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Webcast & Teleconference Information: Friday August 25 2017 12:00 Chile & 11:00 EST Participants dial-in: US toll free: 1 (866) 682 6100 International: 1 (862) 255 5401 Conference ID: CENCOSUD Replay: Toll free: 1-877-481-4010 International: 1-919-882-2331 Replay ID: 19254 Webcast available at: http://investors.cencosud.com/English/investor-overview/financials/quarterly-reports/default.aspx

http://investors.cencosud.com/English/investor-overview/financials/quarterly-reports/default.aspx

http://investors.cencosud.com/English/investor-overview/financials/quarterly-reports/default.aspx

EARNINGS REPORT – SECOND QUARTER 2017

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2Q17 Results: Weak macroeconomic environment and depreciation of the ARS

continues to affect results, however, there is a sequential improvement in revenues.

High comparison base due to positive non-recurring effects in 2Q16.

Despite the challenging macroeconomic environment and the ARS devaluation against the CLP (11.4%),

revenues increased 3.2% against 2Q16 (+5.4% at constant exchange rate), explained by revenue growth

across most businesses, highlighting growth at Supermarkets Chile (+3.9% and SSS +3.3%), Department

Stores (+5.0% and SSS +5.0%) and Argentina: Supermarkets (+5.0% in CLP and SSS +20.3%), Home

Improvement (9.1% in CLP and SSS +23.4%) and Financial Services (47% in CLP; 66% in ARS).

Adjusted EBITDA decreased 30.4% YoY reaching CLP 143,783 million, affected by a high comparison

base (non-recurring events by CLP 53,611 million in 2Q16 vs. CLP 7,656 million in 2Q17), the

devaluation of ARS (11.4%) and the BRL appreciation (7.2%). Excluding both effects, adjusted EBITDA

dropped 7.8% YoY mainly due to lower profitability at Supermarkets and Home Improvement, partially

offset by Financial Services, Shopping Centers and Department Stores.

Profit for the period was CLP 24,046 million, a reduction of CLP 62,321 million YoY related to lower

extraordinary gains from the sale of non-core assets, lower profitability at Supermarkets and Home

Improvement, coupled with lower results from exchange differences and increased deferred taxes.

CONSOLIDATED PERFORMANCE

CONSOLIDATED INCOME DATA (In millions of Chilean pesos as of June 30, 2017)

Second Quarter Six-Month, ended June 30th 2017 2016 ∆ %

2017 2016 ∆ %

Net revenues 2.586.037 2.506.120 3,2%

5.109.601 4.988.004 2,4%

Cost of sales -1.857.826 -1.775.409 4,6% -3.643.747 -3.540.716 2,9%

Gross profit 728.212 730.711 -0,3%

1.465.854 1.447.288 1,3%

Selling and administrative expenses -655.583 -639.481 2,5%

-1.286.792 -1.223.970 5,1%

Other income by function 49.220 49.923 -1,4% 78.692 90.697 -13,2% Other gain (Losses) 4.978 55.177 -91,0% 2.300 51.714 NA

Operating income 126.827 196.330 -35,4% 260.054 365.729 -28,9% Participation in profit of equity method associates 3.431 2.412 42,2% 7.939 5.272 50,6% Net Financial Income -58.587 -57.614 1,7% -121.162 -123.097 -1,6% Income (loss) from foreign exchange variations -344 6.088 N/A

31.272 44.614 -29,9%

Result of indexation units -4.415 -4.783 -7,7%

-7.201 -8.251 -12,7%

Non-operating income (loss) -59.916 -53.897 11,2%

-89.151 -81.462 9,4%

Income before income taxes 66.911 142.433 -53,0%

170.903 284.267 -39,9%

Income taxes -42.865 -56.066 -23,5%

-78.780 -88.871 -11,4%

Profit (Loss) 24.046 86.367 -72,2%

92.123 195.396 -52,9%

Profit (Loss) from controlling shareholders 23.246 86.352 -73,1%

90.413 194.034 -53,4%

Profit (Loss) from non-controlling shareholders 800 15 5325,0%

1.710 1.362 25,6%

Adjusted EBITDA 143.783 206.643 -30,4%

315.012 392.224 -19,7%

Adjusted EBITDA Margin (%) 5,6% 8,2% -269 bps 6,2% 7,9% -170 bps Adjusted EBITDA excl./one-offs 136.127 153.032 -11,0% 309.124 327.458 -5,6% Adjusted EBITDA Margin (%) excl./one-offs 5,3% 6,1% -84 bps 6,0% 6,6% -52 bps

Second Quarter Six-Month, ended June 30th

2017 2016 ∆ % 2017 2016 ∆ %

Asset Revaluation 45.264 46.137 -1,9%

71.879 84.096 -14,5%

Deferred Income Taxes Asset Revaluation -12.757 -14.878 -14,3%

-20.139 -25.663 -21,5%

Net Effect from Asset Revaluation 32.507 31.259 4,0%

51.739 58.433 -11,5%


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Operating Income

In 2Q17 revenues expanded 3.2% against 2Q16, explained by higher sales in Chile, Argentina – despite the 11.4% devaluation of the ARS against CLP – and in Brazil – resulting from the 7.2% appreciation of BRL against CLP. Chile maintained its resilience reporting revenue growth driven by Supermarkets, Department Stores and Shopping Centers. Argentina posted an acceleration in SSS growth at Supermarkets and Home Improvement, besides solid growth at Financial Services, driven by loan portfolio expansion. In Brazil, revenues increased 1.0% in CLP, however decreased 5.8% in local currency, reflecting the ongoing impact in consumption from the moratorium of Rio de Janeiro, Minas Gerais and Ceará states. Peru and Colombia posted lower revenues due to a more challenging macroeconomic environment.

Gross profit decreased 0.3% YoY and margin decreased 100 bps, mainly reflecting greater promotional activity in Supermarkets Brazil and lower profit related to inflation in Home Improvement Argentina, mostly offset by higher gross margins in Shopping Centers and Department Stores Chile.

SG&A over sales increased 17 bps mainly as a result of higher personnel and utility expenses in Argentina and lower SG&A dilution in Argentina and Brazil, which was partially offset by the efficiency plans implemented.

Other revenues by function decreased 1.4% due to lower asset revaluation YoY (CLP 873 million), explained by a lower asset revaluation in Argentina, partially offset by an increase in Chile. Lower asset revaluation in Argentina is explained by a higher decline in country risk during 2Q16, which resulted in a reduction in WACC by 521 bps in 2Q16 against a drop of only 8 bps in 2Q17. In Chile, the highest asset revaluation was driven by better than expected performance at Costanera Center.

Other gains (losses) registered a drop of CLP 50,199 million due to lower extraordinary gains from the sale of non-core assets (CLP 53,484 million related to the sale of the 33% stake in Inmobiliaria Mall Viña del Mar registered in 2Q16 vs. the profit from the sale of non-core properties by CLP 7,682 million in 2Q17).

Non Operational Income

Participation in profit of associates by equity method increased 42.2%, mainly due to a 50.5% increase in the results of the Joint Venture with Scotiabank.

Net Financial Expenses increased by 1.7% reflecting higher expenses from the valuation of financial derivatives (CLP 5,860 million), partially offset by lower financial costs related to bank loans (CLP 5,390 million) after the liability management performed through the local bond issuance of November 2016.

The loss from Exchange Differences reflects the CLP fluctuation against USD over the unhedged portion of the dollar denominated debt (-1.26% in 2Q16 vs. +0.05% in 2Q17).

The loss from indexation units decreased by CLP 368 million due to the lower fluctuation from the UF during the period against the same period last year (0.7% in 2Q17 vs. 0.9% in 2Q16), partially offset by increased exposure of our debt to the UF (18.3% in 2Q17 vs. 15.0% in 2Q16).


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RELEVANT EVENTS

Successful liability management in July 2017 enhances Cencosud’s liquidity and debt amortization schedule:

Cencosud issued US 1,000 million of Senior Unsecured Notes due 2027 at 4.419% yield, with orderbook of US 3,700 million, achieving 4.0x the initial offer and the lowest yield and coupon ever by Cencosud.

The Notes were rated Baa3 by Moody’s and BBB- by Fitch, both with a stable outlook.

Proceeds were applied to the cash tender offer of our 5.5% Notes due 2021 and 4.875% Notes due 2023 for a total of US$750 million, other smaller refinancings and general corporate purposes.

As a result of the refinancing and considering that the Bonds prepaid were trading above par, a one-time prepayment cost estimated at CLP 28,000 million has been generated. This will be recognized under financial expenses in the third quarter of 2017.

Sale of non- core assets:

Since last year, Cencosud has sold a total of 12 properties and accounted for a cash flow income of approximately USD 40 million.

In addition, as of June 30, 2017, the Company has entered into promissory agreements for the sale of other 12 properties and is expected to report approximately USD 15 million in cash flow from these agreements during the year. As of June 30, an agreement was reached to sign commitment for sale of 8 additional properties worth approximately USD 12 million.

Update on the Omnichannel Strategy:

Double-digit increase in number of tickets and revenues across all countries and business units.

Chile

Cross business C&C: reached 35 stores; 23 Paris, 8 Jumbo, 2 Santa Isabel & 2 Easy stores. Plan to add 10 more stores in 2017.

Supermarkets: Implemented drive-thru at 5 stores. Increasing online product availability. Successful implementation of 90 min delivery in 12 counties in Santiago.

Department stores: Complete redesign of the payment experience (check out); improve website conversion. Seven vendobots implemented at subway stations.

Home Improvement: reached national coverage in delivery.

Colombia:

Supermarkets: national coverage in non-food, with food covering Bogotá, Chía, Cali, Medellín, Barranquilla and Bucaramanga. Implemented smart check out payment process (one click). Implemented drive thru in one store at Bogotá and phone sales for food with coverage at all the cities where we have physical stores.

Peru: Launched non-food Metro webpage, began dropship in July 2017 with Kiosks in 2 non-food stores, start-up of drive thru in Lima

Argentina:

Supermarkets: full ecommerce (100% mix for food and non-food) in 214 stores. C&C in 213 stores. Delivery within 2 hours in Disco and Jumbo (Buenos Aires). Drive thru at 1 Disco store.

Home Improvement: implementation of online payment, reducing in 24hrs the promised time of delivery. Green sales pilot. C&C available for all stores.


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One-off effects:

2Q16: net effect of CLP 53,611 million explained by the sale of the 33% stake in Inmobiliaria Mall Viña del Mar S.A. (CLP 53,484 million), asset impairments (-CLP 3,053 million), insurance claims (CLP 1,359 million) and the profit from the sale of non-core properties (CLP 1,821 million).

2Q17: net effect of CLP 7,656 million explained by the sale of non-core properties (CLP 7,682 million) and the loss on claims (-CLP 26 million).

PERFORMANCE BY COUNTRY

Second Quarter Six-months as of June 30,

REVENUES 2017

(%) 2016

(%) ∆ %

reported ∆ % local currency

2017 2016 ∆ % reported

∆ % local currency CLP MM CLP MM CLP MM CLP MM

Chile 1.087.228 42,0% 1.048.262 41,8% 3,7% 3,7% 2.138.715 2.078.020 2,9% 2,9% Argentina 657.490 25,4% 608.174 24,3% 8,1% 22,1% 1.287.127 1.230.528 4,6% 20,3% Brazil 390.335 15,1% 386.371 15,4% 1,0% -5,8% 794.608 765.225 3,8% -6,9% Peru 239.593 9,3% 245.129 9,8% -2,3% -1,9% 475.635 489.262 -2,8% -1,6% Colombia 211.392 8,2% 218.184 8,7% -3,1% -4,5% 413.516 424.969 -2,7% -4,8%

Total 2.586.037 100,0% 2.506.120 100,0% 3,2% 5,4% 5.109.601 4.988.004 2,4% 5,8%

Second Quarter Six-months as of June 30,

ADJUSTED EBITDA

2017 (%)

2016 (%)

∆ % reported

∆ % local currency

2017 2016 ∆ % reported

∆ % local curency CLP MM CLP MM CLP MM CLP MM

CHILE – SM 59.143 41,1% 59.532 28,8% -0,7% n.a. 125.659 124.145 1,2% n.a. CHILE – DS 31.755 22,1% 28.158 13,6% 12,8% n.a. 62.245 55.007 13,2% n.a. CHILE – HI 6.285 4,4% 7.881 3,8% -20,3% n.a. 15.266 19.904 -23,3% n.a. CHILE – SC 15.016 10,4% 12.381 6,0% 21,3% n.a. 31.513 21.863 44,1% n.a. CHILE – FS 3.441 2,4% 1.059 0,5% 225,1% n.a. 7.658 2.819 171,7% n.a. CHILE – Others -15.887 -11,0% 26.417 12,8% -160,1% n.a. -35.877 5.680 -731,7% n.a.

Chile 99.753 69,4% 135.427 65,5% -26,3% n.a. 206.464 229.418 -10,0% n.a. Argentina 33.520 23,3% 49.291 23,9% -32,0% -23,2% 82.077 106.064 -22,6% -10,0% Brazil -10.717 -7,5% -1.778 -0,9% 502,7% 462,0% -17.567 7.258 n.a. n.a. Peru 15.382 10,7% 13.938 6,7% 10,4% 10,7% 33.079 36.698 -9,9% -8,7% Colombia 5.846 4,1% 9.765 4,7% -40,1% -41,0% 10.958 12.786 -14,3% -16,8%

Total 143.783 100,0% 206.643 100,0% -30,4% -28,0% 315.012 392.224 -19,7% -24,0%

Chile During the second quarter revenues increased 3.7% (vs. 2.1% in 1Q16), despite several stores undergoing remodelings and one less business day YoY (Census). Adjusted EBITDA dropped 26.3% due to lower gains from the sale of non-core assets, registered in the “Others” line item. Excluding non-recurring events (CLP 7,656 million in 2Q17 and CLP 53,611 million in 2Q161), Adjusted EBITDA increased 12.6% YoY in Chile, and margin expanded 67 bps, explained by greater profitability at Shopping Centers, Department Stores and Financial Services, partially offset by Home Improvement and Supermarkets in a lesser extent.

Argentina Consumption has maintained the trend shown in previous quarters, however we saw accelerated same store sales growth against 1Q17. Revenues increased 22.1% in local currency, while in CLP they only grew 8.1% as a result of the devaluation of the ARS against CLP (11.4%). In the case of Supermarkets, growth is explained by a 20.3% SSS growth – an acceleration against the 14.9% posted in 1Q17 – partially offset by the net closing of 2 stores YoY and lower contribution from wholesale. Home Improvement SSS posted an increase of 23.4%. Adjusted EBITDA dropped 32.0% YoY in CLP and 23.2% in local currency, reflecting lower results related to inflation, the application of the second increase in wages (paritarias) and higher costs in utility services.

Brazil The role of the state is relevant in the Brazilian economy, especially in the states of Rio de Janeiro, Minas Gerais and Ceará, therefore consumption continues to be affected. This resulted in a drop in revenues of 5.8% in local currency, reflecting a negative SSS of 7.0% in Supermarkets, partially offset by the appreciation of BRL against

1The lines "Sale of other businesses and properties" and "Loss and / or recovery of claims" are included in "Other gains (losses)". Information available in Note 25 of Consolidated Financial Statements.


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CLP (7.2%). Despite the progress made on efficiency initiatives, profitability contracted reflecting lower expense dilution related to lower sales.

Peru Revenues decreased 3.0% in CLP YoY. In local currency, revenues from Supermarket decreased 2.7% driven by a negative 2.6% SSS due to a weak internal demand and the net closing of two stores YoY. However, Adjusted EBITDA increased 10.4% in CLP and margin expanded 73 bps, due to greater efficiencies and higher contribution from Financial Services and Shopping Centers, partially offset by Department Stores and Supermarkets.

Colombia Overall consumption remained weak during 2Q17. Revenues in local currency decreased 4.5% and 3.1% in CLP. Adjusted EBITDA posted a 40.1% drop and margin contracted by 171 bps, as a result of greater promotional activity, increased competition from hard-discount convenience stores in Supermarkets, higher obsolescence provisions in Home Improvement and increased property taxes in Shopping Centers.

PERFORMANCE BY BUSINESS

Supermarkets Second Quarter Six-months as of June 30th SUPERMARKETS 2017 2016

∆ % 2017 2016

∆ % CLP MM CLP MM CLP MM CLP MM Chile 662.065 637.448 3,9% 1.292.401 1.263.803 2,3% Argentina 417.186 397.292 5,0% 813.317 806.898 0,8% Brazil 389.805 385.804 1,0% 793.244 763.509 3,9% Peru 201.524 207.739 -3,0% 401.959 418.998 -4,1% Colombia 193.042 200.143 -3,5% 377.059 389.191 -3,1%

Revenues 1.863.621 1.828.425 1,9% 3.677.980 3.642.399 1,0% Chile 163.605 162.980 0,4% 331.209 321.196 3,1% Argentina 134.045 133.623 0,3% 266.133 265.122 0,4% Brazil 77.395 85.003 -9,0% 158.980 172.274 -7,7% Peru 46.893 48.104 -2,5% 94.770 97.046 -2,3% Colombia 39.027 39.988 -2,4% 77.605 77.918 -0,4%

Gross Profit 460.964 469.699 -1,9% 928.696 933.555 -0,5% SG&A -428.905 -412.910 3,9% -840.604 -790.914 6,3% Operating Income 35.200 59.732 -41,1% 93.183 149.658 -37,7% Adjusted EBITDA 73.750 93.967 -21,5% 172.418 215.753 -20,1%

N° of Stores % Leased Selling Space (sqm)

2Q17 2Q16 2Q17 2Q16 2Q17 2Q16

Chile 245 245

60,4% 66,5%

583.175 577.547 Argentina2 282 284

56,4% 55,8%

523.053 524.686

Brazil 211 211

92,4% 92,4%

594.855 591.688 Peru 91 89

49,4% 48,3%

271.988 267.301

Colombia 101 102

33,7% 33,3%

425.713 426.473 Supermarkets 930 931 61,5% 62,6% 2.398.785 2.387.696

SAME STORE SALES NOMINAL SSS 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile 3,3% -0,1% 3,9% 3,8% 3,8% 3,4% Argentina 20,3% 14,9% 17,3% 18,5% 16,5% 14,9% Brazil -7,0% -9,9% -2,4% -6,5% 0,2% -0,7% Peru -2,6% -0,6% 1,0% 0,0% 0,6% 1,2% Colombia -5,7% -6,2% 5,0% 3,3% 3,5% 6,6% SS TICKETS 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile -3,9% -4,1% 0,4% -0,2% 1,5% 0,0% Argentina -2,5% -6,6% -8,1% -6,9% -8,7% -11,1% Brazil -3,5% -6,3% -3,3% -4,1% -1,8% -2,7% Peru -1,7% -4,8% -3,1% -3,3% -4,3% -4,5% Colombia -3,0% -6,1% -1,4% -3,7% -1,8% -2,3% AVERAGE TICKET 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile 7,5% 4,2% 3,5% 4,0% 2,3% 3,4% Argentina 23,4% 23,0% 27,7% 27,3% 27,7% 29,3% Brazil -6,6% -4,6% 3,4% -0,1% 5,3% 4,4%

2 Number of stores and sales area adjusted in 2Q16 to reflect the opening of Vea San Luis, which occurred on June 2, 2016, however had not

been reported until July.


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Peru -0,9% 4,3% 4,2% 3,4% 4,9% 5,3% Colombia -2,7% 0,2% 6,8% 7,2% 5,8% 9,7%

Chile: despite having one less business day (Census), revenues increased 3.9%, due to a SSS growth of 3.3% and the opening of Jumbo Valdivia. SSS grew at a faster rate sequentially, in Jumbo and in Santa Isabel, as a result of greater promotional activity to boost sales. Adjusted EBITDA, however, dropped 0.7% with margin contracting 41 bps, explained by greater promotional activity and higher logistic costs related to the start-up of Vespucio distribution center (excluding these effects, EBITDA margin would have remained stable YoY).

Argentina: revenues increased 18.6% in local currency, however they only increased 5.0% in CLP as a result of the devaluation of the ARS (11.4%). The increase in local currency reflects SSS growth accelerating to 20.3%, achieving gains in market share against 1Q17. This was partially offset by the net closing of 2 stores YoY. Adjusted EBITDA decreased reflecting lower results related to inflation, the increase in wages and higher costs in utility services.

Brazil: revenues in Chilean pesos increased 1.0% as a result of the BRL appreciation against CLP (7.2%), offset by negative SSS of 7.0%. This was mainly the result of the effect in consumption of the moratorium of the states of Rio de Janeiro, Minas Gerais and Ceará. Gbarbosa continued to post a positive trend with a 1.8% SSS despite the deflation in commodities and the exposure to the Ceará state. The latter driven by the good performance in the electro category, with increases in market share. Bretas continued to show a sequential improvement in sales in the state of Goias, partially offset by lower sales in the state of Minas Gerais (60% of the flag sales). Prezunic was affected by the greater competition of the atacarejo format and the aforementioned situation of the state. At the consolidated level, profitability showed a decrease explained by the greater promotional activity and the lower dilution of expenses due to lower sales.

Peru: in Chilean pesos revenues dropped 2.3% and 2.7% in local currency, reflecting a 2.6% negative SSS, the closing of Metro Sucre (May 2016) and the sale of Teleticket (November 2016). Adjusted EBITDA margin remained stable, explained by greater logistic costs and increased severance expenses reflecting an adjustment in headcount, partially offset by better agreements with suppliers.

Colombia: in Chilean pesos revenues dropped 3.1%, reflecting a 5.7% negative SSS and the net closing of one store, partially offset by the appreciation of COP against CLP (1.5%). SSS reflect the impact in consumption of the increase in personal income taxes and VAT, and the increase in unemployment rate. Adjusted EBITDA margin compressed 143 bps, due to increased personnel expenses (higher headcount due to the creation of the e-commerce and institutional sales structure), increased marketing expenses and a high comparison base due to the reversal of a lease provision (closing of a store).

Home Improvement

Second Quarter Six-months as of June 30th HOME IMPROVEMENT 2017 2016

∆ % 2017 2016

∆ % CLP MM CLP MM CLP MM CLP MM Chile 123.082 124.118 -0,8% 258.972 259.793 -0,3% Argentina 179.549 164.594 9,1% 359.955 337.983 6,5% Colombia 15.062 15.722 -4,2% 30.523 31.027 -1,6%

Revenues 317.692 304.434 4,4% 649.450 628.802 3,3% Chile 30.257 33.240 -9,0% 66.243 69.425 -4,6% Argentina 65.037 69.463 -6,4% 132.729 138.030 -3,8% Colombia 3.593 3.932 -8,6% 7.210 7.743 -6,9%

Gross Profit 98.887 106.635 -7,3% 206.182 215.198 -4,2% SG&A -85.038 -82.585 3,0% -165.746 -156.943 5,6% Operating Income 14.122 24.235 -41,7% 39.359 58.544 -32,8% Adjusted EBITDA 20.099 30.226 -33,5% 51.285 70.539 -27,3%


2Q17 2Q16 2Q17 2Q16 2Q17 2Q16

Chile 35 35 11,4% 11,4% 325.315 325.315 Argentina 51 51 21,6% 21,6% 391.546 391.546 Colombia 10 10 30,0% 30,0% 82.320 82.320 Home Improvement 96 96 18,3% 18,3% 799.181 799.181


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SAME STORE SALES

NOMINAL SSS 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile -0,7% 0,2% 3,3% 7,9% 2,2% -1,0% Argentina 23,4% 21,2% 18,4% 15,0% 21,3% 16,5% Colombia -5,5% -2,1% 8,8% 5,3% 7,6% 13,2% SS TICKETS 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile -0,4% -3,2% -1,0% 4,7% -3,3% -4,7% Argentina 5,6% -0,6% -5,9% -3,4% -3,4% -10,6% Colombia -2,9% -5,3% 0,9% -1,2% -0,8% 1,7% AVERAGE TICKET 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile -0,2% 3,5% 4,4% 3,1% 5,7% 3,9% Argentina 16,9% 22,0% 23,6% 15,0% 21,3% 30,3% Colombia -2,7% 3,4% 8,0% 6,6% 8,5% 11,3%

Chile: revenues decreased 0.8% YoY explained by a weak performance in the construction segment, partially offset by increased online sales. Adjusted EBITDA dropped 20.3% YoY due to lower gross profit, partially offset by greater SG&A dilution in the period. Lower gross margin was the result of increased logistic costs related to the implementation of WMS and the fire in the online operation, lower rebates from suppliers and greater promotional activity.

Argentina: local currency revenues increased 23.2%, explained by 23.4% growth in SSS, however when measured in CLP, revenues rose only 9.2% due to the devaluation of ARS against CLP (11.4%). Better performance in SSS reflects increase in traffic (5.6%), as a result of a better assortment of imported products. Adjusted EBITDA margin decreased due to lower results related to inflation, partially offset by higher rebates from suppliers. The focus on efficiency allowed for greater expense dilution, offsetting increased personnel expenses (paritarias) and increased utility prices. Colombia: revenues decreased 4.2% in CLP and 5.6% in local currency, reflecting the contraction in consumption influenced by the tax reform and a high comparison base (2Q16 posted highest growth since 4Q11, SSS +13.2%). Adjusted EBITDA dropped due to increased promotional activity and obsolescence provisions, which was partially offset by increased selling and administrative expenses dilution. Greater efficiency in expenses is explained by lower headcount YoY.

Department Stores

Second Quarter Six-months as of June 30th DEPARTMENT STORES 2017 2016

∆ % 2017 2016

∆ % CLP MM CLP MM CLP MM CLP MM Chile 264.197 251.521 5,0% 511.581 485.034 5,5% Peru 18.442 17.217 7,1% 33.857 30.919 9,5%

Revenues 282.639 268.737 5,2% 545.438 515.953 5,7% Chile 75.489 70.990 6,3% 149.001 136.001 9,6% Peru 3.513 3.327 5,6% 6.026 6.020 0,1%

Gross Profit 79.001 74.318 6,3% 155.026 142.021 9,2% SG&A -73.585 -71.014 3,6% -143.732 -138.408 3,8% Operating Income 5.518 3.595 53,5% 11.653 4.028 189,3% Adjusted EBITDA 13.159 11.067 18,9% 26.889 18.776 43,2%


2Q17 2Q16 2Q17 2Q16 2Q17 2Q16

Chile 79 78 67,4% 73,1% 377.288 370.688 Peru 10 9 90,3% 88,9% 55.333 45.233 Department Stores 89 87 70,4% 74,8% 432.621 415.921

SAME STORE SALES NOMINAL SSS3 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile 5,0% 4,9% 6,4% 4,6% 6,7% 5,0% Peru -6,4% -3,8% 11,1% -2,6% 12,6% 17,7% SS TICKETS 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile 4,0% 1,3% -0,3% -1,0% 1,0% 1,1% Peru 0,9% 3,3% 7,7% -1,4% 9,1% 14,1% AVERAGE TICKET 2Q17 1Q17 2016 4Q16 3Q16 2Q16 Chile 1,4% 3,5% 6,3% 5,2% 5,0% 3,4% Peru -7,2% -6,9% 3,2% -1,3% 3,2% 3,1%

3 As of 2Q17 SSS of department stores excludes stores undergoing remodelings with more than 10% of the store intervened.


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Chile: revenues increased 5.0% as a result of one net store opening YoY and a 5.0% SSS growth reflecting the good performance of woman apparel and deco-home. Adjusted EBITDA increased 21.3% and margin expanded 76 bps driven by a change in the mix (greater contribution in sales from apparel, deco-home and private labels).

Peru: revenues in Chilean pesos increased 7.1% and 7.5% in local currency, driven by one net store opening YoY, partially offset by a negative SSS of 6.4%. The latter as a result of weak internal demand for electronic products (television and cellphones), partially offset by double-digit growth at apparel.

Shopping Centers Second Quarter Six-months as of June 30th SHOPPING CENTERS 2017 2016

∆ % 2017 2016

∆ % CLP MM CLP MM CLP MM CLP MM Chile 36.210 32.639 10,9% 72.419 64.447 12,4% Argentina 18.294 17.623 3,8% 34.390 33.337 3,2% Peru 5.053 5.285 -4,4% 9.995 9.698 3,1% Colombia 2.319 2.273 2,0% 4.556 4.342 4,9%

Revenues 61.876 57.820 7,0% 121.359 111.824 8,5% Chile 33.573 28.832 16,4% 67.592 59.562 13,5% Argentina 14.473 14.185 2,0% 26.683 26.180 1,9% Peru 4.373 4.601 -4,9% 8.663 8.318 4,1% Colombia 2.258 2.206 2,4% 4.432 4.211 5,3%

Gross Profit 54.677 49.823 9,7% 107.370 98.270 9,3% SG&A -5.149 -5.201 -1,0% -11.490 -11.462 0,3% Operating Income 95.072 92.142 3,2% 167.959 172.165 -2,4% Adjusted EBITDA 51.447 47.436 8,5% 99.117 91.068 8,8%

CHILE

GLA Third Parties GLA Related Parties GLA TOTAL Visits

Type Location 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% MEGA Costanera Center 115.740 115.740 0,0% 36.927 36.927 0,0% 152.667 152.667 0,0% 9.276.950 8.885.409 4% REGIONAL Alto Las Condes 74.559 74.559 0,0% 43.362 43.362 0,0% 117.921 117.921 0,0% 4.319.761 4.454.191 -3% VECINAL Portal Florida 63.556 63.556 0,0% 57.816 57.816 0,0% 121.372 121.372 0,0% 4.112.411 3.871.872 6% VECINAL Portal La Dehesa 43.158 52.801 -18,3% 34.935 25.292 38,1% 78.093 78.093 0,0% 1.896.656 1.974.050 -4% VECINAL Portal La Reina 9.407 9.407 0,0% 31.471 31.471 0,0% 40.878 40.878 0,0% 1.297.598 1.225.515 6% VECINAL Portal Rancagua 7.284 7.284 0,0% 41.346 41.346 0,0% 48.629 48.629 0,0% 1.878.928 1.960.996 -4% VECINAL Portal Temuco 38.672 38.672 0,0% 26.079 26.079 0,0% 64.751 64.751 0,0% 2.691.725 2.769.305 -3% VECINAL Portal Ñuñoa 14.789 14.789 0,0% 19.678 19.678 0,0% 34.467 34.467 0,0% 1.625.621 1.417.063 15% VECINAL Portal Belloto 17.088 17.088 0,0% 32.926 32.926 0,0% 50.014 50.014 0,0% 2.197.183 2.145.791 2% VECINAL Portal Osorno 17.906 17.906 0,0% 15.494 15.494 0,0% 33.399 33.399 0,0% 1.840.707 1.915.001 -4% Power Center Power Center 23.104 19.407 19,1% 347.425 339.618 2,3% 370.529 359.025 3,2% - - n.a Trascaja/Otros Trascaja/Otros n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a n.a

TOTAL CHILE 425.262 431.208 -1,4% 687.458 670.008 2,6% 1.112.720 1.101.216 1,0% 31.137.540 30.619.193 2%

Third Party Sales (MMCLP) Related Party Sales (MMCLP) Total Sales (MMCLP) Revenues (CLP)

Type Locations 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var%

MEGA Costanera Center 17.247 100.863 16% 36.361 32.043 13% 153.608 132.906 15,6% 12.668.452.524 10.572.886.443 19,8%

REGIONAL Alto Las Condes 63.686 61.694 3% 35.159 34.218 3% 98.844 95.912 3,1% 8.067.181.895 7.774.362.347 3,8% VECINAL Portal Florida 30.499 29.526 3% 24.805 23.661 5% 55.305 53.187 4,0% 3.228.268.900 3.255.792.427 -0,8% VECINAL Portal La Dehesa 18.078 17.469 3% 19.691 16.796 17% 37.770 34.265 10,2% 2.364.262.263 2.268.911.471 4,2% VECINAL Portal La Reina 5.700 5.321 7% 22.050 21.333 3% 27.750 26.654 4,1% 630.704.420 718.202.000 -12,2% VECINAL Portal Rancagua 6.612 6.090 9% 23.034 22.442 3% 29.647 28.532 3,9% 764.255.981 634.138.952 20,5% VECINAL Portal Temuco 24.145 22.738 6% 13.457 12.839 5% 37.602 35.577 5,7% 2.020.506.428 1.776.201.106 13,8% VECINAL Portal Ñuñoa 5.534 5.334 4% 13.011 12.211 7% 18.546 17.545 5,7% 800.801.847 764.440.353 4,8% VECINAL Portal Belloto 4.131 3.718 11% 14.164 13.214 7% 18.295 16.932 8,1% 560.573.071 502.342.071 11,6% VECINAL Portal Osorno 5.317 4.850 10% 9.024 8.519 6% 14.342 13.370 7,3% 810.061.321 772.077.298 4,9% Power Center Power Center 13.897 13.549 3% 178.795 164.397 9% 192.692 177.946 8,3% 1.999.727.749 1.856.201.654 7,7% Trascaja/Otros Trascaja/Others n.a n.a n.a n.a n.a n.a n.a n.a n.a 2.295.241.707 1.743.635.566 31,6%

TOTAL CHILE 294.847 271.153 8,7% 389.552 361.671 7,7% 684.400 632.824 8,2% 36.210.038.106 32.639.191.688 10,9%

ARGENTINA

GLA Third Parties GLA Related Parties GLA TOTAL Visits

Type Locations 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% REGIONAL Unicenter 74.782 74.782 0,0% 23.741 23.741 0,0% 98.524 98.524 0,0% 4.321.431 4.475.728 -3% VECINAL Portal Plaza Oeste 19.906 19.906 0,0% 22.612 22.612 0,0% 42.518 42.518 0,0% 1.335.212 1.489.655 -10% VECINAL Portal Palmas del Pliar 37.416 37.416 0,0% 37.005 37.005 0,0% 74.421 74.421 0,0% 2.018.571 1.878.340 7%


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VECINAL Portal Rosario 40.182 40.182 0,0% 29.298 29.298 0,0% 69.480 69.480 0,0% 1.241.014 1.149.744 8% VECINAL Portal Patagonia 9.789 9.789 0,0% 28.134 28.134 0,0% 37.922 37.922 0,0% 1.074.560 992.939 8% VECINAL Portal Lomas 8.201 8.201 0,0% 27.353 27.353 0,0% 35.554 35.554 0,0% 1.229.074 1.213.446 1% VECINAL Portal Tucuman 10.371 10.371 0,0% 21.439 21.439 0,0% 31.810 31.810 0,0% 919.738 912.531 1% VECINAL Portal Escobar 4.410 4.410 0,0% 29.607 29.607 0,0% 34.016 34.016 0,0% n.a n.a n.a VECINAL Portal los Andes 3.390 3.390 0,0% 29.456 29.456 0,0% 32.846 32.846 0,0% n.a n.a n.a VECINAL Portal Trelew 7.213 7.213 0,0% 15.682 15.682 0,0% 22.895 22.895 0,0% n.a n.a n.a VECINAL Portal Salta 5.635 5.635 0,0% 18.464 18.464 0,0% 24.099 24.099 0,0% n.a n.a n.a VECINAL Portal Santiago Del Estero 5.461 5.461 0,0% 11.737 11.737 0,0% 17.198 17.198 0,0% n.a n.a n.a Factory/Vecinal/Power Center/Others

Factory/Vecinal/Power Center/Others 50.447 50.447 0,0% 176.164 176.164 0,0% 226.611 226.611 0,0% 1.638.771 1.605.874 2%

TOTAL ARGENTINA 277.203 277.203 0,0% 470.691 470.691 0,0% 747.894 747.894 0,0% 13.778.371 13.718.257 0,4%

Third Party Sales (ARS ‘000) Related Party Sales (ARS

‘000) Total Sales (ARS ‘000) Revenues (ARS ‘000) Type Locations 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var%

REGIONAL Unicenter 2.013.048 1.773.200 14% 289.543 227.031 28% 2.302.590 2.000.231 15% 169.369 145.894 16,1% VECINAL Portal Plaza Oeste 551.712 502.112 10% 143.905 124.077 16% 695.617 626.190 11% 51.845 47.295 10% VECINAL Portal Palmas del Pliar 444.167 364.558 22% 345.358 286.151 21% 789.525 650.709 21% 35.520 27.646 28,5% VECINAL Portal Rosario 391.818 330.741 18% 179.249 155.028 16% 571.066 485.769 18% 26.595 21.776 22% VECINAL Portal Patagonia 282.409 242.839 16% 343.471 268.830 28% 625.880 511.669 22% 19.342 15.359 25,9% VECINAL Portal Lomas 244.549 210.895 16% 256.171 213.526 20% 500.720 424.421 18% 16.030 12.902 24% VECINAL Portal Tucuman 269.448 229.654 17% 231.955 172.426 35% 501.403 402.080 25% 19.252 15.975 20,5% VECINAL Portal Escobar 119.072 107.229 11% 221.651 175.250 26% 340.723 282.479 21% 5.364 5.462 -2% VECINAL Portal los Andes 126.248 99.145 27% 314.355 246.106 28% 440.603 345.250 28% 6.537 4.999 30,8% VECINAL Portal Trelew 118.817 101.822 17% 113.840 91.587 24% 232.657 193.409 20% 6.901 4.522 53% VECINAL Portal Salta 103.364 85.581 21% 198.650 167.744 18% 302.014 253.325 19% 7.822 4.624 69,2% VECINAL Portal Santiago Del Estero n.a n.a n.a n.a n.a n.a n.a n.a n.a 3.660 3.427 7% Factory/Vecinal/Power Center/Others

Factory/Vecinal/Power Center/Others 998 840 19% 1.518 1.246 22% 2.516 2.086 21% 64 59 9,3%

TOTAL ARGENTINA 5.662.566 4.887.984 15,8% 4.155.940 3.373.719 23,2% 9.818.506 8.261.703 18,8% 432.455 368.644 17,3%

PERU

GLA Third Parties GLA Related Parties GLA TOTAL

Type Locations 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% REGIONAL Plaza Lima Sur 43.634 43.634 0,0% 32.263 32.263 0,0% 75.897 75.897 0,0% VECINAL Arequipa 17.075 17.075 0,0% 13.204 13.204 0,0% 30.280 30.280 0,0% STRIP CENTER Balta 1.031 1.031 0,0% 6.050 6.050 0,0% 7.081 7.081 0,0% STRIP CENTER Plaza Camacho 9.451 9.451 0,0% 436 436 0,0% 9.887 9.887 0,0% Other Centers Others n.a n.a n.a n.a n.a n.a n.a n.a n.a

TOTAL PERU 71.191 71.191 0,0% 51.953 51.953 0,0% 123.144 123.144 0,0%

Revenues (PEN)

Type Locations 2Q17 2Q16 Var% REGIONAL Plaza Lima Sur 7.888.718 8.155.134 -3,3% VECINAL Arequipa 1.351.420 1.400.178 -3,5% STRIP CENTER Balta 829.839 710.797 16,7% STRIP CENTER Plaza Camacho 1.081.131 851.336 27,0% Other Centers Others 13.655.657 14.752.879 -7,4%

TOTAL PERU 24.806.765 25.870.324 -4,1%

COLOMBIA

GLA Third Parties GLA Related Parties GLA TOTAL 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% TOTAL COLOMBIA 8.890 8.890 0,0% 34.294 34.294 0,0% 43.184 43.184 0,0%

Revenues (COP)

2Q17 2Q16 Var%

TOTAL COLOMBIA 10.081.817.391 10.027.818.182 0,5%

CONSOLIDATED

GLA Third Parties GLA Related Parties GLA TOTAL

Country 2Q17 2Q16 Var% 2Q17 2Q16 Var% 2Q17 2Q16 Var% Chile 425.262 431.208 -1,4% 687.458 670.008 2,6% 1.112.720 1.101.216 1,0% Argentina 277.203 277.203 0,0% 470.691 470.691 0,0% 747.894 747.894 0,0% Peru 71.191 71.191 0,0% 51.953 51.953 0,0% 123.144 123.144 0,0% Colombia 8.890 8.890 0,0% 34.294 34.294 0,0% 43.184 43.184 0,0% Total 782.545 788.491 -0,8% 1.244.397 1.226.947 1,4% 2.026.942 2.015.438 0,6%


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Chile: revenues increased 10.9% mainly driven by Costanera Center, Alto Las Condes and parking. The increase at Costanera is explained by contract renewals and greater sales from tenants. In Alto Las Condes, growth reflects contract renewals and the incorporations of new tenants to the mall after the enlargement of the food court. Adjusted EBITDA grew 12.8% YoY, with an expansion of 142 bps in margin as a result of lower energy expenses, legal contingencies and greater contribution from variable revenues.

Argentina: revenues increased 17.2% in local currency and 3.8% in CLP as a consequence of the devaluation of ARS against CLP (11.4%). The increase in revenues is explained by a higher collection of minimum rent value, after contract negotiations, partially offset by lower tenant sales and a lower occupancy rate. Adjusted EBITDA increased by 4.1% in CLP and 17.5% in local currency, with margin expanding by 22 bps due to lower advertising spending, partially offset by lower variable participation in revenues and higher property taxes and utility expenses.

Peru: revenues in Chilean pesos fell 4.4% and 4.1% in local currency, as a result of a high comparison base (retroactive charges for ATM leases in 2Q16), partially offset by higher occupancy rates. Adjusted EBITDA expanded 2.1% due to lower energy and advertising expenses.

Colombia: Revenues in Chilean pesos increased by 2.0% and 0.5% in local currency, as a result of the higher variable collection reflecting new contracts ("trascaja"). Adjusted EBITDA fell 11.8% in Chilean pesos, explained by higher property taxes.

Financial Services Second Quarter Six-months as of June 30th FINANCIAL SERVICES 2017 2016

∆ % 2017 2016

∆ % CLP MM CLP MM CLP MM CLP MM Chile -39 295 -113,1% 0 709 -100,0% Argentina 39.135 26.617 47,0% 75.027 49.608 51,2% Brazil 530 567 -6,5% 1.363 1.716 -20,6% Peru 14.225 14.739 -3,5% 29.275 28.630 2,3% Colombia 1.778 929 91,3% 3.123 2.217 40,9%

Revenues 55.629 43.147 28,9% 108.788 82.880 31,3% Chile -30 311 -109,6% 19 755 -97,4% Argentina 23.217 19.321 20,2% 45.339 35.178 28,9% Brazil 530 567 -6,5% 1.363 1.716 -20,6% Peru 6.788 7.123 -4,7% 14.751 14.863 -0,8% Colombia 1.778 929 91,3% 3.123 2.217 40,9%

Gross Profit 32.282 28.251 14,3% 64.596 54.729 18,0% SG&A -11.591 -13.658 -15,1% -23.889 -25.994 -8,1% Other revenues, by function 1 2 -27,2% 1 2 -20,5% Operating Income 20.692 14.595 41,8% 40.708 28.736 41,7% Net Income related companies, Chile 3.525 2.339 50,7% 7.991 5.145 55,3% Dep & Amortizations 449 810 -44,6% 892 1.599 -44,2% Adjusted EBITDA 24.666 17.744 39,0% 49.590 35.480 39,8%

Chile revenues reflect the residual balance of Banco Paris, which ceased to operate as of December 31, 2016. Adjusted EBITDA expanded mainly due to the good performance of the JV with Scotiabank, which increased 50.5% YoY, as a result of the 22.5% increase in the loan portfolio, 38.7% in financial products and 51.2% in other shops. EBITDA growth is also explained by efficient control and lower operating expenses.

Argentina local currency revenues grew 66.0%, as a result of the 62.5% growth in the loan portfolio, mainly due to the increases of 34.3% in sales at our retail stores and in other shops by 68.6%. Adjusted EBITDA increased 22.5% in Chilean pesos and 38.3% in local currency, however, it shows a margin compression. This was the result of the reverse of anti-cyclical provisions in 2016 for ARS M$31,680, and to regulatory changes, mainly in fees charges and in the credit card life insurance, which became optional, forcing Cencosud in most cases to incur this cost.

Peru revenues fell 3.5% in CLP and 3.2% in local currency YoY, as a result of a 7.5% reduction in the loan portfolio which decreased 7.5%. Adjusted EBITDA increased 38.2% and margin expanded 571 bps, as a result of lower risk charges along with lower expenses associated with the capture of new customers.

Brazil loan portfolio grew by 2.9% and adjusted EBITDA decreased by 6.5% due to lower revenues resulting from a regulatory change by the Central Bank of Brazil which required to transfer customers from revolving loans to loans with installments which carry lower interest rates. This was partially offset by a lower risk charge.


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Colombia Adjusted EBITDA increased by 108.7%, mainly due to higher revenues resulting from an increase in the active rate and a 19.1% increase in sales from other businesses other that Cencosud’s retail stores, as well as a lower cost of funds and a reduction in operating expenses.

CHILE 2Q17 1Q17 4Q16 3Q16 2Q16 Credit Card/ SAG-CAT0 Loan Portfolio (MM CLP)1 843.403 809.098 781.461 698.519 688.340 Provisions over Loans (%)2 5,6% 6,0% 6,0% 6,1% 6,1% Provisions (MM CLP)2 47.083 48.433 46.888 42.324 42.320 Write-offs (MM CLP) 24.772 11.214 35.488 26.589 17.110 % of Sales w/Credit Cards over Total Sales

Supermarkets 9,8% 9,3% 10,4% 10,1% 10,4% Department Stores 33,0% 27,1% 31,7% 33,5% 34,4% Home Improvement 17,0% 18,0% 18,4% 18,9% 18,4%

ARGENTINA Loan Portfolio (M ARS) 9.448.677 8.623.648 7.820.670 6.472.603 5.813.249 Provisions over Loans (%)4 4,1% 3,5% 3,3% 3,9% 3,9% Provisions (M ARS)4 390.490 303.026 259.009 250.243 229.231 Write-offs (M ARS)7 138.329 68.948 143.988 102.693 57.714 Duration (Months)8 3,8 3,8 3,2 3,9 3,8 Open Accounts (With Balance) 983.391 972.375 969.491 940.625 921.275 Average Consumer Loan (ARS) 9.608 8.869 8.067 6.881 6.310 % of Sales w/Credit Cards over Total Sales

Supermarkets 11,1% 9,8% 10,7% 9,7% 10,2% Home Improvement 29,9% 26,4% 27,2% 26,3% 25,6%

PERU5 Loan Portfolio (M PEN) 509.320 501.215 531.078 520.934 550.446 Provisions over Loans (%) 8,0% 7,8% 7,7% 8,0% 7,5% Provisions (M PEN) 40.872 38.871 40.691 41.548 41.556 Write-offs (M PEN)7 46.032 23.870 80.691 57.661 34.236 Duration (Months)8 3,8 4,0 3,2 4,3 3,6 Open Accounts (With Balance) 330.367 329.991 350.241 354.405 370.399 Average Consumer Loan (PEN) 1.542 1.519 1.516 1.470 1.486 % of Sales w/Credit Cards over Total Sales

Supermarkets 13,3% 11,8% 12,5% 13,5% 13,8% Department Stores 37,9% 34,9% 36,3% 37,9% 42,4%

BRAZIL6 Loan Portfolio (M BRL) 530.497 506.525 511.964 492.579 489.013 Provisions over Loans (%) 4,1% 3,8% 4,0% 4,8% 4,5% Provisions (M BRL) 21.968 19.464 20.694 23.583 22.012 Write-offs (M BRL)7 48.165 23.771 77.660 56.484 35.704 % of Sales w/Credit Cards over Total Sales

Supermarkets 37,7% 35,7% 37,4% 38,8% 39,1% COLOMBIA Loan Portfolio (MM COP) 760.260 759.934 765.216 731.819 692.891 Provisions over Loans (%) 7,6% 7,2% 7,0% 7,0% 7,5% Provisions (MM COP) 57.763 54.580 53.505 51.547 52.284 Write-offs (MM COP)7 39.944 17.993 72.322 54.454 34.976 % of Sales w/Credit Cards over Total Sales

Supermarkets 15,5% 15,1% 15,7% 15,0% 15,3% Home Improvement 8,6% 9,6% 9,1% 9,7% 8,7%

Note 0: SAG-Cat is the new entity that holds the JV with Scotiabank in Chile.

Note 1: Starting from June 2015, figures reported in SAG-CAT holds 100% of the JV with Scotiabank.

Note 2: The ratio Provisions / Loan does not include CLP 9,782 million of anti-cyclical and contingency provisions of unused quotas registered by the end of September 2016.

Note 3: Bank's loan portfolio only includes the mortgage loans that were left at Banco Paris after the completion of JV with Scotiabank.

Note 4: Since March 2013 the ratio provisions/loans does not include anti-cyclical provisions. As of September 2016 no amount was registered.

Note 5: Since June 2015 write-offs criteria was modified from 120 days to 150 days overdue.

Note 6: Includes only Gbarbosa

Note 7: Write-offs correspond to write-off net from recovery and are presented accumulated as of the end of each quarter.


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BALANCE SHEET

(In millions of Chilean pesos as of June 30, 2017)

June 2017 Dec 2016 Variation %

MM CLP MM CLP Current Assets 2.344.772 2.638.385 -293.614 -11,1% Assets held for sale 64.077 57.124 6.953 12,2% Current Assets, Total 2.408.849 2.695.509 -286.660 -10,6% Non-current Assets 7.745.932 7.753.248 -7.316 -0,1%

TOTAL ASSETS 10.154.781 10.448.757 -293.976 -2,8% Current Liabilities 2.495.304 2.573.418 -78.114 -3,0% Liabilities from assets held for sale 6.013 15.669 -9.656 -61,6% Current liabilities, Total 2.501.317 2.589.088 -87.770 -3,4% Non-current Liabilities 3.641.095 3.775.618 -134.523 -3,6%

TOTAL LIABILITIES 6.142.413 6.364.706 -222.293 -3,5% Net equity attributable to controlling shareholders 4.011.922 4.085.260 -73.338 -1,8% Non-controlling interest 446 -1.208 1.655 -136,9%

TOTAL EQUITY 4.012.368 4.084.052 -71.683 -1,8% TOTAL EQUITY AND LIABILITIES 10.154.781 10.448.757 -293.976 -2,8%

TOTAL ASSETS

TOTAL LIABILITIES

TOTAL EQUITY

June 2017 Dec 2016 %

June 2017 Dec 2016 %

June 2017 Dec 2016 % Chile 4.583.344 4.779.857 -4,1% 4.052.570 4.202.937 -3,6% 811.134 885.649 -8,4% Argentina 1.425.568 1.411.985 1,0% 778.650 813.236 -4,3% 733.913 655.907 11,9% Brazil 1.333.362 1.431.919 -6,9% 523.502 530.551 -1,3% 696.032 781.437 -10,9% Peru 1.238.464 1.240.939 -0,2% 368.815 403.729 -8,6% 758.946 693.076 9,5% Colombia 1.574.042 1.584.058 -0,6% 418.874 414.253 1,1% 1.012.344 1.067.982 -5,2% Consolidated 10.154.781 10.448.757 -2,8% 6.142.413 6.364.706 -3,5% 4.012.368 4.084.052 -1,8%

Total assets as of June 30, 2017 decreased CLP 293,976 million compared to December 2016 mainly due to the reduction of current and non-current assets by CLP 286,660 million and CLP 7,316 million, respectively. The decrease in current assets by CLP 286,660 million is explained by:

The CLP 139,407 million decrease in Other Current Financial Assets reflects lower investments in mutual funds and highly liquid financial instruments.

The decrease of CLP 124,492 million in Cash and Cash Equivalents reflects a lower balance in banks and short-term deposits.

The drop of CLP 75,069 million in Trade Accounts receivable, reflects lower receivables in Chile (CLP 54,285 million), Peru (CLP 12,695 million), Brazil (CLP 12,108 million) and Colombia (CLP 4,569 million), partially offset by an increase in Argentina (CLP 8,488 million). The fall in accounts receivable is the result of the seasonality of the business (higher sales are concentrated in 4Q per Christmas). In the case of Argentina, the increase reflects the growth of the credit card portfolio.

This was partially offset by the increase of CLP 33,380 million in Inventory and CLP 19,590 million in other non-financial assets, current. The increase in inventory was driven by Supermarkets Colombia, Chile, Peru and Department Stores, partially offset by a fall in Home Improvement Chile, and Supermarkets Brazil and Argentina. The increase in other non-financial current assets is explained by a higher balance of prepaid insurance and rental guarantees.

The decrease in non-current assets of CLP 7,316 million is explained by:

The decrease of CLP 57,747 million in Property, Plant and Equipment as a result of the sale of land in Chile, and a lower balance in improvements of leased assets, fixed installations and buildings.

Lower non-current financial assets for CLP 15,268 million, reflecting the lower value of financial derivatives.

This was partially offset by the increase of CLP 58,183 million in Investment Property and CLP 6,423 million in Deferred Tax Assets. The increase in Investment Property reflects the revaluation of assets recognized in results, partially offset by the effect of currency fluctuations in the region, mainly the ARS and BRL against CLP.

Total liabilities as of June 30, 2017 decreased CLP 222,293 million compared to December 2016 mainly due to the reduction of current and non-current liabilities by CLP 87,770 million and CLP 134,523 million, respectively.


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The decrease in current liabilities for CLP 87,770 million is explained by:

Lower accounts payable for CLP 224,896 million reflecting lower accounts payable in Chile (CLP 134,616 million), Argentina (CLP 33,231 million), Peru (CLP 32,401 million) and Brazil (CLP 32,204 million), partially offset by the increase in Colombia (CLP 7,556 million). The fall is the result of business seasonality (payments to suppliers after the purchase for Christmas are made in 1Q and 2Q).

A CLP 48,866 million decline in liabilities for current taxes, explained by the payment of income tax in Chile, which is made the 2Q of each year.

Lower current provisions for employee benefits by CLP 10,012 million as a result of CLP 5,851 million less in vacations and CLP 4,161 million less in bonuses.

This was partially offset by the increase in other current financial liabilities for CLP 197,622 million, reflecting an increase of CLP 121,710 million in bonds and CLP 75,814 million in liabilities with banks. The increase in bonds with the public is explained by the long-term reclassification of two bonds (Inca and BCENC E), a largest trust in Argentina and currency fluctuations in the region. The increase in liabilities with banks is explained by higher overdrafts in Chile, Argentina and Brazil, as well as long- to short-term reclassifications.

The decrease in non-current liabilities by CLP 134,523 million is explained by:

The drop of CLP 140,138 million in other non-current financial liabilities reflecting a decrease of CLP 112,441 million in obligations with banks and CLP 14,642 million in obligations to the public, due to long- to short-term reclassifications mentioned above.

This was partially offset by an increase of CLP 10,067 million in deferred tax liabilities associated with changes in property, plant and equipment, and investment properties.

The CLP 71,683 million decline in equity is explained by the decrease of CLP 66,655 million in other reserves and CLP 6,708 million in accumulated gains (losses). The variation in other reserves resulted from lower reserves for exchange differences on conversions (CLP 66,270 million). Finally, the fall in accumulated gains (losses) is explained by the result of the year and the payment of dividends.

Indebtedness As of June 30, 2017, net financial debt (excluding Cencosud’s banking activities in Peru and Chile) was CLP 2,804,343 million, compared to CLP 2,593,700 million as of June 30, 2016.

Financial Ratios 4 (Times) June 17 June 16

Net Financial Debt / Adjusted EBITDA5 4,02 3,17 Financial Expense Ratio 2,83 3,27 Financial Debt / Equity 0,70 0,65 Total Liabilities / Equity 1,51 1,44 Current Assets / Current Liabilities 0,94 0,95

Interest Rate Risk As of June 2017, including the Cross Currency Swaps, 74.0% of the Company’s financial debt was at fixed interest rates, primarily short-term debt and bonds. The remaining debt was at variable interest rates. Of the variable-rate, 98.55% is indexed to local interest rates (either by its original terms or under derivative arrangements). These percentages include all the Cross Currency Swaps. The Company’s hedging policy also provides for the periodic review of exposure to exchange rate and interest rate risks.

Currency Hedges In countries where Cencosud operates, the majority of costs and revenues are denominated in local currencies. The majority of the Company’s debt is denominated in Chilean pesos. As of June 30, 2017, roughly 67% of consolidated financial debt was denominated in US dollars: 72.28% of total financial debt was covered using Cross Currency Swaps or other Exchange Rate Hedges. The Company’s policy is to cover the risk caused by variations in exchange rate on the position of net payable liabilities in foreign currency using market instruments. Considering the effect of the Cross Currency Swaps, as of June 30, 2017, the Company’s exposure to the US dollar was 18.6% of the total debt.

4 These financial ratios are displayed for information purposes only and do not represent financial covenants associated to debt contracts and bonds. The ratios shown above do not include the assets and liabilities of Cencosud’s banking activities. 5 In 2Q16 and 2Q17 the leverage ratio includes liabilities of assets maintained for the sale.


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Working Capital Ratios 6

Inventory turnover Average period of receivables Average period of payables

(days) 2Q17 2Q16 ∆ 2Q17 2Q16 ∆ 2Q17 2Q16 ∆ Supermarkets 47,0 43,4 3,6 8,7 11,0 -2,3 43,8 44,0 -0,2 Home Improvement 102,7 86,4 16,3 11,5 15,0 -3,5 54,2 50,0 4,2 Department Store 92,5 79,0 13,5 7,5 9,8 -2,3 45,5 50,0 -4,5 Shopping Centers 29,4 36,9 -7,5 32,6 41,0 -8,4 Financial Retail 32,1 32,0 0,1

INVENTORY TURNOVER: The supermarket business increased its inventory days by 3.6 days (1.5 days eliminating the exchange rate effect), as a result of an inventory increase in all countries, with the exception of Brazil. Home Improvement increased its inventory days by 16.3 days (1.1 days without currency effect), as a result of the increase in inventory days in Chile as a consequence of the WMS implementation, and Argentina as a result of the currency fluctuation. Finally, Department Stores experienced an increase of 13.5 days (13 days without currency effect), reflecting the increase in the days of both operations due to a change in the commercial strategy.

AVERAGE PERIOD OF RECEIVABLES: Supermarkets decreased their average collection period in 2.3 days (2.7 days eliminating the exchange rate effect), as a consequence of a decrease in all operations, with the exception of Argentina. Likewise, Home Improvement reduced the collection period by 3.5 days (5.2 days without currency effect), influenced by lower days in all operations. Department Stores decreased their collection days in both Chile and Peru. Shopping centers decreased by 7.5 days (10.1 days without currency effect), driven by lower days of collection in Chile and Peru, partially offset by Argentina (without currency effect it decreases) and Colombia.

AVERAGE PERIOD OF PAYABLES: Shopping Centers decreased its average period of payables by 8.4 days due to the 12-day reduction in Chile, partially offset by the 1.2 day increase in Argentina. Department Stores decreased the average days of payment by 4.5 days due to a decrease of 4.7 days in Chile. Supermarkets decreased its average period of payables by 0.2 days by reducing days in Chile, Argentina and Brazil, partially offset by Peru and Colombia. Home Improvement increased by 4.2 days, as a result of an increase of 8.4 days in Colombia, partially offset by the reduction of 3.5 days in Chile.

CASH FLOW SUMMARY

In millions of Chilean pesos as of June 30, 2017

Net cash flow from operating activities

Net cash flow used in investment

activities

Net cash flow from (used in) financing

activities Consolidated

Supermarkets 57.398 -31.307 -74.791 -48.701 Shopping Centers 105.383 -3.117 -102.186 80 Home Improvement 58.728 -22.376 -42.370 -6.018 Department Stores -53.136 -11.317 38.975 -25.478 Financial Service -5.752 28.450 -23.685 -987 Others -187.526 83.941 64.738 -38.847 Consolidated -24.905 44.274 -139.320 -119.951

In millions of Chilean pesos as of June 30, 2016

Net cash flow from operating activities

Net cash flow used in investment

activities

Net cash flow from (used in) financing

activities Consolidated

Supermarkets -30.325 -37.520 -8.891 -76.737 Shopping Centers 85.692 105.416 -196.939 -5.832 Home Improvement -20.847 -12.141 31.435 -1.553 Department Stores -13.487 -12.612 664 -25.436 Financial Service 13.279 39.314 -52.438 155 Others -155.380 135.978 80.010 60.608 Consolidated -121.069 218.435 -146.160 -48.795

6 Figures from Income Statement were translated to CLP with average exchange rate per month and figures from the Balance Sheet were translated using end of period exchange rate. Therefore, fluctuations in the ratios consider exchange rate variations against CLP.


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Taking into account the cash flow from operating, investing and financing activities, Cencosud showed a net cash flow of CLP (119,951) million as of June 30, 2017 compared to a net cash flow of CLP (48,795) million for the same period the previous year.

Operating Activities Cencosud posted a net cash flow from operations of CLP (24,905) million for the six months period ended June 30, 2017, compared to a CLP (121,069) million for the same period of 2016, explained by lower working capital requirements in Supermarkets, Home Improvement and Shopping Centers, despite a higher income tax payment and the effect of the devaluation of the Argentine currency. In the case of Department Stores, cash flow decreased due to the greater demand for working capital, partially offset by a higher EBITDA generation. Finally, in the case of Financial Services, cash flow decreased due to higher working capital requirements (growth of the loan portfolio in Argentina), partially offset by higher EBITDA from the business.

Investment Activities Net cash flow from investment activities was CLP 44,274 million in the six months ended June 30, 2017 compared to a net cash flow of CLP 218,435 million for the same period the previous year. Lower cash flow in 2017 against 2016 is explained by lower cash flow from the sale of non-core assets, lower liquidation of mutual funds and other financial instruments. Capex in the six months 2017 was CLP 105,921 million vs. CLP 103,607 million in the same period last year.

Financing Activities Net cash flow used in financing activities was CLP (139,320) million during the six months ended June 30, 2017, compared to CLP (146,160) million in the same period of 2016. This resulted from lower cash outflows for the payment of loans and a lower payment of dividends YoY, partially offset by lower cash income from short-term loans.

RECONCILIATION OF NON-IFRS MEASURES TO PROFIT/(LOSS)

This earnings release makes reference to certain non-IFRS measures, namely EBIT, EBITDA and Adjusted EBITDA. These non-IFRS measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Accordingly, they should not be considered in isolation nor as a substitute for analysis of our financial information reported under IFRS. EBIT represents profit attributable to controlling shareholders before net interest expense and income taxes, EBITDA represents EBIT plus depreciation and amortization expense, Adjusted EBITDA represents EBITDA as further adjusted to reflect items set forth in the table below. EBIT, EBITDA and Adjusted EBITDA have important limitations as analytical tools. For example, neither EBIT, EBITDA nor Adjusted EBITDA reflect (a) our cash expenditures, or future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expense, or the cash requirements necessary to service interest or principal payments, on our debt; and (d) tax payments or distributions to our parent to make payments with respect to taxes attributable to us that represent a reduction in cash available to us. Although we consider the items excluded in the calculation of non-IFRS measures to be less relevant to evaluate our performance, some of these items may continue to take place and accordingly may reduce the cash available to us. We believe that the presentation of the non-IFRS measures described above is appropriate. However, these non-IFRS measures have important limitations as analytical tools, and you should not consider them in isolation, or as substitutes for analysis of our results as reported under IFRS. In addition, because other companies may calculate EBITDA and Adjusted EBITDA differently than we do, EBITDA may not be, and Adjusted EBITDA as presented in this report is not, comparable to similarly titled measures reported by other companies. A reconciliation of our profit (loss) attributable to controlling shareholders, the most directly comparable IFRS financial measure, to EBITDA and to Adjusted EBITDA is set forth below:

2T17 2T16 % as of June 30, 2017 as of June 30, 2016 %

Profit (Loss) 24.046 86.367 -72,2% 92.123 195.396 -52,9% Net Financial Costs 58.587 57.614 1,7% 121.162 123.097 -1,6% Result from Indexation Units 4.415 4.783 -7,7% 7.201 8.251 -12,7% Result from Exchange Variations 344 -6.088 -105,7% -31.272 -44.614 -29,9% Income taxes 42.865 56.066 -23,5% 78.780 88.871 -11,4% Depreciation & Amortization 58.790 54.039 8,8% 118.896 105.319 12,9% Revaluation of Investment Properties -45.264 -46.137 -1,9% -71.879 -84.096 -14,5% Adjusted EBITDA 143.783 206.643 -30,4% 315.012 392.224 -19,7%


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Reconciliation by Business

2Q17 SM SHOP HI DS FS Others Conso Net Income 35.106 95.072 14.122 5.518 24.217 -149.990 24.046 Financial Expense (net) 0 0 0 0 0 58.587 58.587 Income Tax Charge 0 0 0 0 0 42.865 42.865 EBIT 35.106 95.072 14.122 5.518 24.217 -48.538 125.498 Depreciation and Amortization 38.643 1.640 5.977 7.640 449 4.441 58.790 EBITDA 73.750 96.712 20.099 13.159 24.666 -44.096 184.288 Exchange differences 0 0 0 0 0 344 344 Revaluation of Investment Properties 0 -45.264 0 0 0 0 -45.264 (Losses) gains from indexation 0 0 0 0 0 4.415 4.415 Adjusted EBITDA 73.750 51.447 20.099 13.159 24.666 -39.337 143.783

2Q16 SM SHOP HI DS FS Others Conso Net Income 59.805 92.142 24.235 3.595 16.934 -110.345 86.367 Financial Expense (net) 0 0 0 0 0 57.614 57.614 Income Tax Charge 0 0 0 0 0 56.066 56.066 EBIT 59.805 92.142 24.235 3.595 16.934 3.335 200.047 Depreciation and Amortization 34.161 1.431 5.992 7.472 810 4.173 54.039 EBITDA 93.967 93.573 30.226 11.067 17.744 7.508 254.085 Exchange differences 0 0 0 0 0 -6.088 -6.088 Revaluation of Investment Properties 0 -46.137 0 0 0 0 -46.137 (Losses) gains from indexation 0 0 0 0 0 4.783 4.783 Adjusted EBITDA 93.967 47.436 30.226 11.067 17.744 6.203 206.643

as of June 30, 2017 SM SHOP HI DS FS Others Conso Net Income 93.131 167.959 39.359 11.653 48.698 -268.678 92.123 Financial Expense (net) 0 0 0 0 0 121.162 121.162 Income Tax Charge 0 0 0 0 0 78.780 78.780 EBIT 93.131 167.959 39.359 11.653 48.698 -68.736 292.065 Depreciation and Amortization 79.286 3.036 11.926 15.236 892 8.520 118.896 EBITDA 172.418 170.996 51.285 26.889 49.590 -60.216 410.961 Exchange differences 0 0 0 0 0 -31.272 -31.272 Revaluation of Investment Properties 0 -71.879 0 0 0 0 -71.879 (Losses) gains from indexation 0 0 0 0 0 7.201 7.201 Adjusted EBITDA 172.418 99.117 51.285 26.889 49.590 -84.287 315.012

as of June 30, 2016 SM SHOP HI DS FS Others Conso Net Income 149.785 172.165 58.544 4.028 33.881 -223.008 195.396 Financial Expense (net) 0 0 0 0 0 123.097 123.097 Income Tax Charge 0 0 0 0 0 88.871 88.871 EBIT 149.785 172.165 58.544 4.028 33.881 -11.040 407.364 Depreciation and Amortization 65.968 2.999 11.994 14.747 1.599 8.011 105.319 EBITDA 215.753 175.164 70.539 18.776 35.480 -3.029 512.682 Exchange differences 0 0 0 0 0 -44.614 -44.614 Revaluation of Investment Properties 0 -84.096 0 0 0 0 -84.096 (Losses) gains from indexation 0 0 0 0 0 8.251 8.251 Adjusted EBITDA 215.753 91.068 70.539 18.776 35.480 -39.391 392.224

RECONCILIATION OF NON-IFRS MEASURES TO NET FINANCIAL DEBT 7

We define net financial debt as total financial liabilities (a) less (i) total cash and cash equivalents, (ii) total other financial assets, current and non-current, and (iii) other financial liabilities, current and non-current, from Banco Paris and Banco Peru, (b) plus (i) cash and cash equivalents from Banco Paris and Banco Peru and (ii) total other financial assets, current and non-current, from Banco Paris and Banco Peru. Total financial liabilities are defined as Other financial liabilities, current, plus Other financial liabilities, non-current. The IFRS financial measure most directly comparable to net financial debt is total financial liabilities, current and non-current, as reported in the notes to the Company’s consolidated financial statements.

7 Figures include assets and liabilities classified as held for sale. See Note 17.7 of the Financial Statements.


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We believe that the presentation of net financial debt provides useful information to investors because our management reviews net financial debt as part of its management of our overall liquidity, financial flexibility, capital structure, covenants and leverage. Furthermore, certain debt rating agencies, creditors and credit analysts monitor our net financial debt as part of their assessments of our business.

For a quantitative reconciliation of total financial liabilities to net financial debt, see below.

(figures in CLP MM) June-17 June-16 Total Financial Liabilities 3.372.763 3.266.713

Less: Total cash and cash equivalents 150.727 204.307 Less: Total other financial assets, current and non-current 352.674 417.642 Less: Total other financial liabilities from Banco Paris and Banco Peru, current and non-current 94.168 111.532 Plus: Cash and cash equivalents from Banco Paris and Banco Peru 29.149 28.063 Plus: Total other financial assets from Banco Paris and Banco Peru, current and non-current - 32.405

Net Financial Debt 2.804.343 2.593.700

ADJUSTED EBITDA F I G U R E S I N CLP M I L L I O N

Second Quarter Six-Month, ended June 30th 2017 Margin 2016 Margin

∆ % 2017 2016

∆ % ADJUSTED EBITDA CLP MM (%) CLP MM (%) CLP MM CLP MM CHILE - Supermarkets 59.143 8,9% 59.532 9,3% -0,7% 125.659 124.145 1,2% CHILE - Department Stores 15.016 5,7% 12.381 4,9% 21,3% 31.513 21.863 44,1% CHILE - Home Improvement 6.285 5,1% 7.881 6,3% -20,3% 15.266 19.904 -23,3% CHILE - Shopping Center 31.755 87,7% 28.158 86,3% 12,8% 62.245 55.007 13,2% CHILE - Financial Services 3.441

1.059

225,1% 7.658 2.819 171,7%

CHILE - Others -15.887

26.417

-160,1% -35.877 5.680 -731,7% Chile 99.753 9,2% 135.427 12,9% -26,3% 206.464 229.418 -10,0% Argentina 33.520 5,1% 49.291 8,1% -32,0% 82.077 106.064 -22,6% Brazil -10.717 -2,7% -1.778 -0,5% 502,7% -17.567 7.258 -342,0% Peru 15.382 6,4% 13.938 5,7% 10,4% 33.079 36.698 -9,9% Colombia 5.846 2,8% 9.765 4,5% -40,1% 10.958 12.786 -14,3%

Total 143.783 206.643 -30,4% 315.012 392.224 -19,7% Adjusted EBITDA margin (%) 5,6% 8,2% -269 bps 6,2% 7,9% -170 bps -269 -170 Second Quarter Six-Month, ended June 30th 2017 Margin 2016 Margin

∆ % 2017 2016

∆ % ADJUSTED EBITDA BY BUSINESS CLP MM (%) CLP MM (%) CLP MM CLP MM Supermarkets 73.750 4,0% 93.967 5,1% -21,5% 172.418 215.753 -20,1% Department Stores 13.159 4,7% 11.067 4,1% 18,9% 26.889 18.776 43,2% Home Improvement 20.099 6,3% 30.226 9,9% -33,5% 51.285 70.539 -27,3% Shopping Center 51.447 83,1% 47.436 82,0% 8,5% 99.117 91.068 8,8% Financial Services 24.666 44,3% 17.744 41,1% 39,0% 49.590 35.480 39,8% Others -39.337

6.203

-734,2% -84.287 -39.391 114,0%

Total 143.783 206.643 -30,4% 315.012 392.224 -19,7% Adjusted EBITDA margin (%) 5,6% 8,2% -269 bps 6,2% 7,9% -170 bps


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MACROECONOMIC INFORMATION

Exchange Rate End of Period Exchange Rate (Average) 06/30/2017 06/30/2016 % change

06/30/2017 06/30/2016 % change

CLP / USD 664,3 661,4 0,4% CLP / ARS 42,3 47,8 -11,4% CLP / ARS 40,0 44,0 -9,1% CLP / COP 0,23 0,23 1,5% CLP / COP 0,22 0,23 -4,3% CLP / PEN 203,72 204,39 -0,3% CLP / PEN 204,4 201,2 1,6% CLP / BRL 207,0 193,0 7,2% CLP / BRL 200,9 206,5 -2,7%

Inflation YoY 06/30/2017 06/30/2016 Chile 1,70% 4,20% Brazil 3,00% 8,84% Peru 2,73% 3,34% Colombia 3,99% 8,60%

Marisol Fernández IR Officer

Tel +562 2959 0545 [email protected]

Natalia Nacif Deputy IR Manager Tel +562 2959 0368

[email protected]

Disclaimer: Statements contained in this release relating to the business outlook of the Company, projections of operating/financial results, the growth potential of the Company and the market and macroeconomic estimates are mere forecasts and were based on the expectations of Management in relation to the Company’s future. These expectations are highly dependent on changes in the market, Latin America’s general economic performance particularly that of countries where we have operations, the industry and international markets and are thus subject to change.

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