Earnings Presentation

ThirdQuarter2013

for

CencosudHighlights

3Q13

Operational & Financial Highlights

Third Quarter2013

• 11 net store openings across the region• SAP implementation completed in Brazil including CDs• Colombia rebranding complete• SSS at Johnson posts double digit expansion• Due diligence with Itaú completed

Key Financials

Revenues increased 14.1% YoY in CLP

Adjusted EBITDA grew 5.9% YoY in CLP

4

Revenue evolution (CLP bn)

3Q 2012 3Q 2013

Revenue Expansion Across the Board

Revenue by Country

3Q13

3Q12Colombia 0,5%Peru 8%

Brazil 22%

Argentina 28%

Chile 41%

Argentina 26%

Chile 38%

Peru 8%

Colombia 9%

Brazil 19%

2.134.010 2.437.252 

Revenue expansion was mainly driven by supermarkets with a 15.7% jump due to the consolidation of Colombian supermarket operations and a good performance in Chile and Argentina

All division posted positive revenue growth in the period.

Argentina revenue grew 4%, despite 13% devaluation of currency

+14,2%

Note: figures in the pies are in USD

5

Adjusted EBITDA (CLP mm)

3Q 2012 3Q 2013

Growth In Adjusted EBITDA Margin

Adjusted EBITDA by Country

3Q13

3Q12

Supermarket EBITDA boosted by Colombian operations

Financial services in Chile post an excellent performance and lower charges related to risk

+5,9%154.352 163.509    

Chile52%

Colombia5%

Argentina27%

Brazil10%

Peru6%

Chile53%

Colombia0%

Argentina29%

Brazil10%

Peru8%

6

Openings 3Q13 vs. 2Q13

Cencosud opened 12 stores and increased selling space 1%

Openings 3Q13 vs. 3Q12

* Includes 96 new supermarkets and 431,040 sq meters from the Colombian operations.

+32% increase in

selling space10

marketsSuper

158markets*Super

+6% increase in selling space

1ShoppingCenters

+4% increase in selling space

2Department

Store

+1% increase in selling space

2Home

Improvement

Cencosud opened 163 stores and increased selling space 18%

2Home

Improvement

7

InvestorHighlights

Supermarkets

Rebranding effort completed all stores migrated to Jumbo or Metro brands.

Nationwide strikes in transportation and agricultural sectors negatively impact sales.

Nationwide marketing campaign planned for 4Q13.

Last year´s Anniversary sales by the prior operator hurt us on comparison basis.

As a result of these non-recurring items SSS in the segment fell 13.9% vs 3Q12

Performance in Colombia

9

Cencosud Investor & Analyst Day Take Aways

1.Brand Placement

2.Potential GLA development in the country to benefit both the supermarkets and home improvement divisions.

3.Efforts to leverage on regional footprint to achieve synergies.

4.Private label strategy in Colombia.

10

Financial Services

Agreementwith Itaú

Update on CENCOSUD´s announced agreement withItaú for the joint development of the Financial Retailbusiness in Chile and Argentina

Due diligence was successfully completed in lateSeptember.

Parties are currently working on a macroagreement for corporate constitution of the jointventure

Corporate governance guidelines are being draftedfor the future JV

11

Reclassification on Financial Services

Note: All figures are in CLP million

Including Discontinued Operations

Discontinued Operations FECU

Sept 2013

Trade receivables and other receivables 949.008 482.850 466.158Intangible assets 553.901 207.150 346.751Total assets 10.418.871 857.015 9.561.856

Other Financial Liabilities, Current 2.352.759 444.866 1.907.893Total liabilities 6.100.400 663.831 5.436.569Total Equity 4.125.287 0 4.125.287Total liabilities & Equity 10.225.687 663.831 9.561.856

• The main impacts on assets are:

• MM$ 482,850 in Trade receivables and other receivables (deduction of Chilean & Argentine portfolio)

• MM$ 207,150 in Intangible assets other than goodwill

• The main impact on liabilities is:• MM$ 444,866 in Other financial liabilities, non current

12

Reclassification on Financial Services

Note: All figures are in CLP

Pursuant to IFRS 5 Cencosud has modified the reporting of its financial services segment in Chile and Argentina

The sum of post-tax profit of discontinued operations and post tax gains by fair value minus fair value adjustments on the assets to be disposed is to be shown as a single amount .

With disc ops disc ops. FECU

3Q13Revenues 2.501.303.770 (67.320.857) 2.433.982.913 Gross margin 717.717.412 (52.353.270) 665.364.142 EBITDA 117.484.038 29.409.805 88.074.233

3Q12Revenues 2.201.736.004 (67.725.776) 2.134.010.228 Gross marin 625.391.502 (42.766.477) 582.625.025 EBITDA 176.994.828 14.615.853 162.378.975

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FinancialStructure

Cencosud

Financial Ratios

Net debt evolution (US$bn)

2Q13

2012

2011

2010

2009

Interest coverage

2Q13

2012

2011

2010

2009

Net leverage (net debt/EBITDA)

2Q13

2012

2011

2010

2009

Total debt / equity

2Q13

2012

2011

2010

2009

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

57% 53% 65% 90% 63%5,8 8,4 5 3,4 3,0

23,4 4,2 6,3 5,1

15

Breakdown by issuer

Amortization schedule (US$mm)

Breakdown by currency Breakdown by interest rate

Source: Cencosud Note: Includes cross-currency swapsNote: Includes cross-currency swaps

Cencosud

SubsidiariesVariable rate

Fixed rate

73%

27%

73,4%

11,7%

3,2%

4,0%3,9% 3,9%

CLP

USD

ARS

COP

PEN

BRL76,4%

23,6%

291   

705   

396   276    221    245   

38    36   

816   

76   

1.277   

95    113    114    98   264   

47    17   107   

20 13 20 14 20 15 20 16 20 17 20 18 20 19 20 20 20 21 20 22 20 23 20 24 20 25 20 26 20 27 20 28 20 29 20 30 20 31

16

Results

Businessby

Supermarkets

Source: Cencosud. Figures converted to  USD, exchange rate by the end of June 2012 and 2013 

SSS evolution by country in local currency

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

3Q 2012 3Q 2013

3Q 2012 3Q 2013

+8,7%

-4,2%

3Q 132Q 131Q 13

18

Home Improvement

2Q12 2Q131Q13

SSS evolution by country in local currency

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

3Q 2012 3Q 2013

3Q 2012 3Q 2013

+3%

-24,8%

19

Shopping Centers

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

3Q 2012 3Q 2013

Revaluation of assets decreased 5.2% in 3Q13 (CLP 976 million)

Real estate operations in Colombia being consolidated boosts revenue for the division

Higher contributions from Argentina despite currency devaluations and Peru to EBITDA

Lower YoY performance than expected performance from Chile

3Q 2012 3Q 2013

-1,5%

-1,2%

20

Financial Services Gross loan portfolio evolution

CHILE ARGENTINA PERU

Provision / Loans (%)Provision / Loans (%)Provision / Loans (%)

3Q11 3Q12 3Q13

3Q11 3Q12 3Q13 3Q11 3Q12 3Q13

768

859

747

3Q11 3Q12 3Q13 3Q12 3Q13

3Q12 3Q13

21

7.5%7.8%8.0%

10.1%

3.4%

6.0%13.6% 10.3%

56 93205242

300

Department Stores

SSS evolution by country in local currency

•Non comparable figures. •Since 1Q13 SSS consolidate Johnson stores.•Johnson 3Q13 SSS stood at 11.8%

1Q13 3Q132Q13

3Q 2012 3Q 2013

3Q 2012 3Q 2013

+1,3%

-18,9%

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

4,9%

2,9%

3,3%

22

Earnings Presentation

Quarter2013

Third