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Disclaimer

The information contained in this presentation has been prepared by Cencosud S.A. ("Cencosud") for informational purposes only and should not be construed as a request or an offer to buy or sell securities and should not be construed as investment

• r
• ther

advice. No warranty, expressed or implied, is provided regarding the accuracy, completeness, and reliability of the information contained in this document. The

• pinions expressed in this presentation are subject

to change without prior notice and Cencosud has no obligation to update or keep updated the information contained in this document. The information in this document is not intended to be complete. Cencosud and its respective subsidiaries, directors, partners and employees accept any responsibility for any loss or damage of any kind arising from the use of all or part of this material. This presentation may contain forward-looking statements 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 these prospects are not guarantees

• f future performance. There are several factors

that may adversely affect the estimates and assumptions underlying these forward-looking statements, many of which are beyond our control.

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Annual Shareholders’ Meeting

The Ordinary Shareholders Meeting held on April 30, 2020 defined: 1. Two New Board Members Elected 2. Approves Dividend Distribution

Heike Paulmann Peter Paulmann Stefan Krause Julio Moura Mario Valcarce Jorge Pérez Alejandro Pérez Felipe Larrain

Independent Members Dividends1 % Profit CLP by Stock 2019 80.1% $32 2018 30.5% $10 2017 82.9% $45 2016 74.9% $50

• 1. They include the provisional and additional dividends made during the year

Horst Paulmann Chairman

Strong Balance Sheet

01

5

Obtained lowest leverage ratio since achieving investment grade in 2011

• 1. The leverage does not include One Off of the Sale of RF Peru, Antitrust fine in Chile and Indemnities
• Decrease in the gross leverage ratio to 4.16 times, the lowest since 2012
• Net leverage ratio declined to 3.13 times as of March 2020, from 3.27 times in

December 2019 and 5.63 times in March 2019 Gross Leverage1 Net Leverage1

5.27 4.53 4.53 3.93 4.07 4.33 4.52 3.27 3.13 2012 2013 2014 2015 2016 2017 2018 2019 LTM Mar 20 5.72 4.91 5.25 5.06 4.97 4.98 5.48 5.11 4.16 2012 2013 2014 2015 2016 2017 2018 2019 LTM Mar 20

6

Improved financial situation through early bond redemption

Bonds

2021 2023

Issuance contract

Indenture Indenture

Issuance date

01.20.2011 12.06.2012

Maturity date

2021 2023

Interest rate

5.500% 4.875%

Redemption price

103.34% 109.51%

• On March 2, 2020, Cencosud redeemed the

bonds due 2021 and 2023.

• This tender offer was for a principal amount of

US$ 876 million and accrued interest of US$ 5 million.

• Effect on extraordinary financial expenses was

US$ 97 million, and impact on Cash Flow was US$ 949 million.

• This allowed Cencosud's gross leverage to

improve to 4.16 times in March 2020 from 5.11 times in December 2019.

7

Strengthened balance sheet and enhanced liquidity management

Relevant Figures1

• Reduced net financial debt by 25% YoY;
• Extended debt duration (in USD) to 7.1 years

from 5.5 years following the early redemption

• f the 2021 and 2023 bonds.
• Average annual maturity for next 5 years is US$

34 million.

22 55 46 16 29 567 43 1,009 185 369 13 167 100 551

20 21 22 23 24 25 26 27 28 29 30 41 44 45

Amortizations

• 1. Figures converted to US $ using the period-end exchange rate for each period. The EBITDA of the ratios does not include the EBITDA of Bank of Perú, nor One Off
• 2. Mutual funds and derivatives / 3. Derivates

Cost of Funding

Mar 20 Dec 19 Mar 19

USD debt 5.021% 5.033% 5.016% UF debt 2.875% 2.875% 4.301% CLP debt 4.700% 4.700% 4.700%

Mar 20 Dic 19 Mar 19

Total Financial Debt (US$ MM) 4.306 5.696 6.325 Cash and equivalents (US$ MM) 392 1.426 377 Other Financial Assets, Current (US$ MM)1 363 312 148 Other Financial Assets, Non-Current (US$ MM)2 310 311 383 Net Financial Debt (US$ MM) 3.242 3.648 5.417

• Adj. EBITDA LTM (US$ MM)

968 1.164 1.084 Net Financial Debt / Adj. EBITDA LTM 3,1 3,3 5,6

8

Maintain low exchange rate exposition

CLP + UF 96% USD 4% CLP + UF 97% USD 3%

Mar 20 Dec 19

Fixed 96% Variable 4% Fixed 96% Variable 4%

Mar 20 Dec 19 By Currency (excludes cash in US$ and cross currency swaps) By Interest Rate(excludes cash in US$ and cross currency swaps)

• As of March 2020, 22.6% of total cash

remains in U.S. dollars (US$ 88.6 millions) compared to 70.5% the previous year.

• Majority of derivatives have a positive

mark to market.

9

Due to the prepayment of the 2021 and 2023 bonds, Cencosud reduced its 2020 financial expenses by US $ 80 MM Improved the Company's net leverage to 3.13x from 3.27x as of December 2019 and 5.63x as of March 2019

Cash Flow Effect

Total US$ Thousand

Prepaid Capital

876,428

Interests

5,172

Redemption Premium

67,517

Cash Flow Use

949,117

Financial Result Effect

Total US$ Thousand

Redemption Premium

67,517

Reserve Coverage

29,700

Total Expenses

97,217

Impact of the 2021 and 2023 notes redemption

10

Robust liquidity position

CLP Million

Mar. Dec.

2020 333,654 n.a. 2019 255,935 1,067,564 2018 163,721 284,658 2017 210,730 253,987 2016 251,540 275,219

• In 1Q20 achieved the highest cash position for a first

quarter in the last five years.

• Entered 2020 having generated the highest FCF of the

past 5 years, due to the IPO of Shopping Centers and

• perational improvements.

COVID-19 Response

02

12

Customers We are ensuring our customers safety with the following measures:

• Distance of 1 meter between customer in the entry

row;

• Isolation of at-risk groups (differentiated schedule);
• Maximum capacity per sales floor;
• Disposable towels for cleaning carts and alcohol

disinfectant for cleaning hands, both at the entrance and increased dispensers on the sales floor.

Measures to mitigate effects of the Covid-19 pandemic

Safety measures

Employees Our employees are our main asset, therefore we have implemented the following safety measures:

• Use of mask and gloves;
• Sanitization of all stores;
• Install acrylic plexiglass screens in areas of visual

contact with customers;

• Psychological support for employees.

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Covid-19 drove higher SSS in Supermarkets

Home Improvement Jan-Feb20 Mar-20 1Q20

Chile 8.5%

• 6.6%

3.3% Argentina1 55.6%

• 19.4%

55.6% Colombia1 9.8%

• 26.0%

9.8%

Department Stores Jan-Feb20 Mar-20 1Q20

Chile 5.3%

• 37.4%

5.3% Peru

• 0.7%
• 56.8%
• 0.7%

Supermarket Jan-Feb20 Mar-20 1Q20

Chile 8.5% 21.6% 13.2% Argentina 52.2% 73.3% 59.7% Brazil 2.6% 6.8% 4.0% Peru 0.3% 8.5% 3.3% Colombia 9.7% 10.0% 9.8%

Supermarket SSS increased above inflation in 1Q20. Department Stores is the most affected business unit as SSS were trending above inflation in the first two months of the year and were hit hardest when stores closed. Declines in in-store sales offset by 250% average increases in e-commerce sales in the period.

• 1. The SSS calculation excludes stores that were closed more than 10% of the quarter

14

Lock down accelerated online sales growth

Short-term initiatives in Supermarkets

Chile

• Increased capacity to process orders in new locations and

more preparation lines;

• Support from DS and administration staff;
• Implementation of the night shift;
• Home office assignment.

Argentina

• Increase in equipment for picking and transport companies;
• Box of basic and cleaning products;
• Next steps: BOL (Warehouse Logistics Operation) in stores

with front areas for pick ups, warehouse only for picking.

Perú

• Greater team to resolve bottlenecks;
• Two Hyper Wong specialized in e-commerce;
• Next steps: CD area for e-commerce only and reduction in

assortment.

Colombia

• Increase in equipment for picking and transport companies;
• Next steps: website improvement and Dark Store.

E-commerce Penetration First Quarter

Sales Increase

• Nro. Tickets

Tickets Increase y/y

SM – Chile 517% 149.340 412% SM – Argentina 294% 97.842 134% SM – Peru

• 9%

36.219 61% SM – Colombia 459% 69.038 455% HI – Chile 237% 118.426 130% HI – Argentina 229% 41.438 159% HI – Colombia 243% 26.339 446% DS – Chile 293% 305.094 158% TOTAL 286% 843.736 186% E-commerce Sales Supermarkets Department Stores Home Improvement 1Q20 2,1% 22,1% 4,5% 1Q19 1,7% 12,7% 3,3% Var 20/19 (bps) 48,3 940,3 120,0

E-commerce Growth April 2020

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Non-essential areas in Shopping Centers remain closed in compliance with mandatory restrictions. Additionally, the Company has taken the following measures:

• Suspended collection of the portion of fixed rent and

promotion fund, for those days in which the premises must remain closed.

• Plans to reduce expenses between 20% to 30%, mainly

savings in security, cleaning, basic services (energy and water), maintenance and operating expenses associated with parking tickets and transportation of securities. These savings will be transferred to the tenants.

1Q20 4Q19 3Q19 2Q19 1Q19

Chile2 91.5% 91.5% 99.3% 99.4% 99.3% Argentina 95.8% 96.5% 96.2% 97.9% 97.8% Peru 98.6% 98.6% 95.3% 95.0% 98.3% Colombia 94.7% 95.0% 94.9% 94.3% 97.3% TOTAL

93.8% 94.0% 97.8% 98.5% 98.5%

Shopping Center occupation by country

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• 3

6

20 21 29 30 41 44 45

Amortizations (in UF million)

Shopping Centers and Covid-19

GLA Opened and Closed due to COVID-191

Open Closed Open Closed

Chile 16.9% 83.1% 77.2% 22.8% Argentina 0.0% 100.0% 56.3% 43.7% Peru 4.1% 95.9% 88.8% 11.2% Colombia 39.9% 60.1% 100.0% 0.0% TOTAL

10.0% 90.0% 71.6% 28.4% Third Parties Related Parties

Years

• 1. Figures as of March 31, 2020
• 2. Includes GLA of Office Space

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Impact of Covid-19 on store Closures

• No. of Stores

GLA Closing Date

Department Stores Chile 79 378,992 03.20.20 Peru 11 61,427 03.16.20 Home Improvement Argentina 51 397,975 03.20.20 Colombia 10 82,320 03.22.20 TOTAL 151 920,714

Home Improvement stores in Argentina and Colombia have re-opened since April 2020 and are operating normally. Shopping Centers have 49,4% of their average GLA open as Supermarkets, Home Improvement, Banks, Pharmacies and Healthcare Facilities are considered essential services.

• No. of Stores

GLA Closing Date

Chile 1,791 661,814 03.19.20 Argentina 1,257 452,444 03.20.20 Peru 203 50,921 03.16.20 Colombia 37 6,835 03.17.20 / 03.19.20 TOTAL 3,288 1,172,014

Shopping Centers Retail1

• 1. To date we have closed the Jumbo Corner in Argentina and Chile, with a total of 42 stores and 15,955 in GLA and Electroshow in Brazil with a total of 30 stores (61% are open).

03

Quarterly Results

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Executive Summary

• Revenues up 11.7% YoY in 1Q20, at constant exchange rates driven by SSS growth in

Supermarket and Home Improvement across all countries of operations. In Chile, Supermarket SSS reached a historical high.

• Despite the global pandemic´s impact across the five countries of operations, Adjusted

EBITDA1 margin expanded 88 bps YoY in 1Q20. Margin expansion reflects record sales in all countries, better margins and benefits from the savings and efficiency initiatives in place. Brazil achieved the highest profitability of the last 4 years, while Colombia posted the best quarterly performance of the last seven years.

• Reported a Net Loss of CLP 33,617 MM in 1Q20, explained by a decline in the revaluation of

investment properties, higher financial expenses associated with the redemption of the 2021 and 2023 bonds and non-cash exchange rate difference.

1 Adjusted Ebitda: Gross profit + Other Income by Function + Other gains (losses) - GAV + D&A + Share in profits (losses) of associates - Revaluation of Assets and does not consider the One Off sale of Financial Services in Peru in 2019

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One-time items impacting results

1. During 1Q19, Cencosud sold 51% of the Financial Services business in Peru to Scotiabank in a JV for a total of approximately CLP 92,476 MM. 2. The early redemption of the bonds due of 2021 and 2023, an extraordinary expense was incurred, impacting the results in US $ 97 MM. 3. Provisions of CLP 3.5 million in 1Q20 as a result of the fresh chicken market antimonopoly case.

(A) (B) (C) (D) (E) (F) (G) (H)

CLP MM CLP MM (%) CLP MM CLP MM CLP MM CLP MM CLP MM CLP MM Ex-IAS29 Constant Currency

Revenues 2,478,190 2,250,301 10.1% 14,168 6,140 12,923 (37,360) 2,457,882 2,274,737 8.1% 6.8% Gross Profit 689,841 637,382 8.2% -7,070 2,363 -6,134 -14,356 694,548 657,872 5.6% 8.1% Gross Mg. 27.8% 28.3%

• 49 bps
• 49.9%

38.5%

• 47.5%

38.4% 28.3% 28.9% SG&A

• 550,332 -536,340

2.6% -4,239 -1,599 -8,045 10,436 -544,494 -538,731 1.1%

• 1.8%

SG&A (% of revenues)

• 22.2%
• 23.8%

163 bps

• 29.9%
• 26.0%
• 62.2%
• 27.9%
• 22.2%
• 23.7%

Adjusted EBITDA 231,592 278,537

• 16.9% -10,407 798 -8,711 -8,489 241,201 295,737
• 18.4%

48.6%

• Adj. EBITDA Mg.

9.3% 12.4% -303 bps

• 73.4%

13.0%

• 67.4%

22.7% 9.8% 13.0% Net Profit

• 62,285 153,258

N.A -29,277 610 -22,952 -1,151 -33,617 177,361 N.A N.A Net Profit Mg.

• 2.5%

6.8%

• 206.6%

9.9%

• 177.6%

3.1%

• 1.4%

7.8%

• Excl. IAS29

As Reported IAS29 Dec'19

• Chg. YoY

Inflation Effect2 Conversion Effect3 1Q201 1Q19

• Chg. YoY

1Q204 1Q19

IAS29 Dec'18

Inflation Effect2

• 66 bps

153 bps

• 319 bps

Conversion Effect3

• Chg. YoY

20

Consolidated Results 1Q20 vs 1Q19

1 Includes the adjustment by hyperinflation in Argentina. 2 ‘Inflation effect’ reflects the nine months period results from Argentina updated by inflation. 3 ‘Conversion effect’ reflects the translation from ARS to CLP figures of the 3 months period using end of period exchange rate as of March 2020. 4 Excludes the adjustment by hyperinflation in Argentina 5 (A) + (C) + (D) = (G) 6 (B) + (E) + (F) = (H)

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Chile

Revenues: CLP grew 5.0%, reflecting the increase in supermarket sales due to the COVID-19 effect, offset by the total closure of Department Stores and Shopping Centers, together with lower sales in Home Improvement. Adjusted EBITDA: increased 16.0% and the margin expanded 114 bps, mainly driven by improved profitability in Supermarkets and efficiency improvements across businesses.

Supermarkets 65.8% Department Stores 17.9% Home Improvement 13.2% Shopping Centers 3.0% Others 0.1%

Revenues (US$ 1,328 millions)

Supermarkets 66.3% Department Stores 3.4% Home Improvement 11.8% Shopping Centers 20.2% Financial Services 0.6% Others

• 2.3%

Adjusted EBITDA (US$ 159 millions)

1Q20 1Q19

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency

Revenues 1,131,558 1,078,058 5.0% 5.0%

Gross Profit

318,303 311,788 2.1% 2.1% Gross Mg. 28.1% 28.9%

SG&A

• 238,570 -239,596
• 0.4%
• 0.4%

SG&A (% of revenues)

• 21.1%
• 22.2%

Adjusted EBITDA

135,542 116,797 16.0% 16.0%

• Adj. EBITDA Mg.

12.0% 10.8%

• 79 bps

114 bps 114 bps

22

Argentina

Revenues: increased 11.0% as reported. In local currency, revenue growth was driven by above-inflation growth in Supermarket sales, partially offset by the closing of Home Improvement and Shopping Centers starting March 20, when the mandatory quarantine was established. Home Improvement stores were subsequently

• pened on April 3.

Adjusted EBITDA: increased 41.3% in local currency, mainly driven by record performance in Supermarkets. EBITDA margin contracted 43 bps YoY, principally reflecting lower profitability in Shopping Centers and Home Improvement.

Supermarkets 65.5% Home Improvement 25.1% Shopping Centers 2.2% Financial Services 7.1% Others 0.1%

Revenues (US$ 554 millions)

1Q20 1Q19

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency

Revenues 472,247 425,530 11.0% 45.8%

Gross Profit

176,186 165,774 6.3% 39.8% Gross Mg. 37.3% 39.0%

SG&A

• 127,051 -120,259

5.6% 38.6% SG&A (% of revenues)

• 26.9%
• 28.3%

Adjusted EBITDA

52,247 48,927 6.8% 41.3%

• Adj. EBITDA Mg.

11.1% 11.5%

• 165 bps

136 bps

• 43 bps

23

Brazil

Revenues: increased 3.9% in local currency and 6.1% in CLP due to the appreciation of the real with respect to the CLP. Growth in local currency, was mainly driven by the double-digit increase in sales at Prezunic and food in GBarbosa. Adjusted EBITDA: increased 42.8% in local currency and the EBITDA margin expanded 133 bps to 5.0%, due to sales growth and expense efficiency. Achieved the highest profitability of the last 4 years.

Supermarkets 99.8% Financial Services 0.2%

Revenues (US$ 414 millions)

1Q20 1Q19

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency

Revenues 352,799 332,469 6.1% 3.9%

Gross Profit

81,358 75,486 7.8% 5.8% Gross Mg. 23.1% 22.7%

SG&A

• 79,904 -81,698
• 2.2%
• 4.2%

SG&A (% of revenues)

• 22.6%
• 24.6%

Adjusted EBITDA

17,648 12,219 44.4% 42.8%

• Adj. EBITDA Mg.

5.0% 3.7% 36 bps 192 bps 133 bps

24

Peru

Revenues: as reported revenues up 13.1% YoY. The decline in local currency revenues mainly reflects deconsolidation of the financial retail business and lower sales in Shopping Centers and Department Stores due to the closure of stores in the last two weeks of March due to COVID-19. Adjusted EBITDA: increased 10.7% YoY, in local currency when excluding the one-time sale of Financial Services, mainly driven by Supermarkets given higher sales of staple foods due to the global pandemic.

Supermarkets 90.8% Department Stores 7.0% Shopping Centers 2.0% Others 0.2%

Revenues (US$ 332 millions)

1Q20 1Q19

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency

Revenues 282.931 250.137 13,1%

• 3,9%

Gross Profit

70.582 63.060 11,9%

• 4,9%

Gross Mg. 24,9% 25,2%

SG&A

• 56.197 -55.063

2,1%

• 13,2%

SG&A (% of revenues)

• 19,9%
• 22,0%

Adjusted EBITDA

24.064 110.930

• 78,3%
• 81,6%
• Adj. EBITDA Mg.

8,5% 44,3%

EBITDA Ajustado Excl. One Off 24.064 18.455

30,4% 10,7%

• Mg. EBITDA Aj. Excl. One Off

34,1% 29,3% 0 bps

• 26 bps

215 bps

• 3.584 bps

25

Colombia

Revenues: up 15.8% YoY in CLP. In local currency, revenues were mainly driven by the appreciation of the COP against the CLP. This was mainly explained by higher sales in Supermarkets driven by increased demand generated by the uncertainty of COVID-19 and the increase in demand during the months of January and February, offset by the closing of the Home Improvement stores. Adjusted EBITDA: increased 58.2% YoY in local currency, the highest in the last three quarters.

Supermarkets 89.4% Home Improvement 8.5% Shopping Centers 1.1% Financial Services 1.3% Others

• 0.3%

Revenues (US$ 256 millions)

1Q20 1Q19

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency

Revenues 218,348 188,543 15.8% 7.4%

Gross Profit

48,119 41,764 15.2% 6.8% Gross Mg. 22.0% 22.2%

SG&A

• 42,773 -42,115

1.6%

• 6.0%

SG&A (% of revenues)

• 19.6%
• 22.3%

Adjusted EBITDA

11,700 6,864 70.4% 58.2%

• Adj. EBITDA Mg.

5.4% 3.6%

• 11 bps

275 bps 172 bps

26

Achieved market share gains

1Q19 2Q19 3Q19 4Q19 Chile 23% 24% 23% 27% Peru 9% 9% 9% 9% 1Q19 2Q19 3Q19 4Q19 Chile 20% 21% 20% 23% Colombia 8% 8% 7% 8% Argentina 82% 81% 88% 79%

DS: given their improvements in delivery logistics and shopping

experience, Department Stores have been gaining market share for the past few months.

Supermarket:

• Gained market share in Chile after the social crisis effect, further intensified by Covid-19;
• Argentina and Colombia achieved greater share of profits driven by the COVID-19 effect and quality positioning of stores

mainly against the informal market and different markets,

• Brazil, mainly in Prezunic, achieved share gains, reinforced by the implementation of the new loyalty app last March;
• Peru, increased its share of SSS in March 2020, reflecting new strategy.

HI: Improvements in online sales, wholesale channel and store

experience contributed to share gains.

27

Supermarkets: resilient core business

More than 80% of the Company’s EBITDA is generated by Retail, the core of which is the Supermarket business. During 1Q20, the Food category increased its share

• f total sales.

Food inflation (%) Retail’s EBITDA vs Real Estate

1Q20 1Q19

Food Food

Chile 89.5% 87.8% Argentina 91.5% 90.0% Brazil 84.5% 84.1% Peru 83.2% 80.2% Colombia 69.2% 64.4%

Food vs Non food

Food Inflation Total Inflation

1Q20 1Q19 1Q20 1Q19

Chile 6.1% 1.9% 3.7% 2.5% Argentina 51.3% 64.0% 48.4% 54.7% Brazil 5.1% 8.7% 3.3% 4.6% Peru1 2.0% 1.6% 1.8% 2.4% Colombia 7.2% 2.9% 3.9% 3.2%

80,5% 24,5% 82,0% 16,1%

Retail Real Estate

1Q19 1Q20

• 1. Food inflation in Peru considers only the Lima Metropolitan region

Looking Ahead

04

29

Short-term plan to drive further efficiencies to mitigate impacts of Covid-19

Marketing: reduced marketing expenses as a % of SG&A

by approx 70 bps.

Security and cleaning: incurred extraordinary security

and cleaning expenses to protect the wellbeing of clients and employees, resulting in a 42 bps increase of these costs in terms of SG&A.

Administrative: as a consequence of the Company's

reorganization, the back office decreased by 8.5%.

Others measures:

• Executive bonuses have been distributed in different
• installments. For businesses that are temporarily closed

bonus installments will be distributed only when such stores re-open.

30

E-commerce

Looking to the future of e-commerce driven by the following actions:

1. Obsession with purchasing service and customer experience

• Launch of Marketplace, the objective is to be a leader in generating traffic by offering customers

the largest variety of products on the market;

• Improving the offer of unique products, leveraging the Marketplace and physical stores where we can be the entry platform

to South America for global brands not yet present;

• Development of hyper personalization tools, where clients feel that Cencosud knows and understands them, through unique

value propositions;

• Ensure guarantee returns when the customer is not satisfied. This is one of the basic pillars to develop a satisfactory

shopping experience. 2. Cost effectiveness

• Take advantage of economies of scale, unifying back-end processes across all flags, where we can achieve synergies in

technological and logistical processes;

• Invest in the Company's own technological developments where it seeks to differentiate itself from the rest of the

competitors;

• Deepen the ability to generate, manage and process data, having better information about customers that will help them

make more and better decisions.

31