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

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 • Policy of Diversity and connection of our clients • Special payment program environmental commitment) Inclusion with our brands for small & medium size • ECOKIT (Easy suppliers (30 days) • Alliance with United Way Argentina)5 • Training programs to • Consumer Loyalty Award (Volunteer activities) promote career development by ALCO1 (Jumbo) • Participation in2: CNC, • Alliances with local ASACH, SOFOFA, Chile • Publication of missing children entities such as ADO • Great place to work transparente, among others pictures in Easy Arg catalogs Chile

1 ALCO = Customer experience consulting firm 2 CNC stands for Cámara Nacional de Comercio (National Chamber of Comerce); ASACH stands for Asociación de Supermercados de Chile (Chilean Association of Supermarkets): SOFOFA stands for Sociedad de Fomento Fabril (Manufacturing Corporation). 3 Ado Chile = Chilean organization which has the objective of supporting local athletes thru private and governmental contributions 4 Ropa por Ropa = Campaign aiming to recover clothes in disuse thru the of offering discounts 12 5 Bottle caps recycling program. Bottle caps are used for the production of sustainable products. Sales related to such products are then donated to the Garrahan Hospital Foundation. INVESTMENT HIGHLIGHTS

THE STRATEGY LOOKING AHEAD

13 GUIDANCE AND INVESTMENT PLAN FOR 2017

CAPEX DISTRIBUTION BY INVESTMENT TYPE USD 500 mm • The Company expects to achieve revenues of USD 16,500 million1 in 2017 explained by a better performance from the businesses, online business growth, selected store openings and an improved regional economic environment, particularly in Peru, Argentina and Brazil Remodeling and 21% Organic Growth • Adjusted EBITDA anticipated in the range of 7.3% to 7.6% Technology, Logistics • Capex Plan of USD 500 million for 2017 and USD 2,500 million and Omnichannel for 2017-2020 23% 56% Mantainance and recurring Capex • Reinforcement of value proposition and store competitiveness through increased store remodeling, standardization of operational processes and improved logistic capabilities Working Spotlights • Omnichannel developments, innovation and leadership in new trends

• Efficiency, productivity and financial discipline 14 OPPORTUNITIES BY COUNTRY

CHILE PERU COLOMBIA

1. Solid economy, growing below its . Political change, confidence in the country’s . Consolidated team with local market potential (GDP growth 2017E of 1.9% & economy 2018E 2.5%) experience . Higher growth & lower inflation expected . Omni-channel, e-commerce and 2. Land bank of 2.7 million sqm (GDP growth of 3.8% in 2017 and 4.0% in telephone sales development 3. Develop medium size formats (~1,000 2018 - Inflation 2.85% in 2017 & 2.5% in sqm) 2018) . Profitability upside for our current assets 4. Full multi-format: 6 retail flags + Shopping . Young country: 2/3 of the population in full . Our brands are consolidating + Financial Services production, savings and investment capacity . Great development potential together with 5. Drive financial business growth together . Low penetration of the modern channel land bank and unrivalled locations with Scotiabank . Excellent land bank 6. Leaders in food e-commerce, strong . Wong with an unbeatable positioning in the growth in non-food high income segment & potential to 3x Paris 7. Costanera project expansion share 8. Further reorganization at Santa Isabel . The best loyalty program – Bonus

15 OPPORTUNITIES BY COUNTRY

ARGENTINA BRAZIL

. End of recession, growth expected to . Change in economy trend expected resume in 2018 for 2017 . Challenging environment due to . Closeness format with Jumbo brand bankruptcy of Rio the Janeiro and Minas Gerais States . Increased competition from . Renowned brands, with history and wholesale format and informal prestige in their markets market . Built a strong local team, . Market opening to imports acknowledged by the market

. Leaders in e-commerce . Transformational initiatives in supply chain, pricing, selection and efficiency . Consolidated team / Strong local player . Commercial synergies, improving margin and competitiveness