Earnings Presentation

Second Quarter

2013

2

for

Cencosud Highlights

2Q13

Second Quarter 2013

Operational & Financial Highlights

• The Company made further progress in the consolidation and

rebranding of the supermarket operation in Colombia and posted +3.6% SSS

• For the first time since being acquired Johnson posted positive EBITDA and a 573 bps improvement in EBITDA margin

• Cencosud announced a binding agreement with Itaú for the joint development of the financial retail business in Chile and Argentina.

• Key Financials

• Revenues increased 13% YoY

• Adjusted EBITDA grew 17% YoY, consolidated adjusted

EBITDA margin increased from 6.1% in 2Q12 to 6.4% in 2Q13

• Net income decreased 78% YoY

4

Note: All figures and variations are in USD

Revenues evolution (US$bn)

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

6.1%

2Q 2012 2Q 2013

Solid revenue growth and increase in adjusted EBITDA margin

13%

2Q 2012 2Q 2013

17%

6.4%

Adjusted EBITDA by Country

2Q13

2Q12 Colombia 0%

Peru 9%

Brazil 9%

Argentina 26%

Chile 56%

Argentina 21%

Chile 59%

Peru 4%

Colombia 8%

Brazil 8%

5

SG&A: Stable margin despite growing regional presence

Consolidated (USD million) 2Q12 2Q13 Sales 4,379 4,945

SG&A 1,050 1,199

SG&A over sales (%) 24,0% 24,2%

• Argentina had a 20% increase in salaries after the union negotiations with the government

• Supermarket and shopping center Colombia integration increased SG&A by CLP 45,990 million • Start up of Paris in Peru

• Increase in real terms salary expenses in the supermarket division

• Increase in SG&A in the Peruvian shopping center operation after the renewal of its Plaza Lima Norte lease agreements

6

Non-operating Result: Taxation & Exchange variations

Taxation: Colombia • Equity vs. net income • Owner of Colombia is affected by the

devaluation of Col $ vs. Euro: CLP 8,417 MM • Effective tax rate of 35.8% in 2Q12 vs. 71.6%

in 2Q13

Foreign Exchange Variation • Total Debt as of June 2013: USD 5.3 bn. • Short term debt: USD 371 mm. • Exposure to USD: 13% (689 MM after CCS) • CLP vs. USD March 2013 (472,0) to June

2013 (507,2): +7,5%

7

-46.349

(9.226) (5.381)

(20.441)

-55.135

(27.920)

(802)

(21.249)

Net Financial Costs Exchange variations Result of Indexation Units Taxes

2Q122Q13

+19% +203%

- 85% +4%

Note: All figures are in CLP million

Openings 2Q13 vs. 1Q13

Cencosud opened 14 stores and increased selling space 1%

Openings 2Q13 vs. 2Q12

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

+32% increase in

selling space

+1% increase in selling space +5% increase in

selling space

+8% increase in selling space 10

markets Super

3 Department

Store

169 markets*

Super

4 Shopping Centers

5 Department

Store

8

1 Home Improve

ment 1 Shopping Center 1 Home

Improve ment

Cencosud opened 179 stores and increased selling space 18% LTM

Investor Highlights

Colombia: Integration Yielding Results

• Rebranding effort continues: • 8 Jumbo stores already operating • 4 cash & carry stores closed, will reopen as

home improvement stores

• Positive results in 2Q13: • 2Q13 supermarket SSS 3.6% vs. -7.7% in

1Q13 • 2Q13 Home Improvement SSS 0.4% vs. -

3.5% in 1Q13

10

11

Financial Services

Agreement with Itaú

MOU Close of Deal Close of Transaction

90 days 6- 9 month

JUN13 SEP13 DEC13 JUN14

Subject to regulators approval

• CENCOSUD announced a binding agreement with Itaú for the joint development of the Financial Retail business in Chile and Argentina

• Total up-front cash payment of approx USD$ 1,580 million:

• USD$ 280 mm from the sale of 51% share of CAT Chile • Non cash to CAT Argentina: USD$ 27 mm of capital

contribution • USD$ 1,300 million in the form of payment of the credit

card portfolio funding in both countries

• Itaú will provide funding to finance 100% of the future growth in both countries

12

devaluation Currency

Brazil

Operational:

Non-operational:

• As of June 30, Brazil’s LTM EBIT represented 8.3% of Cencosud EBIT

• After a 9% devaluation of the R$ against CLP, Cencosud EBIT would reduced by 0.8%

Effect on Results

• Debt: 3% of Cencosud debt is in R$ • 9% devaluation reduces Cencosud

total debt in 0.3% • Financial Expenses and Fx Differences:

• 9% devaluation reduces Cencosud Financial Expenses in 1.2%

13

Cencosud World-class

Corporate Governance

• 9 Directors: Well-regarded and experienced group of people

• Elected at the Annual Ordinary Shareholders’ meeting

• Elected every 3 years

• 2 Independent members • David Gallagher: member

since 2011 • Richard Büchi: new

independent member

• International Board Membership: • Erasmo Wong

• Christian Eyzaguirre

• Julio Moura

• Roberto Phillips

• 3 members from the controlling family:

• Horst Paulmann, Chairman • Heike Paulmann • Peter Paulmann

14

Cencosud Strategy

for next 18 months

• Deleverage

• Increase Brazil’s

profitability

• Integrate Colombia

Financial Structure 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

16

Breakdown by issuer

Amortization schedule (US$mm)

Breakdown by currency Breakdown by interest rate

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

Cencosud

Subsidiaries Variable rate

Fixed rate

17

376 512

389 271 219 241

37 35

814

74

1275

92 110 111 95 257

46 17 105

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

Results

Business by

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

SSS evolution by country in local currency

SUPERMARKETS

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

+14%

+4%

2Q 2012 2Q 2013

2Q 2012 2Q 2013

19

HOME IMPROVEMENT SSS evolution by country in local currency

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ mm)

+8%

+13%

2Q 2012 2Q 2013

2Q 2012 2Q 2013

2Q12 2Q13

20

1Q13

Adjusted EBITDA evolution (US$ mm)

SHOPPING CENTERS

Revenue evolution (US$ bn)

+34%

2Q 2012 2Q 2013

+25%

2Q 2012 2Q 2013

21

• Revaluation of assets decreased 78.7% in 2Q13 (CLP 14,330 million) as a consequence of:

• Shopping centers started charging parking service in 2Q12 • New shopping centers in Chile positively affected 2012 results

FINANCIAL SERVICES Gross loan portfolio evolution

CHILE ARGENTINA PERU

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

22

819 819 881

2Q11 2Q12 2Q13

MM

USD

7,2% 7,6% 7,9%

2Q11 2Q12 2Q13

10,0%

6,0% 4,9%

2Q11 2Q12 2Q13

193 237

279

2Q11 2Q12 2Q13

MM

USD

49

79

2Q12 2Q13

MM

USD

15,5%

15,2%

2Q12 2Q13

DEPARTMENT STORES

* Non comparable figures. Since 1Q13 SSS consolidate Johnson stores.

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ mm)

+8%

+20%

2Q 2012 2Q 2013

2Q 2012 2Q 2013

SSS evolution by country in local currency

2Q12 2Q13

23

1Q13

Department Store Business in Latin America 24

40 Stores 261.799 m2

38 Stores 112.546 m2

3 Stores 16.831 m2

84%

15%

1%

Revenues 2Q '13Paris Chile Johnson Paris Peru

Chile PeruPopulation (mm pop.) 16,8 30,5GDP per cápita (PPC) (MUS$) 19,5 11,4Mt2 Selling Space. TxD / 1.000 Hab. 62,0 11,0

Department Store: Our Strategy 25

Closeness Brand, Low Cost

Modern Brand

53% Apparel – 47% Hard Goods

70% Apparel – 30% Hard Goods

Private Label represent 24% of our Revenues and 37% of our Contribution

Private Label represent 52% of our Revenues and 74% of our Contribution

Service an customer experience, stylish, emotional, surprising

Happy , confidence and convenient

We double our revenues in the last 4 years 26

1.228

1.3621.493 1.554

254268

5

1.000

1.200

1.400

1.600

1.800

2.000

2010 2011 2012 12 LTM 2Q '13

Revenues (MMUS$)

Paris Chile Johnson Paris Peru

+11%+10%

+9%

+10%

+28%1.747

+19%1.827

+21%

28,3% 27,7% 27,8% 28,3% 28,4%23,7% 25,1%

31,7%

21,7% 20,9% 20,7% 21,4% 21,4%

32,4%35,4% 35,2%

15,0%

20,0%

25,0%

30,0%

35,0%

40,0%

2010 2011 2012 1S '12 1S '13 2012 1S '12 1S '13

Gross Margin and SG&A excluding dep

Gross Margin SG&A

SG&A: Efficiency Efforts 27

• Paris Chile maintains the efficiencies in margin and operating expenses •Johnson improves 6,6 percentage points in margin and keeps looking for expenses efficiencies

EBITDA Composition 28

• Paris Chile increased EBITDA 40% in 2,5 years • Johnson´s breakeven expected to be reached within the next 24 months after the

integration with Paris • Results from Paris Peru reflects start-up costs

-4

8093

107

-22

85

112

-15

93

0

20

40

60

80

100

120

2010 2011 2012 12 LTM 2Q '13

EBITDA by Business

EBITDA Composition 29

12LTM ‘13 2012 2011 2010 80 93 107 112

-22 -15

-4

6,6% 6,8% 7,2% 7,2%

-8,6% -5,5%

-85,0%

• Paris Chile increased EBITDA 40% in 2,5 years • Johnson´s breakeven expected to be reached within the next 24 months after the

integration with Paris • Results from Paris Peru reflects start-up costs

30 • 2Q13 Paris Chile EBITDA is the highest in the Department Store Industry • Johnson achieves its first quarter with Positive EBITDA

Paris Johnson Cencosud Falabella Ripley La Polar HitesRevenues 369.046 64.912 433.958 532.357 305.919 147.910 77.765 Gross Margin 104.659 20.596 125.256 158.110 83.876 38.158 20.437

% Revenues 28,4% 31,7% 28,9% 29,7% 27,4% 25,8% 26,3%SG&A e/dep -79.154 -22.821 -101.974 -130.960 - -40.024 -17.810

% Revenues -21,4% -35,2% -23,5% -24,6% 0,0% -27,1% -22,9%EBITDA 25.506 -2.224 23.281 27.150 - -1.866 2.627

% Revenues 6,9% -3,4% 5,4% 5,1% 0,0% -1,3% 3,4%

Six-Month, ended June 30th

Source: Cencosud and Ripley, Hites, La Polar and falabella earnings report

DEPARTMENT STORE: PERU 31

• 3 first stores are already operating: Arequipa, Plaza Lima Norte y Cajamarca

• Commercial Strategy similar to Paris Chile: focus on the customer service

• Local Team coordinated with Paris Chile

• Goals: • Open 3 more stores this year 2013: Lambramani (Arequipa), Megaplaza

(Lima) and Ica • Close 2014 with 10 stores, to reach 13 to 14 stores by 2015, with 70,000 m2

of selling space.

• Estimated Investment: MMUS$ 100

• Expected Results: • Reach positive EBITDA 1 year after opening the 10th store

DEPARTMENT STORE: DIVISION FOCUS

32

• Become best place to work • Omni-channel full development • Be more efficient and productive in Chilean operations (Paris) • Organic growth with profitable stores from the first year • Lean Program • Improvements in our service experience, new attention models • Leveraging on Cencosud’s Fidelity programm

• Developing a sustainable business model to all stakeholders • Strengthening private label design teams • Integrate Johnson to Cencosud and achieve a profitable brand • New positioning for the brand, as a fashion specialist at a convenient price, with low cost operation • Joint purchase with Paris to lower costs • Close of non-profitable stores (Plaza Oeste y Ahumada) • Close of tailoring factory, local production

• Internationalize Paris brand to Peru based on the successful business model made in Chile

Earnings Presentation

Second Quarter

2013