- Cencosud reported its second quarter 2015 results, with top line growth led by home improvement, department stores, and shopping centers. Gross margins increased in supermarkets, department stores, and home improvement. - Operating income jumped due to improved performance in supermarkets, shopping centers, and department stores. Food retail led adjusted EBITDA gains, followed by department stores and shopping centers. - Cost control initiatives were implemented company-wide to lower costs and boost profitability, including negotiations with suppliers to maximize margins and reducing headcount and vendor costs.

1. Corporate Presentation
Second Quarter
Results 2015

2. Second Quarter | www.cencosud.com | 2
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.

3. 3
2Q15 Operational Highlights
• Top line growth led by Home Improvement
Department Stores & Shopping Centers
• Gross margin gains in Supermarket fuel gross
profit growth followed by D-Stores & HI
• Operating Income jumped on improved
Supermarket, Shopping Center & D-Store
performances
• Food Retail leading Adj EBITDA gains followed
by D-Stores & Shopping Centers
Second Quarter | www.cencosud.com |

4. 4
Food Retail in Supermarkets
continues to perform well while
non-food hurt by currency and
high base due to World Cup
Chile
• Mid-Single digit SSS thrusted by perishable sales
• Smart promotional strategy helps shield gross margin
• High comparison basis in electronics due to the 2014 World Cup
• Corporate restructuring curbs profitability gains
Peru
• Stable revenue on lower promotions and few openings
• Smart Pricing and better benchmarking help improve gross margin
• Lower operating income as a result of higher security & energy costs
Colombia
• Slower consumption affects spending on non-food items with high comparison
basis due to World Cup
• Perishables remain as a bright spot with SSS growth of 9.2%
• Growth in traffic and ticket in food departments
• Lower electro in sales mix gives gross margin a boost
Second Quarter | www.cencosud.com |

5. • Company-wide initiatives to lower costs and
boost profitability
• Gross margin: negotiations with suppliers to
maximize margin
• New business heads in Brazil with mandate to
prioritize profitability
• SG&A: Headcount and vendor initiatives to
reduce costs
Second Quarter | www.cencosud.com | 5
Cost-control initiatives

6. 6
• Impairment of Brazilian Assets of CLP 116,771 million
• Reversal of differed taxes in Colombia of CLP 40,632
million
• Materialization of Scotiabank deal for financial services in
Chile yields extraordinary profit of CLP¨61,373 million
Second Quarter | www.cencosud.com |
Discussion into Operational
One-Off Items
Discussion into Non-Operational
One-Off Items
• Severance payments in Supermarkets & D-Stores push
SG&A upwards

7. 7
• Further potential deterioration of macro outlook leads to
review of expected cashflows
• Credit downgrade
• Rising interest rates
• Shrinking GDP
• Debt servicing capacity not to be affected; in compliance
with all financial covenants
• Cencosud developed an asset impairment model that was
later reviewed by its auditor PWC and reviewed by an
independent third party opinion
Second Quarter | www.cencosud.com |
Write-off in Brazil

8. 8
• EBITDA Up 93% YoY
• New Management Appointed at Prezunic and to Head
Several Key Categories
• EBITDA Mg Up 213 Bps YoY On:
• Improved Business Performance
• Headcount Reductions
• Lower Service Contracts
• Improved Pricing Strategy & Category Management
Second Quarter | www.cencosud.com |
Progress in Brazil
• Future strategy for Brazil to lie on 3 main pillars
• Commercial planning
• Price benchmarking and inflation pass-thru
• Shrinkage

9. 9
Consolidated Revenue Evolution
• Unfavorable currency swings in Brazil and Colombia curb
revenue growth
• High comparison basis & macro headwinds in the region
for non-food affect SSS and revenue growth
• Home Improvement at the forefront in revenue gains
• Greenfield projects continue to post positive SSS
Consolidated Adjusted EBITDA Evolution
• Supermarket EBITDA generation jumps 18% on better
Argentina; Brazil and Chile performance
• D-store EBITDA jumps 110% on improved purchasing, better
inventory management and better foreign currency risk
management
FiguresinCLPmillion
Second Quarter | www.cencosud.com |
2Q14 2Q15
+1.24%
w/D.O. -
0.4%
*ThisnumberforAdjustedEbitdainthequarterincludesanextraordinaryprofitresulting
fromthesaleofthefinancialservicesbusinesstoScotiabankinChile
142.073
97.758
168.330
2Q14 2Q15 SR -2Q15
-31.2%
w/D.O. -
36.1%
Excluding
One-Offs
+19%
2.617.109
2.585.035

10. Results
By Business

11. 11
Revenue Evolution
Adjusted EBITDA Evolution
• 8 Net Store Openings YoY or 1.5% selling space
Growth.
• Pacific coast countries displaying healthy SSS
performance when discounting for high comparison
base in non food
• Deteriorating macro and high inflation hurt SSS
performance at supermarkets
FiguresinCLPmillion
SSS evolution by country
(local currency)
Supermarkets
• Better performance in Argentina, Chile & Brazil leads
to EBITDA expansion of 18% in the division
• Brazil EBITDA generation improved on greater gross
margin resulting from improved negotiation with
suppliers; lower shrinkage and headcount reductions
• Argentina EBITDA jumps with margin gains of 60 bps
Second Quarter | www.cencosud.com |

12. 12
FiguresinCLPmillion
Home Improvement Department Stores
Second Quarter | www.cencosud.com |
• Positive SSS particularlyin Argentina & Chile
• Lower adjusted EBITDA due to higher SG&A
• Colombialoss narrows on improved
performanceat converted stores
• Top line growth in both Chile and Peru
• Strong EBITDA performance in Chile

13. 13
FiguresinCLPmillion
Shopping Centers Financial Services
Second Quarter | www.cencosud.com |
• All markets show revenue growth and high occupancy
• Shopping Center Adj EBITDA grows 2.9% on
improved performance in Argentina and Peru
• Chile profitabilitywas curbed by higher taxes and
one-off expenses
• Revenues in Chile consolidate only 1 monthof
operations in 2015 due to closing of deal with
Scotiabank
• Revenues from Brazil and Colombiadrop due to
currency devaluations
• All markets but Brazil obtained portfoliogrowth in the
period
• Cost of funding increases across the region

14. 14
Effective Tax Rate
Conciliation
Second Quarter | www.cencosud.com |
• CREE Disbursements in Colombia now to be eligible for deferred tax
assets due to new legal precedent with an effect of CLP 40,632 million
• Materialization of Financial Services deal in Chile deemed non-
taxable resulting in a positive tax effect of CLP 13,051 million
• Brazil impairment charge results in lower taxable income leading to a
positive tax effect of CLP 39,702 million

15. 15
Financial Ratios
Cencosud is actively exploring options to accelerate deleveraging
Net debt evolution
(US$ bn)
Net leverage
(net debt / EBITDA)
Breakdown by Rate
(After CCS)
Breakdown by
Currency
(After CCS)
Second Quarter | www.cencosud.com |
*
*Calculationsmadetoarriveatthisratiodonotincludenonecasheone-offitemssuch
astheBrazilimpearmentcharge

16. 16
Debt Amortization Schedule (USD million) as of June 2015
After receiving proceeds from the Financial Services deal with
Scotiabank; Cencosud finds itself in a solid financial situation.
FINANCIAL DEBT
USD MM
Second Quarter | www.cencosud.com |

17. Pacific coast food retail continues to post
healthy performance despite high non-food
base
Corporate restructuring to curb profitability
gains in 2Q15 & 3Q15D-Stores posting
profitability gains despite flatish SSS in
Chile resulting from World Cup effect
Healthy EBITDA expansion excluding
One-Off
Leverage down with further improvements
to come from EBITDA growth

18. 18
Upcoming Events
Cencosud Day Rio
Rio de Janeiro, RJ
Sept 1 & 2
BTG Pactual Latin America
CEO conference
New York, NY
Oct 6 thru 8
3Q15 Earnings Release
Nov 13, 2015
After market
Marisol Fernández León
IR Manager
Phone +562 2959 0545
mariasoledad.fernandez@cencosud.cl
Natalia Nacif
Senior IR Analyst
Phone +562 2959 0368
natalia.nacif@cencosud.cl
Ignacio Reyes Miranda
Senior IR Analyst
Phone +562 2959 0804
Ignacio.reyesmiranda@cencosud.cl
Second Quarter | www.cencosud.com |