Fourth Quarter 2019 1 Disclaimer The information contained in - - PowerPoint PPT Presentation

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Fourth Quarter 2019

EARNINGS PRESENTATION

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Disclaimer

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

• f which are beyond our control.

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 or other advice. No warranty, expressed

• r implied, is provided regarding the accuracy,

completeness, and reliability of the information contained in this document. The opinions 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.

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Strong Financial Position and Executing on Strategic Pillars

Leverage4

5.0 4.6 4.9 5.4 4.9 3.8 3.7 4.2 4.4 3.1

2015 2016 2017 2018 2019 Gross Leverage Net Leverage

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Financial Strengthening - debt reduction and liquidity management

Relevant Figures1

• Net financial debt down 36.3% YoY excluding IFRS16
• Net leverage ratio improved to 3.1x as of Dec19

Amortization Schedule2 (US$ MM3)

1 Figures converted to US$ using the period-end exchange rate for each period, not comparable due to the effect of IFRS16 in 2019. The EBITDA of the ratios does not include the EBITDA of Bank of Peru 2 Proforma amortizations after Tender Offer (bonds 2021 and 2023), net of derivatives, effect in the results of March 2020 3 Figures converted to US$ using the closing exchange rate as of December 31, 2019. The figures are presented net of mark to market gains / losses of derivatives, overdrafts and Comex debt. 4 Includes, from 2015 to 2018, a proforma of IFRS16 for data comparison 49 63 52 18 33 572 49 1,013 208 414 14 188 113 576

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

4Q19 4Q18 Total Financial Debt (US$ MM) 5,696 4,949 Cash and equivalents (US$ MM) 1,426 410 Other Financial Assets (US$ MM) 622 703 Net Financial Debt (US$ MM) 3,648 3,836

• Adj. EBITDA LTM (US$ MM)

1,164 921 Net Financial Debt / Adj. EBITDA LTM 3.1 4.2

Fixed 83% Floating 17%

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Conservative financial debt management

By Currency1

• As of December 2019, 70.5% of total cash

remains in US$ (US$ 1.006 MM) compared to 4.2% the previous year

• Exposure to other LATAM currencies reduced

through debt repayment in Brazil

• Majority of derivatives have a positive mark to

market

CLP + UF 97% USD 3% CLP + UF 73% USD 21% Others Latam 6%

By Rate1

Fixed 96% Floating 4%

Dec19 Dec18 Dec19 Dec18

1 By currency and rate debt includes Cross Currency Swaps

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Accelerating Omnichannel Results

Supermercados Home Improvement Department Stores

• Chile:

 Focus on Marketplace with more than 20,000 products  Website improvements that allow for a better customer experience in tracking delivery and returns

• Chile: Focus on post-sale automation and increased omnichannel services
• Argentina: Improve payment options
• Colombia: Increase online assortment
• Chile:

 Only app with Click & Collect withdrawal  Improvement in services: one click payment, scheduled or express sales, and frequent products  Expansion to 10 locations in the summer season

• Argentina:

 Ecommerce expansion with Click & Collect service and Drive Thru  National coverage in Non-Food (Jumbo), home delivery throughout the country

• Colombia:

 S2S implementation in Click & Collect  Ecommerce expansion with the opening of a website with operation in 18 stores

• Perú:

 Implementation of click & collect store area as an experience center

E-commerce Sales Supermarkets Department Stores Home Improvement

4Q19 2.1% 22.4% 6.6% 4Q18 1.9% 16.9% 4.9%

Var 19/18 (bps) 15.0 550.5 165.3

2019 1.9% 18.2% 5.1% 2018 1.7% 14.3% 3.2%

Var 19/18 (bps) 25.4 387.7 189.7

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Sustainability Strategy

Responsible sourcing

• Social protocols
• Animal welfare
• Eco Packaging
• Food Waste

Regional Diagnosis

• Basis for joint sustainable development associated with our purpose and business

model Provider development

• Addressing climate risks strategically and comprehensively

Environmental Culture

• Environmental management with a focus on the efficient use of resources and

comprehensive waste management

• Capacity building at the regional level for the correct implementation

Community Relations

• Strategic plan to strengthen community ties jointly in our main operations

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Quarterly Results

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Executive Summary

• At constant exchange rates, revenues grew 6.8% due to SSS growth in Supermarkets in Chile, Brazil, Argentina

and Colombia, as well as Home Improvement across all countries of operations

• Despite the social unrest and the resultant impact experienced in Chile and Colombia, 4Q19 as reported

adjusted EBITDA Margin1, expanded 240 bps YoY. This increase is explained by improved results across all countries reflecting the efficiency initiatives implemented, better inventory management and the adoption of IFRS162

• Profit ex-IAS29 reached CLP 44,984 MM in 4Q19, reflecting a YoY non-cash decline in the revaluation of

investment properties and an increase in taxes, partially offset by higher operating profit

1 Adjusted Ebitda: Gross profit + Other Income by Function + Other gains (losses) - GAV + D&A + Share in profits (losses) of associates - Revaluation of Assets 2 IFRS16 standard defines that all operating leases that exceed twelve months and are not of low value, must be recognized in the balance sheet

(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 2,799,339 2,955,743

• 5.3%

167,884 (26,878) 155,687 169,878 2,658,332 2,630,179 1.1% 6.8% Gross Profit 789,786 872,657

• 9.5%

60,210 (9,837) 64,236 67,299 739,413 741,122

• 0.2%

8.1% Gross Mg. 28.2% 29.5%

• 131 bps

35.9% 36.6% 41.3% 39.6% 27.8% 28.2%

• 36 bps

SG&A (616,549) (724,853)

• 14.9%

(55,383) 7,719 (49,710) (52,054) (568,885) (623,089)

• 8.7%
• 1.8%

SG&A (% of revenues)

• 22.0%
• 24.5%

250 bps

• 33.0%
• 28.7%
• 31.9%
• 30.6%
• 21.4%
• 23.7%

229 bps Adjusted EBITDA 268,812 213,028 26.2% 14,073 (2,710) 20,940 5,955 257,450 186,133 38.3% 48.6%

• Adj. EBITDA Mg.

9.6% 7.2% 240 bps 8.4% 10.1% 13.4% 3.5% 9.7% 7.1% 261 bps Net Profit (25,861) 140,151 N.A (71,473) 628 628 (88,612) 12,317 44,984 216,446 N.A N.A Net Profit Mg.

• 0.9%

4.7%

• 42.6%
• 2.3%
• 56.9%

7.3% 1.7% 8.2% Conversion Effect 3

• Chg. YoY
• Excl. IAS29

As Reported IAS29 Dec'19

• Chg. YoY

Inflation Effect 2 Conversion Effect 3 4Q191 4Q18

• Chg. YoY

4Q194 4Q18 IAS29 Dec'18 Inflation Effect 2

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Consolidated Results 4Q19 vs 4Q18

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 12 months period using end of period exchange rate as of December 2019. 4 Excludes the adjustment by hyperinflation in Argentina 5 (A) + (C) + (D) = (G) 6 (B) + (E) + (F) = (H)

(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 9,548,213 9,646,002

• 1.0%

334,685 (277,833) 331,553 (440,705) 9,491,362 9,755,154

• 2.7%

6.8% Gross Profit 2,670,944 2,760,640

• 3.2%

117,119 (101,532) 149,825 (165,779) 2,655,356 2,776,594

• 4.4%

8.1% Gross Mg. 28.0% 28.6%

• 65 bps

35.0% 36.5% 45.2% 37.6% 28.0% 28.5%

• 49 bps

SG&A (2,238,593) (2,365,711)

• 5.4%

(117,780) 81,152 (111,062) 130,516 (2,201,965) (2,385,165)

• 7.7%
• 1.8%

SG&A (% of revenues)

• 23.4%
• 24.5%

108 bps

• 35.2%
• 29.2%
• 33.5%
• 29.6%
• 23.2%
• 24.5%

125 bps Adjusted EBITDA 872,060 642,139 35.8% 27,550 (24,543) 55,163 (48,623) 869,053 635,599 36.7% 48.6%

• Adj. EBITDA Mg.

9.1% 6.7% 248 bps 8.2% 8.8% 16.6% 11.0% 9.2% 6.5% 264 bps Net Profit 154,617 190,594 N.A (128,453) (1,004) (49,247) (17,400) 284,074 257,241 N.A N.A Net Profit Mg. 1.6% 2.0%

• 38.4%

0.4%

• 14.9%

3.9% 3.0% 2.6% As Reported IAS29 Dec'19 IAS29 Dec'18

• Excl. IAS29

12M19 1 12M18

• Chg. YoY

Inflation Effect 2 Conversion Effect 3 Inflation Effect 2 Conversion Effect 3 12M19 4 12M18

• Chg. YoY
• Chg. YoY

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Consolidated Results FY 2019 vs FY 2018

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 12 months period using end of period exchange rate as of December 2019. 4 Excludes the adjustment by hyperinflation in Argentina 5 (A) + (C) + (D) = (G) 6 (B) + (E) + (F) = (H)

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Chile

Country results Results by business

Revenues: in CLP, reflect lower average days of store opening compared to the previous year, as a consequence of the social unrest in Chile Adjusted EBITDA: up 24.0% YoY explained by improved supermarket performance, IFRS16 adoption and Cencosud's focus on improving efficiency. This was partially offset by 7 store closings in the quarter.

SM 989 DS 396 HI 191 SC 48 Others 2

Revenues US$ MM

SM 124 DS 31 HI 23 FS 3 SC 34 Others (28)

Adjusted Ebitda US$ MM

Dec-19 Dec-18 Supermarket 34 34 Department Stores 95 98 Home Improvement 90 97

1 During the year 2019 there was a change in the inventory calculation methodology, all the years are comparable

Inventory Days1

4Q19 4Q18

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency Revenues 1,252,370 1,271,729

• 1.5%
• 1.5%

Gross Profit 361,583 366,886

• 1.4%
• 1.4%

Gross Mg. 28.9% 28.8% 2 bps SG&A (262,551) (290,564)

• 9.6%
• 9.6%

SG&A (% of revenues)

• 21.0%
• 22.8%

188 bps Adjusted EBITDA 143,355 115,615 24.0% 24.0%

• Adj. EBITDA Mg.

11.4% 9.1% 236 bps

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Chile Social Unrest

SQM Supermarket 2.9% Department Stores 1.5% Home Improvement 1.9%

Affected stores / total stores

as of December 31, 2019

1 Closing days are calculated on a weighted average based on income

Shopping Centers:

• Average closing of 7 days1 in the quarter
• Fixed lease discount for closed days and days with less than 6 hours of
• pening
• Advertising proportional discount in 4Q19
• Postponement of payment for 4Q agreed with tenants
• Affected stores as of December 31, 2019:

 7 Santa Isabel Supermarket stores, 4 of which are planned to

• pen during 2020

 1 Home Improvement store that is planned to open in 1Q20  2 Department Stores anticipated to open in 1H20

• As of November 30, 2019 an impact of US $ 33.1 MM was estimated

in inventories, maintenance, systems, works and projects and cash. Recovery of 100% provisioned as of December 31, 2019. Pending recovery of lost earnings.

Impact Quantification

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Argentina

Country results1 Results by business

Revenues: CLP up 2.1% YoY. Local currency revenues driven by Supermarkets and Home Improvement, the latter with SSS above inflation Adjusted EBITDA: increased 50.5% YoY in CLP explained by the adoption of IFRS16. Excluding these effect, Adjusted EBITDA margin also increased, reflecting the implementation of efficiency plans in 2019, an improvement in gross margin of Home Improvement and the good performance of Financial Services

SM 374 HI 186 SC 15 FS 43 Others 1

Revenues US$ MM

1 For comparative purposes and analysis of business performance, figures exclude the effect of the Argentine hyperinflation rule

• Chg. YoY (%)

Constant Curremcy

Revenues SSS SM 47.8 48.3 HI 56.3 56.9 Shopping C.

• 15.7

N.A Financial S. 30.3 N.A Others 61.1 N.A

4Q19 4Q18

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency Revenues 476,400 466,800 2.1% 46.1% Gross Profit 173,181 172,533 0.4% 43.8% Gross Mg. 36.4% 37.0%

• 61 bps

SG&A (121,618) (138,159)

• 12.0%

26.1% SG&A (% of revenues)

• 25.5%
• 29.6%

407 bps Adjusted EBITDA 54,873 36,468 50.5% 115.3%

• Adj. EBITDA Mg.

11.5% 7.8% 371 bps

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• Alimentar Card: cards granted by the government with credit for food

expenses

• Lower Interest Rates: drop from 55% to 38%
• Extension
• f

Financing Plan “Ahora 12 and 18”: interest-free installments to purchase domestic products

• “Precios Cuidados” : price controls on certain food products
• Freezing of fuels and tariffs

Argentina Economic Situation Update

• Today's situation is characterized by high inflation, a contraction

in GDP, high unemployment and an exchange market with controls

• Although inflation remains high, inflation in December reached

3.7% with a cumulative figure of 54%. Inflation increased 2.3% in January 2020 and is expected to be around 40% in 2020

• At the end of 2019 there was a slight upturn in mass

consumption

Other Indicators 2019 E 2020 E

Unemployment % end period 12 12 Reference Interest Rate (Leliq) %, end period 58 35

Fernández Administration Milestones

• Maintenance of control and foreign exchange stocks
• Implementation of the country tax (30%) for access to the

exchange market for individuals

• Sharp drop in the reference rate (63% to 40%)
• Cap on interest rates for bank credit cards (cap 55%) and non-

bank (+ 25pts on private loan rate)

Cencosud in Argentina

• Inventory management with a focus on reducing days and

improving quality

• SSC as a center of efficiency in back office operations
• Operation with positive cash flow and zero debt
• Capex focused on maintenance and execution of efficiency

measures in the use of GLA

Measures to improve consumption Economic Situation

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Brazil

Country results Results by business

Revenues: growth in local currency driven by higher SSS in Gbarbosa and SSS growth exceeding inflation in Prezunic, as a result of better levels of availability in the stores and perishable sales above inflation. This was partially offset by a drop in Bretas as a result of the strategy to protect margins Adjusted EBITDA: increase explained by the adoption of IFRS16 and lower losses in Gbarbosa, Bretas and Prezunic, higher EBITDA in Prezunic and Bretas, partially offset by a YoY drop in Gbarbosa

SM 498 FS 2

Revenues US$ MM

• Chg. YoY (%)

Constant Currency

Revenues SSS SM 1.1 0.6 Financial S. 6.6 N.A

4Q19 4Q18

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency Revenues 384,873 368,140 4.5% 1.2% Gross Profit 77,510 78,813

• 1.7%
• 4.8%

Gross Mg. 20.1% 21.4%

• 127 bps

SG&A (82,837) (89,029)

• 7.0%
• 9.7%

SG&A (% of revenues)

• 21.5%
• 24.2%

266 bps Adjusted EBITDA 13,914 2,140 550.1% 523.3%

• Adj. EBITDA Mg.

3.6% 0.6% 303 bps

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Operational / Financial Data Brazil

Sale same stores by flag Free Cash Flow Inventory Days1

1 During the year 2019, a change was made in the inventory policy that implies that the calculation is adjusted as closely as possible to the accounting

58 59 55 2017 2018 2019

4Q19 4Q18 4Q17 GBARBOSA 0.8%

• 1.8%

1.1% BRETAS

• 5.6%

6.5%

• 0.5%

PREZUNIC 6.1% 1.1%

• 4.3%

Total SM 0.6% 1.4%

• 1.2%

Availability of products in store

US$ MM 2019 2018 TOTAL 12

• 107

Improved FCF driven by EBITDA growth, improvements in inventory management and working capital

76% 76% 82% 66% 77% 86% 82% 86% 77% 84%

Gbarbosa Bretas Prezunic Mercantil Consolidated

2018 2019

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Peru

Country results Results by country

Revenues: decline in revenue in local currency as a result of the JV

• f the Financial Retail business in Peru and a drop in Supermarket

SSS Adjusted EBITDA: increased 35% YoY CLP explained by the adoption

• f IFRS16, better performance of Supermarket and Shopping

Centers, in addition to the result of the Financial Retail JV

SM 324 FS 9 DS 45 Others 1

Revenues US$ MM

• Chg. YoY (%)

Constant Currency

Revenues SSS SM

• 3.2
• 4.4

Shopping C. 4.1 N.A DS

• 2.1
• 3.3

Others 596.2 N.A

4Q19 4Q18

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency Revenues 291,285 290,810 0.2%

• 10.2%

Gross Profit 75,188 75,462

• 0.4%
• 11.3%

Gross Mg. 25.8% 25.9%

• 14 bps

SG&A (57,907) (58,970)

• 1.8%
• 10.9%

SG&A (% of revenues)

• 19.9%
• 20.3%

40 bps Adjusted EBITDA 29,802 22,068 35.0% 21.0%

• Adj. EBITDA Mg.

10.2% 7.6% 264 bps

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Commercial Strategy and Cost Control in Peru

• Adequacy of price level and promotions in basic basket
• Investment in advertising to focus on differentiating

concepts

• Promote the sale of perishables, mainly fruit and

vegetables

• Focus on strategic locations exposed to increased flow of

people

• Organic growth nationwide, positioning ourselves in new

strategic locations

• Automation and process efficiency
• Investment in CAPEX for energy saving where certain

changes are made:  LED lights  Change of refrigerated equipment  Air conditioners

Control of Expenses

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Colombia

Country results Results by country

Revenues: income growth driven by positive SSS in Supermarket and Home Improvement, along with higher results in Financial Services Adjusted EBITDA: increased 57.6% YoY in CLP YoY explained by the adoption of IFRS16, as well as increases in Supermarket, Home Improvement and Financial Services

SM 297 SC 3 HI 26 FS 4 Others (1)

Revenues US$ MM

• Chg. YoY (%)

Constant Currency

Revenues SSS SM 2.3 4.2 Shopping C. 2.0 N.A HI 3.6 3.6 Financial S. 61.1 N.A Others

• 35.2

N.A

4Q19 4Q18

• Chg. YoY
• Chg. YoY

CLP MM CLP MM As Reported Constant Currency Revenues 253,404 232,699 8.9% 3.0% Gross Profit 51,951 47,428 9.5% 4.2% Gross Mg. 20.5% 20.4% 12 bps SG&A (43,973) (46,367)

• 5.2%
• 9.4%

SG&A (% of revenues)

• 17.4%
• 19.9%

257 bps Adjusted EBITDA 15,506 9,842 57.6% 49.3%

• Adj. EBITDA Mg.

6.1% 4.2% 189 bps

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Food Sales and Inflation

Same Store Sales1 Food and total inflation2

1 Due to the social movement, the SSS in Chile excludes stores that had more than 10% of the quarter closed 2 Source: INE, INDEC, IBGE, BCRP, BanRep and INEI 3 In Peru, food inflation considers only the Lima Metropolitan region

4Q19 4Q18 4Q19 4Q18 4Q19 4Q18 (%) (%) (%) (%) (%) (%) Chile 6.0 0.6 2.2 3.9

• 5.1
• 3.2

Argentina 48.3 33.0 56.9 17.7 n.a. n.a. Brazil 0.6 1.4 n.a. n.a. n.a. n.a. Peru

• 4.4

1.5 n.a. n.a.

• 3.3

19.6 Colombia 4.2 2.4 3.6 8.6 n.a. n.a. Supermarkets Home Improvement Department Stores 4Q19 4Q18 4Q19 4Q18 (%) (%) (%) (%) Chile 3.7 2.9 3.0 2.6 Argentina 56.8 51.2 53.8 47.6 Brazil 7.8 4.5 4.3 3.8 Peru3 1.0 1.9 1.9 2.5 Colombia 5.8 2.4 3.8 3.2 Food Inflation Total Inflation

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Operational data

Financial Retail Shopping Centers1

1 Occupancy Rate Chile includes the occupation of the towers 2 Provisions on past due loans (more than 90 days past due)

The increase in the GLA in Chile is distributed as follows:

• 50,000 SQM of Costanera Center Towers, with the

authorization of the second phase

• 6,350 SQM El Llano Shopping Center

El Llano

• Increase of 7,319 SQM (6,350 from Third Parties)
• Capacity for 48 new commercial premises that will be
• pened gradually

4Q19 4Q18 4Q19 4Q18 (%) (%) m2 m2 Chile 91.5 99.3 421,407 365,057

15.4%

Argentina 96.5 97.8 277,203 277,203

0.0%

Peru 98.6 98.4 74,395 74,395

0.0%

Colombia 95.0 97.4 57,543 57,543

0.0%

Occupancy Rate GLA

• Chg. YoY
• Chg. YoY

4Q19 4Q18 4Q19 4Q18

Chile 1,270,535 1,161,526

9.4%

2.5 2.5 Argentina 13,404,714 11,524,771

16.3%

1.2 1.0 Brazil 556,071 536,465

3.7%

0.6 0.7 Peru 913,778 840,281

8.7%

4.1 1.8 Colombia 900,707 860,388

4.7%

3.1 3.0

Loan Portfolio NPL2 As Reported Local Currency (times)

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Coronavirus and Impact to Cencosud

 Chile, Argentina and Peru all non-essential stores closed nationwide. Supermarkets, pharmacies, banks and home improvement keep their doors

• pen

 The distribution chain remains operational, guaranteeing adequate supply to meet demand, which is at above normal levels. Approximately 90% of our suppliers are local, reducing the risk of interruption in supply chains  Strong sales increase in Supermarkets following the onset of coronavirus in the Region (Chile, Argentina, Brazil, Peru and Colombia) driving strong demand in the face of the crisis, products in demand include; cleaning products, dairy and meat  Home Improvement and Department Stores see increase in online sales

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Cencosud Initiatives for Coronavirus Outbreak

Cencosud's commitment today more than ever is to maintain the stores with an adequate supply of an assortment of quality and healthy foods for all households in each of the countries where we operate Home delivery services are also available that we have supported as an additional service for our customers Team Members  Dissemination of communications with relevant information through all our internal platforms  Talks to reinforce self-care in hygiene and health  Increased hand gel disinfectant dispensers in accesses and meeting rooms  Intensified cleaning and disinfecting in workplaces  Closing of the central offices in the 5 countries in which Cencosud operates  Temporary suspension of work travel  Temporary suspension of face-to-face meetings and events (internal and external).  Use digital tools for calls and / or video conferences Customers

 Increased hand gel disinfectant dispensers for public use across the country in offices, shops, stores and shopping malls  Disinfecting of supermarket carts at the entrance of the stores  Department Store closings  Strengthening the logistics chain for home delivery  Special hours in most supermarkets for higher risk customers

Closing Comments & 2020 Focus

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Decrease in gross debt through tender offer of notes under “Make Whole Redemption” for a total of US$ 882 MM Reduce working capital needs by focusing on inventory days, return on assets and improvement of efficiency levels Improve Cash Flow from Operations Sale of Non-Strategic Assets Search for a partner to boost the Financial Services business in Argentina Bond Redemption Transaction Selective Organic Growth Organic growth focused on operations where ROIC is greater than WACC, financed by own cash flow Back to Cencosud DNA Re-focus on food, particularly perishable foods Digital Transformation Expand self-check out, self-scanning and e-commerce; develop unique Marketplace, Shared Services Center - opportunity for process automation

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