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CorporatePresentation4Q18

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INVESTMENT HIGHLIGHTS

OUR STRATEGY

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WHY CENCOSUD?

1 Figures as of December 2018

2 Market Cap calculated as of December 2018 using the stock closing price of CLP 1,256 and constant Exchange rate of CLP 695,69 per US$

3 David Gallagher presented his resignation on June 29, effective immediately due to his appointment as ambassador of the United Kingdom.

4 BCS stands for Bolsa de Comercio de Santiago. Figures as of December 2018 using close stock price CLP 1,564 and a constant Exchange rate of CLP 695,69 per US$.

LEADING SOUTH AMERICAN MULTI-FORMAT RETAILER1

PREMIER BRAND PORTFOLIO WITH INTEGRATED MULTI-FORMAT STRATEGY

UNPARALLELED GROWTH TRACK RECORD HOLDING VALUABLE

LAND BANK

SEASONED MANAGEMENT TEAM3 LISTED ON BCS4

RATED IG BY MOODY’S AND FITCHPRIVILEDGED POSITION TO BENEFIT

FROM IMPROVED ECONOMIC ENVIRONMENT

5 Business Divisions & 5 countries

Leadership positions across the region

Market Cap US$ 5.1 bn2

134.095 employees

1,114 retail stores + 54 shopping centers

3.6 mm sqm of retail space + 338 thousand sqm of shopping centers GLA to third parties

Sound Corporate Governance with SOX standards:

8 Seasoned Board Members

3 Paulmann Family members

2 Independent members

Board of Directors Committee:

Total of 3 members; 2 independent

Listed on BCS (2004)

46.3% Free Float

Daily Avg. Trading Volume: US$ 7.7 mm

Rated IG by Moody’s and Fitch

Member of the EME DJSI

Market leadership positions across the region

Peru:

133,510 sqm of land bank

La Molina Project

Argentina:

3.2 mm sqm land bank

Recognized brand portfolio 6.1 mm sqm of land bank to fuel

future growth across the region

TOTAL SELLING SPACE (‘000 sqm)

1 2 3

4 5 6

1 2 3

4 5 6

4.387 4.417 4.418 4.401

5.992

2014 2015 2016 2017 2018

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CENCOSUD: A PAN-REGIONAL MARKET LEADER

COLOMBIA

3RD SUPERMARKET

2ND HOME IMPROVEMENT

CHILE

2ND SUPERMARKET

2ND HOME IMPROVEMENT

2ND SHOPPING CENTERS

2ND DEPARTMENT STORES

PERU

2ND SUPERMARKET

4TH DEPARMENT STORES

ARGENTINA

2ND SUPERMARKETS

1ST HOME IMPROVEMENT

1ST SHOPPING CENTERS

4TH SUPERMARKET

Leadership position in Northeast,

Minas Gerais, and Río de Janeiro

BRAZIL

Note; Financial Services provided through a Joint Venture in Chile (Scotiabank), Brazil (Bradesco) and Colombia (Colpatria).

In May 8, 2018 an agreement was signed with Scotiabank to jointly develop the business in Peru.

JV

JV

JV

60%26%

10% 4%

47%

21%

14%

10%

8%

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REGIONAL MULTI-FORMAT MARKET LEADER, DIVERSIFIED BY BUSINESS UNIT AND GEOGRAPHY

Note: Figures converted to US$ using a constant exchange rate of CLP 641,22 per US$

1 Graph excludes Adj. EBITDA from Brazilian operations which presented a negative contribution of US$ 25 mm

2 Adjusted EBITDA represents EBITDA plus exchange differences and gains (losses) from indexation units, minus revaluation of assets. These figures include CLP 13,766 mm of extraordinary gains

from the sale of non-core real estate assets in the LTM period.

3 Figures exclude the adjustment of hyperinflation in Argentina (IAS 29). Including the adjustment, revenues for the LTM period were US$ 15.043 mn and Adjusted EBITDA was US$ 1,001 mn, using

end of period exchange rate of CLP 695,22 per US$. Argentina represented 20% of total revenues and 27% of total Adjusted EBITDA.

REVENUE BREAKDOWN BY GEOGRAPHY (LTM as of Dec 2018)

US$ 15,213 mm3

ADJ. EBITDA BREAKDOWN BY GEOGRAPHY (LTM as of Dec 2018)

US$ 991 mm1,2,3 (6.5% Adjusted EBITDA margin)

• 249 supermarkets

• 36 home improvement stores

• 81 department stores

• 33 shopping centers

• F.S.: JV with Scotiabank

• 284 supermarkets

• 51 home improvement stores

• 22 shopping centers

• Financial Services

• 201 supermarkets

• 3 different regions

• F.S.: JV with Bradesco

• 93 supermarkets

• 11 department stores

• 4 shopping centers

• Financial Services

• 98 supermarkets

• 10 home improvement stores

• 2 shopping centers

• F.S.: JV with Colpatria

CHILE ARGENTINA BRAZIL PERU COLOMBIA

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STRONG FOOD RETAIL PLAYER; A BUSINESS MORE RESILIENT TO ECONOMIC DOWNTURNS

Note: Figures converted to US$ using a constant exchange rate of CLP 641.22 per US$

1 Graph excludes the “Others” segment, which contributes US$ 10 mm in revenues and –US$ 277 mm in Adj. EBITDA. Adj. EBITDA represents EBITDA plus exchange differences and gains

(losses) from indexation units, minus revaluation of assets.

2 Revenues and Adjusted EBITDA from Shopping Centers don’t include related party transactions

3 Mg = Adjusted EBITDA margin

4 Figures exclude the adjustment of hyperinflation in Argentina (IAS 29). Including the adjustment, revenues for the LTM period were US$ 15,043 mn and Adjusted EBITDA was US$ 1,001 mn,

using end of period exchange rate of CLP 660.42 per US$.

REVENUE BREAKDOWN BY BUSINESS (LTM as of Sept 2018)1,4

US$ 15,213 mm

ADJUSTED EBITDA BY BUSINESS (LTM as of Sept 2018)1

US$ 991 mm (6.5% Adjusted EBITDA margin)2,3,4

Retail accounted for

95% of Revenues

US$10,757mm

US$1,857mm

US$1,817mm Complementary

Business

US$194mm10.4% mg

Retail accounted for 63%

of Adjusted EBITDA

US$53mm2.9% mg

US$ 536mm5.0% mg

US$298mm77,5% mg

US$187mm48,2% mg

Complementary

Business

Supermarkets Home Improvement Department Stores Shopping Centers Financial Services

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US$388mm

US$385mm

42%

22%

16%

5%

15%

71%2%

12%

12%3%

684 921 1.379

2.518 3.116

3.780

6.131 5.512

6.195

7.605

9.149

10.341 10.913 10.957

10.340 10.457 9.755

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PROVEN GROWTH TRACK RECORD

1 Revenues denominated in US$, calculated with an exchange rate of CLP 641.22 per US$

2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange)

• Total selling space grew from 2.8 mm sqm

in 2010 to 3.5 mm sqm in 2018.

• Revenues increased from US$9.7 bn in

2010 to US$15.2 bn in 2018

(CAGR:

5.2%)

(CAGR:

5.8%)

1976 1982 1988 1993 2002

Opening of first supermarkets

IPO BCS1

IPO NYSE

Consolidation in the Chilean market

Internationalization process

Peru

Consolidation and synergies

Delisting NYSE

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Perú

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STRONG LIQUIDITY POSITION AND COMFORTABLE AMORTIZATION SCHEDULE

1 Debt denominated in US$ using end of period exchange rate of 30 September 2018

2 Amortization schedule is presented net off gains/losses from mark to market of derivatives, overdrafts and Comex debt (excluding forwards).

3 Debt by currency after cross-currency swaps.

● Pre-payment of the 2021 and 2023 bonds in 3Q17 & Pre-payment of

local bonds BCencE (UF 2 million), BCencO (CLP 54,000 million) and

Incabond (PEN 280 million) in 2Q18.

● Investment Grade rating since 2011

● Fitch Ratings: BBB- (stable)

● Moody’s: Baa3 (negative)

DEBT BY CURRENCY (AFTER CCS) 3

DEBT AMORTIZATION SCHEDULE (US$ MM)1,2NET FINANCIAL DEBT EVOLUTION

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4Q18 4Q17

4,4

3,53,7

3,33,6

3,83,94,6

3,43,7

3,3 3,2

3,7

4,3

20

12

20

13

20

14

20

15

20

16

20

17

20

18

Net Financial Debt(USD bn)

NFD/Adj. EBITDA(times)

334

581

165

56

744

35

711

51

1.039

219

41 15

199

350

19 20 21 22 23 24 25 26 27 28 29 30 41 45

CLP + UF; 73%

USD; 21%

Otras Latam; 6%

CLP + UF; 71%

USD; 21%

Otras Latam; 8%

EXPERIENCED MANAGEMENT TEAM

CORPORATE GOVERNANCE AND BOARD OF DIRECTORS

• Sound corporate governance SOX Standards:

• 8 seasoned Board members:

• 3 Paulmann Family members

• 2 Independent members

• Board of Directors’ Committee (CMF1):

• Roberto Philipps

• Richard Büchi (Independent)

• Mario Valcarce (Independent)Heike

Paulmann K.

Horst

Paulmann K.

Peter

Paulmann K.

Richard

Büchi

Cristián

Eyzaguirre

Julio Moura Roberto

Philipps

Mario

ValcarceIndependentmembers #

8 Sebastián Conde Matias Videla

Ricardo Bennett

Dag

LoebensteinAntonio Ureta

Patricio RivasTBD

CEO

Years in Cencosud

6 13 17

12 16 2222

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German Cerrato

CEO: Chief Executive Officer. HR: Human Resources. CFO: Chief Financial Officer.. SM:

Supermarkets Manager; DS: Department Stores Manager. FS: Financial Services. SC: Corporate

Shopping Centers Manager. Legal: General Counsel.

2. Mr. Gebhardt and Mr. Conde have been for less than a year in Cencosud. Home Improvement

managemer turned in his resignation effective as of January 31, 2019. His replacement is yet to be

determined.

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MANAGEMENT TEAM2

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INVESTMENT HIGHLIGHTS

OUR STRATEGY

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THE THREE PILLARS OF OUR STRATEGY

Financial Strengthening

• Commitment with IG

• Liability Management

• Non-core assets sale

Strategic Alliances

• JVs with Scotiabank, Colpatria and

Bradesco

• Sustainable relationship with

suppliers

Big Data & Analytics

Private Labels and Regional

Synergies

Sustainability

Talent

Health & Wellness

• Organic

• “Free of”

• Health

STRONG VALUES

Digital Transformation and Omni-

channel

• “Whatever you want, whenever you

want, however you want, wherever

you want”

• IT & Logistics Investments

Strategic Planning

• Area in charge of

coordinating and

materializing planning for

each business division

Procurement

• Close to the business

• Regional team

• Efficiency, process and

people

Process Standardization and

Centralization

• SAP Unification

• Robotic Process Automation

• CSC: Continue Growing

Organic Growth

• Remodeling

• Omni-channel

• New projects

1 GROWTH TRENDSEFFICIENCY AND PRODUCTIVITY2 3

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