Cencosud2013Corporate Presentation

The information contained herein has been prepared by Cencosud S.A.(“Cencosud”) solely for informational purposes and is not to be construed asa solicitation or an offer to buy or sell any securities and should not betreated 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 opinionsexpressed in this presentation are subject to change without notice andCencosud is under no obligation to update or keep current the informationcontained herein. The information contained herein does not purport to becomplete and is qualified in its entirety by reference to more detailedinformation included in the preliminary offering memorandum. Cencosudand its respective affiliates, agents, directors, partners and employeesaccept no liability whatsoever for any loss or damage of any kind arising outof the use of all or any part of this material.

This presentation may contain statements that are forward-looking subject torisks and uncertainties and factors, which are based on current expectationsand projections about future events and trends that may affect Cencosud’sbusiness. You are cautioned that any such forward-looking statements arenot guarantees of future performance. Several factors may adversely affectthe estimates and assumptions on which these forward-looking statementsare based, many of which are beyond our control.

Cencosud2013Corporate Presentation

Cencosudat a Glance

To be one of the most profitable and prestigious retailers in Latin America

Cencosud2013Corporate Presentation

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2005Cencosud Cencosud

2013

368 Supermarkets; 0.7 mn sq meters

19 Shopping Centers; 0.4 mn sq meters

44 Home Improvement; 0.4 mn sq meters

22 Department Stores; 0.1 mn sq meters

895 Supermarkets; 2.3 mn sq meters

29 Shopping Centers; 0.8 mn sq meters

82 Home Improvement; 0.7 mn sq meters

78 Department Stores; 0.4 mn sq meters

RevenuesEvolution(USD MM)

CARG 2005 – 2013: 20%

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Investmenthighlights

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Large scaleMulti-format retailerIn Latin America

Cencosud is a leading multi-format retailer in south America

Leadership Positions In All Markets Net Revenue Breakdown1

1 Breakdown by business exdude Other segment, calculated on figures for the last twelve months ended March 20133 Last twelve months ended September 2013; figures converted to USD based on end-period as of December 2012, March 2012 and March 2013 exchange rate of 479.96, 487.44 and 472.03 respectively

LTM net revenues of US$19,063 million3

2nd Supermarkets2nd Home Improvement Stores2nd Shopping Centers2nd Department Store

4th Supermarkets• Northeast Region (#1)• Minas Gerais (#2)• Rio de Janeiro (#3)

1st Supermarket1st Home Improvement2nd Shopping Centers

2nd Supermarkets

1st Supermarkets

PERU 8% COLOMBIA 2%

BRAZIL 23%

CHILE 40%ARGENTINA 27%

By Country

2% Shopping Centers12%

Home Improvement

10% DepartmentStores

3% FinancialRetail

74% Supermarkets

By Format

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With a well recognized brand portfolio

Nº Stores Selling Space (m2) % of Sales1

55,2%

17,4%

9,3%

18,1%

2,252,827

712,105

378,872

772,708

895

82

78

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Supermarkets

Home Improvement

Department Store

Shopping Centers

High End

Mid-To-Low End

High End

Mid-To-Low End

9% of Selling Space2

75,6%

11,3%

8,3%

1,8%1 Excludes segment “Others”2 Figures as of March 2013

Opportunity to continue Expanding in high-growth, underpenetrated markets

Attractive macroeconomic environment and favorable demographics…

GDP per capita 2012 (US$ thousands)

6.1 11.5 8.1 12.5 15.4 49.6

Source: IMF

Solid real GDP growth

6,5% 6,4%

3,8% 3,7%3,5%

0,2%

6,0%

4,2%4,5%

4,1% 4,5%

3,0%

Peru Argentina Colombia Brazil Chile U.S.

CAGR 07‐11 CAGR 12‐16

Average: 4.7%

Average: 4.8%

2012 Population (mm)

These 5 countries represent 63% of Latin America’s GDP

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…in markets with substantial opportunities for sustained growth in the retail sector

Home improvement area per capita (sqm/’000s)

Supermarkets area per capita (sqm/’000s)

Department stores area per capita (sqm/’000s)

Underpenetrated food retail sector

Source: ILACAD and US Census Bureau, figures as of December 2011

Retail sales in shopping malls (%)

Source: BMI, INDEC, ICSC, ABRASCE, local banking regulators, ABECS, equity research and US Census Bureau

Credit cards per capita

n.a.

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Retail momentum in our growth markets

BRAZIL• Rise of the purchasing power• Focus on middle class population• Informality reduction• 2014: World Cup• 2016: Olympic Games

PERU• Baby boom generation• Lowest unemployment level

COLOMBIA• Growing formal sector• Greater purchase power• Lower risk

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Opportunities in different markets

Organic growth + acquisitions

Organic growthMulti-format StrategyExpansion

Cash cowLead in profitabilityStrong cash generation

Organic growth

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Expertise doingbusiness in challengingenvironments

Targeted programs to engage consumer, boost productivity & profitability

Brazil:• SAP implementation on going, ending stores incorporation by July and Distribution Centers by August• Unification process of check outs: Emporium• Completing unification process of vendor contracts among all flags in Brazil

Colombia:• Rebranding and Segmentation• Assortment redefinition• Cultural Transition

Marketing & Advertising:• Johnson new image: new celebrities communicating and building a close and convenient brand

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Navigating challenging market conditions

Experience managing in high-inflation markets• Local Management• Managing costs• Dealing with currency controls

Multi-decade experience in Argentina• Presence in the country for the last 3 decades• Always delivered positive EBITDA• Inflation managed and leveraged by negative WC,

payment terms longer than cash income• Growing formal market because of tougher labor and

tax regulations• Argentina self funding own growth plus strong cash

delivery• Net debt / Ebitda < 0,50%, healthy and strong

financial position and crisis management

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Track record of successful acquisitions

Cencosud has a proven track record in successfully integrating acquisitions and realizing synergies

IPO in the Santiago Stock

Exchange

2009 LTM 1Q13

Number of stores

Growth (%)

Selling space (million sqm)

Net revenues (US $ million)

6482.5

10,975

1,085

4.1

19,063

67%

64%

74%

Adjusted EBITDA (US $ million) 2 945 2,019 114%

Demonstrated ability to integrate and improve acquired businesses

Net debt / EBITDA 3 3.07x 3.66x 19%

Chilean market consolidation

Colombia

Expansion in key metrics

Acquisitions and net revenue evolution (US$bn)

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Improving Balance SheetFinancials

Revenues evolution (US$ bn)

Adjusted EBITDA (US$ mm) and margin (%)

648 825 982 906 1,085Stores:

8.5% 8.3%

6.7% 6.2%

7.2%

2010 2011 2012 1Q 2012 1Q 2013

Cencosud has consistently delivered strong financial results…

+18%

+22% CAGR

2010 2011 2012 1Q 2012 1Q 2013

+12% CAGR

+9%

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With an improving balance sheet after the Company’s increase in leverage

Net leverage

Total debt / equityInterest coverage

Net debt evolution (US$bn) 22

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 S.A.

SubsidiariesVariable rate

Fixed rate

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Diversified Debt Structure

Roadmap for organic growth and continued integration

OrganicGrowth

Capex (US$mm)1

Country Capex (USD mm) DetailsChile USD 242 million 17 supermarkets, 1 Paris Store, 1 Easy and Costanera Center 

Brazil USD 116 million 15 supermarkets

Peru USD 80 million 10 supermarkets, 5 department stores and one shopping center

Argentina USD 23 million 5 supermarkets and 2 Easy stores

Colombia  USD 80 million 1 supermarket, 1 Easy store and rebranding

Maintenance  USD 90 million

IT USD 100 million 

1Excludes acquisitions

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CHILE:• Continue Johnson integration

Unlocking value from existing assets

PERU:• Paris Department Stores• Financial Retail: Building up

portfolio

COLOMBIA:• Discontinue cash & carry

format• Rebranding supermarkets as

Jumbo & Metro• Improve layout of stores• Integrate regional operation• Synergies from real state to

develope Home Improvement and shopping centersBRAZIL:

• SAP Implementation in Prezunic and Bretas• Consolidated negotiations with suppliers• Reduce Shrinkage• Improve employee profitability per sqm

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Takeaways

• Positioned to benefit from growth economies and consumption across South America

• Scale brand diversity offers exposure to different client bases

• Track record and brand diversity offers competitive advantage

• Continuing to grow via organic openings

• Integrating acquisitions to drive greater sales & efficiency

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Segment Overview 1Q13

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

SSS evolution by country in local currency

SUPERMARKETS

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

+19%

+11%

1Q 2012 1Q 2013

1Q 2012 1Q 2013

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HOME IMPROVEMENTSSS evolution by country in local currency

Adjusted EBITDA evolution (US$mm)

Revenue evolution (US$bn)

+11%

+6%

1Q 2012 1Q 2013

1Q 2012 1Q 2013

1Q12 1Q13

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DEPARTMENT STORES

* Non comparable figures. In 1Q13, SSS consolidate Johnson stores.

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

+15%

+38%

1Q 2012 1Q 2013

1Q 2012 1Q 2013

SSS evolution by country in local currency

1Q12 1Q13

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Adjusted EBITDA evolution (US$ mm)

SHOPPING CENTERS

Revenue evolution (US$ bn)

+39%

1Q 2012 1Q 2013

+47%

1Q 2012 1Q 2013

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FINANCIAL SERVICES Gross loan portfolio evolution

CHILE ARGENTINA PERU

Provision/ Loans (%)

406.317418.316

429.526

1Q11 1Q12 1Q13

MM CLP

7,2%7,6%

7,9%

1Q11 1Q12 1Q13

185239 277

1Q11 1Q12 1Q13

MM USD

9,1%6,9% 5,4%

1Q11 1Q12 1Q13

44

75

1Q12 1Q13

11,5%14,5%

1Q12 1Q13

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

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