacancy. Adjusted EBITDA margin contracted due to higher property taxes expenses.

1 For comparative purposes and business performance analysis, figures exclude the effect of hyperinflation in Argentina.

2Q19 2Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 56.019 59.268

• 5,5%

7,2% Gross Profit 50.732 52.360

• 3,1%

7,6% Gross Mg. 90,6% 88,3% 222 bps SG&A (5.681) (6.730)

• 15,6%

0,9% SG&A (% of revenues)

• 10,1%
• 11,4%

121 bps Adjusted EBITDA 45.581 47.215

• 3,5%

6,3%

• Adj. EBITDA Mg.

81,4% 79,7% 170 bps

• Chg. YoY
• Chg. YoY

2Q19 2Q18 2Q19 2Q18 (%) (%) CLP mn CLP mn Chile 99,4 99,5 37.058 36.752 0,8% 0,8% Argentina 97,9 98,2 11.259 15.457

• 27,2%

23,6% Peru 96,9 96,9 5.684 4.857 17,0% 8,3% Colombia 72,0 72,0 2.018 2.202

• 8,3%
• 4,0%

As Reported Constant Currency Revenues Occupancy Rate

Shopping Centers

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• Peru:

Revenues and Adjusted EBITDA decreased as the business was no longer consolidated as of March 1, 2019. Excluding this effect, Adjusted EBITDA Margin contracted due to higher risk from the strategy focused on emerging segments.

• Colombia: Adjusted EBITDA increased mainly

reflecting the sale of a written-off portfolio.

Financial Services Revenues, Loan Portfolio & Risk by Country

Results2

1 Provisions over past due loan portfolio (with delinquency greater than 90 days). 2 For comparative purposes and business performance analysis, figures exclude the effect of hyperinflation in Argentina.

Revenues decreased 40.2% YoY in CLP and Adjusted EBITDA was down 36.8%, due to the deconsolidation of Peru Financial Service Results.

• Chile: Adjusted EBITDA declined due to higher risk provision due to the

cross check of client information with the Company’s competition which published as a bank for the first time.

• Argentina: Adjusted EBITDA margin decreased due to the reduction of

the loan-portfolio and increased risk.

• Brazil: Adjusted EBITDA margin increased, explained by the lower risk as

a result of a more conservative commercial strategy partially offset by the decrease of the loan portfolio.

2Q19 2Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 37.878 63.302

• 40,2%
• 0,8%

Gross Profit 23.518 37.584

• 37,4%

0,8% Gross Mg. 62,1% 59,4% 272 bps SG&A (5.298) (10.463)

• 49,4%
• 15,1%

SG&A (% of revenues)

• 14,0%
• 16,5%

254 bps Adjusted EBITDA 20.117 31.827

• 36,8%
• 2,9%
• Adj. EBITDA Mg.

53,1% 50,3% 283 bps

• Chg. YoY
• Chg. YoY
• Chg. YoY

2Q19 2Q18 2Q19 2Q18 2Q19 2Q18

Chile

• N.A.

N.A. 1.205.016 1.021.035 18,0% 2,4 2,8

Argentina

34.134 43.305

• 21,2%

36,1% 11.715.409 13.054.240

• 10,3%

1,4 1,3

Brazil

883 339 160,5% 157,5% 507.514 544.536

• 6,8%
• 0,6

Peru

• 18.537
• 100,0%
• 100,0%

855.825 726.238 17,8% 2,3 1,8

Colombia

2.862 1.121 155,3% 167,5% 847.131 834.699 1,5% 3,2 2,7 CLP mn Local Currency (times) Loan Portfolio NPL1 Revenues As Reported Constant Currency As Reported

Financial Services

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Debt Structure

Key Figures1

1 Figures converted to USD using end of period exchange rate for each period. 2 Figures converted to USD using end of period exchange rate as of June 30, 2019. 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.

Amortization Schedule (USD mn)2 Debt by Currency3 Debt by Interest Rate3 2Q19 2Q18

CLP + UF; 73% USD; 21%

Otras Latam; 6%

• Total net debt increased due to adoption of IFRS16
• Excluding this effect, total net debt decreased 31.6% YoY.

CLP + UF; 72% USD; 20% Otras Latam; 8% Fixed; 80% Floating; 20% Fixed; 80% Floating; 20%

2Q19 2Q18

Total Financial Debt (US$ Bn) 6,5 5,0 Cash (US$ Mn) 1.413 216 Other Financial Assets (US$ Mn) 675 545 Net Financial Debt (US$ Bn) 4,5 4,2

• Adj. EBITDA LTM (US$ Mn)

1.128 1.061 Net Financial Debt / Adj. EBITDA LTM 3,95 3,99 130 363 213 57 753 36 719 53 1.057 227 330 15 205 123 350 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2041 2044 2045

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Second Quarter 2019 – Challenging Macro Environment Persists

• Shopping Centers IPO successfully completed
• Proceeds used to repay debt at Cencosud
• Promotional environment persists and tough comps against 2Q18 World Cup
• Adjusted EBITDA margin expands benefiting from cost and efficiency initiatives
• Making Significant progress with omni-channel initiatives
• Consumers continue to embrace e-commerce option - up 22% YoY

2019 – Cautiously Optimistic

• Financial flexibility provides support to grow the Company
• Ongoing cost and efficiency measures to drive margin improvement
• Continue to strengthen balance sheet
• Working capital optimization
• Debt reduction
• Non-core Assets sales
• Brazil and Colombia improving consumptions trends
• Chile and Argentina expected to remain challenging

Closing Comments

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