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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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Relevant events of the quarter

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Cornershop & Uber Eats strategic alliance

Cencosud and Cornershop signed a long-term agreement for Supermarkets and Home Improvement operations in Chile, Peru, Colombia and Brazil.

• Allows Cornershop customers to shop at Easy supermarkets and

stores without incurring a service charge;

• Includes the technological integration of Cencosud and Cornershop to

develop technology that offers the best experience to our customers in the region and developments that improve business efficiency;

• Allows Uber and Uber Eats users to buy Rincon Jumbo products and

prepared meals in supermarkets through its applications (including Argentina);

• Includes investment in stores exclusively for e-commerce picking

(Dark Stores) with the aim of continuing to provide the best service in physical stores and digital platforms.

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Impact of COVID on our businesses

COVID Status June 30 Stores SQm Open Close Open Close Chile Supermarket1 240 7 592,351 8,332 Home Improvement 37 332,077 Department Stores 28 51 114,941 264,051 Argentina Supermarket 283 448,132 Home Improvement2 50 1 394,355 3,620 Brazil Supermarket 198 4 518,919 10,910 Peru Supermarket 93 276,839 Department Stores 6 5 39,270 22,157 Colombia Supermarket3 93 1 381,615 80 Home Improvement4 10 82,320

Store Open/Close Status

1 Includes Supermarkets affected by the social crisis of 2019 2 Due to government restrictions. Home Improvement Argentina keeps 4 stores closed on Sundays 3 Outside of Bogotá there are some restrictions on closing stores on weekends 4 Due to government restrictions. Home Improvement keeps some stores closed on Sundays and / or holidays

• Supermarket

and Home Improvement stores are open throughout the region

• Department

Stores begin

• pening

process in communities that are in the process of transitioning out of locked-down status

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Historical growth in the pandemic situation

Supermarket APRIL MAY JUNE 2Q Chile 3.6% 14.4% 8.8% 8.9% Argentina 57.2% 58.8% 44.6% 53.4% Brazil 7.5% 9.1% 12.5% 9.7% Peru 4.7% 14.2% 21.1% 13.4% Colombia

• 4.3%

1.1% 5.3% 0.9% Home Improvement APRIL MAY JUNE 2Q Chile

• 0.9%

6.9% 14.8% 6.9% Argentina

• 29.0%

36.1% 46.7% 18.8% Colombia N.A

• 8.1%

14.5% 3.4% Department Stores APRIL MAY JUNE 2Q Chile N.A N.A

• 37.6%
• 37.6%

Peru N.A N.A N.A N.A

Supermarkets - April exhibited lower post-buy panic sales than March. May, despite the Cyber Monday effect of 2019, had an increase in demand at the regional level Home Improvement

• stores

closed during March and most of April (in the case of Colombia). During June, Easy's business achieved double-digit growth Department Stores - April and May all stores closed, beginning the gradual

• pening in June

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Focus on working capital

June 2020 June 2019 Chile 33 33 Argentina 55 51 Brazil 42 55 Peru 40 44 Colombia 51 59

Inventory days by country - Supermarkets The focus on working capital continues to deliver improving results. In Supermarkets, inventory turnover in Non-food and Mass Consumption (groceries and wine section) mainly reflect disciplined purchases and higher demand, respectively.

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135,085 100,867 34,218

• 22,783
• 93,821

7,269 25,750 Cash sh a as o

• f

December 2019 FCF of th the period Cash sh a as o

• f

March 2020 Taxes Dividend FCF of th the period Cash sh a as o

• f

June 2020 8

Shopping Centers during the Covid-19

% Openings Third Parties Related Parties SQm Revenues SQm Revenues Chile 5.9% 9.2% 77.9% 73.5% Argentina 30.1% 21.4% 96.8% 98.1% Peru 47.3% 56.4% 90.8% 98.2% Colombia 23.1% 52.0% 100.0% 100.0%

% of stores open during the pandemic

Occupancy rate 2Q20 1Q20 4Q19 3Q19 2Q19 Chile 91.6% 91.5% 91.5% 99.3% 99.4% Argentina 88.7% 95.8% 96.5% 96.2% 97.9% Peru 98.5% 98.6% 98.6% 95.3% 95.0% Colombia 94.6% 94.7% 95.0% 94.9% 94.3%

Evolution of Occupancy Rate

During the quarter the Shopping Center business was the most affected due to the restrictions required by national health &

• safety. The % of openings both in m2 and in

sales impacted us as many third-party tenants were not considered essential for the functioning of the community.

CencoShop Cash Flow Variation

Positive FCF despite the partial closure of shopping centers

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Government measures for openings

Mall opening and required measures

• Taking temperature upon entrance;
• Hand sanitizers available;
• Social distancing 1.5 SQm;
• Health & safety instruction posters

throughout the mall;

• Capacity control (one person every

ten SQm); and

• Sanitary mats.

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02

Financial Strength

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Our leverage ratio

5.27 4.53 4.53 3.93 4.07 4.33 4.52 3.27 3.15 2012 2013 2014 2015 2016 2017 2018 2019 LTM Jun 20 5.72 4.91 5.25 5.06 4.97 4.98 5.48 5.11 4.09 2012 2013 2014 2015 2016 2017 2018 2019 LTM Jun 20

Gross Leverage Net Leverage

The strategic decision to close Paris Peru and the absorption of Johnson by Paris Chile improves the debt ratio:

• Lower lease liability for leased premises that will be

closed;

• EBITDA improvement due to savings in logistics,

marketing and administration expenses; and

• Streamlines inventory, optimizing working capital.
• As of July 22, credit rating agency Fitch Ratings

affirmed Cencosud's BBB- rating and changed the

• utlook to stable;
• As of August 14, the credit rating agency Moody’s

noted Cencosud's alliance with Cornershop as positive

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Liquidity management

Relevant Figures

Jun 20 Dic 19 Jun 19 Total Financial Debt (US$ MM) 4,294 5,696 6,549 Cash and equivalents (US$ MM) 291 1,426 1,413 Other Financial Assets, Current (US$ MM)1 414 312 301 Other Financial Assets, Non-Current (US$ MM)2 282 311 374 Net Financial Debt (US$ MM) 3,307 3,648 4,461

• Adj. EBITDA LTM (US$ MM)

1,049 1,116 1,247 Net Financial Debt / Adj. EBITDA LTM 3.15 3.27 3.58

18 58 48 17 30 569 45 1,011 193 385 13 175 105 560 20 21 22 23 24 25 26 27 28 29 30 41 44 45

Amortizations (figures in USD MM)

Achieved reduction in financial debt

• 34% from June 2019
• 25% from December 2019
• Relevant maturities only from the

year 2025

1 Mutual funds and derivatives 2 Derivatives

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Low exposure to the exchange rate

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

Currency Exhibition1

1 Includes cash in US $ and excludes Cross Currency Swaps

Rate Exposure1

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

Jun 20 Dic 19 Jun 20 Dic 19

• As of June 2020, 35% of total cash is held in

dollars (US $ 102 MM)

• Most derivatives have a positive mark to market

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03

Quarterly Results

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Executive Summary

At constant exchange rates, revenues declined 3.4% explained by the temporary closure of the Department Stores and Shopping Centers businesses, in all countries, offset by growth in sales in the e-commerce, Supermarkets and, to a lesser extent, Home Improvement.

Revenues Adjusted EBITDA

Adjusted EBITDA (excluding IAS29) increased 0.5%, with the highest growth in Brazil, which obtained the best performance of the last 7 years by more than doubling its EBITDA YoY, and increases in Peru, Colombia and

• Argentina. All this as a consequence of the focus on operating efficiencies, renegotiations with suppliers,

adjustments in the sales mix and a better management of working capital.

Net Profit (Loss)

The Company reported a higher net loss for the period of CLP 34,248 million, reflecting the lower revaluation of investment properties (not cash flow). Excluding this effect and the accounting for hyperinflation in Argentina, profit reached CLP 39,090 million, an improvement over the previous year's loss of CLP 17,902 million. This improvement reflects lower financial costs, lower income tax and the improvement in the profitability of Supermarkets and Home Improvement.

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Consolidated Results for the Quarter

As Reported

• Excl. IAS29

(A) (B) (G) (H) 2Q201 2Q19

• Var. YoY

2Q204 2Q19

• Var. YoY
• Var. YoY

CLP MM CLP MM (%) CLP MM CLP MM Ex-IAS29 Constant Current Revenues 2,165,592 2,363,357

• 8.4%

2,210,315 2,288,196

• 3.4%

2.0% Gross Profit 552,577 662,760

• 16.6%

573,780 630,842

• 9.0%
• 2.4%

Gross Mg. 25.5% 28.0%

• 253 bps

26.0% 27.6%

• 161 bps

SG&A

• 515,106
• 567,342
• 9.2%
• 516,426
• 540,501
• 4.5%

1.7% SG&A (% of revenues)

• 23.8%
• 24.0%

22 bps

• 23.4%
• 23.6%

26 bps Adjusted EBITDA 159,352 183,350

• 13.1%

168,343 167,501 0.5% 7.1%

• Adj. EBITDA Mg.

7.4% 7.8%

• 40 bps

7.6% 7.3% 30 bps Net Profit (Loss)

• 69,167
• 18,960

264.8%

• 34,248

9,599

• 456.8%
• 462.0%

Net Profit Mg.

• 3.2%
• 0.8%
• 239 bps
• 1.5%

0.4%

• 197 bps

Second Quarter

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

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Consolidated Results for 1H20

As Reported

• Excl. IAS29

(A) (B) (G) (H) 6M201 6M19

• Var. YoY

6M204 6M19

• Var. YoY
• Var. YoY

CLP MM CLP MM (%) CLP MM CLP MM Ex-IAS29 Constant Currency Revenues 4,643,782 4,613,658 0.7% 4,668,197 4,562,933 2.3% 6.8% Gross Profit 1,242,418 1,300,142

• 4.4%

1,268,328 1,288,715

• 1.6%

4.8% Gross Mg. 26.8% 28.2%

• 143 bps

27.2% 28.2%

• 107 bps

SG&A

• 1,065,438
• 1,103,682
• 3.5%
• 1,060,920
• 1,079,233
• 1.7%

3.8% SG&A (% of revenues)

• 22.9%
• 23.9%

98 bps

• 22.7%
• 23.7%

93 bps Adjusted EBITDA 390,944 461,886

• 15.4%

409,544 463,238

• 11.6%
• 6.6%
• Adj. EBITDA Mg.

8.4% 10.0%

• 159 bps

8.8% 10.2%

• 138 bps

Adjusted EBITDA Excl. One Off 390,944 369,411 5.8% 409,544 370,762 10.5% 16.7%

• Adj. EBITDA Mg. Excl. One Off

8.4% 8.0% 41 bps 8.8% 8.1% 65 bps Net Profit (Loss)

• 131,451

134,299

• 197.9%
• 67,864

186,960

• 136.3%
• 133.1%

Net Profit (Loss) Mg.

• 2.8%

2.9%

• 574 bps
• 1.5%

4.1%

• 555 bps

Net Profit (Loss) Excl. One Off

• 131,451

41,823

• 414.3%
• 67,864

94,484

• 171.8%

N.A Net Profit (Loss) Mg. Excl. One Off

• 2.8%

0.9%

• 374 bps
• 1.5%

2.1%

• 352 bps

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

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Chile

Revenues: declined 8.9% YoY reflecting the temporary closure of the Department Stores and Shopping Centers businesses during most of the period. This impact was offset by the increase in Supermarket and Home Improvement sales, mainly in e- commerce sales. Adjusted EBITDA: was 31.0% lower YoY and the margin contracted 225 bps reflecting the weaker performance of Department Stores, Shopping Centers and Financial Services.

Supermarkets 72.6% Department Stores 12.5% Home Improvement 14.4% Shopping Centers 0.6%

Revenues (US$ 1,231 millions)

Supermarkets 83.2% Home Improvement 16.8%

Adjusted EBITDA (US$ 87 millions)

2Q20 2Q19 Var YoY Var YoY CLP MM CLP MM As Reported Constant Currency Revenues 1,013,151 1,112,295

• 8.9%
• 8.9%

Gross Profit 253,704 312,720

• 18.9%
• 18.9%

Gross Mg. 25.0% 28.1%

• 307 bps

SG&A

• 245,081
• 252,958
• 3.1%
• 3.1%

SG&A (% of revenues)

• 24.2%
• 22.7%
• 145 bps

Adjusted EBITDA 71,225 103,231

• 31.0%
• 31.0%
• Adj. EBITDA Mg.

7.0% 9.3%

• 225 bps

The Others segment is equivalent to US$ -1 million. The Department Stores segment is equivalent to US$ -24 millions, Shopping Centers to US$ -3 millions, Financial Services US$ -6 millions and Others US$ -2 millions.

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Chile market share trends

Market Share

• Supermarkets

have increased market share since the beginning of 2019 due to fewer Supermarkets affected by the social crisis, larger selling space generating greater customer comfort when shopping and diversity in the product mix.

• Department Stores has stood out for its

improved e-commerce shipping service and for generating greater customer trust.

• Home Improvement, like the department

store, has had a greater focus on the customer and variety in the product mix and different brands, generating a better shopping experience.

20.3% 20.7% 20.0% 22.7% 22.1% 79.7% 79.3% 80.0% 77.3% 77.9% 1Q19 2Q19 3Q19 4Q19 1Q20

Cencosud - Business Unit Others

26.7% 27.3% 28.0% 29.1% 27.8% 29.4% 73.3% 72.7% 72.0% 70.9% 72.2% 70.6% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 23.3% 23.5% 22.8% 26.9% 24.1% 76.7% 76.5% 77.2% 73.1% 75.9% 1Q19 2Q19 3Q19 4Q19 1Q20

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Argentina

Revenues: increased 32.4% in local currency, while in CLP were up 3.4% as a result of the devaluation of the ARS compared to the CLP. The increase in local currency is mainly explained by growth in Supermarket sales above inflation, partially offset by lower sales as a result of the temporary closure of stores decreed by the government in Home Improvement and Shopping Centers. Adjusted EBITDA: increased 81.7% in local currency and EBITDA margin expanded 213 bps YoY, reflecting the good performance

• f the Supermarkets business, cost containment and process

automation.

Supermarkets 70.3% Home Improvement 23.3% Shopping Centers 0.2% Financial Services 6.2%

Revenues (US$ 514 millions)

2Q20 2Q19 Var YoY Var YoY CLP MM CLP MM As Reported Constant Currency Revenues 422,907 409,162 3.4% 32.4% Gross Profit 142,788 142,295 0.3% 29.1% Gross Mg. 33.8% 34.8%

• 101 bps

SG&A

• 111,982
• 117,830
• 5.0%

22.0% SG&A (% of revenues)

• 26.5%
• 28.8%

232 bps Adjusted EBITDA 34,794 24,938 39.5% 81.7%

• Adj. EBITDA Mg.

8.2% 6.1% 213 bps

The Others segment is equivalent to US$ 1 million.

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Macroeconomic evolution in Argentina

Market Share

Inflation SSS

• Var. % YoY
• Var. % Food a/a
• Var. % YoY

March 20 48,4 51,3 73,3 April 20 45,6 52,2 57,2 May 20 43,4 49,6 58,8 June 20 42,8 47,4 44,6

Macroeconomic indicators

• Supermarkets maintained market share
• ver the last year, outpacing the informal

market and smaller competitors from the formal market.

• Supermarkets Argentina have kept 6.4% of

sales under the Government’s “Precios Cuidados” program which sets a price ceiling for certain basic products.

82.1% 80.7% 87.9% 79.5% 83.8% 17.9% 19.3% 12.1% 20.5% 16.2% 1Q19 2Q19 3Q19 4Q19 1Q20 16.3% 15.7% 15.5% 16.0% 15.7% 16.0% 83.7% 84.3% 84.5% 84.0% 84.3% 84.0% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Cencosud - Business Unit Others

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Brazil

Revenues: increased 6.2% in local currency but were down 7.0% in CLP due to the depreciation of the real against the CLP. Growth in local currency is mainly due to the double digit increase in sales at Gbarbosa and to a lesser extent Prezunic. Adjusted EBITDA: adjusted EBITDA margin expanded 449 bps, reaching 8.2% due to sales growth, changes in commercial strategy and supplier relationships, as well as decreases in waste and inventory differences.

Supermarkets 99.8% Financial Services 0.2%

Revenues (US$ 378 millions)

2Q20 2Q19 Var YoY Var YoY CLP MM CLP MM As Reported Constant Currency Revenues 311,358 334,751

• 7.0%

6.2% Gross Profit 71,780 73,117

• 1.8%

12.2% Gross Mg. 23.1% 21.8% 121 bps SG&A

• 64,959
• 78,885
• 17.7%
• 6.0%

SG&A (% of revenues)

• 20.9%
• 23.6%

270 bps Adjusted EBITDA 25,596 12,499 104.8% 135.5%

• Adj. EBITDA Mg.

8.2% 3.7% 449 bps

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APP Prezunic and share growth

Market Share Prezunic Loyalty APP

• Prezunic has regained market share in recent quarters, due

to changes in the commercial strategy, the creation of the loyalty APP with discounts available to members and an improved customer focus.

• Prezunic launched a loyalty application with discounts

focused on the local customer.

• During

June 2020, 275,000 customers were loyalty members and 21% of sales were made via the APP.

24.0% 23.8% 22.7% 20.3% 20.3% 20.7% 21.1% 21.8% 21.6% 21.4% 19.4% 20.2% 9.3% 9.6% 8.2% 8.6% 9.1% 9.3% 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 Bretas Gbarbosa Prezunic

21% 79% Sales

Identified Unidentified

Total Flag: Average Ticket: R $ 99.93 / Margin 22.3% Identified Customers: Average Ticket: R $ 170.54 / Margin 16.0%

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Peru

Revenues: advanced 16.5% in CLP YoY and 0.3% in local currency explained by double-digit growth in Supermarkets partially offset by the closure of the Department Stores and Shopping Centers businesses. Adjusted EBITDA: margin expanded 189 bps mainly due to the improvement in the Supermarkets result, which reached record levels.

Supermarkets 98.7% Department Stores 0.7% Shopping Centers 0.6%

Revenues (US$ 337 millions)

2Q20 2Q19 Var YoY Var YoY CLP MM CLP MM As Reported Constant Currency Revenues 277,362 238,040 16.5% 0.3% Gross Profit 64,518 60,222 7.1%

• 8.1%

Gross Mg. 23.3% 25.3%

• 204 bps

SG&A

• 57,631
• 50,411

14.3%

• 1.3%

SG&A (% of revenues)

• 20.8%
• 21.2%

40 bps Adjusted EBITDA 26,070 17,865 45.9% 27.3%

• Adj. EBITDA Mg.

9.4% 7.5% 189 bps

The Others segment is equivalent to US$ 1 million.

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25

Colombia

Revenues: were down 4.3% in CLP and local currency, explained by the drop in the demand for electronics, housewares and clothing products, which affected approximately 40% of total revenues and the closure of Home Improvement stores during

• April. The foregoing was offset by higher sales in Food

Supermarkets. Adjusted EBITDA: margin expanded 112 bps due to gross margin improvements, expense savings, in addition to greater process efficiencies.

Supermarkets 91.3% Home Improvement 6.9% Shopping Centers 0.7% Financial Services 1.1%

Revenues (US$ 225 millions)

2Q20 2Q19 Var YoY Var YoY CLP MM CLP MM As Reported Constant Currency Revenues 185,538 193,947

• 4.3%
• 4.3%

Gross Profit 40,990 42,489

• 3.5%
• 3.5%

Gross Mg. 22.1% 21.9% 18 bps SG&A

• 36,772
• 40,419
• 9.0%
• 9.0%

SG&A (% of revenues)

• 19.8%
• 20.8%

102 bps Adjusted EBITDA 10,659 8,968 18.9% 18.9%

• Adj. EBITDA Mg.

5.7% 4.6% 112 bps

The Others segment is equivalent to US% -0.4 millions.

SLIDE 26

04

Looking to the Future

SLIDE 27

27

Resource optimization program

2Q

Saving SG&A

Chile

• 12%

Argentina

• 22%

Brazil

• 39%

Peru

• 18%

Colombia

• 39%

Total

• 16%

SG&A efficiency

Cencosud, since March, has been reviewing its contracts with suppliers to adjust to current needs. To date, 1,699 contracts have been reviewed resulting in a reduction of USD 11 MM per month. Of the total savings in GAV, some were due to renegotiations or COVID effect. The savings effect is shown as follows:

• 38% of savings are permanent; and
• 62% until reactivation, post-COVID

Review of contracts and their main focus

• Impact on results;
• Cash Flow; and
• Classification of critical and non-critical services.

SLIDE 28

28

E-commerce and the future at Cencosud

(local currency)

April May June

Supermarkets Chile 516.6% 475.0% 645.3% Argentina 293.8% 162.8% 223.5% Peru 458.9% 336.4% 374.4% Colombia

• 8.8%

48.3% 84.0% HI Chile 229.1% 138.4% 285.0% Argentina 236.7% 9.0% 258.9% Colombia 242.8% 159.0% 236.7% DS Chile 292.9% 51.3% 313.4%

Sales growth

• Alliance with Cornershop achieves a historic sale in Easy with 1,178

Tickets/day; and

• This alliance generates technological developments in Supermarkets and

Home Improvement, driving greater efficiency in delivery.

• During the quarter, two new e-commerce sites

were launched: Santa Isabel in Chile and Prezunic Brazil through WhatsApp;

• Implemented

payment by debit card in Supermarkets Chile;

• In the process of implementing Dark and Grey

Store.

• May saw slower YoY growth due to Cyber

Monday in 2019.

Cornershop Alliance

SLIDE 29

29

Increase in E-commerce penetration

E-commerce in the world

Internet Sales Supermarkets Department Stores Home Improvement 2Q20 7.1% 88.9% 12.9% 2Q19 1.9% 20.8% 5.6% Var 20/19 (bps) 526.0 6,804.0 730.0 2020 4.5% 48.9% 8.3% 2019 1.8% 16.8% 4.4% Var 20/19 (bps) 276.9 3,205.1 393.4

E-commerce penetration

• Growth in the online channel has become

comparable to countries such as the UK and France, where the highest penetration rates in the world are found.

• During

June 2020, the penetration

• f

Supermarkets in Chile was 13.6%, surpassing the countries mentioned above.

• Without additional investments related to the e-

commerce channel, Cencosud absorbed higher demand generated by the pandemic and increased penetration to historical levels.

• Supermarkets reached historical levels during the

quarter, posting double digit

• nline

sales penetration in June 2020.

1,0% 4,0% 7,0% 10,0% 13,0% 09-feb. 16-feb. 23-feb. 01-mar. 08-mar. 15-mar. 22-mar. 29-mar. 05-abr. 12-abr.

Penetration decreases due to significant growth in in-store sales before quarantine

SLIDE 30

30

Home Improvement strategy

• Categories with better margin and large sales volume;
• Greater variety in key categories;
• Focus on the final consumer;
• Differentiation in certain segments; and
• Seasonal

products with assortment and price differentiation.

Priorities Reformulation of Easy's Strategy three years ago

• Focus on improving processes, sales and working

capital;

• Annual focus of improvements with KPI’s associated

with the operation.

SLIDE 31

31

Adapt Department Stores

• 11 stores closed;
• Unprofitable;
• Improved cash flow due to lower rental expenses;
• Liquidation of inventory in Metro Supermarkets; and
• Transfer of personnel to Supermarket or retirement.

Closing of Stores Paris Peru

• About 1/3 of Johnson stores will move to Paris Express

with apparel sales, footwear and sports;

• Improvement in EBITDA due to savings in logistics costs,

marketing and administration expenses;

• Absorption in the already developed e-commerce channel
• f Paris and Click & Collect; and
• More efficient inventory management and distribution

center optimizing working capital.

Johnson to become Paris Express

SLIDE 32