Roadshow Presentation June 2019 Disclaimer

ROADSHOW PRESENTATION JUNE 2019 DISCLAIMER

This presentation has been prepared by Cencosud Shopping S.A. (together with its subsidiaries, the “Company”) for the exclusive use of the party to whom the Company delivers this presentation (such party, together with its subsidiaries and affiliates, the “Recipient”) to evaluate the potential transaction described herein, and contains proprietary and confidential information of the Company. This presentation and its contents are strictly confidential and may not be disclosed to any other person. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented herein. In giving this presentation, none of the Company, any of its affiliates, or its or their respective directors, officers, agents or employees undertake any obligation to provide the recipient with access to any additional information. Any estimates or projections contained in this presentation as to events that may occur in the future (including projections of future financial performance and forward‐looking statements) are based upon the reasonable judgment of the Company. This presentation includes market and other information provided by various third‐party sources, and is being delivered with the understanding that Recipient will conduct its own independent investigation of those matters that it deems appropriate without reliance on the Company or any materials set forth herein. While such information was obtained from sources considered reliable, the Company cannot guarantee the accuracy and truth of the same. The presentation may include certain forward‐looking statements and projections provided by the Company. Any such statements and projections reflect various estimates and assumptions by the Company concerning anticipated results or events, and are subject to risks and uncertainties. No representations or warranties are made by the Company as to the accuracy of any such statements or projections. Whether or not any such forward‐looking statements or projections are in fact achieved will depend upon future events, some of which are not within the control of the Company. Accordingly, actual results may vary from the projected results and such variations may be material. Nothing contained herein is, or shall be relied upon as, a promise or representation as to the past or future. The Company expressly disclaims any and all liability relating to or resulting from the use of this presentation. In addition, the information contained in this presentation is as of the date hereof, and the Company has no obligation to update such information, including in the event that such information becomes inaccurate. Statements contained herein describing documents and agreements are summaries only and such summaries are qualified in their entirety by such documents and agreements. This presentation has been prepared solely for informational purposes only. The Recipient should not construe the contents of this presentation as legal, tax, accounting or investment advice or a recommendation. The Recipient should consult its own counsel and tax and financial advisors as to legal and related matters concerning the matters described herein, and, by accepting this presentation, the Recipient confirms that it is not relying upon the information contained herein to make any decision. This presentation does not purport to be all‐inclusive or to contain all of the information that the Recipient may require. The presentation includes unaudited pro forma financial and operational information and data of the Company which give effect to certain restructuring transactions that have occurred during 2018 and which will occur during 2019, including the contribution to the Company of certain entities and properties in Peru and Colombia (collectively, the “Formation Transaction”), as if such Formation Transaction had occurred on January 1, 2018, except with respect to the information relating to the year ended December 31, 2017, which is presented on a combined basis giving effect to the Formation Transaction as having occurred on January 1, 2017. In addition, the presentation includes certain financial measures that were not compiled in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“non‐IFRS financial measures”). Such non‐IFRS financial measures are in certain cases, as indicated herein, presented herein pro forma for the Formation Transaction as if they had occurred on January 1, 2018, except with respect to the information relating to the year ended December 31, 2017, which is presented on a combined basis giving effect to the Formation Transaction as having occurred on January 1, 2017. This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction. COMPANY PRESENTERS

German Cerrato Santiago Mangiante Sebastian Bellocchio

Chief Executive Officer Chief Financial Officer Chief Commercial Manager Chile

Years at Years at Years at +12 +18 +17 years years years

Industry +12 Industry +20 Industry +17 Experience years Experience years Experience years

Matias Videla Maria Soledad Fernandez Nicolás Larco

Chief Financial Officer Cencosud Head of Investor Relations Cencosud Chief Financial Officer Cencosud Chile

Years at Years at Years at +22 +8 +11 years years years

Industry +22 Industry +11 Industry +19 Experience years Experience years Experience years

2 KEY TERMS OF THE OFFERING

Issuer  Cencosud Shopping S.A (“CSSA”)

Offering Size  Up to 472,000,000 shares

Price Range  CLP 1,475 to CLP 1,700

Offering Composition  100% Primary

Lock up Period  180 Days

Ticker / Exchange  CENCOSHOPP / Santiago Stock Exchange

Global Coordinator

Local Coordinators

Local Bookrunners 3 INDICATIVE KEY DATES

Calendar Key dates1

June 2019 • June 17th – 18th Local Roadshow S M T W T F S 1 th th 2 3 4 5 6 7 8 • June 19 – 25 International Roadshow 9 10 11 12 13 14 15 16 17 18 19 20 21 22 • June 25th Order book opening 23 24 25 26 27 28 29 30 • June 25th – 27th Book building

July 2019 • June 27th Pricing S M T W T F S 1 2 3 4 5 6 7 8 9 10 11 12 13 • June 28th Assignment and first trading day 14 15 16 17 18 19 20 21 22 23 24 25 26 27 nd 28 29 30 31 • July 2 Settlement

Holiday in Chile Holiday in US

4 Note: 1 Estimated dates. WHY IS CSSA AN EXCEPTIONAL INVESTMENT OPPORTUNITY?

Best-in-class portfolio with premium locations in Chile and a nascent 1 exposure to Peru and Colombia

Track record of sustainable growth coupled with a proven long-term 2 expansion strategy

Value proposition driven by unique locations, unparalleled access, 3 world-class tenants and a customer-centric culture

Commercial approach with focus on long-term value generation through 4 revenue optimization, cash-flow stability and expense recovery

Most efficient operator in the sector backed by a robust balance sheet 5 to support future growth

Seasoned management team with vast experience in the industry and 6 proactively adapting to the latest technology & sustainability trends

5 CSSA AT-A-GLANCE: ONE OF THE LARGEST OWNED PORTFOLIO OF PROPERTY IN LATAM COUPLED WITH SOLID FINANCIAL AND OPERATIONAL RESULTS

12 Shopping Centers 1,371,396m2 27 Power Centers US$352mm 4 Landbank valued in +US$150 million4 Gross Leasable Area Costanera Towers Revenues

98.5% US$316mm Adj. EBITDA 2018 Occupancy Rate1 90% margin / NOI

+US$4.5bn 5 5 US$191mm 2018 Tenant Sales AA+ AA+ FFO 54% margin

2 139 million US$314/m /month US$511mm 2018 Highest Tenant Sales Net Income6 Shopping Center Visitors3 per m2 in Chile (2018)2

Global Note: CLP figures converted at a fixed FX of CLP/US$ 678.53, COP figures at an average FX rate of COP/US$ 2,955.5 for 2018, and PEN at an average FX of PEN/US$ 3.3; Pro-forma figures. Note: Figures as of March 31, 2019, or for the last twelve months (“LTM”) ending March 31, 2019. LTM figures are presented on a pro forma basis and calculated as the equivalent pro forma figures for the year ended December 31, 2018 plus the equivalent pro forma figures for the three months ended March 31, 2019 minus the equivalent figures for the three months ended March 31, 2018, as such figures are disclosed on pages 24, 27 and 29 of the Offering Memorandum, respectively. 1 Only 6 considers Retail segment, defined as occupied m2 divided by total available m2; 2 Compared to Mall Plaza and Parque Arauco; 3Includes visitors for 10 Shopping Centers in Chile only. 4 Three located in Santiago and one in Lima. 5 Ratings are local and correspond to the issuance and placement of Cencosud Shopping’s Series A and B bonds. 6 Net Income attributable to controlling shareholder. Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 1 BEST-IN-CLASS PORTFOLIO WITH PREMIUM LOCATIONS IN CHILE AND A NASCENT EXPOSURE TO PERU AND COLOMBIA

GLA breakdown by country Geographic presence2

Colombia Peru 5% in the 5 Barranquilla 4% 83.2% largest Colombia Baa2 BBB cities of Medellin Chile each country • 1 Shopping Center Bogota 91% • 3 Power Centers Cali

in capital 57.8% cities Peru A3 BBB+ Lima Total GLA = 1,371,396m2 • 1 Shopping Center • 1 Power Center Arequipa • 2 plots of real estate3 GLA breakdown by format – Retail Segment1 Antofagasta Atacama Coquimbo Neighborhood Valparaiso Chile A1 A Metropolitan center O’Higgins Power region • Maule center 38% 10 Shopping Centers Biobio 43% Shopping • 23 Power Centers Centers • Costanera Towers La Araucania 57% • 3 plots of real estate Los Lagos

Mega - mall Regional - mall 9% 10% Presence of Shopping Centers Presence of Power Centers Total Retail Segment1 GLA = 1,236,160m2 Presence of both formats

Note: Figures as of December 31, 2018. 1 Excludes offices, hotel and medical centers. Mega-mall: +80,000 m2; regional-mall: +40,000 m2; neighborhood-center: +9,000 m2, power center +9,000 m2 with a maximum of 2 anchor stores. 2 The assets located in Colombia and Peru will be incorporated on or prior to the settlement of the initial public offering of the Company, pursuant to a capital increase of the latter, which will be fully subscribed and paid by Cencosud S.A. and Cencosud 7 Retail S.A., by means of the contribution in kind of their shares in Cencosud Shopping Internacional SpA; 3 One plot with a supermarket where a shopping center is currently under construction. Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 2 CONSISTENT TRACK RECORD OF GROWTH

+25 years of track record with 11.3x1 GLA growth

 Achieved a record of 6 openings in a year  Presence in Peru since 2008 and Colombia since 2012

1.1x GLA growth 1.6x GLA growth 3.9x GLA growth

200,847m2 773,422m2 1,212,696m2 1,371,396m2

1993 - 2001 2002 - 2007 2008 - 2012 2013 - Present

Start of operations Expansion in Chile Continuing expansion Consolidation as in Chile and entrance to world-class operator

Note: Total GLA at the end of each period based on assets openings/acquisitions. Considers current GLA per asset. 8 1Calculated over Alto las Condes GLA of 121,215m2, opened in 1993. Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 2 A PROVEN LONG-TERM EXPANSION STRATEGY

GLA Brownfield Greenfield optimization

Maximization of GLA potential Expansion of additional GLA Development of new areas of influence Value proposition reallocation Consolidate operations and areas of Development of new projects Tenant mix optimization influence Broader and more attractive client offering

El Llano La Molina La 65

Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 2 SUCCESSFUL BROWNFIELD DEVELOPMENTS IN CHILE PROVIDE A CLEAR EXAMPLE OF OUR EFFECTIVE STRATEGY

Portal Rancagua Portal Osorno Alto Las Condes

1.50x 44 2.30x 22 1.04x 121

29 10 116

2000 2008 2009 2012 1993 2009 GLA ‘000 GLA ‘000 GLA ‘000

Portal Rancagua

+14,594 GLA

Expansion year: 2008 Current

129,829m2 108,988m2 GLA in Shopping GLA in Offices, Hotel Center and Medical Center

23,000m2 14,028m2 Additional Currently leased an avg. constructed GLA1 of USD 25 m2/month 2

39mm Tallest Visitors Building per year in South America

+300 CLASS A+ Stores Office Building3

99.7% LEED GOLD Occupancy Certified Rate4 (Shell and Core)

Note: 1 Currently not available for rent; 2 As of 1Q19, corresponds to average price of the nearly 13 stories currently rented of Torre Costanera at UF 0.6 / m2. 3 Over 77,000 Class A+ m2 built; 4 Includes Tower 2, Tower 4 and Sky Costanera. 11 Excludes areas which have not been authorized for commercialization in the Costanera towers. . Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 2 MULTIPLE GROWTH INITIATIVES ACROSS GEOGRAPHIES PROVIDE SEPARATE AVENUES FOR FURTHER GROWTH

I Approved projects in Chile II Ongoing brownfield developments in Peru and Colombia IV Landbank

El Llano La Molina La 65  Current GLA: 4,291m2  Current GLA: ~22,200m2 Padre Hurtado  Current GLA: 15,654m2

 Area: 23,669m2

Hualpén

 Total investment / % completion:  Area: US$9.0mm / 95% 364,097m2  Additional GLA: 9,150m2  Total investment / % completion:  Total investment / % completion: US$109mm / 59% US$167mm / 37%  GLA at completion: 35,700m2  GLA at completion: +78,000m2 Angamos Maipú

 Current GLA: 26,177m2 Immediate upside potential through GLA III optimization in existing locations  Area: Existing shopping centers have areas that can be quickly activated to 275,000m2 provide additional GLA1

Ex-Colegio Americano  Total investment / % completion:  Available GLA in Chile of 40,000m2  Potential Leasing area available  Area: US$6.0mm / 90% of which a significant portion in Premier el Limonar (Colombia) 4,424m2  Additional GLA: 1,370m2 belongs to Costanera Center mall  Available GLA: 11,000m2

12 Note: 1Denotes GLA that has been reserved for related parties that could be made available for leasing. Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 3 OUR DISTINCT VALUE PROPOSAL: POSITIONED AS A PREMIUM BRAND IN SANTIAGO WITH 80% OF THE GLA LOCATED IN HIGH INCOME AREAS

Overview of selected areas of influence - Breakdown per socio- economic status2

Portal La Dehesa Costanera Center Alto las Condes

Portal La Reina

Portal Ñuñoa

Florida Center ABC: 60.6% ABC: 89.9%

9% 8%

20%

82.1% of our GLA in 36% Santiago is located in high income areas, representing nearly half of 27% our total GLA1 (45.2%) ABC: 54.8% ABC: 71.7%

ABC1 C2 C3 D E High income Mid income Low income High Low CSSA Mallplaza Arauco

Source: Predictable Media. 1 Total GLA of 1,261,396m2, excluding 108,988m2 from the Costanera Towers. 2Segment ABC1 corresponds to households with monthly income greater than Ch$1,986,000 , while 13 segments C2, C3, D and E correspond to households with monthly incomes lower than Ch$1,360,000, Ch$899,000, Ch$562,000 and Ch$324,000 , respectively. Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 3 OUR DISTINCT VALUE PROPOSAL: UNPARALLELED ACCESS TO EXISTING FLAGSHIP ASSETS & REMARKABLY CONNECTED NEW LOCATIONS

Megamall with Privileged Location & Multiple Accesses Within Lima’s Most Populated Area, Near the Only Subway in Peru

ste dines Oe r A v . 13 de Ene Av. Los Ja San Juangancho de

San Juan de Lurigancho r Luri o A v . P Metro Station Stops r Costanera Center Mall Highway oce Main Avenue res de la Independecia Metro Station Stops Bus Stops Subway Line 1 Bus Stops Subway Line 7 Metro Line 1 Project Main Avenue

One of the Most Exclusive Shopping Centers in Santiago Strategically Located Next to Key City Avenues and Subway Stations

Calle 50

Rio Medellin

a 62 r e Alto Las Condes Mall La 65 r

a 57

Car r

La 65 e Metro Station Stops r

Metro Station Stops Calle 44 Car Bus Stops Bus Stops Highway Main Avenue Highway Subway Line 7 Main Avenue onal 74B Project Metro – Line B g Dia Costanera Center and Alto Las Condes Focus on dense areas with Strategic locations with easy access to be positively impacted by the significant visitor traffic potential to multiple forms of public transport Subway Line 7 construction 14

Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 3 OUR DISTINCT VALUE PROPOSAL: HIGH PROFITABILITY PER M2 HAS HELPED DELIVER STABLE AND STRONG GROWTH

Highest Tenant Sales per m2 in Chilean Shopping Malls… …to Sustain Stable Same-Store Rent Growth 2018 (yearly), US$/m2  Same store rent in Chile maintaining constant levels year-on- $6,802 year and quarter-on-quarter as a result of strong sales per m2

$5,275

$5,240 2018 6.7%

Kennedy

Store Rent Store - $4,586 2017 6.9%

$4,203 Yearly Same Yearly

$3,979

$3,798

1Q19 2.2% Store Rent Store

$3,763 -

$3,553 1Q18 2.9%

1 $3,395 Same Quarterly

Source: Financial statements and information provided by the Company. 1Mall Plaza figure corresponds to its consolidated operations (as publicly reported) instead of a single shopping mall. 15 Note: Figures converted at an average FX of CLP/US$ 678.53. Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 3 OUR DISTINCT VALUE PROPOSAL: WORLDWIDE TOP BRANDS FIND IN CSSA A COMPELLING OPPORTUNITY TO ENTER THE REGION

Top-of-Mind Anchor Stores and International Brands as Tenants … Leads to Lowest Vacancy Rates Among its Peers (2018)1

 Point of entry for international names

5.3% Kicks Lounge  Top retail stores eager to become 4.0% CSSA’s 3.6% tenants

 Excellent commercial relationships with reputable brands 1.5%

0.5%

 38% related-party rent (2018) helps reduce risks

16 Source: Financial statements and information provided by the Company. 1Vacancy rates represent the total vacant shopping center GLAs/total shopping center GLAs.

Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 3 OUR DISTINCT VALUE PROPOSAL: CUSTOMER-CENTRIC OFFERING SUCCESSFULLY ALIGNING TENANT MIX WITH CLIENT PREFERENCES

Understanding our visitor’s needs Shopping Center GLA breakdown by category (2018)

Continuous monitoring of visitors’ needs and Large Stores Other demands by developing valuable long-term 1 5% 0% relationships with our population of interest Home Improvement 11% Department Stores Focus on latest fashion trends, entertainment, 29% 2 gastronomy and mixed uses to complement their Entertainment visits & Food 12%

Transformation of our shopping centers from 3 “transactional” spaces to “meeting” places to live different experiences Retail Supermarkets 19% 24%

Sample Initiative  Increasing GLA leased to coffee-shops and similar businesses with meeting spaces, providing working spaces to even hold business meetings Shopping Center Total GLA1 = 694,380m2

17 1Figure considers leased Shopping Center GLA only (excludes power centers GLA and vacancy).

Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 4 OPTIMIZED COST STRUCTURE WITH SIGNIFICANT EXPENSE RECOVERY AND ECONOMIES OF SCALE EFFICIENCIES

I II III IV

Lowest employee Low Expense recovery Layout, maintenance Cencosud’s / ‘000 m2 GLA Occupancy policies capex & expenses relationship benefits among peers Cost

- 0.10 0.20 0.30 0.40 0.50 0.60 0.70 0.80 0.90 1.00 7.0% 8.0% 9.0% 10.0% 11.0% 12.0% 13.0% 14.0% 15.0% • Common areas expenses • One-time charges for • Efficient procurement, transferred to tenants initial layout of stores taking advantage of Cencosud 426 0.31 reduce higher continued Cencosud’s economies Cencosud 9.7% – High occupancy costs of scale (Q1 2019, rate leading to consolidated) reduced expenses Mall Plaza 695 0.42 for CSSA • Tenants pay a recurrent • Service-level contribution to a Reserve agreement at market • Centralized marketing Mall Plaza 10.0% Fund among the terms for support (LTM Q1 2019, expenses are 100% common expenses to functions consolidated) Vivo Corp 175 0.43 transferred to tenants cover mall maintenance and capex (elevators, stairs, among others) Parque Arauco 11.3% Parque Arauco 569 0.65 (Q1 2019, Chile operations)

Headcount # Employee / Occupancy Cost (2018) 000’GLA (2018) 18 Source: Financial statements and information provided by the Company.

Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 4 DYNAMIC LEASE AGREEMENTS STRATEGY AIMED TO BALANCE REVENUE MANAGEMENT, CASH-FLOW STABILITY AND A FLEXIBLE TENANT MIX

Lease revenues composition 2018 – Chile (CLP) Contracts expiring in different time horizons – Retail Segment

Variable 11% Number of contracts

522 311 294 311 238 170 Fixed 89% Lease agreements (%, ‘000 m2)

7% 4% 3% 3% 5% 78%

Weighted average lease term1 – Retail Segment

less 2 2 to 3 4 to 5 over 5 950 2% 1% 1,224 10% 213 50 37 38 88 88% 2019 2020 2021 2022 2023 2024 and Total leased subsequent GLA

Average term duration: 13 years  Strategic long-term lease agreements providing cash-flow stability  Dynamic renovation of contracts allowing revenue optimization

19 Note: As of December 2018. 1 Calculated as the weighted average of lease contracts term by number of GLA; contracts expired but that still generate revenues are considered to be expired in 2019. Only considers the retail segment.

Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 5 ATTRACTIVE BUSINESS MODEL RESULTING IN HIGHER MARGINS AND PROFITABILITY THAN INDUSTRY PEERS...

CSSA Already has the Highest Margins Among its Peers… …And Further High Upside Potential in Peru and Colombia

89.7% 88.7%

79.9% 72.6% 68.0%

60.4%

2018 Adj. EBITDA/NOI Margin

2018 Adj. EBITDA Margin Chile Peru Colombia

20 Source: Financial statements and information provided by the Company. Note: Margins calculated in local currency. Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 5 …WHILE BACKED BY A SOLID AND STABLE BALANCE SHEET…

Figures shown in US$ for illustrative purpose only Key Figures as of March 2019 US$1.5bn Total Debt1 US$5.0bn Total Assets US$2.6bn Shareholder's Equity US$337mm Dividends Distributed2

Key Leverage Ratios vs Peers3

Net Financial Debt / Adj. EBITDA Net Financial Debt / Shareholders’ Equity Total Liabilities / Shareholders’ Equity

5.88x

4.81x 4.40x

3.27x 1.19x 1.22x 0.81x 0.91x 0.58x 0.54x 0.44x

n.a.

1Q19PF 1Q19PF 1Q19PF 1Q19PF 1Q19PF 1Q19PF Adj. 4 Adj. 4 Adj. 4 Note: Figures converted at a fixed FX rate of CLP678.53/US$. Source: Information provided by the Company. 1On May 17, 2019, Company’s Series A Bonds were successfully placed in the Chilean market, in an amount of UF7,000,000 (approximately US$280 million) and with an annual interest rate of 1.9%. On the same date, Company’s Series B Bonds were also successfully placed in the Chilean market, in an amount of UF3,000,000 (approximately US$120 million) and with an annual interest rate of 2.2%. Series A Bonds and Series B Bonds were placed in the local market with a yield to market rate of 1.79% and 2.24%, respectively. 2On May 20, 2019, the Extraordinary General Shareholders’ Meeting approved a dividend distribution amounting to Ch$228,749,598,560 (equivalent to US$337mm as of April 1st, 2019). 3Cencosud Shopping are Pro Forma figures. 21 4Adjusted ratios include the effect of the US$337 dividend payment approved on May 20, 2019, which was fully funded by related-party debt. Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 5 …AND GENERATING A POSITIVE TREND IN RECENT PERFORMANCE

Figures shown in US$ for illustrative purpose only

Revenues (US$mm) NOI (US$mm) and NOI Margin (%)

93.8% 90.4% 88.3% 88.7%

$313 $345 $277 $306 $90 $83 $75 $85

2017 2018PF 1Q18PF 1Q19PF 2017 2018PF 1Q18PF 1Q19PF

Revenues YoY Change NOI NOI Margin YoY Change

Adj. EBITDA (US$mm) and Adj. EBITDA Margin (%)1 Net Income (US$mm) & Net Margin (%)2

93.8% 90.4% 60.0% 56.8% 54.5% 67.4% 88.3% 88.7%

$373 $360

$221 $277 $306

$75 $85 $70

2017 2018PF 1Q18PF 1Q19PF 2017 2018PF 1Q18PF 1Q19PF

Adj. EBITDA Adj. EBITDA Margin Net Income Net Margin YoY Change YoY Change 22 Global Note: 2017 Combined figures. Note: Figures converted at a fixed FX rate of CLP678.53/US$. 1 Adjusted EBITDA do not include Other Revenues (asset reappraisals).2 Net Margin calculated over Revenues including Other Revenues (asset reappraisals). Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 6 SEASONED MANAGEMENT TEAM WITH VAST EXPERIENCE IN THE INDUSTRY…

Years at Cencosud

German Cerrato Santiago Mangiante

Chief Executive Officer +12 years Chief Financial Officer +18 years

Sebastián Nuñez Sebastián Bellocchio Joaquín Matte Chief Operating Chief Commercial Regional Business +23 years +17 years +5 years Officer Manager Manager

Omar Melo Juan Cruz Trillo Silvia Gascón Chief Marketing Shopping Centers Human Resources +16 years +19 years +6 years Officer Peru Manager Manager

Relevant Experience Post-Graduate Studies Diversity

Average ~15 years of Cencosud / Post-graduate studies from top- Diversified business backgrounds industry experience notch universities worldwide across several Cencosud’s business segments

Best-in-class History & Growth Our Differentiated Focus on Long-Term Financial Management Team CSSA At-a-Glance Asset Portfolio Track Record Value Proposal Value Generation Position & Performance & Trends Focus 6 …AND PROACTIVELY ADAPTING TO THE LATEST TECHNOLOGY & SUSTAINABILITY TRENDS

Key technological and sustainability projects with tangible benefits for customers and CSSA

Wi-Fi Analytics Memorable experience  UX Analytics and movement  Ideal gathering places  Advanced client / mass segmentation  Unique and personalized experiences

Payment mobile app Team commitment  Enhanced customer experience  Collaborative environment  Increased client loyalty  Sustainability as part of our DNA

InstaGIS Community development  Demographic data analytics  Commitment with our community  Churn reduction / customized offers  Commitment with our suppliers

Security Analytics Environmental consciousness  Risk management and mitigation  Eco-friendly experience  Resources optimization  Focus on carbon footprint

World-class partners and suppliers: Selected achievements & recognitions:

Best-in-class portfolio with premium locations in Chile and a nascent 1 exposure to Peru and Colombia

Track record of sustainable growth coupled with a proven long-term 2 expansion strategy

Value proposition driven by unique locations, unparalleled access, 3 world-class tenants and a customer-centric culture

Commercial approach with focus on long-term value generation through 4 revenue optimization, cash-flow stability and expense recovery

Most efficient operator in the sector backed by a robust balance sheet 5 to support future growth

Seasoned management team with vast experience in the industry and 6 proactively adapting to the latest technology & sustainability trends

25 APPENDIX CSSA CORPORATE STRUCTURE

Illustrative Pro-forma Corporate Structure – Post IPO

Cencosud S.A. Float

Controlling Minority Shareholder Shareholders

Cencosud Shopping S.A. - IPO

100% 99%1 100% 100%

Administradora Comercializadora Cencosud Sociedad Comercial De Centros Costanera Center Internacional de Tiendas S.A. Comerciales SpA Shopping SpA3 Cencosud SpA

95.5%2 100%

Cencosud Perú Cencosud Col Holding S.A. Shopping S.A.S.

99.9%

Cencosud Perú 0.1% Vehicle going Public Shopping S.A.C.

27 Note: 1 1% Cencosud S.A.; 2 4.5% Cencosud S.A. 3The assets located in Colombia and Peru will be incorporated on or prior to the settlement of the initial public offering of the Company, pursuant to a capital increase of the latter, which will be fully subscribed and paid by Cencosud S.A. and Cencosud Retail S.A., by means of the contribution in kind of their shares in Cencosud Shopping Internacional SpA. APPENDIX – OPERATIONAL & FINANCIAL SUMMARY KEY OPERATIONAL FIGURES

Figures shown in US$ for illustrative purpose only

GLA Evolution by Country (‘000 m2) Consolidated Occupancy Rate Evolution (%)

1,372 1,371 1,371 1,371

98.5% 98.5% 98.4% 98.3%

1,256 1,256 1,256 1,256

2017 2018PF 1Q18PF 1Q19PF 2017 2018PF 1Q18PF 1Q19PF Consolidated

Tenant Sales Evolution by Country (US$mm) Consolidated Monthly Tenant Sales by m2 Evolution (US$)

$4,725 $4,587

$323.4 $314.0 $296.1 $290.1

$4,507 $4,357 $1,081 $1,059

$1,028 $1,006

2017 2018PF 1Q18PF 1Q19PF 2017 2018PF 1Q18PF 1Q19PF

Consolidated

29 Note: CLP figures converted at a fixed FX of CLP/US$ 678.53, COP figures at a fixed FX rate of COP/US$ 3,138.9, and PEN at a fixed FX of PEN/US$ 3.3. FINANCIAL STATEMENTS

Balance Sheet Consolidated (pro-forma) (US$ mm) 1Q19 Total Assets $5,009.6 Current Assets $78.1 Cash & equivalents 7.6 Commercial accounts receivable 16.5 Accounts receivable from related entities 10.2 Other current assets 43.9 Non-Current Assets $4,931.5 Property, plant & equipment 0.0 Intangible assets (excl. goodwill) 0.5 Deferred tax assets 72.9 Investment property 4,850.6 Other non-current assets (non-financial) 7.5 Total Liabilities & Equity $5,009.6 Total Liabilities $2,381.1 Current Liabilities $110.4 Current financial liabilities 0.0 Current lease liabilities 6.2 Commercial accounts payable 37.0 Accounts payable to related entities 62.6 Provisions and other current liabilities 4.7 Non-Current Liabilities $2,270.7 Other non-current financial liabilities 0.0 Non-current lease liabilities 88.0 Accounts payable to related entities 1,464.5 Deferred tax liabilities 704.5 Provisions and other non-current liabilities 13.6 Total Equity $2,628.5

30 Note: CLP figures converted at a fixed FX rate of $678.53 CLP/US$. FINANCIAL STATEMENTS (CONT’D)

Income Statement Combined Consolidated (pro-forma) (US$ mm) 2017 2018 1Q18 1Q19 Revenues $313.2 $345.0 $82.9 $90.2 Cost of goods sold (23.0) (26.4) (3.7) (1.0) Gross Income $290.2 $318.6 $79.2 $89.2 Gross Margin 92.7% 92.4% 95.6% 98.9%

Other revenues $308.9 $287.4 $45.0 $237.6 Administrative expenses (12.0) (9.4) (3.9) (4.1) Other expenses (by function) (0.7) (2.8) (0.2) (0.2) Other income (losses) (0.8) (0.3) (0.2) (0.3) EBIT $585.6 $593.5 $119.9 $322.2 EBIT Margin 94.1% 93.9% 93.8% 98.3%

NOI $276.7 $306.1 $74.9 $84.6 NOI Margin 88.3% 88.7% 90.4% 93.8%

Adj. EBITDA $276.7 $306.1 $74.9 $84.6 Adj. EBITDA Margin 88.3% 88.7% 90.4% 93.8%

FFO $171.8 $190.4 $46.8 $47.2 FFO Margin 54.9% 55.2% 56.5% 52.3%

Interest Income $6.9 $3.9 $1.8 $0.1 Interest Expense (71.4) (72.7) (19.8) (19.4) Exchange difference 0.0 (0.0) 0.0 - Income (losses) for readjustment units (24.2) (40.7) (10.0) 0.5 Income before taxes $496.8 $484.0 $92.0 $303.3

Income taxes ($123.7) ($124.5) ($22.3) ($82.3) Net Income $373.1 $359.5 $69.7 $221.1 Net Margin 60.0% 56.8% 54.5% 67.4% Profit Attributable to Controlling Shareholders n.a. $362.0 $69.7 $218.4 31 Profit Attributable to Non-Controlling Shareholders n.a. (2.5) 0.0 2.7

Note: CLP figures converted at a fixed FX rate of $678.53 CLP/US$. APPENDIX – PORTFOLIO OVERVIEW PORTFOLIO OVERVIEW

Occupancy Rate Tenant Sales Tenant Sales 1 Name Country GLA (m2) Opening (%) (US$ mm) /m2 (US$) Costanera Center 238,817 99.7% 2012 823.9 537.7 Alto Las Condes 121,215 99.7% 1993 548.2 428.9 Florida Center 123,188 99.9% 2002 348.5 261.4 Portal La Dehesa 66,734 99.4% 2003 233.1 302.9 Portal Temuco 55,953 99.9% 2004 215.6 321.1 Portal Rancagua 43,705 99.9% 2000 195.6 372.9 Portal Belloto 42,414 99.7% 2008 88.8 174.4 Portal La Reina 38,198 99.2% 2002 170.7 372.3 Portal Ñuñoa 32,396 93.2% 2008 110.4 283.9 Portal Osorno 22,891 97.7% 2009 92.4 336.5 Aggregate Power Centers Chile 470,167 99.7% - 1,529.6 271.1 Total Chile 1,255,678 99.5% - 4,356.7 325.6 Total Colombia 65,645 98.0% - 102.6 146.9 Total Perú 50,073 92.4% - 127.6 242.6 Grand Total 1,371,396 98.5% - 4,586.9 -

Name Country Area (m2) Padre Hurtado 23,669 Hualpén 364,097 Maipú 275,000 Ex-Colegio Americano 4,424 Total Landbank 667,190

Notes: CLP figures converted to US$ using a fixed FX rate of CLP/US$ 678.53; COP figures converted to US$ using a fixed FX rate of COP/US$ 3,138.9; PEN figures converted to US$ using a fixed FX rate of PEN/US$ 3.3. The assets located in Colombia and Peru will be incorporated on or prior to the settlement of the initial public offering of the Company, pursuant to a capital increase of the latter, which will be fully subscribed and paid by Cencosud S.A. and 33 Cencosud Retail S.A., by means of the contribution in kind of their shares in Cencosud Shopping Internacional SpA. 1 Monthly figures. ASSETS PORTFOLIO - CHILE

Costanera Center Location Santiago GLA (m2) 129,8291 Occupancy 99.7% Ownership interest 100%

Costanera Center is the largest real estate project in Latin America Its design meets energy efficiency standards and facilitates the concentration of activities to reduce road impacts and improve pedestrian areas

Alto Las Condes

Location Santiago Opening year 1993 GLA (m2) 121,215 Occupancy 99.7% Ownership interest 100%

Alto las Condes is the most exclusive and modern shopping center for women in Santiago

34 1Shopping Center GLA only, excluding the two office towers. ASSETS PORTFOLIO - CHILE

Florida Center

Location Santiago Opening year 2002 GLA (m2) 123,188 Occupancy 99.9% Ownership interest 100%

Is Cencosud’s 3rd mall with more visits per month

Portal Temuco

Location La Araucania Opening year 2004 GLA (m2) 55,953 Occupancy 99.9% Ownership interest 100%

Located in Temuco city, is the largest mall in the area

35 ASSETS PORTFOLIO - CHILE

Portal Rancagua

Location O’Higgins Opening year 2000 GLA (m2) 43,705 Occupancy 99.9% Ownership interest 100%

The only mall located in the ABC1 segment of the city of Rancagua Outdoor mall with strong levels of tenant sales per GLA

Portal La Dehesa

Location Santiago Opening year 2003 GLA (m2) 66,734 Occupancy 99.4% Ownership interest 100%

Located in one of the most exclusive neighborhoods of Santiago Outdoor mall with special focus on customer experience 36 ASSETS PORTFOLIO - CHILE

Portal Osorno

Location Los Lagos Opening year 2009 GLA (m2) 22,891 Occupancy 97.7% Ownership interest 100%

Only shopping mall in the city of Osorno Unique commercial mix offer

Portal Belloto

Location Valparaiso Opening year 2008 GLA (m2) 42,414 Occupancy 99.7% Ownership interest 100%

Only shopping mall in Quilpué Unique commercial mix offer and growth potential

37 ASSETS PORTFOLIO - CHILE

Portal Ñuñoa

Location Santiago Opening year 2008 GLA (m2) 32,396 Occupancy 93.2% Ownership interest 100%

Located in the center of a highly populated district with strong demand potential Excellent experience for the neighborhood customers

Portal La Reina

Location Santiago Opening year 2002 GLA (m2) 38,198 Occupancy 99.2% Ownership interest 100%

Neighborhood mall with good access Strong commercial mix

38 ASSETS PORTFOLIO - PERU

Arequipa Center1

Location Arequipa Opening year 2013 GLA (m2) 29,270 Occupancy 89.1% Ownership interest 100%

Located in Arequipa , the second most populated department of Peru and also considered the second industrial city

39 Note: 1The assets located in Colombia and Peru will be incorporated on or prior to the settlement of the initial public offering of the Company, pursuant to a capital increase of the latter, which will be fully subscribed and paid by Cencosud S.A. and Cencosud Retail S.A., by means of the contribution in kind of their shares in Cencosud Shopping Internacional SpA. ASSETS PORTFOLIO - COLOMBIA

El Limonar1

Location Cali Opening year 2012 GLA (m2) 13,393 Occupancy 100% Ownership interest 84.0%

Located in Cali, the most important city in the region and the third nationwide

Santa Ana1

Location Bogota Opening year 2012 GLA (m2) 16,082 Occupancy 98.8% Ownership interest 70.3%

Santa Ana is located in an area of influence which is determined by high and medium-high social class housing

40 Note: 1The assets located in Colombia and Peru will be incorporated on or prior to the settlement of the initial public offering of the Company, pursuant to a capital increase of the latter, which will be fully subscribed and paid by Cencosud S.A. and Cencosud Retail S.A., by means of the contribution in kind of their shares in Cencosud Shopping Internacional SpA. APPENDIX – MACROECONOMIC & INDUSTRY OVERVIEW CSSA OPERATES IN THE TOP PERFORMING ECONOMIES OF LATIN AMERICA, DISTINGUISHED BY A HEALTHY MACRO ENVIRONMENT...

Average real GDP per capita growth Nominal GDP per capita evolution 2016-2019E (US$ ‘000)

Average real GDP per capita growth 2014-2018A Average real GDP per capita growth 2019E 16.1 15.1 15.8 2.9% 13.8 2.1% 2.3% 2.4% 1.2% 1.6% Robust and 1.5% 1.3% consistent 0.7% 6.7 7.0 7.1 6.7 6.7 economic growth 6.2 5.8 6.3

(1.6%) 2016 2017 2018 2019E 2016 2017 2018 2019E 2016 2017 2018 2019E Chile Peru Colombia Peru Chile Colombia Mexico Brazil

Gross and net debt to GDP (%) – as of 2018 Lowest inflation levels in LatAm provide predictability

Average inflation Average inflation 88% Countries 2014–2018A 2019E

Prudent fiscal & Brazil 6.0% 3.9% monetary 54% 50% policies underpin Colombia 4.7% 3.2% economic 27% 26% Mexico 4.2% 3.1% stability 54% 45% 41% 6% Chile 3.3% 2.7% 10% Peru 2.9% 2.2%

42 Source: International Monetary Fund. …AND AN INVESTOR FRIENDLY FRAMEWORK WITH SOLID CONSUMPTION FUNDAMENTALS

Credit rating1 EMBIG spread (basis points)2

920 May-18 May-19 Attractive Chile A1 A+ A country risk Peru A3 BBB+ BBB+ 497 317 profile Mexico A3 BBB+ BBB+ 282 290 259 205 201 173 147 Colombia Baa2 BBB- BBB 143 138 Brazil Ba2 BB- BB- Argentina B2 B+ B Argentina Mexico Brazil Colombia Peru Chile

Global Competitiveness Index3 Ease of doing business index4 # of trade agreements5

33 30 46 Competitive and 54 56 65 68 109 119 18 20 investor friendly 60 15 11 12 environment 63 72

Private consumption per capita (US$) – 20186 Household spending (YoY %) – Real terms7 Latam Chile Peru Colombia Leading Leading Growth consumption 10,319 potential 7.0% 6.6% rates in Chile and 7,536 5.5% 6,049 5,698 growth potential 4,570 4,474 3.5% 2.4% in Peru and 1.4% Colombia

2016 2017

43 Sources: 1 Bloomberg as of May 28th, 2019. 2 J.P. Morgan Markets. 3 The Global Competitiveness Report 2017–2018 (World Economic Forum). 4 Doing business 2019 report (The World Bank). 5 World Trade Organization as of May 28th, 2019. 6 BMI. 7. BMI. Based on 2010 prices, calculated in local currency. CHILE HAS ONE OF THE MOST MATURE SHOPPING CENTER INDUSTRIES IN THE LATIN AMERICA REGION

GLA evolution in Chile (million m2)1 High concentration of population in urban areas favor Shopping centers development (%, 2018)3

90.0% 87.6%

3.49 88.0% 3.24 3.29 3.18 86.0% 3.04

84.0%

82.0% 80.8%

80.0% 77.9%

78.0%

76.0%

74.0%

72.0% 2013 2014 2015 2016 2017 Chile Colombia Peru

Real estate price appreciation (IRPV)2 Consumer Confidence Index4 194.2 Consumer Confidence Index 180 Consumer 12-month economic outlook for the country 75 150 Consumer 5-year economic outlook for the country 70 120 90 65 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 60 58.1 55 Essential and non-essential spending (CLPtn)3 50 49.2 45 43.2 150 Essentials Spending Non-Essentials spending 40 35 100 59.3 52.5 55.7 44.5 49.2 30 50 25 62.7

50.1 53.2 56.3 59.3

Jun-16 Jun-17 Jun-18

Oct-15 Oct-16 Oct-17 Oct-18

Apr-16 Apr-17 Apr-18 Apr-19

Feb-16 Feb-17 Feb-18 Feb-19

Dec-15 Dec-16 Dec-17 Dec-18

Aug-17 Aug-18 0 Aug-16 2014 2015 2016 2017 2018

Sources: 1 Retail & Real Estate Report LarrainVial (Jul-18) Only includes GLA of four largest players (Cencosud, Mall Plaza, Parque Arauco and Vivo Corp). 2 Cámara Chilena de la Construcción (CChC). 3 Business Monitor International (May-19) Urban 44 population as % of total, 4 GfK - Informe Mensual de Indice Percepción de la Economía (Apr-19). PERU’S SHOPPING CENTER INDUSTRY IS DEVELOPING AT A STRONG PACE, WITH A VISITORS BASE THAT VALUES SHOPPING CENTERS WITH DIVERSIFIED OFFERINGS

Shopping Center sales evolution (PEN bn)1 Peruvian Shopping Centers: key metrics1

CAGR 2012 2013 2014 2015 2016 2017 ’12-’17 25.6 22.9 23.9 20.9 Gross 20.9 22.9 23.9 25.6 18.3 sales 15.9 18.3 15.9 (PENbn) 10.1% 11.8 9.0 7.4 Average 54.7 60.1 61.6 monthly 36.7 43.3 50.0 visits 10.9%

2009 2010 2011 2012 2013 2014 2015 2016 2017 Leasable 2,378 2,468 2,696 2,764 area 1,728 2,021 (thousand m2) 9.8% Shopping Centers in Lima: Tenant mix (June 2017)2 4.8% Vacancy 4.3% 4.2% 3.6% 4.0% Others rate 3.3% 17.0% Banks 4.1% # of Clothing Shopping 10.5% Bars 43.3% centers 48 60 68 73 77 79 8.8%

8,127 8,049 8,056 6,513 Restaurants 5,214 5,796 14.2% # of stores Home Personal care 9.1% 3.2% 9.4%

Experienced based

45 Sources: 1 Asociación de Centros Comerciales del Perú (ACCEP), 2 Colliers International. COLOMBIA’S SHOPPING CENTER INDUSTRY CONTINUES TO GROW SUPPORTED BY A CUSTOMER PROFILE KEEN ON IN-STORE PURCHASES

Number of Shopping Centers in Colombia1 Snapshot on Colombian consumer profile3

228 215 Consumers like to visit W 186 196 202 166 Shopping centers 65% 60% 45% 40% 33%

Reasons for buying products in-store4

2012 2013 2014 2015 2016 2017 Stores are more W trustworthy Shopping Center Sales evolution (COP bn)1 35% 29% 25% 24% 18%

Concerned about W 38.9 online brands sharing 35.2 36.2 personal details 30.6 26.0 28.4 21% 20% 12% 11% 10%

Lack of trust for W payment security of online shopping 2012 2013 2014 2015 2016 2017 19% 18% 11% 9% 7%

Prefer not to make W Shopping Centers vs. Retail Sales growth in Colombia2 purchase transactions online Retail Sales YoY % Shopping Malls sales YoY % 19% 13% 10% 9% 9%  average: 6.8%  average: 8.5% 15.0% Do not trust shipping W services 9.2% 7.7% 7.1% 7.5% 15% 14% 9% 8% 7%

7.4% 2.8% 7.0% Lack of payment W 5.2% 5.4% 5.9% method to shop online 2013 2014 2015 2016 2017 2018 12% 8% 7% 6% 5% Note: W stands for World

46 Sources: 1 Raddar Consumer Knowledge Group, latest available data. 2 Planet Retail, Raddar Consumer Knowledge Group, latest available data. 3 Euromonitor: Consumer Lifestyles Survey. 4 Refers to traditional shopping, excluding online channels. APPENDIX – OTHERS EXPERIENCED BOARD OF DIRECTORS LEADING A TOP-CLASS WORKFORCE

Experienced Board of Directors Diverse Employee Base Breakdown by Country Andreas Gebhardt President of the Board • With the majority of operations in Chile, CSSA +1 year 8% 1% has a vast workforce within the country to meet demand 426 • Despite smaller international operations, the Company maintains strong teams in Peru and Colombia 91%

Breakdown by Role Peter Paulmann Felipe Bayly Director Administrative Director • Operations personnel are the bulk of +23 years 12% +10 years employee workforce, backing the Company’s track record of reliable operations 426

• Administrative staff support the Company 88% in key activities and decisions Operations Breakdown by Gender Marta Henao Matías Videla Women Director Director +11 years +22 years 28% • CSSA is an equal opportunities employer, with a strong representation of women in the 426 employee base 72%

Men Ricardo Bennett Director  Employees have an average of 7 years at +11 years  Employees have an average age of 38 years 48 # Years at Cencosud

Source: Company. ALTHOUGH E-COMMERCE HAS BEEN DEVELOPING IN LATIN AMERICA, IN-STORE RETAILING IS STILL THE UNDISPUTABLE CHANNEL OF PREFERENCE

Key challenges that limit e-commerce E-Commerce penetration, 2017E (% of Retail Bank account penetration, 2017 (%)2 growth in Latin America Sales)1

 Low broadband and mobile internet 15.7% 96.0% 94.0% coverage and penetration 93.0% 11.8% 74.0%  Underdeveloped infrastructure for 70.0% logistics / shipping process 8.3% 49.0% 46.0% 6.3% 43.0% 37.0%  Lack of formal banking and debit / 4.9% 3.1% 2.7% credit card penetration 1.9% 1.2%  Absence of large dominant private companies on e-commerce

Latin America Retail sales by channel 20173 Relevance of Shopping centers, 2017 (%)3 Internet users by country per 100 inhabitants, 4 Shopping center GLA / Retail Selling Space 2018 (%) Pure-play Other non- E-commerce store 2.0% 3.0% 18.9% 83% 80% Omni-channel 77% 2.0% 15.8% 67% 64% 63% 51% 13.5%

9.8%

Store-based 9.1% 93.0% 9.0%

49 Note: Latest available data. Sources: 1 Euromonitor. 2 World Bank (The Global Findex Database 2017). 3 ICSC. 4 Economist Intelligence Unit. RECENT DEVELOPMENTS

 On May 6, 2019, the Company registered with the CMF’s Registry of Securities a 10-year bond line and a 30-year bond line for up to UF12,000,000 each. Afterwards, on May 15, 2019, the CMF authorized the placement of series A bonds (the “Series A Bonds”) under the 10-year indenture and series B bonds (the “Series B Bonds”) under the 30-year indenture for up to UF10,000,000 each  Both Series A Bonds and Series B Bonds were graded as “AA+/Estables” debt instruments by Feller Rate Clasificadora de Riesgo, Local Bond and as “Catergory AA+” debt instruments by Humphreys Clasificadora de Riesgo Issuance  On May 17, 2019, Series A Bonds were successfully placed in the Chilean market, in an amount of UF7,000,000 (approximately US$280 million) and with an annual interest rate of 1.9%. On the same date, Series B Bonds were also successfully placed in the Chilean market, in an amount of UF3,000,000 (approximately US$120 million) and with an annual interest rate of 2.2%  Series A Bonds and Series B Bonds were placed in the local market with a yield to market rate of 1.79% and 2.24%, respectively

Appointment of  On May 16, 2019, Santiago Mangiante was appointed as Chief Financial Officer Chief Financial Officer  On May 27, 2019, Carlos Mechetti resigned as director of the Company

 On May 20, 2019, the Company’s capital was increased to Ch$771,371,252,711, consisting of 1,781,094,862 common shares, which will be fully subscribed and paid by Cencosud Retail S.A. and Cencosud S.A. on or prior to the closing of the Global Offering by means of the contribution in kind of their shares in Cencosud Shopping Internacional SpA. Capital Increase  Pursuant to the Capital Increase (i) four assets in Peru (consisting of two shopping centers, a plot of real estate with a supermarket where a shopping center is currently under construction, and a plot of real estate) which are located in Lima and Arequipa, two of Peru’s most populous cities, and (ii) four shopping centers located in each of Medellín, Bogotá, Barranquilla and Cali, Colombia’s four most populous cities, will be contributed to the Company.  Consequently, on or prior to the closing of the Global Offering, the Company will own assets in Chile, Peru and Colombia

 On May 20, 2019, the Extraordinary General Shareholders’ Meeting approved a dividend distribution amounting to Dividend Ch$228,749,598,560 Payment  As of this date, this dividend was paid by the Company to its shareholders

50 DISCLAIMER

La información contenida en esta publicación es una breve descripción de las características de la emisión y de la entidad emisora, no siendo esta toda la información requerida para tomar una decisión de inversión. Mayores antecedentes se encuentran disponibles en la sede de la entidad emisora, en las oficinas de los intermediarios colocadores y en la Comisión para el Mercado Financiero.

Señor Inversionista:

Antes de efectuar su inversión usted deberá informarse cabalmente de la situación financiera de la sociedad emisora y deberá evaluar la conveniencia de la adquisición de estos valores.

El intermediario deberá proporcionar al inversionista la información contenida en el Prospecto presentado con motivo de la solicitud de inscripción al Registro de Valores, antes de que efectúe su inversión.