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for

CencosudHighlights

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1Q13

FirstQuarter2013

Operational & Financial Highlights• 1Q13 was a quarter of integration

• First complete quarter of Colombian supermarketsoperations after the acquisition

• Continuous improvement in the consolidation of Johnsonin Chile

• Gross margin improvement from Brazilian operations

• Department Store division inaugurated the first Paris storein Peru

• Chilean market thriving• Key Financials

• Revenues increased 18% YoY in USD

• Adjusted EBITDA grew 9% YoY

• Net income decreased 62% YoY

4

Revenues evolution (US$bn)

Adjusted EBITDA (US$mm) and margin (%)

6.7%

1Q 2012 1Q 2013

Solid revenue and adjusted EBITDA growth despite extraordinary costs

+18%

1Q 2012 1Q 2013

9%

6.2%

Adjusted EBITDA by Country

1Q13

1Q12

Colombia 1%Peru 8%

Brazil 25%

Argentina 28%

Chile 38%

Argentina 25%

Chile 37%

Peru 7%

Colombia 10%

Brazil 21%

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*Figures include the provision. Excluding this effect adjusted EBITDA growth was 23%, an improvement of 30 bps in EBITDA margin

SG&A impacted by extraordinary provision

Consolidated (USD million) 1Q12 1Q13 1Q13Sales 4,450 5,229 5,229

SG&A 993 1,224 1,266

SG&A over sales (%) 22,3% 23,7% 24,2%

Excludes the USD 40 million

provision

• SG&A expenses impacted by Colombia Integration & one-off provision in financial services• Excluding these factors SG&A expenses over sales was 23.7% • Cost-cutting initiatives

* Excludes segment others

SG&A by division / Sales by division *

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• Chilean business showed a strong performance• 2.6% growth in supermarket SSS• Costanera & Osorno drove shopping center performance• Johnson turning around continues

• Operational strategies will maintain competitive advantage

• Solid macroeconomic outlook, retail sector growing

CHILE:Leader in a thriving market

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Johnson: Integration showing results

• Johnson had a strong 1Q13• Revenues rose 18% in CLP• SSS grew 20%• Gross margin rose from

22.1% in 1Q12 to 29.7% in 1Q13

• With the migration of the Johnson Distribution Center in January 2013, has finished the integration process with Paris.

• An Improved seasonal transition with a shorter liquidation period and early entry of fall fashion, has allowed a significant increase in ending margins in 1Q13.

• A new celebrity in communicating and building a close and convenient brand gave Johnson a new positioning and greater visibility in the first quarter.

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resultsquarterly

Brazil

Brazilian Operation: Continuing progress• SSS growth of 2.3% shows

engagement• Gross margin improvement highlights

efficiency• SAP implementation on going, ending

the stores incorporation by July and the Distribution Centers by August

• Unification process of check outs: Emporium

• Sales growth despite SAP implementation ongoing

• We are already completing the unification process of vendor contracts among all flags in Brazil

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Colombia Integration Update• Rebranding:

• On march 31st: 2 pilot Jumbo stores in Bogota with an outside “coming soon Jumbo” sign.

• Main rational: socio economic level in selling area, sales per square meter and whether the store is located in a shopping mall or stand alone.

• Commercial strategy:JUMBO: Outstanding shopping experience• Enhanced offering of top quality fresh food, wider aisles, fewer

promotional material and impeccable stores.• Outstanding service.• Assortment redefinition.

METRO: Saving without sacrificing quality• Good quality of fresh food, clean and cheerful stores, good

service, strong value communication.• Inventory reduction by selling out low turnover sku’s

• Cultural Transition:• Training Program: All employees received an induction program on

Cencosud´s culture and values

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895 supermarkets &2.3 mn of m2 1Q13

Vs.

793 supermarkets & 1.8 mn of m2 in 4Q12

Considers 96 stores & 0.4 mn of m2 of Colombian supermarkets

Openings 1Q13 vs. 4Q12

78 stores & 0.4 mn of m2 in 1Q13 (1 Johnson closing)

Vs.

78 stores & 0.4 mn of m2 in 4Q12

Considers 96 stores & 0.4 mn of m2 of Colombian supermarkets

Openings 1Q13 vs. 1Q12

* Includes 96 new supermarkets and 431,040 sq meters from the Colombian operations.

+35% increase in

selling space

+1% increase in selling space

+6% increase in selling space

+30% increase in selling space6

marketsSuper

1Department

Store

169markets*

Super

5ShoppingCenters

1HomeImprovement

4Department

Store

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ResultsBy Business

12

Source: Cencosud. Figures converted to  USD, exchange rate by the end of March 2012 and 2013 

SSS evolution by country in local currency

SUPERMARKETS

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

+19%

+11%

1Q 2012 1Q 2013

1Q 2012 1Q 2013

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HOME IMPROVEMENTSSS evolution by country in local currency

Adjusted EBITDA evolution (US$mm)

Revenue evolution (US$bn)

+11%

+6%

1Q 2012 1Q 2013

1Q 2012 1Q 2013

1Q12 1Q13

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DEPARTMENT STORES

* Non comparable figures. In 1Q13, SSS consolidate Johnson stores.

Adjusted EBITDA evolution (US$ mm)

Revenue evolution (US$ bn)

+15%

+38%

1Q 2012 1Q 2013

1Q 2012 1Q 2013

SSS evolution by country in local currency

1Q12 1Q13

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Adjusted EBITDA evolution (US$ mm)

SHOPPING CENTERS

Revenue evolution (US$ bn)

+39%

1Q 2012 1Q 2013

+47%

1Q 2012 1Q 2013

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FINANCIAL SERVICES Gross loan portfolio evolution

CHILE ARGENTINA PERU

Provision/ Loans (%)

406.317418.316

429.526

1Q11 1Q12 1Q13

MM CLP

7,2%7,6%

7,9%

1Q11 1Q12 1Q13

185239 277

1Q11 1Q12 1Q13

MM USD

9,1%6,9% 5,4%

1Q11 1Q12 1Q13

44

75

1Q12 1Q13

11,5%14,5%

1Q12 1Q13

Provision/ Loans (%)Provision/ Loans (%)

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FinancialStructureCencosud

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Financial RatiosNet debt evolution (US$bn)

1Q13

2012

2011

2010

2009

Interest coverage

1Q13

2012

2011

2010

2009

Net leverage (net debt/EBITDA)

1Q13

2012

2011

2010

2009

Total debt / equity

1Q13

2012

2011

2010

2009

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Breakdown by issuer

Amortization schedule (US$mm)

Breakdown by currency Breakdown by interest rate

Source: Cencosud Note: Includes cross-currency swapsNote: Includes cross-currency swaps

Cencosud S.A.

SubsidiariesVariable rate

Fixed rate

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Capital Raise

• Pre-emptive rights period concluded in March

• 299,688,946 shares subscribed

MANAGEMENT STOCK OPTION PLAN• 300 employees entered retention

plan• Options issued in 2009; exercised in

April 2013

NEW BOARD MEMBER• Independent members: Richard

Büchi and David Gallagher• Büchi takes seat previously

controlled by Chairman• Demonstrates high standard of

Corporate Governance

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HOME IMPROVEMENT

Chile

22Regional Drivers

GDP per capita2012, current

US$

GDP per capita2015 Forecast,

current US$Population

2012, (millions)Cities with more

than 200,000inhabitants

11,576 12,350 42.2 17

15,410 18,468 16.6 12

7,855 9,038 47.1 29

Low penetration / High potential format.

Thousands of Homes per Big Box

Encouraging economic and demographic trends.

Argentina Peru Brazil Colombia

23HOME IMPROVEMENTLocal Market Drivers

•Intense building activity inhousing (public & private) andinfrastructure

•Large scale mining projects

•Refurbishing of old houses inmain cities (programs andsubsidies)

•15% of the reconstructionprogram budget (2010earthquake) will be executedthis year

•Public housing programs

•Long term mortgagestimulus (up to 30 years)

•New openings due toCarrefour acquisition(plug and play businessmodel)

•People invest in homegoods due to uncertainty

•People is refurbishinghouses

24HOME IMPROVEMENTBusiness Highlights

4 stores2012 Financials:

• Sales: MM US$ 2,215• EBITDA: MM US$ 190• EBITDA margin: 8.6%

1Q13 Financials:

• Sales: MM US$ 592• EBITDA: MM US$ 54• EBITDA margin: 9.2%

#2

31 stores#2 47 stores

#1

Total 1Q13: 82

Stores

25HOME IMPROVEMENTStrategic Initiatives

Home Improvement Division is currently involved in the following strategic initiatives:

Multichannel Strategy Developing Home Improvement-specific online presence as a sales and relationship building channel

Lean operations initiative (Store efficiency)Strategic overhaul designed to streamline operations and maximize employee face-time with customer

Category Management Devising category-specific plans to boost sales and improve productivity per square meter

Organizational Culture programGroup initiatives designed to maximize employee productivity, loyalty and further improve customer service

Environment

Overviewof

26

Country GDP Consumer Confidence Unemployment Inflation

Chile• 5.0% GDP growth 2013E• 4.8% GDP growth 2014E• Driven by internal demand

• IPEC up from 56.8 (March) to 59.2 (April) 2013

• Average 2002-2013: 46.46

• Historical level• 2012: 6.4%

• Negative inflation• 2013E: 2.0%• BCCh inflation goal (3% ± 1pp)

Argentina• Decreased to 41.65 (May) from 44.06 (April) 2013.

• Average 2001-2013: 47.11

• 7.9% in 1Q13 vs. 7.1% in 1Q12

• Hyperinflation ~ 30%• Freezing prices measures taken in supermarkets division

Brazil • 3% GDP growth 2013E

• Decreased to 112.10 (April) from 112.3 (March) 2013.

• Average 1996-2013: 108.39• All time high in October 2010: 120.70

• February 2013: 5.7%

• Expected between 4 and 5%

• Target: 4.5% (2,5%-6,5%)

Peru• 6.0% GDP growth 2013E• 6.5% GDP growth 2014E• 14% GDP per capita growth

in last 4 years

• Decreased to 54 (April) from 56 (March) 2013.

• Lowest level since November 2012

• Average 2009-2013: 52.27

• Diminishing from 8.3% in 2009

• 2012: 7% annual average

• Decelerating since January 2012, close to BCRP inflation goal (2% ± 1pp)

• 2013E 3.0%

Colombia• 2012 deceleration driven bylower investments, consumption and exports. Recuperating on 2H2013

• 4.0% GDP growth 2013E

• Increased to 23.70 (April) from 14.8 (March) 2013.

• Average 2003-2013: 20.09

• Diminishing from 12% in 2009

• 2012: 10.4%

• 2013E 2.5% • BanRep inflation goal (3% ± 1pp)

Macroeconomic Environment 27

The year ahead

• Colombia:

• Supermarket Integration

• Home Improvement

• Brazil:

• Better gross margins

• SAP Integration

• Department Stores:

• 4 more openings in Peru

• Johnson break even by the end

of 2013

• Leverage reduction

2013

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