Earnings Presentation First Quarter 2012

May 2012 Company overview

Key metrics (LTM 2012 1)

Supermarkets  726 stores across 4 countries

Number of stores: 906  81 stores in Argentina, Colombia and Selling space: 3,3 million sq 2 Home Improvement Number of customers: 800mm  74 stores in Chile Number of employees: 139,082 Department Stores Credit cards issued: 4.3mm Market capitalization 1: US$12,5 bn  USD 1.5 bn consumer loans outstanding Financial Services

 25 shopping centers in Argentina, Chile Shopping Centers and Peru

Revenue Breakdown (LTM 3) Adjusted EBITDA 2 Breakdown (LTM 3)

Financial Home Services Improvement Financial Home Department 3% 12% Services Improvement Stores 13% 12% 9% Department Stores Shopping 6% Centers Supermarkets 2% 74% Shopping Supermarkets Centers 56% 14%

Total: US$16,456 mm Total: US$1,310 mm

Source: and AC Nielsen Note: Revenue and Adjusted EBITDA breakdown exclude Other Businesses 1 As of March 17, 2012 2 EBITDA, further adjusted to exclude the effect of exchange differences, increase on revaluation of investment properties, results from price level restatement and negative goodwill associated with Johnson’s acquisition 3 Last twelve months ended March 2012 2 Revenues and EBITDA continue their positive evolution

Revenues evolution (US$bn) Adjusted EBITDA (US$mm) and margin (%)

+35% +26% +5% CAGR CAGR

+23% 15,6 12,2 9,9 3,6 4,4

2009 2010 2011 1Q 2011 1Q 2012

Capex (US$ mm) excl. acquisitions

+80%

CAGR

+46%

1,187 747 377 208 298

2009 2010 2011 1Q 2011 1Q 2012

Source: Cencosud Note: Figures in IFRS; CAGRs calculated in local currency assuming CLP per USD exchange rates of 507, 468, 479 and 487, 519 for end of period 2009, 2010, 2011, 1Q2011 and 1Q2012, respectively; Figures in IFRS 3 …balance sheet flexibility and solid operational performance have allowed the company to maintain sustainable credit ratios

Net debt evolution (US$bn) Net debt / Adjusted EBITDA

 Duration of debt is 6 years at March 2012

3,6 4,7 3,1 3,7 2,7 2,7 3,1 2,0

2009 2010 2011 1Q 2012 2009 2010 2011 1Q 2012

Adjusted EBITDA / Net interest expenses Financial debt / Equity

80% 72% 7.7 7.0 57% 53% 4.5 3.6

2009 2010 2011 1Q 2012 2009 2010 2011 1Q 2012

 28% of Cencosud’s debt is USD denominated, however, after cross currency swaps the exchange rate risk reduce to 9%  The remaining is primarily UF and CLP denominated debt, matching the strong Chilean component in the EBITDA generation

Source: Cencosud Note: Figures in IFRS; Ratios calculated in local currency assuming CLP per USD exchange rates of 507, 468, 519 and 487 for end of period 2009, 2010, 2011 and 1Q2012 4 Investment Financial Highlights performance

FirstFirst QuarterQuarter ResultsResults Supermarkets: The impact of Prezunic

Revenues evolution (US$bn) Adjusted EBITDA evolution (US$mm)

+26% +31%

CAGR CAGR

+25% +13% 11,5 777 8,8 606 7,2 452 2,6 3,3 172 193

2009 2010 2011 1Q 2011 1Q 2012 2009 2010 2011 1Q 2011 1Q 2012

Geographical presence and market position SSS evolution by country in local currency

726 stores 726 stores 25% 24% 23% 22% 74 stores 189 stores #1 North East Region (34%) #2 11% 7% 9% 7% 5% State of Minas Gerais (23%) #1 5% 7% 6% 5% 2% 3% Rio de Janeiro (13%) #3 1% 2% (1%) (3%) (2%) 191 stores 2009 2010 2011 1Q 2011 1Q 2012 #2 272 stores Chile Brazil Argentina Peru #1 Source: Cencosud, Public filings, Planet Retail, ABRAS, INDEC Note: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 507, 468, 519, 479 and 487 for end of period 2009, 2010, 2011, 1Q2011 and 1Q2012, respectively; Market share in terms of net revenues, as of 2011; Chile and Peru figures as of September 2011; Peru market share estimated based solely on reported sales from the three main competitors 6 Supermarkets: Prezunic Acquisition

Geographic presence Investment highlights

 US$497 million purchase price  Increase exposure to Brazil  Scale in Rio de Janeiro: 3rd largest supermarket chain  Substantial growth opportunities: new formats, private labels, consumer finance  Strong growth track record and brand recognition  72,108 m 2 selling space and 31 stores incorporated  Prezunic in 1Q12 accounted revenues of USD337 MM

National ranking market share (%)

Legend GBarbosa Supermarkets CBD 17.9 CBD 17.9 (including EletroShow and pharmacies) Carrefour 14.4 Perini Carrefour 14.4

Mercantil Rodrigues Wal-Mart 11.1 Wal-Mart 11.1 Bretas Supermercados #1 Minas Gerais Cencosud 2.7

Prezunic Supermercados #2 Northeast region Cencosud 3.9 #3 Rio de Janeiro Zaffari 1.2 Prezunic 1.2 Zaffari 1.2 Present in 8 states accounting for approximately 33% of national GDP with aggregate real GDP growth (2005- DMA 1.0 DMA 1.0 2009) of 3.4% and 78.6mm inhabitants Angeloni 0.9 Angeloni 0.9 COOP 0.9 Source: Company filings, Planet Retail, ABRAS, IBGE COOP 0.9 Note: Market share by % of industry’s gross revenues

7 Supermarkets: Competitive Landscape in Brazil

Net Revenues (US$bn)

Cencosud Brazil Carrefour Brazil CBD Food Walmart Brazil

% 18 R 1 17% G CAGR 19% R 17% CA CAGR CAG 4.2 16.5 17.3 15.4 12.3 13.0 13.3 12.6 14.4 1.7 9.1 9.8 10.4 9.2 9.8 0.2 1.1 1.1 7.7 7.7

2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 Selling space (‘000s m 2)

% R 10% 53 4% CAG GR CAGR GR 3% CA CA

458 1,942 2,127 1,552 1,797 333 1,258 1,356 1,460 1,476 1,338 1,361 1,412 1,469 1,496 1,431 1,547 83 116 124 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011

Only active and successful consolidator in Brazil 1

Date Target Acquirer Amount (US$mm) EV/sales Apr-07 Atacadao Carrefour 1,087 0.6x Nov-07 Assaí CBD 197 0.4x Nov-07 GBarbosa Cencosud 430 0.5x Mar-10 Super Familia Cencosud 33 0.3x Apr-10 28 - Oct-10 Bretas Cencosud 705 0.5x Jan-12 Prezunic Cencosud 497 0.4x Median 0.5x

Source: Company filings, Planet Retail, equity research Note: Carrefour Brazil figures based on gross revenues; Cencosud figures are pro-forma to Prezunic acquisition; Average FX rate during the respective period used for calculations 1 Only considers transactions with deal size of US$25mm and greater 8 Home Improvement: Remarkable Argentina performance

Revenues evolution (US$mm) Adjusted EBITDA evolution (US$mm)

+28% +40% CAGR CAGR

+12% +11% 1.958 171 1.613 137 1.202 87 472 529 46 51

2009 2010 2011 1Q 2011 1Q 2012 2009 2010 2011 1Q 2011 1Q 2012

Geographical presence and market position SSS evolution by country in local currency

81 stores 32% 28% 30% 28% 4 stores 24%

12% 11% 11% 7% 2% 5% 2% 3% (4%)

2009 2010 2011 1Q 2011 1Q 2012 29 stores #2 48 stores Chile Colombia Argentina #1 Source: Cencosud 9 Note: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 507, 468, 519, 479 and 487 for end of period 2009, 2010, 2011, 1Q2011 and 1Q2012, respectively; Market position based on net revenues, as of 2011 Shopping Centers: 2Q12 opening of Costanera

Revenues evolution (US$mm) Adjusted EBITDA evolution (US$mm)

+18% +21% CAGR CAGR

+9% 268 206 230 175 +0,4% 194 140 61 67 44 44

2009 2010 2011 1Q 2011 1Q 2012 2009 2010 2011 1Q 2011 1Q 2012

Geographic presence and occupancy rates

25 Shopping Centers

2 Shopping Centers Gross Leased Area: 54,750 m 2 95% occupancy rate

#2 #2 14 Shopping Centers 9 Shopping Centers Gross Leased Area: 228,999 m 2 Gross Leased Area: 282,693 m 2 99% occupancy rate 98% occupancy rate

Source: Cencosud Note: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 507, 468, 519, 479 and 487 for end of period 2009, 2010, 2011, 1Q2011 and 1Q2012, respectively; Figures exclude intercompany operations; Market position based on gross leased area, as of 2011 10 Costanera Center

 Largest multi-purpose commercial complex in Chile  335 stores, including , and Paris  Food court, 12 movie theaters, bowling court, medical centers and gym  Shopping mall opened May 2012 with 150,000 sq GLA  2 premium Office Towers and 1 Hotel schedule to open end of 2013  Costanera Center tower, designed by Cesar Pelli, is the highest building in South America, standing 300 meters tall  Total capex of USD 1,098 MM  Mitigation costs are USD 63 MM, of which USD 27 MM are already incurred Financial Services: Business Overview

Credit card penetration by division 1Q 2012 Gross loan portfolio evolution by country (US$mm)

Chile Chile Argentina . 47% 1.104 1.101 1.064 20% 18% 838 8% 176 243 239 68 Department Home Hypermarkets Supermarkets 888 stores improvement 770 861 862

Argentina

16% 2009 2010 2011 1Q 2012 8%

Home improvement Hyper/Supermarkets Loan loss allowance as % of all loans Brazil 41% Chile Argentina

10,9%

7,6% 7,2% 7,6% 10,0% Hyper/Supermarkets 7,6% 7,6% 6,9% Peru 8%

2009 2010 2011 1Q 2012

Hyper/Supermarkets

Source: Cencosud Note: Figures in IFRS; Assumes CLP per USD exchange rates of 507, 468, 519 and 487 for end of period 2009, 2010, 2011 and 1Q2012, respectively 12 Market opportunities and strategy

Market opportunities Strategy

 Ninth largest consumer market in the world: Retail sales of 1 US$1.1 trillion during 2011 Continue to develop  Demographics capable of supporting Cencosud stores: 100 and expand our multi- cities above 250 thousand in population format and multi-     Underpenetrated formal retail segment brand approach

 Best macroeconomic environment in the last 50 years Focus on operating  Strong consumption, stable inflation rate and employment margins and cash      growth flows  Underpenetrated formal retail market (30% of total spending)

 Growing purchasing power and household spending Organic expansion  Developed credit markets with access to middle income in selective markets      consumers

 Underpenetrated market with substantial growth opportunities Continue to pursue opportunistic  Solid macroeconomic fundamentals acquisitions while   maximizing synergies  Sustainable household consumption growth coupled with a expansionary credit market environment Enhance customer  Underpenetrated retail market with vast potential Enhanceloyalty      custome r loyalty

1 Planet Retail 13 Department Stores: Impacted by Johnson’s

Revenues evolution (US$mm) Adjusted EBITDA evolution (US$mm)

+24% +117%

CAGR CAGR

1.422 +27% 1.227 96 -62% 929 80 298 377 20 13 5 2009 2010 2011 1Q 2011 1Q 2012 2009 2010 2011 1Q 2011 1Q 2012

Market Share by selling space – Chile 1 SSS evolution in local currency

2009

La Polar 19,7% 16% 17,9% Cencosud 35 stores 36% 35 stores 9,4% Ripley 24% 5,2%

Falabella -1,7% 24%

39 stores 2009 2010 2011 1Q 2011 1Q 2012

Source: Cencosud Note: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 507, 468, 519, 479 and 487 for end of period 2009, 2010, 2011, 1Q2011, 1Q2012, respectively 1 As of December 2011, including 39 Jonhson’s stores 14 Department stores: acquisition of Johnson’s

Key considerations Selling space expansion (‘000s m 2)

Transaction summary Paris Johnson's 359  In December 2011, we acquired an 85.58% 117 interest  39 stores throughout Chile under the Johnson’s 216 236 241 brand and 13 stores using the FES brand  120,000 m 2 of selling space incorporated 2009 2010 2011 Financial highlights  Aggregate purchase price of Ch$32,606 million Largest department store presence in Chile  Of which, Ch$17,576 million to repay (‘000s sq. meters) indebtedness at Johnson’s, while the rest to be used for working capital + 359  2011 sales of Ch$118,447 million from its retail operations 241 +49% Integration and objectives Falabella 243  Replace all Johnson’s credit cards with Cencosud credit cards Ripley 236  Improve our coverage of the low and middle La Polar 161 income market segments in Chile Source: Company filings Note: Figures as of 4Q11

15 Q&A