Cencosud Announces First Quarter 2009 Results

¢ Revenues increased 11,3% in the first quarter 2009 reaching Ch$ 1.326,8 bln.

¢ Brazilian, Peruvian and Colombian operations accounted for 19,2% of first quarter revenues.

¢ Supermarkets and hypermarket represented 72,5% of consolidated revenues.

¢ Gross Margin increased 7,8% to Ch$ 351,7 bln from Ch$ 326,4 in the first quarter 2008.

¢ Ebitda reached Ch$ 86,3 bln, 6,5% lower than first quarter 2008.

Santiago Chile, Wednesday April 29th, 2009 – Cencosud S.A. (OTC: CSUDY) a Chilean- based multi-format retailer with operations in Argentina, Brazil, Chile, Colombia and Peru, announces financial results for its first quarter 2009. The company earned Ch$15,1 billion, or Ch$6,9 per ordinary share (US$ 0,18 per American Depositary Shares (ADS)).1

1 Financial data presented in this report is adjusted by Inflation (IPC: Índice de Precio al Consumidor) for January - March, 2009. - 1 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

Index

FIRST QUARTER RELEVANT FACTS ...... 3 FIRST QUARTER 2009 ANALYSIS...... 4 NET REVENUES...... 4 OPERATING PROFIT ...... 6 NON OPERATING INCOME ...... 7 EBITDA...... 8 ANALYSIS BY COUNTRY AND BUSINESS ...... 9 CHILE- HYPERMARKETS & SUPERMARKETS ...... 9 CHILE - HOME IMPROVEMENT STORES ...... 11 CHILE - DEPARTMENT STORES...... 12 CHILE - CREDIT CARDS (PARIS & JUMBO & EASY MÁS)...... 14 CHILE - SHOPPING CENTERS ...... 16 ARGENTINA - HYPERMARKETS & SUPERMARKETS...... 18 ARGENTINA - HOME IMPROVEMENT STORES...... 20 ARGENTINA - CREDIT CARDS ...... 22 ARGENTINA - SHOPPING CENTERS...... 22 BRAZIL – SUPERMARKETS...... 23 PERU ...... 23 -FINANCIAL TABLES TO FOLLOW-...... 25

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FIRST QUARTER RELEVANT FACTS

V During the First quarter 2009, Cencosud concluded the following projects in Argentina and Chile.

- In Argentina:

° One Supermarket Vea with 414 square meters of selling space.

- In Chile:

° Two Santa Isabel stores, one in Santiago with 1.426 square meters of total selling space, and one in Las Condes with 1.200 square meters.

V During March 2009, Cencosud signed an agreement to sell its stake in Inmobiliaria Mall Calama S.A. During April Cencosud also acquired Casino´s shares in Easy Holland BV, owner of Easy Colombia, increasing its participation to 100%.

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FIRST QUARTER 2009 ANALYSIS

NET REVENUES

Consolidated net revenues increased 11,3%, in constant Ch$ as of March 31th 2009, to Ch$1.326.762 million, compared to Ch$1.191.968 million in the first quarter 2008.

First Quarter 2009 2008 ∆ % Revenues 1.326.762 1 .191.968 11,3%

Chile 621.447 6 30.120 -1,4% Argentina 450.503 3 61.876 24,5% Brazil 119.241 1 20.401 -1,0% Peru* 133.612 7 9.571 67,9% Colombia* 1.960 - N/A (In millions of constant Ch$ As of March 31st, 2009)

Consolidated net revenues from Chilean operations decreased 1,4%, in constant Ch$ as of March 31st 2009, reaching Ch$621.447 million, compared to the same quarter of 2008.

In Argentina net revenues increased 24,5%, in constant Ch$ as of March 31st 2009, to Ch$450.503 million compared to the same quarter of 2008.

In Brazil net revenues decreased 1,0%, in constant Ch$ as of March 31st 2009, to Ch$119.241 million compared to the same quarter of 2008

Net revenues reached Ch$133.612 million and Ch$1.960 million in Peru and Colombia, respectively.2

2009 Revenues 2008 Revenues Breakdown by Country Breakdown by Country

Peru* Colombia* Brazil Peru* Brazil 10,1% 0,1% Chile 10,1% 6,7% 9,0% 46,8% Chile Argentina 52,9% 34,0% Argentina 30,4%

With the consolidation of the new international operations (Brazil, Peru), hypermarkets & supermarkets accounts for 72,5% as of first quarter 2009.

2 (*) Peru and Colombia consolidate since February 2008 and October 2008 respectively.

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2009 Revenues 2008 Revenues Breakdown by Business Breakdown by Business

Dep.Stores Dep.Stores Insurances Insurances C.Cards C.Cards 9,9% 7,8% 0,2% 0,4% Hyperm. 4,1% Hyperm. 4,4% Shopping 20,4% Shopping 20,8% 2,5% 2,2%

Home imp. Home imp. 13,1% 12,8% Superm. Superm. 52,1% 49,2%

GROSS PROFIT

Consolidated gross profit for the quarter increased 7,8%, in constant Ch$ as of March 31st 2009, to Ch$351.749 million compared to Ch$326.433 million in the first quarter 2008. Consolidated gross margin for the first quarter 2009 was 26,5%.

First Quarter 2009 2008 ∆ % Gross Profit 351.749 3 26.433 7,8%

Chile 160.921 1 73.359 -7,2% Argentina 129.350 1 07.555 20,3% Brazil 25.770 2 5.005 3,1% Peru* 35.014 2 0.514 70,7% Colombia* 695 - N/A (In millions of constant Ch$ As of March 31st, 2009)

2009 Gross Profit 2008 Gross Profit Breakdown by Country Breakdown by Country

Peru* Colombia* Brazil Peru* Chile Brazil 10,0% 0,2% 7,7% 6,3% Chile 45,7% 7,3% 53,1%

Argentina Argentina 32,9% 36,8%

Gross profit in Chile decreased 7,2%, in millions of constant Ch$ as of March 31st 2009, to Ch$160.921 million compared to Ch$173.359 million in first quarter 2008. Gross margin decreased to 25,9% from 27,5% for the same period in 2008.

Gross profit in Argentina increased to Ch$129.350 million, in constant Ch$ as of March 31st 2009, 20,3% higher than first quarter, 2008. Gross margin decreased to 28,7% from 29,7% for the same period in 2008.

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Brazilian Gross profit increased 3,1%, in constant Ch$ as of March 31st 2009, to Ch$25.770 million for the first quarter 2009. Gross margin increased to 21,6% from 20,8% for the same period in 2008.

Peruvian Gross Profit was Ch$35.014 million for the first quarter 2009 Gross margin increased to 26,2% from 25,8% for the same period in 2008.

Colombian Gross Profit was Ch$695 million for the first quarter 2009.

OPERATING PROFIT

Operating profit for the quarter decreased 14,8% (measured in constant Ch$ as of March 31st 2009) to Ch$57.252 million compared to Ch$67.185 million in the first quarter, 2008. Consolidated operating margin, as a percentage of net revenues, was 4,3% for the first quarter 2009, compared to 5,6% for the first quarter 2008 operating margin.

First Quarter 2009 2008 ∆ % Operating Profit 57.252 6 7.185 -14,8%

Chile 29.728 4 1.500 -28,4% Argentina 20.390 1 8.484 10,3% (Brazil, Peru y Colombia*) 7.133 7 .201 -0,9% (In millions of constant Ch$ As of March 31st, 2009)

2009 Operating Profit 2008 Operating Profit Breakdown by Country Breakdown by Country (Brazil, (Brazil, Peru y Peru y Colombia*) Colombia*); 10,7% 7.133 Argentina 27,5% Chile; Argentina; 29.728 Chile 61,8% 20.390

Operating profit in Chile decreased 28,4%, in millions of constant Ch$ as of March 31st 2009, to Ch$29.728 million compared to Ch$41.500 million in first quarter 2008. Operating margin decreased to 4,8% from 6,6% for the same period in 2008.

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Operating profit in Argentina increased to Ch$20.390 million, 10,3% higher than first quarter, 2008 (measured in constant Ch$ as of March 31st 2009). Operating margin decreased to 4,5% from 5,1% for the same period in 2008.

Other international operations (Brazil, Peru & Colombia) operating profit was Ch$7.133 million for the first quarter 2009.

SELLING AND ADMINISTRATIVE EXPENSES

Consolidated selling and administrative expenses increased 13,6%, in millions of constant Ch$ as of March 31st 2009, to Ch$294.497 million for the quarter ended in March 31st 2009 from Ch$259.877 million for the same period in 2008. As a percentage of net revenues, selling and administrative expenses increased to 22,2% during first quarter 2009 from 21,7% during the same period 2008.

NON OPERATING INCOME

During the first quarter of 2009, non-operating result was a loss of Ch$37.872. This compares to a non-operating loss of Ch$29.564 in first quarter 2008.

First Quarter (In millions of constant Ch$ As of March 31st, 2009) 2009 2008 ∆ Financial Income 1.496 1.193 3 03 Net Equity in earnings of unconsolidated affiliates - 1.837 1.979 -3.816 Other Non-Operating Income 6.953 1.464 5 .489 Amortization of Goodwill - 7.892 -6.203 -1.688 Financial Expense - 28.390 -21.936 -6.454 Other Non-Operating Expense - 6.546 -6.371 -175 Price Level Restatement - 7.431 1.278 -8.709 Income(loss)from foreign exchange variations 5 .773 - 968 6 .741 TOTAL NON OPERATIONAL INCOME - 37.872 -29.564 -8.308

NET INCOME

As result of the factors explained above, net income decreased 38,6%, in millions of constant Ch$ as of March 31st 2009, to Ch$15.127 million during first quarter 2009 from Ch$24.652 million for the same period 2008.

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NET INCOME EVOLUTION

h t 0 3

r e b m e c e D

80.000 f o

s

a 60.000

8 $ 0 h 0

2 40.000

C 74.791

t 64.424 56.719 n 52.109 46.454 a 20.000 t 32.238 s 24.652 28.619 n 15.127 o

c 0

f o Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 s n o i l l i M

EBITDA

Consolidated Ebitda decreased 6,5%, in millions of constant Ch$ as of March 31st 2009, to Ch$86.329 million, compared to Ch$92.350 million in the first quarter 2008.

EBITDA EVOLUTION h t 1 3

r e b m e c e D

f 9,8% o 160.000 8,7% 10,0% s 7,7%

a 7,8% 7,6% 8 7,4% 6,8% 6,5% 6,5% 0 $ 0 h 110.000 2

C 113.719

92.350 112.043 t

n 60.000 69.442 85.207 73.330 5,0% a 121.536 t

s 98.455 86.329 n 10.000 o c

f

o -40.000 0,0% Q1'07 Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09 s n o i l l i M

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ANALYSIS BY COUNTRY AND BUSINESS

CHILE- HYPERMARKETS & SUPERMARKETS

HYPERMARKETS JUMBO

Net revenues for Chilean hypermarkets increased 4,2%, measured in constant Ch$ as of March 31st 2009, (3,4% in nominal SSS) to Ch$192.845 million in the first quarter 2009 from Ch$185.157 in the same period of 2008.

JUMBO CHILE - HYPERMARKETS

Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2009 3,4% 2008 15,1% 10,2% 8,4% 7,3% 12,6% 11,1% 10,0% N° Same Store Tickets 2009 -7,0% 2008 5,9% 0,4% 0,1% -3,0% 3,1% 2,0% 0,6% SS Average Ticket Nominal 2009 11,2% 2008 8,7% 9,7% 8,4% 10,6% 9,2% 8,9% 9,3% * Measured in local currency.

Cost of sales in the first quarter 2009 increased 5,6% to Ch$145.351 millions of constant Ch$ as of March 31st 2009 from Ch$137.632 million in the same period 2008. Gross profit for the quarter ended on March 31st decreased 0,1% to Ch$47.494 millions of constant Ch$ as of March 31st 2009 when compared to the same quarter 2008.

Gross Margin Evolution Hypermarkets Chile

25,2% 25,2% 25,9% 25,6% 27,2% 25,9% 25,7% 24,6%

2Q'07 2Q'08 3Q'07 3Q'08 4Q'07 4Q'08 1Q'08 1Q'09

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Hypermarkets Chile Selling Space Jumbo stores Square Meters As of March 31st, 2009 Store Selling Space Region Opening Store Selling Space Region Opening Jumbo Kennedy 11.816 RM September 1976 Jumbo Chillán 7.949 VIII February 2005 Jumbo Maipú 11.388 RM December 1996 Jumbo Pajaritos 7.374 RM August 2005 Jumbo La Florida 11.210 RM February 2002 Jumbo Puerto Montt 7.330 X December 2005 Jumbo Viña 10.428 V January 2002 Jumbo Ñuñoa 7.190 RM December 2008 Jumbo La Reina 10.348 RM August 2002 Jumbo El Llano 7.181 RM June 2004 Jumbo Rancagua 9.315 VI April 2000 Jumbo Valparaiso 6.384 V March 2006 Jumbo Antofagasta 9.233 II February 2006 Jumbo Puente Alto 5.770 RM October 2006 Jumbo Temuco 8.950 IX November 2004 Jumbo Aconcagua 5.741 V December 2006 Jumbo Peñalolen 8.777 RM November 2003 Jumbo Osorno 5.543 X December 2008 Jumbo Bilbao 8.673 RM August 1979 Jumbo Talca 5.421 VII May 2008 Jumbo La Dehesa 8.546 RM October 2003 Jumbo Curicó 5.401 VII March 2007 Jumbo La Serena 8.064 IV July 2006 Jumbo Punto de Encuentro 5.172 II September 2006 Jumbo El Belloto II 7.992 V December 2008 Jumbo Copiapó 4.720 III October 2005 Total 205.916 N° of Stores 26

SUPERMARKETS SANTA ISABEL

Net revenues in the first quarter 2009 increased 0,01% (2,3% in nominal SSS) to Ch$188.662 millions of constant Ch$ as of March 31st 2009 from Ch$188.637 million during the same period in 2008.

SANTA ISABEL CHILE – SUPERMARKETS

Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2009 2,3% 2008 10,8% 6,0% 8,1% 9,3% 8,3% 8,2% 8,5% N° Same Store Tickets 2009 -6,0% 2008 0,8% -2,5% -1,2% -2,4% -0,9% -1,0% -1,4% SS Average Ticket Nominal

2009 8,9% 2008 9,9% 8,8% 9,4% 11,9% 9,3% 9,3% 10,0% * Measured in local currency.

Cost of sales in the first quarter 2009 decreased 0,6% to Ch$149.908 millions of constant Ch$ as of March 31st 2009 from Ch$150.802 million in the same period in 2008. Gross profit in the quarter decreased 2,4%, in millions of constant Ch$ as of March 31st 2009 to Ch$38.754 million, compared to the same quarter 2008.

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Gross Margin Supermarkets Chile

21,1% 21,8% 20,5% 23,2% 22,7% 18,6% 20,1% 20,5%

2Q'07 2Q'08 3Q'07 3Q'08 4Q'07 4Q'08 1Q'08 1Q'09

Supermarkets Chile Selling Space Santa Isabel Stores Square Meters As of March 31st, 2009

Region Selling Space Number of Stores Region Selling Space Number of Stores I 4.244 3 VII 6.582 5 II 4.700 3 VIII 29.560 16 IV 4.883 4 IX 7.691 6 V 38.109 28 X 9.021 7 VI 5.815 4 RM 84.049 59 Total 194.655 N° of Stores 135

CHILE - HOME IMPROVEMENT STORES

EASY

Net revenues for the Chilean home improvement stores decreased 4,8%, in millions of constant Ch$ as of March 31st 2009, to Ch$64.074 million in the first quarter 2009 from Ch$67.293 million in the same period in 20083.

EASY CHILE – HOME IMPROVEMENT STORES

Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2009 -8,1% 2008 13,2% 12,7% 14,6% -5,4% 12,9% 13,5% 7,9% N° Same Store Tickets

2009 -8,5% 2008 0,5% -2,1% -4,0% -7,9% -0,7% -1,8% -3,5% SS Average Ticket Nominal 2009 0,4% 2008 12,5% 15,1% 19,3% 2,7% 13,8% 15,5% 11,8% * Measured in local currency.

3 The results of Easy Colombia are consolidated in the Easy Chile operation. For presentation purposes these results are individualized in the Financial Tables section. - 11 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

Cost of sales decreased 5,2%, measured in constant Ch$ as of March 31st 2009 to Ch$46.228 million for the first quarter 2009 from Ch$45.581 million in the same period of 2008. Gross profit in the quarter decreased 3,7%(measured in constant Ch$ as of March 31st 2009) to Ch$17.846, compared to the same quarter 2008.

Gross Margin Evolution Home Improvement Stores - Easy Chile

26,2% 28,0% 28,2% 25,7% 30,2% 34,0% 27,6% 27,9%

2Q'07 2Q'08 3Q'07 3Q'08 4Q'07 4Q'08 1Q'08 1Q'09

Home Improvement Chile Selling Space Easy Stores Square Meters As of March 31st, 2009 Store Region Opening Store Region Opening Viña V January 2002 1 Talca VII February 2008 Maipú RM May 1997 1 Osorno X July 2007 FISA (Maipú) RM March 2008 1 La Dehesa RM July 2003 Quilicura RM December 2008 1 Antofagasta II February 2006 La Florida RM July 2002 1 Chillan VIII November 2002 Temuco IX November 2002 1 Curicó VII March 2007 Quilín RM December 2001 1 Linares VII November 2002 La Reina RM July 2002 1 Easy Puerto Montt X December 2005 Rancagua VI April 2000 1 Easy Copiapó III October 2005 Quillota V November 2008 1 Valparaíso V February 2006 El Belloto V November 2007 1 El Llano RM May 2004 Los Angeles VIII November 2002 1 Kennedy RM March 1994 La Serena IV August 2006 Total 248.157 N° of Stores 25

CHILE - DEPARTMENT STORES

PARIS

Net Revenues decreased 11,9%, measured in constant Ch$ as of March 31st 2009, compared to last year`s first quarter, to Ch$103.958 million (Ch$117.989 million in the same period of 2008).

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PARIS - DEPARTMENT STORES

Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2009 -10,2% 2008 2,0% 2,1% -1,6% -6,3% 2,0% 0,8% -1,5% N° Same Store Tickets 2009 -14,4% 2008 -6,5% -5,8% -9,7% -14,4% -6,1% -7,3% -9,5% SS Average Ticket Nominal 2009 5,0% 2008 9,1% 8,3% 9,0% 9,5% 8,7% 8,8% 8,9% * Measured in local currency.

Cost of sales decreased 12,1%, measured in constant Ch$ as of March 31st 2009, to Ch$81.744 million from Ch$93.018 million in first quarter 2008.

Gross profit for the quarter decreased 11,0%, measured in constant Ch$ as of March 31st 2009, to Ch$22.215 million, compared to the same quarter 2008.

Gross Margin Evolution Department Stores - Paris Chile

27,0% 26,3% 26,8% 20,8% 20,5% 26,3% 21,2% 21,4%

2Q'07 2Q'08 3Q'07 3Q'08 4Q'07 4Q'08 1Q'08 1Q'09

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Department Stores Chile Selling Space Square Meters As of March 31st, 2009

Store Selling Space Region Opening Store Selling Space Region Opening P.Oeste 12.449 RM March 2005 Iquique 7.999 I May 2008 P. Arauco 12.148 RM March 2005 La Serena 7.866 IV March 2005 La Florida 11.592 RM March 2005 Temuco 7.785 IX March 2005 Alto Las Condes 10.762 RM March 2005 Puerto Montt 7.679 X March 2005 Antofagasta II 9.955 II September 2006 Paseo Estación 7.615 RM November 2008 Barros Arana 9.846 VIII March 2005 Valparaíso 7.183 V October 2006 Curicó 9.608 VII November 2006 Alameda 6.958 RM March 2005 Viña Del Mar 9.545 V March 2005 Trébol 6.421 VIII March 2005 Bandera 9.394 RM June 2008 Huechuraba 6.389 RM March 2005 Vespucio 9.267 RM March 2005 Maipú 5.895 RM November 2007 Rancagua 8.662 VI March 2007 Los Angeles 5.475 VIII March 2005 Temuco II 8.589 IX February 2006 Calama 5.225 II March 2005 Tobalaba 8.107 RM March 2005 Chillan 4.878 VIII March 2005 Lyon 8.093 RM March 2005 Talca 4.761 VII March 2005 San Bernardo 8.027 RM November 2007 Ahumada 2.843 RM June 2007 Total Paris Stores 241.016 N° of Paris Stores 30 - Total Umbrale & Foster Stores 3 .248 N° of Umbrale & Foster Stores 20 Total 244.264 50

CHILE - CREDIT CARDS (PARIS & JUMBO & EASY MÁS)

Net revenues from the Cencosud Credit Card Division decreased 1,9%, measured in constant Ch$ as of March 31st 2009, to Ch$50.665 million with cost of sales of Ch$30.864 million. Gross Profit decreased 34,6% to Ch$19.801 million in first quarter 2009.

Credit Card gross loans decreased 12,4%4 compared to March 31st 2008 stock. Gross loans reached Ch$328.246 million on March 31st, 2009, with a risk ratio of 10,6% (total provisions to total gross loans).

Average N° of Statements of account of Credit Cards Monthly Issued*

Q1 Q2 Q3 Q4 2009 1.983 2008 1.966 1.960 1.983 1.978 2007 1.933 1.920 1.872 1.922

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% Sales With Credit Cards Over Total Sales

Q1 Q2 Q3 Q4 Paris - Department Stores 2009 51,6% 2008 57,0% 60,2% 57,9% 55,8% Easy Chile - Home Improvement Stores 2009 20,9% 2008 21,7% 21,9% 20,8% 23,5% Jumbo Chile – Hypermarkets 2009 19,3% 2008 20,0% 21,3% 20,8% 21,7% Santa Isabel – Supermarkets 2009 7,9% 2008 8,4% 8,8% 8,7% 8,9%

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CHILE - SHOPPING CENTERS

Net revenues for Chilean shopping centers (which excludes inter-company lease payments, such as Paris, Jumbo, Easy, Santa Isabel and others) increased 22,3% to Ch$18.063 in millions of constant Ch$ as of March 31st 2009 in the first quarter 2009, from Ch$14.771 million in the same period of 2008. Gross margin decreased 17,7%, in constant Ch$ as of March 31st 2009, compared to the same quarter of 2008, reaching Ch$12.316 million. The occupancy rate5 was 96,97% in the first quarter 2009 compared to 97,79% in the same quarter 20086.

Shopping Chile Leasable Area Square Meters As of March 31st, 2009 Third Parties Third Parties Leasable Area* Opening Leasable Area* Opening Alto Las Condes 76.110 September 1993 Portal El Belloto 1 4.622 April 2004 Florida Center 75.797 September 2003 Portal La Reina 9 .087 August 2002 Portal La Dehesa 46.407 November 2003 Portal Rancagua 6 .981 May 2000 Portal Temuco 29.534 November 2005 Portal Valparaíso 755 October 2006 Total 259.293

5 Measured as leased square meters over total leasable square meters.

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CHILE – INSURANCE BROKERAGE SERVICES

Net revenues were Ch$3.180 (in millions of constant Ch$ as of March 31st 2009) in the first quarter 2009 for Cencosud´s insurance brokerage services, primarily as a result of:

° A 4,8% nominal decrease in insurance premiums during the first quarter 2009 compared to the same period 2008, from Ch$7.607 millions to Ch$7.241 millions. ° 8,8% decrease in average number of insurances brokered, compared to first quarter 2008.

Premiums (Ch$ Millions)

7.607 8.000 7.237 7.608 7.266 7.187 7.241 6.780 6.886 7.000 6.000 5.000 4.000 3.000 2.000 1.000 - Q2'07 Q3'07 Q4'07 Q1'08 Q2'08 Q3'08 Q4'08 Q1'09

Average Number of Insurances Monthly Brokered 1Q 2Q 3Q 4Q 2009 668.171 2008 732.690 716.411 671.260 653.288 2007 706.363 720.917 709.035 718.968 2006 631.835 648.029 657.560 678.302

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ARGENTINA - HYPERMARKETS & SUPERMARKETS

JUMBO HYPERMARKETS

Net revenues increased 24,9% in the first quarter 2009, reaching Ch$78.210 in millions of constant Ch$ as of March 31st 2009 from Ch$62.640 million in the same quarter 2008. Jumbo Argentina net revenues growth can be explained primarily because of:

7 ¢ A 4,5% rise in nominal same store sales for the first quarter 2009 compared to the same period in 2008. ¢ An 22,2% nominal rise in same store average ticket and an decrease of 14,4% in same store tickets. ¢ The effect of exchange rate variations due to Chilean accounting standards.

JUMBO ARGENTINA – HYPERMARKETS

Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2009 4,5% 2008 30,2% 21,4% 16,8% 10,5% 25,6% 22,4% 18,6% N° Same Store Tickets 2009 -14,4% 2008 5,2% -1,1% -1,6% -8,4% 2,0% 0,7% -1,7% SS Average Ticket Nominal 2009 22,2% 2008 23,8% 22,8% 18,7% 20,6% 23,1% 21,5% 20,7% * Measured in local currency.

Cost of sales increased 31,9% to Ch$58.492 millions of constant Ch$ as of March 31st 2009 for the first quarter 2009. Gross profit increased 7,7% to Ch$19.718 millions of constant Ch$ as of March 31st 2009.

Gross Margin Evolution Hypermarkets Argentina

31,9% 32,1% 22,0% 24,1% 24,5% 23,5% 29,2% 25,2% 2Q'07 2Q'08 3Q'07 3Q'08 4Q'07 4Q'08 1Q'08 1Q'09

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Jumbo Argentina Selling Space Jumbo Stores Square Meters As of March 31st, 2009

Store Selling Space Opening Store Selling Space Opening Unicenter 12.428 October 1988 San Martín 8.200 December 1994 Palermo 11.521 October 1996 Rosario 7.991 October 2004 Pilar 11.151 December 1998 Escobar 7.770 February 2000 Mendoza 10.325 November 2001 Parque Brown 7.492 September 1982 Lomas de Zamora 9.873 November 1993 Tucumán 6.964 May 2007 Quilmes 9.755 September 1997 Almagro 5.240 September 2003 Neuquén 9.710 November 2000 Tronador 4.547 June 2007 Plaza Oeste 9.035 April 1997 Acoyte 4.263 July 2008 Total 1 36.265 N° of Stores 16

DISCO SUPERMARKETS

Measured in constant Chilean pesos as of March 31st 2009, net revenues increased 26,5% to Ch$249.778 million during the first quarter 2009 from Ch$197.509 million for the same period in 2008. Variations in net revenues are primarily as a result of:

° 12,7% growth in nominal same store sales for the first quarter 20098. ° 20,0% nominal growth in same store average ticket for the same period. ° The effect of exchange rate variations due to Chilean accounting standards.

DISCO ARGENTINA – SUPERMARKETS

Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2009 12,7% 2008 32,5% 28,5% 24,5% 22,9% 30,4% 28,3% 26,7% N° Same Store Tickets 2009 -6,1% 2008 2,4% 2,8% 0,9% -1,1% 2,6% 2,0% 1,2% SS Average Ticket Nominal 2009 20,0% 2008 29,4% 25,0% 23,4% 24,3% 27,1% 25,7% 25,2% * Measured in local currency.

Cost of sales were Ch$182.832 million, 27,8% higher than last year’s first quarter (measured in constant Ch$ as of March 31st 2009). Disco gross profit was Ch$66.945 million, 23,1% higher than same quarter 2008 (measured in constant Ch$ as of March 31st 2009).

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Gross Margin Supermarkets Argentina

29,9% 31,8% 22,1% 24,3% 26,8% 26,6% 27,5% 26,8%

2Q'07 2Q'08 3Q'07 3Q'08 4Q'07 4Q'08 1Q'08 1Q'09

Supermarkets Argentina Selling Space Disco, Vea, Plaza Vea, Despensas Vea Square Meters As of March 31st, 2009

Province Selling space Number of Stores Province Selling space Number of Stores Buenos Aires 117.129 91 Costa 22.436 16 Cuyo 72.227 50 Centro 65.080 60 Noa 31.890 21 Total 3 08.763 N° of Stores 238

ARGENTINA - HOME IMPROVEMENT STORES

EASY HOME IMPROVEMENT STORES

Measured in constant Chilean pesos as of March 31st 2009, net revenues increased 15,7% to Ch$103.274 million for the first quarter 2009. Variations in net revenues are primarily as a result of:

9 ¢ 0,5% growth in nominal same store sales for the first quarter 2009 . ¢ 9,1% nominal growth in same store average tickets. ¢ The effect of exchange rate variations due to Chilean accounting standards.

EASY ARGENTINA - HOME IMPROVEMENT STORES

Nominal Same Store Sales Q1 Q2 Q3 Q4 6M 9M 12M 2009 0,5% 2008 22,0% 18,0% 16,6% 8,6% 20,0% 18,8% 15,8% N° Same Store Tickets 2009 -7,9% 2008 2,3% -5,8% -3,0% -3,2% -1,7% -2,1% -2,4% SS Average Ticket Nominal 2009 9,1% 2008 19,2% 25,3% 20,2% 12,2% 22,0% 21,3% 18,7% * Measured in local currency.

9 Measured in local currency. - 20 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

Cost of sales increased 17,0%, measured in constant Ch$ as of March 31st 2009, to Ch$70.162 million, from Ch$59.965 million for the same period in 2008. Gross profit increased 12,9%, measured in constant Ch$ as of March 31st 2009, to Ch$33.112 million from Ch$29.333 million for the same quarter of 2008.

Gross Margin Evolution Home Improvement Stores - Easy Argentina

34,3% 32,5% 36,1% 31,5% 34,9% 32,7% 32,8% 32,1%

2Q'07 2Q'08 3Q'07 3Q'08 4Q'07 4Q'08 1Q'08 1Q'09

Home Improvement Argentina Selling Space Easy & Blaisten Stores Square Meters As of March 31st, 2009 Store Opening Store Easy San Isidro May 1996 Easy Alto Avellaneda July 2003 Easy Pilar December 1998 Easy La Tablada April 2001 Easy Don Torcuato September 2000 Easy San Juan June 2001 Easy Quilmes May 1997 Easy Lomas July 1994 Easy Mendoza October 2001 Easy Palermo October 1996 Easy Avellaneda December 1999 Easy Parque Brown August 1993 Easy Neuquén November 2000 Easy La Rioja October 2007 Easy Córdoba December 2000 Easy San Martín December 1994 Easy Warnes July 2001 Easy Caseros August 2006 Easy Escobar February 2000 Easy San Luis June 2006 Easy Jose C. Paz August 2008 Easy General Roca December 2007 Easy Barracas August 2000 Easy Rivadavia November 2008 Easy Córdoba CarcanJoune 2005 Caballito July 2007 Easy Rosario June 2004 Plaza Oeste October 1999 Easy San Miguel November 2008 Pilar October 2007 Easy Ituzaingo June 1998 Floresta October 2007 Easy Liniers April 2003 Moreno October 2007 Easy Easy Córdoba J.OBc. tJoubsetor 2006 Martinez October 2007 Easy Moreno December 2007 Castelar October 2007 Easy San Justo II October 2003 Palermo October 2007 Easy Constituyentes September 2003 Barracas October 2007 Easy Canning January 2008 San Justo October 2007 Easy Tucuman November 2004 Recoleta October 2007 Total m2 Easy 334.048 N° of Easy Stores 37

Total m2 Blaisten 16.618 N° of Blaisten Stores 9 Total M2 3 50.666 Total 46

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ARGENTINA - CREDIT CARDS

Net revenues for the Argentinean Credit Card Division reached Ch$3.795 million of constant Ch$ as of March 31st 2009, while cost of sales were Ch$1.212 for the period. Gross loans reached Ars$205 million (local currency) as of March 31st, 2009 and sales with credit cards over total retail sales reached 8,1%.

ARGENTINA - SHOPPING CENTERS

During the first quarter 2009, net revenues for Argentinean shopping centers increased 32,3% (measured in constant Ch$ as of March 31st 2009) to Ch$15.446 million. Gross profit increased 39,9% (measured in constant Ch$ as of March 31st 2009) compared to the same period in 2008, reaching Ch$6.991 million. The occupancy rate10 was 97,01% in the first quarter 2009 compared to 98,83% during the same period of 2008.

Gross Margin Evolution Shopping Centers Argentina

44,5% 48,3% 57,6% 54,5% 42,5% 49,6% 42,8% 45,3%

2Q'07 2Q'08 3Q'07 3Q'08 4Q'07 4Q'08 1Q'08 1Q'09

Shopping Argentina Leasable Areas Square Meters As of March 31st, 2009 Third Parties Third Parties Leasable Area* Leasable Area* Unicenter 72.374 Portal Tucumán 8.143 Portal Rosario 24.021 El Portal de la Patagonia 7.368 Plaza Oeste 19.601 El Portal de los Andes 5.979 Las Palmas de Pilar 17.387 San Martín 5.318 Quilmes 11.447 El Portal de Escobar 4.309 Parque Brown 9.975 Lomas Center 8 .361 Total 194.283 *Excluding Areas leased to Jumbo, Easy, Disco

10 Measured as leased square meters over total leasable area. - 22 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

BRAZIL – SUPERMARKETS

During the first quarter as of 2009 Gbarbosa Net Revenues decreased 1,0 (measured in constant Ch$ as of March 31st 2009) compared to the same period in 2008, reaching Ch$119.241 million. Gross profit increased 3,1%, measured in constant Ch$ as of March 31st 2009, to Ch$25.770 million from Ch$25.005 million for the same quarter of 2008. Gbarbosa operates 19 hypermarkets, 31 supermarkets and 25 electroshows11.

Supermarkets Brazil Selling Space Square Meters As of March 31st, 2009 N° of Stores Selling space Hypermarkets 19 80.253 Supermarkets 31 33.954 Others 25 2.266 Total 75 116.472

Gross Margin Evolution Brazil

20,8% 21,6%

1Q'08 1Q'09

PERU

Net revenues were Ch$133.612 million and gross profit reached Ch$35.014 million. In Peru, the Company operates 12 hypermarkets, 41 Supermarkets and 2 Shopping.

Peru Selling Space Square Meters As of March 31st, 2009

N° of Stores Selling space Hypermarkets 12 94.163 Supermarkets 41 99.875 Shopping 2 54.750 Total m2 55 248.788

11 Small format stores that sell primarily electronics and other durable goods. - 23 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

Gross Margin Evolution Peru

25,8% 26,2%

1Q'08 1Q'09

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ABOUT CENCOSUD

Cencosud is a leading multi-format retailer in Argentina, Brazil, Chile, Colombia and Peru. Through its supermarket, home improvement, department stores, shopping centers and financial services divisions, the Company targets a wide range of customers with the right combinations of products, prices and quality, designed to meet their growing demands.

Each one of Cencosud strong brands builds a lasting relationship, helping costumers to fulfill their needs and build up their trust by providing excellent products, and services, supported by an attractive loyalty program called “Círculo Más”.

The company has evolved with its customers since it was founded in 1960 by it’s president Mr. Horst Paulmann, this shows a continuous commitment to serve existing and new customers by offering multiple shopping channels and complementary services.

Strategic acquisitions and organic growth have created a unique value portfolio. Cencosud continues its profitable growth by opening new stores and developing new sales channels through Chile and Argentina, this allows the company to achieve its goal of being one of the most prestigious and profitable retailers in Latin America.

At March31st 2009, the Company operates 42 Jumbo hypermarkets, 135 Santa Isabel supermarkets, 238 supermarkets under the brand names Disco, Plaza Vea, Super Vea and Mini Sol, 71 Easy & Blaisten home improvement stores, 50 Gbarbosa supermarkets and Hypermarkets, 53 supermarkets and Hypermarkets in Peru under the brands Wong , Metro and Eco, 30 Paris department stores, 11 Umbrale stores, 9 Foster stores, 22 shopping centers and 60 Banco Paris branch offices.

Cencosud S.A. had, as of March 31st an AA Risk Classification (local scale).

This news release contains forward-looking statements, including statements regarding the intent, belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking statements are not guarantee of future performance and involve a number of risks and uncertainties including, but not limited to, the risks detailed in the company’s financial statements, and the fact that actual results could differ materially from those indicated by such forward-looking statements.

-FINANCIAL TABLES TO FOLLOW-

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CENCOSUD S.A. OPERATING DATA BY COUNTRY AND BUSINESS SEGMENT First Quarter 2009 2008

Number of stores (at end of period): Chile: Hypermarkets 26 22 Supermarkets 135 124 Home Improvement Stores 25 23 Department Stores 30 27 Shopping centers 8 8 Chile subtotal 224 204 Argentina: Hypermarkets 16 15 Supermarkets 238 232 Home Improvement Stores 46 43 Shopping centers 12 13 Argentina subtotal 312 303 Brazil: Hypermarkets 19 15 Supermarkets 31 27 Others 25 10 Brasil Subtotal 75 52 Perú: Hypermarkets 12 11 Supermarkets 41 41 Shopping centers 2 2 Others 0 2 Peru subtotal 55 54 Colombia: Home Improvement Stores 1 - Colombia subtotal 1 0 Total 667 613

Total selling space of stores (at end of period) Chile: Hypermarkets 205.916 179.770 Supermarkets 194.655 180.767 Home Improvement Stores 248.157 224.761 Department Stores 241.016 216.008 Shopping centers 259.293 251.011 9 Foster and 11 Umbrale Stores 3.248 3.248 Chile subtotal 1.152.284 1.055.565

Argentina: Hypermarkets 136.265 132.002 Supermarkets 308.763 300.466 Home Improvement Stores 350.666 326.423 Shopping centers 194.283 199.267 Argentina subtotal 9 89.976 9 58.158 Brazil: Hypermarkets 80.253 65.018 Supermarkets 33.954 28.613 Others 2.266 798 Brazil subtotal 116.472 94.429 Perú: Hypermarkets 94.163 92.056 Supermarkets 99.875 99.875 Shopping centers 54.750 54.750 Others 0 3.857 Peru subtotal 248.788 250.538 Colombia: Home Improvement Stores 8.411 Peru subtotal 8.411 Total 2.515.932 2.358.689

Average selling space per store: Chile: Hypermarkets 7.920 8.171 Supermarkets 1.442 1.458 Home Improvement Stores 9.926 9.772 Department Stores 8.034 8.000 Argentina: Hypermarkets 8.517 8.800 Supermarkets 1.297 1.295 Home Improvement Stores 7.623 7.591 Brazil: Hypermarkets 4.224 4.335 Supermarkets 1.095 1.060 Others 91 80 Perú: Hypermarkets 7.847 8.369 Supermarkets 2.436 2.436 - 26 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

CENCOSUD S.A. OPERATING DATA BY COUNTRY & BUSINESS SEGMENT (cont)

First Quarter

2009 2008 Average sales per store (in real Ch$ millions):

Chile: Hypermarkets 7.417 8.416 Supermarkets 1.397 1.521 Home Improvement Stores 2.563 2.926 Department Stores 3.465 4.370

Argentina: Hypermarkets 4.888 4.176 Supermarkets 1.049 851 Home Improvement Stores 2.245 2.077

Brazil: Supermarkets 2.385 2.867

Peru: Supermarkets & Shopping 2.429 1.474

Sales per square meter (in Ch$ thousands):

Chile: Hypermarkets 937 1.030 Supermarkets 969 1.044 Home Improvement Stores 258 299 Department Stores 431 546

Argentina: Hypermarkets 574 475 Supermarkets 809 657 Home Improvement Stores 295 274

Brazil: Supermarkets 1.044 1.286

Peru Supermarkets & Shopping 537 318

Increase (decrease) in Same Store Sales in Local Currency Chile: Increase (decrease) in Real Same Store Sales Hypermarkets -2,7% 6,8% Supermarkets -3,8% 2,8% Home Improvement Stores -13,5% 5,0% Department Stores -15,5% -5,4%

Increase (decrease) in Nominal Same Store Sales Hypermarkets 3,4% 15,1% Supermarkets 2,3% 10,8% Home Improvement Stores -8,1% 13,2% Department Stores -10,2% 2,0%

Argentina: Increase (decrease) in Nominal Same Store Sales Hypermarkets 4,5% 30,2% Supermarkets 12,7% 32,5% Home Improvement Stores 0,5% 22,0%

*Peru and Colombia consolidate since February 2008 and October 2008 respectively. - 27 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

CENCOSUD S.A. CONSOLIDATED INCOME STATEMENTS (Chilean GAAP, restated for general price-level changes and expressed in millions of constant Chilean pesos of March 31st, 2009 )

First Quarter 2009 2008 ∆% MM Ch$ MM Ch$

Net revenues: Chile 621.447 630.120 -1,4% Argentina 450.503 361.876 24,5% Brazil 119.241 120.401 -1,0% Peru * 133.612 79.571 67,9% Colombia* 1.960 0 Total net revenues 1.326.762 1.191.968 11,3%

Cost of sales: Chile (460.526) (456.760) 0,8% Argentina (321.153) (254.322) 26,3% Brazil (93.471) (95.396) -2,0% Peru * (98.598) (59.057) 67,0% Colombia* (1.265) 0 Total cost of sales (975.013) (865.536) 12,6%

Gross income: Chile 160.921 173.359 -7,2% Argentina 129.350 107.555 20,3% Brazil 25.770 25.005 3,1% Peru * 35.014 20.514 70,7% Colombia* 695 0 Total gross income 351.749 326.433 7,8%

Selling and administrative expenses (294.497) (259.248) 13,6% Operating income 57.252 67.185 -14,8%

Financial income 1 .496 1.193 25,4% Equity in earnings of unconsolidated affiliates 7 94 1.982 -59,9% Other non-operating income 6 .953 1.464 374,8% Equity in losses of unconsolidated affiliates -2.631 -3 n.s. Amortization of goodwill -7.892 -6.203 27,2% Financial expense -28.390 -21.936 29,4% Other non-operating expense -6.546 -6.371 2,7% Price-level restatement -7.431 1.278 -681,4% Income (loss) from foreign exchange variations 5 .773 -968 n.s. Non-operating income (loss) (37.872) (29.564) 28,1% amortization of negative goodwill 19.380 37.621 -48,5% Income taxes -2.912 -12.015 -75,8%

Income before minority interest and amortization 16.468 25.606 -35,7% of negative goodwill Minority interest (1.741) (1.441) 20,8% Amortization of negative goodwill 400 488 -18,0% Net income 15.127 24.652 -38,6%

Net income per share 6,9 11,7 -40,7% Net income per ADS 104 175 -40,7% Number of shares outstanding (in millions) 2.187 2.114 Cash Flow Data Net cash provided by (used in): Operating activities 58.700 4.539 1193,1% Financing activities (17.938) 160.317 -111,2% Investing activities (59.254) (332.911) -82,2% Other Financial Information Capital expenditures (58.386) (76.323) -23,5% Depreciation 30.915 23.186 33,3% EBITDA 86.329 92.350 -6,5%

* Peru and Colombia consolidate since February 2008 and October 2008 respectively. - 28 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

CENCOSUD S.A. - SELECTED FINANCIAL DATA BY COUNTRY AND BUSINESS SEGMENT (Chilean GAAP, restated for general price-level changes and expressed in millions of constant Chilean pesos of March 31st, 2009 )

First Quarter

2009 2008 ∆ % MM Ch$ MM Ch$ Net Revenues Chile: Hypermarkets 192.845 185.157 4,2% Supermarkets 188.662 188.637 0,0% Home Improvement Stores 64.074 67.293 -4,8% Department Stores 103.958 117.989 -11,9% Shopping Centers 18.063 14.771 22,3% Credit Cards 50.665 51.668 -1,9% Insurances 3.180 4.605 -30,9% Net Revenues Chile 621.447 630.120 -1,4% Net Revenues Argentina: Hypermarkets 78.210 62.640 24,9% Supermarkets 249.778 197.509 26,5% Home Improvement Stores 103.274 89.298 15,7% Shopping centers 15.446 11.671 32,3% Credit Cards 3.795 758 400,9% Net Revenues Argentina 450.503 361.876 24,5% Net Revenues Brasil: Supermarkets 119.241 120.401 -1,0% Net Revenues Brasil 119.241 120.401 -1,0% Net Revenues Peru: Supermarkets & Shopping 133.612 79.571 n.a. Net Revenues Peru 133.612 79.571 n.a. Net Revenues Colombia: Home Improvement Stores 1.960 0 n.a. Net Revenues Colombia: 1.960 0 n.a. Total net revenues 1.326.762 1.191.968 11,3%

Cost of Sales Chile: Hypermarkets (145.351) (137.632) 5,6% Supermarkets (149.908) (150.802) -0,6% Home Improvement Stores (46.228) (48.753) -5,2% Department Stores (81.744) (93.018) -12,1% Shopping Centers (5.746) (4.308) 33,4% Credit Cards (30.864) (21.405) 44,2% Insurances (685) (843) -18,7% Chile Cost of Sales (460.526) (456.760) 0,8% Cost of Sales Argentina: Hypermarkets (58.492) (44.334) 31,9% Supermarkets (182.832) (143.109) 27,8% Home Improvement Stores (70.162) (59.965) 17,0% Shopping centers (8.455) (6.675) 26,7% Credit Cards (1.212) (239) 407,2% Argentina Cost of Sales (321.153) (254.322) 26,3% Cost of Sales Brasil: Supermarkets (93.471) (95.396) -2,0% Brazil Cost of Sales (93.471) (95.396) -2% Cost of Sales Peru: Supermarkets & Shopping (98.598) (59.057) n.a. Peru Cost of Sales (98.598) (59.057) n.a. Cost of Sales Colombia: Home Improvement Stores (1.265) 0 n.a. Colombia Cost of Sales (1.265) 0 n.a. Total cost of sales (975.013) (865.536) 12,6%

Gross Profit Chile: Hypermarkets 47.494 47.525 -0,1% Supermarkets 38.754 37.835 2,4% Home Improvement Stores 17.846 18.540 -3,7% Department Stores 22.215 24.971 -11,0% Shopping Centers 12.316 10.463 17,7% Credit Cards 19.801 30.264 -34,6% Insurances 2.494 3.762 -33,7% Gross Profit Chile: 160.921 173.359 -7,2% Gross Profit Argentina: Hypermarkets 19.718 18.307 7,7% Supermarkets 66.946 54.401 23,1% Home Improvement Stores 33.112 29.333 12,9% Shopping centers 6.991 4.996 39,9% Credit Cards 2.583 519 398,0% Gross Profit Argentina: 129.350 107.555 20,3% Gross Profit Brasil Supermarkets 25.770 25.005 3,1% Gross Profit Brazil: 25.770 25.005 3% Gross Profit Peru * Supermarkets & Shopping 35.014 20.514 n.a. Gross Profit Peru: 35.014 20.514 n.a. Gross Profit Colombia: Home Improvement Stores 695 0 n.a. Gross Profit Colombia 695 0 n.a. Total Gross Profit 351.749 326.433 7,8% 0,00 (0,00) * Peru and Colombia consolidate since February 2008 and October 2008 respectively. - 29 - WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

CENCOSUD S.A. - SELECTED FINANCIAL DATA BY BUSINESS SEGMENT (Chilean GAAP, restated for general price-level changes and expressed in millions of constant Chilean pesos of March 31st, 2009 )

First Quarter

2009 2008 ∆ % MM Ch$ MM Ch$ Net Revenues: Hypermarkets 271.055 247.798 9,4% Supermarkets 691.293 586.118 17,9% Home improvement stores 169.307 156.591 8,1% Department Stores 103.958 117.989 -11,9% Shopping centers 33.508 26.442 26,7% Credit Cards 54.460 52.426 3,9% Insurances 3.180 4.605 -30,9% Total net revenues 1.326.762 1.191.968 11,3% Cost of Sales: Hypermarkets (203.843) (181.966) 12,0% Supermarkets (524.810) (448.364) 17,0% Home improvement stores (117.655) (108.718) 8,2% Department Stores (81.744) (93.018) -12,1% Shopping centers (14.201) (10.983) 29,3% Credit Cards (32.076) (21.644) 48,2% Insurances (685) (843) -18,7% Total cost of sales (975.013) (865.536) 12,6% Gross Profit: Hypermarkets 67.212 65.832 2,1% Supermarkets 166.483 137.754 20,9% Home improvement stores 51.652 47.873 7,9% Department Stores 22.215 24.971 -11,0% Shopping centers 19.307 15.459 24,9% Credit Cards 22.385 30.782 -27,3% Insurances 2.494 3.762 -33,7% Total gross profit 351.749 326.433 7,8%

Total Selling & Adm. expenses (294.497) (259.248) 13,6%

Total operating income 57.252 67.185 -14,8%

Total EBITDA 86.329 92.350 -6,5%

* Peru and Colombia consolidate since February 2008 and October 2008 respectively.

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CENCOSUD S.A. CONSOLIDATED BALANCE SHEETS (Chilean GAAP, restated for general price-level changes and expressed in millions of constant Chilean pesos of March 31st, 2009 )

2009 2008 ∆ % MM Ch$ MM Ch$ Current Assets: Cash 71.704 66.064 8,5% Time deposits 0 1.941 n.s Marketable securities 29.511 21.919 34,6% Trade receivables, net 404.606 411.652 -1,7% Notes receivable, net 73.602 80.826 -8,9% Other receivables, net 35.586 35.052 1,5% Notes and accounts receivable from related parties 132 214 -38,6% Inventories 491.610 442.828 11,0% Recoverable taxes 82.925 33.529 147,3% Prepaid expenses 11.284 13.020 -13,3% Deferred income taxes 27.800 22.519 23,5% Other current assets 15.808 9.921 59,3% Total current assets 1.244.567 1.139.484 9,2%

Property, Plant and Equipment: Land 684.619 553.789 23,6% Buildings and infrastructure 1.601.756 1.209.454 32,4% Machinery and equipment 322.401 208.000 55,0% Other property, plant and equipment 667.838 528.206 26,4% Technical reappraisal of property, plant and equipment 511 521 -1,9% Accumulated depreciation (748.503) (528.535) 41,6% Net property, plant and equipment 2.528.623 1.971.436 28,3%

Other Assets: Investments in related companies 38.382 56.082 -31,6% Goodwill (net) 681.705 551.011 23,7% Negative goodwill (net) (30.852) (28.371) 8,7% Long-term receivables 59.569 49.750 19,7% Notes and accounts receivable from related parties 0 1.392 -100,0% Deferred income taxes 0 0 n.s Intangible assets 541.143 464.013 16,6% Less: Amortization (54.752) (40.178) 36,3% Other long-term assets 110.993 92.202 20,4% Total other assets 1.346.189 1.145.900 17,5%

Total assets 5.119.379 4.256.819 20,3%

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CENCOSUD S.A. CONSOLIDATED BALANCE SHEETS (Chilean GAAP, restated for general price-level changes and expressed in millions of constant Chilean pesos of March 31st, 2009 )

2009 2008 ∆ % MM Ch$ MM Ch$ Current Liabilities: Short-term bank borrowings 68.248 271.872 -74,9% Current portion of long-term bank borrowings 57.261 49.547 15,6% Current portion of bonds payable 23.445 35.983 -34,8% Current portion of long-term borrowings 7.836 12.923 -39,4% Dividends to be paid 47 48 -4,1% Trade accounts payable 831.872 744.425 11,7% Documents payable 3.261 4.814 -32,3% Sundry creditors 16.964 37.599 -54,9% Notes and accounts payable to related companies 35 177 n.s Accruals 100.448 71.621 40,3% Withholdings 38.557 35.175 9,6% Income tax 2.442 0 n.s. Unearned income 5.704 2.611 118,5% Deferred taxes 0 0 n.s Other short-term liabilities 101.834 6.166 n.s Total short-term liabilities 1.257.955 1.272.961 -1,2%

Long-Term Liabilities: Long-term bank borrowings 783.729 576.343 36,0% Bonds payable 617.486 332.915 85,5% Documents payable - long term 0 553 n.s Sundry creditors 26.660 26.045 2,4% Notes and accounts payable to related companies 419 389 7,9% Accruals 30.568 26.985 13,3% Deferred taxes 72.813 56.019 30,0% Other long-term liabilities: 11.541 48.881 -76,4% Total long-term liabilities 1.543.216 1.068.129 44,5%

Minority interest 103.846 78.222 32,8%

Shareholders' Equity: Paid-in capital 873.410 778.817 12,1% Capital revaluation reserve (20.088) 6.129 n.a Additional paid-in capital 455.780 445.654 2,3% Other reserves (53.105) (265.450) -80,0% Retained earnings 958.366 872.356 9,9% Shareholders equity 2.214.362 1.837.507 20,5%

Total liabilities and shareholders equity 5.119.379 4.256.819 20,3%

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CENCOSUD S.A. CONSOLIDATED STATEMENTS OF CASH FLOWS (Chilean GAAP, restated for general price-level changes and expressed in millions of constant Chilean pesos of March 31st, 2009 ) Three-Month,ended March 31st 2009 2008 ∆ % MM Ch$ MM Ch$ Cash Flows From Operating Activities: Collection of trade receivables 1.713.929 1.516.925 13,0% Financial income received 2.474 2.921 -15,3% Dividends received 0 0 Collection of other receivables 4.170 7.738 -46,1% Payments to suppliers and personnel (1.540.388) (1.441.424) 6,9% Interest paid (29.860) (21.688) 37,7% Income tax payments (9.795) (1.578) 520,9% Other expenses (2.013) (2.907) n.s. VAT and other taxes paid (79.817) (55.449) 43,9% Net cash provided by operating activities 58.700 4.539 1193,1%

Cash Flows From Financing Activities: Proceeds from issuance of common stock 3 104.973 -100,0% Borrowings from banks 72.565 265.402 -72,7% Proceeds from issuance of bonds 93.836 0 n.s Other sources of financing 0 0 n.s Payment of dividends 0 0 n.s Payment of loans (174.485) (194.329) -10,2% Payment of bonds (9.858) (15.729) -37,3% Payment of related companies loans 0 0 n.s Payment of common stock issuance costs 0 0 n.s Payment of bond issuance costs 0 0 n.s Other payments 0 0 n.s Net cash provided by financing activities (17.938) 160.317 -111,2%

Cash Flows From Investing Activities: Proceeds from sales of property, plant and equipment 103 1.287 -92,0% Proceeds from sales of long-term investments 0 0 n.s Proceeds from sales of investments 0 0 n.s Collection of Loans to related companies 0 0 n.s Collection of other Loans to related companies 0 0 n.s Other investment income 0 12.864 -100,0% Additions to property, plant and equipment (58.386) (76.323) -23,5% Payment of interest capitalized (104) (161) -35,8% Purchase of permanent investments 0 (252.407) -100,0% Investments in financial instruments 0 0 n.s Loans to related companies 0 0 n.s Other payments of investments 0 0 n.s Other investments (868) (18.171) -95,2% Net cash used in investing activities (59.254) (332.911) -82,2%

Net cash flows from operating, financing and investing (18.492) (168.055) n.s. activities

Price-Level Restatements of Cash and Cash Equivalents (3.128) (1.238) 152,6% Net (Decrease) Increase in Cash and Cash Equivalents (21.620) (169.293) n.s Cash and Cash Equivalents at Beginning of Period 122.812 269.110 -54,4% Cash and Cash Equivalents at end of Period 101.192 99.817 1,4%

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CONSOLIDATED STATEMENTS OF CASH FLOWS (cont.) (Chilean GAAP, restated for general price-level changes and expressed in

millions of constant Chilean pesos of March 31st, 2009 )

Reconciliation Between Net Income and Net Cash Flows Provided by Operating Activities

Three-Month,ended March 31st

2009 2008 ∆ % MM Ch$ MM Ch$

Net income 15.127 24.652 -38,6%

Income on sales of assets: 0 (186) -100,0%

Non-cash flow items: Depreciation 30.915 23.186 33,3% Amortization of intangibles 5.030 3.184 58,0% Write-offs and provisions 33.010 23.696 39,3% Equity in gains of unconsolidated affiliates (794) (1.982) -59,9% Equity in losses of unconsolidated affiliates 2.631 3 n.s Amortization of goodwill 7.892 6.203 27,2% Amortization of negative goodwill (400) (488) -18,0% Price-level restatements 7.431 (1.278) -681,4% Exchange losses (gains), net (5.773) 968 n.s Other credits to income that do not represent cash flows (8.775) (998) 779,4% Other debits to income that do not represent cash flows 5.637 7.800 -27,7%

Non-cash flow items 76.803 60.295 27,4%

Changes in operating assets and liabilities: Receivables 150.436 74.531 101,8% Inventories 190 (16.646) -101,1% Other current assets 1.164 (10.040) -111,6% Trade accounts payable and notes payables relating to operating (113.581) (107.288) 5,9% activities Interest payable (8.679) (741) n.s Income taxes payable (1.084) (5.895) -81,6% Trade accounts payable and notes payables relating to non-operating (36.382) (2.186) n.s activities VAT and other taxes (27.034) (13.398) 101,8% Changes in operating assets and liabilities: (34.970) (81.663) -57,2%

Income attributable to minority interest 1.741 1.441 20,8%

Net cash provided by operating activities 58.700 4.539 n.s

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CENCOSUD S.A. CONSOLIDATED INCOME STATEMENTS (Chilean GAAP, expressed in millions of United States dolars of March 31st 2009 )

First Quarter 2009 MM Usd$

Net revenues: Chile 1.065,5 Argentina 772,4 Brasil 204,4 Peru* 229,1 Colombia* 3,4 Total net revenues 2.274,7

Cost of sales: Chile (789,6) Argentina (550,6) Brasil (160,3) Peru* (169,0) Colombia* (2,2) Total cost of sales (1.671,7)

Gross income: Chile 275,9 Argentina 221,8 Brasil 44,2 Peru* 60,0 Colombia* 1,2 Total gross income 603,1

Selling and administrative expenses (504,9) Operating income 98,2

Financial income 2,6 Equity in earnings of unconsolidated affiliates 1,4 Other non-operating income 11,9 Equity in losses of unconsolidated affiliates (4,5) Amortization of goodwill (13,5) Financial expense (48,7) Other non-operating expense (11,2) Price-level restatement (12,7) Income (loss) from foreign exchange variations 9,9 Non-operating income (loss) (64,9)

Income before income taxes, minority interest and 33,2 amortization of negative goodwill Income taxes (5,0) Income before minority interest and amortization of negative goodwill 28,2 Minority interest (3,0) Amortization of negative goodwill 0,7 Net income 25,9

EBITDA 148,0 - 35 - * Peru and Colombia consolidate since February 2008 and October 2008 respectively.

WorldReginfo - 92ffcbbd-fe06-4fc7-ac18-d1567d0d5678

CENCOSUD S.A. CONSOLIDATED BALANCE SHEETS (Chilean GAAP, expressed in millions of United States dolars of March 31st 2009 )

As of March 31st, As of March 31st, 2009 2009

MM Usd$ MM Usd$ Current Assets: Current Liabilities: Cash 122,9 Short-term bank borrowings 117,0 Time deposits - Current portion of long-term bank borrowings 98,2 Marketable securities 50,6 Current portion of bonds payable 40,2 Trade receivables, net 693,7 Current portion of long-term borrowings 13,4 Notes receivable, net 126,2 Dividends to be paid 0,1 Other receivables, net 61,0 Trade accounts payable 1.426,2 Notes and accounts receivable from related parties 0,2 Documents payable 5,6 Inventories 842,9 Sundry creditors 29,1 Recoverable taxes 142,2 Notes and accounts payable to related companies 0,1 Prepaid expenses 19,3 Accruals 172,2 Deferred income taxes 47,7 Withholdings 66,1 Other current assets 27,1 Income tax 4,2 Total current assets 2.133,8 Unearned income 9,8 Deferred taxes - Other short-term liabilities 174,6 Property, Plant and Equipment: Total short-term liabilities 2.156,8 Land 1.173,8 Buildings and infrastructure 2.746,2 Long-Term Liabilities: Machinery and equipment 552,8 Long-term bank borrowings 1.343,7 Other property, plant and equipment 1.145,0 Bonds payable 1.058,7 Technical reappraisal of property, plant and equipment 0,9 Documents payable - long term - Less: Accumulated depreciation (1.283,3) Sundry creditors 45,7 Net property, plant and equipment 4.335,3 Notes and accounts payable to related companies 0,7 Accruals 52,4 Other Assets: Deferred taxes 124,8 Investments in related companies 65,8 Other long-term liabilities: 19,8 Goodwill (net) 1.168,8 Total long-term liabilities 2.645,8 Negative goodwill (net) (52,9) Long-term receivables 102,1 Minority interest 178,0 Notes and accounts receivable from related parties - Deferred income taxes - Shareholders' Equity: Intangible assets 927,8 Paid-in capital 1.497,5 Less: Amortization (93,9) Capital revaluation reserve (34,4) Other long-term assets 190,3 Additional paid-in capital 781,4 Total other assets 2.308,0 Other reserves (91,0) Retained earnings 1.643,1 Shareholders equity 3.796,5

Total assets 8.777,2 Total liabilities and shareholders equity 8.777,2

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