CENCOSUDCORPORATE PRESENTATION

Fourth Quarter 2020

Well Established Leading Retailer in South America

+50 years of history

+117K employees 1,064 Retail stores3.34 MM SQm selling space

67 shopping centers 831 M SQm GLA to third

parties in Shopping Centers

2

About Cencosud

CENCOSUD (2004)US$ 5.1 BN Market Cap at December 31FREE FLOAT: 46.8%

• Average trading volume 4Q20: US$ 11.9 million• Average trading volume total year: US$ 8.4 million

CENCOSUD SHOPPING (2019 IPO)FREE FLOAT: 27.7%

• Average trading volume 4Q20: US$ 1.3 million• Average trading volumen total year: US$ 2.7 million

SHOPPING CENTERS

SUPERMARKETSHOME

IMPROVEMENTDEPARTMENT

STORESFINANCIAL SERVICES

+6.2 million Square Meters of landbank fuel future grouth across

the region

Supermarkets Cencosud’s DNA

3

Cencosud’s History

Opens 1st

SM in Chile

Opens Alto Las Condes Shopping Center & 1st Easy store in Chile

Opens Alto Las Condes Shopping Center & 1st Easy

store in Chile

Acquires 4 SM chains in the region and 2 DS chains. JV in Colombia for

Easy development

Launches FS in Chile. Open 2 Shopping Centers in Chile.

Acquires SM Santa Isabel in ChileStarts FS operations in Argentina. Acquires HI

in Arg

Acquires 2 chains of SM in Brazil

JV of FS in Chile

1963

1970

1993

2002 2003

2004

2005

2007

2008 2010

2012

2014

2018 2019

Opens Mall Unicenter in Arg

Open Jumbo Store in Arg

1982

1988

Opens Jumbo Kennedy in Chile

Acquires DS (Paris)

Acquires SM chain in Brazil. Open Costanera Center Shopping Center.

Buy SM in Colombia

JV of FS in Peru

Acquires 2 chains of HI in Chile and Argentina

2020

IPO of Cencosud Shopping

Closes Paris in Peru.Paris absorbs Johnson Chile.

Cornershop strategic Alliance.

4

2020 Highlights

Rating Modifications

Fitch Ratings and Moody’saffirmed Cencosud's rating withBBB- and Baa3 respectively,changing the outlook to stable.

Tender Offer

March: the Company completedthe tender offer for all the bondsmaturing in the years 2021 and2023.

Ordinary Shareholder´sMeeting

April: 1) Two new Board Memberswere elected and 2) A dividend ofCLP 32 per share was approved tobe distributed for the 2019 period.

Department Stores Closing

June: reorganization of DS businessin Peru, through the closure of 11Paris stores. In Chile, reorganizationthrough the takeover into ParisExpress or closure of stores underthe Johnson brand.

E-commerce Achievements

August: Cencosud and Cornershop signed along term agreement for the Supermarketand Home Improvement operations. As ofDecember, Paris joined them.

November: launch of Jumbo Prime, amembership program that seeks toimprove the shopping experience onJumbo.cl

January 2021: Launch of the newconvenience format of Supermarkets,Spid35, which includes a delivery service ofless than 35 minutes.

Jumbo, 1st with Blue Seal

January 2021: Jumbo became the first -and only-supermarket in Chile to certify that all seafood productspromote legal fishing and sustainable extraction.

Easy receives “Giro Limpio” Seal

Enero 2021: Easy received the “Giro Limpio” certificate since 50%of the load is moved in certified trucks, reducing energyconsumption and greenhouse gas emissions.

3,711,107Tenant Sales Shopping Center

10,053,006Sales Income

33,505Financial Income

3,923Income from participation in

other companies

-8,763,414Suppliers Payment

-1,182,066Salaries and benefits to our team

-301,647Creditors Payment

-91,360Dividends Payment

Distribution of value in Cencosud(CLP million)

HIGHLIGHTS THAT MARKED THE

YEAR

DISTRIBUTED ECONOMIC VALUEGENERATED ECONOMIC VALUE

5

6

Why Invest in Cencosud?

Established presence in largest economies of the region

Organic growth opportunities in fast developing countries

supported by own landbank

Further development of theomnichannel strategy

Focus on productivity & efficiency initiatives

Strong Corporate Governance

Healthy balance sheet supports growth opportunities

MAIN CORE ETHICS & SUSTAINABLE VALUES

7

Well Diversified Operations – Contribution By Country1

50%

18%

13%

11%

8%

60%16%

9%

10%

5%

Adjusted EBITDA LTM Dec 2020US$1,302 million

Adjusted Margin EBITDA : 10.2%2

Revenues LTM Dec 2020US$12,736 million

247SUPERMARKETS

37HOME IMPROVEMENT

79DEPARTMENT STORES

35SHOPPING CENTERS

F.S: JV WITH SCOTIABANK

283SUPERMARKETS

51HOME IMPROVEMENT

22SHOPPING CENTERS

FINANCIAL SERVICES

202SUPERMARKETS

F.S JV WITH BRADESCO

93SUPERMARKETS

6SHOPPING CENTERS

F.S: JV WITH SCOTIABANK

94SUPERMARKETS

10HOME IMPROVEMENT

4SHOPPING CENTERS

F.S: JV WITH SCOTIABANK

1 For calculation details please go to page 13 2 Does not include One Off of the period

70%

5%

19%

0%6%

8

Financial Contribution By Business Units1

75%

1%

13%

10%1%

US$ 9,598 million

US$ 136 million

US$ 1,643 million

US$ 1,218 million US$ 137 million

Adjusted EBITDA LTM Dec 2020US$1,343 million

Adjusted Margin EBITDA : 10.5%2

Revenues LTM Dec 2020US$12,732 million

US$ 944 million9.8% mg

US$ 63 million46.2% mg

US$ 254 million15.4% mg

US$ -1 million0% mg

US$ 84 million61% mg

PORTFOLIO OF LEADING BRANDS1 For calculation details please go to page 13 2 Does not include One Off of the period

9

Healthy Financial Structure

CLP + UF

97%

USD3%

● Mar’20: Completed the repurchase of 2021 and 2023 bonds under the“Make-Whole Redemption” option for a total of US$ 881 million;

● Investment Grade since 2011:

● Fitch Ratings: BBB- (stable);● Moody’s: Baa3 (stable).

● Average amortization next 4 years of US$ 44 million;

● Cash as of December 31st of US$ 1,856 million, cash (US$ 959 million).

Relevant News Debt by Currency (after CCS)

Dec20 Dec19

Gross leverage and financial evolution1 Debt amortization schedule (US$ MM)

1 Does not include One Off of the period

67 55 20 36

576

53

1,017

226

451

15

614 595

2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2041 2045

CLP + UF

100%

USD0%

5.7 5.9 6.0 6.1 6.3

5.0

5.1 5.0 5.05.5

5.1

3.4

20

15

20

16

20

17

20

18

20

19

20

20

GrossFinancialDebt

GFD/AdjustedEBITDA

Long-term agreement with Cornershop for Supermarket, HomeImprovement and Department Stores in Chile, Peru, Colombia and Brazil,which allows customers to buy in our stores without a service fee. Inaddition, it includes investment in exclusive stores for e-commerce picking(Dark Stores), with the aim of continuing to provide the best service inphysical stores and digital platforms.

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Omnichannel StrategyC

OM

PAN

Y’S

STR

ATEG

Y Shopping Service

CustomerExperience

Profitability

• Marketplace launch;• Improve unique product´s offer;• Develop hyper personalization tools;• Secure a money-back guarantee;• Take advantage of the economics of scale;• Invest in technological developments;• Deepen the ability to generate, handle and

process data.

E-commerce Penetration1

Cornershop Alliance

1 Incluye Cornershop. No incluye Brasil ni Santa Isabel Chile.

Jumbo PrimeLaunch of Jumbo Prime, a membership program that seeks to improve theshopping experience at Jumbo, through free delivery for purchases over$CLP 30,000, personalized offers, exclusive service channel and doubleaccumulation of Cencosud Points.

Spid35

On January 2021 Cencosud announced the launch of the newconvenience supermarket format, with the Spid35 brand, whichoffers a delivery service in less than 35 minutes with an assortmentof 1600 SKUs, to a target audience between 18 and 30 years. Thisformat started as a pilot plan from the Cornershop app. Its own Apphas already been launched in Chile and at the end of the firstsemester it will be launched throughout the region.

Fast delivery

Paris launched its 24-hour delivery of more than 30,000 products forthe Santiago Metropolitan Area with focus on providing the bestcustomer experience and greater logistics development.In the same way, Easy Chile has delivery service in 24 hours in SMA.

Business Supermarket Department StoreHome

Improvement

4T20 11.0% 35.5% 8.2%

4T19 1.9% 21.8% 5.6%

Var 20/19 (bps) 915.3 1,364.3 261.8

2020 7.8% 49.1% 8.9%

2019 1.8% 17.9% 4.5%

Var 20/19 (bps) 601.8 3,113.7 447.61 Includes Cornershop. Does not include Brazil or Santa Isabel Chile

11

Productividad y Eficiencia

Created a regional purchasing team with the purpose of having:

• Greater availability of products out of season; and

• Cost savings of 16% with a reduction of US$11 million per month (38% of the savings is permanent).

Cencosud is a pioneer in Latam for creating centralized teams for the development and purchase of own brand products,Private Label penetration in 2020 is:

• 33,0% DS / 9,2% Supermarket / 21,7% Home Improvement

The Big Data Analytics department is developing several projects:

• Initiatives that improve the customer experience based on personalized recommendations;• Price Optimization Projects for inventory management and promoting commercial divisions; and• Operational Efficiency Projects based on advanced analytics algorithms.

Shared Services Center

Regional Procurement &

Private Label Regional Team

Big Data Analytics

GLA optimization with new openings in landbanks and efficiencies on existing GLA:• Format change in Supermarket to Cash & Carry (Peru) and to Atacarejo (Brazil);• Optimization of Metro Hypermarkets GLA by adding Home Improvement Stores (Colombia) and Spid35 stores opening..

GLA Optimization

Offer services to the other units, reaching functional specialization in high volume transactions:• Evolving towards Global Business Services with the digital transformation engine reflected in over 180 installed robots;• a Transformational vision of processes seeking efficiency, regional consistency, and generating operational and

transactional synergy in activities increasingly closer to the business;• Results: recovered US$6.6 million from accumulated commercial agreements and saved US$13 million from operational

improvements in inventory management; and• Reduced operating costs by US$7.6 million over the past 4 years.

12

Our Ethics and Values

Code of Ethics revised annually Board of Directors and Employees trained in issues

related to ethics. More than 120,000 people trainedin ethics and sustainability issues

Code of Ethics and Conduct signed by all employees Independent hotline for reporting behavior

Relationshipwith clients

Relationshipwith suppliers

Relationship withemployees

Infomation Care Asset Protection

Pillars of our sustainable strategyKey dimensions of our code of ethics

Corporate Governance

People

Product

Planet

Aspects of corporate governance, compliance, ethical management, risk management and information security

Aspects associated with product offering and supply chain

Environmental aspects of our facilities

Social aspects associated with our employees, clients and communities in which our facilities are located

Corporate Governance

Horst Paulmann

Heike Paulmann Peter Paulmann

Felipe Larrain Julio Moura

Mario Valcarce Jorge Pérez Alati

Alejandro Pérez Stefan Krause

Independent Members

Chief Executive OfficerMatías Videla

Brazil ManagerSebastian Los

Peru ManagerAlfredo Mastrokalos

Colombia ManagerMarta Henao

SM ChileCristian Siegmund

Dept. Store ChileRicardo Bennett

Home Imp. ChileFelipe Longo

Argentina ManagerDiego Marcantonio

Board of Directors Corporate Structure – by Country

New organizational structure with the purpose of :Generating synergies between business units; Streamline

decision making; Benefit from local knowledge

Directors Committee• Felipe Larrain• Mario Valcarce• Alejandro Perez

14

Anexo de Cálculos

For this presentation the following exchange rates, calculations and details were considered:

• Market cap calculated as of December 31st, 2020 using CLP 1,265 share closing price and CLP 734.7 closing exchange rate per US$;

• The average volume traded: figures as of December 2020 using the share closing price and the average exchange rate of CLP 761.96 per US$;

• Adjusted EBITDA represents EBITDA plus exchange differences and results by adjustment units, less the revaluation of assets, also does notinclude One Off of the period;

• Revenues and Adjusted EBITDA converted to US$ at average quarterly exchange rate of CLP 802.80, CLP 822.97, CLP 780.93 and CLP 761.96per US$ for each quarter, respectively;

• Revenues and Adjusted EBITDA includes IFRS16;

• Revenues and Adjusted EBITDA graph by country excludes the “others segment”, which contributed US$4 million in revenues and a loss ofUS$40.5 million in Adjusted EBITDA;

• Revenues and Adjusted EBITDA exclude the adjustment for hyperinflation in Argentina (IAS29). Including the effect, revenues for LTMDecember 2020 reached US$12,462 million and Adjusted EBITDA US$1,234 million using quarterly average exchange rate of CLP 802.80, CLP822.97, CLP 780.93 and CLP 761.96 for US$ for each quarter, respectively. Argentina represents 15.7% of total revenues and 11.6% of totalAdjusted EBITDA;

• Debt denominated in dollars, calculated at the closing exchange rate as of December 31st, 2020. Debt includes lease liabilities by adoption ofIFRS16. Additionally, it includes the effect of hyperinflation in Argentina as per the IAS29. The amortization schedule is presented net of gains /losses obtained by Comex derivatives, overdrafts and debt (excludes futures) and One Off of the period;

• Net debt presented after cross currency swaps; and

• SM stands for Supermarket, FS Financial Services, HI Home Improvement and DS Department Stores, and Arg stands for Argentina.