November 2011

Covenants Harmonization

1

1. Cencosud

2. Outstanding bonds and current debt covenants

3. Covenant changes

Content

2

Chile Sales June-11: 3.09 bn

Ebitda June-11: US$ 338.5 mm

Assets: US$ 7.7 bn

Argentina Sales June-11: US$ 2.12 bn

Ebitda June-11: US$ 177.1 mm

Assets: US$ 2.4 bn

Brazil Sales June-11: US$ 1.57 bn

Ebitda June-11: US$79.8 mm

Assets: US$ 2.2 bn

Colombia Sales June-11: US$ 38.8 mm

Assets: US$ 0.2 bn

Peru Sales June-11: US$ 604 mm

Ebitda June-11: US$ 41.6 mm

Assets: US$ 1.4 bn

Sales LTM*: US$ 14.14 bn

Equity: US$ 5.94 bn

EBITDA LTM*: US$ 1.19 bn

Assets**: US$ 13.55 bn

* Note: LTM 2Q 2011

**Note: Does not include banking assets

Exchange rate: $468,15

Leading multi-format retailer in Latin America

3

Sustained growth during the past decade...

2007

2006

2005

2004

2003

2002

2000

1993

1988

1982

1976

1st Jumbo,Santiago

1st Jumbo,Buenos Aires

Argentina

2008

2009

Source: Cencosud

*Note: Does not include banking assets

2010

We have begun a new cycle of growth

1.433

13.162

4.876

2001 2005 2010

1.427

12.201

4.913

2001 2005 2010

Sales and Assets Evolution* (US$ mm)

CAGR

+27%

x 8.6

SALES ASSETS

+28%

x 9.2

CAGR

2011

Exchange rate at year end

Share price evolution

4

Source: CencosudNote: 2005 – 2009 figures in Chilean GAAP; figures for 2Q 2010 and 2011 in IFRS

+ 35%+ 20%

Sales evolution (US$ bn)

31%+ 20%

… that has yielded extraordinary results …

EBITDA evolution (US$ bn)

5,0 5,98,1 9,4 10,5 12,2

5,57,4

2005 2006 2007 2008 2009 2010 1S 2010 1S 2011

412 494689 667 767

1.039

485 637

2005 2006 2007 2008 2009 2010 1S 2010 1S 2011

Source: Bloomberg

500

1.000

1.500

2.000

2.500

3.000

3.500

4.000

Jan-05

Jul-05

Jan-06

Jul-06

Jan-07

Jul-07

Jan-08

Jul-08

Jan-09

Jul-09

Jan-10

Jul-10

Jan-11

Jul-11

172 stores256 stores 137 stores

5

… and opportunities to continue growing

49 stores

14 malls

0.8 mm cards

Colombia

Supermarkets

Home Improvement

Department Stores

Shopping Centers

Financial Retail 0.9 mm cards

29 stores

35 stores

9 malls

2 mm cards

4 stores

66 stores

2 malls

0.3 cards

PeruChileBrazilArgentina

631

82

35

25

4,0

Total

558

351 385

138

7 7 18 25119

26 27 57 67 68 69 70 70 52

221

594

0100200300400500600700800

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

EBITDA 2008

1711548

26899117117998180

819

3941

2309862

336365251

167240

0

200

400

600

800

1.000

1.200

1.400

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

Otros 144 Bonos Jumbo Bonos Linea N° 443 EBITDA LTM

Source: Cencosud

6

… and a long-term financing structure …

Duration increase

Long-term financingDuration 7.44 Y

Duration 4.67 Y

Low refinancing risk

Balance re-engineering process (144A / IFRS)

Amortizations as at Dec. 31st 2008

Amortizations as at June 30 2011

Revenues by business 2005 (US 4.91 bn)

7

Source: Cencosud*Note: Does not include banking assets

Revenues by business – 2011 LTM (US 14.14 bn)

12.7 bn* in Assets4.9 bn in Assets

… as well as a different asset mix in the portfolio

Home Improvement

13%

Shopping Centers

2%

Financial Services

3%Departament

Stores13%

Supermarkets69%

Home Improvement

13%

Departament Stores

9%

Shopping Centers

2%

Financial Services

4%

Supermarkets72%

8

1. Cencosud

2. Outstanding bonds and current debt covenants

3. Covenant changes

Content

9

Outstanding bonds series

Series Line Outstanding amount

Date of Issuance Maturity Date Redemption

dateNominal

rate Debt limit Year

BCENC-A

443

UF 4,000,000 15-Mar-06 15-Mar-27 Mar-2011 / Par 4.25%

Liabilities net of cash <1.5x 2005BCENC- C UF 4,500,000 01-Jul-06 01-Jul-27 Jul-2011 / Par 4.10%

BCENC- D UF 1,500,000 01-Jul-07 01-Jul-28 Jul-2012 / Par 4.00%

Total UF 10,000,000

Series Line Outstanding amount

Date of Issuance Maturity Date Redemption

dateNominal

rate Debt limit Year

BCENC- E530

UF 2,000,000 07-May-08 07-May-18 May-2013 3.50%

Net Financial Debt <1.2x 2008

BCENC- F UF 4,500,000 07-May-08 07-May-28 May-2013 4.00%

BCENC- J

551

UF 3,000,000 15-Jan-09 15-Oct-29 Oct-2018 5.70%

BCENC- K $ 30,000,000,000 01-Mar-09 01-Mar-14 Non pre-payable 7.00%

BCENC- L UF 1,000,000 28-May-09 28-May-15 May-2013 4.10%

BCENC- N UF 4,500,000 28-May-09 28-May-30 May-2019 4.70%

BCENC- O $ 54,000,000,000 15-Jun-11 01-Jun-31 Jun-2018 7.00%

Total* UF 18,818,182

*Note: Considers a UF value of 22,000 CLP

Series Line Outstanding amount

Date of Issuance Maturity Date Redemption

dateNominal

rate Debt limit Year

BJUMB- B 268 UF 2,276,059 01-Sep-01 01-Sep-26 Non pre-payable 6.50% Financial debt < 1.3x 2001

Series Line Outstanding amount

Date of Issuance Maturity Date Redemption

dateNominal

rate Debt limit Year

144A N/D USD 750,000,000 12-Jan-11 20-Jan-21 Par 5,50% No financial covenant 2011

10

Current debt margin (borrowing power)

Line N° Debt limit Ratio as at June 2011 Debt margin (MM USD*) Year

268 Financial debt < 1.3x 0.65x 3.596 2001

443 Liabilities net of cash <1.5x 1.27x 1.270 2005

530 and 551 Net Financial Debt <1.20x 0.63x 3.157 2008

Figures in USD MM* June 2011

Cash 117

Callable liabilities 7.189

Financial liabilities 3.634

Equity 5.562

Liabilities net of cash 7.072

Net Financial Debt 3.517

Debt margin at June 2011:

Maximum net of cash liabilities = 1.5 * 5,562 = US$ 8.34 BN Net of cash liabilities margin = US$1.27 BN

Maximum Financial Debt = 1.3 * 5,562 = US$ 7.23 BNFinancial Debt Margin = US$ 3.60 BN

Maximum Net Financial Debt = 1.2 * 5,562 = US$ 6.67 BNNet Financial Debt Margin = US$ 3.16 BN

*Note: Exchange rate used = 500

11

Content

1. Cencosud

2. Outstanding bonds and current debt covenants

3. Covenant changes

12

- To have a set of covenants that will allow for continuous company growth (organic growth)

- To seize investment opportunities through inorganic growth (acquisitions)

- To have an appropriate debt margin (borrowing power) given the seasonal nature of the business; intensive WC requirements

- To have an appropriate debt margin (borrowing power) to absorb exchange rate volatility

- The proposed covenant can be considered as conservative and has been validated by the market in the last 7 placements (UF 18.8 MM)

- Cencosud has successfully gained access to the international markets, raising 750 million USD in just one transaction (approx. 16.6 million UF)

- To simplify control and measurement by virtue of a single set of covenants

Reasons for changing the debt limit

Current Debt Level

Line N°443: Liabilities net of cash /Equity <1.5x

Line N° 268: Financial Debt / Equity < 1.3x

Proposed Debt Level

Net Financial Debt / Equity < 1.2x