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Corporate Presentation Cencosud2013 The information contained herein has been prepared by Cencosud S.A. (Cencosud) solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and

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Cencosud2013

Corporate Presentation

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The information contained herein has been prepared by Cencosud S.A. (“Cencosud”) solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment or other advice. No representation or warranty, either express

  • r

implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this presentation are subject to change without notice and Cencosud is under no obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete and is qualified in its entirety by reference to more detailed information included in the preliminary offering memorandum. Cencosud and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out

  • f the use of all or any part of this material.

This presentation may contain statements that are forward-looking subject to risks and uncertainties and factors, which are based on current expectations and projections about future events and trends that may affect Cencosud’s

  • business. You are cautioned that any such forward-looking statements are

not guarantees of future performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control.

Cencosud2013

Corporate Presentation

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Cencosud at a Glance

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To be one

  • f the most profitable

and prestigious retailers in Latin America

Cencosud2013

Corporate Presentation 4

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2005

Cencosud Cencosud

2013

368 Supermarkets; 0.7 mn sq meters 19 Shopping Centers; 0.4 mn sq meters 44 Home Improvement; 0.4 mn sq meters 22 Department Stores; 0.1 mn sq meters 895 Supermarkets; 2.3 mn sq meters 29 Shopping Centers; 0.8 mn sq meters 82 Home Improvement; 0.7 mn sq meters 78 Department Stores; 0.4 mn sq meters

Revenues Evolution (USD MM)

CARG 2005 – 2013: 20%

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Investmenthighlights

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Large scale Multi-format retailer In Latin America

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Cencosud is a leading multi-format retailer in south America

Leadership Positions In All Markets Net Revenue Breakdown1

1 Breakdown by business exdude Other segment, calculated on figures for the last twelve months ended March 2013 3 Last twelve months ended September 2013; figures converted to USD based on end-period as of December 2012, March 2012 and March 2013 exchange rate of 479.96, 487.44 and 472.03 respectively

LTM net revenues

  • f US$19,063 million3

2 nd Supermarkets 2 nd Home Improvement Stores 2 nd Shopping Centers 2 nd Department Store 4 th Supermarkets

  • Northeast Region (#1)
  • Minas Gerais (#2)
  • Rio de Janeiro (#3)

1 st Supermarket 1 st Home Improvement 2 nd Shopping Centers 2 nd Supermarkets 1 st Supermarkets PERU 8% COLOMBIA 2% BRAZIL 23% CHILE 40% ARGENTINA

27%

By Country

2%

Shopping Centers

12%

Home Improvement

10%

Department Stores

3%

Financial Retail

74%

Supermarkets By Format

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With a well recognized brand portfolio

Nº Stores Selling Space (m 2) % of Sales1

55,2% 17,4% 9,3% 18,1% 2,252,827 712,105 378,872 772,708

895 82 78 30

Supermarkets Home Improvement Department Store Shopping Centers High End Mid-To-Low End High End Mid-To-Low End 9

% of Selling Space 2

75,6% 11,3% 8,3% 1,8%

1 Excludes segment “Others” 2 Figures as of March 2013

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Opportunity to continue Expanding in high-growth, underpenetrated markets

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Attractive macroeconomic environment and favorable demographics…

GDP per capita 2012 (US$ thousands) 6.1 11.5 8.1 12.5 15.4 49.6 Source: IMF

Solid real GDP grow th

6,5% 6,4% 3,8% 3,7% 3,5% 0,2% 6,0% 4,2% 4,5% 4,1% 4,5% 3,0% Peru Argentina Colombia Brazil Chile U.S.

CAGR 07‐11 CAGR 12‐16

Average: 4.7% Average: 4.8%

2012 Population (mm)

These 5 countries represent 63%

  • f Latin America’s GDP

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…in markets w ith substantial opportunities for sustained grow th in the retail sector

Home improvement area per capita (sqm/’000s) Supermarkets area per capita (sqm/’000s) Department stores area per capita (sqm/’000s)

Underpenetrated food retail sector

Source: ILACAD and US Census Bureau, figures as of December 2011

Retail sales in shopping malls (%)

Source: BMI, INDEC, ICSC, ABRASCE, local banking regulators, ABECS, equity research and US Census Bureau

Credit cards per capita

n.a.

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Retail momentum in our growth markets

BRAZIL

  • Rise of the purchasing pow er
  • Focus on middle class population
  • Informality reduction
  • 2014: World Cup
  • 2016: Olympic Games

PERU

  • Baby boom generation
  • Low est unemployment level

COLOMBIA

  • Grow ing formal sector
  • Greater purchase pow er
  • Low er risk

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Opportunities in different markets

Organic grow th + acquisitions Organic grow th Multi-format Strategy Expansion Cash cow Lead in profitability Strong cash generation Organic grow th

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Expertise doing business in challenging environments

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Targeted programs to engage consumer, boost productivity & profitability

Brazil:

  • SAP implementation on going, ending stores incorporation by July and Distribution Centers by August
  • Unification process of check outs: Emporium
  • Completing unification process of vendor contracts among all flags in Brazil

Colombia:

  • Rebranding and Segmentation
  • Assortment redefinition
  • Cultural Transition

Marketing & Advertising:

  • Johnson new image: new celebrities communicating and building a close and convenient brand

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Navigating challenging market conditions

Experience managing in high-inflation markets

  • Local Management
  • Managing costs
  • Dealing w ith currency controls

Multi-decade experience in Argentina

  • Presence in the country for the last 3 decades
  • Alw ays delivered positive EBITDA
  • Inflation managed and leveraged by negative WC,

payment terms longer than cash income

  • Grow ing formal market because of tougher labor and

tax regulations

  • Argentina self funding ow n grow th plus strong cash

delivery

  • Net debt / Ebitda < 0,50%, healthy and strong

financial position and crisis management

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Track record

  • f successful

acquisitions

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Cencosud has a proven track record in successfully integrating acquisitions and realizing synergies

IPO in the Santiago Stock Exchange

2009 LTM 1Q13 Number of stores Growth (%) Selling space (million sqm) Net revenues (US $ million) 648 2.5 10,975 1,085 4.1 19,063 67% 64% 74% Adjusted EBITDA (US $ million) 2 945 2,019 114%

Demonstrated ability to integrate and improve acquired businesses

Net debt / EBITDA 3 3.07x 3.66x 19%

Chilean market consolidation Colombia

Expansion in key metrics Acquisitions and net revenue evolution (US$bn)

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Improving Balance Sheet Financials

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Revenues evolution (US$ bn) Adjusted EBITDA (US$ mm) and margin (%)

648 825 982 906 1,085 Stores: 8.5% 8.3%

6.7% 6.2%

7.2%

2010 2011 2012 1Q 2012 1Q 2013

Cencosud has consistently delivered strong financial results…

+18% +22% CAGR 2010 2011 2012 1Q 2012 1Q 2013 +12% CAGR +9%

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With an improving balance sheet after the Company’s increase in leverage

Net leverage Total debt / equity Interest coverage Net debt evolution (US$bn)

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Breakdow n by issuer

Amortization schedule (US$mm)

Breakdow n by currency Breakdow n by interest rate

Source: Cencosud Note: Includes cross-currency swaps Note: Includes cross-currency swaps

Cencosud S.A. Subsidiaries Variable rate Fixed rate 23

Diversified Debt Structure

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Roadmap for

  • rganic growth

and continued integration

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OrganicGrowth

Capex (US$mm)1

Country Capex (USD mm) Details Chile USD 242 million 17 supermarkets, 1 Paris Store, 1 Easy and Costanera Center Brazil USD 116 million 15 supermarkets Peru USD 80 million 10 supermarkets, 5 department stores and one shopping center Argentina USD 23 million 5 supermarkets and 2 Easy stores Colombia USD 80 million 1 supermarket, 1 Easy store and rebranding Maintenance USD 90 million IT USD 100 million

1Excludes acquisitions

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CHILE:

  • Continue Johnson integration

Unlocking value from existing assets

PERU:

  • Paris Department Stores
  • Financial Retail: Building up

portfolio COLOMBIA:

  • Discontinue cash & carry

format

  • Rebranding supermarkets as

Jumbo & Metro

  • Improve layout of stores
  • Integrate regional operation
  • Synergies from real state to

develope Home Improvement and shopping centers BRAZIL:

  • SAP Implementation in Prezunic and Bretas
  • Consolidated negotiations w ith suppliers
  • Reduce Shrinkage
  • Improve employee profitability per sqm

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Takeaways

  • Positioned to benefit from

grow th economies and consumption across South America

  • Scale brand diversity offers

exposure to different client bases

  • Track record and brand

diversity offers competitive advantage

  • Continuing to grow via organic
  • penings
  • Integrating acquisitions to drive

greater sales & efficiency

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Segment Overview 1Q13

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Source: Cencosud. Figures converted to USD, exchange rate by the end of March 2012 and 2013

SSS evolution by country in local currency

SUPERMARKETS

Adjusted EBITDA evolution (US$ mm) Revenue evolution (US$ bn)

+19% +11%

1Q 2012 1Q 2013 1Q 2012 1Q 2013

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HOME IMPROVEMENT

SSS evolution by country in local currency Adjusted EBITDA evolution (US$mm) Revenue evolution (US$bn)

+11% +6%

1Q 2012 1Q 2013 1Q 2012 1Q 2013 1Q12 1Q13

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DEPARTMENT STORES

* Non comparable figures. In 1Q13, SSS consolidate Johnson stores.

Adjusted EBITDA evolution (US$ mm) Revenue evolution (US$ bn)

+15% +38%

1Q 2012 1Q 2013 1Q 2012 1Q 2013

SSS evolution by country in local currency

1Q12 1Q13

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Adjusted EBITDA evolution (US$ mm)

SHOPPING CENTERS

Revenue evolution (US$ bn)

+39%

1Q 2012 1Q 2013

+47%

1Q 2012 1Q 2013

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FINANCIAL SERVICES

Gross loan portfolio evolution

CHILE ARGENTINA PERU

Provision/ Loans (%)

406.317 418.316 429.526

1Q11 1Q12 1Q13

MM CLP

7,2% 7,6% 7,9% 1Q11 1Q12 1Q13 185 239 277 1Q11 1Q12 1Q13

MM USD

9,1% 6,9% 5,4% 1Q11 1Q12 1Q13 44 75 1Q12 1Q13 11,5% 14,5% 1Q12 1Q13 Provision/ Loans (%) Provision/ Loans (%)

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