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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 should not be treated as giving investment or other advice. No representation or warranty, either express or 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 of 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. Corporate Presentation Cencosud2013

at a Glance Cencosud

4 To be one of the most profitable and prestigious retailers in Latin America Corporate Presentation Cencosud2013

5 Cencosud Cencosud 2005 2013 368 Supermarkets; 0.7 mn sq meters 895 Supermarkets; 2.3 mn sq meters 19 Shopping Centers; 0.4 mn sq meters 29 Shopping Centers; 0.8 mn sq meters 44 Home Improvement; 0.4 mn sq meters 82 Home Improvement; 0.7 mn sq meters 22 Department Stores; 0.1 mn sq meters 78 Department Stores; 0.4 mn sq meters Revenues Evolution (USD MM) CARG 2005 – 2013: 20%

6 Investmenthighlights

Multi-format retailer In Latin America Large scale

Net Revenue Breakdown 1 Leadership Positions In All Markets 8 PERU 8% COLOMBIA 2% 2 nd Supermarkets BRAZIL 23% By Country CHILE 40% ARGENTINA 1 st Supermarkets 27% 2% 4 th Supermarkets 3% Shopping 12% Financial Centers • Northeast Region (#1) Home Retail • Minas Gerais (#2) Improvement • Rio de Janeiro (#3) 10% 2 nd Supermarkets Department 2 nd Home Improvement Stores Stores 2 nd Shopping Centers By Format 2 nd Department Store 1 st Supermarket 1 st Home Improvement 2 nd Shopping Centers 74% LTM net revenues Supermarkets of US$19,063 million 3 Cencosud is a leading multi-format retailer in south America 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

% of Selling 9 % of Sales 1 Selling Nº Stores Space (m 2 ) Space 2 High End 895 2,252,827 75,6% 55,2% Supermarkets Mid-To-Low End 82 11,3% 17,4% Home Improvement 712,105 High End 78 Department Store 378,872 8,3% 9,3% Mid-To-Low End 30 Shopping Centers 772,708 1,8% 18,1% 1 Excludes segment “Others” 2 Figures as of March 2013 With a well recognized brand portfolio

Opportunity to continue Expanding in high-growth, underpenetrated markets

11 Solid real GDP grow th 2012 Population (mm) 6,5% 6,4% CAGR 07 ‐ 11 CAGR 12 ‐ 16 6,0% Average: 4.8% Average: 4,5% 4,5% 4,2% 4,1% 4.7% These 5 countries represent 63% 3,8% 3,7% 3,5% of Latin America ’ s GDP 3,0% 0,2% Peru Argentina Colombia Brazil Chile U.S. GDP per capita 2012 (US$ thousands) 6.1 11.5 8.1 12.5 15.4 49.6 Attractive macroeconomic environment and favorable demographics… Source: IMF

…in markets w ith substantial opportunities 12 Supermarkets area per capita (sqm/ ’ 000s) for sustained grow th in the retail sector Underpenetrated food retail sector Department stores area per capita (sqm/ ’ 000s) n.a. Home improvement area per capita (sqm/ ’ 000s) Retail sales in shopping malls (%) Credit cards per capita Source: ILACAD and US Census Bureau, figures as of December 2011 Source: BMI, INDEC, ICSC, ABRASCE, local banking regulators, ABECS, equity research and US Census Bureau

13 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 Retail momentum in our growth markets

Opportunities in 14 Organic grow th Multi-format Strategy different markets Expansion Organic grow th Organic grow th + acquisitions Cash cow Lead in profitability Strong cash generation

Expertise doing environments business in challenging

Targeted programs to engage consumer, 16 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

17 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 Navigating challenging market conditions

of successful Track record acquisitions

Cencosud has a proven track record in successfully 19 integrating acquisitions and realizing synergies Expansion in key metrics 2009 LTM 1Q13 Growth (%) Demonstrated ability to integrate and improve 1,085 67% Number of stores 648 acquired businesses Selling space (million sqm) 2.5 4.1 64% Colombia Net revenues (US $ million) 10,975 19,063 74% Adjusted EBITDA (US $ million) 2 945 2,019 114% Net debt / EBITDA 3 3.07x 3.66x 19% IPO in the Acquisitions and net revenue Santiago Stock evolution (US$bn) Exchange Chilean market consolidation

Improving Financials Balance Sheet

Revenues evolution (US$ bn) 21 +22% CAGR +18% 2010 2011 2012 1Q 2012 1Q 2013 Stores: 648 825 982 906 1,085 Adjusted EBITDA (US$ mm) and margin (%) +12% CAGR +9% 7.2% 8.3% 8.5% 6.2% 6.7% 2010 2011 2012 1Q 2012 1Q 2013 Cencosud has consistently delivered strong financial results…

22 Net debt evolution (US$bn) Net leverage Interest coverage Total debt / equity With an improving balance sheet after the Company’s increase in leverage

23 Amortization schedule (US$mm) Breakdow n by issuer Breakdow n by currency Breakdow n by interest rate Subsidiaries Variable rate Fixed rate Cencosud S.A. Diversified Debt Structure Note: Includes cross-currency swaps Source: Cencosud Note: Includes cross-currency swaps

Roadmap for organic growth and continued integration

25 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 1 Excludes acquisitions OrganicGrowth

26 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 BRAZIL: and shopping centers • SAP Implementation in Prezunic and Bretas • Consolidated negotiations w ith suppliers CHILE: • Reduce Shrinkage • Improve employee profitability per sqm • Continue Johnson integration Unlocking value from existing assets

27 • 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 openings • Integrating acquisitions to drive greater sales & efficiency Takeaways

Segment Overview 1Q13

SUPERMARKETS 29 Revenue evolution (US$ bn) SSS evolution by country in local currency +19% 1Q 2012 1Q 2013 Adjusted EBITDA evolution (US$ mm) +11% Source: Cencosud. Figures converted to USD, exchange rate by the end of March 2012 and 2013 1Q 2012 1Q 2013