This corporate presentation provides an overview of Cencosud, a leading retailer in Latin America. It discusses Cencosud's investment highlights, including its core food retailing business which is resilient to economic downturns. It also outlines Cencosud's regional presence and brand portfolio. The presentation reviews Cencosud's financial figures and provides a breakdown of its revenues and adjusted EBITDA by business segment and country. It then discusses Cencosud's strategy, including regional efficiency measures, intervention of underperforming stores, developing an omni-channel experience, and its strategic focus on Brazil. Finally, it addresses Cencosud's corporate governance structure and board of directors.

1. Fourth Quarter
Corporate Presentation
Cencosud
January 2016

2. Corporate Presentation | Contents | 2
• Investment Highlights
• Cencosud Snapshot
• Key Figures
• Strategy
• Corporate Governance
Contents

3. • Investment Highlights
• Cencosud Snapshot
• Key Figures
• Strategy
• Corporate Governance
Contents
Corporate Presentation | Contents | 3

4. Investment Highlights
Core in food retailing business, more resilient to economic downturns
Leading retailer in Latin America with the highest geographic diversification in the region
Premier brand portfolio with high consumer recognition
Committed Board of Directors and Seasoned Management Team
Opportunity to continue expanding in markets with high growth and low penetration
Corporate Presentation | Investment Highlights | 4

5. Corporate Presentation | Contents | 5
• Investment Highlights
• Cencosud Snapshot
• Key Figures
• Strategy
• Corporate Governance
Contents

6. 77,7%
5,7%
22,4%
Retailing Areas Financial Services Real Estate
96,5%
1,4%2,2%
Retailing Areas Financial Services Real Estate
Source: ILACAD and US Census Bureau, figures as of December 2013
Retail Areas
Supermarkets , D-Stores & DYS
USD 11,633 MM
USD 2,007 MM
USD 1,472 MM
Support Businesses
Shopping Centers &
Financial Services
1 Translated into USD at CLP/USD 698.72
2 Financial Services figures exclude Financial Services Chile.
3 Revenue and Adjusted EBITDA breakdown graphs exclude segment “Others”
4 Adjusted EBITDA excluding all one-off charges: CLP 105,038 million.
5 Shopping Centers figures only reflect revenues and adjusted EBITDA contributed by third party transactions.
Revenue LTM 09.2015
USD 15,682 MM1
Retail Areas
Supermarkets, D-Stores & DYS
Support Businesses
Shopping Centers &
Financial Services
Adjusted EBITDA LTM 09.2015
USD 1,083 MM4
USD 342 MM
USD 212 MM2
Others:
USD 15 MM3
Corporate Presentation | Cencosud Snapshot | 6
Overview by Business
USD 261 MM
76.3% mg
USD 67 MM2
31.6% mg
Others:
USD -150 MM3
USD 672 MM
5.8% mg
USD 172 MM
8.6% mg
USD 61 MM
4.1% mg

7. Source: ILACAD and US Census Bureau, figures as of December 2013
Atlantic Coast
USD 2,620 MM
USD 4,448 MM
Andean Region
1 Figures for the LTM period as of September 2015, translated into USD at end of period exchange rate (CLP/USD 698.72).
2 Figures from Chile exclude results from the Financial Service division after the completion of the Scotiabank transaction to jointly develop the business in May 1st, 2015.
3 Adjusted EBITDA excluding all one-off charges: CLP 116,771 million for the write-off in Brazil (goodwill) registered in 2Q15, CLP 61,373 million profit for the closing of Scotiabank transaction (2Q15), CLP 41,661 million
related to severance payments (2Q15 & 3Q15) and the provision of obsolete inventories by CLP 7,978 million (3Q15).
Revenue LTM 09.2015 USD 15,682 MM1 Adjusted EBITDA LTM 09.2015 USD 1,083 MM3
USD 1,375 MM
USD 1,395 MM
USD 5,843 MM2
Corporate Presentation | Cencosud Snapshot | 7
Atlantic CoastAndean Region
• 244 Supermarkets
• 34 Home Improvement
• 79 Department Stores
• 25 Shopping Centers
• JV Scotiabank
• Loan Portfolio: US 847 MM
• 286 Supermarkets
• 50 Home Improvement
• 22 Shopping Centers
• US 287 MM loan portfolio
• 89 Supermarkets
• 9 Department Stores
• 4 Shopping Centers
• US 104 MM loan portfolio
USD 39 MM
2.8% mg
USD 93 MM
6.7% mg
USD 572 MM2
9.8% mg
• 222 Supermarkets
• Atacarejo format
• 3 different regions
• JV Bradesco
• US 69 MM loan portfolio
• 100 Supermarkets
• 10 Home Improvement
• JV with Colpatria
• US 153 MM loan portfolio
USD 39 MM
1.5% mg
USD 348 MM
7.8% mg
Overview by Country

8. Source: ILACAD and US Census Bureau, figures as of December 2013
3rd SUPERMARKET
2nd HOME
IMPROVEMENT
1st SUPERMARKETS
4th DEPARTMENT
STORES
2nd SUPERMARKETS
2nd HOME IMPROVEMENT
2nd SHOPPING CENTERS
2nd DEPARTMENT STORES
4th SUPERMARKETS
NORTHEAST (#2)
MINAS GERAIS (#1)
RIO DE JANEIRO (#3)
2nd SUPERMARKETS
1st HOME IMPROVEMENT
2nd SHOPPING CENTERS
Strong Brand Portfolio
with High Consumer Recognition
Corporate Presentation | Cencosud Snapshot | 8
High and low end brands
Supermarkets
Home Improvement
Department Stores
Regional Presence / Market Position
HIGH INCOME CONSUMER
MID-TO-LOW INCOME CONSUMER
HIGH INCOME CONSUMER
MID-TO-LOW INCOME CONSUMER
94 stores
941
stores
Shopping
Centers
53
Shopping Centers
Financial
Services
USD 1.4 bn Loan
Portfolio
• JV’s: Chile, Brazil &
Colombia
• Cencosud: Peru &
Argentina
88 stores

9. Fourth Quarter
2,0
3,6
4,5
5,4
8,8
7,9
8,9
10,9
13,1
14,8
15,6 15,7
A Development Story
thru Organic Growth & Acquisitions
Corporate Presentation | Cencosud Snapshot | 9
Acquisitions & Revenues (USD bn)1
19821976 1988 1993 2000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20152014
OPENED THE FIRST
SUPERMARKET
IPO
SANTIAGO
STOCK
EXCHANGE
IPO NYSE
1 Figures translated into USD at end of period exchange rate as of September 2015 (CLP/USD 698.72).

10. Fourth Quarter
355
64 127
229 206
50
779
17
1.217
32
696
47 37
201
37 14 78
350
51%
15%
31%
15%
2%
CLP
UF
USD
PEN
BRL
67%
33%
Fixed
Variable
A Development Story
thru Organic Growth & Acquisitions
Corporate Presentation | Cencosud Snapshot | 10
2,0
3,1
3,7
6,3
4,7 4,3
3,6
2009 2010 2011 2012 2013 20152014
Net Financial Debt Evolution (USD BN)1
1 Figures translated into USD at end of period exchange rate as of September 2015 (CLP/USD 698.72).
2 Considers only principal amortizations and excludes banking operations.
3 Net Financial Debt / LTM Adjusted EBITDA. 2015 ratio calculated with figures as of September. In 3Q15 Fair Value of Derivatives was reclassified from “Other gains/losses” to “Net Financial Cost” and “Income/Loss
from foreign exchange variations”. 2014’ & 2015 ratios are comparable,
4 After CCS
Breakdown by Interest Rate4Breakdown by Currency4Leverage Ratio3
2009 2010 2011 2012 2013 20152014
Amortization Schedule (USD MN)2
2,6 2,7 3,1
4,6
3,4 3,7
3,3
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 20272028 2029 2030 2031 2045

11. • Investment Highlights
• Cencosud Snapshot
• Key Figures
• Strategy
• Corporate Governance
Contents
Corporate Presentation | Contents | 11

12. Income Statement
Third Quarter Nine-Month, ended September 30th
2015 2014 ∆ % 2015 2014 ∆ %
Net revenues 2.672.728 2.621.001 2,0% 7.942.483 7.696.197 3,2%
Cost of sales -1.904.512 -1.922.093 -0,9% -5.669.628 -5.650.385 0,3%
Gross profit 768.215 698.908 9,9% 2.272.855 2.045.812 11,1%
Gross margin 28,7% 26,7% 208 bps 28,6% 26,6% 203 bps
Selling and administrative expenses -690.308 -629.697 9,6% -1.992.778 -1.796.165 10,9%
Other income by function 25.307 27.595 -8,3% 65.367 36.399 79,6%
Other gain (Losses) -5.606 -5.094 10,1% -61.713 -4.867 1168,0%
Operating income 97.609 91.713 6,4% 283.732 281.180 0,9%
Participation in profit of equity method associates 4.231 1.280 230,6% 8.771 3.163 177,3%
Net Financial Income -57.694 -32.215 79,1% -168.119 -124.524 35,0%
Income (loss) from foreign exchange variations -77.627 -12.409 525,6% -107.143 -20.754 416,3%
Result of indexation units -7.405 -4.229 75,1% -15.896 -26.369 -39,7%
Non-operating income (loss) -138.495 -47.573 191,1% -282.386 -168.484 67,6%
Income before income taxes -40.887 44.139 -192,6% 1.346 112.696 -98,8%
Income taxes 10.985 -15.455 -171,1% 33.860 -33.578 -200,8%
Profit (Loss) from continued operations -29.902 28.684 -204,2% 35.205 79.118 -55,5%
Profit (Loss) from discontinued operations 0 -465 -100,0% 9.244 10.630 -13,0%
Profit (Loss) -29.902 28.220 -206,0% 44.450 89.749 -50,5%
Corporate Presentation | Key Figures | 12

13. • Investment Highlights
• Cencosud Snapshot
• Key Figures
• Strategy
• Corporate Governance
Contents
Corporate Presentation | Contents | 13

14. Fourth Quarter
Regional Efficiency
Measures
Short-term Roll Out
Cost Savings of 120 Bps in
SG&A/Sales
Headcount reductions
One-time severance payments
Store level service unaffected
Corporate Presentation | Strategy | 14

15. Fourth Quarter
Intervention of
Underperforming
Stores
Set-up of Performance Review Committee
120 Stores Across Our Geographic Footprint
Review of Lease Agreements
Changes to Assortment
Headcount Review
Possible Closure
Corporate Presentation | Strategy | 15

16. Fourth Quarter
Omni channel
Experience
Per Format Platform Development –
Leverage on Current Wallet Share –
Channel Innovation – Human Brands
– Health & Wellness
Corporate Presentation | Strategy | 16

17. Fourth Quarter
Strategic Focus
On Brazil
Maneuvering Macro and Political –
Deterioration – Slow Capture of
Synergies - Margin Improvements –
Atacarejo – SG&A
Corporate Presentation | Strategy | 17

18. Corporate Presentation | Contents | 18
• Investment Highlights
• Cencosud Snapshot
• Key Figures
• Strategy
• Corporate Governance
Contents

19. Source: ILACAD and US Census Bureau, figures as of December 2013
2015
Corporate Presentation | Corporate Governance | 19
Ownership Structure
Ownership Structure
The direct and indirect participation of Mr. Horst Paulmann Kemna
and his immediate family in Cencosud S.A. is over 60.03%
60,0%18,2%
0,7%
21,1%
Controlling shareholders Chilean Pension Funds ADS Others
As of September 30, 2015 Cencosud S.A. capital was made up of
2.828.723.963 common shares held by 1.732 shareholders
Corporate Presentation | Corporate Governance | 19

20. Source: ILACAD and US Census Bureau, figures as of December 2013
• Board elected on April 26th 2013 for the 2013-2016 period
• New Board to be elected in 2016’s AGM, for a period of 3 years
• Seasoned 9 Member Board:
• 3 Family members: Horst Paulmann, Peter Paulmann and
Heike Paulmann
• 2 Independent members: David Gallagher and Richard
Büchi
• Mr. Wong presented his resignation on August 26th 2015
• Board of Directors Committee:
• Roberto Philipps
• David Gallagher (Independent)
• Richard Büchi (Independent)
Corporate Presentation | Corporate Governance | 20
Board of Directors

21. Corporate Presentation | Corporate Governance | 21
• Cencosud has a CSR
strategy for each business,
adapted to each country
they operate.
• Common and defined
groups of interest
• Commitments to each
stakeholder
• Programs that build
internal and external brand
value
Employees
Suppliers
Community
Environment
Customers
Corporate Social Responsibility

22. Corporate Presentation | Corporate Governance | 22
Corporate Social Responsibility
ENVIRONMENT
CUSTOMERS
EMPLOYEES
SUPPLIERS
COMMUNITY
HOME
IMPROVEMENT
SUPERMAKETS
DEPARTMENT
STORES
WASTE MANAGEMENT
REUSABLE BAGS
HEALTHY NUTRITION
LABOR INCLUSION
Elderly, Disability
DEVELOPMENT OF SMALL
SIZE SUPPLIERS
SEDEX
JUMBO CIRCUS
CORSO WONG
WASTE MANAGEMENT
REUSABLE BAGS
HEALTHY CONSUMPTION
LABOR INCLUSION
Quality of Life - Work
DEVELOPMENT OF SMALL
SIZE SUPPLIERS
SUSTAINABLE COLECTIONS
PARIS PARADE
WASTE MANAGEMENT
ECO EASY
LABOR INCLUSION
SEDEX
“LEVANTEMOS CHILE”
CHALLENGE, A roof for my
country

23. 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 | Disclaimer | 23

24. 24
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
Corporate Presentation | IR Contact Information |
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