Cencosud

2014January

Cencosud2

2005Cencosud Cencosud

2013368 Supermarkets; 0.7 mm m2

19 Shopping Centers; 0.4 mm m2

44 Home Improvement; 0.4 mm m2

22 Department Stores; 0.1 mm m2

915 Supermarkets; 2.3 mm m2

29 Shopping Centers; 0.8 mm m2

85 Home Improvement; 0.7 mm m2

80 Department Stores; 0.4 mm m2

CARG 2005 – 2012: 20%4.994 6.181 7.49712.160 10.995 12.286

15.01218.146

19.436

2005 2006 2007 2008 2009 2010 2011 2012 LTM 3Q13 Figures as of September 2013

Revenue Evolution (USD mm)

2012 LTM 3Q 2013

Revenue Expansion in the Region

Revenue by Country

LTM 2013

2012Colombia 2%Peru 8%

Brazil 24%

Argentina 28%

Chile 39%

Argentina 25%

Chile 38%

Peru 8%

Colombia 9%

Brazil 21%

Revenue expansion fueled by supermarkets, particularly by the consolidation of Colombian operations and a good performance in Chile and Argentina.

Revenue growth across all divisions

+10,3%

Note: all figures are in USD at September 2013 exchange rates.

3

17.620

19.436

Adjusted EBITDA (USD mm)

2012 LTM 2013

Growth in Adjusted EBITDA

Adjusted EBITDA by Country

LTM 2013

2012

Supermarket EBITDA boosted by the consolidations of the Colombian operation

Financial Services in Chile had an improved performance due to lower risk related charges

+6,4%

4

1.302

1.384

Chile, 52%Argentina, 28%

Brazil; 11%

Peru; 8% Colombia, 2%

Chile, 53%Argentina,

24%

Brazil; 9%

Peru; 6%

Colombia, 7%

Business Units

Supermarkets

Source: Cencosud. Figures in USD at Sept closing exchange rates

Nominal SSS byCountry

Adjusted EBITDA Evolution (US$ mm)

RevenueEvolution(US$ bn)

2012 LTM 2013

2012 LTM 2013

+11,1%

6

13,4

14,9

+3,1%793

818

2,6%

‐0,2%0,5%

15,0% 14,4%

17,8%

2,3%0,0%

‐0,6%1,0%

2,1%2,0%

‐7,7%

3,6%

‐13,9%

1Q13 2Q13 3Q13

Chile Argentina BrasilPeru Colombia

Supermarkets7

• Colombia

• Rebranding Completed to Jumbo and Metro• Sector wide Strikes in Agriculture and Transportation

negatively impact 3Q13 sales• Nationwide Marketing Campaign Started in 4Q13

• Brazil• Shrinkage Successfully Curbed to 2.5%• Increased Worker Productivity by m2• Contract Renegotiation with Suppliers• Adequate Product Assortment

8

GroundWork

Consolidate &Develop

2013 2014

Sale

sM

argi

nR

OA

:: Brand Consolidation:: Proximity Formats:: Loyalty Program :: e-Commerce

:: Private Label:: Imported Products:: Joint Negociations

:: Real Estate:: Shopping

:: Store Refurbishing

:: Logistic Development

:: Regional Competitive Edge

:: Improve Quality and Service Standards

:: Targeted Assortment

:: Launching Jumbo & Metro

Expa

nsio

n

Supermarkets: Colombia

✓

✓

✓

✓

✓

✓

Home Improvement

Nominal SSS byCountry

Adjusted EBITDA Evolution (US$ mm)

Revenue Evolution (US$ bn)

2012 LTM 2013

2012 LTM 2013

+6,3%

-2,3%

9

2,1

2,2

181

177

7,2%4,1%

5,9%

25,3%

30,9%

25,2%

‐3,5% 0,4%

4,7%

1Q13 2Q13 3Q13

Chile Argentina Colombia

Shopping Centers

Adjusted EBITDA Evolution (US$ mm)

Revenue Evolution (US$ bn)

2012 LTM 2013

Asset Revaluation narrows 39% in 9M 2013 vs. 9M 2012 (CLP 22.632 million)

Consolidation of Colombian operations lifts income for the division

Greater EBITDA contribution from Argentina (partially offset by currency movements) and Peru

2012 LTM 2013

+15,9%

+15,2%

10

0,3

0,4

238

274

Financial Services Gross loan portfolio evolution

CHILE ARGENTINA PERU

Provisiones / Colocaciones (%)Provisiones / Colocaciones (%)Provisiones / Colocaciones (%)

3Q11 3Q12 3Q13

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

768

859

747

3Q11 3Q12 3Q13 3Q12 3Q13

3Q12 3Q13

11

7.5%7.8%8.0%

10.1%

3.4%

6.0%13.6% 10.3%

5693205

242300

Department Stores

Nominal SSS

• Non-Comparable Figures• Johnson SSS being consolidated as from 1Q13 in •3Q13 SSS in Johnson of 11.8%

1Q13 3Q132Q13

2012 LTM 2013

2012 LTM 2013

+6,4%

+8,0%

Adjusted EBITDA Evolution (US$ mm)

Revenue Evolution (US$ bn)

4,9%

2,9%

3,3%

12

1,8

1,9

86

92

Challenges for 2014: Deleverage

• Estimated Revenues between USD 20.4 and USD 21.3 billion• Target Adjusted Ebitda in the range of 7.3% - 7.5%• Capex in 2014 USD 425 MM

• US 210 MM for the opening of 51 new stores• US 40 MM for Costanera Center• US 75 MM for maintenance• US 100 MM for IT

13

Country Supermarkets HI DS DC Total m2 Amount InvestedArgentina 3 3 0 1 20,000 USD 25 MMBrasil 10 0 0 1 23,000 USD 41 MMChile 15 2 2 0 39,000 USD 64 MMColombia 6 2 0 0 28,000 USD 38 MMPeru 5 0 3 0 25,000 USD 42 MMTOTAL 39 7 5 2 135,000 USD 210 MM

Note: All figures are in US dollars, converted with the exchange rate as of December 2013 for each country (CLP 524,61 = 1USD; AR$ 6,51= 1 USD; BR$ 2,34= 1 USD; COP 1926,83= 1 USD; PEN2,795= 1 USD)

14

Deleverage: Capex evolution

1,335

Note: Figures converted to USD with exchange rate as of December of each year

397

1,5131,754

46720

766 567

3.089

868

377

747 1.187

1.290

795 425

2008 2009 2010 2011 2012 2013 2014E

Organic Capex

Inorganic Capex

795

4,379

425

CapexEvolution (US$ bn)

Challenges for 2014: Profitability

2) Focus on Profitability:

• Improved gross margin by regional purchasing agreementwith suppliers

• Efficiencies in SG&A, which consist of an improvement inprocesses (back office, Shared Service Center) andimprovements at an operational level in stores

• Smaller amount of investment in Chile and Argentina tocentralize production operations (packaged meat, bakery,pasta)

• Focus on e-commerce, which is a global trend in whichour company should have a leadership role.

• Cap Shrinkage and improve profitability in Brazil

15

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

16

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

17