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EARNINGS PRESENTATION Second Quarter 2019 1

Disclaimer The information contained in this presentation has been Cencosud and their respective affiliates, officers, prepared by Cencosud SA ("Cencosud") for informational directors, partners and employees accept no liability purposes only and should not be construed as a for any loss or damage of any kind arising from the solicitation or an offer to buy or sell securities and use of all or part of this material. should not be treated as giving investment advice or otherwise. No representation or warranty, express or This presentation may contain statements that are implied, is provided in relation to the accuracy, subject to risks and uncertainties and factors, which completeness or reliability of the information contained are based on current expectations and projections herein. The views expressed in this presentation are about future events and trends that may affect the subject to change without notice and Cencosud has no business of Cencosud. You are cautioned that such obligation to update or keep current the information forward-looking statements are not guarantees of contained herein. The information contained in this future performance. There are several factors that presentation is not intended to be complete. can adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control.

Executive Summary • Softer consumption in Chile and weak macroeconomic environment in Argentina affected results during the quarter. Despite these headwinds, Adjusted EBITDA 1 margin expanded 95 bps supported by operational improvements in Brazil, Peru and Colombia, as well as lower SG&A as a result of the efficiency plans implemented in labor costs and basic services and the IFRS16 rule adoption 2 . • At constant exchange rates, revenue increased 6.8% YoY. Under previous accounting standards which excludes IAS29 (hyperinflation accounting in Argentina) effective since 3Q18, revenues decreased 4.9% due to the depreciation of ARS and BRL against the CLP. As reported, and including IAS29, revenues decreased 1.8%. • During the second quarter, the IPO of Shopping Centers was successfully executed, raising USD 1.055 million. Proceeds will be used to pay down debt at Cencosud. 1. Adjusted EBITDA: Gross profit + Other income by function + Other gains (losses) – SG&A + D&A + profit of equity method associate - Asset Revaluation 2. IFRS16 rules states all leases exceeding 12 months in length and not of low value, should be recognized in the balance sheet. 3

2Q19 Highlights Consolidated 2Q19 Results Under Previous Accounting Standards IAS29 As Reported (A) (B) (C) (D) Inflation Conversion 2Q19 1 2Q18 2 2Q19 6 Chg. YoY Chg. YoY Chg. YoY Effect 4 Effect 5 Constant CLP mn CLP mn Ex-IAS29 3 CLP mn CLP mn CLP mm (%) Currency Revenues 2.288.196 2.406.517 -4,9% 6,8% 54.869 20.293 2.363.357 -1,8% Gross Profit 630.842 689.705 -8,5% 5,6% 24.758 7.160 662.760 -3,9% Gross Mg. 27,6% 28,7% -109 bps 28,0% -62 bps SG&A (540.501) (596.299) -9,4% 4,4% (20.888) (5.953) (567.342) -4,9% SG&A (% of revenues) -23,6% -24,8% 116 bps -24,0% 77 bps Adjusted EBITDA 167.501 153.241 9,3% 19,7% 13 - 167.513 9,3% Adj. EBITDA Mg. 7,3% 6,4% 95 bps 7,1% 72 bps Net Profit 9.599 3.682 160,7% 231,6% (28.803) 244 (18.960) n.a. Net Profit Mg. 0,4% 0,2% -0,8% 1 Excludes the adjustment by hyperinflation in Argentina 2 As Reported 3 Considers the quarter results with previous accounting methodology, using an average exchange rate per month in Argentina. 4 ‘Inflation effect’ reflects the three months period results from Argentina updated by inflation. 5 ‘Conversion effect’ reflects the translation from ARS to CLP figures of the 6 months period using end of period exchange rate as of June 2019. 6 Includes the adjustment by hyperinflation in Argentina. 7 (A) + (B) + (C) = (D) 4

6M19 Highlights Consolidated 6M19 Results Under Previous Accounting Standards IAS29 As Reported (A) (B) (C) (D) Inflation Conversion 6M19 1 6M18 2 Chg. YoY Chg. YoY 6M19 6 Chg. YoY Effect 4 Effect 5 Constant CLP mn CLP mn Ex - IAS29 3 CLP mn CLP mn CLP mn (%) Currency Revenues 4.562.933 4.829.322 -5,5% 5,9% 67.792 (17.067) 4.613.658 -4,5% Gross Profit 1.288.715 1.393.653 -7,5% 6,6% 18.623 (7.196) 1.300.142 -6,7% Gross Mg. 28,2% 28,9% -62 bps 28,2% -68 bps SG&A (1.082.704) (1.182.187) -8,4% 8,7% (28.932) 4.483 (1.107.153) -6,3% SG&A (% of revenues) -23,7% -24,5% 75 bps -24,0% 48 bps Adjusted EBITDA 463.238 336.402 37,7% 51,3% 1.594 (2.945) 461.886 37,3% Adj. EBITDA Mg. 10,2% 7,0% 319 bps 10,0% 305 bps Net Profit 186.960 56.134 233,1% 151,6% (51.755) (907) 134.299 139,2% Net Profit Mg. 4,1% 1,2% 2,9% 175 bps 1 Excludes the adjustment by hyperinflation in Argentina 2 As Reported 3 Considers the quarter results with previous accounting methodology, using an average exchange rate per month in Argentina. 4 ‘Inflation effect’ reflects the three months period results from Argentina updated by inflation. 5 ‘Conversion effect’ reflects the translation from ARS to CLP figures of the 3 months period using end of period exchange rate as of March 2019. 6 Includes the adjustment by hyperinflation in Argentina. 7 (A) + (B) + (C) = (D) 5

Update: Cencosud Shopping Centers Completes IPO  May 6, 2019: Cencosud Shopping was registered on the Financial Market Commission (CMF) under number 1164.  May 17, 2019: Notes Issuance of UF 10,000,000 structured in Series A for UF 7,000,000 for a term of 10 years and Series B for UF 3,000,000 for a term of 25 years. Funds will be used to refinance liabilities.  June 17-27, 2019: Local, international roadshow and pricing of the publicly offered shares  June 28, 2019: Cencosud Shopping successfully placed through the Santiago Stock Exchange, 472 million shares to the public at a price of $1,521 CLP, raising USD 1,055 million. 6

2019 Focus: Omnichannel • Chile launched the new Jumbo App with express delivery VAR % Penetration Penetration Internet Sales 19/18 2Q19 2Q18 in August 2019 • Argentina: efforts focused on increasing web page Supermarkets 11,6% 1,6% 1,4% Department Stores 17,6% 20,9% 17,1% visibility on the internet Home Improvement 53,8% 6,3% 3,7% • Colombia: launch of Metro website with national Supermarket Total 22,0% 4,5% 3,5% coverage on non-food products and food coverage in Bogota • Peru : focus centered on increasing the number of sku’s offered on the website. • Chile: double digit growth due to Cyber Monday. Good performance of the recently introduced same day Click and Collect, improvements to the post-sales systems and the implementation of systems to automate certain processes in the back-office Home • Argentina: alliances with banks to boost sales in Improvement installments • Colombia: increasing online assortment and a good performance on strategic alliances • Chile: Department • Successful execution of Cyber Monday campaign Stores • Positive results after the changes made to the lay-out and efficiencies in the picking process 7

Supermarkets Results 1 Revenues declined YoY by 3.0% in CLP reflecting the depreciation of ARS against CLP. Revenue comparisons were 2Q19 2Q18 Chg. YoY Chg. YoY affected by the World Soccer Cup which took place in June As Constant CLP mn CLP mn Reported Currency 2018 and higher promotional activity, partially offset by higher online sales in all countries. Revenues 1.645.463 1.695.508 -3,0% 6,9% Gross Profit 400.456 423.510 -5,4% 5,8% Adjusted EBITDA increased 24,7% in CLP YoY explained by Gross Mg. 24,3% 25,0% -64 bps the adoption of IFRS16 across countries. Excluding this SG&A (347.428) (377.514) -8,0% 5,5% effect, Adjusted EBITDA margin was flat YoY, reflecting SG&A (% of revenues) -21,1% -22,3% 115 bps higher EBITDA in Brazil and Colombia, partially offset by Adjusted EBITDA 102.690 82.370 24,7% 21,2% Adj. EBITDA Mg. 6,2% 4,9% 138 bps Argentina, Peru and Chile, due to higher promotional activity in these countries. Supermarket SSS by Country & Food Inflation Same Store Sales Food Inflation Revenues Chg. YoY Chg. YoY 2Q19 2Q18 2Q19 2Q18 2Q19 2Q18 Constant As Reported (%) (%) (%) (%) CLP mn CLP mn Currency Chile 0,0 1,9 2,2 2,2 685.717 677.607 1,2% 1,2% Argentina 35,5 17,7 64,0 23,2 246.533 313.553 -21,4% 35,2% Brazil -0,2 1,6 5,9 -2,8 333.868 330.362 1,1% 0,0% Peru -3,3 2,7 2,5 -1,4 206.208 191.471 7,7% -0,3% Colombia 0,5 0,3 4,6 3,9 173.138 182.515 -5,1% -0,6% Source: INE, IBGE, BCRP, BanRep 8 1 For comparative purposes and business performance analysis, figures exclude the effect of hyperinflation in Argentina.