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Chile Jv Argentina 2Nd Supermarket Nd 2Nd Home Improvement 2 Supermarket St 2Nd Shopping Centers 1 Home Improvement St 2Nd Department Stores 1 Shopping Centers

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Chile Jv Argentina 2Nd Supermarket Nd 2Nd Home Improvement 2 Supermarket St 2Nd Shopping Centers 1 Home Improvement St 2Nd Department Stores 1 Shopping Centers Corporate Presentation 2016 YE INVESTMENT HIGHLIGHTS THE STRATEGY LOOKING AHEAD 2 WHY CENCOSUD? LEADING SOUTH AMERICAN PREMIER BRAND PORTFOLIO WITH AN UNPARALLELED GROWTH TRACK 1 MULTI-FORMAT RETAILER1 2 INTEGRATED MULTI-FORMAT STRATEGY 3 RECORD HOLDING VALUABLE LAND BANK Recognized brand portfolio 6.2 mm sqm of land bank to fuel 5 Business Divisions & 5 countries future growth across the region Leadership positions across the region TOTAL SELLING SPACE (‘000 sqm) Market Cap USD 7.9 billion CAGR: 5.0% 138,160 employees 4.238 4.387 4.417 4.418 1,118 retail stores + 53 shopping centers 3.629 3.6 mm sqm of retail space 778,848 sqm of shopping centers GLA to third parties 2012 2013 2014 2015 2016 2 PRIVILEDGED POSITION TO BENEFIT SEASONED MANAGEMENT TEAM LISTED AT NYSE & BCS 4 RATED IG BY MOODY’S AND FITCH 6 FROM IMPROVED ECONOMIC 5 REGIONAL ENVIRONMENT Sound Corporate Governance standards Listed on BCS (2004) Leadership positions across the region in line with regulatory requirements for a 46.3% Free Float Peru: fully registered U.S. issuer (NYSE) Daily Avg Trading Volume: USD8.4mm 9 Seasoned Board Members 132,517 sqm land bank Total Trading Volume: USD2,109mm La Molina Project 3 Paulmann Family members Listed on NYSE (2012) 2 Independent members Brazil and Argentina Rated Investment Grade by Moody’s and Turnaround economy Board of Directors Committee: Fitch Ratings 3.2 mm sqm land bank in Argentina Total of 3 members; 2 independent Member of the DJSI 1 Figures as of December 2016. Market Cap as of December 2016 denominated in USD using a constant Exchange rate of CLP 669.47 per US dollar 2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange) 3 3 Total trading volume full year 2016 CENCOSUD: A PAN-REGIONAL MARKET LEADER COLOMBIA JV 3RD SUPERMARKET 2ND HOME IMPROVEMENT JV BRAZIL PERU 4TH SUPERMARKET 2ND SUPERMARKET Leadership position in Northeast, 4TH DEPARTMENT STORES Minas Gerais, and Rio de Janeiro CHILE JV ARGENTINA 2ND SUPERMARKET ND 2ND HOME IMPROVEMENT 2 SUPERMARKET ST 2ND SHOPPING CENTERS 1 HOME IMPROVEMENT ST 2ND DEPARTMENT STORES 1 SHOPPING CENTERS 44 Note: Financial Services provided through a Joint Venture in Chile (Scotiabank), Brazil (Bradesco) and Colombia (Colpatria) CENCOSUD IS A PAN-REGIONAL MARKET LEADER REVENUE BREAKDOWN BY GEOGRAPHY (FY 2016) ADJUSTED EBITDA BREAKDOWN BY GEOGRAPHY (FY 2016) US$ 15,435 mm US$ 1,144 mm1,2 9% 5% 11% 3.9% mg 8.3% mg 10% 1% 42% 0.5% mg 15% 26% 58% 7.7% mg 10.3% mg 24% CHILE ARGENTINA BRAZIL PERU COLOMBIA • 245 supermarkets • 283 supermarkets • 211 supermarkets • 91 supermarkets • 35 home improvement • 103 supermarkets • 51 home improvement • Atacarejo format • 10 department stores • 79 department stores • 10 home improvement • 22 shopping centers • 3 different regions • 4 shopping centers • 25 shopping centers • 2 shopping centers • Financial services • F.S.: JV with Bradesco • Financial services • F.S.: JV with Scotiabank • F.S.: JV with Colpatria Note: Figures converted to US dollars using a constant exchange rate of CLP 669.47 per US dollar 1 EBIT represents profit attributable to controlling shareholders before net interest expense and income taxes. EBITDA represents EBIT plus depreciation and amortization expenses. Adjusted EBITDA represents EBITDA plus exchange differences and gains (losses) from indexation units minus revaluation of assets 55 2 mg= Adjusted EBITDA margin STRONG PLAYER IN FOOD RETAIL, A MORE RESILIENT BUSINESS TO ECONOMIC DOWNTURNS REVENUE BREAKDOWN BY BUSINESS (FY 2016)1 ADJUSTED EBITDA BREAKDOWN BY BUSINESS (FY 2016)1 US$ 15,435 mm2 US$ 1,144 mm (7.4% Adjusted EBITDA margin)2,3 2% Retail accounted for 96% of 2% Complementary Retail accounted for 71% Complementary Revenues Business of Adjusted EBITDA4 Business 9% 11% 48% US$11,185mm US$641mm 13% 5.7% mg6 20% US$222mm US$1,933mm 6% 72% 11.5% mg US$83mm 17% US$1,683mm US$367mm5 4.9% mg US$122mm 46.146.1% mg US$265mm US$272mm 74.174.1% mg Supermarkets Home Improvement Department Stores Shopping Centers Financial Services 1 Graph excludes the “Others” Segment. EBIT represents profit attributable to controlling shareholders before net interest expense and income taxes. EBITDA represents EBIT plus depreciation and amortization expenses. Adjusted EBITDA represents EBITDA plus exchange differences and gains (losses) from indexation units minus revaluation of assets. 2 “Others” Segment contributed with USD 11 million in Revenues and USD (195) million in Adjusted EBITDA in 2016 3 Includes US 105 million of one-offs, mainly related to the sale of non-core assets 4 Excluding the “Others” Segment 66 5 Revenues and Adjusted EBITDA from Shopping Centers doesn`t include related party transactions 6 Mg = Adjusted EBITDA margin PROVEN GROWTH TRACK RECORD1 • Total selling space grew from 2.6mm (CAGR: Consolidation and synergies 7.6%) sqm in 2010 to 4.4mm m2 in 2016 IPO NYSE Internationalization process • Revenues increased from US$9.3bn in Peru (CAGR: 16,3 16,4 8.9%) 2010 to US$15.4bn in 2016 (CAGR: 8.9%) 15,4 15,4 13,7 11,4 Consolidation in the Chilean market 9,2 9,3 IPO 8,2 BCS1 5,6 Opening of firsts supermarkets 4,7 3,8 1,0 2,1 1,4 1976 1982 1988 1993 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 1 Revenues denominated in USD using a constant Exchange rate of CLP 669.47 per US dollar 7 2 BCS stands for Bolsa de Comercio de Santiago (Santiago Stock Exchange) 7 STRONG LIQUIDITY POSITION AND CONFORTABLE AMORTIZATION SCHEDULE DEBT BY CURRENCY (AFTER CCS) ● Ongoing efforts to improve the Company’s liquidity position Others Others ● LatAm LatAm Cencosud has maintained its Investment Grade 4% rating since its first international bond issuance 7% USD 17% USD ● Fitch Ratings: BBB- (stable) 32% CLP & CLP & UF UF 64% ● Moody’s: Baa3 (stable) 76% ● Reduced exposure to dollar denominated debt NET FINANCIAL DEBT EVOLUTION1 DEBT AMORTIZATION SCHEDULE (USD MM)2 6,3 4,7 Net Financial Debt 4,3 (US$ mm) 991 3,7 714 4,6 3,2 638 NFD/Adjusted EBITDA 3,7 3,4 3,3 (times) 350 3,2 214 230 210 217 197 52 57 34 51 40 40 15 81 2024 2017 2018 2019 2020 2021 2022 2023 2025 2026 2027 2028 2029 2030 2031 2041 2045 2012 2013 2014 2015 2016 1 Debt denominated in USD using end of period exchange rate of each year 8 2 Amortization schedule does not consider overdrafts or comex liabilities. Presented net of Mark to market of derivatives (excluding forwards) 8 EXPERIENCED MANAGEMENT TEAM CORPORATE GOVERNANDE AND BOARD OF DIRECTORS MANAGEMENT TEAM • Sound corporate governance standards in line with regulatory Bronislao Jandzio 18 requirements for a fully registered U.S. issuer (NYSE) Jaime MD of Audit Soler 11 10 years in the CEO • 9 Seasoned Board members: industry 19 years in the industry • 3 Paulmann Family members • 2 Independent members Rodrigo Dag Rodrigo Hetz Tomás Zavala 6 4 Larraín 11 Loebenstein 3 HHRR CFO CSM • Board of Directors Committee: Horst CLM • Roberto Philipps Paulmann K. • Richard Büchi (Independent) Eric Baset 25 Carlos Madina 18 Ricardo Yunge 19 Matías Videla 20 • Mario Valcarce (Independent) Heike Peter SCM SM Chile SM Argentina SM Colombia Paulmann K. Paulmann K. Mario Cristián Carlos Roberto David Campodónico Gutierrez 22 Mechetti 14 Patricio Rivas Philipps Gallagher 8 7 SM Peru SM Brazil LACM FSM Cristián Years in Julio Moura # Eyzaguirre Cencosud 14 Antonio Ureta 10 Ricardo Bennett HIM DSM Independent Richard Mario members Büchi Valcarce CEO: Chief Executive Officer. HHRR: Human Resources. CFO: Chief Financial Officer. CLM: Corporate Logistic Manager. CSM: Corporate Strategy Manager. SCM: Shopping Centers Manager. SM: Supermarkets Manager. FSM: Financial Services Manager. LACM: Legal Affairs Corporate Manager. HIM: Home Improvement Manager. DSM: Department Stores Manager. 99 INVESTMENT HIGHLIGHTS THE STRATEGY LOOKING AHEAD 1010 THE THREE PILLARS OF OUR STRATEGY BUSINESS OUR CLIENT KEY TRENDS 1 2 3 PROFITABILITY Healthy organization Connectivity Efficiency and productivity Strong organizational culture, with an • Native digital consumer • Austerity culture outstanding work environment • Digital marketing • Cost control • Social networks Client centric Health & Wellness Constant growth and • The client is first • Organics strong market share • Memorable shopping experience • Functional Positive SSS across all • Sustain our differentiation in service geographies except Brazil • Healthy • Client centric culture Sustainable brands in tune with the Fidelization and Bottom line, environment Data Mining profitability and • Clients • Community cash flow generation • Suppliers • Environment • Collaborators STRONG VALUES 1111 CORPORATE SOCIAL RESPONSIBILITY CONTRIBUTORS CUSTOMERS SUPPLIERS COMMUNITY ENVIRONMENT • Committed to work together • Seek to be strategic allies • Care about the communities • Generate awareness around us and build the best team • We work to create with our suppliers among our stakeholders memorable shopping • Seek to create social value • Proud to be part of experiences for our • Grow while promoting • Seek to preserve and Cencosud customers progress and development • Enhance long term protect the environment of every party interacting sustainability by reducing our • Promote happiness, good • Deliver transparent with us along our value environmental footprint work environment where information on a timely chain • “Eat Healthy” program trust, mutual respect and basis promoted by Jumbo • Energy efficiency inclusion prevail • Cenconline Platform (B2B) • Enhance the emotional • “Conciencia Celeste” (social & • Ropa por Ropa (Paris)4
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