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CorporatePresentation1Q19

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INVESTMENT HIGHLIGHTS

OUR STRATEGY

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WHY CENCOSUD?

1 Figures as of March 2019

2 Market Cap calculated as of December 2018 using the stock closing price of CLP 1,178 and constant Exchange rate of CLP 678.53 per US$

3 BCS stands for Bolsa de Comercio de Santiago. Figures as of December 2018 using close stock price CLP 1,178 and a constant Exchange rate of CLP 678.53 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 TEAMLISTED ON BCS3

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$ 5,0 bn2

131,613 employees

1,114 retail stores + 54 shopping centers

3.6 mm sqm of retail space + 701 thousand sqm of shopping centers GLA to third parties

Sound Corporate Governance with SOX standards:

9 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$ 7.4 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:

3.1 mm sqm land bank

Recognized brand portfolio 6.0 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

3.629 4.238 4.387 4.417 4.418 4.401 4.292 4.279

2012 2013 2014 2015 2016 2017 2018 2019

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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). As of March 2019,

the JV agreement for the conjoint development of Financial Services in Peru with Scotiabank was approved

JV

JV

JV

JV

47%

20%

14%

11%

8%

53%

21%

1%

22%

3%

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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 660.46 per US$

1 Adjusted EBITDA represents EBITDA plus exchange differences and gains (losses) from indexation units, minus revaluation of assets. These figures include CLP 92.475 mm of extraordinary gains

from the sale of 51% of Financial Service in Peru.

2. Figures include new IFRS16 accounting rule of operating leases as of January 1 2019.

3 Figures exclude the adjustment of hyperinflation in Argentina (IAS 29). Including the adjustment, revenues for the LTM period were US$ 14.123 mn and Adjusted EBITDA was US$ 1,077 mn, using

end of period exchange rate of CLP 678,53 per US$. Argentina represented 19.3% of total revenues and 19.2% of total Adjusted EBITDA.

REVENUE BREAKDOWN BY GEOGRAPHY (LTM as of Mar 2019)

US$ 14,546 mm3

ADJ. EBITDA BREAKDOWN BY GEOGRAPHY (LTM as of Mar 2019)

US$1,133 mm1,2,3 (7.8% Adjusted EBITDA margin)

• 249 supermarkets

• 36 home improvement stores

• 80 department stores

• 33 shopping centers

• F.S.: JV with Scotiabank

• 284 supermarkets

• 51 home improvement stores

• 22 shopping centers

• Financial Services

• 203 supermarkets

• 3 different regions

• F.S.: JV with Bradesco

• 94 supermarkets

• 11 department stores

• 4 shopping centers

• Financial Services

• 96 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 660,46 per US$

1 Graph excludes the “Others” segment, which contributes US$ 10 mm in revenues and –US$ 120 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$ 14,123 mn and Adjusted EBITDA was US$ 1,077 mn,

using end of period exchange rate of CLP 678.53 per US$.

REVENUE BREAKDOWN BY BUSINESS (LTM as of Mar 2019)1,4

US$ 14,546 mm

ADJUSTED EBITDA BY BUSINESS (LTM as of Ma 2019)1

US$ 1.113 mm (7.8% Adjusted EBITDA margin)2,3,4

Retail accounted for

95% of Revenues

US$10,311mm

US$1,743mm

US$1,742mm Complementary

Business

US$185mm10.6% mg

Retail accounted for 63%

of Adjusted EBITDA

US$53mm3.0% mg

US$ 558mm5.4% mg

US$293mm78.4% mg

US$168mm45.9% mg

Complementary

Business

Supermarkets Home Improvement Department Stores Shopping Centers Financial Services

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US$365mm

US$373mm

42%

22%

16%

5%

15%

71%3%

12%

12%2%

1,0 1,4 2,1 3,8 4,7

5,7

9,3 8,3

9,4 11,5

13,9 15,7 16,5 16,6 15,7 15,8

14,8 14,5

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 LTMMarzo20197

PROVEN GROWTH TRACK RECORD

1 Revenues denominated in US$, calculated with an exchange rate of CLP 660.46 per US$

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

• Total selling space grew from 2.8 mm sqm

in 2010 to 4.3 mm sqm in 2019.

• Revenues increased from US$6.1 bn in

2010 to US$9.6 bn in 2019

(CAGR:

4.6%)

(CAGR:

5.0%)

1976 1982 1988 1993

Opening of first supermarkets

IPO BCS1

IPO NYSE

Consolidation in the Chilean market

Internationalization process

Peru

Consolidation and synergies

Delisting NYSE

Peru

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STRONG LIQUIDITY POSITION AND COMFORTABLE AMORTIZATION SCHEDULE

1 Debt denominated in US$ using end of period exchange rate of 31 March 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.

● Cencosud announced the IPO for its Shopping Centers division in

Chile, Peru and Colombia. Proceeds (USD 1 bn) will be use to pay-off

debt.

● 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

8

1Q19 1Q18

CLP + UF73%

USD21%

Otras Latam8%

CLP + UF73%

USD18%

Otras Latam;7%

190

613

186

57

756

35

715

53

1.045

224

41 15

203

350

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

4,4

3,5 3,73,3

3,63,8 3,9

5,4

4,6

3,43,7

3,3 3,2

3,7 3,9

5,0

20

12

20

13

20

14

20

15

20

16

20

17

20

18

03

.20

19

DeudaFinanciera Neta(USD mm)

NFD/EBITDAAjustado (veces)

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.

Alejandro

Pérez

Jorge Pérez

Julio Moura Roberto

Philipps

Mario

ValcarceIndependentmembers

Hans Eben

#

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

• IPO Shopping Centers

• 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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INVESTMENT HIGHLIGHTS

OUR STRATEGY

LOOKING AHEAD

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GUIDANCE AND INVESTMENT PLAN FOR 2018

• For 2019, the company expects revenues of US$15,194 million, based

on an acceleration of all business units, due to the focus set on

efficiencies through the optimization of processes, mataining our

higher service to costumer.

• Adjusted EBITDA margin of 7.7%. (include 51% sale of Banco

Cencosud in Peru)

• Our Capex base plan includes investments of US$ 300 million, which

could be revised upwards if the Company reduced its leverage level.

Working Spotlights

• During 2018, 11 stores were opened and

the remodeling of another 28 was

completed, according to the Reinforcement

of Value Proposition and Store

Competitiveness Plan.

• Omnichannel development, innovation and

leadership in new trends.

• The Company made significant progress

increasing efficiencies and lifting service

standards, and continued to execute its

Financial Strengthening and Business

Profitability Plan.

CAPEX DISTRIBUTION BY INVESTMENT TYPE

US$ 300 mm

50%

33%

17%Remodelaciones ycrecimiento orgánico

Teconología, Logística yOmnicanalidad

Mantenimiento y CapexRecurrente

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