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Agenda

I N V E S T O R P R E S E N T A T I O N

March 2010

Recent Offering of a 2,2% stake and shareholding structure

�Cencosud took an active role on this offering in order to:

� Broaden investor base

� Enhance liquidity and visibility by increasing float

OverviewOverview

Paulmann Group65,5%

Float34,5%

Shareholding structure Shareholding structure

3

� 49.75mm shares were sold, march 9 th. 2010, on a public offer.

�Demand for the aprox USD 200 million offered reached USD 500 million

��

4

Why Cencosud?

� Multi-format leader with a diversified footprint

OverviewOverview

�Presence in 5 key markets

�#1 or #2 position in all key markets and business segment it operates

�Significant room for margin improvement

�Synergy potential across business units

�With over US$10bn in sales, the 2nd largest publicly traded retailer in South America

�Low penetration in key markets

�Strong cash flow generation

�Over US$700mm in cash

� Proven performance track record with a solid financial position well established to capitalize future opportunities

� Integrated business model

� Successful growth story with substantial potential going forward

5

Cencosud is the #2 largest publicly traded retail conglomerate in South America…

�5 business segments

�Operations in Argentina, Brazil, Chile, Colombia and Peru

�Successfully follows a multi-format strategy addressing 100+ million customers

�Cencosud’s track record of growth in recent years, both organic and through strategic acquisitions, has created a unique value portfolio

Leading top of mind brand portfolioLeading top of mind brand portfolio

4.913 5.8547.607

9.633 10.504

2005 2006 2007 2008 2009

Financial highlights (US$ mm)Financial highlights (US$ mm)

388 476633 676 768

2005 2006 2007 2008 2009

Sales

EBITDA

Margin % 7.9% 8.1% 8.3% 7.0% 7.3%

Note: Nominal pesos of each year converted to USD at the applicable eop USD/CLP rate

�

OverviewOverview

R.Estate2,4%

D.Stores9,7%

Financial3,8%

Superm.72,1%

DIY12,0%

Arg30,2%

Chile50,0%

Colombia0,2%

Peru9,6%

Brazil10,0%

Business Country

Sales breakdown, Dec 2009Sales breakdown, Dec 2009

6

CAGR: 20.9%

CAGR: 18.8%

… with strong presence in its key markets

Argentina Brazil Chile Colombia Peru

GDP (US$ mm) 300,941 132,839 139,108 212,968 120,245 Population (mm) 39.9 51.6 16.8 44.5 28.5

Supermarkets

� 16 hypermarkets

� 232 supermarkets � 442,803 m2

� 22 hypermarkets


� 27 hypermarkets


� 13 hypermarkets


Homecenters

� 46 stores

� 350,666 m2

� 25 stores � 251,144 m2

� 2 stores � 16,646 m2

Department stores

� 30 stores � 217,698 m2

Real Estate/ Shopping centers

� 13 malls

� 202,367 m2

� 8 malls � 259,293 m2

� 2 malls

� 87,206 m2

Financial retail � 200th active cards � Over 170,000

premiums

� 1,100 cards � 2,000th active cards � Over 650,000

premiums

� 450th active cards � Over 70,000

premiums

�Note: Brazilian GDP and population data considers only Northeast region

OverviewOverview

7

The Company has a successful growth story…

2007

2006

2005

2004

2003

2002

2000

1993

1988

1982

1976

1st Jumbo,1st Jumbo,SantiagoSantiago

1st Jumbo,1st Jumbo,Buenos AiresBuenos Aires

ArgentinaArgentina

US$1

0,50

0mm

+2.5

Mill

ion

m2

2008

Rev

enue

s an

d S

quar

e M

eter

s E

volu

tion

OverviewOverview

2009

1,042

3,1771,052

5,254385

1,004

1710,504

1,427

2001 2009

Chile Argentina Brazil Peru Colombia .

CAGR 28.3%

Sales evolution (US$ mm)

Note: Nominal pesos of each year converted to USD at the applicable eop CLP/USD rate

8

… with significant potential going forward in a region where growth prospects remain strong…

Chile

Argentina

Brazil

Peru

� Strong GDP growth for upcoming years

� Sound fiscal performance to continue

� Trade surplus driven by high copper prices

� Terms of trade to continue positive driven by high soft commodities prices

� Low risk of sovereign default in the near term

� Growth performance should remain strong on the back of domestic demand

� Exchange rate and imports substitution should continue to keep inflation well contained

� Low real rates amid continued capital inflows should continue to underpin the deepening of capital markets

� Domestic demand growth to remain strong

� Terms of trade to remain very favorable, driven by mineral prices

� Strong fiscal performance and improvement of debt ratios to continue

Colombia

� Continued growth in the next years

� Net FDI inflows to remain high

� Improvement in fiscal position to continue ¹ J.P. Morgan research estimate

Macroeconomic overviewMacroeconomic overview Retail penetration in the formal market - SupermarketsRetail penetration in the formal market - Supermarkets

Expected GDP growth (%)¹Expected GDP growth (%)¹

5.0%4.5%

6.2%5.5%

3.0%

5.0%

3.0%

4.0%

6.0%

4.1%

2010E 2011E

Source: ACNilelsen, Larrain Vial research (2008)

14.0%

42.0% 44.0%51.3%

61.0%

9

Net financial debt / EBITDANet financial debt / EBITDA

… with a solid financial position to capitalize future growth opportunities…

2.6x

3.1x 3.2x3.5x

3.3x3.5x3.6x

3.2x

3.6x

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Note: EBITDA calculated as operating margin + depreciation + amortization + equity investments. Ratios calculated in local currency.

2,1272,5082,739

2,5432,4882,8042,6522,6332,114

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

ST debt LT debt Cash .

Net financial debt (US$ mm)Net financial debt (US$ mm)


OverviewOverview

� Capital expenditures in the last 3 years were slightly over US$ 3.0bn

� Out of this total, approximately US$1.0bn were used for acquisitions

� Cencosud has recently been de-leveraging its capital structure through a series of initiatives

� Debt restructuring of approximately US$1.0bn

� Series of capital increases

� These initiatives have allowed the company to reach debt ratios in line with historical levels

� Net debt/ EBITDA ratio of 2.6x

� Total cash of US$742mm (Dec 2009)

� 2010E Capex of US$ 700 - 800 mm

10

Covenant: 4.25x

… and a new organizational structure focusing on capturing these opportunities

Board of Directors

CEO

Internal audit

Supply chain

Supermarkets Department stores Financial retail Home

improvement Real estate

Legal

Logistics

Marketing

Finance IT &

processes

Human resources

Corporate issues

Superm. Chile Paris Chile Tarjetas Chile Easy Chile Real estate

New businesses

Shopping Chile

Superm. Argentina

TarjetasArgentina Easy/Blaisten Real estate

ArgentinaShopping Argentina

Superm. Brazil

TarjetasBrazil

Superm. Perú

Shopping Peru

Real estate Perú

Easy Colombia

11

Shopping

��

12

Sales (US$ mm) and sales growth (%)Sales (US$ mm) and sales growth (%)

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

Operating income (US$ mm) and operating margin (%)Operating income (US$ mm) and operating margin (%)

Key financial highlights

476633 676 768

676633476

768

2006 2007 2008 2009

Mg% 8.1% 8.3% 7.0% 7.3%

260 340 287 347

82130

140 11446

6122 267

-4

536

342

477 490

2006 2007 2008 2009


Mg% 5.8% 6.3% 5.1% 5.1%

3,790 4,792 4,215 5,254

2,0642,628 3,378

3,1771871,052

1,075

1,0049623 179,633

7,6075,854

10,504

2006 2007 2008 2009


Gr% 19.1% 29.9% 26.6% 9.0%

-12


13

Nominal SSS: Home Improvement (CLP$) - ChileNominal SSS: Home Improvement (CLP$) - Chile Nominal SSS: Home Improvement (ARS$) - ArgentinaNominal SSS: Home Improvement (ARS$) - Argentina

Nominal SSS: Department Stores (CLP$) - Chile Nominal SSS: Department Stores (CLP$) - Chile

Key financial highlights (cont’d)

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

14

Nominal SSS: Hypermarkets (CLP$) - Chile Nominal SSS: Hypermarkets (CLP$) - Chile Nominal SSS: Hypermarkets (ARS$) - ArgentinaNominal SSS: Hypermarkets (ARS$) - Argentina

2009 Monthly consumer price index - Chile2009 Monthly consumer price index - Chile

Key financial highlights (cont’d)

-2.0%

3.0%

8.0%

13.0%

18.0%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

Source: Banco Central de Chile

1.2%

3.1% 3.2%

-0.5% -0.7%-0.1%

0.2%

-0.8%-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09

15

5%18%

5% 0%

34%49%

112%

37%32% 34%

100%

23%

0%20%40%60%80%

100%120%

Chile Argentina Brasil Peru

Revenues Operating income EBITDA

Summary of results in local currencySummary of results in local currency

4Q’09 variation by country (in local currency)4Q’09 variation by country (in local currency)

Summary of 4Q’09 and full year 2009 consolidated results in local currency

Income statement 2009 vs. 2008 4Q09 vs. 4Q08

Revenues 6.5% 8.0%

Gross profit 6.3% 16.4%

Selling and administration expenses 6.6% 10.2%

Operating income 4.9% 45.9%

Net income (70.2)% 136.9%

EBITDA 9.0% 38.9%

16

Selling and administrative expenses

Overview (US$ mm)Overview (US$ mm)

Note: Nominal pesos of each quarter converted to USD at the applicable eop CLP/USD rate

592

649

564

641

505

530

567 565

1Q 2Q 3Q 4Q

2008 2009

17

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18

Overview of Cencosud’s operations

� 27 hypermarkets

� 135 supermarkets

� 16 hypermarkets

� 232 supermarkets

� 13 hypermarkets

� 42 supermarkets

� 22 hypermarkets

� 30 supermarkets

Geographical presenceGeographical presence

Peru13%

Brasil14%

Chile42%

Argentina31%

Sales breakdown by country, Dec 2009Sales breakdown by country, Dec 2009

3,326 3,7614,964

6,986 7,571

2005 2006 2007 2008 2009

Sales (US$ mm)Sales (US$ mm)

M² growth 3.3% 9.0% 16.0% 26.8% 1.0%

Supermarkets

Home Improvement

Department Stores

Real Estate/ Shopping

Financial Services

Total = US$7,571 mm


19

Overview of Cencosud’s operations (cont’d)

Chile Argentina Brazil Peru

Hypermarkets

Supermarkets

Geographic presence

� National

� National � Northeast of Brazil � Lima, Trujillo and Chiclayo

Selling space � 407,531

� 442,803 � 120,608 � 176,802

Market position � 2nd largest operator

(28%)

� 2nd largest operator (19.8%)

� Largest operator in NE of Brazil

� Largest operator (56%)

Competitors (market share)

� D&S (33%) � SMU (18%) � Southern Cross

(7.5%) � Tottus (5.5%)

� Carrefour (21.7%) � Coto (11.4%) � Wal-Mart (7.8%)

� Bompreço � CBD � Makro

� Sup. Peruanos � Tottus

�

�

�

�

�

�

�

�

�

OverviewOverview

Supermarkets

Home Improvement

Department Stores


Financial Services

20

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21

Colombia1%

Argentina73%

Chile37%


Geographical presenceGeographical presence

� 25 stores

� 37 Easy stores

� 9 Blaisten stores

� 2 stores¹

¹ Second store in Colombia opened on December 2009

�One of the market leaders in home improvement in Argentina and Chile

�Broad assortment

� Tools and construction materials

� Home and decoration equipment

� Home services and solutions

�Targets both professional contractors and Do-it-Yourself consumers

�73 stores in Argentina, Chile and Colombia

�Also owns Blaisten in Argentina, a specialist chain selling ceramics, faucets, bathroom and kitchen fittings (9 stores in the Buenos Aires area)

Sales breakdown, Dec 09Sales breakdown, Dec 09

OverviewOverview

Supermarkets

Home Improvement

Department Stores


Financial Services

Total = US$1,257 mm

Product offeringProduct offering

Tools and construction

materials

Home and decoration equipment

Home services and solutions

Professional

ContractorD-I-Y

22


Supermarkets

Home Improvement

Department Stores


Financial Services

Chile Argentina Colombia

Number of stores � 25 � 46 � 2

Selling space (m²) � 251,144 � 350,666 � 16,646

Ave. sales per store (US$ mm, 2009)

� 20.9 mm � 15.6 � 8.6

Geographic presence

� National � National � Bogotá

Market position � 2nd largest operator � Largest operator � N/A

Competitors � Sodimac � Construmart

� Sodimac � Hiper Tehuelche

� Sodimac � Ferrasa � GYJ Ferreterías

OverviewOverview

23

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24

22 23

27

30 30

2005 2006 2007 2008 2009

Number of StoresNumber of Stores



� 30 Paris stores throughout Chile (as of December 2009)

� Additionally, we have stand-alone stores selling casual clothes under our private labels

� Nationwide presence

� Average store size of 7,243 m2

� Credit card sales accounted for approximately 55% of Paris store sales in Chile

1,022

843

1,028

853

654

2005 2006 2007 2008 2009

OverviewOverview

Supermarkets

Home Improvement

Department Stores


Financial Services

Market share, Sep 2009Market share, Sep 2009

Ripley26%

Paris29%

Falabella45%

Note: Considers only department stores that disclose retail sales Note: Nominal pesos of each year converted to USD at the applicable eop CLP/USD rate

25

Business model drivers

Supermarkets

Home Improvement

Department Stores


Financial Services

Product Mix

Shopping Experience

Operating Efficiency

Knowing the Client

OverviewOverview

� Own brands: attractive mix of quality/price/design

� Exclusive/strategic brands: provides exclusivity/quality for the clients acting as a differentiation driver for Paris

� Category brand leaders: drive customer traffic

� Superior customer service

� Efficient internal logistics

� People management

� Scale efficiencies

� Selling and administrative costs as a % of sales decreasing over time

� Advanced segmentation of clients

� Unique value proposal to clusters of clients (data mining for the development of categories)

� Strong presence of loyalty programs

� Strong brand image

26

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27

� We own and operate 22 shopping centers, in Argentina, Chile and Peru


13 Shopping Centers534,453 m2



Geographic PresenceGeographic Presence

Chile52%

Argentina48%

Sales Breakdown, Dec 2009Sales Breakdown, Dec 2009


125152

214 222252

2005 2006 2007 2008 2009

Supermarkets

Home Improvement

Department Stores


Financial Services

Total = US$252 mm

Note: only includes third party sales Note: Nominal pesos of each year converted to USD at the applicable eop CLP/USD rate

28


Supermarkets

Home Improvement

Department Stores


Financial Services

Chile Argentina

Number of Malls � 8 � 13

GLA (m²) � 259,293 � 202,367

Occupancy rate (in terms of GLA, 2009)

� 97.8% � 96.4%

Number of stores � 769 � 1,080

Geographic presence

� National � National

Market position � 2nd largest operator � Largest operator

Competitors � Mall Plaza � Parque Arauco

� Alto Palermo

Geographic � National � National

OverviewOverview

29

Costanera Center: The largest retail and property development operation in Latin America

� Located on a 46,000 m2 premium land site in the heart of Santiago's financial district

� Over 703,000 m² total construction, with 450,000 m2 of gross lease area

� 4 towers including the tallest building in Latin America (300 m) designed by famed architect Cesar Pelli

� Project includes premium office space, 6-story shopping mall, 2 four-and- five star hotels, 2 restaurant areas, medical center, hypermarket, home improvement store, entertainment center and movie theaters among other things

� 5 levels of underground parking spaces with capacity for 6,000 vehicles

� Access to urban expressways, Santiago subway and public transportation

OverviewOverview

Supermarkets

Home Improvement

Department Stores


Financial Services

30

Costanera Center: The largest retail and property development operation in Latin America (cont’d)

OverviewOverview

Supermarkets

Home Improvement

Department Stores


Financial Services

�6-story Shopping Mall 326 stores

�Jumbo (Hypermarket) 10,950 m² (sales floor)

�Easy (DIY) 11,002 m² (sales floor)

�Paris (Department Store) 12,565 m² (sales floor)

�Falabella (Department Store) 10,904 m² (sales floor)

�Ripley (Department Store) 15,573 m² (sales floor)

�Santa Isabel (Supermarket) 1,627 m² (sales floor)

�Food Court 1,500 person capacity

�Movieland 12 movie theaters

�Aventura Center 3,900 m² of bowling & games

�2 Restaurant Areas Street level & top story of mall

�6,000 parking spaces 5 levels of underground parking

31

Business model overview

OverviewOverview

Supermarkets

Home Improvement

Department Stores


Financial Services

Development

� Responsible for all real estate investments of the Company. This includes the development, construction, administration and operation of the real estate projects

� 3 areas: Development, Construction and Shopping Center

Construction Shopping Centers

� Responsible for searching the best location to construct new stores and shopping centers

� Considers new demographic trends

� Must have a suitable size and good access to roads

� Performs economic and feasibility valuation, looking for synergies between the different business units

� In charge of the architectural design, development of the projects and technical specifications

� Responsible for obtaining authorizations/permissions

� Once the project is built, it makes delivery of the construction to each business unit

� Administration, operation and commercialization of the shopping centers and all leasable areas

� Responsible for profit and EBITDA of the division

32

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33


Chile Argentina Brasil Peru

Credit cards

� Card for each Retail concept

� Card for each Retail concept

� Joint Venture W/Bradesco

� Cobranding Covering 3 Chains

Insurance � Owned Broker � Insurance Distribution Brokerage

� Cobranding Covering 3 Chains

� Insurance Distribution Brokerage

Travel � Owned Agency

Loyalty program

� 1 owned program � 2 owned programs � Partners in loyalty company

�

OverviewOverview

Supermarkets

Home Improvement

Department Stores


Financial Services

34

Gross loans portfolio and insurance premiums

Chile93%

Argentina7%

Gross Loans BreakdownGross Loans Breakdown

Credit card sales (US$ mm)Credit card sales (US$ mm)

335372

160

250

335

2005 2006 2007 2008 2009

� More than 2,200,000 active cards in Chile and Argentina

� Gross loans as of December 2009 reached US$ 758 million

OverviewOverview

Supermarkets

Home Improvement

Department Stores


Financial Services

Total = US$758 mm


Insurance premiums (US$ mm) Insurance premiums (US$ mm)

812695 671

542

2006 2007 2008 2009


35

Business model overview

OverviewOverview

��

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��

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Client development

program

� Customer loyalty programs

� Client segmentation

� Identify customers’needs

Service OfferingClient

� Satisfaction

� Loyalty

� Word of mouth

� Financing

� Insurance

� Travel & entertainment

� Internet, catalogues and other

Knowing our client Result to Client What clients need

Business Model

� Analysis

� Segmentation

� Database

� Models

� Risk/revenues monitoring and control

� Low cost. Critical mass

� Execution

� Human Resource

� Incentives

36

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37

Our strategy going forward

OverviewOverview

�Consolidate existing multi-format regional platform

�Drive synergies and savings across business units (purchasing, logistics, IT)

�Complete integration and matrix organization

�Accelerate organic expansion on the base of economic recovery and leverage existing business platform’s critical mass

�Selectively explore complementary opportunities

�Continue strengthening financial flexibility as a strategic tool

38

Expansion in Brazil

� Acquisition of Super Família Comercial de Alimentos Ltda. (Date: 05/ March/ 2010)

� Sales 2010 (E): R$ 280 millions

�4 stores in the city of Fortaleza (Ceará) and2 new stores under construction, to be opened in 2010.

�One distribution center.

�Lease of real state, not purchase.

�Acquisition of the retail business.

�Purchase price R$ 59 millions.

Four new storesFour new stores

Expansion in Brazil

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Population from the Northeast (51,6 mm)Population from the Northeast (51,6 mm)

� Strong synergies with Gbarbosa andfast integration of this operation in orderto achieve them.

� With this acquisition we have enteredthe second largest city in the region (2 MM inhabitants).

� Target and product mix similar toGBarbosa.

� Adding our presence to a fourth statereaching 53% of the Northeastpopulation.

LocationLocation

Chilean recent events / Earthquake

Extremely fast restarting of operations in the areas impacted by the earthquake. Much faster than competitors.

Immediate reinforcement of Supply by ouroperations in Argentina (for the South ofChile) and Peru (for the North of Chile).

� 10 hours after, 60% of all formats in full operation.

� 24 hours after 90% Hyper/supermarkets in operation.

� 36 hours after 97% of all formats in operations.

Agenda

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