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SLIDE 1

1

Third Quarter 2019

EARNINGS PRESENTATION

SLIDE 2

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.

SLIDE 3

3

Overview of Corporate Structure

SLIDE 4

New organizational model

4

Chief Executive Manager Matias Videla Brazil Manager Sebastian Los Peru Manager Alfredo Mastrokalos Colombia Manager Marta Lucia Henao

SM Chile Cristian Siegmund

• Dept. Store Chile

Ricardo Bennett Home Imp. Chile Felipe Longo

Argentina Manager Diego Marcantonio

• New CEO, Matias Videla appointed.
• Effective December 1, 2019
• As of November 21, 2019 the Company

implemented a new organizational structure.

• Appoints Country Managers.
• The purpose of the new structure is to:
• expedite decision making

(such as

• rganic growth),
• take further advantage of local market

knowledge as they are close to the daily

• peration,
• promote

efficiencies across each country across the business units. Organizational Structure1

• 1. Abbreviations are defined as follows: SM: Supermarket manager, Dept. Stores: Department Stores Manager, Home Imp: Home Improvement manager.

SLIDE 5

Cencosud Financial Strengthening

5

• In August, Cencosud Shopping issued a bond in the local

market for a total of UF 9 million equivalent to USD 347 million.

• As part of the Company’s plan to strengthen the balance

sheet, it executed a Tender offer for the 2023, 2025 and 2027 international bonds collecting USD 464 million during 3Q19.

• Prudent financial policies resulted in stronger credit

metrics on a sustainable basis, leading to a net debt/Adjusted EBITDA ratio of below 4x times by year end.

• Prepayment fees amounted to USD 52 million in the

quarter. Key financial takeaways

1 Figures converted to USD using end of period exchange rate as of September 30, 2019

Debt Consolidation USD MM Total gross debt as of December 31, 2018 4.722 variation Brazil debt 256

• variation Chile debt

132

• Cencosud Shopping Bonds

742 Tender Offer 464

• Other bank debt payments

494

• Other accounting effects

84

variation of Other countries debt 5

• Total paid debt

393

• Total gross debt as of September 30,2019

4.328

Total liabilties per leases (IFRS16) 1.392 Cash and equivalents as of September 30, 2019

• 787

Other current financial assets

• 476

Other non-current financial assets

• 243

Total net debt as of September 30, 2019 4.214

SLIDE 6

53 48 156 53 605 34 577 50 987 213 424 14 192 581 19 20 21 22 23 24 25 26 27 28 29 30 41 45

6

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 September 30, 2019. Figures are presented net off gains/losses from mark to market of derivatives, overdrafts and Comex debt. 3 EBITDAR does not consider the extraordinary gains from sales of banco Cencosud and Paris or profit of the businesses. Adjusted Debt considers liabilities from leases but excludes the debt of Cencosud and Paris banks.

Amortization Schedule (USD mn)2

• Total net debt increased due to adoption of IFRS16
• Excluding this effect, total net debt decreased 28.4%

YoY.

• Fitch Ratings updated the rating including a negative

watch for the Company, due to the uncertainties in Chile and challenges in Argentina. Offset by:

• Net leverage ratio is 3.8x
• Adequate liquidity
• Good access to capital markets
• Manageable debt maturities

Cencosud Financial Strengthening

• Adj. Gross Debt/EBITDAR ratio vs Net Financial

Debt/Adj. EBITDAR3

5,0 4,9 4,9 5,5 5,7

3,3 3,2 3,7 4,2 3,8

2015 2016 2017 2018 LTM 3Q2019

3Q19 3Q18

Total Financial Debt (US$ Bn) 5,7 4,7 Cash and equivalents (US$ Mn) 787 202 Other Financial Assets (US$ Mn) 719 508 Net Financial Debt (US$ Bn) 4,2 3,9

• Adj. EBITDA LTM (US$ Mn)

1.119 916 Net Financial Debt / Adj. EBITDA LTM 3,8 4,3

SLIDE 7

Cencosud Financial Strengthening

7

Debt by Currency1 Debt by Interest Rate1

CLP + UF; 73% USD; 20% Other Latam; 7%

Fixed; 96% Floating; 4%

Fixed; 81% Floating; 19%

3Q19 3Q18

• 71.2% of cash is held in USD vs 7.3% the previous

year

• Other LATAM currency exposure reduced due to

the payment of Brazilian debt

• Most derivative hold a positive mark to market
• Chilean peso devaluation didn’t create need for

additional assets as collateral

1 Debt by Currency and Debt by Rate include Cross Currency Swaps.

CLP + UF; 86% USD; 13% Other Latam; 1%

SLIDE 8

8

Advances in strategic pillars

SLIDE 9

9

Strategic Focus: Omnichannel1

Supermarket

• Chile new Jumbo app with express

delivery

• Argentina:

efforts focused

• n

increasing web page visibility on the internet

• Colombia: increasing Metro website
• coverage. Expanding on Omni-services
• Peru: focused on product offer on

website.

Home Improvement

• Chile:

focused

• n

post-sale automatization and

• ffering

more Omni-services to clients

• Argentina: focused on payment option
• Colombia:

increasing

• nline

assortment

Department Stores

• Chile:
• Positive results after the changes

made to the lay-out and efficiencies in the picking process

E-commerce Sales VAR % 19/18

• Ov. Tot. Sales

3Q19 Over Tot. Sales 3Q18 Supermarkets 40,5% 1,9% 1,2% Department Stores 25,3% 12,0% 8,5% Home Improvement 41,1% 4,0% 2,6% Total 33,9% 3,4% 2,2%

Supermarket e-commerce figures considers e-commerce and total sales of Chile, Argentina, Peru and Colombia. Department Stores considers

• nline and total sales of Chile. Home Improvement considers online and total sales of Argentina, Colombia and Chile.

SLIDE 10

Sustainability strategy update

• Dow Jones index (10 points improvement)
• Improvement in environmental (+18 pts) and social

areas (+14 pts)

• Moved up three position in the international

ranking, 12th in supermarkets category

• Environmental compliance program
• Eco-packaging training
• Responsible Procurement On-going Projects
• Ethics Code for suppliers
• Community bond program

10

SLIDE 11

Chile & Colombia civil unrest

11

Situation & Impacts:

• Businesses

were impacted due to the experienced civil unrest

• Inventory losses, damage to some stores and

loss of earnings are covered by insurances.

• To date, in Chile, more than 95% of our stores

are open Support to Micro – and Small Enterprise Chile y shopping centers tenants:

• Payment of bills in advance to micro and

small suppliers

• amounted

to CLP 941 million in November 2019

• Reduction of the monthly minimum value for

tenants

• equivalent to the number of days our

Shopping Centers were closed.

SLIDE 12

Quarterly results

12

SLIDE 13

13

Executive Summary

• Adjusted EBITDA1 margin expanded 161 bps excluding IAS29 accounting and

increased 164 bps As Reported supported by operational improvements in Brazil, Colombia and to a lesser extent, Argentina as well as lower SG&A due to the adoption of IFRS16 rule2. This was partially offset by the softer consumption in Chile, weak macroeconomic environment in Argentina and higher severance payment of almost USD 40 million as we continue to drive efficiencies throughout the business.

• At constant exchange rates, revenue increased 7.1% YoY. Under previous accounting

standards which excludes IAS29 (hyperinflation accounting in Argentina) effective since 3Q18, revenues decreased 1.1% due to the depreciation of ARS and BRL against the CLP. As reported, and including IAS29, revenues increased 14.7%.

• Profit increased to CLP 52.131 million in 3Q19 in comparison to a loss of 15.339

million reported the previous year. The increase is explained by the better results of Brazil and Colombia, lower expenses due to IFRS16 and higher income by function results.

• 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.

SLIDE 14

In million of chilean pesos as of September 30, Local Currency 9M19 9M18 Var % 9M19 9M18 Var % Var%

Revenues

6.748.874 6.690.259 0,9% 6.833.030 7.124.975

• 4,1%

6,3%

Gross Profit

1.881.157 1.887.983

• 0,4%

1.915.943 2.035.472

• 5,9%

8,9%

Gross Margin

27,9% 28,2%

• 35 bps

28,0% 28,6%

SG&A

• 1.622.044
• 1.640.858
• 1,1%
• 1.633.080 -1.762.077
• 7,3%

5,9%

Operational Result

554.698 317.652 74,6% 575.311 342.541 68,0% 79,8%

Non Operational Loss

• 253.642
• 175.979

44,1%

• 237.194
• 222.020

6,8% 10,3%

Taxes

• 120.577
• 91.229

32,2%

• 99.026
• 79.725

24,2% 23,0%

Profit

180.478 50.443 257,8% 239.091 40.796 486,1% 367,2%

Adjusted EBITDA

603.248 429.112 40,6% 611.604 449.466 36,1% 49,8%

Adjusted EBITDA Margin

8,9% 6,4% 252 bps 9,0% 6,3% Comparable

• 53 bps

264 bps As reported

In million of chilean pesos as of September 30, Loc. currency 3Q19 3Q18 Var % 3Q19 3Q18 Var % Var %

Revenues

2.135.217 1.860.936 14,7% 2.270.097 2.295.653

• 1,1%

7,1%

Gross Profit

581.015 494.329 17,5% 627.228 641.818

• 2,3%

9,2%

Gross Margin

27,2% 26,6% 65 bps 27,6% 28,0%

SG&A

• 514.891
• 458.671

12,3%

• 550.376
• 579.889
• 5,1%

4,6%

Operational Result

166.065 47.823 247,3% 175.158 72.712 140,9% 140,4%

Non Operational Loss

• 115.257
• 26.003

343,2%

• 122.040
• 72.044

69,4% 69,6%

Taxes

• 4.628
• 27.510
• 83,2%
• 987
• 16.007
• 93,8%
• 130,7%

Profit

46.180

• 5.691

n.a 52.131

• 15.339

n.a n.a

Adjusted EBITDA

141.362 92.710 52,5% 148.366 113.064 31,2% 45,4%

Adjusted EBITDA Margin

6,6% 5,0% 164 bps 6,5% 4,9% Comparable As reported

• 33 bps

161 bps

14

3Q19 & 9M19 Highlights1,2,3,4

Consolidated 3Q19 Results

1 As Reported includes hyperinflation per IAS29 rule in Argentina, using the end of the period accumulated inflation and ARS against CLP conversion rate. 3 Comparable: considers quarter and accumulated results with previous accounting methodology, using an average exchange rate per month to CLP of all currencies. 3 Local currency reported in local currency for each country and converted to CLP at constant exchange rate 4 Further details of IAS29 (inflation and conversion effect) are available at the end of the 3Q19 Earnings Report.

Consolidated 9M19 Results

SLIDE 15

Supermarkets

15

Results1 Supermarket SSS by Country & Food Inflation

Revenues increased YoY by 0.6% in CLP and 6.9% in local currency reflecting the depreciation of ARS and COP against

• CLP. Revenues in local currency increased driven by revenues

in Argentina, Chile and Colombia partially offset by Brazil and Peru. Adjusted EBITDA increased 21.6% in CLP YoY explained by the adoption of IFRS16 across countries. Excluding this effect, Adjusted EBITDA margin contracted YoY, reflecting lower EBITDA in Argentina, Chile and Peru, due to higher promotional activity and increased severance expenses (in Argentina, Chile and to a lower extent Brazil). This was partially

• ffset

by better performance in Brazil and Colombia, which are seeing the benefits from control expenses the control in expenses.

Source: INE, IBGE, BCRP, BanRep 1 For comparative purposes and business performance analysis, figures exclude the effect of hyperinflation in Argentina. 3Q19 3Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn Av. Exchange rate Constant Currency Revenues 1.670.327 1.660.226 0,6% 6,9% Gross Profit 399.835 403.970

• 1,0%

7,2% Gross Mg. 23,9% 24,3% SG&A (356.828) (363.185)

• 1,8%

7,3% SG&A (% of revenues)

• 21,4%
• 21,9%

51 bps Adjusted EBITDA 93.414 76.843 21,6% 21,7%

• Adj. EBITDA Mg.

5,6% 4,6%

• 39 bps

96 bps

• Chg. YoY
• Chg. YoY

3Q19 3Q18 3Q19 3Q18 3Q19 3Q18 (%) (%) (%) (%) CLP mn CLP mn Chile 1,1 3,6 2,2 2,8 711.484 697.004 2,1% 2,1% Argentina 37,5 25,6 33,9 35,0 251.982 273.238

• 7,8%

37,1% Brazil

• 2,0
• 1,6

4,3 1,3 323.572 307.661 5,2%

• 0,8%

Peru

• 4,5

2,0 1,7

• 0,6

207.976 203.808 2,0%

• 2,7%

Colombia 5,3

• 2,9

4,6 3,9 175.313 178.516

• 1,8%

4,4% Same Store Sales Constant Currency Food Inflation Revenues As Reported

SLIDE 16

16

Results1 Home Improvement Revenues & SSS by Country

Revenues decreased 2.1% YoY explained by the depreciation of ARS against CLP. In Argentina, revenue growth in local currency is explained by inflation increase and the Procrear program instituted by the government. Chile and Colombia posted positive SSS mainly due to the increase in wholesale revenues and online sales. Adjusted EBITDA increased 14.9%% in CLP, affected by the depreciation of ARS against CLP, offset by the adoption of IFRS16. Excluding this effect Adjusted EBITDA increased 4.0% explained by the higher gross profit in Chile and Argentina partially offset higher expense savings in Colombia.

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

Home Improvement

3Q19 3Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 263.407 269.109

• 2,1%

20,5% Gross Profit 87.915 88.015

• 0,1%

28,1% Gross Mg. 33,4% 32,7% 67 bps SG&A (67.267) (71.110)

• 5,4%

17,9% SG&A (% of revenues)

• 25,5%
• 26,4%

89 bps Adjusted EBITDA 26.589 23.141 14,9% 52,6%

• Adj. EBITDA Mg.

10,1% 8,6% 150 bps

• Chg. YoY
• Chg. YoY

3Q19 3Q18 3Q19 3Q18 (%) (%) CLP mn CLP mn Chile 1,9 4,4 122.622 118.678 3,3% 3,3% Argentina 37,6 25,7 123.891 133.291

• 7,1%

37,8% Colombia 4,9 5,2 16.895 17.141

• 1,4%

5,0% As Reported Constant Currency Revenues Same Stores Sales

SLIDE 17

17

Results Department Stores Revenues & SSS by Country

Revenues decreased 3.6% YoY in CLP reflecting higher promotional activity. In Chile, SSS was affected by a drop in average prices, partially offset by higher online sales. In Peru, revenues increased due to higher apparel sales partially offset by lower sales of electronic products. Adjusted EBITDA decreased 92,4% and margin declined 235 bps impacted by higher severance payments and promotional activity in Chile, partially offset by a decrease in expenses resulting from the lower lease expenses.

Department Stores

3Q19 3Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 236.187 244.952

• 3,6%
• 4,1%

Gross Profit 59.428 62.259

• 4,5%
• 5,0%

Gross Mg. 25,2% 25,4%

• 26 bps

SG&A (74.893) (77.699)

• 3,6%
• 4,1%

SG&A (% of revenues)

• 31,7%
• 31,7%

1 bps Adjusted EBITDA (478) (6.260)

• 92,4%
• 91,8%
• Adj. EBITDA Mg.
• 0,2%
• 2,6%

235 bps

• Chg. YoY
• Chg. YoY

3Q19 3Q18 3Q19 3Q18 (%) (%) CLP mn CLP mn Chile

• 4,4
• 3,2

211.293 222.035

• 4,8%
• 4,8%

Peru 2,1 19,6 24.894 22.917 8,6% 3,6% As Reported Constant Curency Revenues Same Stores Sales

SLIDE 18

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Results1 Shopping Centers Occupancy Rates & Revenues by Country

Revenues increased 1.0% YoY in CLP and Adjusted EBITDA increased 5.7% due to greater gross profit and expense savings

• Chile: revenue growth driven by fixed revenues and slight

improvement in variable revenues. Adjusted EBITDA increased driven by the adoption of IFRS16 and higher gross profit reflecting liquidation of common expenses partially

• ffset by higher maintenance expenses.
• Argentina: revenues up 29.0% in local currency reflecting

inflation adjustment in a portion of contracts. Adjusted EBITDA margin expanded driven by higher liquidation of common costs by tenants and lower severance payments YoY.

• Peru:

revenue growth supported by higher fixed revenues due to the entry of new tenants. Adjusted EBITDA margin expanded driven by the adoption of IFRS16, partially offset by higher uncollectible accounts.

• Colombia: revenues increased 2.3% YoY in COP due to

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

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

Shopping Centers

3Q19 3Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 58.469 57.895 1,0% 10,5% Gross Profit 52.204 51.068 2,2% 10,7% Gross Mg. 89,3% 88,2% 108 bps SG&A (7.408) (8.506)

• 12,9%
• 9,4%

SG&A (% of revenues)

• 12,7%
• 14,7%

202 bps Adjusted EBITDA 45.355 42.901 5,7% 15,3%

• Adj. EBITDA Mg.

77,6% 74,1% 347 bps

• Chg. YoY
• Chg. YoY

3Q19 3Q18 3Q19 3Q18 (%) (%) CLP mn CLP mn Chile 99,3 99,4 39.002 37.034 5,3% 5,3% Argentina 96,2 97,8 11.625 13.373

• 13,1%

28,9% Peru 95,3 92,9 5.719 5.281 8,3% 3,3% Colombia 94,9 97,6 2.123 2.207

• 3,8%

2,3% As Reported Constant Currency Revenues Occupancy Rate

SLIDE 19

19

• Peru:

Revenues and Adjusted EBITDA decreased as the business was no longer consolidated as of March 1, 2019. Excluding this effect, Adjusted EBITDA Margin expanded due to lower risk and uncollectible.

• Colombia: Adjusted EBITDA increased mainly

reflecting lower risk charge and higher contribution from credit card partners.

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 36.0% YoY in CLP and Adjusted EBITDA was down 14.9%, due to the deconsolidation of Peru Financial Service Results.

• Chile: Adjusted EBITDA declined due to higher funding cost and higher

risk charge resulting from the increase loan portfolio

• Argentina: Adjusted EBITDA margin decreased due to higher expenses

due to inflation.

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

a result of a more conservative commercial strategy, lower YoY provisions and uncollectible accounts.

Financial Services

3Q19 3Q18

• Chg. YoY
• Chg. YoY

CLP mn CLP mn As Reported Constant Currency Revenues 39.227 61.281

• 36,0%
• 7,7%

Gross Profit 26.197 34.691

• 24,5%

7,4% Gross Mg. 66,8% 56,6% 1.017 bps SG&A (5.957) (11.758)

• 49,3%
• 27,0%

SG&A (% of revenues)

• 15,2%
• 19,2%

400 bps Adjusted EBITDA 24.810 29.164

• 14,9%

14,2%

• Adj. EBITDA Mg.

63,2% 47,6% 1.566 bps

• Chg. YoY
• Chg. YoY
• Chg. YoY

3Q19 3Q18 3Q19 3Q18 3Q19 3Q18

Chile

• N.A.

N.A. 1.211.923 1.054.943 14,9% 2,0 2,7

Argentina

35.640 39.438

• 9,6%

34,2% 12.662.725 12.278.726 3,1% 1,7 1,0

Brazil

613 69 788,9% 718,4% 514.052 523.096

• 1,7%

0,6 0,6

Peru

• 20.649
• 100,0%

n.a 862.094 755.806 14,1% 3,1 1,8

Colombia

2.975 1.124 164,6% 177,9% 854.570 838.670 1,9% 3,1 3,0 CLP mn Local Currency (times) Loan Portfolio NPL1 Revenues As Reported Constant Currency As Reported

SLIDE 20

20

Challenging Macro Environment Persists

• Uncertainties in Chile and Colombia due to social unrest, however more

resilient due to strong position as supermarkets

• Challenges in

Argentina due to political uncertainty offset by local management with prior experiences in these processes.

Financial Strengthening

• The Company considers the investment grade key and will continue to reduce

debt and strengthen the balance sheet

Changes in Management

• The new organizational structure and changes in management will provide a

leaner organization, faster decision making process and closer knowledge of local market.

Closing Comments

SLIDE 21

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