Corporate Presentation

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.

Corporate Presentation

Cencosud at a Glance

4 To be one of the most profitable and prestigious retailers in Latin America Cencosud2013 Corporate Presentation .

4 mn sq meters 22 Department Stores. 0.4 mn sq meters Revenues Evolution (USD MM) CARG 2005 – 2013: 20% .8 mn sq meters 82 Home Improvement.3 mn sq meters 29 Shopping Centers. 0.4 mn sq meters 44 Home Improvement. 0.5 2005 Cencosud 2013 Cencosud 368 Supermarkets. 2. 0. 0.7 mn sq meters 78 Department Stores.1 mn sq meters 895 Supermarkets. 0. 0.7 mn sq meters 19 Shopping Centers.

6 Investmenthighlights .

Large scale Multi-format retailer In Latin America .

Leadership Positions In All Markets 2nd Supermarkets Net Revenue Breakdown1 PERU 8 8% COLOMBIA 2% BRAZIL 23% By Country CHILE 40% 1st Supermarkets ARGENTINA 27% 4th Supermarkets • Northeast Region (#1) • Minas Gerais (#2) • Rio de Janeiro (#3) 12% 2% Home Improvement Shopping Centers 3% Financial Retail 2nd Supermarkets 2nd Home Improvement Stores 2nd Shopping Centers 2nd Department Store 1st Supermarket 1st Home Improvement 2nd Shopping Centers 10% Department Stores By Format LTM net revenues of US$19.44 and 472.03 respectively .063 million3 74% Supermarkets Cencosud is a leading multi-format retailer in south America 1 Breakdown by business exdude Other segment. March 2012 and March 2013 exchange rate of 479.96. figures converted to USD based on end-period as of December 2012. calculated on figures for the last twelve months ended March 2013 3 Last twelve months ended September 2013. 487.

827 75.3% Shopping Centers 772.Nº Stores High End Supermarkets Mid-To-Low End Selling Space (m2) % of Sales1 % of Selling Space2 9 895 82 78 30 2.252.872 8.3% 17.3% 9.708 1.4% High End Department Store Mid-To-Low End 378.105 11.2% Home Improvement 712.6% 55.1% Excludes segment “Others” Figures as of March 2013 With a well recognized brand portfolio .8% 1 2 18.

underpenetrated markets .Opportunity to continue Expanding in high-growth.

7% 4.S.0% These 5 countries represent 63%  of Latin America’s GDP 0.5% 6.2% 4.7% 11 CAGR 07‐11 4.5 8.6 Attractive macroeconomic environment and favorable demographics… Source: IMF .1 12.5 15.5% 3.Solid real GDP growth 6.8% Average: 4.4 49. GDP per capita 2012 (US$ thousands) 6.2% Peru Argentina Colombia Brazil Chile U.1 11.8% 3.5% 3.0% 6.4% 2012 Population (mm) CAGR 12‐16 Average: 4.1% 4.5% 3.

 INDEC.a. ICSC. equity research and US Census Bureau . ABECS.…in markets with substantial opportunities for sustained growth in the retail sector Underpenetrated food retail sector Supermarkets area per capita (sqm/’000s) 12 Department stores area per capita (sqm/’000s) n. Home improvement area per capita (sqm/’000s) Retail sales in shopping malls (%) Credit cards per capita Source: ILACAD and US Census Bureau. local banking regulators. ABRASCE. figures as of December 2011 Source: BMI.

13 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 Retail momentum in our growth markets .

Organic growth Multi-format Strategy Expansion Opportunities in different markets 14 Organic growth Organic growth + acquisitions Lead in profitability Strong cash generation Cash cow .

Expertise doing business in challenging environments .

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 .Targeted programs to engage consumer. boost productivity & profitability Brazil: 16 • SAP implementation on going.

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 < 0.17 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. healthy and strong financial position and crisis management Navigating challenging market conditions .50%.

Track record of successful acquisitions .

66x Growth (%) 67% 64% 74% 114% 19% 648 2.085 4.975 945 3.019 3.5 10.063 2.Cencosud has a proven track record in successfully integrating acquisitions and realizing synergies Expansion in key metrics 2009 Number of stores Selling space (million sqm) Net revenues (US $ million) Adjusted EBITDA (US $ million) 2 Net debt / EBITDA 3 19 LTM 1Q13 1.07x Demonstrated ability to integrate and improve acquired businesses Colombia Acquisitions and net revenue evolution (US$bn) Chilean market consolidation IPO in the Santiago Stock Exchange .1 19.

Improving Balance Sheet Financials .

2% 2010 2011 2012 1Q 2012 1Q 2013 Cencosud has consistently delivered strong financial results… .3% 7.2% 6.7% 6.5% 8.Revenues evolution (US$ bn) +22% CAGR +18% 21 2010 Stores: 648 2011 825 2012 982 1Q 2012 906 1Q 2013 1.085 Adjusted EBITDA (US$ mm) and margin (%) +12% CAGR +9% 8.

Net debt evolution (US$bn) Net leverage 22 Interest coverage Total debt / equity With an improving balance sheet after the Company’s increase in leverage .

Amortization schedule (US$mm) 23 Breakdown by issuer Subsidiaries Breakdown by currency Breakdown by interest rate Variable rate Fixed rate Cencosud S. Diversified Debt Structure Source: Cencosud Note: Includes cross-currency swaps Note: Includes cross-currency swaps .A.

Roadmap for organic growth and continued integration .

 1 Paris Store. 1 Easy store and rebranding OrganicGrowth . 1 Easy and Costanera Center  15 supermarkets 10 supermarkets.Capex (US$mm)1 25 Country Chile Brazil Peru Argentina Colombia  Maintenance  IT 1Excludes acquisitions Capex (USD mm) USD 242 million USD 116 million USD 80 million USD 23 million USD 80 million USD 90 million USD 100 million  Details 17 supermarkets. 5 department stores and one shopping center 5 supermarkets and 2 Easy stores 1 supermarket.

26 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 centers CHILE: • Continue Johnson integration BRAZIL: • SAP Implementation in Prezunic and Bretas • Consolidated negotiations with suppliers • Reduce Shrinkage • Improve employee profitability per sqm Unlocking value from existing assets .

• Positioned to benefit from growth economies and consumption across South America 27 • 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 Takeaways .

Segment Overview 1Q13 .

  Figures converted to  USD.SUPERMARKETS Revenue evolution (US$ bn) +19% 29 SSS evolution by country in local currency 1Q 2012 1Q 2013 Adjusted EBITDA evolution (US$ mm) +11% Source: Cencosud. exchange rate by the end of March 2012 and 2013  1Q 2012 1Q 2013 .

HOME IMPROVEMENT Revenue evolution (US$bn) +11% 30 SSS evolution by country in local currency 1Q 2012 1Q 2013 Adjusted EBITDA evolution (US$mm) +6% 1Q12 1Q13 1Q 2012 1Q 2013 .

1Q 2012 1Q 2013 . In 1Q13.DEPARTMENT STORES Revenue evolution (US$ bn) +15% 31 SSS evolution by country in local currency 1Q 2012 1Q 2013 1Q12 1Q13 Adjusted EBITDA evolution (US$ mm) +38% * Non comparable figures. SSS consolidate Johnson stores.

SHOPPING CENTERS Revenue evolution (US$ bn) +39% 32 Adjusted EBITDA evolution (US$ mm) +47% 1Q 2012 1Q 2013 1Q 2012 1Q 2013 .

526 418.1% 7.316 406.2% 1Q11 7.5% 9.9% 1Q11 6.4% 1Q13 1Q12 1Q13 1Q13 .9% 1Q12 5.5% 14.6% 1Q12 7.FINANCIAL SERVICES CHILE MM CLP MM USD 429.317 Gross loan portfolio evolution 33 ARGENTINA 185 1Q11 239 277 44 1Q12 1Q13 1Q12 PERU 75 1Q11 1Q12 1Q13 1Q13 Provision/ Loans (%) Provision/ Loans (%) Provision/ Loans (%) 11.

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