September 2012

Earnings PresentationSecond Quarter 2012

Key Issues First Half 2012

Second Quarter Results

Cencosud Projects

Source: CencosudNote: Revenue and Adjusted EBITDA breakdown exclude Other Businesses1 As of August 21, 2012; converted at spot exchange rate of CLP/USD 485.522 EBITDA further adjusted to exclude the effect of exchange differences, increase on revaluation of investment properties, results from price level restatement and negative goodwill associated with Johnson’s acquisition3 Last twelve months ended June 2012; figures converted to USD based on end-of-period exchange rate of 501.84, as of 2Q12

Company overview

Supermarkets

Home Improvement

Department Stores

Financial Services

Shopping Centers

736 stores across 4 countries

82 stores in Argentina, Colombia and Chile

Primarily focused in Chile, with expansion plans for Peru

26 shopping centers in Argentina, Chile and Peru

Comprises mainly credit card and consumer finance operations, as well as insurance

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Supermarkets74%

Home Improvement

12%

Shopping Centers

2%

Financial Services

3%Department Stores

9%

Revenue Breakdown (LTM3) Adjusted EBITDA2 Breakdown (LTM3)

Total: US$16,790mm

Department Stores

6%

Shopping Centers

15%

Financial Services

11%

Home Improvement

13%

Supermarkets55%

Total: US$1,194mm

Number of stores: 920

Selling space: 3,495,857 sqm

Number of customers: 800mm

Number of employees: 140,875

Credit cards issued: 4.4mm

Market capitalization1: US$14,675mm

Key metrics (2Q12)

Chile

Colombia

Cencosud is a leading multi-format retailer in South America…

Premier portfolio of brands Diversified revenue breakdown1,2

4

Argentina

Brazil

Peru

1 Breakdown by business exclude Other segment, calculated on last-twelve months figures as of June 30, 20122 Breakdown by country excludes Colombia’s Adjusted EBITDA of -US$7mm, calculated for the three months ended June 30, 20123 EBITDA, further adjusted to exclude the effect of exchange differences, increase on revaluation of investment properties, results from price level restatement and negative goodwill associated with Johnson’s acquisition4 Last twelve months ended June 2012; figures converted to USD based on end-of-period exchange rate of 501.84 as of 2Q12

LTM 2012 Revenues of US$16,790 million4

LTM 2012 Adjusted EBITDA3 of US$1,194 million4

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Diversified adjusted EBITDA breakdown1,2,3

Shopping Centers

15%

Financial Services

11%

Home Improvement

13%

Supermarkets55%

Department Stores

6%

Chile38%

Argentina28%

Brazil26%

Peru8%

Colombia1%

Supermarkets74%

Home improve-

ment12%

DepartmentStores

9%

Shoppingcenters

2%

Financial services3%

29%

40%

22%

…with a well-recognized brand portfolio

Formats

Supermarkets

Department stores

Home Improvement

Shopping Centers

Financial Services

BrandsMarket position

# 2 Chile # 1 Peru and Argentina# 1 Minas Gerais, # 2 Northeast Region and # 3 Rio de Janeiro (Brazil)

# 1 Chile

# 1 Argentina# 2 Chile

# 2 Chile# 2 Argentina

Chile: 2.1 million cardsBrazil: 0.9 million cardsArgentina: 0.9 million cardsPeru: 0.3 million cards

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Note: Ranking based on revenues, except department stores ranking which is based on selling space, including Johnson’s (in terms of revenues it ranks as #2) and shopping centers ranking, which is based on gross leasable area

Source: CencosudNote: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 501.84 for end of period 2Q12

Cencosud Quarterly Performance

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Revenues evolution (US$bn) Adjusted EBITDA (US$mm) and margin (%)

+17%CAGR

+22%

+14%CAGR

(12%)

Supermarket CLP 301 bn•Brazil CLP 140 bn after the consolidation of Prezunic•Argentina CLP 73 bn after the 19% increase in sss and 7,8% in selling space

Department Store CLP 46 bn•Johnson CLP 33 bn•Paris CLP 13 bn due a 5,5% in SSS

Home Improvement CLP 39 bn•Argentina represents 79% increase due to 31% sss

Financial Service Division CLP -12,452 MM•47% increased charges related to risk higher loan portfolio in Chilean peso and a slight increase in risk•36% Banco Paris restructuring after a one time charge of CLP 4,532 MM•10% an extraordinary write off related with Mis Cuentas

Supermarket Division CLP -11,225 MM•Argentina increase in 100 bps its gross margin that was offset by the increase of 25% in the nominal wages•Brazil was affetcted by the consolidation of Prezunic and the implementation of SAP in Gbarbosa•Chile improved its performance after an increase in its gross margin

Departmente Stores CLP -489 MM•Johnson impacted the result in CLP 3,970 M

Source: Cencosud, Public filingsNote: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 501.84 for end of period 2Q12

Composition of Net Income in the First Half 2012

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250.050

-93.326

-14.029

-48.752

265.745

-63.370

-16.777

-52.098

Operating income Net Financial Income

Result of indexation units

Tax

2012

2011

Net Income drop 30%:• Lower non operating income

explains 60% of the net income drop due to higher net financial expenses due to higher debt 21%

• Lower Operating income explains 40% of Cencosud net income drop after lower results in Supermarket and Financial Service offset by a better performance in Shopping center and Paris Store

40%

60%

Source: Cencosud, Public filingsNote: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 501.84 for end of period 2Q12

EBITDA

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2012 2011 Variation

MM Ch$ MM Ch$ (%)

Operating Income 116.960 132.483 -11,7%

Depreciation 31.254 25.888 20,7%

Amortization 3.281 2.580 27,1%

Operating Income + Dep + Amort 151.494 160.952 -5,9%

Adjusted EBITDA 134.429 153.242 -12,3%

EBITDA 138.027 152.658 -9,6%

Revenues evolution (US$bn) Adjusted EBITDA evolution (US$mm)

Source: Cencosud, Public filingsNote: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 501.84 for end of period 2Q12

Quarter Results by Business

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+18%

-11%

CAGR

+23%

+22%

CAGR

Supermarkets

SSS evolution by country in local currency

• Prezunic sss:• 1Q12: 11,5%• 2Q12: 10,0%

• Overall performance in Brazil affected by SAPImplementation

• 3 stages project:• 1st stage ends on September• 2nd stage ends on March 2013 (Bretas)• 3rd stage ends on June 2013 (Prezunic)

Source: Cencosud, Public filingsNote: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 501.84 for end of period 2Q12

Quarter Results by Business

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Home ImprovementAdjusted EBITDA evolution (US$mm)Revenues evolution (US$mm)

+19%

CAGR

+31%

CAGR

+18% +1%

SSS evolution by country in local currency

Source: Cencosud, Public filings, ABRAS, INDECNote: Figures in IFRS; Growth rates calculated in local currency; figures converted to USD at exchange rates of 507, 468, 519, 479 and 487 for end of period 2009, 2010, 2011, 1Q2011 and 1Q2012, respectively; Market share in terms of net revenues, as of 2011; Peru market share estimated based solely on reported sales from the three main competitors

Quarter Results by Business

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Department Stores

Shopping Centers

Adjusted EBITDA evolution (US$mm)Revenues evolution (US$mm)

+16% +103%

CAGR CAGR

+28%

(3%)

Johnson’s revenues: US$65mm Johnson’s operating

loss: US$7.9mm

Adjusted EBITDA evolution (US$mm)Revenues evolution (US$mm)

+10%

CAGR

+14%CAGR

+19% +44%

Credit card penetration by division 2Q 2012

Source: CencosudNote: Figures in IFRS; Assumes CLP per USD exchange rates of 507, 468, 519 and 487 for end of period 2009, 2010, 2011 and 1Q2012, respectively 1 Allowance % does take into account anti-cyclical provisions

Loan loss allowance as % of all loans1

Gross loan portfolio evolution by country (US$mm)

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Chile

Argentina

Brazil

Peru

Quarter Results by Business

Financial Services

Key Issues First Half 2012

Second Quarter Results Cencosud Projects

Costanera Center, About the Project

Construction Started in July 2005

Constructed area: 712,166 sq meters in a 47,000 sq meter area

Infrastructure:

Tower 4: 41 floors, 172 meters high, 64,769 sq meters. Offices, 5 Star Hotel and heliport.

Tower 1: Skyline of 63 floors, 300 meters high, 107,100 sq meters. Offices.

Tower 2: 41 floors, 166 meters high, 77,169 sq meters. Offices

Tower 3. 28 floors, 112 meters high, 35,736 sq meters. 4 Star Hotel and Offices.

Shopping Center: 6 floors and 202,325 sq meters

Parking Space: 121,000 sq meters.

Costanera Center, Shopping

6 floors arranged thematically

• Ground floor: Services and more

• 1st Floor: Gifts

• 2nd Floor: Female

• 3rd Floor: Men and Children

• 4th Floor: Deco, Technology and Sport

• 5th Floor: Food and Entertainment

251 opened stores (77%), 326 total stores

60 Restaurants

Wide variety of brands, including hypermarket Jumbo,the 3 large Department Stores Paris, Falabella andRipley, a large food court, Restaurants and 12cinemas.

27 million visits estimated per year

87% of stores leased

Key Issues First Half 2012Second Quarter Results

Cencosud Projects

• Financial Services

• Easy

• Brazil Supermarkets Actions

Financial Services

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Cencosud New Card Delivers a unique value proposition at a regional level, allows access to Cencosud

world and eliminates the psychological barrier to cross-use in different Cencosudformats.

Strengthens the relationship between the customers & Cencosud, generating crossproposals achieving greater loyalty.

The project also involves an approval in service models and operations, generatingsynergies and efficiencies in internal processes.

Johnson Integration Integrating Johnson and its Multichoice Credit Card, increases our customer base

and expands the possibilities to develop the financial business in departmentstores, currently the most profitable format for cards and insurance, complementingour efforts in Paris stores.

It has a focus in the C3D segment, and a wide coverage with 41 stores throughoutChile, reaching new cities and regions unexplored by our business in this format.

With this integration we streamline our headquarter expenses and centraloperations.

Financial Services

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Cencosud Bank in Peru Represents the first financial vehicle of Cencosud outside Chile

Along with the Bank comes the launch of its credit card, which allows the clients to buy in allof our formats present in Peru with the same card.

Financial benefits of this new vehicle: diversification of funding and increased revenuegeneration from the wider range of products to be developed.

Conversion to bank includes a further integration with retail with consequent efficiencies inareas such as procurement, marketing, and trade.

Financial Retail Expansion in Brazil Currently Financial Retail Brazil countinues accompanying Cencosud’s expansion in Brazil,

in the Gbarbosa and Bretas formats contributing to the customers loyalty and value offer.

In 2011 was launched Cencosud credit card in Bretas located in central Brazil (MinaGerais/Goias) and during 2012 we have been working on the supermarket integration.

We are standardizing systems and consolidating teams to harness the synergies, capitalizeon business efficiencies, innovate and offer vanguard services, aiming to position ourselvesas leaders in the regions of Brazil where Cencosud has a presence.

Bradesco continues participating actively as a strategic partner in developing businessplans and providing knowledge widely recognized in the Brazilian market.

Financial Services

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Management proactivity to mitigate a deterioration in Argentina The Financial Retail business administration in Argentina has launched initiatives that

allows greater and better control against possible scenarios of economic downturns inthis country.

Improvements have been implemented in the process of acquisitions directing it tobetter quality customers with lower quotas for new openings and gradually increasethe minimum wage, among others.

Additionally, we have strengthened the collection and recovery processes with strictercontrol of operating expenses.

One Easy

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One Easy:

Regional integration project

Lays the foundation for a unique business model, replicable and scalable for the Home Improvement Division, Easy.

Addressed to processes of assortment, procurement, logistics, pricing and promotions, among others.

Implemented on SAP's technology platform, which will be the only platform for the three countries where Easy operates.

Currently operates in Chile. Argentina and Colombia are in the process of roll out in 2012, establishing a model "plug & play" for the expansion of the Division.

More Easy Projects

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Operational Efficiency Project :

3 pilot stores ready in Chile

Second roll-out of four additional stores in Chile in 3Q12 and 4 in Argentina

Project led by McKinsey

WMS implemented in Chile (with 20% of productivity in Chile) and Argentina begins operations in 4Q12.

2nd half openings in Colombia: Los Andes and Fratelares

Go Live of the Easy Argentina webite and the start of sales on the Internet without telephone intervention (before it was started on the web and closed by telephone).

Culture umbrella for operational excellence and value (strategic project with McKinsey)

Actions taken in Brazil Supermarket

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Monthly Board Committee in Brazil

Implementation of SAP

Fully implemented in GBarbosa

Integration and consolidation of Prezunic FICO by the end of 2012 and Retail (end of 2013)

Negotiations with Suppliers

Inventory Management

Drop of 10 days after the full implementation of SAP retail on GBarbosa

Q&A