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Earnings PresentationFIRST QUARTER 2016

Agenda

Highlights of the period

2

3 Overview by Business Units

5 Balance Sheet Financials

6 Q&A

1

Consolidated overview

Overview by Country4

3

Businesses remain resilient with revenues and

Same Store Sales growth in local currency

across the region except Brazil

Adjusted EBITDA margin improved across the

region reaching 7.5% (+149 bps YoY)

Adjusted EBITDA improved 16,9% despite of

currency devaluation across de region

Net Debt/ Adj. EBITDA ratio falls 56 bps vs

1Q15 reaching 3.27x. Excluding one offs the

ratio was 2.86x in 1Q16

1st Quarter Earnings Release First Quarter Highlights

Focusing on Efficient Core Businesses

4

Non-performing store program implemented

170 stores under program, all already

reviewed

15 stores closed to date

15% of the stores achieved positive

EBITDA generation and 66% of total stores

achieved an EBITDA growth greater that

the average of its banner

Continue divesting non-core assets

Sale of unproductive real estate in Chile

As of March, 16 properties had already

reached an agreement for sale

Due Diligence process of Gas Station

business in Colombia in final stage

1st Quarter Earnings Release

Agenda


2



6 Q&A

1



Revenues

All figures are in CLP million

1Q15

Currency Impact Lowers CLP Revenue

6

Revenues decreased due to currencies devaluation vs CLP, despite positive SSS

across almost all markets

1Q16

2,652,647

-6.4%

1Q15 1Q16

2,483,844

LatAm currency depreciation against CLP


40

50

60

70

80

jan

/15

jan

/15

mar

/15

mar

/15

apr/

15

may

/15

jun

/15

jul/

15

aug/

15

sep

/15

oct

/15

no

v/1

5

dec

/15

jan

/16

feb

/16

mar

/16

ARS

150

170

190

210

230

250

jan

/15

feb

/15

mar

/15

apr/

15

may

/15

jun

/15

jul/

15

aug/

15

sep

/15

oct

/15

no

v/1

5d

ec/1

5ja

n/1

6fe

b/1

6m

ar/1

6

BRL

150

170

190

210

230

jan

/15

jan

/15

mar

/15

mar

/15

apr/

15

may

/15

jun

/15

jul/

15

aug/

15

sep

/15

oct

/15

no

v/1

5

dec

/15

jan

/16

feb

/16

mar

/16

PEN

0,2

0,22

0,24

0,26

0,28

jan

/15

feb

/15

mar

/15

apr/

15

may

/15

jun

/15

jul/

15

aug/

15

sep

/15

oct

/15

dec

/15

jan

/16

feb

/16

mar

/16

COP

COGS SG&A


1Q15 1Q16

1,763,980

1,912,100

587,777

1Q15 1Q16

629,784

-6.7%

Cost Management Drives Robust EBITDA

7

-7.7%

Costs control program yields benefits across businessJoint promotional activities with suppliersCentralization of own productionImprovement in processesDecrease in travelling & discretionary expenses

Adjusted EBITDA Performance

185,581

1Q15 1Q16

158,759

+16.9%

Double digit adjusted EBITDA growth Considering constant exchange rates YoY, Adjusted EBITDA would have increased by 33.5%Strong performance from financial services, department stores and supermarkets divisions Adjusted EBITDA Margin expanded 149 bps

+7.5%+6.0%


Agenda


2



6 Q&A

1



9

• Supermarket sales were mainly affected by currency devaluation of Argentina, Brazil and Colombia. Excluding Brazil, Supermarket SSS grew in all countries, moreover traffic increased in Colombia and Chile

• Home Improvement SSS growth QoQ in Chile. In Colombia SSS increased due to higher traffic

• Revenue growth in Department Stores driven by improved performance at Johnson and increased omnichannel sales, achieving double-digit SSS growth in Chile & Peru


1Q15 1Q161Q16

1Q15 1Q16

Supermarkets Home Improvement

Department Stores

222,927

+10.9%

1Q15 1Q16

247,215

1,989,177

1,813,974

-8.8%

1Q15 1Q16

-6.8%

348,006

324,369

Revenues by Business Units 1st Quarter Earnings Release

10


55,258

55,964

1Q15 1Q16

+1.3%

36,464

39,733

1Q15 1Q16

+9.0%

• Improvement in tenant sales and parking revenues in Chile

• Increased occupancy rate and updated tenant contracts in Peru

• Argentina impacted by currency devaluation

• Revenues increased in Peru and Argentina explained mainly by the Portfolio expansion, higher fee income collection and increased insurance sales

• Lower business contributions due to increased cost of funding in Colombia and currency devaluation

Revenues by Business Units

Shopping Centers Financial Services1st Quarter Earnings Release


1Q15 1Q161Q16

Adjusted EBITDA by Business Units

11

Supermarkets Home Improvement

Department Stores

1Q15

112,361

1Q16

122,087

+8.7%

• In supermarkets Adj. EBITDA increased despite the currency devaluation. Adj. EBITDA margin in Chile reached 10.4% in 1Q16 and Argentina, Brazil and Colombia improved over 50 bps YoY

• EBITDA margin expanded by 97 bps in Department Stores explained by increased profitability at Johnson and better transition among seasons

• Lower EBITDA margin in Home Improvement driven by high gross margin comparison bases in Chile and slowdown in consumption in Argentina1Q15 1Q16

7,735

4,819+60.5%

45,123

1Q15 1Q16

40,377

-10.5%


12


1Q15 1Q16

-0.9%

1Q15 1Q16

+46.9%

43,630

43,217

• Chile reflects higher parking sales and variable income by greater sales from tenants, partially offset by the impact of the Tax Reform

• In Peru higher EBITDA mainly reflects increased occupancy rates in the Arequipa Mall and the update of leasing contracts

• Argentina reflects the devaluation of the currency and higher utilities costs

12,075

17,736

• Higher results from Argentina and Peru after the portfolio increase in these countries

• In Chile higher profitability driven by lower costs of funding and the positive impact after the JV with Scotiabank

Adjusted EBITDA by Business Units

Shopping Centers Financial Services1st Quarter Earnings Release

Agenda


2



6 Q&A

1



Overview by Country: CHILE

14


1Q15 1Q16 1Q15 1Q16

Revenue Performance Adjusted EBITDA Performance

93,990

73,098

+28.6%+7.3%

+9.1%+7.6%

961,745

1,031,718

• Revenue growth across Supermarkets, Home Improvement and Department Stores

• SSS improvement as a result of higher ticket driven by more promotional activities, mix adjustment, good performance in campaigns and season categories

• Partially affected by Easter

• Gross Margin improved in supermarkets and department stores

• Adj. EBITDA growth across the board, driven by lower SG&A and lower shrinkage


Overview by Country: Argentina

15


1Q15 1Q16

-17.6%

755,499

622,353

1Q15 1Q16

-9,1% +9.1%+8.3%

62,470

56,773

• Lower revenues as a result of currency devaluation

• Revenues in local currency increased, driven by growth in Supermarkets and Home Improvement SSS

• Slowdown in consumption

• Adj. EBITDA increased in Supermarkets and Home Improvement in local peso terms

• In Chilean peso the Adjusted EBITDA reduced due to the impact of the Argentine Peso devaluation

% Growth in local currency

+21.0% +32.3%



Overview by Country: Brazil

16



1Q15 1Q16

-20.5%

476,416

378,855

1Q15 1Q16

+3.7%

8,713

9,037

+2.4%+1.8%

• In Chilean peso terms revenues decreased as a result of the Real devaluation

• SSS declined by 2.3% as a result of lower sales in Bretas and non-food in Gbarbosa, which was partially offset by growth in Prezunic, Mercantil Rodriguez and food in Gbarbosa

• SSS improved QoQ as a result of higher food sales

• Gross Margin expanded YoY for the 6th consecutive quarter, growing 211 bps. This growth is the result of better promotional activity and lower shrinkage

• In supermarkets adjusted EBITDA improved 9.2% in Chilean peso and margin expanded 53 bps as result of better control expenses and pricing strategy

-2.9% +25.0%


Growth in local currency%

Overview by Country: Peru

17


• Revenues increased 2.9% in Supermarkets and 21.8% in Department Stores

• In local currency, revenues also grew as a result of Supermarkets SSS growth YoY and brand consolidation

• Gross Margin expanded 17 bps by increased contribution of private label, which was partially offset by higher promotional activities

• Adjusted EBITDA increased as a result of higher profitability from department Stores, Shopping centers and financial retail operation

1Q15 1Q16

+5.4%

231,528

1Q15 1Q16

+57.3% +9.3%+6.2%

244,132

14,465

22,760+5.7% +58.8%




Overview by Country: Colombia

18


1Q15 1Q16

-9.1%

227,459

1Q15 1Q16

22174.7

%1.5%0%

206,785

143,021

• In supermarkets in local currency terms, revenues grow explained by SSS growth after getting traction from food

• Home Improvement, the revenue in local currency increased as a result of 9.9% growth in SSS

• In Chilean peso terms revenues decreased explain by the devaluation of the COP against CLP

• Gross margin growth as a result of lower shrinkage, higher rebates and lower logistic costs

• The profitability improvement was primarily the result of our efficiency plan, which decreased headcount and lowered promotional activity

+6.1%+1643.9

%




4,2%

8.588

6.533

2,9%

% Adjusted EBITDA and Adj. EBITDA margin excluding wealth

Tax effect

Isolating the effect of the wealth tax paid once a year (Mar 2015 6,519 MM CLP / Mar 2016 5,567 MM CLP

Agenda


2



6 Q&A

1



Since 3Q15 Fair Value of Derivatives was reclassified from “Other gains/losses” to “Net Financial Cost” and “Income/Loss from foreign exchange variations”. For further

information please refer to note 35 on Consolidated Financial Statements.

Net debt evolution (US$ bn) Net leverage (net debt / Adj. EBITDA)

Financial Ratios: reducing debt and leverage

20

2012 2013

6,316

2014 2015

4,684

4,265

3,239

2012 2013

4.6

2014 2015

3.43.7

3.3

1Q16

3.0x

3.27

1Q16

3,641

Net leverage (excluding one offs)

1Q161Q15

2.86

3.83


294

127

231 213

51

780

18

1.218

34

699

50 40

213

4014

81

355

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2045

Fix73%

Variable27%

1Q16

Financial Ratios: Comfortable Liquidity Position

21

Debt amortization schedule (USD MM)

In 2016 includes USD 23 MM in overdraft for

working capital

Breakdown by Rate (After CCS) Breakdown by Currency (After CCS)

60%16%

19%

3%

0% 1% 1%

1Q16

CLP

UF

USD

BRL

COP

PEN

ARS

Fix63%

Variable37%

1Q15


46%

15%

31%

1%4% 3%

1Q15

Agenda


2



6 Q&A

1



Closing Comments

23

Strong start to 2016

Strong performance despite

downturn in consumption

Continuing to deleverage

Store profitability focus remains

high priority

Argentina showing near-term

challenges, with a more favorable

long-term growth outlook


24

The information contained herein has been prepared by Cencosud S.A.

(“Cencosud”) solely for informational purposes and is not to be construed as

a solicitation or an offer to buy or sell any securities and should not be

treated as giving investment or other advice. No representation or warranty,

either express or implied, is provided in relation to the accuracy,

completeness or reliability of the information contained herein. Any opinions

expressed in this presentation are subject to change without notice and

Cencosud is under no obligation to update or keep current the information

contained herein. The information contained herein does not purport to be

complete and is qualified in its entirety by reference to more detailed

information included in the preliminary offering memorandum. Cencosud

and its respective affiliates, agents, directors, partners and employees

accept no liability whatsoever for any loss or damage of any kind arising out

of the use of all or any part of this material.

This presentation may contain statements that are forward-looking subject to

risks and uncertainties and factors, which are based on current expectations

and projections about future events and trends that may affect Cencosud’s

business. You are cautioned that any such forward-looking statements are

not guarantees of future performance. Several factors may adversely affect

the estimates and assumptions on which these forward-looking statements

are based, many of which are beyond our control.Costanera Center - Chile


IRO

Phone: +562 2959 0545

[email protected]

Natalia Nacif

Senior IR Analyst

Phone: +562 2959 0368

[email protected]

Marisol Fernández

Upcoming Events

• May 26

1Q16 Earnings Conference Call

• June 1 - 2

Bank of America´s Annual Emerging

Markets Corporate Conference

• June 14 - 16

Bank of America´s 2016 CalGEMs

Conference

• August 3 – 4

10th Annual Credit Suisse CEO/CFO Mid-

Summer LatAm Conference

• September 13 & 14

Cencosud Day in Buenos Aires

Valentina Klein

IR Analyst

Phone: +562 2200 4395

[email protected]


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