CENCOSUD: CENCOSUD S.A. 2016-07-11 T-06:19

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Aloe

CENCOSUDS.A.
Inscripción Registro de Valores N* 743

Santiago, 11 de julio de 2016

Señor

Carlos Pavez Tolosa

Superintendente

Superintendencia de Valores y Seguros

Avenida Libertador Bernardo O” Higgins N? 1449
Santiago

Presente

De mi consideración:

En cumplimiento de lo dispuesto en la Circular N* 1.375 de esta Superintendencia, el artículo
10 de la Ley N* 18.045 de Mercado de Valores y la Norma de Carácter General N* 30 de esta
Superintendencia, cumplo con informar a Ud. que el Directorio de Cencosud S.A. (Sociedad). ha
acordado que la Sociedad colaborará en el proceso de venta pública de acciones secundarias a ser
efectuado por el accionista controlador, a través de la Bolsa de Comercio de Santiago. Bolsa de
Valores. y dirigido al mercado nacional e internacional. lo que fue aprobado de acuerdo a la
normativa aplicable a operaciones con partes relacionadas.

La venta pública de acciones secundarias será realizada dentro de los próximos días. para lo

cual la Sociedad ha presentado ante la Securities and Exchange Commission el Formulario 3 y el
Formulario 6-K.

Quedando a su disposición para q. consulta sobre el particular. se despide atentamente.
y

KA ]

Rivera Martínez
Asuntos Legales Chile

e Bolsa de Comercio de Santiago
Bolsa Electrónica
Bolsa de Valparaíso
Representante de los Tenedores de Bonos.
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As filed with the Securities and Exchange Commission on July 11, 2016

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

Form F-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

CENCOSUD S.A.
(Exact Name of Registrant as Specified in Its Charter)

N/A
(Translation of Registrant’s Name Into English)

Republic of Chile None
(State or Other Jurisdiction of (LR.S. Employer
Incorporation or Organization) Identification No.)

Av. Kennedy 9001, Piso 6
Las Condes, Santiago, Chile
Tel. +56 (2) 2959-0545

(Address and telephone number of Registrant’s principal executive offices)

CT Corporation System
111 Eighth Avenue, 13th Floor
New York, NY 10011
(212) 590-9200
(Name, address, and telephone number of agent for service)

Copies to:

Marcelo A. Mottesi, Esq.
Milbank, Tweed, Hadley € McCloy LLP
1 Chase Manhattan Plaza
New York, New York 10005
(212) 530-5000

Registration No. 333-

Approximate date of commencement of proposed sale to the public: As soon as practicable after the effective date of this Registration Statement.

Tf only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans, please check the following box. Ol

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933,

check the following box

Tf this Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the

Securities Act registration statement number of the earlier effective registration statement for the same offering. QU

Tf this Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration

statement number of the earlier effective registration statement for the same offering. Ol

Tf this Form is a registration statement pursuant to General Instruction 1.C. or a post-effective amendment thereto that shall become effective upon filing with the

Commission pursuant to Rule 462(e) under the Securities Act, check the following box. M

Tf this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction 1.C. filed to register additional securities or additional

classes of securities pursuant to Rule 413(b) under the Securities Act, check the following box.

CALCULATION OF REGISTRATION FEE

Proposed
Maximum
Aggregate

Offering Price

Amount of
Registration Fee

Proposed
Maximum
Amount to be Aggregate Price
Title of Each Class of Securities to be Registered Registered ” per Unit
Shares of common stock, no par value (which may be represented by American
Depositary Shares) (2) 47,375,34800 $8.630)

$408,849,253.24%)

$41,171.12
(1) Includes shares of common stock that may be offered and sold in the United States and shares of common stock that are to be offered and sold outside the
United States but may be resold in the United States in transactions requiring registration under the Securities Act of 1933, as amended.

(2) American Depositary Shares issuable on deposit of the shares of common stock registered hereby have been registered under a separate registration statement
on Form F-6 (File No. 333-181870) or will be registered under a future registration statement on Form F-6. Each American depositary share represents three shares
of common stock.

(3) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(c) promulgated under the Securities Act of 1933, as amended, on the
basis of the average of the high and low price of the American Depositary Shares on the New York Stock Exchange on July 7, 2016.

Subject to Completion, dated July 11, 2016
The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities
and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any state
where the offer or sale is not permitted.

PROSPECTUS

142,126,044 SHARES

7
cencosud

CENCOSUD S.A.

COMMON STOCK IN THE FORM OF SHARES OR AMERICAN DEPOSITARY SHARES

The selling shareholder (the “Selling Shareholder”) named in this prospectus is offering 142,126,044 shares of common stock in the form of shares or American
Depositary Shares (“ADSs”). This prospectus relates to an offering by the international underwriter named herein of shares in the form of ADSSs in the United
States and elsewhere outside of Chile. The Chilean placement agents are offering shares in Chile. Each ADS represents three shares of our common stock. The
ADSs are evidenced by American Depositary Receipts (“ADRs”).

All of the shares of common stock will be sold by the Selling Shareholder initially through a book auction on the Santiago Stock Exchange in a process known as
subasta de un libro de órdenes, in compliance with Chilean law and the rules of the Santiago Stock Exchange. All orders of shares of common stock made by
prospective purchasers, including by the international underwriter for purposes of the international offering, must be placed through an authorized Chilean broker
under Chilean law. See “Order Book Auction.” The shares of common stock awarded to the international underwriter in the subasta de un libro de órdenes will be
eligible for deposit in our ADS facility, subject to the terms of our amended and restated deposit agreement dated as of June 21, 2012 (the “Deposit Agreement”). See
“Underwriting.”

Our ADSs are listed on the New York Stock Exchange under the symbol “CNCO.” Our shares are listed on the Santiago Stock Exchange, the Bolsa Electronica de
Chile and the Valparaiso Stock Exchange, which we refer to collectively as the Chilean Stock Exchanges, under the symbol “CENCOSUD.” On July 7, 2016, the last
reported sale price of the shares on the Santiago Stock Exchange, the Bolsa Electronica de Chile and the Valparaiso Stock Exchange was Ch$1898.40, Ch$1900.00
and Ch$1819.00 per share, respectively. On July 7, 2016, the last reported sale price of the ADSs on the New York Stock Exchange was U.S.$8.59 per ADS. See
“Underwriting” for a discussion of factors considered in determining the price to the public of the ADSs.

Per ADS) ADSs() Per Share?) SharesC)
Public Offering Price U.S.$ U.S.$ CH$ CH$
Underwriting discounts and commissionsG) U.S.$ U.S.$ CHS$ CHS$
Proceeds, before expenses, to the Selling Shareholder U.S.$ U.S.$ CH$ CH$

(1) In thousands of U.S. dollars.

(2) In millions of Chilean pesos.

(3) Not including the discretionary incentive fee of % of the gross proceeds of the global offering (the “incentive fee”). See “Underwriting” for additional
information regarding underwriter compensation.

Investing in our common stock involves a high degree of risk. See the “Risk Factors” section of our Annual Report on Form 20-F for the year ended December
31, 2015 filed on April 15, 2016 with the Securities and Exchange Commission (the “SEC”), as amended by Amendment No. 1 to our Annual Report on Form 20-F
filed with the SEC on July 7, 2016 (collectively, the “2015 Form 20-F”), incorporated by reference into this prospectus.

Neither the SEC nor any state securities commission has approved or disapproved of these securities or passed upon the accuracy or adequacy of this prospectus.
Any representation to the contrary is a criminal offense.

Cencosud S.A. and its shares of common stock have been registered with the Superintendencia de Valores y Seguros (the Chilean Superintendency of Securities
and Insurance, or the “SVS”), The SVS has not approved or disapproved of the securities offered hereby (including in the form of ADSs) or determined if this
prospectus or the Spanish language prospectus that will be used in Chile is truthful or complete.

The shares and ADSs will be ready for delivery on or about ,2016.

Global Coordinators
J.P. Morgan Credicorp Capital

The date of this prospectus is ,2016.
TABLE OF CONTENTS

WHERE YOU CAN FIND MORE INFORMATION si
INCORPORATION OF INFORMATION BY REFERENCE
FORWARD-LOOKING STATEMENTS y

SUMMARY

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EXPERTS

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ABOUT THIS PROSPECTUS

This prospectus is part of a registration statement on Form F-3 that we filed with the SEC as a “well-known seasoned issuer” (as defined in Rule 405 of the
Securities Act of 1933, as amended (the “Securities Act”) using an automatic registration process and therefore became automatically effective upon filing. This
prospectus provides you with a general description of the securities offered and includes specific information about the terms of this offering, including the specific
amounts, prices and terms of the securities offered. You should carefully read this prospectus and any other offering materials, together with the additional
information described under the headings “Where You Can Find More Information” and “Incorporation of Information by Reference.”

Neither we nor the Selling Shareholder have authorized anyone to provide any information other than that contained or incorporated by reference in this
prospectus, any related prospectus supplement, ifany, or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. Neither we
nor the Selling Shareholder take any responsibility for, and can provide no assurance as to the reliability of, any other information that others may give you. We are
not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

The information contained in this prospectus is not complete and may be changed. You should not assume that the information in this prospectus, any
prospectus supplement or any other offering materials is accurate as of any date other than the date of the document or that the information we have filed or will file
with the SEC that is incorporated by reference in this prospectus is accurate as of any date other than the filing date of the applicable document. Our business,
financial condition, results of operations and prospects may have changed since then.

Unless the context otherwise requires, references in this prospectus, to the “Company”, “we”, “us” and “our” are to Cencosud S.A. and its consolidated
subsidiaries.
WHERE YOU CAN FIND MORE INFORMATION

We are an SEC registrant subject to the information requirements of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), and
accordingly, file with, or furnish to, the SEC certain reports and other information. As a foreign private issuer, these reports and other information (including financial
information) may be prepared in accordance with the disclosure requirements of Chile, which differ from those in the United States. You may read and copy any
document we file with or furnish to the SEC at the SEC”s public reference room at 100 F Street, N.E., Washington, D.C. 20549. Please call the SEC at 1-888-SEC-0330 for
further information on the public reference room. Such documents are also available to the public from the SEC*s website at www.sec.gov. We are an issuer in Chile of
securities registered with the SVS. Shares of our common stock are traded on the Chilean Stock Exchanges, under the symbol “CENCOSUD”. Accordingly, we are
currently required to file quarterly and annual reports and issue hechos esenciales o relevantes (notices of essential or material events) to the SVS, and provide
copies of such reports and notices to the Chilean Stock Exchanges. The information contained on our Internet site or the SVS site is not incorporated by reference
into this prospectus.

iii
INCORPORATION OF INFORMATION BY REFERENCE

The SEC allows us to incorporate by reference the information we file with it into this prospectus, which means that we can disclose important information to
you by referring you to these documents. We are “incorporating by reference” in this prospectus specified documents that we file with the SEC, which means:

e incorporated documents are considered part of this prospectus;
e we are disclosing important information to you by referring you to those documents; and

e information contained in documents that we file in the future with the SEC automatically will update and supersede earlier information contained in
or incorporated by reference in this prospectus or a prospectus supplement (any information so updated or superseded will not constitute a part of
this prospectus, except as so updated or superseded).

We incorporate by reference in this prospectus the documents listed below and any future Annual Reports on Form 20-F and any future Reports on Form 6-
K (to the extent designated in the Form 6-K as being filed and incorporated by reference in this prospectus) that we file with the SEC under the Exchange Act after the
date of this prospectus and prior to the termination of the offering under this prospectus:

e Our 2015 Form 20-F; and

e our Current Report on Form 6-K furnished to the SEC on July 11, 2016, containing our unaudited interim condensed consolidated financial
statements for the three months ended March 31, 2016 and 2015 and at March 31, 2016 and December 31, 2015 and a discussion and analysis of our
results of operation and financial condition for the first three months of 2016 (the “July Form 6-K”).

We are not incorporating any document or information furnished and not filed in accordance with SEC rules. Upon written or oral request, we will provide
you with a copy of any of the incorporated documents without charge (not including exhibits to the documents unless the exhibits are specifically incorporated by
reference into the documents). You may submit such a request at the address and phone number listed below:

Cencosud S.A.

Av. Kennedy 9001, Piso 6
Las Condes, Santiago

Chile

Attention: Investor Relations
Telephone: 56 (2) 2959-0545
FORWARD-LOOKING STATEMENTS

This prospectus and the documents incorporated by reference herein contain “forward-looking statements” within the meaning of Section 27A of the
Securities Act and Section 21E of the Exchange Act. These statements relate to analyses and other information, which are based on forecasts of future results and
estimates of amounts not yet determinable. They also relate to our future prospects, development and business strategies.

These forward-looking statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “is/are

likely to,” “may,” “plan,” “should,” “would,” or other similar expressions. The forward-looking statements included in this prospectus and the documents
incorporated by reference relate to, among others:

e changes in general economic, business or political or other conditions in Chile, Argentina, Brazil Peru, Colombia or elsewhere in Latin America or
the global markets;

e changes in capital markets in general that may affect policies or attitudes towards investing in Chile, Argentina, Brazil, Peru, Colombia or securities
issued by companies in such countries;

e the monetary and interest rate policies of the Central Banks of Chile, Argentina, Brazil, Peru and Colombia, or elsewhere in Latin American or global
markets;

e high levels of inflation or deflation;

e unanticipated increases in financing and other costs or our inability to obtain additional debt or equity financing on attractive terms;
e movements in interest and/or foreign exchange rates, and movements in equity prices or other rates or prices;
e changes in, or failure to comply with, applicable regulations, or changes in taxes;

e loss of market share or changes in competition and pricing environments in the industries in which we operate;
e difficulties in successfully integrating recent and future acquisitions into our operations;

e our inability to hedge certain risks economically;

e changes in consumer spending and saving habits;

e implementation of new technologies;

e limitations on our ability to open new stores and operate them profitably;

e difficulties in completing proposed store openings, expansions or remodeling;

e difficulties in acquiring and developing land in Chile, Argentina, Brazil, Peru or Colombia, and restrictions on opening new large stores in any such
countries; and

e other factors discussed herein, in the 2015 Form 20-F for the year ended December 31, 2015, or in any other document incorporated by reference in
this prospectus.

These forward-looking statements involve various risks and uncertainties. Although we believe that the expectations expressed in these forward-looking
statements are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks
and uncertainties described above, the estimates and forward-looking statements discussed in this prospectus and the documents incorporated by reference might
not occur, and our future results and our performance may differ materially from those expressed in these forward-looking statements due to, including, but not
limited to, the factors mentioned above. Because of these uncertainties, you should not make any investment decision based on these estimates and forward-looking
statements.

The forward-looking statements made in this prospectus and the documents incorporated by reference relate only to events or information as of the date on
which the statements were made. We undertake no obligation to update any of these forward-looking statements to reflect events or circumstances after the date on
which the statements are made or to reflect the occurrence of unanticipated events.
PRESENTATION OF FINANCIAL AND OTHER INFORMATION
General
In this prospectus, unless otherwise specified or if the context so requires:
e References to “$,” “U.S.$,” “U.S. dollars,” “dollars” and “USD” are to U.S. dollars.
e References to “Chilean pesos” or “Ch$” are to Chilean pesos, the official currency of Chile.
e References to “Argentine pesos” or “Ar$” are to Argentine pesos, the official currency of Argentina.
e References to “Brazilian Real,” “Real,” “Reais” or “R$” are to the Brazilian real, the official currency of Brazil.
e References to “Nuevo Sol,” “Nuevos Soles” or “S/.” are to Peruvian nuevos soles, the official currency of Peru.
e References to “Colombian pesos” or “Col$” are to Colombian pesos, the official currency of Colombia.

e References to “UF” are to Unidades de Fomento. The UF is an inflation-indexed Chilean monetary unit with a value in Chilean pesos that is
adjusted daily to reflect changes in the official Consumer Price Index (“CPI”) of the Instituto Nacional de Estadísticas (the “Chilean National
Institute of Statistics”). The UF is adjusted in monthly cycles. Each day in the period beginning on the tenth day of the current month through the
ninth day of the succeeding month, the nominal peso value of the UF is indexed up (or down in the event of deflation) in order to reflect a
proportionate amount of the change in the Chilean consumer price index during the prior calendar month. As of March 31, 2016, UF1.00 was
equivalent to U.S.$38.54 and Ch$25,812.05, in each case based on the observed exchange rate reported by the Central Bank of Chile.

This prospectus contains translations of certain Chilean peso amounts into U.S. dollars at specified rates solely for the convenience of the reader. These
translations should not be construed as representations that the Chilean peso amounts actually represent such U.S. dollar amounts or could be converted into
U.S. dollars at the rates indicated, at any particular rate or at all. Unless otherwise indicated, the exchange rate used in converting Chilean pesos into U.S. dollars for
amounts presented as of and for the year ended December 31, 2015 is based on the observed exchange rate (dólar observado) reported by the Central Bank of Chile
(the “Chilean Central Bank”) for December 31, 2015, which was Ch$710.16 per U.S.$1.00, and for amounts presented as of and for the three months ended March 31,
2016, is based on the observed exchange rate for March 31, 2016, which was Ch$669.80 per U.S.$1.00. The rates reported by the Chilean Central Bank for December 31,
2015 and March 31, 2016 are based upon the observed exchange rate published by the Chilean Central Bank on the first business day following the respective period.
The Federal Reserve Bank of New York does not report a noon buying rate for Chilean pesos. See “Exchange Rates” for additional information regarding rates of
exchange.

Financial Statements
Our financial information included herein has been derived from:

e our unaudited interim condensed financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015, together with the notes
thereto, prepared in accordance with International Accounting Standard (“IAS”) 34, Interim Financial Reporting, which we refer to in this prospectus as our
“Unaudited Interim Condensed Consolidated Financial Statements,” and which are included in our July Form 6-K and thus incorporated by reference in this
prospectus; and

e our audited consolidated financial statements as of December 31, 2015 and 2014 and for the years ended December 31, 2015, 2014 and 2013 together
with the notes thereto, prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board (“IASB”), which we refer to in this prospectus as our “Audited Consolidated Financial Statements,” and which are
included in our 2015 Form 20-F and thus incorporated by reference in this prospectus.

vi
Our Audited Consolidated Financial Statements have been audited by PricewaterhouseCoopers Consultores, Auditores y Compañia Limitada, an
independent registered public accounting firm, whose report on our Audited Consolidated Financial Statements appears in our 2015 Form 20-F and is incorporated by
reference in this prospectus.

We maintain our books and records in Chilean pesos and prepare consolidated financial statements in accordance with IFRS. Unless otherwise noted, the
financial data presented herein as of March 31, 2016 and for the three months ended March 31, 2016 and 2015, and as of December 31, 2015 and 2014 and for each of
the three years in the period ended December 31, 2015, 2014 and 2013 is stated in Chilean pesos, our functional and reporting currency.

Rounding

Certain figures included in this prospectus and in our financial statements have been rounded for ease of presentation. Percentage figures included in this
prospectus have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason,
percentage amounts in this prospectus may vary from those obtained by performing the same calculations using the figures in our financial statements. Certain other
amounts that appear in this prospectus may not sum due to rounding.

Operating Data
Calculations of revenues from ordinary activities for our shopping centers presented in this prospectus exclude inter-company lease payments to our

shopping centers from stores owned by us. Unless otherwise noted, calculations of gross leasable area for our shopping centers do not include the square meters
occupied by our stores.

SUMMARY

This section summarizes key information contained elsewhere, or incorporated by reference, in this prospectus about us and the ADSs and shares and is
qualified in its entirety by the more detailed information and financial statements included elsewhere, or incorporated by reference, in this prospectus. Before
investing in the ADSs and/or the shares, you should carefully review the entire prospectus, including the financial statements and the notes related thereto and
the other documents incorporated by reference in this prospectus, before making an investment decision. Summaries in this prospectus of certain documents
that are filed as exhibits hereto are qualified in their entirety by reference to such documents.

Our Business

We believe we are one of the leading multi-brand retailers in South America, based on revenues, selling space, number of stores and gross leasable area
in the sectors and countries in which we operate. See “Business Overview—Industry Overview and Competition” in the 2015 20-F for more explanation on the
methodology we use to calculate our market position in such sectors and countries. Our business consists of six segments, four of which are supermarkets, home
improvement stores, shopping centers and department stores, which allows us to reach a wide range of customers offering various combinations of products,
price, quality and service. As a complement to our core retailing business, which represented 96.1% of our revenue in 2015, we are actively involved across the
region in the commercial real estate development business, particularly in Chile, Argentina, Colombia and Peru, with 53 shopping malls representing 794,592
square meters of gross leasable area as of March 31, 2016, and we also offer private label credit cards, consumer loans and limited financial services to our retail
customers in Peru and Argentina and through partners in Colombia, Brazil and Chile.

For the quarter ended March 31, 2016, we had 1,172 stores and shopping centers with an aggregate of 4,401,818 square meters of selling space and had
assets of Ch$9,804,570 million, liabilities of Ch$5,825,182 million, net profit attributable to controlling shareholders of Ch$107,682 million, and shareholders” equity
of Ch$3,979,388 million. For the year ended December 31, 2015, we had 1,180 stores and shopping centers with an aggregate of 4,416,704 square meters of selling
space and had assets of Ch$10,110,725 million, liabilities of Ch$6,139,913 million, net profit attributable to controlling shareholders of Ch$231,985 million and
shareholders” equity of Ch$3,970,812 million.

Throughout our 50-year history of growth we have developed, acquired, integrated and expanded several retail businesses with strong brands in the
various markets where we operate. Since January 1, 2005, we have grown our total number of stores and shopping centers from 425 to 1,172 and the total selling
space of our retail stores and shopping centers from 1,433,838 to 4,401,818 square meters, each as of March 31, 2016. In addition, over the same period, we
completed several strategic acquisitions that have significantly increased the size and geographic scope of our operations.

Number of Stores Selling Space (MM sqm)

1168 1480 1172

44 44 as
21 4
ios 109
7 31
20102011 202 A 2010

3015 032016 E CN

On June 22, 2012, we sold 91,304,348 shares of our common stock in the form of shares or ADSs in an initial public offering that raised approximately
U.S.$1.2 billion. Our ADS are listed on the NYSE under the symbol “CNCO.”

In February 2014, we revised our internal corporate management structure to capitalize on the synergies between our retail business lines, consolidating
the management of all of our retail business lines (Supermarkets, Department Stores, and Home Improvement) into one division under a new Corporate Retail
Managing Director. This reorganization has facilitated the exchange of better business practices among our business lines and divisions across the various
countries in which we operate.

We believe that our strategy of operating as an integrated multi-format and multi-brand retailer, combined with our broad product offering and portfolio
of brands, has been one of the key strategic advantages in the successful growth of our businesses. Today we operate a diversified operational and geographic
footprint across South American markets with highly attractive demographics and strong macroeconomic fundamentals. We believe that our broad presence and
our competitive position across key markets will continue to allow us to consolidate the retail market and to benefit from the expected strong growth in
underpenetrated retail markets such as Colombia and Peru, due to their favorable demographics, sustainable household consumption growth and low formal retail
penetration as described herein. Additionally, in 2015, we expanded supermarket selling space in Peru and Colombia by 5,073 square meters and 1,174 square
meters, respectively.

The following table presents our total number of stores and shopping centers by country as of March 31, 2016:

Chile Argentina Brazil Peru Colombia Total
Supermarkets 245 284 217 9 101 937
Home improvement stores 35 50 – – 10 95
Department stores 78 > a 9 5 87
Shopping centers 25 22 – 4 2 53
Total 383 356 217 103 113 1,172

In summary, highlights of our commercial activities include:
e 1,172 stores and shopping centers as of March 31, 2016.
e 4,401,818 square meters of selling space as of March 31, 2016.
e Atotal 03.9 million active credit cards issued and U.S.$1.9 billion in credit card operations as of March 31, 2016.

The following table indicates our revenues from ordinary activities and gross profit that each of our geographical markets represented for the period
indicated:

Three Months Ended March 31, 2016

Chile Argentina Brazil Peru Colombia Total
(in millions of ChS)
O OS 1,031,718 622,353 378,855 244,132 206,785 2.483.844
operations)
Gross profit 295,648 228,386 88,420 63,180 44,230 719,864
We are organized in six business segments: supermarkets, home improvement stores, department stores, shopping centers and financial services, plus

complementary activities described as “Other.”

Supermarkets . We operate 937 supermarkets throughout Chile, Argentina, Brazil, Peru and Colombia as of March 31, 2016, selling a wide variety of name
brand and private label products. We believe that we are the second-largest supermarket operator in Chile, in terms of revenues, based on our comparisons
against information from public filings of our main competitors as of March 31, 2016, the second largest in Argentina and the largest in Peru, based also on
information provided by a third-party market researcher, The Nielsen Company (“Nielsen”).

In Brazil, as a result of our acquisitions, as of March 31, 2016, we are the fourth-largest supermarket operator in terms of revenues, according to the
Associacáo Brasileira de Supermercados (Brazilian Supermarket Association). Our operations in Brazil comprise 217 supermarkets.

According to Nielsen, we are the largest supermarket operator in Peru in terms of sales, with 90 stores as of March 31, 2016.

In Colombia, we are the third largest player in the food retailing industry according to Nielsen data as of March 31, 2016. Our operations in the country
comprise 101 supermarkets operating under the Metro and Jumbo brands.

We pioneered the hypermarket format in Chile with the opening of our first Jumbo hypermarket in 1976. Since then, we have expanded and grown our
supermarkets division, and as of March 31, 2016 we operated a total of 245 supermarkets in Chile under the Santa Isabel and Jumbo brands. We operate 284
supermarkets under Jumbo, Disco and Super Vea brands in Argentina, as of March 31, 2016.

Home improvement stores. We believe we are the second-largest home improvement store operator in Chile and the largest in Argentina in terms of
revenues, as of March 31, 2016, based on our comparison against publically filed information from our main competitors. We sell a wide variety of building and
other materials, including name brand and private label products. As of March 31, 2016, we have 35 Easy home improvement stores and 325,315 square meters of
home improvement store selling space in Chile and 50 Easy and Blaisten home improvement stores and 383,786 square meters of home improvement store selling
space in Argentina. In October 2008, we opened the first home improvement store in Colombia and as of March 31, 2016 we have 10 Easy home improvement
stores and 82,320 square meters of selling space in Colombia.

Department stores. We believe that we are the second-largest department store operator in Chile, as of March 31, 2016, in terms of revenues based on our
comparison against information from public filings of our main competitors. We also believe we have the largest selling space for department stores in Chile. We
operate 78 department stores in Chile under the Paris and Johnson brands with 370,688 square meters of total selling space as of March 31, 2016 and nine Paris
stores in Peru with selling space of 45,233 square meters. Our Paris stores sell a wide variety of merchandise such as apparel, home furnishings, electronics and
sporting goods, including name brand and private label products. We began the use of a two-brand strategy in Chile in 2013 after acquiring an 85.58% interest in
Johnson, which at the time operated 39 stores throughout Chile under the Johnson brand and an additional 13 stores using the FES brand with a total selling
space of 117,569 square meters. This acquisition added 43.2% of selling space over our existing Paris stores.

Shopping centers. We believe that we are the second-largest operator of shopping centers in Chile and the largest in Argentina, as of March 31, 2016, in
terms of total leasable area, based on our comparisons against publically filed information from our main competitors. As of March 31, 2016, we own and manage
25 shopping centers in Chile, 22 in Argentina, four in Peru and two in Colombia with a total gross leasable area to third parties of 794,592 square meters. In Chile
and Argentina, each of our shopping centers contains a Jumbo hypermarket, an Easy home improvement store and, in Chile, a Paris department store as well as
other third-party-owned businesses intended to attract customers and enhance their overall shopping experience.

Financial services. We established our financial services division in 2003 when we launched our “Jumbo Más” credit card to facilitate in-store purchases
and, since then, have significantly increased our credit card operations in Chile, Argentina, Brazil, Colombia and Peru. We have grown both through our own
private-label cards and joint ventures with third party bank issuers of credit cards, primarily to finance customers” purchases in our stores. We also own Banco
Paris, a specialty retail consumer bank in Chile, which provides a wide range of consumer and financial services, including mortgage loans. In August 2010, we
launched our own private label credit card in Peru and we are expanding our offerings of financial services. In 2011, we established Banco Cencosud S.A. in Peru
and in June 2012 we received the operation license from the banking superintendence (Superintendencia de Bancos y Seguros), and started operations in August
2012 through our Cencosud credit card. In 2011, we entered into an agreement with a major Brazilian bank, Banco Bradesco S.A., to offer financial services for all
our stores in Brazil, namely the exclusive issuance and operation of the Cencosud Card credit card (Cartáo Cencosud), as well as the offer, within Cencosud
stores in Brazil, of consumer loans, purchase financing and insurance products. Prezunic is currently not a participant in the above-mentioned joint venture.
Additionally, on June 20, 2014, we, together with our subsidiaries Cencosud Retail S.A. and Easy S.A., entered into a 15-year framework agreement with The Bank
of Nova Scotia (“BNS”) and its wholly owned subsidiary Scotiabank Chile, to further develop, on a joint basis, the retail finance business in Chile). This
transaction was completed on May 1, 2015. As part of the agreement, Scotiabank Chile acquired a fifty-one percent (51%) controlling interest of each of Cencosud
Administradora de Tarjetas S.A., Cencosud Administradora de Procesos S.A., Cencosud Servicios Integrales S.A. and Cencosud Corredores de Seguros y
Servicios Ltda. and any other companies that we established for purposes of such joint venture to assist in developing such financial services business, including
information processing and collection activities related thereto (collectively, the “Subject Companies”), and we retained the remaining forty-nine percent
(49%) non-controlling interest of each of the Subject Companies.

As of March 31, 2016, we had a total of 3.9 million credit cards and other accounts in Chile, Argentina, Brazil, Colombia and Peru. As of March 31, 2016,
we also had U.S.$153 billion in customer loans outstanding. Our financial services segment also includes our insurance brokerage services in Argentina, Chile,
Brazil and Peru.

Other. In our “Other” segment we include the results of our Chile-based Aventura entertainment centers, which offer families the ability to enjoy different
entertainment activities, such as electronic games, bowling and birthday parties; our frequent purchaser loyalty programs, which provide discounts and other
promotions for our customers; and our corporate back-office, treasury and other operations.

For the three months ended March 31, 2016 and for the years ended December 31, 2015, 2014 and 2013, revenues from our “Other” segment represented
0.0%, 0.1% , 0.0% and 0.2%, respectively, of our consolidated revenues.

Potential Initial Public Offering of the Shopping Centers Division

On January 30, 2015, the board of directors of the Company resolved to evaluate a potential initial public offering of the Company”s shopping centers
division, focusing on Chile, Peru and Colombia, with the Company maintaining a majority position in the resulting entity. This evaluation process is in the
preliminary stages, and any transaction ultimately undertaken with respect thereto will be subject to approval by the board of directors of the Company as well as

the procurement of any other regulatory approvals required under applicable law.

The following table indicates our revenues from ordinary activities and gross profit attributable to each of our six segments in the three-month period
ended March 31, 2016.

Three Months Ended March 31, 2016

Financial
services
Home Department Shopping continuing
Supermarkets improvement stores centers operations Other Total
(in millions of ChS)
Revenues from
ordinary
activities 1,813,974 324,369 247,215 55,964 39,733 2,589 2,483,844
Gross profit 463,856 108,564 67,703 51,735 26,478 1,530 719,864
Our Strengths

We believe that our primary business strengths are the following:

Pan-regional market leader. We believe that we are a leading multi-format retailer in South America, based on revenues, selling space, number of stores
and gross leasable area. Our operations cover the region’s largest markets in terms of population and Gross Domestic Product (“GDP”) such as Chile, Argentina,
Brazil, Peru and Colombia. We believe that our presence in several markets reduces our dependence on any one market and helps mitigate the impact of any
individual country’s economic cycle on our operations. Although several of the countries in which we operate in have experienced slow or negative growth in
recent years, and Brazil, in particular, is currently going through a deep recession, based on our current market share participation, the size of these markets and
our ability to successfully open and acquire stores in various countries, we believe we are well positioned to capitalize on any future growth potential.

We operate in a region with favorable demographics and high growth potential. We benefit from South America’s growing populations and improving
socio-economic conditions of the countries where we operate. Although in the past year, economic growth has slowed in the countries in which we operate, these
countries sustained macroeconomic growth in prior years thereto and increasing disposable income in these countries has resulted in a shift in socio-economic
classes and a significant reduction in poverty levels. Nevertheless, the penetration of the retail sector is still low compared to developed markets. Based on data
from the International Monetary Fund, we operate in a market which had approximately 348.78 million people in 2015 with an expected annual GDP growth rate of
2.4% from 2016 to 2020, compared to 2.3% for the United States and 1.8% for Western Europe.

Premier brand portfolio. We offer a wide variety of leading products with recognized brand names, such as Jumbo, Paris, Easy, Gbarbosa, Bretas,
Prezunic, Wong, Metro and Disco, which are associated with diverse consumption patterns, convenience, personalized customer service, broad product
assortment and affordable prices. Our well-known brand names, supported by in-store and out-of-store advertising, have enabled us to reach a wide range of
consumer segments.

Integrated multi-format strategy. Although we have primarily focused on supermarkets, our anchor format which represented 73.0% of our sales for the
three-month period ended March 31, 2016, we have developed a multi-format strategy that has allowed us to expand our customer reach by offering various
combinations of product, price, quality and service according to our customer needs in each country and city where we operate. This strategy has been a key
factor in achieving sustained operating and financial growth. Furthermore, our continuous efforts on maximizing operational efficiency across countries and retail
segments has enabled us to maximize the synergistic potential of our operations and, at the same time, sustain our operating margins and generate strong cash
flow generation.

Experienced management team. Our leading senior management team has extensive knowledge of the retail industry both locally and globally. With an
average of twelve years of experience at the Company and more than twenty years of experience in the retail industry, and access to the expertise of the Chairman
of our board of directors, founder and controlling shareholder, the expertise and commitment of our senior management team has been a critical component in the
international growth of our operations as well as the continuing enhancement of our operational and financial performance.

Leader in innovation. We have been a market leader in innovating and adapting in response to changes in customer demand. For example, we recently
undertook initiatives to modify our offerings, shifting our focus to healthy lifestyle products based on our observations of demand trends in our markets. We
also recently introduced a new order management system (“OMS”) in our stores, which we plan to continue to roll out in 2016. This new OMS allows for
centralized management of all client orders and inventory visibility, strengthening our omnichannel operations. Coupled with these initiatives are our social
responsibility programs, such as “ropa por ropa,” which allows customers to donate cloth in exchange for future discounts.

Our Business Strategy

We aim to leverage our competitive strengths across our formats and business units to become one of the most profitable Latin American retailers by
providing our customers with a superior shopping experience. We plan to accomplish our objectives by focusing on the following:

Continue to develop and expand our multi-format and multi-brand approach. We believe that our integrated multi-format business model allows us to
drive customer traffic in our stores and materialize synergies across our different business units. Currently we only operate department stores in Chile and Peru
and we only operate home improvement stores in Argentina, Chile and Colombia. We will continue to develop and expand new formats in our key markets,
including medium-sized formats in Chile, seeking to capture a greater share of the disposable income of our customer base.

Expand through growth in selective markets. We believe we have significant opportunities to increase our presence and market share in those countries
that we believe offer the best growth prospects, particularly Peru and Colombia, due to their favorable demographics, sustainable household consumption growth,
low formal retail penetration, and strong macroeconomic environments. We also intend to take advantage of existing land banks in Chile, Peru, and Colombia. We
believe that we have a solid foundation for continued growth, due to our focus on improving profitability, our store openings track record, our focus on the food
retail business, which is more resilient to economic downturns, and our leading position based on revenues, selling space, number of stores and gross leasable
area based on our market position in the sectors and countries in which we operate. We intend to leverage on our strong brand recognition, integrated business
model and multi-format experience.

Enhance customer loyalty. We intend to increase our share of our customers” total retail spending by offering a combination of competitive prices,
quality products, convenient locations, personalized service and an attractive “one-stop” shopping environment. We seek to deliver a comprehensive shopping
experience and we aim to successfully fulfill our customers” needs through our multi-format approach, diversified product mix, innovative marketing and pricing
and complementary consumer finance services.

Our Organizational Structure

In 201 1, we reorganized our operating structure to fully integrate our acquired operations in Peru and Brazil in order to improve our profitability. The
following is a simplified organizational chart showing our company and our principal operating divisions as of the date of this prospectus.

Risks Related to our Business

Investing in our shares of common stock or ADSSs involves substantial risk, including those risks described under the heading “Risk Factors”
immediately following this and in our 2015 Form 20-F, incorporated by reference herein. Our ability to execute our business strategy is also subject to significant
risks. Risks related to our business include, but are not limited to, intense competition in each of our markets; increasing competition from internet sales; rapid
consolidation of the markets in which we operate; our ability to expand our business through acquisitions, including our ability to obtain the capital we need for
further expansion; the sensitivity of our operating income to fluctuations in the cost of the products we sell; the seasonality of our retail results; the impact of
economic downturns on consumer spending; the availability of attractive real estate locations at reasonable prices; increased credit and financial ris| ociated
with our credit card and banking operations. We also face risks related to complex regulations and changes in laws applicable to our business, including antitrust
laws which could limit our ability to expand our business through acquisitions or joint ventures. Before you invest in our shares of common stock or ADSs, you
should carefully consider all the information in this prospectus including matters set forth under the heading “Risk Factors.

We are a publicly-held stock corporation (sociedad anónima abierta) organized under the laws of Chile and have an indefinite corporate duration. We
were incorporated by a public deed dated November 10, 1978. Our legal name is “Cencosud S.A.” Our registered and principal executive office is located Av.
Kennedy 9001, Piso 6, Las Condes, Santiago, Chile and our main telephone number is 56 (2) 2959-0000.

THE OFFERING

The following is a brief summary of the terms of this offering. For a more complete description of our common shares and the ADSs, see “Description
of Share Capital” and “Description of American Depositary Shares” in this prospectus.

Selling Shareholder

Global Offering

Purchase and Settlement

Offering price

Use of Proceeds

The ADSs

Shares issued and outstanding

Trading market for shares

Trading market for ADSs

Offering Timetable

Inversiones Tano Limitada

The Selling Shareholder is offering 142,126,044 shares of common stock, in the form of shares or ADSs (each ADS
representing three shares of common stock), in a global offering. Of the 142,126,044 shares of common stock
being offered, are being offered by the international underwriter, in the form of ADSs (equivalent

to ADSs), in the United States and in other jurisdictions outside of Chile pursuant to this prospectus,

and are being offered by the Chilean placement agents, in the form of shares, in a concurrent offering in Chile on
a best efforts basis. We refer to the offering outside Chile as the “international offering” and to the offering in
Chile as the “Chilean offering.” We refer to the international offering together with the Chilean offering as the
“global offering.”

The shares of common stock will be sold initially through an order book auction on the Santiago Stock Exchange
in a process known as subasta de un libro de órdenes, in compliance with Chilean law and the rules of the
Santiago Stock Exchange. All orders of shares made by prospective purchasers, including by the international
underwriter for purposes of the international offering, must be placed through an authorized Chilean broker under
Chilean law. The shares awarded to the international underwriter in the subasta de un libro de órdenes will be
eligible for deposit in our ADR facility, subject to the terms of our Deposit Agreement. See “Underwriting” in this
prospectus.

U.S.$ per ADS, and
U.S.S per share

We will not receive any of the proceeds from the sale of the ADSs or the shares. The Selling Shareholder will
receive all the proceeds from the sale of the ADSs and the shares.

Each ADS represents three common shares. The ADSs will be evidenced by ADRs. See “Description of Share
Capital” and “Description of American Depositary Shares” in this prospectus.

2,842,520,872 as of June 30, 2016.

The shares are currently listed on the Santiago Stock Exchange, the Bolsa Electronica de Chile and the
Valparaiso Stock Exchange, which we refer to collectively as the Chilean Stock Exchanges, under the symbol
“CENCOSUD.”

The ADSs are currently listed and traded on the New York Stock Exchange under the symbol “CNCO.”
Offering commences: July 11, 2016

Expected pricing date: ,2016
Expected closing date: ,2016

Controlling Shareholder

Voting Rights
Dividends

Lock-up Agreements

Transfer Agent

Risk Factors

The following summarizes the percentage of our outstanding shares that would be held by our Controlling
Shareholder, both directly and indirectly, after giving effect to the global offering.

Current ownership: 59.76%
After completion of the global offering: 54.76%

As long as our Controlling Shareholder beneficially owns a majority of the outstanding shares of common stock,
they will be able to elect a majority of our directors and to determine the outcome of the voting on substantially all
actions that require shareholder approval. See “Item 7. Major Shareholders and Related Party Transactions—A.
Major Shareholders” included in the 2015 Form 20-F incorporated by reference herein and “Description of Share
Capital —Shareholders” Meetings and Voting Rights” in this prospectus.

References to “Controlling Shareholder” in this prospectus refer to our founder, Mr. Horst Paulmann, and his
family, who own shares in the Company directly and indirectly, through Inversiones Quinchamali Ltda.,
Inversiones Latadia Ltda. and Inversiones Tano Ltda.

See “Description of Share Capital —Shareholders” Meetings and Voting Rights” in this prospectus.
See “Dividends and Dividend Policy” in this prospectus.

The Selling Shareholder, Mr. Horst Paulmann (the Chairman of our board of directors) and certain of our other
shareholders that are controlled by Mr. Horst Paulmann have agreed with J.P. Morgan Securities LLC, subject to
certain exceptions, not to offer, sell, contract to sell, pledge or otherwise dispose of, directly or indirectly, without
the previous written consent of J.P. Morgan Securities LLC, shares or ADSs or securities convertible into or
exchangeable or exercisable for any shares or ADSs during the period commencing on the date of this prospectus
until 180 days after such date. See “Underwriting” in this prospectus.

The Bank of New York Mellon.
See “Risk Factors”, the “Risk Factors” section of our 2015 form 20-F, incorporated by reference herein, and the

other information included or incorporated by reference in this prospectus for a discussion of factors you should
consider before deciding to invest in our common stock.

SUMMARY FINANCIAL AND OTHER INFORMATION

The following tables set forth our summary consolidated financial information under the IFRS issued by the IASB. The financial information as of March
31, 2016 and for the three months ended March 31, 2016 and 2015 has been derived from our Unaudited Interim Condensed Consolidated Financial Statements
included in our July Form 6-K and incorporated by reference in this prospectus. The financial information as of December 31, 2015 and 2014 and for the years
ended December 31, 2015, 2014 and 2013 has been derived from our Audited Consolidated Financial Statements included in our 2015 Form 20-F and incorporated
by reference in this prospectus. We maintain our books and records in Chilean pesos and prepare consolidated financial statements in accordance with IFRS. The
following financial and operating information should be read in conjunction with, and is qualified in its entirety by reference to, our Unaudited Interim Condensed
Consolidated Financial Statements and notes thereto included in our July Form 6-K and incorporated by reference in this prospectus, and our Audited
Consolidated Financial Statements and the notes thereto included in our 2015 Form 20-F and incorporated by reference in this prospectus.

In our opinion, the summary consolidated financial data presented in the tables below includes all adjustments necessary to present fairly in all material
respects our financial condition and results of operations at the dates and the periods presented. The results of operations for the three months ended March 31,
2016 and 2015 and for the years ended December 31, 2015, 2014 and 2013 are not necessarily indicative of future performance.

Unless otherwise noted, U.S. dollar amounts have been translated from Chilean pesos based on the dólar observado, or observed exchange rate of
Ch$669.80 per U.S.$1.00 as of March 31, 2016, as reported by the Chilean Central Bank. We make no representation that the Chilean peso or the U.S. dollar
amounts referred to herein actually represent, could have been or could be converted into U.S. dollars or Chilean pesos, as the case may be, at the rates indicated,
at any particular rate or at all.

The following tables sets forth key financial and operating data for each of our principal segments:
Three months ended March 31,

Income statement data: 2016 2016 2015
(unaudited)
(in millions of
U.S.$) (in millions of Ch$)
Revenues from ordinary activities, continuing operations:
Supermarkets 2,708 1,813,974 1,989,177
Home improvement stores 484 324,369 348,006
Department stores 369 247,215 222,927
Shopping centers 84 55,964 55,258
Financial services 59 39,733 36,464
Other 4 2,589 814
Total revenues from ordinary activities 3,708 2,483,844 2,652,647
Cost of sales:
Supermarkets (2,016) (1,350,118) (1,500,906)
Home improvement stores (322) (215,805) (228,425)
Department stores (268) (179,513) (163,849)
Shopping centers (6) (4,229) (6,451)
Financial services (0) (13,256) (12,014)
Other 0) (1,059) (456)
Total cost of sales (2,634) (1,763,980) (1,912,100)
Gross profit:
Supermarkets 693 463,856 488,272
Home improvement stores 162 108,564 119,581
Department stores 101 67,703 59,079
Shopping centers 77 51,735 48,807
Financial services 40 26,478 24,450
Other 2 1,530 358
Total gross profit 1,075 719,864 740,547
Administrative expenses, distribution costs and other expenses (878) (587,777) (629,784)
Other income by function 61 40,774 16,302
Participation in profit of equity method associates 4 2,860 1,745
Financial income 6 3,841 3,491
Financial expenses (103) (69,323) (54,548)
Other (losses) (5) (3,463) (10,570)
Exchange differences 58 38,526 (12,810)
Losses from indexation (5) (3,468) (911)
Income (loss) before taxes 212 141,834 53,463
Income tax expense (49) (32,805) (33,358)
Profit from continuing operations 163 109,029 20,105
Profit from discontinued operations – – 2,327
Net profit 163 109,029 22,432
Profit attributable to non-controlling shareholders 2 1,347 37
Profit attributable to controlling shareholders 161 107,682 22,060
Net profit attributable to shareholders per share for continuing operations:
Basic() 0.06 38.1 7.0
Dilutedú) 0.06 37.8 7.0
Net profit attributable to shareholders per share for discontinued operations:
Basic(l) – – 0.8
Dilutedú) – – 0.8
Number of Shares
Total Number of Shares 2,842,459,622 2,842,459,622 2,828,723,963

(1) In USS. dollars and Chilean pesos.

Year ended December 31

Income Statement Data 2015 2015 2014 2013
(in millions of
U.S.$) (in millions of ChS)
Revenues from ordinary activities, continuing operations:
Supermarkets 11,329 8,045,566 8,159,237 7,682,994
Shopping Centers 349 248,026 214,850 205,332
Home improvement 2,069 1,469,246 1,225,616 1,176,890
Department stores 1,481 1,051,642 991,442 970,360
Financial services 233 165,820 117,679 81,651
Other 16 11,039 2,205 16,932
Total revenues from ordinary activities 15,477 10,991,338 10,711,029 10,134,158
Cost of Sales:
Supermarkets (8,469) (6,014,367) (6,216,769) (5,782,590)
Shopping Centers (48) (33,984) (28,029) (23,341)
Home improvement (1,355) (962,485) (800,342) (787,402)
Department stores (1,055) (749,412) (741,279) (701,530)
Financial services (69) (49,276) (39,046) (25,938)
Other (5) (3,702) (1,967) (3,451)
Total cost of sales (11,002) (7,813,226) (7,827,432) (7,324,252)
Gross Profit:
Supermarkets 2,860 2,031,199 1,942,468 1,900,404
Shopping Centers 301 214,042 186,821 181,991
Home improvement 714 506,761 425,275 389,487
Department stores 426 302,229 250,163 268,830
Financial services 164 116,544 78,632 55,713
Other 10 7,337 238 13,481
Total Gross Profit 4,475 3,178,112 2,883,597 2,809,907
Administrative expenses, distribution costs and other expenses (3,767) (2,675,486) (2,482,777) (2,357,582)
Other income by function 296 210,521 114,438 108,291
Participation of equity method of associates 21 14,067 6,208 10,289
Financial income 22 14,939 6,709 5,999
Financial expenses (365) (259,038) (180,258) (196,592)
Other gains (losses)0) (175) (124,455) (6,515) (3,165)
Exchange differences (164) (116,743) (24,411) (22,787)
Losses from indexation (1) (22,009) (39,576) (18,885)
Income (loss) before taxes 310 219,908 277,416 335,476
Income tax expense (82) (58,540) (125,932) (94,068)
Profit from Continuing Operations 227 161,368 151,485 241,408
Profit from Discontinued Operations(2) 99 70,617 12,662 8,357
Net Profit 327 231,985 164,146 249,765
Profit attributable to non-controlling shareholders 0 44 (748) (166)
Profit attributable to controlling shareholders 327 231,941 164,895 249,930
Net profit attributable to shareholders per share for continuing operations:
Basic (6) 0.1 57 54 87
DilutedG) 0.1 56 54 87
Net profit attributable to shareholders per share for discontinued operations:
Basic(3) 0.0 25 4 3
DilutedG) 0.0 25 4 3
Number of Shares
Total number of Shares 2,828,723,963 2,828,723,963 2,828,723,963 2,762,910,986
Dividends per share:
Basic(3) 0.1 82 58 90
DilutedG) 0.1 81 58 90
(1) As of December 31, 2015 we had recorded a goodwill impairment in the amount of Ch$116,771 million (BRL$566 million) relating to our Supermarkets-Brazil

division.

(2) As of December 31, 2015 the Company has recognized a gain of Ch$61,373 million within the consolidated statement of profit and loss by function, under
the “Profit from discontinued operations” line. The generated profit includes Ch$30,144 million corresponding to the benefit related to the measurement at fair
value of non-controlling interest in subsidiaries held after the sale of our financial services division.

(3) In U.S. dollars and Chilean pesos.

Balance sheet data:

Total current assets
Property, plant, equipment and investment property net
Other assets
Total assets
Total current liabilities
Total non-current liabilities
Total liabilities
Paid-in capital
Retained Earnings
Share Premium
Other Reserves
Net equity attributable to controlling shareholders
Non-controlling interest
Total net equity and liabilities

Balance sheet data:

Other financial data:

Cash Flow Data

| Net cash provided by (used in):
Operating activities
Investing activi
Financing activities
Other Financial Information
Capital expenditures
Depreciation and amortization
Financial Ratios
Gross marginG)
Net marginG)
Working capital ratio(W

(1) Except financial ratios.

(2) Consolidated gross profit divided by consolidated revenues from ordinary activities.
(3) Consolidated net income divided by consolidated revenues from ordinary activities.
(4) Consolidated current assets divided by consolidated current liabilities.

As of M
2016

(in millions of

arch 31,
2016
(unaudited)

As of
December 31,

2015

U.S.$) (in millions of ChS)
3,560 2,384,766 2,501,765
3,899 2,611,521 2,711,491
7,179 4,808,284 4,897,470
14,638 9,804,570 10,110,725
3,290 2,203,394 2,426,085
5,407 3,621,788 3,713,828
8,697 5,825,182 6,139,913
3,539 2,370,219 2,321,381
3,602 2,412,942 2,329,412
734 491,531 526,633
(1,934) (1,295,412) (1,205,680)
5,941 3,979,280 3,971,746
0 109 (934)
14,638 9,804,570 10,110,725
As of December 31,
2015 2015 2014
(in millions of
U.S.$) (in millions of Ch$)
3,523 2,501,765 3,002,468
3,818 2,711,491 3,009,728
6,896 4,897,470 4,704,307
14,237 10,110,725 10,716,503
3,416 2,426,085 3,138,770
5,230 3,713,828 3,286,247
8,646 6,139,913 6,425,017
3,269 2,321,381 2,321,381
3,280 2,329,412 2,166,549
742 526,633 526,633
(1,698) (1,205,680) (722,245)
5,593 3,971,746 4,292,318
0 (934) (832)
14,237 10,110,725 10,716,503
Three months ended March 31,
2016 2016 2015
(unaudited)
(in millions of
U.S.$) (in millions of Ch$)%
(80) (53,915) 29,449
173 115,671 (60,728)
(87) (57,962) (12,297)
(67) (40,890) (44,358)
(67) (51,280) (53,495)
29.0% 29.0% 27.9%
4.4% 4.4% 0.8%]
1.08 1.08 1.03

As of December 31

Other financial data: 2015 2015 2014 2013
(in millions of
U.S.S) (in millions of Ch$)”
Cash Flow Data
| Net cash provided by (used in):
Operating activities 896 636,151 389,483 364,782
Investing activities 44 31,046 (233,396) (320,507)
Financing activities (899) (638,609) (112,378) (107,029)
Other Financial Information
Capital expenditures (242) (171,606) (227,423) (317,710)
Depreciation and amortization (308) (218,490) (200,043) (186,576)
Financial Ratios
Gross margin(2) 28.9% 28.9% 26.9% 27.7%]
Net margin(3) 2.1% 2.1% 1.5% 2.5%]
Working capital ratio(W 1.03 1.03 0.96 0.82

(1) Except financial ratios

(2) Consolidated gross profit divided by consolidated revenues from ordinary activities
(3) Consolidated net income divided by consolidated revenues from ordinary activities.
(4) Consolidated current assets divided by consolidated current liabilities.

RISK FACTORS
An investment in our securities involves risk. You should carefully consider the risk factors incorporated by reference from the 2015 Form 20-F and the

other information contained or incorporated by reference in this prospectus or any applicable prospectus supplement, before buying our securities. For more
information see “Where You Can Find More Information” and “Incorporation of Information By Reference.” The occurrence of one or more of those risk factors
could adversely impact our business, financial condition or results of operations.
Risks Related to our Shares and the ADSs

Our ADSSs have a limited trading history and market volatility after the global offering may affect our stock price and the value of your investment.

Our ADSs began to trade on the New York Stock Exchange on June 22, 2012, and as a result have a limited trading history. We cannot predict the extent to
which investor interest in our company will maintain an active trading market on the NYSE, or how liquid that market will be in the future. The market price of our
ADSSs may be volatile and may be influenced by many factors, some of which are beyond our control, including:

e the failure of financial analysts to cover the ADSs or our common stock or changes in financial estimates by analysts;

e actual or anticipated variations in our operating results or the operating results of our competitors;

e changes in financial estimates by financial analysts, or any failure by us to meet or exceed any such estimates, or changes in the recommendations of
any financial analysts that elect to follow the ADSs or shares of common stock or the shares of common stock of our competitors;

e announcements by us or our competitors of significant contracts or acquisitions;

e future sales of the ADSs and shares of common stock, including sales by our controlling shareholder;
e investor perceptions of us and the industries in which we operate;

e failure of any of our initiatives to achieve commercial success;

e fluctuations in stock market prices and trading volumes of securities of similar companies;

e general market conditions and overall fluctuations in U.S. equity markets;

e changes in our financial guidance to investors and analysts;

e delays in, or out failure to provide financial guidance;

e additions or departures of any of our key personnel;

e changes in accounting principles or methodologies;

e changing legal or regulatory developments in the United States and other countries, including the countries in which we operate; and

e discussion of us or our stock price by the financial press and in online investor communities.

15
In addition, the stock market in general has experienced substantial price and volume fluctuations that have been unrelated to the operating performance of
particular companies affected. These broad market and industry factors may materially harm the market price of the ADSs and shares of common stock, regardless of
our operating performance. In the past, following periods of volatility in the market price of certain companies” securities, securities class-action litigation has been
instituted against these companies. Such litigation, if instituted against us, could result in substantial expenses and the diversion of our management’s attention from
our business, and could have a material adverse effect on us.

There may be a lack of liquidity and market for our shares of common stock and the ADSs in Chile.

Our shares of common stock are listed and traded on the Santiago Stock Exchange, the Chile Electronic Stock Exchange and the Valparaíso Stock Exchange,
which we collectively refer to as the “Chilean Stock Exchanges.” Although ADS holders are entitled to withdraw shares of common stock underlying the ADSs from
The Bank of New York Mellon (the “Depositary”) at any time, the Chilean Stock Exchanges are substantially smaller, less liquid and more volatile than major
securities markets in the United States. Although our shares of common stock are traded on the Chilean Stock Exchanges, there can be no assurance that a liquid
trading market for our shares of common stock will continue to exist. As of the date of this prospectus, our non-controlling shareholders hold approximately 40.0% of
our outstanding shares of common stock. A limited trading market in general and our concentrated ownership in particular may impair the ability ofan ADS holder to
sell in the Chilean market any shares of common stock obtained upon withdrawal of such shares from the ADS facility in the amount and at the price and time such
holder desires, and could increase volatility of the price of the ADSs.

Holders of ADSs may find it difficult to exercise voting rights at our shareholders” meetings.

Holders of ADSs will not be direct shareholders of our company and will be unable to enforce directly the rights of shareholders under our estatutos (bylaws)
and the laws of Chile. Holders of ADSs may exercise voting rights with respect to the shares of common stock represented by ADSs only in accordance with the
deposit agreement governing the ADSs. Holders of ADSs will face practical limitations in exercising their voting rights because of the additional steps involved in
our communications with ADS holders. Holders of our shares of common stock will be able to exercise their voting rights by attending a shareholders” meeting in
person or voting by proxy. By contrast, holders of ADSs will receive notice of a shareholders” meeting by mail from the Depositary following our notice to the
Depositary requesting the Depositary to do so. To exercise their voting rights, holders of ADSs must instruct the Depositary on a timely basis on how they wish to
vote. This voting process necessarily will take longer for holders of ADSs than for holders of our common stock. If the Depositary fails to receive timely voting
instructions for all or part of the ADSSs, the Depositary will assume that the holders of those ADSS are instructing it to give a discretionary proxy to a person
designated by us to vote with respect to their ADSs, except in limited circumstances.

Holders of ADSs also may not receive the voting materials in time to instruct the Depositary to vote the common stock underlying their ADSs. In addition, the
Depositary and its agents are not responsible for failing to carry out voting instructions of the holders of ADSs or for the manner of carrying out those voting
instructions. Accordingly, holders of ADSs may not be able to exercise voting rights, and they will have little, if any, recourse if the shares of common stock
underlying their ADSs are not voted as requested.

The significant control over the majority of our shares by our founding shareholder may have a material adverse effect on the future market price of the
ADSSs and our shares of common stock.

We are currently controlled by our founder, Mr. Horst Paulmann, who beneficially owns and controls 59.76% of our shares, through Inversiones Quinchamali
Ltda., Inversiones Latadía Ltda. and Inversiones Tano Ltda, as of the date of this prospectus. Such ownership percentage will remain at 54.76% following the
completion of the global offering. Any further disposition by our controlling shareholder of a significant number of our shares, or the perception that such a
disposition might occur, could materially and adversely affect the trading price of our shares of common stock on the Santiago Stock Exchange as well as the market
price of the ADSs on the New York Stock Exchange.
Our controlling shareholder is able to exercise significant control over our company, and also controls a significant minority interest in many of our
international subsidiaries which could result in conflicts of interest.

Our controlling shareholder is in a position to direct our management and to determine the result of substantially all matters to be decided by majority vote of
our shareholders, including the election of a majority of the members of our board of directors, determining the amount of dividends distributed by us (subject to the
legally mandated minimum of 30% of distributable net income), adopting certain amendments to our Bylaws, including the issuance of new shares, enforcing or
waiving our rights under existing agreements, leases and contractual arrangements and entering into agreements with entities affiliated with us. As a result,
circumstances may occur in which our controlling shareholder’s interests could be in conflict with your interests as holder of the ADSs. Our controlling shareholder
may have interests in pursuing or preventing acquisitions, divestitures or other transactions where, in his judgment, such action would be in our best interests, even
though such action may not be in the best interests of our minority shareholders.

Our status as a foreign private issuer exempts us from certain of the corporate governance standards of the NYSE, limiting the protections afforded to
investors.

We are a “foreign private issuer” within the meaning of the NYSE corporate governance standards. Under the NYSE listing rules, a foreign private issuer may
elect to comply with the practice of its home country and not to comply with certain NYSE corporate governance requirements, including the requirements that (1) a
majority of the board of directors consist of independent directors, (2) a nominating and corporate governance committee be established that is composed entirely of
independent directors and has a written charter addressing the committee”s purpose and responsibilities, (3) a compensation committee be established that is
composed entirely of independent directors and has a written charter addressing the committee”s purpose and responsibilities, and (4) an annual performance
evaluation of the nominating and corporate governance and compensation committees be undertaken. Therefore, you will not have the same protections afforded to
shareholders of companies that are subject to all new NYSE corporate governance requirements.

For example, in reliance on the foreign private issuer exemption to the NYSE listing rules a majority of our board of directors may not consist of independent
directors; our boards approach may therefore be different from that of a board with a majority of independent directors, and as a result, the management oversight of
our Company may be more limited than if we were subject to the NYSE listing rules.

U.S. securities laws do not require us to disclose as much information to investors as a U.S. issuer is required to disclose, and you may receive less
information about us than you might otherwise receive from a comparable U.S. company.

The corporate disclosure requirements applicable to us may not be equivalent to the requirements applicable to a U.S. company and, as a result, you may
receive less information about us than you might otherwise receive in connection with a comparable U.S. company. We are subject to the periodic reporting
requirements of the Exchange Act that apply to “foreign private issuers.” The periodic disclosure required of foreign private issuers under the Exchange Act is more
limited than the periodic disclosure required of U.S. issuers. For example, we are required only to file an annual report on Form 20-F, but we are not required to file any
quarterly reports. A U.S. registrant must file an annual report on Form 10-K and three quarterly reports on Form 10-Q. In addition, we are required to file current
reports on Form 6-K, but the information that we must disclose in those reports is governed primarily by Chilean law disclosure requirements and may differ from
Form 8-K”s current reporting requirements imposed on a U.S. issuer. Finally, we are not subject to the proxy requirements of Section 14 of the Exchange Act and our
officers, directors and principal shareholders are not subject to the short swing insider trading reporting and recovery requirements under Section 16 of the Exchange
Act.

Chilean law provides for fewer and less well-defined shareholders” rights.

Our corporate affairs are governed by our Bylaws (which serve the combined function of the articles of incorporation and the bylaws of a U.S. corporation),
and the laws of Chile. Under such laws and our Bylaws, our shareholders may have fewer or less well-defined rights than they might have as shareholders of a
corporation incorporated in a U.S. jurisdiction. Persons or entities who seek to acquire control of a publicly-held Chilean corporation through a tender offer (oferta
pública de adquisición de acciones), must make an offer to any and all shareholders of such company. See “Description of Share Capital —Right of dissenting
shareholders to tender their shares” and “Description of Share Capital —Dividend and liquidation rights.”

17
Our recent transformation as a U.S. public company may increase our costs and disrupt the regular operations of our business.

Our initial public offering has had a significant transformative effect on us. We have incurred and expect to incur additional legal, accounting, reporting and
other expenses as a result of having an ADS program. We will also incur costs which we have not incurred previously, including, but not limited to, increased costs
and expenses for directors” fees, increased directors and officers insurance, increased investor relations, and various other incremental costs related to having an
ADS program traded in the United States.

We also anticipate that we will incur costs associated with corporate governance requirements, including requirements under the Sarbanes-Oxley Act of 2002,
as amended, as well as rules implemented by the SEC and NYSE. We expect these rules and regulations to increase our legal and financial compliance costs and make
some management and corporate governance activities more time-consuming and costly. These rules and regulations may make it more difficult and more expensive
for us to obtain director and officer liability insurance, and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to
obtain the same or similar coverage. This could have a material adverse impact on our ability to recruit and bring on a qualified independent board. We cannot predict
or estimate the amount of additional costs we may incur as a result of these requirements or the timing of such costs.

Chile imposes controls on foreign investment and repatriation of investments that may affect your investment in, and earnings from, the ADSs, and may
impose additional controls or restrictions in the future.

Equity investments into Chile from abroad are subject to the requirement that investors provide Chiles Central Bank with information related to such equity
investments and conduct any operations in connection with the repatriation of investments and earnings on them within Chile?s Mercado Cambiario Formal, or
Formal Exchange Market. See “Exchange Controls —Foreign Exchange Controls—Chile.”

Holders of ADSs are entitled to receive dividends on the underlying shares to the same extent as the holders of shares. Dividends received by holders of
ADSs will be converted into U.S. dollars and distributed net of foreign currency exchange fees and expenses and fees of the Depositary and will be subject to Chilean
withholding tax, currently imposed at a rate of 35% (subject to credits in certain cases as described under “Taxation—Material U.S. Federal Income Tax
Considerations”). If for any reason, including changes in Chilean laws or regulations, the Depositary were unable to convert Chilean pesos to U.S. dollars, investors
may receive dividends and other distributions, ifany, in Chilean pesos.

Additional Chilean restrictions applicable to the holders of the ADSs and other foreign investors in Chile could be imposed in the future. The Central Bank of
Chile has the authority to impose at any time certain controls, restrictions or obligations on foreign investors in Chile. Such restrictions could include, but are not
limited to, the requirement to obtain the Central Bank of Chile”s prior approval for the repatriation of the proceeds from the disposition of shares underlying the ADSs
or the payment of dividends. We cannot advise you as to the duration or impact of any such restrictions ifimposed.

Currency devaluations, foreign exchange fluctuations and foreign currency conversion costs may have a material adverse effect on our stock price and on
the U.S. dollar value of any cash distributions made to ADS holders in respect of ADSSs.

As our operations are denominated in local currencies (Chilean Peso, Brazilian Real, Peruvian Sol, Argentinian Peso and Colombian Peso), changes in the

currency parities may affect our recognition of results. Furthermore, as our stocks are primarily traded at the Santiago Stock Exchange, our stock is traded and listed
in Chilean pesos. Therefore, changes in the Chilean Peso versus the U.S. Dollar parity may affect the value of your investment when measured in U.S. Dollars.

18
If the value of the Chilean peso falls relative to the U.S. dollar, the value of the ADSSs and any distributions to be received from the Depositary for the ADSs
could be materially and adversely affected. Cash distributions made in respect of the ADSSs are received by the Depositary in Chilean pesos, are then converted by
the Depositary into U.S. dollars at the then prevailing exchange rate and distributed to the holders of ADSs. In addition, the Depositary will incur foreign currency
conversion costs (to be borne by the holders of the ADSs) in connection with the foreign currency conversion and subsequent distribution of dividends or other
payments with respect to ADSs.

ADS holders may not be able to effect service of process on, or enforce judgments or bring original actions against, us, our directors or our executive
officers, which may limit the ability of holders of ADSSs to seek relief against us.

We are a Chilean corporation. None of our directors are residents of the United States and most of our executive officers reside outside the United States. In
addition, a substantial portion of our assets and the assets of our directors and executive officers are located outside the United States. As a result, it may be difficult
for ADS holders to effect service of process outside Chile upon us or our directors and executive officers or to bring an action against us or such persons in the
United States or Chile to enforce liabilities based on U.S. federal securities laws. It may also be difficult for ADS holders to enforce in the United States or in Chilean
courts money judgments obtained in United States courts against us or our directors and executive officers based on civil liability provisions of the U.S. federal
securities laws. If a U.S. court grants a final money judgment in an action based on the civil liability provisions of the federal securities laws of the United States,
enforceability of this money judgment in Chile will be subject to the obtaining of the relevant “exequatur” (i.e., recognition and enforcement of the foreign judgment)
according to Chilean civil procedure law currently in force, and consequently, subject to the satisfaction of certain factors. The most important of these factors are
the existence of reciprocity, the absence of a conflicting judgment by a Chilean court relating to the same parties and arising from the same facts and circumstances
and the Chilean courts” determination that the U.S. courts had jurisdiction, that process was appropriately served on the defendant and that enforcement would not
violate Chilean public policy. Failure to satisfy any of such requirements may result in non-enforcement of your rights.

Preemptive rights may be unavailable to ADS holders or U.S. holders of shares in certain circumstances and, as a result, U.S. owners of shares or ADSs
would be subject to potential dilution.

The Ley sobre Sociedades Anónimas No. 18,046 and the Reglamento de Sociedades Anónimas, which we refer to in this prospectus collectively as the
“Chilean Corporations Law,” require us, whenever we issue new shares for cash and sell treasury shares, to grant preemptive rights to all of our shareholders
(including shares represented by ADSSs), giving them the right to purchase a sufficient number of shares to maintain their existing ownership percentage. It is
possible that, in connection with any future issuances of shares, we may not be able to offer shares to U.S. holders of shares or ADSs pursuant to preemptive rights
granted to our shareholders and, as a result such U.S. holders of shares or ADSs would be subject to potential dilution.

We will not be able to offer shares to ADS holders or U.S. holders of shares pursuant to preemptive rights that we grant to our shareholders in connection
with any future issuance of shares or sale of treasury shares unless a registration statement under the Securities Act, is effective with respect to such rights and
shares, or an exemption from the registration requirements of the Securities Act is available.

Such a registration statement may not be filed and an exemption from the registration requirements of the Securities Act may not be available. Ifowners of
ADSs are unable to exercise preemptive rights because a registration statement has not been filed, the Depositary will attempt to sell such owners” preemptive rights
and distribute the net proceeds of the sale (net of the depositary”s fees and expenses) to the holders of the ADSs, provided that a secondary market for such rights
exists and a premium can be recognized over the cost of any such sale. It is possible that a secondary market in preemptive rights may not develop in connection with
any future issuance of shares or, if such a market does develop, a premium may not be able to be realized on their sale.

If preemptive rights cannot be sold, they will expire, and holders of ADSs will not realize any value from the grant of such preemptive rights. In either case, the
equity interest in us of the holders of ADSs would be diluted proportionately.
Substantial sales of the ADSs or shares of our common stock after the global offering could cause the price of the ADSs or shares of our common stock to
decrease.

The Selling Shareholder, Horst Paulmann (the Chairman of our board of directors) and certain of our other shareholders that are controlled by Horst Paulmann
have agreed that, for a period of 180 days after the date of this prospectus, they may not, without the prior written consent of J.P. Morgan and subject to certain
limited exceptions, offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase or otherwise dispose of, directly or indirectly, any of our common shares or any securities convertible into or
exercisable or exchangeable for our common shares, among other actions. See “Underwriting” elsewhere in this prospectus. After these lock-up agreements expire,
their shares of common stock will be eligible for sale in the public market in the form of ADSs or shares. The market price of the ADSs and shares could drop
significantly if our controlling shareholder group sells their shares of common stock or the market perceives that they intend to sell them. Additionally, we may
finance future corporate needs and expenditures by issuing shares of common stock, to be evidenced by ADSs or shares. Any such issuances could result in a
dilution of your ownership stake or a decrease in the market price of the ADSSs or the shares of common stock.

ADS holders may not be able to exercise redemption rights that are granted by the Chilean corporations Law to registered shareholders of publicly
traded Chilean corporations.

Under the Chilean Corporations Law, ifany of the following resolutions is adopted by our shareholders at any extraordinary shareholders meeting, dissenting
shareholders have the right of redemption and can require us to repurchase their shares, subject to the fulfillment of certain terms and conditions. A dissenting
shareholder is a shareholder who either attends the shareholders meeting and votes against a resolution which results in a redemption right or, if absent from the
shareholders meeting, a shareholder who notifies the company in writing within 30 days of the shareholders meeting of his opposition to the resolution and that he is
exercising his redemption right.

The resolutions that result in a shareholder’s redemption right are the following:

e our transformation into a different type of legal entity;

e our merger with or into another company;

e the disposition of 50% or more of our assets, whether or not that sale includes our liabilities or the proposal or amendment of any business plan
involving the transfer of more than 50% of our assets; the sale of 50% or more of the assets of an affiliate which represents at least 20% of the assets

of the corporation, as well as any sale of its shares which would result in us ceasing to be in control of such subsidiary;

e the granting of security interests or personal guarantees to secure or guarantee third parties” obligations exceeding 50% of our assets, except with
regard to security interests or personal guarantees are granted to secure or guarantee obligations of our subsidiaries;

e the creation of preferential rights for a class of shares or an amendment to those already existing, in which case the redemption right only accrues to
dissenting shareholders of the class or classes of shares adversely affected;

e the amendment of our Bylaws to correct any formal defect in our incorporation, which might cause our Bylaws to be null and void, or any amendment
of our Bylaws that grants a shareholder a redemption right;

e the approval by our shareholders of our ceasing to be subject to the regulations applicable to publicly held corporations in the event we no longer
meet the requirements under Chilean law to qualify as such a corporation; and

e any other causes as may be established by Chilean law and our Bylaws (our Bylaws currently do not establish any instances).

20
In addition, shareholders of a publicly held corporation have a redemption right ifa person acquires two-thirds or more of the outstanding voting stock of the
company and does not make a tender offer for the remaining shares within 30 days of that acquisition at a price not lower than the price that would be paid
shareholders exercising their redemption rights. However, the right of redemption described in the previous sentence does not apply in the event the company
reduces its capital as a result of not having fully subscribed and paid an increase of capital within the statutory term.

Finally, shareholders of a publicly held corporation have the right of redemption within 30 days after the date when the controller acquires more than 95% of
the shares of the company. These redemption rights must be exercised within 30 days.

ADS holders own a beneficial interest in shares held by the Depositary and, accordingly, they are not shareholders of the Company. The Depositary will not
exercise redemption rights on behalf of ADS holders. Accordingly, in order to ensure a valid exercise of redemption rights, an ADS holder would have to cancel his
ADSs and become a registered shareholder of the Company no later than the date which is five Chilean business days before the shareholders” meeting at which the
vote which would give rise to redemption rights is taken, or the applicable record date for redemption rights that arise other than as a result of a shareholder vote.
Redemption rights must then be exercised in the manner prescribed in the notice to shareholders that is required to be sent to shareholders of Chilean public
companies advising such holders of their right of redemption. Ifan event occurs that gives rise to redemption rights, ADS holders will have a limited time to cancel
their ADSs and to become registered shareholders of the Company prior to the record date for the shareholders meeting or other event giving rise to such redemption
rights. Ifan ADS holder does not become a registered shareholder of the Company prior to such record date he will not be able to exercise the redemption rights
available to registered shareholders.

21
CAPITALIZATION

The following table sets forth our consolidated capitalization as of March 31, 2016 on a historical basis. All of the shares being sold by the Selling Shareholder
and being offered in the global offering are existing shares. Further, we will not receive any proceeds from the global offering and our capitalization will not be

affected by the global offering.

This table should be read together with our financial statements included in our Unaudited Interim Consolidated Financial Statements which are included in the

July Form 6-K that is being incorporated by reference herein.

Short-term debt:
Bank debt
Bonds
Other financial liabilities
Total short-term debt
Long-term debt:
Bank debt
Bonds
Other financial liabilities
Total long-term debt

Shareholders” equity:
2,842,459,622 shares, without (nominal) par value and issuing premiums Q)
Reserves
Retained earnings
Non-controlling interest
Total shareholders” equity
Total capitalization

As of March 31, 2016

(in millions of (in millions of
nominal ChS) U.S.5)0

Ch$206,832 $ U.S.309
42,634 64

77,036 115

326,502 487
255,986 382
2,488,281 3,715
71,823 107
2,816,090 4,204
2,868,549 4,283
(1,302,212) (1,944)
2,412,942 3,602

109 0

3,979,388

(1) Chilean peso amounts have been translated into U.S. dollars at an exchange rate of Ch$669.80 per U.S.$1.00, the observed exchange rate on March 31,

2016. See “Exchange Rates.”

(2) Due to the exercise of certain options after March 31, 2016, the outstanding share number has increased to 2,842,520,872 as of June 30, 2016.

Aside from the exercise of options described in footnote (2) above, there has not been any material change to our total capitalization since March 31, 2016.
USE OF PROCEEDS

We will not receive any of the proceeds from the sale of the ADSs or the shares. The Selling Shareholder will receive all the net proceeds from the sale of the
ADSSs and the shares.

23
EXCHANGE RATES
Chile

Chile has two currency markets, the Mercado Cambiario Formal (the “Formal Exchange Market”) and the Mercado Cambiario Informal (the “Informal
Exchange Market”). The Formal Exchange Market is comprised of banks and other entities authorized by the Chilean Central Bank. The Informal Exchange Market is
comprised of entities that are not expressly authorized to operate in the Formal Exchange Market, such as certain foreign exchange houses and travel agencies,
among others, but that can trade under current laws and regulations. The Chilean Central Bank is empowered to require that certain purchases and sales of foreign
currencies be carried out on the Formal Exchange Market. See also “Exchange Controls —Foreign Exchange Controls—Chile.”

Both the Formal and Informal Exchange Markets are driven by free market forces. Current regulations require that the Chilean Central Bank be informed of
certain transactions and that they are effected through the Formal Exchange Market.

The U.S. dollar observed exchange rate (dólar observado), which is reported by the Chilean Central Bank and published daily in the Official Gazette (Diario
Oficial), is the weighted average exchange rate of the U.S. dollar of the previous business day”s transactions in the Formal Exchange Market. The Chilean Central
Bank has the power to intervene, if necessary, by buying or selling foreign currency on the Formal Exchange Market to attempt to maintain the observed exchange
rate within a desired range. During the past few years the Chilean Central Bank has attempted to keep the observed exchange rate within a certain range only under
special circumstances. Although the Chilean Central Bank is not required to purchase or sell dollars at any specific exchange rate, it generally uses spot rates for its
transactions. Other banks generally carry out authorized transactions at spot rates as well.

The Informal Exchange Market reflects transactions carried out at an informal exchange rate (the “informal exchange rate”). There are no limits imposed on
the extent to which the rate of exchange in the Informal Exchange Market can fluctuate above or below the observed exchange rate. In recent years, the variation

between the observed exchange rate and the informal exchange rate has not been significant.

The following table sets forth the annual low, high, average and period end observed exchange rate for U.S. dollars in Chilean pesos for the periods
presented below, as reported by the Chilean Central Bank. The Federal Reserve Bank of New York does not report a noon buying rate for Chilean pesos.

Daily observed exchange rate ChS per U.S.S’

High? Low? Average” Period end*

Year ended December 31,

2011 533.74 455.91 483.57 519.20
2012 519.69 469.65 486.59 479.96
2013 533.95 466.50 495.18 524.61
2014 621.41 527.53 570.33 606.75
2015 715.66 597.10 654.66 710.16
Month end

February 29, 2016 715.41 689.18 703.31 694.17
March 31, 2016 694.82 669.80 680.96 669.80
April 30, 2016 682.45 657.90 669.43 659.34
May 31, 2016 696.96 660.88 683.26 689.81
June 30, 2016 693.61 661.37 679.72 661.37
July 2016 (through July 5, 2016) 661.49 659.26 660.44 661.29

1 Source: Chilean Central Bank.

2 Exchange rates are the actual low and high, on a daily basis for each period.

3 The yearly average rate is calculated as the average of the exchange rates on the last day of each month during the period.

4 Each year period ends on December 31, and the respective period-end exchange rate is published by the Chilean Central Bank on the first business day of the
following year. Each month period ends on the last calendar day of such month, and the respective period end exchange rate is published by the Chilean Central Bank
on the first business day of the following month.

24
Argentina

From April 1, 1991 until the end of 2001, the Convertibility Law No. 23,928 and Regulatory Decree No. 529/91 (together, the “Convertibility Law”) established
a fixed exchange rate under which the Central Bank of Argentina was obliged to sell U.S. dollars at a fixed rate of one Argentine peso per U.S. dollar. On January 6,
2002, the Argentine Congress enacted the Public Emergency Law, which suspended certain provisions of the Convertibility Law, including the fixed exchange rate of
Ar$1.00 to U.S.$1.00, and granted the executive branch of the Argentine government the power to set the exchange rate between the Argentine peso and foreign
currencies and to issue regulations related to the foreign exchange market. Following a brief period during which the Argentine government established a temporary
dual exchange rate system, pursuant to the Public Emergency Law, the Argentine peso has been allowed to float freely against other currencies since February 2002.
For the last few years the Argentine government has maintained a policy of intervention in foreign exchange markets, conducting periodic transactions for the sale
and purchase of U.S. dollars. Although the administration of President Mauricio Macri, who assumed office on December 10, 2015, has announced certain reforms to
the foreign exchange markets, there is no way to foresee if such reforms will continue to be implemented in the future. See also “Exchange Controls —Foreign
Exchange Controls—Argentina.”

The following table sets forth the annual high, low, average and period-end exchange rates for the periods indicated, expressed in Argentine pesos per U.S.
dollar and not adjusted for inflation as reported by the Central Bank of Argentina. The Federal Reserve Bank of New York does not report a noon buying rate for

Argentine pesos.

Daily observed exchange rate ArS per U.S.$

High Low Average! Period end

Year ended December 31,

2011 4.304 3.972 4.131 4.304
2012 4.917 4.304 4.552 4.917
2013 6.518 4.923 5.479 6.518
2014 8.556 6.543 8.119 8.552
2015 13.763 8.554 9.269 13.005
Month end

February 29, 2016 15.584 14.088 14.815 15.584
March 31, 2016 15.919 14.246 14.961 14.582
April 30, 2016 14.779 14.140 14.410 14.258
May 31, 2016 14.262 13.963 14.138 14.013
June 30, 2016 15.056 13.757 14.141 14.920
July 2016 (through July 5, 2016) 15.119 15.019 15.068 15.019

1 Represents the daily average exchange rate during each of the relevant periods.

Brazil

The Central Bank of Brazil allows the Real/U.S. dollar exchange rate to float freely and has intervened occasionally to control unstable fluctuations in foreign
exchange rates. We cannot predict whether the Central Bank of Brazil or the Brazilian government will continue to let the real float freely or will intervene in the
exchange rate market through a currency band system or otherwise. The Brazilian real may depreciate or appreciate substantially against the U.S. dollar in the future.
Exchange rate fluctuations may adversely affect our financial condition. See also “Exchange Controls —Foreign Exchange Controls—Brazil.”

Prior to March 14, 2005, under Brazilian regulations, foreign exchange transactions were carried out on either the commercial rate exchange market or the
floating rate exchange market. Rates in the two markets were generally the same. On March 14, 2005, the National Monetary Council of Brazil (Conselho Monetário

Nacional) unified the two markets.

The following table sets forth the exchange selling rates expressed in Brazilian reais per U.S. dollar for the periods indicated, as reported by the Central Bank
of Brazil through the Central Bank System (Sistema do Banco Central) using PTAX 800, option 5.

25
Daily observed exchange rate R$ per U.S.$

High Low Average! Period end

Year ended December 31,

2011 1.8811 1.6554 1.7593 1.6662
2012 1.9016 1.5345 1.6746 1.8758
2013 2.1121 1.7024 1.9550 2.0435
2014 2.7403 2.1974 2.3547 2.6562
2015 4.1949 2.5754 3.3387 3.9048
Month end

February 29, 2016 4.0492 3.8653 3.9737 3.9796
March 31, 2016 3.9913 3.5589 3.7039 3.5589
April 30, 2016 3.6921 3.4508 3.5658 3.4508
May 31, 2016 3.6168 3.4645 3.5393 3.5951
June 30, 2016 3.6126 3.2098 3.4245 3.2098
July 2016 (through July 5, 2016) 3.2904 3.2298 3.2561 3.2904

1 Represents the daily average exchange rate during each of the relevant periods.

Peru

Currently, Peruvian law does not impose any restrictions on the ability of companies having operations in Peru to transfer foreign currencies from Peru to
other countries, to convert nuevos soles into any foreign currency or to convert any foreign currency into nuevos soles. Companies may freely remit interest and
principal payments abroad and investors may repatriate capital from liquidated investments. We cannot assure you, however, that Peruvian law will continue to
permit such payments, transfers, conversions or remittances without restrictions. Exchange rates for the Peruvian Nuevo sol have been relatively stable in recent
years. See also “Exchange Controls—Foreign Exchange Controls —Peru.”

The following table sets forth the Central Bank of Peru’s period-average and period-end buying rates for U.S. dollars for the periods indicated.

Daily observed exchange rate S/. per U.S.$

High Low Average Period end

Year ended December 31,

2011 2.880 2.786 2.824 2.808
2012 2.832 2.693 2.754 2.695
2013 2.709 2.549 2.638 2.549
2014 2.987 2.760 2.838 2.981
2015 3.408 2.981 3.184 3.408
Month end

February 29, 2016 3.536 3.476 3.504 3.521
March 31, 2016 3.518 3.323 3.405 3.323
April 30, 2016 3.402 3.248 3.300 3.271
May 31, 2016 3.370 3.288 3.332 3.370
June 30, 2016 3.377 3.282 3.267 3.286
July 2016 (through July 4, 2016) 3.285 3.284 3.285 3.284

1 Calculated as the average of the month-end exchange rates during the relevant period.
Colombia

Since September 1999, the Central Bank of Colombia has allowed the Colombian peso to float freely, intervening only when there are steep variations in the
Colombian peso’s value relative to the U.S. dollar (referred to as the “representative market rate”) to control volatility. Different mechanisms have been used for this
purpose. Currently, the Central Bank is intervening directly by purchasing variable amounts of foreign currency in the exchange markets.

This intervention mechanism is only used to control the international reserves of Colombia or in case the average of a specified rate (referred to as the
“representative market rate”) for the preceding twenty days exceeds 5% of that days representative market rate. Upon the occurrence of such an event, the Central
Bank of Colombia sells call options, whereby the purchaser is entitled to buy from the Central Bank of Colombia, on a future date, a specified amount of U.S. dollars at
a pre-established exchange rate, thus reducing the volatility of the exchange rate. As of October 28, 2009, the call option mechanism can only be used to control the
international reserves of Colombia. See also “Exchange Controls—Foreign Exchange Controls—Colombia.”

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Although the foreign exchange market is allowed to float freely, there are no guarantees that the Central Bank of Colombia or the Colombian government will
not intervene in the exchange market in the future. The Federal Reserve Bank of New York does not report a rate for Colombian pesos. The Superintendencia
Financiera de Colombia calculates the representative market rate based on the weighted averages of the buy/sell foreign exchange rates quoted daily by certain
financial institutions for the purchase and sale of foreign currency.

The following table sets forth the average Colombian peso/U.S. dollar representative market rate for the periods indicated, calculated by using the average of
the exchange rates on the last day of each month during the period.

Daily observed exchange rate Col$ per U.S.$

High Low Average” Period end

Year ended December 31,

2011 2,206.19 2,061.92 2,128.68 2,206.19
2012 2,446.35 2,206.19 2,342.25 2,392.46
2013 2,452.11 2,361.54 2,397.26 2,441.10
2014 2,446.35 1,846.12 2,000.33 2,392.46
2015 3,356.00 2,360.58 2,743.39 3,149.47
Month end

February 29, 2016 3,434.89 3,287.31 3,354.96 3,306.00
March 31, 2016 3,319.80 3,022.35 3,128.79 3,022.35
April 30, 2016 3,109.60 2,851.14 2,997.73 2,851.14
May 31, 2016 3,069.17 2,833.78 2,993.51 3,069.17
June 30, 2016 3,117.83 2,897.53 2,992.86 2,916.15
July 2016 (through July 6, 2016) 2,966.87 2,914.38 2,923.90 2,966.87

1 Calculated as the average of the month-end exchange rates during the relevant period.

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EXCHANGE CONTROLS
Foreign Exchange Controls
Chile

The Chilean Central Bank is the entity responsible for monetary policies and exchange controls in Chile. Chilean issuers are authorized to offer securities
internationally provided they comply with, among other things, the provisions of Chapter XIV of the Compendium of Foreign Exchange Regulations of the Chilean
Central Bank (the “Chilean Central Bank Compendium”).

Pursuant to the provisions of Chapter XIV of the Chilean Central Bank Compendium, it is not necessary to seek the Chilean Central Bank’s prior approval in
order to acquire shares in a Chilean market. The Chilean Central Bank only requires that (i) the remittance of funds in excess of U.S.$10,000 for the acquisition of the
shares in Chile be made through the Formal Exchange Market and disclosed to the Chilean Central Bank as described below; and (ii) all remittances of funds from
Chile to the foreign investor upon the sale of shares or from dividends or other distributions made in connection therewith be made through the Formal Exchange
Market and disclosed to the Chilean Central Bank as described below.

The proceeds of the placement of the shares abroad may be brought into Chile or held abroad. If the Selling Shareholder remits the funds obtained from the
placement of the shares in Chile, such remittance must be made through the Formal Exchange Market and the Selling Shareholder must deliver to the Department of
Statistics Information of the Chilean Central Bank directly or through an entity participating in the Formal Exchange Market an annex providing information about the
transaction, together with a letter instructing such entity to deliver to the Selling Shareholder the foreign currency or the Chilean peso equivalent thereof. If the
Selling Shareholder does not remit the funds obtained from the placement of the shares in Chile, the Selling Shareholder has to provide the same information to the
Department of Statistics Information of the Chilean Central Bank directly or through an entity of the Formal Exchange Market, within the first 10 days of the month
following the date on which the Selling Shareholder received the funds. All payments from dividends or other distributions in connection with the shares made from
Chile must be made through the Formal Exchange Market. Pursuant to Chapter XIV of the Chilean Central Bank Compendium, no prior authorization from the Chilean
Central Bank is required for such payments in U.S. dollars. The participant of the Formal Exchange Market involved in the transfer must provide certain information to
the Chilean Central Bank on the banking business day following the day of payment. In the event payments are made outside Chile using foreign currency held
abroad, we must provide the relevant information to the Chilean Central Bank directly or through an entity of the Formal Exchange Market within the first 10 days of
the month following the date on which the payment was made.

Under Chapter XIV of the Chilean Central Bank Compendium, payments and remittances of funds from Chile are governed by the rules in effect at the time
the payment or remittance is made. Therefore, any change made to Chilean laws and regulations after the date hereof will affect foreign investors who have acquired
the shares. We cannot assure you that further Chilean Central Bank regulations or legislative changes to the current foreign exchange control regime in Chile will not
restrict or prevent the Selling Shareholder from acquiring U.S. dollars or that further restrictions applicable to the Selling Shareholder will not affect our ability to remit
U.S. dollars for payment of dividends or other distributions in connection with the shares.

The above is a summary of the Chilean Central Bank’s regulations with respect to the issuance of securities, including the shares, as in force and effect as of
the date of this prospectus. We cannot assure you that restrictions will not be imposed in the future, nor can there be any assessment of the duration or impact of
such restrictions ifimposed. This summary does not purport to be complete and is qualified in its entirety by reference to the provisions of Chapter XIV of the
Chilean Central Bank Compendium, a copy of which is available from us upon request at the following address Avenida Kennedy 9001, Piso 6, Las Condes, Santiago,
Chile.

Argentina

In January 2002, with the approval of the Public Emergency Law, Argentina declared a public emergency situation in its social, economic, administrative,
financial and foreign exchange matters and authorized the Argentine Executive Branch to establish a system to determine the foreign exchange rate between the
Argentine peso and foreign currencies and to issue foreign exchange-related rules and regulations. Within this context, on February 8, 2002, through Decree No.
260/2002, the Argentine Executive Branch established (i) a single and free-floating foreign exchange market (hereinafter, “MULC” as per the initials in Spanish)
through which all foreign exchange transactions in foreign currency must be conducted, and (ii) that foreign exchange transactions in foreign currency must be
conducted at the foreign exchange rate to be freely agreed upon among contracting parties, subject to the requirements and regulations imposed by the Central Bank
(please see below for a summary of the main regulations).

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On June 9, 2005, through Decree No. 616/2005, the Argentine Executive Branch mandated that (i) all inflows of funds into the local foreign exchange market
arising from foreign debts incurred by residents, both individuals or legal entities in the Argentine private sector, except for those concerning foreign trade financing
and primary issuances of debt securities admitted to public offering and listed in authorized markets; and (ii) all inflows of funds by non-residents channeled through
the MULC and aimed at being held in local currency, acquiring all types of financial assets or liabilities in the financial or non-financial private sector (except for
foreign direct investments and primary issuances of debt securities and shares admitted to public offering and listed in authorized markets), and investments in
securities issued by the public sector and acquired in secondary markets, must meet the following requirements: (i) such inflows of funds may only be transferred
outside the local foreign exchange market at the expiration of a term of 365 calendar days as from the date of settlement of such funds into Argentine pesos; (ii) the
proceeds of such inflows of funds must be credited to an account in the local banking system; (iii) a non-transferable and non-interest-bearing deposit for 30% of the
amount of the transaction must be kept in Argentina for a period of 365 calendar days, in accordance with the terms and conditions set forth in the applicable
regulations (the “Deposit”); and (iv) the Deposit is to be denominated in U.S. dollars and held in Argentine financial institutions and it may not be used to guarantee
oras collateral of any type of credit transactions. The requirements of Decree 616/2005 were subsequently eased, as detailed below.

Within this context and pursuant to Communication “A” 4359 as amended, the Central Bank issued regulations relating to the Deposit, which was required
to be made as soon as foreign currency was transferred into Argentina through the MULC in certain cases, such as: (i) financial indebtedness incurred by the
financial sector and by the private, non-financial sector, except for primary issuances of publicly traded and listed debt securities, (ii) primary issuance of shares by
resident companies whose shares are neither registered for public offering nor listed in any authorized market, to the extent they do not qualify as “foreign direct
investment” and (iii) portfolio investments by non-residents to be applied to holdings of local currency and financial assets and liabilities in the financial sector and
in the private, nonfinancial sector, to the extent they do not relate to the primary issuance of publicly traded and listed debt securities or publicly traded and listed
shares issued by resident companies. Subsequently, Resolution No. 365/2005 and No. 637/2005 issued by the Ministry of Economy, Public Finance and Production
included additional transactions for which the Deposit was mandatory starting on June 29, 2005. However, exceptions established under Central Bank of Argentina
regulations reduced the number of situations in which this Deposit was required.

On December 18, 2015, through Resolution No. 3/2015, the Ministry of Treasury and Public Finance amended Executive Decree No. 616/2005, reducing (1) the
Deposit percentage to 0% and (ii) the required period that the proceeds of any new financial indebtedness incurred by residents, held by foreign creditors and
transferred through the MULC must be kept in Argentina from 365 calendar days to 120 calendar days from the date of the transfer of the relevant amount.

The following is a description of the main aspects of the Central Bank of Argentina regulations concerning inflows and outflows of funds in Argentina.
Inflow of Capital

MULC will be necessary for subsequent access to the MULC to repay principal and interest. Pursuant to Communication “A” 5850, if the funds are credited to
foreign currency denominated local accounts in Argentina, it will be necessary to demonstrate the settlement of such funds.

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Debt issuances by the private (financial and non-financial) sector denominated in foreign currency, with principal and interest services not solely payable in
Argentine pesos in Argentina are to be subscribed in foreign currency and the proceeds must be settled through the MULC. Until such settlement through the
MULC, the proceeds must be deposited in local financial entities (Communication “A” 5265 as amended).

Any new financial indebtedness channeled through the MULC and any debt renewal with foreign creditors incurred by Argentine residents from the
financial sector and from the private, non-financial sector, must be agreed and maintained for terms of at least 120 calendar days as from the date of the inflow of the
funds into Argentina, settlement of the funds or renewal of the debt, as applicable, and they may not be prepaid before the lapse of said term, irrespective of the
manner of cancellation of the obligation to the foreign creditor and of whether said cancellation is effected with or without access to the MULC (Communication “A”
5265 and 5850, as amended).

Exempted from the provisions described in the preceding paragraph are the primary issuances of publicly traded and listed securities.
Outflow of Capital
Payment of Services

There are no restrictions on remittances abroad for payment of services rendered by non-residents, irrespective of the item (freights, insurance, royalties,
technical assistance, fees, etc.) (Communication “A” 5264 and 5850, as amended). Access to the MULC for such payments requires the filing of documentation by
residents evidencing the authenticity of the transaction related to the type of service rendered and the amount to be transferred abroad.

Payment of Profits (Interest, Earnings and Dividends)

Access to the MULC is granted for payment of interest services in the private, non-financial sector and in the financial sector (Communication “A” 5264, as
amended) in the following circumstances: (i) if applicable regulations allow the repayment of the debt corresponding to such interest service and if all general
regulatory requirements related to principal repayment are met; (ii) if the settlement of the currency is made within 10 calendar days of the maturity date of each
interest payment; and (iii) if the interest payment is for the unpaid amounts accrued from the date of settlement of the foreign currency originating the foreign
indebtedness or within 48 hours from the date of disbursement of the funds abroad and until settlement thereof through the MULC (within 48 hours from
disbursement).

In addition, access to the MULC is permitted for remittances abroad to pay earnings and dividends insofar as they arise from closed and audited financial
statements (Communication “A” 5377).

In order to proceed with remittances abroad for payment of interest on debt of all types, earnings and dividends, the entities involved must first verify that
the debtor has complied with the reporting of (i) outstanding foreign indebtedness imposed under Communication “A” 3602 dated May 7, 2002 and (ii) direct
investments pursuant to Communication “A” 4237 dated November 10, 2004, if applicable.

Financial Debts
Payment of principal under foreign financial indebtedness incurred by Argentine residents in the financial sector and in the private, non-financial sector

(except in the case of payment of primary issuances of publicly traded and listed debt securities) may only proceed after the expiration of a 120 calendar-day term as
from the date of inflow of the loan proceeds into Argentina.

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In the case of foreign financial indebtedness settled through the MULC, as of December 17, 2015, debtors in the financial sector and in the private, non-
financial sector will have access to the MULC at any time for prepayment of their foreign financial debt, provided that the minimum stay period has been complied
with.

Pursuant to Communication “A” 5890, in the case of foreign financial indebtedness settled through the MULC on or prior to December 16, 2015, access to
the MULC for the prepayment of principal under foreign indebtedness incurred by Argentine residents of the private, non-financial sector, is allowed:

(i) at any time within 10 business days prior to maturity, to the extent the applicable minimum stay-period has been complied with,

(ii) with the necessary operational anticipation for the payment of principal installments, whose payment depends on the enforcement of specific
contractual conditions,

(iii) before such 10-business-days term prior to maturity, whether in whole or in part, if the payment is entirely financed with external funds destined to
capital contributions to the extent the applicable minimum stay-period has been complied with, or

(iv) before such 10-business-days term prior to maturity, whether in whole or in part, to the extent the applicable minimum stay-period has been complied
with, and that the payment is entirely financed with new foreign debts settled through the MULC and/or through the issuance of bonds or other debt
instruments that meet the conditions of being considered foreign debt issuance. Argentine companies that belong to the same economic group may use
this benefit, provided that such condition is met at a consolidated level.

Moreover, the access to the MULC before such 10-business-days term is allowed for the repurchase and/or prepayment of bonds or other securities in the
case that the amount being paid exceeds the face value of the securities subject to the transaction, as long as such extra value reflects reasonable market conditions.

This exception is also subject to the securities qualifying as foreign indebtedness pursuant to the Central Bank’s regulations and being listed on a stock exchange.

In all cases of prepayment of principal, the payment must be to the creditor or the payment agent of the obligation for its immediate payment to the lender.
The obligation stops bearing interest for the prepaid portion as of the date of the payment to the lender (Communication “A” 5890).

Finally, regarding access to the MULC for the payment of interest accrued on unpaid debts or debts canceled simultaneously with the payment of interest,
the purchase of foreign currency in the MULC may be completed in a period not in excess of 10 business days prior to the due date of each installment of interest
computed in arrears, excluding the possibility of calculating the amount of accrued interest.

In addition, pursuant to Communication “A” 5899, entities may grant residents access to the MULC to make principal and interest payments, without any

funds inflows into Argentina, in respect of foreign financial debts arising from financings granted by a non-resident seller for direct investment assets and/or non-
financial non-produced asset purchases within Argentina, provided there is compliance with certain documentary and operational requirements.

Other Regulations

Sales of Foreign Currency to Non-residents

Communication “A” 4662 (as subsequently amended by Communication “A” 5850 and 5899) published a restatement of as well as newly-issued regulations
applicable to access to the MULC by non-residents (as per the definitions contained in the IMF’s Balance of Payments Manual, fifth edition, chapter IV).

31
In this respect, no prior approval by the Central Bank of Argentina is required for any of the following transactions conducted by non-residents, insofar as
all the requirements imposed in each case have been met:

(i) Purchase of foreign currencies for remittances abroad, provided that the documentation prescribed by the previously mentioned regulations has been
furnished, in the examples stated below, when transactions relate to or pertain to collections in Argentina of:

1.1 Financial indebtedness originating in external loans of non-residents.

1.2 Recovery of claims in local bankruptcy proceedings and collection of debts under reorganization proceedings to the extent that the nonresident
client has been recognized as creditor by a final non-appealable decision of the court of such proceedings.

1.3 Repatriations of direct investments in companies in the private, non-financial sector that do not control local financial institutions and/or real
estate, provided that the foreign beneficiary is either a natural or legal entity residing or incorporated and established in, or the payment is
performed in, domains, jurisdictions, territories or associated states that are considered “cooperators for the purposes of fiscal transparency”
according to the provisions of section 1 of Decree 589/2013, as amended and supplemented (Communication “A” 5649) for the following purposes:

1.3.1 Sale of such direct investment.

1.3.2 Final liquidation of such direct investment.

1.3.3 Capital reduction decided by the local company.

1.3.4 Reimbursement of irrevocable contributions by the local company.

1.4 Collections of services or sales proceeds of other portfolio investments (and their profits) provided that the foreign beneficiary is either a real or
legal person residing in or incorporated and established in domains, jurisdictions, territories or associated states that are considered “cooperators
for the purposes of fiscal transparency” according to the provisions of Art. 1 of Decree 589/2013, as amended and supplemented (Communication
“A” 5649). These portfolio investment repatriations include, but are not limited to, portfolio investments in shares and ownership interests in local
companies, investments in mutual funds and local trusts, purchases of portfolios of loans granted to residents by local banks, purchases of
invoices and promissory notes for local business transactions, investments in local bonds issued in Argentine pesos and in foreign currency
payable locally, as well as purchases of other internal receivables. Non-residents will be allowed access to the MULC for the repatriation of their
investment without any need to obtain the prior authorization of the Central Bank of Argentina, provided there is compliance with the applicable
minimum period of 120 calendar days from the date of the inflow of the funds into Argentina. Pursuant to Communication “A” 5937, providing
evidence of the inflow of the funds through the MULC and compliance with the minimum stay period will not be required when the investment is
originated in funds collected in Argentina under a transaction pursuant to which the non-Argentine resident would have had access to the MULC
for the repatriation of such funds at the time of collection.

1.5 Indemnifications awarded by local courts in favor of non-residents.
1.6 Payments of Argentine imports.
(ii) purchases of foreign currency by (i) diplomatic and consular representatives and diplomatic staff authorized in Argentina, and (ii) representations from

courts, authorities or departments, special missions, bilateral commissions or bodies established by international treaties or agreements, to which
Argentina is a party, to the extent that such transfers are made in the exercise of their respective functions; and

32
(iii) purchases of foreign currency by international organizations and institutions acting as official export credit agencies, as listed in Communication “A”
4662 (as amended and supplemented).

The prior authorization of the Central Bank of Argentina will not be required either when the purchase of foreign currency or foreign banknotes by a non-
resident does not exceed the equivalent of U.S.$2,500 per calendar month across all entities authorized to deal in foreign currency transactions.

Formation of O[f-shore Assets by Residents

On December 17, 2015, Communication “A” 5850 (as amended by Communication “A” 5899 dated February 4, 2016) established that resident individuals,
legal entities from the private sector organized in Argentina and not authorized to deal in foreign exchange, certain trusts and other estates domiciled in Argentina, as
well as Argentine local governments will be allowed access to the MULC without the prior authorization of the Central Bank of Argentina with respect to the
following types of transactions: real estate investments in a foreign country, loans extended to non-residents, direct investments abroad by residents, portfolio
investments abroad by natural persons and legal entities, other investments by residents abroad, purchases of foreign currency banknotes in Argentina for holding
purposes, purchases of traveler checks and certain donations, in each case provided that the following conditions are satisfied:

(i) The total amount of the transactions may not exceed the equivalent of U.S.$5.0 million in any calendar month across all entities authorized to perform
foreign currency transactions (Communication “A” 5963).

(ii) The entity must have received from the client a sworn statement indicating that the foreign exchange transaction to be conducted is in compliance with
the limits established by applicable rules for the client’s operations across all entities authorized to perform foreign currency transactions.

(iii) In the case of purchases of foreign currency banknotes and foreign currency that exceed the equivalent of U.S.$500 per calendar month across all
entities authorized to perform foreign currency transactions, the transaction may only be made by means of a debit against a checking account created
in an Argentine financial institution in the clients name, a transfer via MEP (Electronic Payment System) to the relevant entity from a client’s checking
account or a payment by a check drawn against a client’s own account.

(iv

In the case of foreign currency sales to residents for the creation of portfolio investments abroad, the transfer must be made to an account under the
name of the client performing the exchange transaction and created at a foreign bank, an investment bank or other foreign institution that provides
financial services and is controlled by a foreign bank. Such banks or entities must not have been organized in countries or jurisdictions considered non-
cooperative for fiscal transparency purposes under section 1 of Executive Decree No. 589/13, as amended, or in countries or jurisdictions where the
Recommendations of the Financial Action Task Force are not followed or sufficiently followed. Non-cooperative countries or jurisdictions will be
designated as such by the Financial Action Task Force. The identification of the foreign entity where the client’s account has been created and the
account number must be recorded in the applicable exchange ticket.

immediately preceding the day on which the transaction was performed.

These rules do not preclude the enforcement of any other applicable rules for the prevention of money laundering, terrorism financing and other illicit
activities.

In addition, residents that perform sales of their own offshore assets through the MULC as from December 17, 2015 will not be subject to the limit
established in item (i) above in order to exchange foreign currency for up to the amount of such sales’ proceeds transferred into Argentina.

33
Access to the MULC may also exceed the limit established in item (i) above if any received funds are simultaneously applied to the payment to residents for
the purchase of real state within Argentina through a deposit or transfer to a local banking account denominated in foreign currency maintained by the seller.

In addition, the requirement to register foreign exchange transactions in the Exchange Transactions Consultation Program of the Administración Federal de
Ingresos Público has been eliminated, which used to require all entities authorized to conduct operations related to foreign exchange to obtain prior approval by the
Argentine tax authorities to execute any sale of foreign currency on behalf of their clients.

Capital Markets

Securities-related transactions carried out through stock exchanges and authorized securities markets must be paid using any of the following mechanisms:
(i) in Argentine pesos; (ii) in foreign currency through electronic fund transfers from and to sight accounts in local financial institutions; and (iii) through wire
transfers against foreign accounts. Under no circumstances is the settlement of these securities purchase and sale transactions to be made in foreign currency bills or
through deposits in escrow accounts or in third-party accounts (Communication “A” 4308).

Report of Issuances of Securities and Other Foreign Indebtedness of the Private Financial and Non-financial Sector

Pursuant to Communication “A” 3602 dated May 7, 2002, as amended, all individuals and legal entities in the private financial and non-financial sector must
report their outstanding foreign indebtedness (whether Argentine peso or foreign currency-denominated) at the end of each quarter. The debts incurred and repaid
within the same calendar quarter need not be reported.

Direct Investments Report

Communication “A” 4237 dated November 10, 2004 established reporting requirements in connection with direct investments made by local residents abroad
and by non-residents in Argentina. Direct investments are defined as those that reflect the long-standing interest of a resident in one economy (direct investor) in
another economy”s resident entity, such as an ownership interest representing at least 10% of a company’s capital stock or voting rights. The reporting requirements
prescribed by this Communication “A” 4237 are to be met on a bi-annual basis.

Brazil
General rules

The basic law regulating foreign investment was enacted in 1962 (Law No. 4131) and was amended in 1964 (Law No. 4390). Foreign investment is not subject
to government approvals or authorizations, and there are no requirements regarding minimum investment or local participation in capital (except in very limited cases
such as in financial institutions, insurance companies and other entities subject to the regulating authority of the Central Bank of Brazil). Foreign participation,
however, is limited or prohibited in limited areas of activities, including those detailed below.

The Central Bank of Brazil is the agency responsible for: (i) managing the day-today control over foreign capital flow in and out of Brazil (risk capital and
loans under any form); (ii) setting forth the administrative rules and regulations for registering investments; (iii) monitoring foreign currency remittances; and (iv)
allowing repatriation of funds. It has no jurisdiction over the quality of the investment and cannot restrict the remittances of funds resulting from the risk capital or
loan, which are based on a registration with the Central Bank, through its Electronic System of Registration.

In the event of a serious balance of payment deficit, the Central Bank may limit profit remittances and prohibit remittances as capital repatriation for a limited
period of time. This limitation, however, has never been applied even during Brazil”s most difficult balance of payments problems.

34
Foreign investments in currency must be officially channeled through financial institutions duly authorized to deal in foreign exchange (e.g. commercial
banks). Foreign currency must be converted into Brazilian currency and vice-versa through the execution of an exchange contract with a commercial bank. Foreign
investments may also be made through the contribution of assets and equipment intended for the local production of goods or services.

Foreign exchange market

Brazil previously operated with two official exchange rate markets, the commercial and floating rate markets, both of which were regulated and monitored by
the Central Bank. Participation in a particular market was determined by the nature of the remittance of funds to be made.

In March, 2005 the Central Bank unified both markets and enacted more flexible exchange rules. As a consequence, remittances of funds in and out of Brazil
now flow through one single exchange market regardless of the nature of the payments.

Foreign investment registration

Foreign investments in currency or in assets and equipment must be registered with the Central Bank of Brazil. Such registration grants the foreign investor
the right to remit dividends and interest and to repatriate the investment. As of August 2000, foreign investments in capital must be registered with the Electronic
System of Registration of the online data system of the Central Bank of Brazil (the “SISBACEN Data System”). Since February 2001, foreign loans are also subject to
registration in the SISBACEN Data System.

The amount registered with the Central Bank of Brazil as foreign investment includes the sum of (i) the original investment (whether in cash or in kind); (ii)
subsequent additional investments (including the capitalization of credits); and (iii) eventual profit reinvestments. This aggregate amount constitutes the basis for
repatriation of capital and computation of any eventual capital gain tax, as explained below.

Profit remittance

Since January 1996, profits paid by a Brazilian company to a foreign investor are not subject to any withholding tax. The foreign currency to be remitted must
be purchased in the exchange market directly from any commercial bank, upon presentation of the corporate act declaring the dividends, the pertinent financial
statements, proof of the tax payment and the registration in the SISBACEN Data System. No further approval or consent of the Central Bank is necessary and there is
no limitation on the amounts to be remitted if the original investment has been registered with the Central Bank as described above.

Repatriation of capital

Foreign capital invested in Brazil may be repatriated at any time and there is no minimum period of investment. Repatriation of the investment within the
amount stated in the SISBACEN Data System may be made free of any tax or authorization. In principle, any excess over the registered amount will be treated as a
capital gain, subject to a 15% withholding tax (such rate is increased to 25% in case of investors residing in tax havens) and prior (and discretionary) approval of the
Central Bank.

In accordance with an common practice of the Central Bank of Brazil, whenever the total or partial repatriation of capital is sought upon the sale ofan
investment, the book value of the foreign investment (based on the financial statements of the company which received the investment) will be compared against the
amount registered in foreign currency. If the book value is lower than the registered foreign investment, the remittance abroad of any amount exceeding the book
value may be understood by the Central Bank as a capital gain, and, as such, subject to a 15% tax.

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Other forms of funding Brazilian subsidiaries

The Brazilian foreign debt challenges, combined with other circumstances, forced the market to find various ways to fund Brazilian companies through the
issuance of notes and bonds, as well as commercial paper placed outside Brazil under private and public placements. In recent years, the Central Bank has authorized
a great volume of issues of bonds, fixed rate notes, floating rate notes, commercial papers and fixed or floating rate certificates of deposit, to be traded abroad.
Nonetheless, foreign loans with maturity of less than ninety days are currently subject to a financial transactions tax. Interest paid to foreigners is subject to a 15%
withholding tax (such rate is increased to 25% in case of creditors residing in tax heavens). Another source of funding has been the issue of ADRs—American
Depositary Receipts and IDRs—International Depositary Receipts.

Peru

At the beginning of the 1990s, former President Alberto Fujimori liberalized price and wage controls in the private sector and eliminated all restrictions on
capital flows. Since March 1991, there have been no exchange controls in Peru and all foreign exchange transactions are based on market rates. Prior to March 1991,
the Peruvian foreign exchange market consisted of several alternative exchange rates. During the last two decades, the Peruvian currency has experienced a
significant number of large devaluations and Peru has consequently adopted and operated under various exchange rate control practices and exchange rate
determination policies, ranging from strict control over exchange rates to market-determination of rates. Current Peruvian regulations on foreign investment allow the
foreign holders of equity shares and fixed income instruments to receive and repatriate 100% of the proceeds of the investment. Such investors are allowed to
purchase foreign exchange at free market exchange rates through any member of the Peruvian banking system.
Colombia

Foreign Investment and Exchange Controls in Colombia

Although the exchange market flows freely, there are exchange regulations that establish those exchange operations that must be channeled through the
exchange market, the procedures and penalties for infringement.

The rules applicable on exchange matters are issued jointly by Congress, the Government and the Central Bank. The main regulations on foreign investment
and international exchange (“Exchange Regulations”) are set forth in Law 9 of 1991, Decree 2080 of 2000, External Resolution No. 8 of 2000 and Regulation DCIN-83.
The law requires all foreign investment to be registered at the Central Bank.

The Central Bank is responsible for Exchange Regulations and managing, recording and authorizing changes in foreign investment. In turn, the
Superintendency of Companies is responsible for overseeing compliance with the provisions on foreign investment set forth in the Exchange Regulations. Such
foreign investment is divided into (1) direct foreign investment, and (2) portfolio foreign investment.

The foreign investment registered with the Central Bank grants the investor the following rights, known as “exchange rights”:

a. The possibility of repatriating the profits from the registered investment.

b. The possibility of reinvesting such profits in Colombia.

c. The possibility of repatriating sums resulting from the transfer of the investment within the country, the liquidation of the company or the portfolio and/or
the reduction of the equity of the recipient company.

Foreign Indebtedness

The foreign currency received or paid as a consequence of a credit operation must be channeled through the exchange market. In addition, prior to or
simultaneously with the disbursement, it will be required to report the foreign debt to the Central Bank through the exchange market intermediaries.

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Up until October 28, 2011, Colombian residents could only obtain credits in foreign currency from foreign financial institutions, foreign market intermediaries
or through the placement of securities in international capital markets. Since that date, Banco de la República allowed indebtedness with any foreign third party,
including related parties. These modalities are considered liability credits since the debtor is a Colombian resident.

On the other hand, Colombian residents may grant loans in foreign currency to non-residents and this modality is called active credits since the creditor is a
Colombian resident.

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OFFER AND LISTING DETAILS

Our ADSSs have been listed on the NYSE under the symbol “CNCO” since June 22, 2012. The table below sets forth the trading volume and the high and low
closing prices in U.S. dollars of our ADSs on the New York Stock Exchange as reported by the New York Stock Exchange.

New York Stock Exchange
(in U.S.S per ADS)

Trading
volume High Low
Quarter
First Quarter, 2016 3,035,336 7.88 5.30
Second Quarter, 2016 6,212,873 8.95 7.43
Month
March 2016 1,051,892 7.88 6.46
April 2016 3,277,283 8.70 7.32
May 2016 1,855,017 8.30 7.43
June 2016 1,080,573 8.95 7.76
July 2016 (through July 5, 2016) 88,515 8.83 8.43

Source: New York Stock Exchange

Our common stock is currently traded on the Santiago Stock Exchange, the Valparaiso Stock Exchange and the Chile Electronic Stock Exchange under the
symbol “CENCOSUD.” The table below sets forth the trading volume and high and low closing sales prices for our common stock on the Santiago Stock Exchange
for the periods indicated as reported by the Santiago Stock Exchange.

Santiago Stock Exchange
(in ChS per Common Share)

Trading
volume High Low
Quarter
First Quarter, 2016 140,527,472 1,746.5 1,321.0
Second Quarter, 2016 139,613,101 1917.9 1,670.0
Month
March 2016 62,106,890 1,746.5 1,464.0
April 2016 48,477,860 1900.0 1,670.0
May 2016 53,713,597 1864.4 1,699.0
June 2016 37,421,644 1,917.9 1,800.0
July 2016 (through July 7, 2016) 5,487,148 1,920.0 1,885.1

Source: Santiago Stock Exchange

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ORDER BOOK AUCTION

The shares of common stock will be sold initially through an order book auction on the Santiago Stock Exchange in a process known as subasta de un libro
de órdenes (a “subasta”), in compliance with Chilean law and the rules of the Santiago Stock Exchange. All orders of shares of common stock made by prospective
purchasers, including by the international underwriter for purposes of the international offering, must be placed through an authorized Chilean broker under Chilean
law, as further described below. The shares of common stock awarded to the international underwriter in the subasta will be eligible for deposit in our ADR facility,
subject to the terms of our Deposit Agreement, pursuant to which the ADRs will be issued. See “Underwriting.”

Sales of large blocks of shares in the Santiago Stock Exchange are normally conducted in one block through a subasta. This auction procedure sorts
purchase orders by price in descending order and awards the offered shares, at a single price, to the cumulative demand that satisfies the conditions set forth in
advance by the seller.

The terms and conditions of the offer are set forth by the seller acting through a stock broker. Credicorp Capital S.A. Corredores de Bolsa and J.P. Morgan
Corredores de Bolsa SpA will serve as the stock brokers in connection with the auction of our shares of common stock in the contemplated subasta. These
conditions may include a minimum price and the creation of specific demand segments based on objective criteria (e.g. type of investors and order size). All the
purchase orders entered into the system are compiled by the Santiago Stock Exchange in a single cumulative order book, which will be delivered to the stock brokers
designated by the seller. Based on such order book, the stock brokers will determine whether the offer was successful or not. The offer must be declared successful if
the competitive demand (i.e., orders with a price equal to or above the minimum price (if there is one)) plus the demand at market price exceeds the number of shares
offered and complies with the conditions established for each of the segments. The order book will remain open for purchase offers for the time previously defined
by the Selling Shareholder, which in no case may be less than two exchange business days. During this period, purchase orders may be amended or
redeemed. Chilean brokers receiving purchase orders from non-institutional investors will require certain safeguards from their clients, such as securities in rem for an
amount that can vary between 10% and 50% of the purchase order (depending on the amount of the order), cash or otherwise as prescribed by the Santiago Stock
Exchange. In the case of institutional investors, the Chilean broker will only verify that the operation is conducted within the limits applicable to such institutional
investor.

Tf the offer is declared successful and includes different demand segments, the offer price cannot be set below 90% of the price at which cumulative
competitive demand (i.e., all orders with a price, regardless of demand segment, sorted in descending order) is equal to the total shares offered. With the overall
demand information received from the Santiago Stock Exchange, the stock brokers together with the international underwriter and the Chilean placement agents will
make a price and allocation recommendation to the Selling Shareholder. Once the Selling Shareholder makes its determination with respect to price and allocation, the
stock brokers will inform the Santiago Stock Exchange of the offering price and the allocation of the offering among the demand segments. In the case that the offer
does not include different demand segments, the stock brokers will inform the Santiago Stock Exchange of the offering price.

The offer is then allocated within the respective demand segments or segment among those orders that have a price equal or above the offer price and
orders at market price. On the day following the allocation, prior to the opening of the stock market in Chile, the Santiago Stock Exchange will formally award the
offered shares through a special auction and will communicate, through its systems, the final allocation of shares to all participating brokers. Once the shares have
been formally awarded, the international underwriter will confirm orders to international investors based on the offering price and the number of shares awarded to
the international underwriter in the subasta, which shares will be delivered in the form of ADSs.

We expect that delivery of the shares will be made against payment therefor on the second business day following the formal award of the shares to

prospective investors pursuant to the order book auction. The settlement of the shares will be made in book entry form through the facilities of the Depósito Central
de Valores S.A., Depósito de Valores. Payment for the shares will be required to be made in Chilean pesos.

39
MANAGEMENT”S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Operating and Financial Review and Prospects

We believe we are one of the leading multi-brand retailers in South America, based on revenues, selling space, number of stores and gross leasable area in the
sectors and countries in which we operate. We operate through a number of formats, including supermarkets, home improvement stores, shopping centers and
department stores. The company believes Peru and Colombia are high-growth and underpenetrated markets due to their favorable demographics, sustainable
household consumption growth and low formal retail penetration as described herein and in the section titled “Item 4. Information on the Company—B. Business
Overview-—Industry Overview and Competition” in our 2015 Form 20-F. As a complement to our core retailing business, we are actively involved across the region in
the commercial real estate development business, particularly in Chile, Argentina, Colombia and Peru, with 53 shopping malls representing 794,592 square meters of
gross leasable area for third parties as of March 31, 2016, and we also offer open and private label credit cards, consumer loans and limited financial services to our
retail customers.

A. OPERATING RESULTS
Trends and Factors Affecting Our Results of Operations
Our results of operations have been influenced and will continue to be influenced by the following factors:
Developments in the Chilean economy

Our operations in Chile accounted for 41.5% of our consolidated revenues from ordinary activities for the three-month period ended March 31, 2016
compared to 36.3% in the corresponding period in 2015. Consequently, our financial condition and results of operations are substantially dependent on economic
conditions prevailing in Chile. In 2010, the Chilean economy began to recover following its 2009 recession. As reported by the Central Bank of Chile, GDP expanded
5.8% in 2011 and 5.5% in 2012. However, in line with other global economies, such growth decelerated beginning in 2013, with the Chilean GDP expanding 4.0% in
2013, 1.9% in 2014 and 2.1% in 2015. According to ILACAD World Retail (“ILACAD””, an international consulting company that monitors the retail industry, the
Chilean formal retail sector, which consists of business that are taxed and that employ formal labor, accounts for 63% of the Chilean retail sector, a relatively high
percentage in comparison to the other countries in which we operate, but low in comparison to the United States, where the formal sector accounts for 92% of the
retail sector, according to the U.S. Census Bureau, as of 2013.

The recovery of the Chilean economy in 2010 was led in part by a recovery of the prices of Chile”s exports, which according to the World Bank contributed
36.8% of GDP in the period from 2010 to 2014. As a result of the economic recovery, the Consumer Price Index (“CPI”) increased 1.8%, 4.7% and 4.3% in 2013, 2014
and 2015, respectively, according to the Central Bank of Chile. Inflation began to accelerate during 2014 following the devaluation of the Chilean Peso, increased
international oil prices, a lower real interest rate and expectations of monetary policy tightening in the U.S. In 2016, CPI has evolved in line with the provisions of the
March Monetary Policy Report of the Central Bank of Chile. Inflation fell to 4.2% in April and remained at 4.2% as of May, approaching the tolerance rate, mainly due
to lower exchange rate pressure on the prices of products subject to the U.S. dollar and lower international oil prices.

During 2014, the Central Bank of Chile began a process of loosening monetary policy in response to weaker economic activity with the aim of boosting
growth. Local output, demand and employment indicators continued to show softer dynamics in the economy during this period. These factors, in conjunction with
timid global growth prospects, led the Central Bank of Chile to cut its benchmark rate for the fourth consecutive time to 3% during its October 16, 2014 meeting. After
this, the Central Bank of Chile kept its benchmark rate steady for a year, until November 2015, when it decided to raise the rate by 25 basis points to 3.25%, mostly
because of inflationary pressure. In January 2016, the Central Bank of Chile decided to raise the rate by a further 25 basis points to 3.50%, where it has remained. The
average unemployment rate was 6.3% in 2015 and 6.1% in both March 2016 and 2015 and 5.8%, 6.0% and 5.7% in December 2015, 2014 and 2013, respectively,
according to the Central Bank of Chile. The quarter ended March 31, 2016 was the fourth consecutive quarter in which the unemployment rate increased. See “Item 3.
Key Information—D. Risk Factors. Risks Related to Chile” in our 2015 Form 20-F.

Chile maintains one of the highest foreign currency credit ratings in Latin America, currently rated AA- by Standard £ Poor’s Financial Services LLC,
(“SézP”), Aa3 by Moody”s Investors Service, Inc. (“Moody’s”) and A+ by Fitch, Inc. (“Fitch”), as of December 31, 2015. Future economic, social and political
developments in Chile, over which we have no control, could have a material adverse effect on us, including impairing our business, financial condition or results of
operations. Credit ratings are subject to periodic review and we cannot assure you that the current ratings will not be revised or lowered in the future.

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On September 29, 2014, Chile enacted Law No. 20,780, which was amended and supplemented on February 8, 2016 by Law N*20.899 (the “Tax Reform Act”).
The Tax Reform Act introduced changes to the corporate tax rate, mandating a gradual increase of the rate from 20% to 27%, strengthening the rules regarding
minimum capitalization, and the taxation of Chilean investments abroad (the controlled-foreign-corporation rules), among others. The new rules are set to come into
effect gradually, with the implementation process having commenced on October 1, 2014 and set to be completed by January 1, 2018. The effects of this tax reform
may increase our operating and compliance costs, which could negatively affect our financial results and our ability to grow our business.

According to preliminary information as of the date hereof, economic activity for the month of April 2016 (IMACEC) increased 0.7% year over year, which
was below market expectations of 1.6%. The indicator was affected by the increase in services and retail sectors, which was partially offset by the decline in mining,
manufacturing and wholesale trade sectors. As of the date hereof, the International Monetary Fund (“IMF”) forecasts growth of 1.5 % for the Chilean economy in
2016, which is lower than the 2.1% growth forecast in January and the 1.7% growth projected by the Central Bank of Chile, mainly due to the prolonged slump in the
value of the Chilean Peso and tighter financial conditions in Chile. See “Item 3. Key Information—D. Risk Factors. Risks Related to Chile” in our 2015 Form 20-F.

Developments in the Argentine economy

Our operations in Argentina accounted for 25.1% of our consolidated revenues from ordinary activities for the period ended March 31, 2016 compared to
28.5% in the corresponding period in 2015. Accordingly, the Company is sensitive to macroeconomic conditions in Argentina.

According to the Argentine Institute of Statistics and Census (“INDEC”), Argentina’s GDP expanded by 2.3%, contracted by 2.6% and expanded by 2.4% in
2013, 2014 and 2015, respectively, and the average unemployment rate stood at 7.1%, 7.3% and 6.3% in 2013, 2014 and 2015, respectively. As an effect of high
consumption and a reduction in productivity reported by the World Economic Forum, however, the country has experienced high levels of inflation, exceeding that of
other countries in South America. In response to demands from international investors and the IMF, the government of Argentina introduced a new methodology for
the calculation of price variations in the domestic economy. The new index revealed a price increase of 23.9% as of December 2014. According to private data,
inflation was 38.0% in 2014 and 28.4% in 2015. As per the Central Bank of Argentina, international reserves reached a record-high of over U.S.$52 billion in 2010,
U.S.$46 billion in 2011 and U.S.$44 billion in 2012 before falling to U.S.$30.6 billion by the end of 2013. International reserves held by the Central Bank of Argentina
stood at U.S.$30 billion as of December 31, 2014 and U.S.$24.8 billion as of December 31, 2015. As of May 2016, international reserves held by the Central Bank of
Argentina had reached U.S.$31.6 billion.

According to the INDEC report published on June 29, 2016, Argentina’s GDP grew by 2.4% in 2015. Argentina’s GDP grew by 0.5% quarter-on-quarter in the
first quarter of 2016 compared to the first quarter of 2015. The primary deficit expanded to 5.4% of GDP in 2015, compared with 3.8% in 2014. Argentina”s fiscal
strategy is focused on reducing the deficit to 4.8% of GDP at the end of 2016, 3.3% in 2017, 1.1% in 2018 and 0.3% for 2019.

After several years of price stability, the devaluation of the Argentine Peso in January 2002 created pressures on the domestic price system that generated
high inflation in 2002 before substantially stabilizing in 2003. The local interest rate, the BAIBAR, was 9.45%, 10.11%, 9.08%, 12.10% and 30.14% on December 31,
2009, December 31, 2010, December 31, 2011, December 31, 2012 and December 31, 2013, respectively, as reported by the Central Bank of Argentina. The BAIBAR
stood at 10.21% on September 30, 2014. As of May 2016, the Central Bank of Argentina decided to reduce its Monetary Policy Interest Rate by 75 bps to 36.75%.

The economic and financial environment going forward in Argentina is expected to be significantly influenced by the presidential elections held on
November 22, 2015, which resulted in Mauricio Macri being elected President of Argentina. Since assuming office on December 10, 2015, the Macri administration has
announced several significant economic and policy reforms, including with respect to data collection, foreign exchange reforms that are expected to provide greater
flexibility and easier access to the foreign exchange market, foreign trade reforms (including the elimination and reduction of certain export duties and the elimination
of certain limitations to Argentina’s foreign exchange market) and electricity and gas reforms. Sustainable economic growth and improved employment in the short
and medium term will depend upon the manner in which the above-mentioned reforms are implemented.

Argentina has historically implemented certain exchange control regulations. A brief history of recent exchange controls is discussed in “Exchange Controls
– Foreign Exchange Controls – Argentina.”

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Developments in the Brazilian economy

Our operations in Brazil accounted for 15.3% of our consolidated revenues from ordinary activities for the three-month period ended March 31, 2016
compared to 18.0% in the corresponding period in 2015. Accordingly, the Company is sensitive to macroeconomic conditions in Brazil.

Brazil is currently going through a period characterized by a deep recession and significant political instability associated with, among other factors, the
impeachment of President Dilma Rousseff, the Zika virus outbreak and the upcoming Olympic Games in Rio de Janeiro. As an economic matter, the country’s growth
rate has decelerated steadily since the beginning of this decade, from an average annual growth of 4.5% between 2006 and 2010 to 2.2% between 2011 and 2014. GDP
decreased by 3.9% in 2015, the worst annual performance since 1991. The GDP growth rate in Brazil averaged 0.6% from 1996 until 2015, reaching an all-time high of
3.5% in the third quarter of 1996 and a record low of negative 4.1% growth in the fourth quarter of 2008. The Brazilian economy shrank 0.3% in the first quarter of 2016
when compared to the last quarter of 2015, which constituted the fifth consecutive quarter of economic contraction, according to Instituto Brasileiro de Geografia e
Estatistica (“IBGE”). In the first quarter of 2016, GDP fell 5.4% as compared to the corresponding period in 2015, easing from a 5.9% drop in the fourth quarter and
beating market expectations of a 6% decline.

The realignment of regulated prices combined with the pass-through of exchange rate depreciation have caused an inflation peak in 2015 (with an inflation
rate of 10.7% in December 2015 compared to 6.4% in 2014), exceeding the upper limit of the target band (4.5 + 2%). The inflation rate of administered prices has been
decelerating and will, most likely, be the main driver of the moderate slowdown expected in 2016. It is expected, however, to remain above the target ceiling for the
year. Annual inflation rates are measured in Brazil through the Brazilian Extended Consumer Price Index (Índice de Pregos ao Consumidor Amplo) that is reported by
the IBGE.

Budget rigidities and a difficult political environment are undermining the fiscal adjustment. Less than 15% of expenditures in Brazil are expected to be
discretionary. Most public spending is mandatory (mandated by the Constitution or other legislation) and increases in line with revenues, nominal GDP growth, or
other pre-established rules. Additionally, a large portion of revenues are earmarked for education and health. Attempts to pass legislation to increase revenue
collection in the short term and address issues of a more structural nature—such as pensions—have so far fallen short of the government’s intentions.

Brazil’s medium-term outlook will depend on the success of the current adjustments and the enactment of further growth-enhancing reforms. Raising
productivity and competitiveness is the crucial challenge for the country to achieve higher growth in the medium-term. With the recession of growth drivers over the
past decade—credit-fueled consumption, labor expansion and the commodity boom—growth will need to be based on higher investments and productivity gains.

Brazil’s economy experienced further contraction in the fourth quarter of 2015, with GDP decreasing by 1.4% in the last three months of 2015 compared to the
corresponding period in the prior year, slightly lower than market expectations of a 1.5% decline and following a 1.7% contraction in the previous quarter, marking the
fourth straight quarter of contraction. Year-on-year, the GDP shrank 5.9%, bringing the contraction in 2015 to 3.8%, the worst annual performance since 1991. The
growth rate in Brazil averaged 0.63% from 1996 until 2015, reaching an all-time high of 3.50% in the third quarter of 1996 and a record low of negative 4.10% in the
fourth quarter of 2008. GDP growth rate in Brazil is reported by the IBGE.

The country remains plagued by high inflation, depressed confidence levels and low prices for export goods. Available data for the start of 2016 is also
bleak: business confidence fell and the manufacturing Purchasing Managers” Index (PMI) lost ground. The abysmal state of the economy combined with a large
corruption scandal has rocked the government. On March 13, 2016, citizens gathered in one of the largest protests in Brazil’s history to demand the resignation of
President Dilma Rousseff. In Congress, the largest political party, the Brazilian Democratic Movement Party (PMDB), abandoned the government’s coalition on
March 30, 2016. On April 17, 2016 Brazil’s lower house voted to start impeachment proceedings against President Rousseff, which was ratified by the Senate on May
12, 2016, suspending President Rousseff’s presidential powers for 180 days as the impeachment process proceeds. Vice President Michel Temer has assumed the role
of Acting President during the impeachment proceedings.

The current government of Acting President Temer has proposed a set of macroeconomic adjustment measures and is setting the stage for structural
reforms. The proposal is based on an ambitious fiscal consolidation plan, to reduce the inflation expectations and enable a drop in the real exchange rate, to boost
competitiveness, productivity and investments. However, implementation of the reform program has proven difficult given the challenges in reaching a consensus in
the Brazilian Congress resulting from political instability associated with the pending impeachment trial of President Rousseff. If the senate convicts President
Rousseff, Mr. Temer will retain the presidency for the remainder of her term ending on December 31, 2018, subject to ongoing proceedings in Brazil’s superior
electoral court (Tribunal Superior Eleitoral). If the senate acquits President Rousseff, she will return to office. There can be no assurance whether the change in
government will affect government policy with respect to such macroeconomic adjustments and structural reforms.

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Brazil’s non-seasonally adjusted unemployment rate rose to 8.2% in February of 2016 from 7.6% in the previous month and above market forecast of 8.1%
and up from 5.8% unemployment in February 2015. The unemployment rate in Brazil averaged 8.3% from 2001 until 2016, reaching an all-time high of 13.1% in August
0£2003 and a record low of 4.3% in December of 2013. As of February of 2016, the unemployment rate in major cities of Brazil rose to its highest level since May 2009
and wages continued to fall sharply. According to the Central Bank of Brazil, the average unemployment rate for the country stood at 10.9% as of the first quarter of
2016.

The official interest rate in Brazil is reported by the Central Bank of Brazil. Interest rates in Brazil averaged 16.1% from 1999 until April 2016, reaching an all-
time high of 45% in March of 1999 and a record low of 7.3% in October of 2012 (a level that remained until March 2013). The Central Bank of Brazil left its benchmark
interest rate unchanged at 14.25% for a sixth straight meeting on April 26, 2016, taking into account domestic and especially external risks and in spite of soaring
inflation. Members of the Comite de Politica Monetaria (“COPOM”) unanimously decided to maintain the SELIC rate (Special System for Settlement and Custody or
“Sistema Especial de Liquidagáo e Custódia”). The COPOM reaffirmed that the aggregate demand will continue to be moderate in the near term. Policymakers have,
however, maintained the 4.5% target established by the National Monetary Council of Brazil, in 2017.

During the second half of 2015 and the first two months of 2016, the credit rating agencies S£P, Moody”s and Fitch each downgraded Brazil’s investment
credit rating. In general, the downgrade reflects the economy’s deeper recession than previously anticipated, continued adverse fiscal developments and political
uncertainty that could further undermine the government’s capacity to effectively implement fiscal measures to stabilize the growing debt burden.

S£P”s credit rating for Brazil stands at BB with a negative outlook and Moody’s credit rating is Ba2 with a negative outlook, each as of February 2016.
Fitch’s credit rating for Brazil is BB with negative outlook as of May 2016. In general, sovereign wealth funds, pension funds and other investors use credit ratings to
gauge the credit worthiness of Brazil, thus having a big impact on the country”s borrowing costs use a credit rating. See “Item 3. Key Information—D. Risk Factors—
Risks Related to Peru” in our 2015 Form 20-F.

Developments in the Peruvian Economy

Our operations in Peru accounted for 9.8% of our consolidated revenues from ordinary activities for the three-month period ended March 31, 2016 compared
to 8.7% in the corresponding period in 2015. Accordingly, the Company is sensitive to macroeconomic conditions in Peru.

According to the Central Bank of Peru, Peruvian GDP grew 5.9%, 2.4% and 3.3% in 2013, 2014 and 2015, respectively. This was on the back of a lower
contribution to GDP from investments, particularly in its mining sector, and subdued private consumption. Falling exports were the main causes for these two trends.
Peru’s external accounts and exports were affected by weaker global demand and lower commodity prices. The government of Peru is being proactive in developing
anti-cyclical measures to boost growth with a series of large infrastructure projects. GDP increased 4.4% in the first quarter of 2016 versus the same period in 2015.

According to Peru’s Instituto Nacional de Estadistica e Informatica (“INET”), in 2013, 2014 and 2015 the unemployment rate was 4.2%, 4.7% and 5.7%,
respectively. As of March 2016, the INEI estimates the unemployment rate in Lima reached 7.1% during the months of March, April and May 2016.

In May 2016, the Peruvian CPI had a variation of 0.1%, increasing by 1.3% during the first five months of 2016. In May 2016, the Lima CPI rose 0.2%,
increasing by 1.4% during the first five months of 2016. As reported by INEI, the CPI index increased from 2.9%, 3.2% and 4.4% in 2013, 2014 and 2015. Interest rates
increased during 2015 and were influenced by the growth of the reference rate in its effort to tame inflation, by the exchange rate depreciation of the Peruvian sol as
compared to the U.S. Dollar, mixed signals on the recovery of the world economy, a fragile economic recovery among Peru’s trading partners and high volatility in
foreign exchange and financial markets. Interest rates were later reduced in January 2016. As of June 2016, the Central Bank of Peru decided to maintain its reference
rate at 4.275% in light of the monetary authority”s inflation expectation of 3.4% for 2016, 2.8% in 2017 and 2.5% in 2018.

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The Peruvian government’s commitment to the current economic, fiscal and monetary policies supported economic growth in 2014. S£P upgraded Peru’s
credit rating from BBB to BBB+ in August 2013. In October 2013, Fitch upgraded Peru’s credit rating from BBB to BBB+. In July 2014, Moody’s upgraded Peru’s
credit rating from Baa2 to A3. Credit ratings are subject to periodic review and we cannot assure you that the current ratings will not be revised or lowered in the
future. Peru is currently rated BBB+, A3 and BBB+ by S£P, Moody’s and Fitch, respectively.

According to the World Bank, following a decade of record-high growth, Peru”s economy has remained strong and resilient despite the persistent global
uncertainty, thanks to strong fundamentals, supportive terms of trade and sound policy management. Over the 2010-2015 period, the Peruvian economy experienced
GDP growth at an average annual rate of 4.8%, and the average annual inflation rate increased to 3.3% in the same period.

On the downside, the economy is most vulnerable in the short term to a global growth shock that permeates through lower commodity prices. A prolonged
period of low growth in the U.S. economy could also hamper Peru’s economy over the medium term.

On the upside, upward momentum to growth and inflation could come from large capital inflows and strong credit dynamics in the context of ample global
liquidity and continued low growth in advanced economies.

In December 2014, Peru enacted Law No. 4007, reforming the national tax regime. The new law, which came into effect on January 1, 2015, mandates a gradual
decrease in the corporate income tax rate and an increase in the tax rates for dividends distributed by Peruvian companies to Chilean shareholders. As a result, the
current tax rate applicable to Peruvian corporate income distributed to Chilean shareholders will increase from the current applicable rate of 34.1%, to 34.8% for 2015
and 2016, 35% for 2017 and 2018, and 35.3% for 2019 and onward. As a result, the new Peruvian tax regime is expected to decrease the amount of dividends we receive
from our Peruvian subsidiaries.

Following the second round of presidential elections in Peru on June 5, 2016, Pedro Pablo Kuczynski was elected as the new president of Peru. The newly
elected president will assume office on July 28, 2016. Until that time, it will be unclear whether the newly elected administration will maintain current government
policies and/or implement new policies. Mr. Kuczynski has previously announced significant economic and policy reforms, however, even if implemented, the impact
that these measures and any future measures taken by the newly elected administration will have on the Peruvian economy cannot be predicted, and there may be
political uncertainty in Peru relating to the measures to be taken by the new administration in respect of the Peruvian economy.

The future economic, social and political developments in Peru, over which we have no control, could have a material adverse effect on us. See “Item 3. Key
Information—D. Risk Factors—Risks Related to Peru” in our 2015 Form 20-F.

Developments in the Colombian economy

Our operations in Colombia accounted for 8.3% of our consolidated revenues from ordinary activities for the three-month period ended March 31, 2016
compared to 8.6% in the corresponding period in 2015. Accordingly, the Company is sensitive to macroeconomic conditions in Colombia.

Beginning in 2007 Colombia grew rapidly, attracting a record U.S.$10.6 billion in foreign direct investment in 2008 according to the World Bank. However,
Colombia’s credit rating was not raised to investment grade by Moody”s and SézP until 2011, when economic growth accelerated and the threat posed by guerrilla
groups and organized crime receded. Moody”s upgraded Colombia from Baa3 to Baa2, two notches above junk grade, with a stable outlook in July 2014 and
remaining stable in 2015. Fitch rates Colombia with a credit rating of BBB with a stable outlook. SézP”s credit rating for Colombia stands at BBB with a negative
outlook as of February 2016. Credit ratings are subject to periodic review and we cannot assure you that the current ratings will not be revised or lowered in the
future.

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By the end of 2015, Colombia’s credit rating was higher than Brazil’s, Latin America’s largest economy, based on strong growth dynamics supported by
government sponsored infrastructure and roadway expansion programs encompassed in the “Fourth Generation” or “4G” plan, while noting moderate fiscal deficits.
Security concerns, historically a major issue for Colombia, still remain, but have been waning after several major government wins against domestic guerrilla groups.
Colombia has cut its intentional homicide rate by almost half since 2002, when former President Alvaro Uribe took office, according to the World Bank, and increased
investor confidence by sustaining moderate fiscal deficits, maintaining inflation stable and increasing economic growth according to Moody’s.

In October 2012 the US granted congressional approval to the implementation of the United States-Colombia Trade Promotion Agreement under which over
80% of U.S. exports of consumer and industrial products to Colombia will become duty free immediately, with remaining tariffs phased out over 10 years. The U.S.—
Colombia Trade Promotion Agreement (TPA) should have beneficial effects over both the U.S. and Colombian economies. Both economies are highly complementary
according to the signatories. Between June 2012 and February 2013, compared to the previous year, two-way trade accounted for U.S.$28.5 billion, an increase of five
percent. During that period of time, U.S. exports to Colombia increased 20%, including significant increases in oil and derivatives, aircraft and parts, electric
machinery, iron and steel products, cereals, soybean products and pharmaceutical products — accounting for U.S.$11.4 billion. U.S. agricultural exports alone
increased by 68% during that period.

We believe Colombia will be able to respond with both fiscal and monetary countercyclical policies if the international outlook further deteriorates. The most
severe risks to the Colombian economy continue to be external; the consequences on the real economy of the sovereign debt crisis in Europe coupled with moderate
growth in the United States may affect commodity prices and foreign investment inflows to emerging markets. Domestically, the most significant risk is the failure to
execute important public works that are part of the set of infrastructure projects the country desperately needs and for which resources are available. See “Risk
Factors — Risks Related to Colombia”

GDP growth was 4.9%, 4.4% and 3.1% in 2013, 2014 and 2015, respectively, and the expected growth for 2016 is 3.0%. In the first quarter of 2016, GDP
increased 2.5% period over period, mainly as a result of increases in the manufacturing, construction, financial services, insurance, real estate and business services
sectors. Similarly, final consumption expenditure registered an increase of 3.2%, due to an increase in final consumption expenditures of households in Colombia by
3.5% and increase of consumption expenditures by the government of 1.6 %. Retail sales increased 4.7% in 2013, 7.5% in 2014, 4.0% in 2015 and 5.4% in the first
quarter of 2016 according to the Departamento Administrativo Nacional de estadistica (“DANE”). The retail sector in Colombia is underpenetrated with 51% of the
retail sector being informal as of 2013 according to Credit Suisse Research.

Private consumption has recovered since 2009 as illustrated by the real growth rates 0£ 0.9%, 5.0%, 5.5%, 4.8%, 4.9% and 4.7% in 2009, 2010, 2011, 2012, 2013
and 2014, respectively, according to DANE. We believe this increase in real growth rate has been a key driver in retail growth in Colombia.

Unemployment has gradually decreased in the last few years. According to the Central Bank of Colombia, the average unemployment rate was 12.0%, 11.8%,
10.8%, 10.4%, 9.7%, 9.1% and 8.9% in 2009, 2010, 2011, 2012, 2013, 2014 and 2015, respectively. The unemployment rate was 9.0% in April 2016 with a high labor force
participation rate of 64.6%, compared to 9.5% in April 2015 with a participation rate of 59.3%.

We believe one factor that differentiated the Colombian recovery from its Latin American peers had been the favorable behavior of inflation, which has been
within the inflation target band of 2-4% set by the Central Bank of Colombia. Headline inflation ended at 2.4% for 2012, 1.9% for 2013 and 3.7% for 2014. However, in
2015 inflation was higher than the Central Bank of Colombia’s target, reaching 6.8%, largely as a result of the devaluation of the Colombian Peso and the negative
impact on food products supply caused by the weather phenomenon “El Niño” that affected local harvests. According to DANE, the CPI in the first five months 2016
was 4.6%.

45
The fiscal deficit was 2.4% in 2013, 2.3% in 2014, and 2.2% in 2015. However, by the end of 2016 fiscal deficit is expected to reach 3.6% of GDP according to
the Minister of Finance. This deficit has increased the government debt to GDP ratio which stood at 51.7% in 2015.

In December 2014, Colombia’s legislative branch approved a tax reform bill that came into effect on January 1, 2015. According to the new tax bill, Colombian
companies will have to pay an annual wealth tax (between 0.2% and 1.5%, depending on the taxable base) and a higher impuesto sobre la renta para la equidad
(“Income Tax for Equality” or “CREE”) (3% surcharge for the 2015, 2016, 2017 and 2018 tax years). The resulting increase in the tax liability of our Colombian
subsidiaries is expected to decrease the amount of income available for dividends.

The future economic, social and political developments in Colombia, over which we have no control, could impair our business, financial condition or results
of operations. See “Item 3. Key Information—D Risk Factors. Risks Related to Colombia” in our 2015 Form 20-F.

Expansion activities

A significant proportion of our expected revenue growth is based on our expansion activities, including acquisitions and organic growth. At exchange rate
of Ch$720.0 per U.S.$ 1.00 we forecast that our revenue for 2016 will be approximately U.S.$16 billion based on the companys expected revenue growth, due primarily
to our expansion activities and growing same store sales (the comparison of sales of our stores that have been open for twelve consecutive months). For the same
period we expect to invest U.S. $500 million.

Our organic growth plan for the next four years (2016 – 2019) contemplates investments of U.S$2.5 billion and will be financed mainly by cash generated from
operations (this plan does not take into account the resources that would be generated from the potential separation of the shopping centers division or the sale of
non-strategic assets).

Divestment activities

We believe that we are able to profit from the opportunistic disposition of land for which we no longer have an immediate use. Such dispositions allow us to
monetize the capital gains from such land and allocate capital efficiently. From time to time, we may sell to leverage our favorable position in and knowledge of the
land and market to engage in opportunistic selling transactions. On March 1, 2016, we announced the sale of our 33.3% stake in Mall Viña del Mar S.A. a company
that owns and operates a shopping center in Viña del Mar and a shopping center in Curico, totaling UF (“Unidad de Fomento” or “UF”) 4,275,000 (approximately
U.S.$160 million), which closed on April 18, 2016.

the brokerage company Colliers to market our assets. The total amount of land and equipment that we may sell totaled Ch$25,456 million.

Colombian gas stations, previously reported under the “supermarkets” segment in our financial statements, have been included within our assets and
liabilities held for sale. The total amount recognized as assets held for sale is Ch$6,292 million.

Impact of acquisitions
No acquisitions were made in the 2013, 2014 and 2015 fiscal periods or in the first quarter of 2016.

46
Impact of organic expansion

During the three month period ended March 2016, we opened two supermarkets in Argentina and one in Brazil. During the same period, we also closed one
department store in Chile, four supermarkets in Argentina and six in Brazil.

As a general matter, we believe that a period of several years is frequently required after opening or inauguration for a store or shopping center to mature
and achieve its full potential to generate sales. As a result, the increasing maturation of a newly opened store may need to be taken into account when comparing
period-to-period store sales.

The following tables present a breakdown of our store and shopping center expansion activities for the periods indicated:

Three months ended March 31, 2016 vs. year ended December 31, 2015

Total Through
March 31,
Total 2015 Openings Closings Acquisitions 2016
Chile
Supermarkets 245 – – – 245
Home Improvement Stores 35 – – – 35
Department Stores 79 > 1 – 78
Shopping Centers 25 – – – 25
Total Chile 384 – 1 – 383
Argentina
Supermarkets 286 2 4 – 284
Home Improvement Stores 50 – – – 50
Shopping Centers 22 – – – 22
Total Argentina 358 2 4 – 356
Brazil
Supermarkets 222 1 6 – 217
Total Brazil 222 1 6 – 217
Peru
Supermarkets 9 – – – 90
Department Stores 9 – – – 9
Shopping Centers 4 – – – 4
Total Peru 103 – – – 103
Colombia
Home Improvement Stores 101 – – – 101
Supermarkets 10 – – – 10
Shopping Centers 2 – – – 2
Total Colombia 113 = 2 = 113
Total 1,180 3 11 – 1,172

Impact of exchange rate fluctuations

The Chilean Peso, as well as the currencies of the countries in which we operate, has been subject to large volatility in the past and could be subject to
significant fluctuations in the future. During 2015 and 2014, the value of the Chilean Peso relative to the U.S. dollar depreciated approximately 17.0% and 15.7%,
respectively; the Argentine Peso depreciated approximately 51.7% and 31.2% against the U.S. dollar, respectively; the Brazilian Real depreciated approximately 49.8%
and 13.4% against the U.S. dollar, respectively; the Peruvian Sol depreciated approximately 14.1% and 6.7% against the U.S. dollar, respectively, and the Colombian
Peso depreciated 33.0% and 24.2% against the U.S. dollar, respectively. The “Dolar Observado ” rate published by the Chilean Central Bank for the Chilean Peso on
July 1, 2016 was Ch$661.37 per U.S.$1.00. See “Item 3. Key Information—A. Selected Financial Data—Exchange Rates” and “Item 10. Additional Information—D.
Exchange Controls” in our 2015 Form 20-F.

Our sales in each of our countries of operations are priced in local currencies. To the extent that the Chilean Peso depreciates against the U.S. dollar or the
currencies of any of our countries of operation, our revenues may be adversely affected when expressed in Chilean Pesos. The effect of exchange rate fluctuations is
partially offset by the fact that certain of our operating expenses are denominated in Chilean Pesos (such as our corporate overhead) and a significant part of our
indebtedness is denominated in Chilean Pesos. As of March 31, 2016, 19.4% of our interest-bearing debt was denominated in U.S. dollars, after taking into account
cross-currency swaps, and the remainder of our interest-bearing debt was primarily UF- or Chilean Peso-denominated as compared to 30.9% in the corresponding
period in 2015.

47
Seasonality

Historically, we have experienced distinct seasonal sales patterns at our supermarkets due to heightened consumer activity throughout the Christmas and
New Y ear holiday season, as well as during the beginning of each school year in March. During these periods, we promote the sale of non-food items particularly by
discounting imported goods, such as toys throughout the Christmas holiday season and school supplies during the back-to-school period. Conversely, we usually
experience a decrease in sales during the summer vacation months of January and February. Our sales for the first and fourth quarters of 2015 represented 24.1% and
27.7%, respectively, of our total sales for such year.

We do not experience significant seasonality in the home improvement sector. Home improvement store sales for the first and fourth quarters of 2015
represented 23.7% and 28.7% of our total home improvement sales.

Our department stores have also experienced historically distinct seasonal sales patterns due to heightened consumer activity throughout the Christmas and
New Year holiday season. As a result, the strongest quarter in terms of sales is the fourth quarter, which represented 32.7% of total annual sales for the year 2015,
while the first quarter represented 21.2% of total annual sales.

Our shopping center revenues generally increase during the Christmas and New Year holiday season, reflecting the seasonal sales peak for our shopping
centers. For example, during the fourth quarter of 2015 our Chile shopping center revenues represented 29.1% of total Chile shopping center revenues for the year.
We generally charge our shopping center tenants double rent for the month of December which is payable in February of the following year when they will have
realized collections in respect of most holiday season sales.

Cost of Sales

Cost of sales reflects the costs of goods sold. Gross profit, defined as revenues from ordinary activities less cost of sales, is lower in our supermarkets
segment due to higher turnover of our supermarket inventory, which includes primarily basic and staple goods. In our other segments, namely department stores and
home improvement stores, we do not experience high inventory turnover and therefore have higher gross profits.

Critical Accounting Policies and Estimates

A summary of our significant accounting policies is included in Note 2 to our audited consolidated financial statements, included in our 2015 Form 20-F. We
believe that the consistent application of these policies enables us to provide readers of our audited consolidated financial statements with more useful and reliable
information about our operating results and financial condition.

The following policies are the accounting policies that we believe to be the most important in the portrayal of our financial condition and results of
operations and require management’s most difficult, subjective or complex judgments.

Estimate of impairment of assets with indefinite useful lives

We assess annually, or when there is a triggering event, whether goodwill has experienced any impairment, according to the accounting policy described in
Note 2.11 of the audited consolidated financial statements included in our 2015 Form 20-F. The recoverable balances of the cash generating units have been
determined from the base of their value in use. The methodology of discounting cash flows at a real pre-tax discount rate calculated for each country is applied. The
projection of cash flows is carried out by each country and by business segment. Using the functional currency of each country and the projection considered a
horizon of 5 years perpetuity, unless they justify a different horizon. The projections are the historical information of the last year and the main macroeconomic
variables that affect the markets. In addition projections considered a moderate organic growth and recurring investments needed to keep generating capacity of flow
of each segment.

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The assets measured correspond mainly to trademarks and goodwill arising from past business combinations. The measurements are performed for each
operating segment representing the cash generating unit determined to carry out the annual impairment test. The projected cash flows in each segment are allocated
initially to identifiable tangible and intangible assets and the exceeding portion is allocated to goodwill. The valuation review of the trademarks incorporates among
other factors the market analysis, financial projections and the determination of the role that brand has in the generation of sales. For more information please refer to
Note 4.1 of our audited consolidated financial statements, included in our 2015 Form 20-F.

After evaluating the development of the Supermarkets—Brazil segment during first half 2015, the Company has considered that there were qualitative
triggering events indicating that the goodwill of the Supermarkets—Brazil CGU could be at risk of impairment. According to this, a new calculation of the recovery
value of the CGU Supermarkets Brazil was made by taking into account the adjusted assumptions and updated business outlook. The value in use was obtained by
discounting the future cash flows at their present value, using an updated WACC rate.

The financial model showed that the recoverable amount of the supermarkets in Brazil was lower than the carrying value of its long-term assets, for this
reason, we recorded a goodwill impairment in the amount of Ch$116,771 million (Brazilian real $566 million). This impairment loss was recognized within the

consolidated statement of comprehensive income by function, as of June 30, 2015.

As of March 31, 2016 the performance of the supermarkets segment in Brazil, was in line with our forecast set in the second half of 2015, and accordingly
there was no need to record any further impairment with respect to the Supermarkets-Brazil segment.

Impairment of accounts receivable

We assesses the impairment of accounts receivable when there is objective evidence that we will not be able collect all the amounts according to the original
terms of the account receivable. For further information on our accounts receivable, please see Note 8 to our audited consolidated financial statements, included in
our 2015 Form 20-F.

Investment property

a) Fair value measurement for lands

The fair value for land was determined by external and independent property appraisers, having an appropriate recognized professional qualification and
recent experience in the location and category of the property being valued.

The methodology used in determining the fair value of lands was the market approach, which consists of determining the fair value based on recent
transactions occurred in the market.

b) Fair value measurements for investment properties other than land.

The Company”s finance department is responsible for determining fair value measurements included in the financial statements.

The Company’s finance department includes a valuations team that prepares a valuation for each investment property every quarter. The valuation team
reports directly to the Chief Financial Officer (CFO) and the Audit Committee (AC). Discussions of valuation processes, key inputs and results are held between the
CFO, AC and the valuation team at least once every quarter, in line with the Company”s quarterly reporting dates.

The fair value measurement for this type of investment has been categorized as a Level 3 of the fair value hierarchy based on the inputs used in the
valuation technique. Investment properties are valued on a highest and best use basis. Changes in Level 3 fair values are analyzed at each reporting date during the
quarterly valuation discussions between the CFO, AC and the valuation team. As part of this discussion, the team presents a report that explains the reasons for the

fair value movements.

49
For all of the Company”s investment properties, the current use is considered to be the highest and best use.

The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances
that caused the transfer. There were no transfers in or out of Level 3 fair value measurements for investment properties during the period, nor transfers between Level
l and Level 2 of the fair value hierarchy.

For investment property, the methodology of the discounted future cash flows uses a country-specific WACC post-tax rate, measured in real terms in local
currency and differentiated by country. The rates used at March 31, 2016 were 6.52% in Chile, 21.59% in Argentina, 7.32% in Peru and 7.55% in Colombia and at
March 31, 2015 were 6.73% in Chile, 22.50% in Argentina, 7.50% in Peru and 7.66% in Colombia. To this effect, a calculation is performed to obtain the net revenues
that correspond to the lease income minus the direct costs and operating expenses. Additionally, the projected cash flows used the historical information of the
recent years and the projected macroeconomic variables that will affect each country. As a result of the project of tax reform in Chile enacted in the second half of the
year 2014, the Company conducted an assessment of changes in the legislation and included such in determining the fair value of the investment properties from
June 30, 2014. For more information related to cash flows and main variables used please refer to Note 4.3 of our audited consolidated financial statements, included in
our 2015 Form 20-F.

Fair value of derivatives

The fair value of financial instruments that are not traded in an active market as is the case for the over-the-counter derivatives is determined by using
valuation techniques. The Company uses its judgment to select a variety of methods and makes assumptions that are mainly based on market conditions existing at
the end of each reporting period. The company has used discounted cash flows analysis for various foreign exchange contracts and interest rate contracts that are
not traded in active markets. For more information please refer to Note 4.4 of our audited consolidated financial statements, included in our 2015 Form 20-F.

Operating Segments

For purposes of our audited consolidated financial statements, included in our 2015 Form 20-F and our Unaudited Condensed Consolidated Interim Financial
Statements, IFRS 8 “Operating Segments” requires an entity to report financial and descriptive information about its reportable segments, which are operating
segments or aggregations of operating segments that meet specified criteria. Operating segments are components of an entity about which separate financial
information is available that is evaluated regularly by the chief operating officer in deciding how to allocate resources and in assessing performance.

For management purposes, we are organized into six operating segments:

e “supermarkets,” which includes the results of our: Jumbo, Santa Isabel, Disco, Vea, Wong, Metro, GBarbosa, Perini, Bretas and Prezunic supermarkets and
hypermarkets in Chile, Argentina, Brazil, Colombia and Peru, our Eletro-show stores, pharmacies in Brazil and gas stations in Brazil and Colombia;

“shopping centers,” which includes the results of our shopping centers in Chile, Argentina, Colombia and Peru;

“home improvement stores,” which includes the results of our Easy and Blaisten home improvement stores in Chile, Argentina and Colombia;

“department stores,” which includes the results of our Paris and Johnson department stores in Chile and Paris in Peru;

“financial services,” which primarily includes the results of our credit card businesses and consumer loans, as well as our limited insurance brokerage
operations in Argentina, and Peru and through joint ventures in Chile with Scotiabank, in Brazil with Banco Bradesco and Colpatria in Colombia; and

e “other,” which includes the results of our entertainment centers, loyalty programs and our corporate back-office operations.

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We base operations and resource allocation decisions on these six segments. The operating segments are disclosed in a coherent way consistent with the
presentation of internal reports we use in our internal controls and disclosure processes. These operating segments derive their revenues primarily from the sale of
products and rendering of services to retail consumers.

General
The following is a brief description of the revenues and expenses that are included in the line items of our consolidated financial statements.

Revenues from ordinary activities. Our revenues from ordinary activities include (i) sales of products by our retail operations, (ii) rental revenues from our
shopping center tenants, and (iii) revenues from our credit card operations, which consists of income from interest and other items charged to cardholders, in each
case net of value added taxes paid by the consumer. Our revenues from ordinary activities do not include suppliers” discounts or rebates, which, since January 1,
2001, we have accounted for as reductions of our cost of sales. Calculations of revenues from ordinary activities for our shopping centers presented in this report
exclude intercompany lease payments by our retail stores to our shopping centers. The term “sales” as used herein, compared to “revenues from ordinary activities,”
is limited to product sales (net of value added tax) from our supermarket, home improvement and department stores operations.

Cost of sales. Our cost of sales includes (i) the cost of products sold, inventory shrinkage (e.g., the loss of products between point of purchase from
supplier and point of sale), supplier discounts and rebates in our retail divisions, (ii) depreciation of property in our shopping center operations, and (iii) provisions

for bad debt relating to our financial retail operations, collection and processing cost in our financial services operations.

Administrative expenses, distribution costs and other expenses. Administrative expenses, distribution costs and other expenses are composed of salaries,
property rentals to third parties, bags for our customers, utilities, services, depreciation and amortization (in our supermarket, home improvement and department
store operations), advertising, promotions and other expenses.

Three-Month Period Ended March 31, 2016 Compared to Three-Month Period Ended March 31, 2015

The following table presents, for the periods indicated, certain items of our statement of income:

Three-month period ended March
31,

2016 2015 % Change

(in millions of ChS)
Revenues from ordinary activities:

Supermarkets 1,813,974 1,989,177 (8.8)%
Home improvement stores 324,369 348,006 (6.8)%
Department stores 247,215 222,927 10.9%
Shopping centers 55,964 55,258 1.3%
Financial services 39,733 36,464 9.0%
Other 2,589 814 218.0%
Total revenues from ordinary activities 2,483,844 2,652,647 (6.4) %
Cost of sales:
Supermarkets (1,350,118) (1,500,906) (10.0)%
Home improvement stores (215,805) (228,425) (5.51%
Department stores (179,513) (163,849) 9.6%
Shopping centers (4,229) (6,451) (34.4%
Financial services (13,256) (12,014) 10.3%
Other (1,059) (456) 132.3%
Total cost of sales (1,763,980) (1,912,100) 0%
Gross profit:
Supermarkets 463,856 488,272 (5.0)%
Home improvement stores 108,564 119,581 (9.23%
Department stores 67,703 59,079 14.6%
Shopping centers 51,735 48,807 6.0%
Financial services 26,478 24,450 8.3%
Other 1,530 358 327.0%
Total gross profit 719,864 740,547 (Q.8)%
Administrative expenses, distribution costs and other expenses (587,777) (629,784) 6.7%
Other income by function 40,774 16,302 150.1%
Participation in profit or loss of equity method associates 2,860 1,745 63.9%
Financial income 3,841 3,491 10.0%
Financial expenses (69,323) (54,548) 27.1%
Other gain (losses), net (3,463) (10,570) (67.23%
Exchange differences 38,526 (12,810) N/A
Losses from indexation (3,468) (911) 280.7%
Profit before taxes 141,834 53,463 165.3%
Income tax expense (32.805) (33,358) (1.7)%
Profit from continuing operations 109,029 20,105 442.3%
Profit from discontinued operations 0 2,327 (100.0)%
Profit 109,029 22,432 386.1%
Profit attributable to non-controlling shareholders 1,347 372 262.2%
Profit attributable to controlling shareholders 107,682 22,060 388.1%

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Revenues from ordinary activities

Our consolidated revenues from ordinary activities decreased Ch$168,803 million, or 6.4%, to Ch$2,483,844 million for the three-month period ended March 31,
2016, from Ch$2,652,647 million for the same period in 2015. Businesses remain resilient with sales and same store sales growth in local currency across all regions,
except Brazil. Nevertheless, revenues in Chilean Peso decreased 6.4% due to the depreciation of the Argentine Peso (31.9%), the Colombian Peso (14.3%), the
Peruvian Sole (0.3%) and the Brazilian Real (18.1%).

Supermarkets

Our consolidated revenue from ordinary activities from our supermarkets decreased Ch$175,203 million, or 8.8%, to Ch$1,813,974 million for the three-month
period ended March 31, 2016, from Ch$1,989,177 million for the same period in 2015, primarily due to (i) a revenue decrease of Ch$100,018 million, or 19.6%, in our
Argentine operations, resulting from a 31.9% depreciation of the Argentine Peso against the Chilean Peso and the net closure of two stores in Argentina versus the
same period last year, partially offset by a 16.7% increase in same stores sales driven by the high inflation in the country, (ii) a decrease of Ch$96,858 million or 20.4%
in revenues from our Brazilian operations due to the depreciation of the Brazilian real against the Chilean Peso by 18.1%, the net closure of four stores compared to
the previous period and negative same store sales of 2.3% driven by the decrease in the demand due to the economic crisis in the country, (iii) a revenue decrease of
Ch$18,842 million, or 9.1%, in our Colombian operations, resulting from a 14.3% depreciation of the Colombian Peso against the Chilean Peso, partially offset by a
6.9% increase in same stores sales driven by the 1.0% increase in traffic at our stores and the 6.2% increase in average prices reflecting inflation in the country. In
contrast, our Chilean supermarket operations experienced a revenue increase of 5.9%, or Ch$34,627 million on the back of positive same store sales of 4.6% driven by
a slight increase in store traffic and an increase in average prices reflecting the inflation in the country and the net opening of five new stores compared to the same
period in 2015. Additionally, our Peruvian supermarket operations posted a revenue increase of 2.9%, or Ch$5,888 million on the back of positive same store sales of
2.5% driven by higher average ticket and the net opening of two new stores compared to the same period in 2015.

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Home improvement stores

Our consolidated revenue from ordinary activities from our home improvement stores decreased Ch$23,637 million, or 6.8%, to Ch$324,369 million for the three-
month period ended March 31, 2016, from Ch$348,006 million for the same period in 2015, primarily due to (i) a decrease of Ch$30,947 million, or 15.1%, in our
Argentine operations as a result of a 31.9% depreciation of the Argentine Peso against the Chilean Peso partially offset by a 21.9% increase in same stores sales,
which in turn was driven by an increase in average prices due to increasing inflation and (ii) a decrease in revenues from our Colombian operations of Ch$982 million,
or 6.0%, due to the 14.3% devaluation of the Colombian Peso against the Chilean Peso, partially offset by the 9.9% same store sale increase, which in turn was driven
by higher store traffic and an increase in average prices due to increasing inflation. On the other hand, our Chilean home improvement operations posted a revenue
increase of Ch$8,292 million, or 6.5%, resulting from a 3.7% increase in same store sales driven by higher average prices and the addition of one new store.

Department stores

Our consolidated revenue from ordinary activities from our department stores increased Ch$24,288 million, or 10.9%, to Ch$247,215 million for the three-month
period ended March 31, 2016, from Ch$222,927 million for the same period in 2015, primarily due to (i) an increase of Ch$21,835 million, or 10.3%, in our Chilean
operations as a result of a 10.2% increase in same store sales which in turn were driven by an increase in average prices due to increasing inflation and (ii) an increase
in revenues of Ch$2,453 million, or 21.8% in Peru resulting from a 22.3% increase in same store sales which in turn were driven by both higher store traffic and an
increase in average prices due to increasing inflation.

Shopping centers

Our consolidated revenue from ordinary activities from our shopping centers increased Ch$706 million, or 1.3%, to Ch$55,964 million for the three-month period
ended March 31, 2016, from Ch$55,258 million for the same period in 2015, primarily due to (i) an increase in revenues from our Chilean operations of Ch$2,795 million,
or 9.0%, driven by greater parking revenues, improved variable income due to increased sales by tenants whose rent is adjusted based on their income and revenues
from new contracts for advertising inside of our shopping malls, (ii) an increase in revenues from our Peruvian operations of Ch$345 million, or 8.5%, primarily due to
renegotiations of leasing contracts with some tenants and increased occupancy rates from 90.7% in the three-month period ended March 31, 2015 to 94.7% in the
three-month period ended March 31, 2016, mainly driven by the Arequipa Shopping Mall. These increases were partially offset by (i) a decrease in revenues from our
Argentinean operations of Ch$2,157 million, or 12.1%, as a result of a 31.9% depreciation of the Argentine Peso against the Chilean Peso partially offset by an
increase in average pricing to reflect Argentine inflation levels and (ii) a decrease of Ch$278 million in revenues from our Colombian operations due mainly to a 14.3%
depreciation of the Colombian Peso against the Chilean Peso and a lower occupancy rate given that certain leases were not renewed, partially offset by the sale of the
pharmacies that since the end of 2015 are reorganized as rental of selling area, and which previously were accounted for in the supermarket division.

Financial services

Our consolidated revenue from ordinary activities from our financial services increased Ch$3,269 million, or 9.0%, to Ch$39,733 million for the three-month
period ended March 31, 2016, from Ch$36,464 million for the same period in 2015, primarily due to (i) an increase in revenues from our Argentine operations of Ch$439
million, or 1.9%, as a result of a 61.6% increase in our portfolio in the country due to an 18.0% increase in active credit cards and an increase in average interest rates,
partially offset by a 31.9% depreciation of the Argentine Peso against the Chilean Peso, (ii) an increase in revenues of Ch$3,578 million, or 34.7%, from our Peruvian
operations as a result of 46.3% portfolio expansion due to a 43.2% increase in active credit cards and (iii) a revenue increase of Ch$414 million in Chile reflecting the
performance of Banco Paris, a specialty retail consumer bank, driven by the strong performance of mortgages loans in the period. These increases were partially
offset by (i) a decrease of Ch$703 million of our Brazilian operation reflecting the depreciation of the Brazilian real against the Chilean Peso by 18.1% and a decrease in
the size of our loan portfolio in Brazil due to Brazil’s challenging economic environment versus the previous period and (ii) a decrease in revenues from our
Colombian operations of Ch$458 million, or 26.2% reflecting the devaluation of the Colombian Peso against the Chilean Peso and the slight decrease in the size of our
loan portfolio due to the 7.3% decrease in active credit cards.

53
Cost of sales

Our consolidated cost of sales decreased Ch$148,120 million, or 7.7%, to Ch$1,763,980 million for the three-month period ended March 31, 2016 from
Ch$1,912,100 million for the same period in 2015 in Chilean Peso terms, reflecting primarily the currency devaluations in Argentina, Brazil and Colombia, our efficiency
plans and our commercial strategies, in addition to better commercial agreements with suppliers and lower shrinkage.

Supermarkets

Our consolidated cost of sales in our supermarkets decreased Ch$150,788 million, or 10.0%, to Ch$1,350,118 million for the three-month period ended March 31,
2016 from Ch$1,500,906 million for the same period in 2015, due to (i) a decrease in cost of sales in Brazil of Ch$84,842 million, or 22.6%, as a result of a 20.4% decrease
in sales due mainly to the devaluation of the Brazilian real against the Chilean Peso; (ii) a Ch$15,519 million, or 9.3%, decrease in cost of sales in Colombia due to a
9.1% decrease in sales mainly due to the devaluation of the Colombian Peso against the Chilean Peso, lower shrinkage levels and lower logistic costs, (iii) a decrease
in cost of sales in Argentina of Ch$73,444 million or 20.9% mainly due to the Argentine Peso devaluation against the Chilean Peso. These decreases were partially
offset by (i) an increase of Ch$18,844 million, or 4.2%, in costs of sales in Chile due mainly to the 5.9% increase in sales described above and (ii) an increase of
Ch$4,174 million, or 2.6%, in Peru mainly as a result of the 2.9% increase in sales described above.

Home improvement stores

Our consolidated cost of sales in home improvement stores decreased Ch$12,620 million, or 5.5%, to Ch$215,805 million for the three-month period ended
March 31, 2016 from Ch$228,425 million for the same period in 2015, mainly due to (i) a decrease in costs in Argentina of Ch$19,128 million, or 15.4%, in line with the
Argentine Peso devaluation against the Chilean peso and (ii) a decrease in Colombia the in costs was Ch$802 million or 6.5% reflecting the reduction in sales due to
the Colombian Peso devaluation against the Chilean Peso. These effects were partially offset by an increase in cost of sales in Chile of Ch$7,310 million, or 7.9%,
primarily as a result of the increase in sales described above, and an increase in provisioning due to a change in the criteria of provisioning inventory obsolescence,
partially offset by lower shrinkage and logistic costs.

Department stores

Our consolidated cost of sales in our department stores increased Ch$15,664 million, or 9.6%, to Ch$179,513 million for the three-month period ended March 31,
2016 from Ch$163,849 million for the same period in 2015, due to (i) an increase of Ch$14,122 million, or 9.1%, in cost of sales in Chile as a result of the increase in
sales, lower shrinkage and better negotiation of terms with suppliers and (ii) an increase in cost of sales in Peru of Ch$1,542 million, or 16.3%, as a result of the
abovementioned expansion of the department store business in that country.

Shopping centers

Our consolidated cost of sales, primarily depreciation and expenses, from our shopping centers decreased Ch$2,222 million, or 34.4%, to Ch$4,229 million for
the three-month period ended March 31, 2016 from Ch$6,451 million for the same period in 2015, due to (i) decrease in Chile of Ch$2,252 million, due to a decrease in
common area maintenance expenses that we pay and are later reimbursed for by our tenants (ii) a decrease of Ch$78 million in cost of sales for our Argentine
operations due to the Argentine Peso devaluation against the Chilean Peso, partially offset by a 55% increase in energy costs, due to a decrease of government
subsidies and greater security expenses following the salary adjustment agreed between Sindicato de Seguridad Privada de la Republica de Argentina (Private
Security Union of Argentina) and the government and (iii) a decrease in cost of sales in Colombia of Ch$15 million, or 19.0%, due mainly to the devaluation of the
Colombian Peso against the Chilean Peso. These effects were partially offset by an increase in cost of sales in Peru of Ch$123 million, or 21.4%, due in part to an
increase in sales and greater property taxes versus the same period in 2015.

54
Financial services

Our consolidated cost of sales, primarily provisions for bad debts relating to consumer receivables and collection and processing costs, from our financial
services division increased 10.3%, or Ch$1,242 million, to Ch$13,256 million for the three-month period ended March 31, 2016 from Ch$12,014 million for the same
period in 2015, mainly due to an increase of Ch$818 million, or 13.0% in Argentina as a result of the growth of our aggregate loan portfolio in that country, partially
offset by the devaluation of the Argentine Peso against the Chilean Peso and the increase of Ch$453 million, or 8.0%, in Peru reflecting the investment we made to
increase our portfolio in the country.

Gross profit

Our consolidated gross profit decreased 2.8%, or Ch$20,683 million, to Ch$719,864 million for the three-month period ended March 31, 2016 from Ch$740,547
million for the same period in 2015, primarily due to the devaluation of the Brazilian Real, Colombian Peso and Argentine Peso versus the Chilean Peso.

Our consolidated gross profit as a percentage of revenues from ordinary activities increased 106 bps to 29.0% for the three-month period ended March 31, 2016
from 27.9% for the same period in 2015. The improvement in gross margin reflects better profitability in our supermarkets, shopping centers and department stores
divisions, reflecting our efficiency plans which include renegotiation of commercial terms with suppliers, lower promotional activity (resulted in lower marketing
expenses) and improved levels of shrinkage.

Supermarkets

Our consolidated gross profit in our supermarkets decreased Ch$24,416 million, or 5.0%, to Ch$463,856 million for the three-month period ended March 31, 2016
from Ch$488,272 million for the same period in 2015, as a result of (i) a decrease in gross profit of Ch$26,574 million, or 16.8%, in Argentina primarily as a result of the
devaluation of the Argentine Peso against the Chilean Peso; however gross margin in Argentina improved 109 bps, as a result of better terms with suppliers and the
accumulation of inventories prior to the devaluation of the Argentine Peso against the Chilean Peso, (ii) a decrease in gross profit of Ch$12,016 million, or 12.1%, in
Brazil, mainly due to the effect of the devaluation of the Brazilian real against the Chilean Peso; however gross margin improved 218 bps versus the three-month
period ended March 31, 2016 due to better pricing strategy and cost management and (iii) a decrease of Ch$3,323 million, or 8.1%, in Colombia as a result of the
devaluation of the Colombian Peso against the Chilean Peso; however gross margin improved 22 bps as a result of a 20 bps decrease in shrinkage, greater bonuses
from suppliers and a lower logistic cost, partially offset by greater promotional activity and marketing expenses period versus period. In Chile, gross profit increased
by Ch$15,783 million, or 11.1%, and gross margin increased 119 bps, from 24.1%, to 25.3% in 2015 due to better management of non-perishables categories, which
have greater contributions to margins. Improvements in the perishables margin at our Santa Isabel stores were due to the centralization of processes, coupled with
improvements in joint management with suppliers, resulting in shrinkage reductions and better inventory management, among other efficiencies. In our Peruvian
Operations, our gross profit increased by Ch$1,714 million, or 3.6%, and gross margin increased Ch$1,714 million, or 3.6%, due mainly to a higher contribution from
private labels, partially offset by greater promotional activity.

Home improvement stores

Our consolidated gross profit in our home improvement stores decreased Ch$11,017 million, or 9.2%, to Ch$108,564 million for the three-month period ended
March 31, 2016 from Ch$119,581 million for the same period in 2015. The decrease in gross margin reflects (i) a decrease in gross profit in Argentina of Ch$11,819
million from Ch$80,386 million in 2015 to Ch$68,567 million in 2016, primarily as a result of the devaluation of the Argentine Peso against the Chilean Peso, however,
gross margin improved 21 bps as a result of improved inventory management and the accumulation of inventories prior to the devaluation of the Argentina Peso
against the Chilean Peso, and (ii) a decrease in gross profit in Colombia of Ch$181 million from Ch$3,992 million in 2015 to Ch$3,811 million in 2015 primarily as a result
of the Colombian peso devaluation, however gross margin improved 39 bps due to the reduction of obsolete inventories and a more efficient commercial strategy.
These effects were partially offset by the Ch$982 million increase in gross profit from our Chilean business in line with higher sales, a reduction in shrinkage and
lower logistic costs; however, gross margin decreased 97 bps in the three-month period ended March 31, 2016 as compared to the three-month period ended March
31, 2015, due to one-off payments we received from suppliers who pay a one-time fee to be accepted as suppliers in new stores in the three-month period ended
March 31, 2015 after an opening of a store in that period, coupled with a greater provision of obsolete inventory in the three-month period ended March 31, 2016.

55
Department stores

Our consolidated gross profit in our department stores increased Ch$8,624 million, or 14.6%, to Ch$67,703 million for the three-month period ended March 31,
2016 from Ch$59,079 million for the same period in 2015, reflecting gains in both Chile and Peru. In Chile, we posted an increase in gross profit of Ch$7,713 million, or
13.5%, during the three-month period ended March 31, 2016 compared to the same period in 2015 driven by a reduction in shrinkage, better mix of products and better
terms with suppliers in our Johnson store as a result of an increase in volumes purchased. In Peru, gross profit increased Ch$911 million, or 51.2%, as a result of an
increase in size of our operations.

Shopping centers

Our consolidated gross profit in our shopping centers increased Ch$2,927 million, or 6.0%, to Ch$51,735 million for the three-month period ended March 31,
2016 from Ch$48,807 million for the same period in 2015, as a result of (i) an increase in gross profit in Chile of Ch$5,047 million, or 17.4%, mainly due to a decrease in
common area maintenance expenses that we pay and are later reimbursed for by our tenants and (ii) an increase in gross profit in Peru of Ch$222 million, or 6.4%, as a
result of higher revenues; however gross margin decreased 168 bps in the three-month period ended March 31, 2016 as compared to the three-month period ended
March 31, 2015 as a result of an increase in property taxes. These increases were partially offset by (i) a decrease in the gross margin contribution in Argentina of
Ch$2,079 million, or 14.8%, reflecting the 12.1% decrease in revenues mainly due to the devaluation of the Argentine Peso against the Chilean Peso and (ii) a decrease
in gross profit in Colombia of Ch$263 million, or 11.6%, mainly due to the devaluation of the Colombian Peso against the Chilean Peso.

Financial services

Our consolidated gross profit in our financial services segment increased Ch$2,028 million, or 8.3%, to Ch$26,478 million for the three-month period ended
March 31, 2016 from Ch$24,450 million for the same period in 2015, as a result of (i) a larger loan portfolio at our Peruvian operations, which increased gross profit in
Peru by Ch$3,124 million, or 67.7%, (ii) increased gross profit of Ch$444 million reflecting the results from our bank in Chile which in turn reflected the strong
performance of our mortgage line of business and (iii) the growth of our loan portfolio in Argentina. These increases were partially offset by lower gross profit of
Ch$380 million in our Argentine operation reflecting the Argentine Peso against the Chilean Peso, iv) the decrease in our gross profit in Brazil of Ch$703 million
reflecting the devaluation of the Brazilian Real against the Chilean Peso and v) a decrease in our gross profit in Colombia of Ch$458 million, or 26.2%, mainly due to
the devaluation of the Colombian Peso against the Chilean Peso.

Administrative expenses, distribution costs and other expenses
Our consolidated administrative expenses, distribution costs and other expenses decreased Ch$42,007 million, or 6.7%, to Ch$587,777 million for the three-
month period ended March 31, 2016 from Ch$629,784 million for the same period in 2015. This decrease reflects the 6.4% decrease in revenue from ordinary activities

and the impact of the reduction in headcount to improve efficiency across all businesses.

56
Other income by function

Our consolidated other income by function increased by Ch$24,472 million, or 150.1%, to Ch$40,774 million for the three-month period ended March 31, 2016
from Ch$16,302 million for the same period in 2015, as a result of an increase in the fair value of properties due to lower discount rates used in Chile, Argentina, Peru
and Colombia for the three-month period ended March 31, 2016 compared to the same period in 2015.

Results from financial and other activities

The following table presents, for the periods indicated, a breakdown of our consolidated results from financial, tax and other activities, as well as the
percentage variation from period to period:

As of March 31,

2016 2015 % Change
(in millions of Ch$)
Financial income 3,841 3,491 10.0%
Financial expenses (69,323) (54,548) 27.1%
Exchange differences 38,526 (12,810) N/A
Losses from indexation (3,468) (911) 280.7%
Total losses from financial and other activities (27,565) (63,033) 56.3%

Our consolidated losses from financial and other activities decreased for the three months period ended March 31, 2016 compared to the same period in 2015,
in light of the following factors:

. The reversal in our exchange differences result is explained by the appreciation of the Chilean Peso against the U.S. dollar period-over-period,
notwithstanding lower exposure to the U.S. dollar of the unhedged portion of the debt. As of March 31, 2016, 19.4% of total debt was denominated in
U.S. dollars after taking into account our cross currency swaps versus 31.0% as of March 31, 2015. The profits were offset by the negative effect of
the appreciation of exchange rate over the fair value of derivatives, which was Ch$(8,414) million in the three-month period ended March 31, 2016 as
compared to Ch$683 million in the three-month period ended March 31, 2015.

. The increase in losses from indexation of Ch$2,557 million, or 280.7%, primarily reflects increased interest rates and greater variation of the UF. The
increase was partially offset by lower exposure of our debt to floating interest rates, from 37% after we entered into a cross currency swap in the
three-month period ended March 31, 2015 to 27% in the three-month period ended March 31, 2016.

. The increase in net financial costs of 28.3% reflects the exchange rate effect resulting from the fair value of our daily rates to financial costs to
Ch$(6,432) million in the three-month period ended March 31, 2016 from Ch$2,459 million in the three-month period ended March 31, 2015. Excluding
this effect, net financial costs increased 10.3% period over period due to increased financial expenses related to our issuance of U.S.$1,000 million
(Ch$628,220 million, at the exchange rate Ch$628.22 to U.S.1.00 which was the exchange rate reported by the Central Bank of Chile at February 12,
2015) indicating exchange rate aggregate principal amount of bonds in February 2015 in the international capital markets.

Income tax expense

For the three month period ended March 31, 2016, we had an income tax expense of Ch$32,805 million compared to an income tax expense of Ch$33,358 million
for the same period in 2015, a decrease of 1.7% mainly due to a higher tax basis in the three-month period ended March 31, 2015. Our income tax expense in the three-
month period ended March 31, 2016 included income tax expenses of Ch$6,559 million in Brazil resulting primarily from increased deferred taxes of deferred tax assets
and Ch$4,379 million due to non-deductable taxable gains in Argentina and Colombia that were non-deductible expenses.

57
Profit (loss) attributable to controlling shareholders

As a result of the above factors, our net earnings increased Ch$85,622 million, or 388.1%, to Ch$107,682 million for the three-month period ended March 31,
2016 from Ch$22,060 million for the same period in 2015. Our net earnings, as a percentage of revenues from ordinary activities, increased to 4.3% for the three-month
period ended March 31, 2016 from 0.8% for the same period in 2015.

B. LIQUIDITY AND CAPITAL RESOURCES

General

Our principal sources of liquidity have historically been:

. cash generated by operations;

. short-term credit extended by suppliers;

. cash from borrowings and financing arrangements; and

. financing provided to us by sellers of businesses we have acquired.

Our principal cash requirements or uses (other than in connection with our operating activities) have historically been:
. acquisition of, or investments in, companies engaged in the retail business; and
. capital expenditures for property, plant and equipment.
As of March 31, 2016 we had a positive working capital (defined as total current assets minus total current liabilities) of Ch$181,371 million.
We believe that our cash from operations, current financing initiatives and cash and cash equivalents are sufficient to satisfy our capital expenditures and debt
service obligations in 2016. We anticipate financing any future capital expenditures for property, plant and equipment with cash from operations and additional

indebtedness.

The following chart reflects the scheduled amortization of our indebtedness as of March 31, 2016:

1218

780
699

355

2 e E > 2 5 a 2 3 ña 2 E 2 e 2 ÑHOY
2 E 2 2 3 3 a 3 3 S $ $ S 3 2

3 3 23 3 2 2 2 3 2 2 2 2 2 3 3 3 S
a a 8 as 5 S sa 5 Sa Sa ñ a a 5 5 5 5

(In millions of U.S. dollars as of March 31, 2016)
Leverage

Our objective regarding capital management is to safeguard our capacity to continue ensuring appropriate returns for our shareholders and benefits for other
stakeholders and maintaining an effective capital structure while reducing capital costs.

58
In line with the industry, we monitor our capital using a leverage ratio calculation. This ratio is calculated by dividing net financial debt by total capital. Net
financial debt corresponds to total indebtedness (including current and non-current debt) less cash and cash equivalents. Total capital corresponds to total equity as
shown in the consolidated statement of financial position plus net debt. Our leverage ratio was 60.4% as of March 31, 2016 compared to 66.7% as of March 31, 2015.

In accordance with the above, we combine different financing sources, such as capital increases, operating cash flows, bank loans and bonds.
Seasonality

Historically, we have experienced distinct seasonal patterns to our liquidity needs, which are highest in the first and second quarters of our fiscal year.
Liquidity needs are higher in the first quarter primarily because payment becomes due for goods purchased in the previous quarter for the Christmas and New Year
holidays. We also experience greater liquidity needs in the second quarter, as dividends and taxes are paid during this period.

During the periods when we have increased liquidity needs, we obtain funding primarily through short-term bank borrowings, overdraft lines of credit and by
reducing our cash outflows, primarily by reducing or suspending advance payments to suppliers.

Indebtedness
As of March 31, 2016, our net financial debt was Ch$2,443,404 million, up from Ch$2,335,553 million as of December 31, 2015.

As of March 31, 2016, 73.0% of the Company’s financial debt was at fixed interest rates, primarily short-term debt and bonds and including the cross currency
swaps. The remaining financial debt was at variable interest rates. Of the variable-rate debt, 99.1%, including all the cross currency swaps, is indexed to local interest
rates (either by its original terms or under derivative arrangements). Our hedging policy also provides for the periodic review of exposure to exchange rate and
interest rate risks.

In the countries where we operate, the majority of costs and revenues are denominated in local currencies. The majority of our debt is denominated in Chilean
Pesos. As of March 31, 2016, roughly 72.0% of our consolidated financial debt was denominated in U.S. dollars as compared to 66.4% in the corresponding period in
2015. The Company’s policy is to cover the risk caused by exchange rate variations on the position of our net liabilities in foreign currency using market instruments.
Considering the effect of exchange rate hedging, including cross currency swaps as of March 31, 2016, the Company”s exposure to the U.S. dollar was 19.4% of its
total debt.

59
Credit facilities (bank loans and bonds)

At March 31, 2016, our principal bank loans and bonds (including interest) consisted of the following:

Banks:

Chile

SANTANDER CHILE
BBVA CHILE
BANCO ESTADO
SCOTIABANK
RABOBANK
MIZUHO BANK
SANTANDER CHILE
SUMITOMO
BANCO ESTADO
RABOBANK

BBVA CHILE

Total Chile

Peru
Total Peru

Brazil

HSBC BRASIL
HSBC BRASIL
HSBC BRASIL
HSBC BRASIL
BANCO NORDESTE
SANTANDER BR
SANTANDER BR
Total Brazil

Argentina

BBVA FRANCES
BANCO CIUDAD AR
ICBC ARGENTINA
BANCO GALICIA
BAPRO

IFC

Total Argentina

Colombia
Total Colombia

Bonds:
Incabond 2
Incabond 1
Bcenc-E
Regs/144a 2021
Regs/144a 2023
Regs/144a 2025
Jumbo B
Bcenc-F
Bcenc-J
Bcenc-N
Bcenc-O
Regs/144a 2045
Total Bonds

As of March 31, 2016

Amount Amount

Interest Rate Outstanding Maturity Outstanding

Currency Structure (in U.S.$) Date (in ChS Th)
CLP TAB Nom 90 6,425,209 N/A * 4,303,605
CLP TAB Nom 90 21,946,797 N/A * 14,699,965
CLP TAB Nom 90 47,048,281 N/A * 31,512,939
USD LBUSD 6M+1.5000 67,275,774 10-23-2017 45,061,313
USD 3,8625 40,768,208 10-04-2018 27,306,546
USD LBUSD 6M+1.4000 50,012,838 03-27-2019 33,498,599
CLP 6,28 74,910,056 03-29-2019 50,174,756
USD LBUSD 6M+1.3500 50,479,003 04-01-2019 33,810,836
CLP. TAB Nom 90+0.6000 59,562,754 06-28-2019 39,895,133
USD LBUSD 6M+1.6000 50,013,949 03-26-2020 33,499,343
CLP. TAB Nom 180+0.5000 52,597,412 02-02-2021 35,229,747
521,040,281 344,689,175
BRAZILIAN REAL CDI 13,055,552 N/A * 8,744,609
BRAZILIAN REAL CDI-spread+1.6000 44,020,283 12-19-2016 29,484,786
BRAZILIAN REAL CDI-spread+1.6000 35,216,226 12-19-2016 23,587,828
BRAZILIAN REAL CDI-spread+1.6000 8,804,057 12-19-2016 5,896,957
BRAZILIAN REAL CDI-spread+1.6000 1,231,288 12-16-2018 824,717
BRAZILIAN REAL CDI 247,842 12-16-2019 166,005
BRAZILIAN REAL CDI 71,261 12-16-2019 47,731
102,646,509 68,752,632
ARS BAIBOR1M+25.0000 2,714,717 N/A * 1,818,317
ARS BAIBOR1M+25.0000 11,682,639 N/A * 7,825,032
ARS BAIBOR1M+25.0000 2,472,449 N/A * 1,656,046
ARS BAIBOR1M+25.0000 17,397,059 N/A * 11,652,550
ARS BAIBOR1M+25.0000 4,753,131 N/A * 3,183,647
USD LBUSD6M+1.5500 3,857,730 08-16-2016 2,583,908
42,877,725 28,719,500
PEN 7.625 39,499,955 08-12-2017 26,457,070
PEN 7.188 86,657,386 05-05-2018 58,043,117
CLF 3.500 78,389,399 05-07-2018 52,505,219
USD 5.500 758,135,417 01-20-2021 507,799,102
USD 4.875 1,211,537,500 01-20-2023 811,487,818
USD 5.150 654,556,319 02-12-2025 438,421,822
CLF 6.500 73,577,826 09-01-2026 49,282,428
CLF 4.000 176,717,807 05-07-2028 118,365,587
CLF 5.700 118,980,414 10-15-2029 79,693,081
CLF 4.700 176,723,136 05-28-2030 118,369,156
CLP 7.000 82,729,801 06-01-2031 55,412,421
USD 6.625 353,156,076 02-12-2045 236,543,940
3,810,661,036 2,552,380,762

*Non-committed over draft credit facilities with no set maturity.

60
In addition, at March 31, 2016, we had Ch$28,502 million in financial leasing.
As of March 31, 2016, the Company has available unused lines of credit for approximately Ch$473,317 million (Ch$466,587 million as of December 31, 2015). We
deal with a wide diversity of banks around the world. We believe, if necessary, we can reopen our existing international bonds or issue one or more new series of

bonds, as appropriate, or can obtain commercial paper in the Chilean market.

Our loan agreements and outstanding bonds contain a number of covenants requiring us to comply with certain financial ratios and other tests. The most
restrictive financial covenants under these loan agreements and bonds require us to maintain:

e aratio of consolidated Net Financial Debt to consolidated net worth not exceeding 1.2 to 1;

e unencumbered assets in an amount equal to at least 120% of the outstanding principal amount of total liabilities;
e minimum consolidated assets of at least UF 50.5 million;

As of July 11, 2016 we are in compliance with all of our loan and debt instruments covenants.

61
Leases

We have significant operating lease obligations. At March 31, 2016, 53.8% of our total selling space of the retail business was located on leased properties.
Our store leases typically have a term ranging from 10 to 32 years and provide for both monthly fixed and variable lease payments. Our shopping center leases
typically have terms of more than 30 years and provide for fixed monthly rent payments.

Acquisitions and Divestitures

No significant acquisitions were completed during the three-month period ended March 31, 2016. On March 1, 2016 Cencosud announced the sale of its 33.3%
stake in Mall Viña del Mar S.A. a company that owns and operates a shopping center in Viña del Mar and a shopping center in Curico, totaling UF 4,275,000
(approximately U.S.$160 million), which closed on April 18, 2016.

Analysis of cash flows

The following table summarizes our generation and use of cash for the periods presented.

Three-month period ended March 31,
2016 2015

(in millions of ChS)
Net cash from Continuing Operations provided by (used in):

Net cash (used in) from operating activities (53,915) 29,449
Net cash (used in) from investing activities 115,671 (60,728)
Net cash (used in) from financing activities (57,962) (12,297)

Cash flows for the three-month period ended March 31, 2016 compared to the same period in 2015

Taking into account our cash flows from operations, cash flows from financing activities and cash used in investing activities, we had a net cash inflow of
Ch$3,794 million for the three-month period ended March 31, 2016, compared to a net cash outflow of Ch$43,577 million for the same period in 2015.

Operating activities. Net cash flows from operating activities decreased Ch$83,364 period over period to reach a negative cash flow of Ch$53,915 million for the
three-month period ended as of March 31, 2016 from Ch$29,449 million for the same period in 2015. Operating cash flows from supermarkets, home improvement,
department stores and financial services divisions decreased mainly as a result of the devaluation of the Argentine Peso, Brazilian Real and Colombian Peso against
the Chilean Peso, which led to lower levels of operating revenue from our operations in such countries, partially offset by increased cash flows from shopping
centers. Operating cash flows from our supermarkets division decreased in Argentina and Brazil driven by the above-mentioned currency devaluations, and in Peru
due to increased advance cash payments to suppliers as compared to 2015. Home improvement cash flows were affected by the devaluation of the Argentine Peso,
partially offset by increased cash flows in Chile and Colombia, which in turn resulted from increased revenues in Chile and decreased expenses in Colombia.
Department store cash flows decreased as a result of a lower contribution from Peru due to greater working capital requirements, partially offset by increased cash
flows from Chile due to better operating performance during the period. Cash flows from financial services decreased due to currency devaluations in Argentina,
Brazil and Colombia, coupled with lower profitability from the latter two operations, due to an increase in cash payments which in turn resulted from increased costs
of funding and lower collections due to the increased risk in our in-store financing and credit card business lines. Conversely, cash flows from shopping centers
increased mainly due to (i) increased cash flows in Argentina due to updated contracts to reflect the increased CPI in the country, (ii) increased cash flows in Peru
due to an increased occupancy rate in the Arequipa Mall and (iii) increased cash flows in Colombia due to improvements in collecting accounts receivables and
decreased parking lost maintenance costs, partially offset by lower contribution from Chile, reflecting the increase in property taxes after the implementation of the
Tax Reform Act.

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Investing activities.Net cash flows from investment activities increased by Ch$176,399 million, reaching Ch$115,671 million for the three-month period ended as
of March 31, 2016, from the Ch$60,728 million that was used in the same period of 2015. The variation is explained mainly by Ch$164,855 million increase in cash flows
resulting from a settlement reached with mutual funds for the payment of debt amortizations from which we received a cash payment and interest received from
investments in the Others (Corporation) segment, which was partially offset by greater working capital requirements. Additionally, our investment needs decreased
because of reduced openings during the period.

Financing activities. Net cash flows used in financing activities amounted to Ch$57,962 million for the three month period ended as of March 31, 2016 from
Ch$12,297 million used for financing activities in the corresponding period in 2015, an increase of Ch$45,665. The main difference is that in the first quarter of 2015 we
experienced a significant cash inflow from financing activities due to the issuance of an international bond in February 2015 in the amount of U.S.1,000 million
(Ch$628,220 million, at the exchange rate Ch$628.22 toU.S.1.00, which was the exchange rate reported by the Central Bank of Chile at February 12, 2015). In addition,
we used cash to pay for bank loans, bond and interest amortizations.

Capital expenditures and permanent investments

The following table presents our capital expenditures for the periods indicated:

As of March 31,

2016 2015
(in millions of Ch$)
Capital expenditures (1) 41,890 44,358
Permanent investments Q) –
Total 41,890 44,358

(1) Purchase or property, plant and equipment.
(2) Primarily investments or divestitures in acquired companies.

In the year 2016, we expect to invest approximately U.S.$500 million. The organic growth plan for the next four years (2016 – 2019) contemplates investments of
approximately U.S$2.5 billion and will be financed mainly by cash generated from operations.

Distribution by Type of Investment
Organic Growth and
Renovations

Mi Technology, Logistics
and Omnichannel

= Maintenance and
Recurring Capex

Our projected capital expenditures may vary substantially from the numbers set forth above as a result of a variety of factors including competition and the
cost, currencies and availability of the necessary funds.

We expect to finance our future capital expenditures with our operating cash flow and with bank loans.
C. OFF-BALANCE SHEET ARRANGEMENTS

For any of the periods presented, we did not have any off-balance sheet transactions, arrangements or obligations with unconsolidated entities or otherwise
that are reasonably likely to have a material effect on our financial condition, results of operations or liquidity.

D. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The following table summarizes our significant contractual obligations and commitments as of March 31, 2016:

Less than One to Three Three to Five
One Year Years Years Thereafter Total
(in millions of U.S.5)%

Long-term debt obligations (2) 0 589,294 882,350 2,510,310 3,981,954
Short-term debt obligations (2) 366,505 0 0 0 366,505
Time deposits and other bank balances 182,174 62,266 1,775 7,512 253,726
Leases obligations and other financial liabilities 105,020 372,445 973,002 17,397 1,467,865
Commercial loans 1,681,308 4,624 0 0 1,685,931
Tax liabilities 0 0 0 0 0
Other financial liabilities option 2,036 0 0 0 2,036
Total 2,337,043 1,028,629 1,857,127 2,535,219 7,758,018

Central Bank of Chile at March 31, 2016.

(2) Short-term obligations include the short-term portion of the long-term debt and accrued interest expenses.

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DESCRIPTION OF SHARE CAPITAL

Set forth below is material information concerning our share capital and a brief summary of the significant provisions of our Bylaws and Chilean
law. Our Bylaws effectively serve the purpose of both the articles or certificate of incorporation and the bylaws of a company incorporated in the United
States. This description contains all material information concerning shares of our common stock, including summaries of certain provisions of our Bylaws and
applicable Chilean law in effect on the date of this prospectus. They do not, however, describe every aspect of our shares of common stock, our Bylaws or Chilean
law. You are encouraged to review our estatutos, the Chilean Corporations Law and the Securities Market Law, each referred to below.

For more information regarding our share capitalization, see “Principal and Selling Shareholders ” included elsewhere in this prospectus.
Share Capital

At December 31, 2015, we had 2,889,022,734 shares of common stock authorized with no par value. On that date we had 2,828,723,963 shares outstanding
representing a capital of Ch$2,321,381 million.

At March 31, 2016, we had 2,889,022,734 shares of common stock authorized with no par value. On that date we had 2,842,459,622 shares outstanding
representing a capital of Ch$2,370,219 million.

Memorandum and Articles of Association

Set forth below is certain information concerning Cencosud S.A.”s capital stock and a brief summary of certain significant provisions of our Bylaws and
Chilean law. You are encouraged to review our Bylaws, which are filed as Exhibit 1.1 of the 2015 Form 20-F incorporated by reference herein.

Organization and Register

We are a publicly-held stock corporation (sociedad anónima abierta) organized under the laws of Chile and have an indefinite corporate duration. We were
incorporated by a public deed dated November 10, 1978. This abstract is recorded on page 13808 No. 7412 of the Registro de Comercio de Santiago (Commercial
Registry of Santiago) for the year 1978. Our corporate purpose, as stated in our Bylaws, is broadly defined to include the purchase, sale, distribution and marketing of
goods, as more fully set forth in our Bylaws.

Shareholder Rights

Shareholder rights in Chilean companies are governed generally by a company’s bylaws (which effectively serve the purpose of both the articles, or
certificate, of incorporation, and the bylaws of a United States company). Additionally, the Chilean Corporations Law governs the operation of Chilean stock
corporations and provides for certain shareholder rights.

Shareholder rights can be amended through an agreement adopted in an extraordinary shareholders meeting, which shall subsequently agree upon the
corresponding amendment to the bylaws. However, there are certain provisions of Chilean law that cannot be waived by the shareholders, such as the legal
formalities prescribed by the Chilean Corporations Law for the organization and validity of a corporation or for the amendment of its bylaws; provisions dealing with
the protection of minority shareholders, including the minimum number of board members, the existence of a committee of directors, the list of matters that
shareholders may decide upon in an ordinary and/or extraordinary shareholders meeting of the company, the quorum required for the approval of certain
supermajority matters; and other public policy provisions, such as the rules for the liquidation of a company, tender offer rules and, generally, all securities market
regulations.

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The Chilean securities markets are principally regulated by the SVS under the Securities Market Law and the Chilean Corporations Law. These two laws
provide for disclosure requirements, restrictions on insider trading and price manipulation, and protection of minority investors. The Chilean Corporations Law
clarifies rules and requirements for establishing publicly-held stock corporations while eliminating government supervision of privately-held companies. The
Securities Market Law establishes requirements for public offerings, stock exchanges and brokers, and outlines disclosure requirements for companies that issue
publicly offered securities.

Under Articles 12 and 54 and Title XV of the Securities Market Law, certain information regarding transactions in shares of publicly-held corporations must
be reported to the SVS and the Chilean exchanges on which such shares are listed. Holders of shares of publicly-held corporations are required to report to the SVS
and the Chilean exchanges:

e any acquisition or sale of shares that results in the holders acquiring or disposing of 10% or more of the corporation’s capital; and

e any acquisition or sale of shares or securities or agreements the price or value of which depends or is conditioned by, in all or a significant part, on
the variation or evolution of the price of the shares, in any amount, if made by a holder of 10% or more of the corporation’s capital or if made by a
director, liquidator, main officer, general manager or manager of such corporation.

e In addition, majority shareholders must include in their report whether their purpose is to acquire control of the company or if they are making a
financial investment. A beneficial owner of ADSS representing 10.0% or more of our share capital will be subject to these reporting requirements
under Chilean law.

Persons or entities intending to acquire control of a publicly-held corporation, through means other than through a tender offer (oferta pública de
adquisición de acciones), are also required to inform the public of such acquisition at least 10 business days before the date on which the transaction is to be
completed, but in any case, as soon as negotiations regarding the change of control begin (i.e., when information and documents concerning the target are delivered
to the potential acquirer) through a notice published in two Chilean newspapers, which must disclose, among other information, the person or entity purchasing or
selling and the price and conditions of any negotiations. Prior to such publication, a written communication to such effect must be sent to the SVS and the Chilean
exchanges.

In addition to the foregoing, Article 54A of the Chilean Securities Market Law requires that within two business days of the completion of the transactions
pursuant to which a person has acquired control of a publicly traded company, a notice shall be published in the same newspapers in which the notice referred to
above was published and notices shall be sent to the same persons mentioned in the preceding paragraphs.

Chilean law does not contain any provision that discriminates against shareholders or prospective shareholders who own a substantial number of shares.
However, a special public offering procedure applies should the controlling shareholder of a company decide to increase its stock in the company, according to
which the offer must be made to all shareholders on a pro rata basis in proportion to their respective stock.

Capitalization

Under Chilean law, a corporation increases its capital as soon as the shareholders authorize both the capital increase and the issuance of new stock,
provided that the minutes of the corresponding shareholders meeting are put into a public deed, and an abstract of said deed is published in the Official Gazette and
registered in the Commercial Registry corresponding to the company”s domicile. In addition, in the case of publicly-held stock corporations, the new shares must be
registered in the Securities Registry of the SVS before they may be offered to the public. When a shareholder subscribes for shares, the shares are transferred to such
shareholder’s name, and the shareholder is treated as a shareholder for all purposes, except receipt of dividends in the proportion corresponding to the unpaid price
of such shares, unless otherwise stipulated in the bylaws of the corporation. The shareholder becomes eligible to receive dividends once such shareholder has paid
for the shares. Ifa shareholder does not pay for shares for which such shareholder has subscribed on or prior to the date agreed upon for payment, the corporation is
entitled to auction the shares on the stock exchange, and has a cause of action against the shareholder for the difference between the subscription price and the price
received at auction. However, until such shares are sold at auction, the shareholder continues to exercise all the rights of a shareholder (except the right to receive
dividends). Authorized shares which have not been subscribed within the period agreed at the shareholders” meeting, are deemed cancelled under Chilean law and
are no longer available for sale by the Chilean corporation. At that time, the capital of the corporation is automatically reduced to the amount effectively paid within
such period.

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The Bylaws authorize a single series of common stock, without par value.

Director Requirements

Our Bylaws require the board to consist of nine directors. The entire board is elected every three years. There is no requirement that a director be a
shareholder of our Company.

Our Bylaws do not contain any provision regarding a mandatory retirement age for directors, nor does Chilean law contain any provision in this respect.

According to Chilean Corporations Law, a publicly-held stock corporation (sociedad anónima abierta) can only execute a transaction with a related party
provided such transaction is for the benefit of the corporation, and conforms to price terms and conditions prevailing in the market at the time of its approval and,
provided, further, that the transaction is previously approved following the procedure described below:

Directors, managers, administrators, main executives or liquidators who have an interest in a related party transaction must immediately inform the
board of directors or its proxy of such interest.

The absolute majority of the board may approve the execution of the transaction, with the abstention of the directors that are involved in the
proposed transaction.

If the majority of the board members are “involved” in the proposed transaction, the transaction can only be approved by the unanimous vote of
the non-involved directors. Failing such unanimous vote, the transaction has to be approved by two-thirds of the issued voting shares in an
extraordinary shareholders” meeting.

If the board of directors approves the transaction, the relevant resolution has to be disclosed in the next subsequent shareholders” meeting. The
resolution should expressly enumerate the directors that approved the transaction and the reasons for the exclusion of the involved directors.

If the transaction has to be approved by the shareholders” meeting, the board must obtain at least one report issued by an independent appraiser or
evaluator addressing the terms and conditions of the proposed related party transaction, its effects and potential impact on the corporation. The
Committee of Directors, or the non-involved directors if there is no such committee, have the right to appoint an additional independent
evaluator. The evaluators” report shall be made available to the shareholders immediately following its approval by the board of directors, but not
later than 15 days prior to the shareholders” meeting summoned to approved the relevant transaction.

If the related party transaction has to be approved by the shareholders” meeting, each individual director is required to issue an opinion that (a)
explains his or her relationship with the related party in the proposed transaction or interest he may have in such party; (b) contains his or her
reasoned statement as to the merit of the proposed transaction to the interest of the corporation, (c) addresses the objections stated by the
Committee of Directors, if any, and (d) comments on the conclusions of the report or reports of the independent evaluators. The corporation has to
make these opinions available to the shareholders following receipt thereof and not later than 15 days prior to the shareholders’ meeting summoned
to approve the relevant transaction.

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Notwithstanding the applicable sanctions, the violation of these rules will not affect the validity of the transaction, but will entitle the corporation or the
shareholders to request that the defender disgorge profits obtained from the transaction and pay damages, ifany.

The following transactions with related parties can be carried out without compliance with the foregoing requirements, after approval by the board of
directors:

e Transactions that do not involve a significant amount (i.e., if it exceeds (a) 1% of the corporation’s equity and, also, the equivalent of 2,000 UF, or
(b) the equivalent of 20,000 UF). All transactions carried out in a 12 month period through one or more acts that are similar or complementary and in
which the parties, including related parties, or the purpose are the same will be considered a single transaction.

e Transactions which are in the ordinary course of business, as determined by the corporation’s policies regarding such matters. In this case, the
resolution that establishes such policies or their amendments will be made available to the shareholders at the corporation’s offices and on their
web site, if applicable.

e Transactions between corporations in which the company owns, either directly or indirectly, at least 95% of its counterparty.
Borrowings by a director are treated under Chilean law as related party transactions and are subject to the rules set forth above.

Pursuant to the Chilean Corporations Law, if the bylaws of a company establish compensation for directors, such compensation must be agreed to in a
shareholders meeting. Our Bylaws establish that the directors will be compensated in an amount determined by the annual shareholders meeting, notwithstanding the
right of the Board to agree to compensate a director for the performance of any other duty different from his or her duty as a director.

Preemptive Rights and Increases of Share Capital

The Chilean Corporations Law grants certain preemptive rights to shareholders of all Chilean companies. The Chilean Corporations Law generally requires
Chilean companies to offer to shareholders the right to purchase a sufficient number of shares or convertible securities to maintain their existing ownership
percentage in the company whenever it issues new shares or convertible securities and prior to any sale in the market of its treasury shares of common stock.

Pursuant to this requirement, preemptive rights in connection with any future issue of shares will be offered by us to the depositary as the registered owner
of the shares underlying the ADSs. However, the depositary will not be able to make such preemptive rights available to holders of ADSs unless a registration
statement under the Securities Act is effective with respect to the underlying shares or an exemption from the registration requirements thereunder is available.

We intend to evaluate, at the time of any preemptive rights offering after the date hereof, the practicality under Chilean law in effect at the time of making
such rights available to our ADS holders, as well as the costs and potential liabilities associated with registration of such rights and the related shares of common
stock under the Securities Act, and the indirect benefits to us of thereby enabling the exercise by all or certain holders of ADSs of their preemptive rights and any
other factors we consider appropriate at the time, and then to make a decision as to whether to file such registration statement. We cannot assure you that any
registration statement would be filed. If we do not file a registration statement and no exemption from the registration requirements under the Securities Act is
available, the Depositary will sell such holders” preemptive rights and distribute the proceeds thereof if a premium can be recognized over the cost of such sale. In the
event that the Depositary is not able, or determines that it is not feasible, to sell such rights at a premium over the cost of any such sale, all or certain holders of ADSs
may receive no value for such rights. Non-U.S. holders of ADSs may be able to exercise their preemptive rights regardless of whether a registration statement is filed.
The inability of all or certain holders of ADSs to exercise preemptive rights in respect of shares of common stock underlying such ADSs could result in such holders
not maintaining their percentage ownership of the common stock following such preemptive rights offering unless such holder made additional market purchases of
ADSs or shares of common stock.

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Under Chilean law, preemptive rights are exercisable or freely transferable by shareholders during a period of 30 days following the grant of such rights.
During such period, and for an additional 30-day period thereafter, a Chilean corporation is not permitted to offer any unsubscribed shares for sale to third parties at a
lower price or on terms which are more favorable than those offered to its shareholders. At the end of such additional 30-day period, a Chilean open stock corporation
is authorized to sell unsubscribed shares to third parties on any price and terms, provided they are sold on a Chilean stock exchange. Unsubscribed shares that are
not sold on a Chilean stock exchange can be sold to third parties only on terms no more favorable for the purchaser than those offered to shareholders.

Dividend and Liquidation Rights

In accordance with Chilean law, we must distribute mandatory cash dividends of 30% of our consolidated net income unless otherwise decided by a
unanimous vote of the holders of the Shares. See “Dividends and Dividend Policy.”

At our option, the portion of any dividend which exceeds the mandatory limits established pursuant to Chilean law may be paid in cash, in our shares or in
shares of publicly-held stock corporations owned by us. Shareholders who do not expressly elect to receive a dividend other than in cash are legally presumed to
have decided to receive the dividend in cash. Our ADS holders may, in the absence of an effective registration statement under the Securities Act or an available
exemption from the registration requirement thereunder, effectively be required to receive a dividend in cash. See “—Preemptive Rights and Increases of Share
Capital” above.

Those dividends not collected by the shareholders entitled thereto lapse five years after the payment date, with the funds going to the National Fire
Department.

In the event of a liquidation of our company, the holders of fully paid shares of common stock would participate in the assets available after payment of all
creditors in proportion to the number of shares held by them.

Shareholders” Meetings and Voting Rights

We hold our annual shareholders meeting during the first fourth months of each year. Extraordinary shareholders meetings may be called by the board of
directors when deemed appropriate or when requested by shareholders representing at least 10% of the issued voting shares or by the SVS. Notice to convene the
annual shareholders meeting or an extraordinary shareholders meeting is given by means of a notice in a newspaper published in Cencosud’s corporate domicile
(currently Santiago) or in the Official Gazette in a prescribed manner. Notice must also be mailed to each shareholder and given to the SVS 15 days in advance of the
meeting.

The quorum for a shareholders” meeting is established by the presence, in person or by power of attorney, of shareholders representing at least the absolute
majority of our issued voting shares. If a quorum is not present at the first meeting, the meeting can be reconvened and upon the meeting being reconvened,
shareholders present at the reconvened meeting are deemed to constitute a quorum regardless of the percentage of the shares represented. The agreements shall be
adopted by absolute majority of the voting shares presented or represented in the shareholders” meeting. However, ifa shareholders? meeting is called for the
purpose of considering:

e a change of our organization, merger or division,

e an amendment to the term of duration or early dissolution,

e a change in our corporate domicile,

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e a decrease of our corporate capital,

e approval of capital contributions in assets other than cash and their assessments,

e modification of the authority reserved to shareholders meetings or limitations on the Board of Directors,

e reduction in the number of members of our Board of Directors,

e the sale, transfer or disposition of 50% or more of assets, either including or excluding its corresponding liability, or the formulation or modification
of any business plan which contemplates the sale, transfer or disposition of our assets in such amount, the sale of 50% or more of the assets of an
affiliate that represents at least 20% of the assets of the corporation, as well as any sale of its shares which would result in us ceasing to be in
control of such subsidiary,

e the form of distributing corporate benefits,

e the granting of a guaranty by us of liabilities of any third-party other than a subsidiary, in an amount exceeding 50% of our total assets,

e our purchase of our issued stock in accordance with articles 27A and 27B of Law No. 18,046,

e the amendment of any formal defects in our Bylaws which may nullify our incorporation, or any amendment of the Bylaws referring to one or more
of the matters indicated above,

e the approval of our ceasing to be subject to the regulations applicable to publicly held corporations in the event we no longer meet the
requirements under Chilean law to qualify as such a corporation, or the establishment of the right for our controller to acquire the shares of minority
shareholders after a tender offer, in the terms set forth in paragraph 2 of article 71 bis of Law No. 18,046,

e the approval or ratification of contracts or agreements with related parties, in accordance with articles 44 and 147 of Law No. 18,046, or
e other matters as may be set forth in our Bylaws.
The vote required at such meeting is a two-thirds majority of the issued voting common stock.

Additionally, the amendment of our Bylaws aimed at the creation, modification, extension or suppression of preferential rights, must be approved with the
favorable vote of two-thirds of the shares of the affected series.

Chilean law does not require a publicly-held Chilean company to provide the level and type of information that United States securities laws require a
reporting company to provide to its shareholders in connection with a solicitation of proxies. Under Chilean law, a notice of a shareholders” meeting listing the
matters to be addressed must be mailed to shareholders and the SVS not fewer than 15 days prior to the date of a meeting. In cases of an annual shareholders”
meeting, an annual report of our activities, which includes our audited financial statements, must also be mailed to shareholders.

The Chilean Corporations Law provides that whenever shareholders representing 10% or more of the issued voting shares so request, a Chilean company’s
annual report must include within the materials dispatched by the board of directors to shareholders, the comments and proposals of such shareholders in relation to
the companys affairs. Similarly, the Chilean Corporations Law provides that whenever the board of directors of a publicly-held company convenes a meeting of
shareholders and solicits proxies for the meeting, information supporting its decisions or other similar materials, it is obligated to include the pertinent comments and
proposals that may have been made by shareholders owning 10% or more of the company”s voting shares who request that such comments and proposals be so
included.

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Only shareholders registered in the Shareholders” Registry as such at least five Chilean business days prior to the date of a shareholders meeting are
entitled to attend and vote their shares. A shareholder may appoint by power of attorney another individual (who need not be a shareholder) as its attorney-in-fact to
attend and vote on its behalf. Every shareholder entitled to attend and vote at a shareholders meeting shall have one vote for every share subscribed.

Rights of Dissenting Shareholders to Tender their Shares

The Chilean Corporations Law provides that upon the adoption at an extraordinary shareholders meeting of any of the resolutions enumerated below,
dissenting shareholders acquire a right of redemption to force the company to repurchase their shares, subject to the fulfillment of certain terms and conditions.

“Dissenting” shareholders are defined as those which vote against a resolution which results in the redemption right, or if absent at such a meeting, those
who state in writing to the company their opposition to the respective resolution. Dissenting shareholders must perfect their redemption rights by tendering their
stock to the company within 30 days of the resolution (except in the case of pension fund shareholders as discussed below).

The price paid to a dissenting shareholder of a publicly-held company for such shares is the weighted average price for the shares as reported on the stock
exchanges for the period that starts on the 90th trading day and ends on the 30th trading day prior to the date of the shareholders” meeting that approves the
resolution that gives rise to the redemption right.

The resolutions that result in a shareholder”s redemption right are the following:

e our transformation into a different type of legal entity;

e our merger with or into another company;

e the disposition of 50% or more of our assets, whether or not that sale includes our liabilities or the proposal or amendment of any business plan
involving the transfer of more than 50% of our assets; and the sale of 50% or more of the assets of an affiliate which represents at least 20% of the

assets of the corporation, as well as any sale of its shares which would result in us ceasing to be in control of such subsidiary;

e the granting of security interests or personal guarantees to secure or guarantee third parties” obligations exceeding 50% of our assets, except with
regard to security interests or personal guarantees, which are granted to secure or guarantee obligations of our subsidiaries;

e the creation of preferential rights for a class of shares or an amendment to those already existing, in which case the redemption right only accrues to
the dissenting shareholder of the class or classes of shares adversely affected;

e the amendment of our Bylaws to correct any formal defect in our incorporation, which might cause our Bylaws to become null and void, or any
amendment of our Bylaws that grants a shareholder a redemption right;

e any other causes as may be established by Chilean law and our Bylaws (our Bylaws currently do not establish any instances).
In addition, shareholders of a publicly held corporation have a redemption right if a person acquires two-thirds or more of the outstanding voting stock of

the company and does not make a tender offer for the remaining shares within 30 days of that acquisition at a price not lower than the price that would be paid
shareholders exercising their redemption rights.

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However, the right of redemption described in the previous sentence does not apply in the event the company reduces its capital as a result of not having
fully subscribed and paid an increase of capital within the statutory term.

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DESCRIPTION OF AMERICAN DEPOSITARY SHARES

The Bank of New York Mellon, a New York banking corporation, is the Depositary under our Deposit Agreement dated April 11, 2012, and amended and
restated as of June 21, 2012.

On June 22, 2012, we sold 91,304,348 shares of our common stock in the form of shares or ADSs in an initial public offering that raised approximately U.S.$1.2
billion. Our ADSSs are listed on the NYSE under the symbol “CNCO.”

Each ADS represents three shares (or a right to receive three shares) deposited with the principal Santiago office of Banco Santander Chile, as custodian for
the Depositary. Each ADS may also represent any other securities, cash or other property which may be held by the Depositary from time to time. The depositary”s
corporate trust office at which the ADSs are administered is located at 101 Barclay Street, New York, New York 10286. The Bank of New York Mellon’s principal
executive office is located at One Wall Street, New York, New York 10286.

You may hold ADSSs either (A) directly (1) by having an American Depositary Receipt, also referred to as an ADR, which is a certificate evidencing a specific
number of ADSSs, registered in your name, or (ii) by having ADSSs registered in your name in the Direct Registration System, or (B) indirectly by holding a security
entitlement in ADSs through your broker or other financial institution. If you hold ADSSs directly, you are a registered ADS holder, also referred to as an ADS holder.

This description assumes you are an ADS holder. If you hold the ADSSs indirectly, you must rely on the procedures of your broker or other financial institution
to assert the rights of ADS holders described in this section. You should consult with your broker or financial institution to find out what those procedures are.

The Direct Registration System, or DRS, is a system administered by The Depository Trust Company, also referred to as DTC, pursuant to which the
depositary may register the ownership of uncertificated ADSs, which ownership is confirmed by periodic statements sent by the depositary to the registered holders
ofuncertificated ADSs.

As an ADS holder, we will not treat you as one of our shareholders and you will not have shareholder rights. Chilean law governs shareholder rights. The
Depositary is the holder of the shares underlying your ADSs. As a registered holder of ADSs, you will have ADS holder rights. The Deposit Agreement among us,
the Depositary and you, as an ADS holder, and all other persons indirectly holding ADSs sets out ADS holder rights as well as the rights and obligations of the
Depositary. New York law governs the Deposit Agreement and the ADSs.

Share Dividends and Other Distributions

The Depositary is required, to the extent that in its judgment it can convert Chilean pesos on a reasonable basis into U.S. dollars and transfer the U.S. dollars
to the United States, and subject to Chilean law, to convert all cash dividends and other cash distributions that it receives in respect of the deposited shares of
Cencosud common stock into U.S. dollars and to distribute the amount thus received (net of the fees and any conversion expenses of the Depositary) to the holders
of ADSs in proportion to the number of ADSs representing such shares held by each of them. See “Item 10.D—Exchange Controls” in the 2015 Form 20-F
incorporated by reference herein. The amount distributed also will be reduced by any amounts required to be withheld by us, the Depositary or the Custodian on
account of taxes or other governmental charges. If the Depositary determines that in its judgment any currency received by it cannot be so converted on a reasonable
basis and transferred, the Depositary may distribute, or in its discretion hold, such foreign currency, without liability for interest thereon, for the respective account
of the ADS holders entitled to receive the same.

Tf a distribution upon the deposited shares of Cencosud common stock by us consists of a dividend in, or a free distribution of, shares of Cencosud
common stock, upon receipt by or on behalf of the Depositary of such additional shares of Cencosud common stock from us, the Depositary may or shall, ifwe so
request, distribute to the holders of ADSSs, in proportion to their holdings, additional ADSs representing the number of shares of Cencosud common stock so
received as such dividend or distribution, in either case after deduction or payment of the fees and expenses of the Depositary. If such additional ADSs are not so
issued, each ADS shall thereafter also represent the additional shares of Cencosud common stock distributed with respect to the shares of Cencosud common stock
represented thereby. In lieu of delivering fractions of ADSs, in any such case, the Depositary will sell the amount of shares of Cencosud common stock represented
by the aggregate of such fractions and distribute the net proceeds in dollars, all in the manner and subject to the conditions set forth in the Deposit Agreement.

73
If we offer or cause to be offered to the holders of shares of Cencosud common stock any rights to subscribe for additional shares of Cencosud common stock
or any rights of any other nature, the Depositary, after consultation with us, shall have discretion as to the procedure to be followed in making such rights available
to holders of ADSs or in disposing of such rights and distributing the net proceeds thereof as in the case of a distribution received in cash. If at the time of the
offering of any such rights the Depositary determines that it is lawful and feasible to do so, the Depositary may, after consultation with us, distribute such rights
available to holders by means of warrants or otherwise. To the extent the Depositary determines, in its discretion, that it is not lawful or feasible to make the rights
available, it may sell such rights, warrants or other instruments, if a market is available therefor, at public or private sale, at such place or places and upon such terms
as the Depositary may deem proper and allocate the net proceeds of such sales, net of the fees and expenses of the Depositary, for the accounts of the holders of
ADSs otherwise entitled thereto upon an averaged or other practicable basis without regard to any distinctions among such holders of ADSs because of exchange
restrictions or the date of delivery of any ADRs or otherwise. If, by the terms of the rights offering or by reason of applicable law, the Depositary may neither make
such rights available to the holders nor dispose of such rights and distribute the net proceeds thereof, the Depositary shall allow the rights to lapse.

The Depositary will not offer such rights to the holders of ADSs unless both the rights and the securities to which the rights relate are either exempt from
registration under the Securities Act or are registered under the Securities Act. Ifa holder of ADSs requests a distribution of warrants or other instruments,
notwithstanding that there has been no such registration under the Securities Act, the Depositary will not effect the distribution unless it has received an opinion of
our United States counsel satisfactory to the Depositary upon which the Depositary may rely that the distribution is exempt from registration under the provisions of
the Securities Act. However, we will have no obligation to file a registration statement under the Securities Act to make available to holders of ADSs any right to
subscribe for or to purchase any securities. If an exemption from registration is not available and a registration statement is not filed, holders of ADSs will not be
permitted to purchase such securities or otherwise exercise such rights and the Depositary may sell such rights for the account of such holders of ADSSs as described
in the preceding paragraph. Such a disposal of rights may reduce the proportionate equity interest in us of the holders of ADSs.

The Depositary will send to holders of ADSs anything else we distribute on deposited securities by any means it thinks is legal, fair and practical. If it cannot
make the distribution in that way, the Depositary has a choice. It may decide to sell what we distributed and distribute the net proceeds, in the same way as it does
with cash. Or, it may decide to hold what we distributed, in which cash ADSs will also represent the newly distributed property. However, the Depositary is not
required to distribute any securities (other than ADSs) to holders of ADSs unless it receives satisfactory evidence from us that it is legal to make that distribution.

Issuance of ADSs

The Depositary has agreed that, upon deposit with the Custodian of the requisite number of shares of Cencosud common stock and receipt of evidence
satisfactory to it that the conditions to deposit described below have been met, and subject to the terms of the Deposit Agreement, the Depositary will deliver to, or
upon the order of, the person or persons specified by the Depositary upon payment of the fees, governmental charges and taxes provided in the Deposit Agreement,
the number of ADSs issuable in respect of such deposit.

Cancellation and Withdrawal of ADSs
Upon surrender of ADSs at the Corporate Trust Office of the Depositary and payment of the fees of the Depositary and of the taxes and governmental

charges, if any, provided for in the Deposit Agreement and subject to the terms thereof, ADS holders are entitled to delivery of the deposited shares of Cencosud
common stock, any other property or documents of title at the time represented by the surrendered ADSs.

74
Subject to the terms and conditions of the Deposit Agreement and any limitations established by the Depositary, the Depositary may deliver ADSs prior to
the receipt of shares of Cencosud common stock (a “Pre-Release”) and may receive ADSS in lieu of shares of Cencosud common stock. Each Pre-Release shall be:

e preceded or accompanied by a written representation and agreement from the person to whom ADSs are to be delivered that such person, or its
customer,

e owns the shares of Cencosud common stock or ADSs to be remitted, as the case may be,
e assigns all beneficial right, title and interest in such shares of Cencosud common stock to the Depositary for the benefit of the owners of the ADSs,

e agrees in effect to hold such shares of Cencosud common stock for the account of the Depositary until delivery of the same upon the Depositary”s
request,

e atall times fully collateralized (such collateral marked to market daily) with cash or such other collateral as the Depositary deems appropriate,
e terminable by the Depositary on not more than five business days” notice, and
e subject to such further indemnities and credit regulations as the Depositary reasonably deems appropriate.

The Depositary will limit the number of ADSs involved in such Pre-Release transactions so that the number of ADSs represented thereby will not, at any one
time, exceed 30 percent of the total number of ADSs then outstanding; however, the Depositary reserves the right to change or disregard such limit from time to time
as it deems appropriate.

The Depositary shall not be required to accept for deposit any shares of Cencosud common stock unless it receives evidence satisfactory to the Depositary
that any approval, if required, has been granted by any governmental body in Chile that is then performing the function of the regulation of currency exchange.

If the person proposing to deposit shares of Cencosud common stock is not domiciled or resident in Chile, the Custodian shall not accept those shares of
Cencosud common stock unless it receives from or on behalf of that person sufficient evidence that the shares of Cencosud common stock were purchased in full
compliance with the foreign exchange regulations applicable to investments in Chile (either Chapter XIV of the Compendium of Foreign Exchange Regulation of the
Central Bank or Decree Law 600 of 1974, as amended, and related agreements with the Foreign Investment Committee) and, if applicable, an instrument whereby that
person assigns and transfers to the Depositary any rights it may have under Chilean regulations relating to currency exchange. Pursuant to Chapter XIV of the
Compendium of Foreign Exchange Regulations of the Central Bank, the Custodian and/or the Depositary must give notice to the Central Bank of Chile that the shares
of Cencosud common stock have been deposited in exchange for ADSs.

If required by the Depositary, shares of Cencosud common stock presented for deposit at any time, whether or not our transfer books or the transfer books of
the Foreign Registrar, if applicable, are closed, must also be accompanied by an agreement or assignment, of other instrument satisfactory to the Depositary, which
will provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional shares of Cencosud common stock or to receive other
property which any person in whose name the shares of Cencosud common stock are or have been recorded may thereafter receive upon or in respect of such
deposited shares of Cencosud common stock, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

At the request, risk and expense of any person proposing to deposit shares of Cencosud common stock, and for the account of such person, the Depositary

may receive certificates for shares of Cencosud common stock to be deposited, together with the other instruments herein specified, for the purpose of forwarding
such share certificates to the Custodian for deposit hereunder.

75
Upon each delivery to a Custodian of a certificate or certificates for shares of Cencosud common stock to be deposited hereunder, together with the other
documents above specified, such Custodian must, as soon as transfer and recordation can be accomplished, present such certificate or certificates to us or the
Foreign Registrar, if applicable, for transfer and recordation of the shares of Cencosud common stock being deposited in the name of the Depositary or its nominee or
such Custodian or its nominee.

In the event that Shares are to be redeemed and, as a result, Shares registered in the name of the Custodian are called for redemption by the us, the Depositary
will call for the redemption of ADSS (in aggregate number representing the number of Shares registered in the name of the Custodian called for redemption) and may
adopt such method as it may deem equitable and practicable to select the ADSs called for redemption.

Voting Rights

As soon as practicable after receipt of notice of any meeting or solicitation of consents or proxies of holder of shares of Cencosud common stock, as defined
in the Deposit Agreement, if we so request, the Depositary has agreed to mail to holders of ADRs registered on the books of the Depositary a notice in English
containing

e such information as is contained in such notice,

e astatement that each holder of ADSs at the close of business on a specified record date will be entitled, subject to any applicable provisions of
Chilean law and our Bylaws to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Cencosud common
stock represented by such holders? ADSs, and

e astatement as to the manner in which such instructions may be given, including an express indication that instructions may be given to the
Depositary to give a discretionary proxy to a person designated by us.

Upon the written request of a holder of ADSs on such record date, received on or before the date established by the Depositary for such purpose, the
Depositary has agreed to endeavor insofar as practicable to vote or cause to be voted the amount of shares of Cencosud common stock represented by the ADSs in
accordance with any instruction set forth in such request. If no instructions are received by the Depositary from a holder of ADSs with respect to any of the shares
of Cencosud common stock represented by such holder’s ADSs on or before the date established by the Depositary for such purpose, the Depositary will give a
discretionary proxy to a person designated by us to vote the amount of shares of Cencosud common stock represented by those ADSs, unless we have notified the
Depositary that (1) we do not wish such proxy given, (ii) we believe substantial shareholder opposition exists, or (iii) we believe the matter to be voted on would have
a material and adverse effect on the rights of holders of our shares.

There are no legal or practical impediments to an ADS holders ability to vote that are not faced by holders of our shares of common stock except that there
can be no assurance that we have request the Depositary to send the notice or that ADS holders will receive notice of meetings in time to instruct the Depositary
before the applicable cutoff date.

Record Dates

Whenever any cash dividend or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be
issued with respect to shares of Cencosud common stock or whenever the Depositary shall receive notice of any meeting of holders of shares of Cencosud common
stock or shareholders generally, the Depositary will fix a record date that will be the same as, or as near as practicable to the record date fixed by us with respect to the
Cencosud common stock for the determination of the holders of ADSs who are entitled to receive such dividend, distribution or rights, or net proceeds of the sale
thereof, or to give instructions for the exercise of voting rights at any such meeting, subject to the provisions of the Deposit Agreement. Subject to the Deposit
Agreement, only such holders of ADSs at the close of business on such record date shall be entitled to receive or be affected by any such dividend, distribution,
proceeds, exchange or other matter or to give such voting instructions.

76
In the event that the record date determined by the Depositary (the “ADS Record Date”) and that established by us (the “Common Stock Record Date”) are
not the same, ADS holders on the Common Stock Record Date who dispose of their ADSSs prior to the ADS Record Date will not receive dividends paid in respect of
the shares of Cencosud common stock represented by such holder’s ADSs on the Common Stock Record Date.

Reports and Other Communications

The Depositary will maintain at its transfer office in the Borough of Manhattan, the City of New York, facilities for the execution and delivery, registration of
transfers and surrender of ADSs, in accordance with the provisions of the Deposit Agreement, which at reasonable times will be open for our inspection and
inspection by the holders of ADSs, provided that such inspection shall not be for the purpose of communication with holders of ADSs in the interest of a business
or object other than our business or a matter related to the Deposit Agreement or the ADSs.

We will transmit to the Depositary copies (translated into English) of any communications generally distributed to holders of Cencosud common stock. The
Depositary will make available for inspection by ADS holders at the Corporate Trust Office of the Depositary any reports and communications, including any material
soliciting voting instructions, received from us that are both

e received by the Depositary or the Custodian or the nominee of either as a holder of shares of Cencosud common stock and
e made generally available to the holders of shares of Cencosud common stock by us.
The Depositary will also send to ADS holders copies of such reports when furnished by us as provided in the Deposit Agreement.

On or before the first date on which we give notice, by publication or otherwise, of any meeting of the holders of shares of Cencosud common stock or
shareholders generally, or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions or offering of any
rights, we shall transmit to the Depositary and the Custodian a written English-language version of the notice thereof in the form given or to be given to holders of
shares of Cencosud common stock. The Depositary will, if we request, at our expense, arrange for the mailing of such notices to all ADR holders.

Payment of Taxes

If any tax or governmental charge becomes payable with respect to any ADS or any shares of Cencosud common stock represented by any ADSs, including
without limiting the generality of the foregoing any Chilean tax on a gain realized, or deemed to be realized, upon the withdrawal or sale of shares of Cencosud
common stock, such tax or other governmental charge will be payable to the Depositary by the holder of the ADSs, who must pay the amount thereof to the
Depositary upon demand. The Depositary may refuse to effect any transfer of such ADSSs or any withdrawal of the shares of Cencosud common stock represented
by such ADSs until such payment is made, and may withhold any dividends or other distributions, or may sell for the account of the holder of the ADS thereof any
part or all of the shares of Cencosud common stock represented by such ADSSs, and may apply such dividends or other distributions or the proceeds of any such
sale in payment of such tax or other governmental charge and the holder of such ADSs shall remain liable for any deficiency. In the event the Depositary determines
that there is a reasonable possibility that a tax would be imposed upon the withdrawal of shares in exchange for surrendered ADSs the Depositary may require, as a
condition to such exchange, that the withdrawing investor provide satisfactory security to the Depositary in an amount sufficient to cover the estimated amount of
such tax.

7
Amendment and Termination

The form of the ADRs and the Deposit Agreement may at any time be amended by written agreement between us and the Depositary. Any amendment that
imposes or increases any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex, or facsimile transmission costs, delivery
costs or other such expense) or that otherwise prejudices any substantial existing right of ADS holders, will not take effect as to outstanding ADSSs until the
expiration of 30 days after notice of such amendment has been given to the record holders of outstanding ADSs. Every holder of ADSs at the time such amendment
so becomes effective will be deemed, by continuing to hold such ADSSs, to consent and agree to such amendment and to be bound by the Deposit Agreement or the
ADRs as amended thereby. In no event may any amendment impair the right of any ADS holder to surrender its ADSs and receive therefor the shares of Cencosud
common stock represented thereby, except in order to comply with mandatory provisions of applicable law.

Whenever we direct, the Depositary has agreed to terminate the Deposit Agreement by mailing notice of such termination to the holders of ADSs at least 30
days prior to the date fixed in such notice for such termination. The Depositary may likewise terminate the Deposit Agreement at any time 60 days after the
Depositary shall have delivered to us its written resignation provided that a successor depositary shall not have been appointed and accepted its appointment before
the end of such 60-day period. Ifany ADSs remain outstanding after the date of termination, the Depositary thereafter will discontinue the registration of transfers of
ADSs, will suspend the distribution of dividends to the holders thereof and will not give any further notices or perform any further acts under the Deposit
Agreement, except that the Depositary will continue the collection of dividends and other distributions pertaining to the shares of Cencosud common stock, the sale
of property and rights as provided in the Deposit Agreement and the delivery of shares of Cencosud common stock, together with any dividends or other
distributions received with respect thereto and the net proceeds of the sale of any rights or other property, in exchange for surrendered ADSs. At any time after the
expiration of four months from the date of termination, the Depositary may sell the shares of Cencosud common stock and hold the net proceeds, together with any
other cash then held, unsegregated and without liability for interest, for the pro rata benefit of the holders of ADSs that have not theretofore been surrendered.

Limits on our Obligations and the Obligations of the Depositary; Limits on Liability to ADS Holders

Neither we nor the Depositary assume any obligation nor will we be subject to any liability under the Deposit Agreement to holders of ADSs, except that we
agree to perform our obligations specifically set forth in the Deposit Agreement without negligence or bad faith. Neither we nor the Depositary will be under any
obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities or in respect of the ADRs on behalf of any
holder of ADSs or other person, and the Custodian will not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian
being solely to the Depositary. The Depositary will not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act
or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the
issue out of which such potential liability arises the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary
will not be responsible for any failure to carry out any instructions to vote any of the deposited securities, or for the manner in which any such vote is cast or the
effect of any such vote, provided that any such action or non-action is without negligence and in good faith. None of the limitations described in this section will
affect investor rights under U.S. federal securities laws.

Disclosure of Interest in ADSs

Holders of ADSs are subject to certain provisions of the rules and regulations promulgated under the Exchange Act relating to the disclosure of interests in
the shares of Cencosud common stock. Any holder of ADSs who is or becomes directly or indirectly interested in five percent (or such other percentage as may be
prescribed by law or regulation) or more of the outstanding shares of Cencosud common stock must within ten days after becoming so interested and thereafter upon
certain changes in such interests notify us as required by such rules and regulations. In addition, holders of ADSs as a matter of Chilean law are subject to the
reporting requirements contained in Articles 12 and 54 and Title XV of Law 18,045 of Chile, which provision may apply when a holder beneficially owns ten percent or
more of the Cencosud common stock or has the intention of taking control of Cencosud. See “Description of Share Capital —Memorandum and Articles of
Association.”

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Requirements for Depositary Actions

As a condition precedent to the delivery, registration of transfer or surrender of any ADSSs or any split up or combination of ADR or withdrawal of any shares
of Cencosud common stock, we, the Depositary or the Custodian may require from the holder or the presenter of the ADR or the depositor of the shares.

e payment of a sum sufficient to pay or reimburse the Depositary, the Custodian or us for any tax or other governmental charge and any stock transfer

or registration fee or any charge of the Depositary upon delivery of the ADS or upon surrender of the ADS, as set forth in the Deposit Agreement,
and

e the production of proof satisfactory to the Depositary or Custodian of the identity or genuineness of any signature and proof of citizenship,
residence, exchange-control approval, legal or beneficial ownership, compliance with all applicable laws and regulations, compliance with all other
applicable provisions governing the shares of Cencosud common stock and the terms of the Deposit Agreement or other information as the
Depositary may deem necessary or proper or as we may require by written request to the Depositary or the Custodian.

The delivery, registration, registration of transfer of ADSs or split-up or combination of ADRs, or the deposit or withdrawal of shares of other property
represented by ADSs, in particular instances or generally, may be suspended during any period when the transfer books of the Depositary are closed, or ifany such
action is deemed necessary or advisable by the Depositary or us at any time or from time to time.

The Depositary will act as ADS registrar or appoint a registrar or one or more co-registrars for registration of the ADSs in accordance with any requirements of
the New York Stock Exchange or of any other stock exchange on which the ADSs may be listed or quoted.

The Depositary may appoint one or more co-transfer agents for the purpose of effecting transfers of ADSs or combinations and split-ups of ADRs at
designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer agent may require evidence of authority and compliance with

applicable laws and other requirements by holders of ADSs or persons entitled to ADSs and will be entitled to protection and indemnity to the same extent as the
Depositary.

Books of Depositary

The transfer of the ADSs is registrable on the books of the Depositary, provided, however, that the Depositary may close the transfer books at any time or
from time to time when deemed expedient by it in connection with the performance of its duties.

Valuation of Underlying Shares for Chilean Law Purposes

For all purposes of valuation under Chilean law, the Deposit Agreement provides that the acquisition value of the shares of Cencosud common stock delivered
to any holder upon surrender of ADSs shall be the highest reported sales price of the Cencosud common stock on the Santiago Stock Exchange for the day on which
the transfer of the Cencosud common stock is recorded under the name of such holder on our books. In the event that no such sales price is reported by the Santiago
Stock Exchange or another organized securities market during that day, the value shall be deemed to be the highest sale price on the day during which the last trade
took place. However, if more than 30 days have lapsed since the last trade, such value shall be adjusted in accordance with the variation of the Chilean Consumer
Price Index for the corresponding term.

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Depositary Fees and Expenses

Pursuant to the Deposit Agreement, holders of our ADSs may have to pay to The Bank of New York Mellon, either directly or indirectly, fees or charges up
to the amounts set forth in the table below:

Persons depositing or withdrawing shares or ADS holders must pay: For:

$5.00 (or less) per 100 ADSS (or portion of 100 ADSs) e Issuance of ADSs, including issuances resulting from a distribution of
shares or rights or other property
e Cancellation of ADSSs for the purpose of withdrawal, including if the
Deposit Agreement terminates or if ADSs are redeemed

$.05 (or less) per ADS e Any cash distribution to ADS holders

A fee equivalent to the fee that would be payable if securities distributed to a holder e Distribution of securities distributed to holders of deposited securities

had been shares and the shares had been deposited for issuance of ADSs which are distributed by the Depositary to ADS holders

$.05 (or less) per ADSs per calendar year e Depositary services

Registration or transfer fees e Transfer and registration of shares on our share register to or from the
name of the Depositary or its agent when a holder deposits or withdraws
shares

Expenses of the Depositary e Cable, telex and facsimile transmissions (when expressly provided in the
Deposit Agreement)
e Converting foreign currency to U.S. dollars

Taxes and other governmental charges the depositary or the custodian have to pay e As necessary

on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp

duty or withholding taxes

Any charges incurred by the Depositary or its agents for servicing the deposited e As necessary
securities

The Depositary collects its fees for delivery and surrender of ADSs directly from investors depositing shares or surrendering ADSSs for the purpose of
withdrawal or from intermediaries acting for them. The Depositary collects fees for making distributions to investors by deducting those fees from the amounts
distributed or by selling a portion of distributable property to pay the fees. The Depositary may collect its annual fee for depositary services by deduction from cash
distributions or by directly billing investors or by charging the book-entry system accounts of participants acting for them. The Depositary may generally refuse to
provide fee-attracting services until its fees for those services are paid.

From time to time, the Depositary may make payments to us to reimburse and / or share revenue from the fees collected from ADS holders, or waive fees and
expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance of the ADS program. In performing its duties
under the Deposit Agreement, the Depositary may use brokers, dealers or other service providers that are affiliates of the Depositary and that may earn or share fees
or commissions.

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DIVIDENDS AND DIVIDEND POLICY

Our dividend policy is determined from time to time by our board of directors. It is the Company”s general practice to pay interim and annual dividends in
November and May. Dividends are paid to shareholders of record on the fifth Chilean business day preceding the date for the payment of the dividend.

As required by the Chilean Corporations Law, unless otherwise approved by unanimous vote of holders of all of our issued and subscribed shares, we must
distribute a cash dividend in an amount no less than 30% of the Company”s consolidated net income for that year, unless and except to the extent we have a deficit in
retained earnings. We may distribute a cash dividend in an amount greater than 30% if approved by a majority vote of shareholders.

Shareholders who are not residents of Chile must register as foreign investors under one of the foreign investment regimes contemplated by Chilean law to

receive dividends, sale proceeds or other amount with respect to their shares remitted outside Chile through the Formal Market Exchange. See “Exchange
Rates.” Dividends received in respect of shares of common shares by holders are subject to Chilean withholding tax. See “Taxation—Chilean Tax Considerations.”

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PRINCIPAL AND SELLING SHAREHOLDERS

The table below sets forth certain information regarding the ownership of outstanding shares, as of March 31, 2016, on an actual basis and as adjusted to
show the effects of the global offering for: (i) the Selling Shareholder, (ii) each person or entity who is known by us to own beneficially more than 5% of our
outstanding shares or controls more than 5% of our voting power and (iii) our directors and our executive officers, as a group. When we refer to “Selling
Shareholder” in this prospectus, we mean such person listed in the table below as offering shares, as well as the pledgees, donees, assignees, transferees, successors
and others who may hold any of the Selling Shareholder’s interest.

Beneficial ownership is determined in accordance with Rule 13d-3 under the Exchange Act. Except as otherwise indicated in the footnotes to the following
table, we believe, based on the information provided to us, that the persons named in the following table have sole vesting and investment power with respect to the
shares they beneficially own, subject to applicable community property laws. Based on the information supplied to us by or on behalf of the Selling Shareholder, the
Selling Shareholder is not a broker-dealer or an affiliate of a broker-dealer. We have based our calculation of the percentage of beneficial ownership on 2,842,459,622
shares of our common stock outstanding as of March 31, 2016.

Number of

Number of Shares of Percentage

Shares of Percentage Shares to be Common Beneficial

Common Beneficial Sold by Stock After Ownership

Stock Prior to Ownership Selling Completion of After

the Global Prior to the Shareholder the Global Completion of

Offering (in Global in the Global Offering (in the Global
Name of Shareholder() thousands) Offering Offering thousands) Offering
Inversiones Quinchamali Limitada(2> 573,754,802 20.185% = 573,754,802 20.185%
Inversiones Latadia LimitadaG) 550,823,211 19.378% = 550,823 19.378%
Inversiones Tano Limitada(4) ** 457,879,800 16.109% 142,126,044 315,753,756 11.109%
Horst Paulmann Kemna() 70,336,573 2.475% — 70,336 2.475%
Peter Paulmann Koepfer(6) * E pa * *
Heike Paulmann Koepfer”) * * — * *
David Gallagher a a pa o _
Roberto Philipps = = — –
Cristián Eyzaguirre = = pa _
Richard Búchi Buc * * — * *
Julio Moura a a pa o =
Mario Valcarce = pa –
Jaime Soler E * o * *
Rodrigo Larrain = = — –
Rodrigo Hetz E * o * *
Carlos Mechetti * * — * *
Andrés Artigas * * _ * *
Bronislao Jandzio = = — –
Patricio Rivas * * =
Antonio Urete * * –
Renato Fernandez = pa po –
Carlos Madina = = — –
Ricardo Bennett * * _ * *
Total shares of common stock issued and outstanding 2,842,459,622 100.000% 2,842,459,622 100.0000%

(1) Our principal shareholders do not have different voting rights than other shareholders. All holders of our shares of common stock are entitled to one vote per
share of common stock in all shareholders” meetings.

(2) Inversiones Quinchamali Limitada is a Chilean company controlled by Horst Paulmann Kemna, our Chairman of the Board, who is the largest shareholder therein,
with the remainder owned by members of the Paulmann family. Members of the Paulmann family include Horst Paulmann Kemna, Manfred Paulmann Koepfer, Peter
Paulmann Koepfer and Heike Paulmann Koepfer. The address for Inversiones Quinchamali Limitada is Avenida Kennedy 9001, Piso 7, Las Condes, Santiago, Chile.
(3) Inversiones Latadia Limitada is a Chilean company majority owned by Inversiones Quinchamali Limitada, with the remainder owned indirectly by members of the
Paulmann family. Its address is Avenida Kennedy 9001, Piso 7, Las Condes, Santiago, Chile.

(4) Inversiones Tano Limitada is a Chilean company majority owned by Inversiones Quinchamali Limitada, with the remainder owned by Inversiones Latadia Limitada
and Horst Paulmann Kemna. Its address is Avenida Kennedy 9001, Piso 7, Las Condes, Santiago, Chile.

(5) Horst Paulmann Kemna owns 2.475% of our shares of common stock directly and the remaining amount through direct and indirect ownership in Inversiones
Quinchamali Limitada, Inversiones Latadia Limitada and Inversiones Tano Limitada. Horst Paulmann Kemna, our Chairman of the Board is the father of Heike
Paulmann Koepfer and Peter Paulmann Koepfer, who both serve on our Board of Directors.

(6) Peter Paulmann Koepfer owns 0.438% of our shares of common stock.

(1) Heike Paulmann Koepfer owns 0.432% of our shares of common stock.

* Represents beneficial ownership of less than one percent of ordinary shares outstanding.
** Selling Shareholder.

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TAXATION
General

This discussion does not constitute, and should not be considered as, legal or tax advice to prospective holders of our common shares or the ADSs. This
discussion is for general information purposes only and is based upon the tax laws of Chile and the United States as in effect on the date of this prospectus, which
are subject to change, and such changes may have retroactive effect. Holders of our common shares or the ADSs should consult their own tax advisors as to the
Chilean, U.S. or other tax consequences of the purchase, ownership and disposition of our common shares or the ADSSs, including, in particular, the effect of any
foreign, state, municipal or local tax laws and their entitlement to the benefits, if any, afforded by any tax treaty to which Chile may be a party and which is in effect or
is applicable.

The following summary contains a description of certain Chilean and U.S. federal income tax consequences of the acquisition, ownership and disposition of
our common shares or the ADSs, but it does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a decision to
purchase, hold or sell vur common shares or the ADSs. In particular, this summary does not describe any tax consequences arising under the laws of any state,
locality or municipality or taxing jurisdiction other than certain laws of Chile and the United States.

As of this date, the United States and Chile have signed an income tax treaty that will enter into force once the treaty is ratified by both countries. Chile has
ratified the treaty but there can be no assurance that the treaty will be ratified by the United States.

Chilean Tax Considerations

The following discussion relates to Chilean income tax laws presently in force and other applicable regulations, instructions and rulings, all of which are
subject to change. The discussion summarizes the principal Chilean income tax consequences of an investment in common shares or the ADSs by a person who is
neither domiciled in, nor a resident of, Chile or by a legal entity that is not organized under the laws of Chile and does not have a branch or permanent establishment
located in Chile (such an individual or entity, a “foreign holder”). For purposes of Chilean tax law, an individual holder is a resident of Chile if such person has resided
in Chile for more than six consecutive months in one calendar year or for a total of six months, whether consecutive or not, in two consecutive tax years. An
individual holder is domiciled in Chile if he or she resides in Chile with the actual or presumptive intent of staying in Chile (such purpose to be evidenced by
circumstances such as the acceptance of employment within Chile or the relocation of his or her family to Chile). The discussion is not intended as tax advice to any
particular investor, which can be rendered only in light of that investor’s particular tax situation.

PROSPECTIVE PURCHASERS SHOULD CONSULT THEIR TAX ADVISORS ABOUT THE CHILEAN TAX CONSEQUENCES TO THEM OF THE PURCHASE,
OWNERSHIP AND DISPOSITION OF OUR COMMON SHARES OR THE ADSS.

Under Chilean law, provisions contained in statutes such as tax rates applicable to foreign investors, the computation of taxable income for Chilean
purposes and the manner in which Chilean taxes are imposed and collected may only be established or amended by another statute. In addition, the Chilean tax
authorities enact rulings and regulations of either general or specific application and interpret the provisions of Chilean tax law. Chilean taxes may not be assessed
retroactively against taxpayers who act in good faith relying on such rulings, regulations and interpretations, but Chilean tax authorities may change these rulings,
regulations and interpretations prospectively. Chile has signed double taxation treaties under the Organization for Economic Cooperation and Development
(“OECD”) model with several countries. Dividends we pay with respect to the common shares or the ADSs held by a foreign holder will be subject to a 35% Chilean
withholding tax, which we will withhold and pay over to the Chilean tax authorities (“the Withholding Tax”). A credit against the Withholding Tax is available based
on the level of corporate income tax we actually paid on the taxable income to be distributed, to which the dividend is imputed (the “First Category Tax”). Ifwe
register net income but taxable losses, no credit against the Withholding Tax will be available. In addition, if we distribute less than all of our distributable income, the
credit for First Category Tax we pay is proportionately reduced.

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Even though an OECD treaty may apply, dividends will be subject to a 35% Withholding Tax as long as the First Category Tax is fully creditable against the
Withholding Tax.

Currently, the First Category Tax rate is 24% for commercial year 2016, and will be 25.5% for commercial year 2017, and 27% for commercial year 2018 and
onwards.

Dividend distributions will be subject to a 35% Withholding Tax. The First Category Tax paid will be fully creditable against the 35% Withholding Tax for
foreign holders who are resident in a jurisdiction with which Chile has a treaty. For foreign holders who are resident in a jurisdiction without a treaty, only 65% of the

First Category Tax paid will be creditable, thus the overall tax burden on dividends for such foreign holder will be 44.45%.

Foreign holders resident in a jurisdiction with which Chile has signed a treaty, but which is not yet in force will have a tax burden limited to 35% between
January 1,2017 and December 31, 2019.

Taxable Capital Gains
General Rules

The sale or disposition of ADSSs representing shares by a foreign holder is not a taxable event in Chile, thus no Chilean tax is imposed on sale or disposition
ofADSs.

Gain recognized on a sale or disposition of shares of common stock will be subject to both the First Category Tax and the Withholding Tax (the former being
creditable against the latter) if:

e the foreign holder has held the shares for less than one year since exchanging ADSSs for shares or acquisition of the shares;
e the foreign holder acquired and disposes of the shares in the ordinary course of its business or as a habitual trader of shares; or

e the foreign holder and the purchaser of the shares are “related parties” or the former has an interest in the latter within the meaning of Article 17,
Number 8, of the Chilean Income Tax Law.

Until December 31, 2016, in all other cases, the gain on the disposition of shares will be subject to a single tax with the same rate of the First Category Tax
(currently imposed at a rate of 24%).

From January 1, 2017, the gain on any disposition of shares will be subject to a 35% tax. However, lower tax rates may apply by application of the provisions
ofa double taxation treaty in force.

Withholding obligations may affect foreign holders, in accordance with the regime applicable to the gain on a given disposition.
Exempt Capital Gains

Under Article 107 of the Chilean Income Tax Law, the gain recognized on the transfer of shares that have high presence in the stock exchange is not subject
to capital gains tax in Chile, provided that the shares are transferred in a local stock exchange or within the process of a public tender of shares governed by the
Securities Market Law. The shares must also have been acquired either in a stock exchange, within the process of a public tender of shares governed by the

Securities Market Law, in an initial public offer of shares resulting from the formation of a corporation or a capital increase of the same, or in an exchange of
convertible bonds.

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Other Chilean Taxes
There are no Chilean inheritance, gift or succession taxes applicable to the sale, transfer or disposition of our common shares and the ADSs by a foreign holder, but
such taxes may affect the heir or donee of our common shares or the ADSs. There is no Chilean stamp, issue, registration or similar taxes or duties payable by foreign
holders of our common shares and the ADSs.
Withholding Tax Certificates
Upon request, we will provide to foreign holders appropriate documentation evidencing the payment of the Chilean withholding taxes.
Material U.S. Federal Income Tax Considerations
This discussion is based on the Internal Revenue Code of 1986, as amended (the “Code”), administrative pronouncements, judicial decisions and final,
temporary and proposed Treasury regulations, all as of the date hereof. These authorities are subject to change, possibly with retroactive effect. It also is based in
part on representations by the Depositary and assumes that each obligation under the Deposit Agreement and any related agreement will be performed in accordance
with its terms.
The following are the material U.S. federal income tax consequences to U.S. Holders (as defined herein) of acquiring, owning and disposing of shares or
ADSs, but it does not purport to be a comprehensive description of all of the tax considerations that may be relevant to a particular person’s decision to hold such
securities. This discussion does not address any U.S. state or local, or non-U.S. tax consequences of the acquisition, ownership or disposition of shares or ADSs. In
addition, this discussion does not address any U.S. federal tax consequences other than U.S. federal income tax consequences, such as the estate and gift tax, or the
Medicare tax on net investment income. The discussion applies only if the beneficial owner holds shares or ADSSs as capital assets for U.S. federal income tax
purposes and it does not describe all of the tax consequences that may be relevant in light of the beneficial owner’s particular circumstances. For instance, it does
not describe all the tax consequences that may be relevant to:
e certain financial institutions;
e insurance companies;
e dealers and traders in securities who use a mark-to-market method of tax accounting;
e persons holding shares or ADSs as part of a “straddle,” integrated transaction or similar transaction;
e persons whose functional currency for U.S. federal income tax purposes is not the U.S. dollar;
e partnerships or other entities classified as partnerships for U.S. federal income tax purposes;
e persons liable for the alternative minimum tax;
e tax-exempt organizations;
e persons that own or are deemed to own ten percent or more of our stock; or
e persons holding shares or ADSs in connection with a trade or business conducted outside of the United States.
Tf an entity or arrangement classified as a partnership for U.S. federal income tax purposes holds shares or ADSs, the U.S. federal income tax treatment ofa

partner will generally depend on the status of the partner and upon the activities of the partnership. Partnerships holding shares or ADSs and partners in such
partnerships should consult their tax advisors as to the particular U.S. federal income tax consequences of holding and disposing of the shares or ADSs.

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You are a “U.S. Holder” for purposes of this discussion if you are:
e acitizen or individual resident of the United States;

e a corporation, or other entity taxable as a corporation, created or organized in or under the laws of the United States, any state thereof or the
District of Columbia;

e an estate, the income of which is subject to U.S. federal income taxation regardless of its source; or

e a trust (i) that validly elects to be treated as a U.S. person for U.S. federal income tax purposes or (ii) if (A) a court within the United States is able to
exercise primary supervision over the administration of the trust and (B) one or more U.S. persons have the authority to control all substantial
decisions of the trust.

In general, ifa U.S. Holder owns ADSSs, such owner will be treated as the owner of the shares represented by those ADSs for U.S. federal income tax
purposes. Accordingly, no gain or loss will be recognized ifa U.S. Holder exchanges ADSS for the underlying shares represented by those ADSs.

The U.S. Treasury has expressed concerns that parties to whom ADSSs are released before shares are delivered to the depositary (pre-release) or
intermediaries in the chain of ownership between U.S. Holders and the issuer of the security underlying the ADSs may be taking actions that are inconsistent with
the claiming of foreign tax credits for U.S. Holders of depositary shares. Such actions would also be inconsistent with the claiming of the reduced tax rates, described
below, applicable to dividends received by certain non-corporate U.S. Holders. Accordingly, the analysis of the creditability of Chilean taxes, and the availability of
the reduced tax rates for dividends received by certain non-corporate holders, each described below, could be affected by actions taken by such parties or
intermediaries.

This discussion assumes that, and the Company believes that, the Company is not, and will not become, a passive foreign investment company (a “PFIC”),
as described below.

U.S. Holders should consult their tax advisors with respect to their particular tax consequences of owning or disposing of shares or ADSs, including the
applicability and effect of state, local, non-U.S. and other tax laws and the possibility of changes in tax laws.

Taxation of Distributions

Distributions paid on shares or ADSs other than certain pro rata distributions of shares of common stock, or rights to acquire common stock, will be treated
as dividends taxable as ordinary income to the extent paid out of our current or accumulated earnings and profits (as determined under U.S. federal income tax
principles). Because we do not maintain calculations of our earnings and profits under U.S. federal income tax principles, it is expected that distributions generally
will be reported as dividends.

Subject to applicable limitations, the discussion below regarding the PFIC rules and the discussion above regarding concerns expressed by the
U.S. Treasury, dividends paid by qualified foreign corporations to a U.S. Holder that is not a corporation are taxable at a maximum rate of 20%. A foreign company is
treated as a qualified foreign corporation with respect to dividends paid on stock that is readily tradable on an established securities market in the United States, such
as the New York Stock Exchange where our ADSSs are traded. A U.S. Holder should consult its tax advisor to determine whether the favorable rate will apply to
dividends it receives and whether it is subject to any special rules that limit its ability to be taxed at this favorable rate.

The amount of a dividend will include the net amount withheld by us in respect of Chilean withholding taxes on the distribution. The amount of the
dividend will be treated as foreign-source dividend income to a U.S. Holder and will not be eligible for the dividends-received deduction generally allowed to
U.S. corporations under the Code. Dividends will be included in a U.S. Holder’s income on the date ofits, or in the case of ADSs, the depositary”s, receipt of the
dividend. The amount of any dividend paid in Chilean pesos will be a U.S. dollar amount calculated by reference to the exchange rate for converting Chilean pesos
into U.S. dollars in effect on the date of such receipt regardless of whether the payment is in fact converted into U.S. dollars. If the dividend is converted into
U.S. dollars on the date of receipt, a U.S. Holder generally should not be required to recognize foreign currency gain or loss in respect of the dividend income. A
U.S. Holder may have foreign currency gain or loss if the dividend is converted into U.S. dollars on a date after the date of receipt.

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Subject to applicable limitations that may vary depending upon a U.S. Holder”s circumstances and subject to the discussion above regarding concerns
expressed by the U.S. Treasury, the net amount of Chilean withholding tax (after reduction for the credit for Chilean corporate income tax, as discussed above under
“—Chilean Tax Considerations”) withheld from dividends on shares or ADSs will be creditable against a U.S. Holder’s U.S. federal income tax liability. The rules
governing foreign tax credits are complex and, therefore, a U.S. Holder should consult its tax advisor regarding the availability of foreign tax credits in its particular
circumstances. Instead of claiming a credit, a U.S. Holder may, at its election, deduct such Chilean taxes in computing its taxable income, subject to generally
applicable limitations under U.S. law. An election to deduct foreign taxes instead of claiming foreign tax credits applies to all taxes paid or accrued in the taxable year
to foreign countries and possessions of the United States.

Sale or Other Disposition of Shares or ADSs

The gain or loss a U.S. Holder realizes on the sale or other disposition of shares or ADSs will be a capital gain or loss, and will be long-term capital gain or
loss if the U.S. Holder has held the shares or ADSs for more than one year. The amount of a U.S. Holder’s gain or loss will equal the difference between the
U.S. Holder’s tax basis in the shares or ADSs disposed of and the amount realized on the disposition, in each case as determined in U.S. dollars. Such gain or loss
will generally be U.S.-source gain or loss for foreign tax credit purposes. In addition, certain limitations exist on the deductibility of capital losses.

In certain circumstances, Chilean taxes may be imposed upon the sale of shares. See “—Chilean Tax Considerations—Taxable Capital Gains”. Ifa Chilean
tax is imposed on the sale or disposition of shares, and the U.S. Holder does not receive significant foreign-source income from other sources, such U.S. Holder may
not be able to credit such Chilean tax against its U.S. federal income tax liability.

Passive Foreign Investment Company Rules

Based upon our current and projected income, assets and activities, we do not expect to be considered a PFIC for our current fiscal year or for future fiscal
years. However, because the determination of whether we are a PFIC will be based upon the composition of our income, assets and the nature of our business, as
well as the income, assets and business of entities in which we hold at least a 25% interest, from time to time, and because there are uncertainties in the application of
the relevant rules, there can be no assurance that we will not be considered a PFIC for any fiscal year. If we are a PFIC for any fiscal year, U.S. Holders (including
certain indirect U.S. Holders) may be subject to adverse tax consequences, including the possible imposition of an interest charge on gains or “excess distributions”
allocable to prior years in the U.S. Holder”s holding period during which we are determined to be a PFIC. If we are deemed to be a PFIC for a taxable year, dividends
on our shares or ADSs would not be “qualified dividend income” eligible for preferential rates of U.S. federal income taxation. In addition, ifwe are a PFIC,

U.S. Holders will generally be required to comply with annual reporting requirements. U.S. Holders should consult their tax advisors regarding the application of the
PFIC rules to them.

Information Reporting and Backup Withholding
Payments of dividends and sales proceeds that are made within the United States or through certain U.S.-related financial intermediaries generally are
subject to information reporting and to backup withholding unless (i) the U.S. Holder is an exempt recipient or (ii) in the case of backup withholding, the U.S. Holder

provides a correct taxpayer identification number and certifies that it is not subject to backup withholding.

The amount of any backup withholding from a payment to a U.S. Holder will be allowed as a credit against its U.S. federal income tax liability and may entitle
itto a refund, provided that the required information is timely furnished to the Internal Revenue Service.

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Certain U.S. Holders are required to report information to the IRS with respect to their investment in shares unless certain requirements are met. Investors
who fail to report required information can become subject to substantial penalties. Prospective investors are encouraged to consult their tax advisors regarding the
implications of this requirement on their investment in ADSs.

A U.S. Holder should consult its tax advisor with respect to the particular consequences to it of receiving, owning or disposing of shares or ADSs.

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UNDERWRITING

The global offering consists of (i) an international offering of of common shares, in the form of ADSs, in the United States and elsewhere outside
Chile and (ii) a Chilean offering of shares of common stock, in the form of shares, inside Chile.

The Selling Shareholder is offering the ADSs described in this prospectus through J.P. Morgan Securities LLC, as sole underwriter (“J.P. Morgan”). J.P.
Morgan Corredores de Bolsa SpA and Credicorp Capital S.A. Corredores de Bolsa are acting as global coordinators in connection with the global offering. We and
the Selling Shareholder have entered into an international underwriting agreement with J.P. Morgan with respect to the ADSs being offered in the international
offering. Subject to the terms and conditions of the international underwriting agreement, the Selling Shareholder has agreed to sell to J.P. Morgan, and J.P. Morgan
has agreed to purchase, at the public offering price less the underwriting discounts and commissions to be paid to J.P. Morgan (not including the incentive fee) set
forth on the cover page of this prospectus, the number of ADSSs listed next to its name in the following table:

Number of
shares
represented
Name by ADSs Number of ADSs

J.P. Morgan Securities LLC
J.P. Morgan is committed to purchase all the ADSs offered by the Selling Shareholder if it purchases any such ADSs.

The aggregate amount of common shares available in the global offering will be allocated between J.P. Morgan and the Chilean Placement Agents (as
defined below) taking into account the orders received in the international offering and the Chilean offering.

In a process known as subasta de un libro de órdenes, all of the common shares in the global offering will be sold initially through a book auction on the
Santiago Stock Exchange. In compliance with Chilean law and the rules of the Santiago Stock Exchange, such initial sale took place
from until p.m. (Santiago time) on (the “Offer Period”) and Credicorp Capital S.A. Corredores de Bolsa and J.P. Morgan Corredores de
Bolsa SpA will act as Chilean placement agents (the “Chilean Placement Agents”). To purchase shares for purposes of the international offering, J.P. Morgan, will
participate in the subasta de un libro de órdenes through J.P. Morgan Corredores de Bolsa SpA.

At the commencement of the Offer Period, acting through the Chilean Placement Agents, the Selling Shareholder will register this global offering of shares
with the Santiago Stock Exchange and such registration will specify the offering characteristics and conditions (the “Offer Conditions”). In order to minimize
arbitrage on the Offer Conditions, all or part of those characteristics and conditions may be declared confidential (“Confidential Conditions”) by the Chilean
Placement Agents in accordance with notifications previously given to the Santiago Stock Exchange. The Confidential Conditions will be disclosed once the pricing
and allocation process is finalized.

On the business day that the order book closes, the purchase price and allocations of the shares of our common stock will be determined by the Selling
Shareholder, based on the demand for the shares of our common stock and certain other discretionary matters. On the business day immediately following, the
Chilean Placement Agents, through the Santiago Stock Exchange, will formally award the shares of our common stock to those prospective purchasers who have
complied with the Offer Conditions by process of the special auction described above. Pursuant to requirements under Chilean law, the Chilean Placement Agents,
on behalf of the Selling Shareholder, will deliver the shares of our common stock against payment therefor on the second business day following the formal award of
these shares to prospective purchasers pursuant to the special auction procedure. The shares of our common stock are expected to be ready for delivery through the
book-entry system of the Depósito Central de Valores on or about ,2016, which is T+2.

The shares awarded to J.P. Morgan will be deposited by the Chilean Placement Agents, on behalf of the Selling Shareholder, with The Bank of New York

Mellon, the depositary (the “Depositary”) under our Deposit Agreement and the Depository will issue the ADSSs representing the shares of common stock so
deposited.

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J.P. Morgan proposes to offer the ADSSs directly to the public at the offering price set forth on the cover page of this prospectus. After the offering of ADSs
in the international offering, the offering price and other selling terms may be changed by J.P. Morgan. Sales of shares or ADSs made outside of the United States
may be made by affiliates of J.P. Morgan.

The underwriting fee is equal to the public offering price per ADS less the amount paid by J.P. Morgan to the Selling Shareholder per ADS. The underwriting
fee is U.S.$ per ADS (or Ch$ per share) (not including the incentive fee).

The following table shows the per ADS, per share and total underwriting discounts and commissions to be paid to J.P. Morgan (not including the incentive
fee).

Per ADS ” ADSs Per share % Shares %

Public offering price
Underwriting discounts and commissionsG)
Proceeds, before expenses, to the Selling Shareholder

(1) In thousands of U.S. dollars.

Q) In millions of Chilean pesos.

6) The underwriting discount represents % of the total global offering amount and does not include the discretionary incentive fee of % of the gros
proceeds of the global offering.

The maximum compensation for J.P. Morgan may also include an incentive fee of %.ofthe gross proceeds of the global offering. The fees and
reasonable expenses of J.P. Morgan’s counsel paid by the Selling Shareholder shall not exceed U.S.$

A prospectus in electronic format may be made available on the web site maintained by J.P. Morgan. J.P. Morgan may agree to allocate a number of ADSs
for sale to its online brokerage account holders. Internet distributions will be allocated on the same basis as other allocations.

We estimate that the total expenses of the international offering, including registration, filing and listing fees, printing fees and legal and accounting
expenses, but excluding the underwriting discounts and commissions, will be approximately U.S.$

The Selling Shareholder, Horst Paulmann (the Chairman of our board of directors) and certain of our other shareholders that are controlled by Horst
Paulmann have entered into lock-up agreements with J.P. Morgan prior to the commencement of the international offering pursuant to which each of these persons or
entities, for a period of 180 days after the date of this prospectus, may not, without the prior written consent of J.P. Morgan, (1) offer, pledge, announce the intention
to sell, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or
otherwise dispose of, directly or indirectly, any of our common shares or any securities convertible into or exercisable or exchangeable for our common shares
(including, without limitation, common stock or such other securities which may be deemed to be beneficially owned by such holders in accordance with the rules
and regulations of the SEC and securities which may be issued upon exercise of a stock option or warrant), or publicly disclose the intention to make any such offer,
sale, pledge or disposition; (2) enter into any swap or other agreement that transfers to another, in whole or in part, any of the economic consequences of ownership
of the common shares or such other securities, (regardless of whether such transaction described in clauses (1) or (2) above is to be settled by the delivery of
common shares or such other securities, in cash or otherwise); (3) make any demand for or exercise any right with respect to the registration of any of our common
shares or any security convertible into or exercisable or exchangeable for our common shares; (4) vote to or take any action to instruct any of our directors to
approve or publicly announce an intention to effect (A) any motion to hold an extraordinary meeting of our shareholders (Junta Extraordinaria de Accionistas)
relating to any capital increase by us by means of the offering of any common stock, except for the issuance of common stock as dividends to our shareholders in the
ordinary course of operations or (B) the issuance of any common stock, except for the issuance of common stock as dividends to our shareholders in the ordinary
course of operations; (5) exercise or publicly announce an intention to exercise its right to request our board of directors to call an extraordinary meeting of our
shareholders (Junta Extraordinaria de Accionistas) pursuant to Article 58 No. 3 of the Chilean Corporation Laws (Articulo 58 No. 3 de la Ley 18.046 de Sociedades
Anonimas) relating to any capital increase by us by means of the offering of any common stock; or (6) vote or publicly announce an intention to vote in favor of any
proposed capital increase by us by means of any offering of common stock, except for the issuance of common stock as dividends to our shareholders in the ordinary
course of operations.

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Such restrictions do not apply to: (i) shares of common stock in the form of ADSs to be sold in the international offering; (ii) shares of common stock to be
sold in the Chilean offering; (iii) the exercise of an option or warrant or the conversion of certain securities; (iv) the transfer of shares of common stock to affiliates
or immediate family members; (v) the transfer of shares of common stock as a bona fide gift; (vi) transactions related to shares of common stock acquired in certain
open market transactions; (vii) the transfer of pledges of common stock securing indebtedness outstanding as of the date hereof (of which J.P. Morgan has been
advised in writing) or the creation of new pledges resulting in the termination of such existing pledges, in each case in connection with any refinancing of such
indebtedness, including such additional shares of common stock as may be required to be pledged to reflect mark-to-market adjustments under the terms of such
transferred or new pledges, as the case may be; (viii) pledges of such additional shares of common stock as may be required to be pledged to reflect mark-to-market
adjustments under the terms of pledges of common stock securing indebtedness outstanding as of the date hereof (of which J.P. Morgan has been advised in
writing) and (ix) to the extent a limited liability company, the distribution of shares of common stock to members thereof; provided, that in the case of (iii), (iv), (v) and
(ix) above, each optionee, transferee or donee, as applicable, must agree to be bound by the terms of the lock-up prior to such transfer.

We and the Selling Shareholder have agreed to indemnify J.P. Morgan against certain liabilities, including liabilities under the Securities Act of 1933.

Our ADSs are listed on the New York Stock Exchange under the symbol “CNCO” and our shares are listed on the Santiago Stock Exchange, the Bolsa
Electronica de Chile and the Valparaiso Stock Exchange under the symbol “CENCOSUD.”

In connection with the international offering, J.P. Morgan may engage in stabilizing transactions, which involve making bids for, purchasing and selling
ADSs in the open market for the purpose of preventing or retarding a decline in the market price of the ADSs while the international offering is in progress. These
stabilizing transactions may include making short sales of ADSs, which involves the sale by J.P. Morgan of a greater number ADSSs than it is required to purchase in
the international offering, and purchasing ADSs on the open market to cover positions created by short sales. A short position is more likely to be created if J.P.
Morgan is concerned that there may be downward pressure on the price of the ADSs in the open market that could adversely affect investors who purchase in the
international offering. To the extent that J.P. Morgan creates a short position, it will purchase ADSs in the open market to cover the position.

J.P. Morgan has advised us that, pursuant to Regulation M of the Securities Act of 1933, it may also engage in other activities that stabilize, maintain or
otherwise affect the price of the ADSs, including the imposition of penalty bids. This means that if J.P. Morgan purchases ADSSs in the open market in stabilizing
transactions or to cover short sales, it may be required to repay the underwriting discount it received.

These activities may have the effect of raising or maintaining the market price of the ADSs or preventing or retarding a decline in the market price of the

ADSs, and, as a result, the price of the ADSs may be higher than the price that otherwise might exist in the open market. If J.P. Morgan commences these activities, it
may discontinue them at any time. J.P. Morgan may carry out these transactions on the New York Stock Exchange, in the over-the-counter market or otherwise.

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Selling restrictions
General

Other than in the United States and the Chilean offering, no action has been taken by us, the Selling Shareholder or J.P. Morgan that would permit a public
offering of the ADSs offered by this prospectus in any jurisdiction where action for that purpose is required. The ADSs offered by this prospectus may not be
offered or sold, directly or indirectly, nor may this prospectus or any other offering material or advertisements in connection with the offer and sale of any such ADSs
be distributed or published in any jurisdiction, except under circumstances that will result in compliance with the applicable rules and regulations of that
jurisdiction. Persons into whose possession this prospectus comes are advised to inform themselves about and to observe any restrictions relating to the
international offering and the distribution of this prospectus. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any ADSs
offered by this prospectus in any jurisdiction in which such an offer or a solicitation is unlawful.

European Economic Area

In relation to each member state of the European Economic Area, no offer of ADSs which are the subject of the offering has been, or will be made to the
public in that Member State other than under the following exemptions under the Prospectus Directive:

a. to any legal entity which is a qualified investor as defined in the Prospectus Directive;

b. to fewer than 150 natural or legal persons (other than qualified investors as defined in the Prospectus Directive), subject to obtaining the prior consent of
the Representative for any such offer; or

c. in any other circumstances falling within Article 3(2) of the Prospectus Directive,

provided that no such offer of ADSs referred to in (a) to (c) above shall result in a requirement for the Company or J.P. Morgan to publish a prospectus pursuant to
Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article 16 of the Prospectus Directive.

Each person located in a Member State to whom any offer of ADSs is made or who receives any communication in respect of an offer of ADSs, or who
initially acquires any ADSs will be deemed to have represented, warranted, acknowledged and agreed to and with J.P. Morgan and the Company that (1) itis a
“qualified investor” within the meaning of the law in that Member State implementing Article 2(1)(e) of the Prospectus Directive; and (2) in the case of any ADSs
acquired by it as a financial intermediary as that term is used in Article 3(2) of the Prospectus Directive, the ADSs acquired by it in the offer have not been acquired
on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Member State other than qualified investors, as that term is defined in
the Prospectus Directive, or in circumstances in which the prior consent of J.P. Morgan has been given to the offer or resale; or where ADSs have been acquired by it
on behalf of any persons in any Member State other than qualified investors, the offer of those ADSs to it is not treated under the Prospectus Directive as having
been made to such persons.

We, J.P. Morgan and their respective affiliates will rely upon the truth and accuracy of the foregoing representations, acknowledgments and agreements.
United Kingdom
J.P. Morgan has represented, warranted and agreed that,

a. it has complied and will comply with all applicable provisions of the Financial Services and Markets Act 2000 (“FSMA”) with respect to anything
done by it in relation to the ADSSs in, from or otherwise involving the United Kingdom; and

b. it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to

engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue and sale of such ADSSs in
circumstances in which Section 21(1) of the FSMA does not apply to us.

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This document is for distribution only to persons who (i) have professional experience in matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the “Financial Promotion Order”), (ii) are persons falling within Article 49(2)
(a) to (d) (“high net worth companies, unincorporated associations etc.”) of the Financial Promotion Order, (iii) are outside the United Kingdom, or (iv) are persons to
whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of any
securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as “relevant persons”). This document
is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which
this document relates is available only to relevant persons and will be engaged in only with relevant persons.

France

Neither this prospectus nor any other offering material relating to the ADSs described in this prospectus has submitted to the clearance procedures of the
Autorité des Marchés Financiers or of the competent authority of another member state of the European Economic Area and notified to the
Autorité des Marchés Financiers. The ADSs have not been offered or sold and will not be offered or sold, directly or indirectly, to the public in France. Neither this
prospectus nor any other offering material relating to the ADSs has been or will be:

e released, issued, distributed or caused to be released, issued or distributed to the public in France; or
e used in connection with any offer for subscription or sale of the shares to the public in France.

Such offers, sales and distributions will be made in France only:

e to qualified investors (investisseurs qualifiés) or to a restricted circle of investors (cercle restreint d’investisseurs), in each case investing for their
own account, all as defined in, and in accordance with articles L.411-2, D.411-1, D.411-2, D.734-1, D.744-1, D.754-1 and D.764-1 of the French Code
monétaire et financier;

e to investment services providers authorized to engage in portfolio management on behalf of third parties; or

e ina transaction that, in accordance with article L.411-2-II-1%-or-2-or 3? of the French Code monétaire et financier and article 211-2 of the General
Regulations (Reglement Général) of the Autorité des Marchés Financiers, does not constitute a public offer (appel public á l’épargne).

Germany

This document has not been prepared in accordance with the requirements for a securities or sales prospectus under the German Securities Prospectus Act
(Wertpapierprospektgesetz), the German Sales Prospectus Act (Verkaufsprospektgesetz) or the German Investment Act (Investmentgesetz). Neither the German
Federal Financial Services Supervisory Authority (Bundesanstalt fir Finanzdienstleistungsaufsicht—BaFin) nor any other German authority has been notified of the
intention to distribute the ADSs in Germany. Consequently, the ADSs may not be distributed in Germany by way of public offering, public advertisement or in any
similar manner and this document and any other document relating to the offering, as well as information or statements contained therein, may not be supplied to the
public in Germany or used in connection with any offer for subscription of the ADSs to the public in Germany or any other means of public marketing. the ADSs are
being offered and sold in Germany only to qualified investors which are referred to in Section 3, paragraph 2 no. 1, in connection with Section 2, no. 6, of the German
Securities Prospectus Act, Section 8f paragraph 2 no. 4 of the German Sales Prospectus Act, and in Section 2 paragraph 11 sentence 2 no. 1 of the German Investment
Act. This document is strictly for use of the person who has received it. It may not be forwarded to other persons or published in Germany. The offering does not
constitute an offer to sell or the solicitation or an offer to buy the ADSSs in any circumstances in which such offer or solicitation is unlawful.

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Italy

The offering of the ADSs has not been registered with the Commissione Nazionale per le Societá e la Borsa (the “CONSOB”), in accordance with Italian
securities legislation. Accordingly, the ADSs may not be offered or sold, and copies of this offering document or any other document relating to the ADSs may not
be distributed in Italy except to Qualified Investors, as defined in Article 34-ter, subsection 1, paragraph b) of CONSOB Regulation no. 11971 of May 14, 1999, as
amended (the “Issuers” Regulation”), or in any other circumstance where an express exemption to comply with public offering restrictions provided by Legislative
Decree no. 58 of February 24, 1998 (the Consolidated Financial Act) or Issuers” Regulation applies, including those provided for under Article 100 of the Finance Law
and Article 34-ter of the Issuers” Regulation, and provided, however, that any such offer or sale of the ADSSs or distribution of copies of this offering document or
any other document relating to the ADSSs in Italy must (i) be made in accordance with all applicable Italian laws and regulations; (ii) be conducted in accordance with
any relevant limitations or procedural requirements that the CONSOB may impose upon the offer or sale of the ADSs; and (iii) be made only by (a) banks, investment
firms or financial companies enrolled in the special register provided for in Article 107 of Legislative Decree no. 385 of September 1, 1993, to the extent duly authorized
to engage in the placement and underwriting of financial instruments in Italy in accordance with the Consolidated Financial Act and the relevant implementing
regulations; or (b) foreign banks or financial institutions (the controlling shareholding of which is owned by one or more banks located in the same EU Member State)
authorized to place and distribute securities in the Republic of Italy pursuant to Articles 15, 16 and 18 of the Banking Act, in each case acting in compliance with all
applicable laws and regulations.

Netherlands

The ADSSs may not, directly or indirectly, be offered or acquired in the Netherlands and this prospectus may not be circulated in the Netherlands, as part of
an initial distribution or any time thereafter, other than to individuals or (legal) entities who or which qualify as qualified investors within the meaning of Article 1:1 of
the Financial Supervision Act (Wet op het financieel toezicht) as amended from time to time.

Portugal

No document, circular, advertisement or any offering material in relation to the ADSs has been or will be subject to approval by the Portuguese Securities
Market Commission (Comissáo do Mercado de Valores Mobiliários, the “CMVM”). No common shares may be offered, re-offered, advertised, sold, re-sold or
delivered in circumstances which could qualify as a public offer (oferta pública) pursuant to the Portuguese Securities Code (Código dos Valores Mobiliários),
and/or in circumstances which could qualify the issue of the common shares as an issue or public placement of securities in the Portuguese market. This prospectus
and any document, circular, advertisements or any offering material may not be directly or indirectly distributed to the public. All offers, sales and distributions of the
ADSs have been and may only be made in Portugal in circumstances that, pursuant to the Portuguese Securities Code, qualify as a private placement (oferta
particular), all in accordance with the Portuguese Securities Code. Pursuant to the Portuguese Securities Code, the private placement in Portugal or to Portuguese
residents of the common shares by public companies (sociedades abertas) or by companies that are issuers of securities listed on a market must be notified to the
CMVM for statistical purposes. Any offer or sale of the ADSs in Portugal must comply with all applicable provisions of the Portuguese Securities Code and any
applicable CMVM Regulations and all relevant Portuguese laws and regulations. The placement of the ADSSs in the Portuguese jurisdiction or to any entities which
are resident in Portugal, including the publication of a prospectus, when applicable, must comply with all applicable laws and regulations in force in Portugal and with
the Prospectus Directive, and such placement shall only be performed to the extent that there is full compliance with such laws and regulations.

Spain

This offer of ADSs has not been and will not be registered with the Spanish National Securities Market Commission (Comisión Nacional del Mercado de
Valores or “CNMV”) and, therefore, no ADSs may be offered, sold or distributed in any manner, nor may any resale of the ADSs be carried out in Spain except in
circumstances which do not constitute a public offer of securities in Spain or are exempted from the obligation to publish a prospectus, as set forth in Spanish
Securities Market Act (Ley 24/1988, de 28 de julio, del Mercado de Valores) and Royal Decree 1310/2005, of November 4, 2005, and other applicable regulations, as
amended from time to time, or otherwise without complying with all legal and regulatory requirements in relation thereto. Neither the prospectus nor any offering or
advertising materials relating to the ADSs have been or will be registered with the CNMV and therefore they are not intended for the public offer of the ADSs in
Spain.

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Switzerland

The ADSs may not be publicly offered in Switzerland and will not be listed on the SIX Swiss Exchange (the “SIX”) or on any other stock exchange or
regulated trading facility in Switzerland. This document has been prepared without regard to the disclosure standards for the issuance of prospectuses under Article
652a or Article 1156 of the Swiss Code of Obligations or the disclosure standards for listing prospectuses under Article 27ff of the SIX Listing Rules or the listing
rules of any other stock exchange or regulated trading facility in Switzerland. Neither this document nor any other offering or marketing material relating to the ADSs
or the offering may be publicly distributed or otherwise made publicly available in Switzerland. Neither this document nor any other offering or marketing material
relating to the ADSs, the Company or the offering have been or will be filed with or approved by any Swiss regulatory authority. In particular, this document will not
be filed with, and the offer of the ADSs will not be supervised by, the Swiss Financial Market Supervisory Authority, and the offer of ADSSs has not been and will not
be authorized under the Swiss Federal Act on Collective Investment Schemes (the “CISA”). The investor protection afforded to acquirers of interests in collective
investment schemes under the CISA does not extend to acquirers of ADSs.

Argentina

The ADSSs have not been registered with the Comisión Nacional de Valores and may not be offered publicly in Argentina. The ADSs may not be publicly
distributed in Argentina. Neither we nor J.P. Morgan will solicit the public in Argentina in connection with this prospectus.

Brazil

The offer and sale of the ADSs will not be carried out by any means that would constitute a public offering in Brazil under Law No. 6,385, of December 7,
1976, as amended, and under CVM Rule (/nstrugdo) No. 400, of December 29, 2003, as amended. The offer and sale of the ADSs have not been and will not be
registered with the Comissdo de Valores Mobiliários in Brazil. Any representation to the contrary is untruthful and unlawful. Any public offering or distribution, as
defined under Brazilian laws and regulations, in Brazil is not legal without such prior registration. Documents relating to the offering of the ADSs, as well as
information contained therein, may not be supplied to the public in Brazil, as the offering of the ADS is not a public offering of securities in Brazil, nor may they be
used in connection with any offer for sale of the ADSSs to the public in Brazil.

Any offer of the ADSs is addressed to the addressee personally, upon such addressee”s request and for its sole benefit, and is not to be transmitted to
anyone else, to be relied upon by anyone else or for any other purpose either quoted or referred to in any other public or private document or to be filed with anyone
without J.P. Morgan’s prior, express and written consent.

Colombia

The ADSSs have not been and will not be offered in Colombia through a public offering of securities pursuant to Colombian laws and regulations, nor will it
be registered in the Colombian National Registry of Securities and Issuers or listed on a regulated securities trading system such as the Colombian Stock Exchange.

Mexico

The ADSs have not been registered with the National Securities” Registry (Registro Nacional de Valores) maintained by the National Banking and
Securities Commission (Comisión Nacional Bancaria y de Valores, the “CNBV”), and may not be offered or sold publicly in Mexico.

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This document is not intended to be publicly distributed to an undetermined person through mass media, nor to serve as an application for the registration
of the securities in Mexico, nor as a prospectus for their public offering in said jurisdiction. This document is addressed to you under a private offering exception
contained in article 8 of the Securities Market Law (Ley del Mercado de Valores, the “LMV”), for which you must comply with any of the following requirements:

(1) you are either an institutional or qualified investor for purposes of Mexican law;
(ii) you are a member of a group of less than 100 individually identified people to whom

The ADSs are being offered directly and personally; or (iii) you are an employee of the issuer and a beneficiary of an employees” benefit plan of said issuer.

The LMV and CNBV regulations (along with other laws applicable in Mexico) define institutional investors as Mexican and foreign banks, broker dealers,
insurance and bond companies, bonded warehouses, financial leasing companies, factoring companies and investment funds, private pension and annuities funds
and foreign pension and investment funds. Such regulations also define qualified investors as individuals and corporations which maintain during the previous year
investments in securities for an amount equal or similar to 1.5 million Mexican Unidades de Inversión or “UDIS” (approximately US$330,000) or that have obtained
during the previous two years a gross income of at least 500,000 UDIS (approximately US$1 10,000) per year.

Peru

The ADSs will not be subject to a public offering in Peru and have not been and will not be registered with or approved by the Peruvian Superintendency of
securities (Superintendencia del Mercado de Valores, the “SMV”), the Lima stock exchange or the BVL (Bolsa De Valores de Lima). Peruvian securities laws and
regulations on public offerings will not be applicable to the offering of the ADSs and therefore, the disclosure obligations set forth therein will not be applicable to
the Company or the sellers of the ADSs before or after their acquisition by prospective investors. This prospectus and other offering materials relating to the offer of
the ADSs are being supplied to those Peruvian investors who have expressly requested them. Such materials may not be distributed to any person or entity other
than the intended recipients. Accordingly, the ADSs cannot be offered or sold in Peru, except if (i) such ADSs were previously registered with the SMV, or (ii) such
offering is considered a private offering under the Peruvian securities laws and regulations of Peru. The Peruvian Securities laws establish, among other things, that
an offer directed exclusively to Peruvian institutional investors qualifies as a private offering. In making an investment decision, institutional investors (as defined by
Peruvian law) must rely on their own examination of the terms of the offering of the ADSSs to determine their ability to invest in the ADSs. No offer or invitation to
subscribe for or sell the ADSs or beneficial interests therein can be made in Peru except in compliance with the Peruvian securities laws.

Canada

The ADSs may be sold only to purchasers purchasing, or deemed to be purchasing, as principal that are accredited investors, as defined in National
Instrument 45-106 Prospectus Exemptions or subsection 73.3(1) of the Securities Act (Ontario), and are permitted clients, as defined in National Instrument 31-103
Registration Requirements, Exemptions and Ongoing Registrant Obligations. Any resale of the ADSs must be made in accordance with an exemption from, orina
transaction not subject to, the prospectus requirements of applicable securities laws.

Securities legislation in certain provinces or territories of Canada may provide a purchaser with remedies for rescission or damages if this prospectus
(including any amendment thereto) contains a misrepresentation, provided that the remedies for rescission or damages are exercised by the purchaser within the time
limit prescribed by the securities legislation of the purchaser”s province or territory. The purchaser should refer to any applicable provisions of the securities
legislation of the purchaser’s province or territory for particulars of these rights or consult with a legal advisor.

Pursuant to section 3A.3 (or, in the case of securities issued or guaranteed by the government of a non-Canadian jurisdiction, section 3A.4) of National
Instrument 33-105 Underwriting Conflicts (NI 33-105), J.P. Morgan is not required to comply with the disclosure requirements of NI 33-105 regarding underwriter
conflicts of interest in connection with this offering.

96
Other relationships

J.P. Morgan and its affiliates have provided in the past to us and our affiliates and may provide from time to time in the future certain commercial banking,
financial advisory, investment banking and other services for us and such affiliates in the ordinary course of their business, for which they have received and may
continue to receive customary fees and commissions. In addition, from time to time, J.P. Morgan or its affiliates may effect transactions for their own account or the
account of customers, and hold on behalf of themselves or their customers, long or short positions in our debt or equity securities or loans, and may do so in the
future.

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EXPENSES

The following table sets forth the estimated expenses to be paid by us in connection with the filing of this registration statement, which we anticipate to be

reimbursed by the Selling Shareholder:
Expenses

Registration fees

Legal fees and expenses
Accounting fees and expenses
Printing fees and expenses
Miscellaneous expenses

Amount

U.S.$ 41,171
465,000

280,000

7,500

300,000

Total

U.S.$ 1,093,671
LEGAL MATTERS

We are being represented by Milbank, Tweed, Hadley £« McCloy LLP with respect to legal matters of United States federal securities and New York State
law. The international underwriter is being represented by Shearman and Sterling LLP with respect to legal matters of United States federal securities and New York
State law. The validity of the shares of common stock offered pursuant to the international offering and certain legal matters as to Chilean law will be passed upon for
us by Morales Besa y Cía. Ltda. and for the international underwriter by Carey y Cía. Ltda.

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EXPERTS

Our Audited Consolidated Financial Statements and management’s assessment of the effectiveness of internal control over financial reporting (which is
included in Management’s Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference to the Annual Report on Form 20-F for
the year ended December 31, 2015 have been so incorporated in reliance on the report of PricewaterhouseCoopers Consultores, Auditores y Compañia Limitada, an
independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.

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ENFORCEABILITY OF CIVIL LIABILITIES

We are a publicly held stock corporation (sociedad anónima abierta) under the laws of Chile. Substantially all of our directors and officers named herein
reside outside the United States (principally in Chile and Argentina). All or a substantial portion of our assets, and the assets of our directors and officers are located
outside the United States. As a result, it may not be possible for investors to effect service of process within the United States upon such persons or to enforce
against us in U.S. courts judgments predicated upon the civil liability provisions of the federal securities laws of the United States.

We have been advised by Morales Besa y Cía. Ltda., our external Chilean counsel, that no treaty exists between the United States and Chile for the
reciprocal enforcement of foreign judgments. Chilean courts, however, have enforced final judgments rendered in the United States by virtue of the legal principles of
reciprocity and comity, subject to the review in Chile of any such United States judgment in order to ascertain whether certain basic principles of due process and
public policy have been respected without reviewing the merits of the subject matter of the case. Ifa United States court grants a final judgment for the payment of
money in an action based on the civil liability provisions of the federal securities laws of the United States, enforceability of this judgment in Chile will be subject to
the obtaining of the relevant “exequatur” (i.e., recognition and enforcement of the foreign judgment) according to Chilean civil procedure law in force at that time, and
consequently, subject to the satisfaction of certain factors. Currently, the most important of these factors are:

e the existence of reciprocity;

e the absence of any conflict between the foreign judgment and Chilean laws (excluding for this purpose the laws of civil procedure) and public
policies;

e the absence of a conflicting judgment by a Chilean court relating to the same parties and arising from the same facts and circumstances;
e the absence of any further means for appeal or review of the judgment in the jurisdiction where judgment was rendered;
e the Chilean courts” determination that the United States courts” jurisdiction was not in conflict with theirs;

e that service of process was appropriately served on the defendant and that the defendant was afforded a real opportunity to appear before the
court and defend its case; and

e that enforcement would not violate Chilean public policy.

In general, the enforceability in Chile of final judgments of United States courts does not require retrial in Chile but a review of certain relevant legal
considerations (i.e. principles of due process and public policy). However, there is doubt:

e asto the enforceability in original actions in Chilean courts of liabilities predicated solely on the United States federal securities laws; and

e as to the enforceability in Chilean courts of judgments of United States courts obtained in actions predicated solely upon the civil liability
provisions of the federal securities laws of the United States.

In addition, foreign judgments specifically related to properties located in Chile, including the attachment of liens on such properties would violate Chilean
law because such properties are located in Chile, are subject exclusively to Chilean law and to the jurisdiction of Chilean courts.

We have appointed CT Corporation Systems, with offices currently at 111 Eighth Avenue, 13th floor, New York, New York, 10011, as our authorized agent

upon which service of process may be served in any action which may be instituted against us in any United States federal or state court having subject matter
jurisdiction in the State of New York, County of New York arising out of or based upon the ADSs or the Deposit Agreement.

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PART II. INFORMATION NOT REQUIRED IN PROSPECTUS

ITEM 8. INDEMNIFICATION OF DIRECTORS AND OFFICERS.

Neither the laws of Chile nor the Registrant’s constitutive documents provide for the indemnification of directors or officers. However, under Chilean law,

when a director or officer of a corporation acts within the scope of his or her authority, the corporation will be responsible for any resulting liabilities or expenses as
long as the director or officer acted in a manner consistent with the fiduciary duties imposed on officers or directors by Chilean law.

ITEM 9. EXHIBITS.

4.1

5.1

8.1

8.2

23.1

23.2

23,3

24.1

The following exhibits are filed herewith or incorporated by reference herein:

Form of Underwriting Agreement.*

Amended and Restated Deposit Agreement dated as of June 21, 2012 among the Company, The Bank of New York Mellon, as depositary, and all holders and
beneficial owners from time to time of American Depositary Shares issued thereunder, previously filed as Exhibit 1 to the Company’s Form F-6 filed with the
Securities and Exchange Commission on June 4, 2012 and incorporated by reference herein.

Opinion of Morales Besa y Cía. Ltda. regarding the legality of the shares of common stock being registered.

Tax opinion of Milbank, Tweed, Hadley £« McCloy LLP regarding certain U.S. tax matters.

Tax opinion of Morales Besa y Cía. Ltda. regarding certain Chilean tax matters (included in Exhibit 5.1).

Consent of PricewaterhouseCoopers.

Consent of Morales Besa y Cía. Ltda. (included in Exhibit 5.1).

Consent of Milbank Tweed Hadley 8 McCloy LLP (included in Exhibit 8.1).

Power of Attorney of certain directors and officers of the Registrant (included in the signature page to this Registration Statement).

To be filed by amendment to the Registration Statement or incorporated by reference from documents filed or to be filed with the SEC under the Exchange Act.

ITEM 10. UNDERTAKINGS.

(a) The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:
(1) To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933, as amended (the “Securities Act”);
(ii) To reflect in such prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent

post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this
Registration Statement. Notwithstanding the foregoing, any increase or decrease in the volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Securities and Exchange Commission (the “SEC”), pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20-percent change in the maximum aggregate offering price set forth in the
“Calculation of Registration Fee” table in the effective registration statement;

TE1
(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration
Statement or any material change to such information in this Registration Statement;

Provided, however, that:

Paragraphs (a1()G), (a)()Gi) and (a)()Gii) of this section do not apply if the information required to be included in a post-effective amendment by those
paragraphs is contained in reports filed with or furnished to the SEC by the registrant pursuant to section 13 or section 15(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”) that are incorporated by reference in the registration statement, or is contained in a form of prospectus filed pursuant to Rule 424(b)
that is part of the registration statement.

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof.

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination
of the offering.
(4) To file a post-effective amendment to the registration statement to include any financial statements required by Item 8.A of Form 20-F at the start of

any delayed offering or throughout a continuous offering. Financial statements and information otherwise required by Section 10(a)(3) of the Securities Act need not
be furnished, provided that the registrant includes in the prospectus, by means of a post-effective amendment, financial statements required pursuant to this
paragraph (a)(4) and other information necessary to ensure that all other information in the prospectus is at least as current as the date of those financial

statements. Notwithstanding the foregoing, a post-effective amendment need not be filed to include financial statements and information required by Section 10(a)(3)
of the Securities Act or Rule 3-19 of Regulation S-K if such financial statements and information are contained in periodic reports filed with or furnished to the SEC by
the registrant pursuant to section 13 or section 15(d) of the Exchange Act that are incorporated by reference in the Form F-3.

(5) That, for the purpose of determining liability under the Securities Act, to any purchaser:

(1) Each prospectus filed by the registrant pursuant to Rule 424 (b)(3) shall be deemed to be part of this Registration Statement as of the date
the filed prospectus was deemed part of and included in the registration statement; and

(ii) Each prospectus required to be filed pursuant to Rule 424 (b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance on Rule 430B
relating to an offering made pursuant to Rule 415(a)(1)(1), (vii), or (x) for the purpose of providing the information required by section 10(a) of the Securities
Act shall be deemed to be part of and included in the registration statement as of the earlier of the date such form of prospectus is first used after
effectiveness or the date of the first contract of sale of securities in the offering described in the prospectus. As provided in Rule 430B, for liability purposes
of the issuer and any person that is at that date an underwriter, such date shall be deemed to be a new effective date of the registration statement relating to
the securities in the registration statement to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial
bona fide offering thereof. Provided, however, that no statement made in a registration statement or prospectus that is part of the registration statement or
made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement
will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such effective date.

1r2
(6) That, for the purpose of determining liability of the registrant under the Securities Act to any purchaser in the initial distribution of the
securities: The undersigned registrant undertakes that in a primary offering of securities of the undersigned registrant pursuant to this registration statement,
regardless of the underwriting method used to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the
following communications, the undersigned registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:

(1) Any preliminary prospectus or prospectus of the undersigned registrant relating to the offering required to be filed pursuant to Rule 424;

(ii) Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant or used or referred to by the
undersigned registrant;

(iii) The portion of any other free writing prospectus relating to the offering containing material information about the undersigned registrant
or its securities provided by or on behalf of the undersigned registrant; and

(iv) Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the
Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan”s annual
report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

(c) The undersigned registrant hereby undertakes to supplement the prospectus, after the expiration of the subscription period, to set forth the results
of the subscription offer, the transactions by the underwriters during the subscription period, the amount of unsubscribed securities to be purchased by the
underwriters, and the terms of any subsequent reoffering thereof. Ifany public offering by the underwriters is to be made on terms differing from those set forth on
the cover page of the prospectus, a post-effective amendment will be filed to set forth the terms of such offering.

(d) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that, in the opinion of the SEC, such indemnification is against public
policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel
the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public
policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

13
SIGNATURES
Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe it meets all of the requirements for filing
on Form F-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Santiago, Chile, on July 11,
2016.
Cencosud S.A.

By: /s/Jaime Soler

Name: Jaime Soler
Title: Chief Executive Officer

TF-4
POWER OF ATTORNEY

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Jaime Soler or Rodrigo Larrain or either
of them, his or her true and lawful attorney-in-fact and agents, with full power of substitution and resubstitution, for him or her and in his or her name, place and
stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this registration statement, and to sign any related
registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933, and to file the same, with all exhibits thereto, and other documents in connection
therewith, with the SEC, granted unto said attorney-in-fact and agents, full power and authority to do and to perform each and every act and thing required and
necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that
said attorney-in-fact and agents, or any of them or their substitutes or substitutes, could lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities indicated
on July 11, 2016.

/s/ Jaime Soler Chief Executive Officer

Jaime Soler (Principal Executive Officer)

/s/ Rodrigo Larrain Chief Financial Officer

Rodrigo Larrain (Principal Financial Officer and Principal Accounting Officer)

Horst Paulmann Kemna Chairman of the Board and Director
/s/ Heike Paulmann Koepfer Director

Heike Paulmann Koepfer

/s/ Peter Paulmann Koepfer Director
Peter Paulmann Koepfer

+ Director
Richard Búchi Buc
/s/ Cristián Eyzaguirre Director
Cristián Eyzaguirre
* Director
David Gallagher
* Director
Julio Moura
/s/ Roberto Philipps Director
Roberto Philipps
* Director
Mario Valcarce
/s/ Donald J. Puglisi Authorized Representative in the United States
Donald J. Puglisi Managing Director, Puglisi £« Associates

* Denotes directors that did not sign this registration statement.

1-5
EXHIBIT INDEX
The following exhibits are filed herewith or incorporated by reference herein:

1.1 Form of Underwriting Agreement.*

4.1 Amended and Restated Deposit Agreement dated as of June 21, 2012 among the Company, The Bank of New York Mellon, as depositary, and all holders and
beneficial owners from time to time of American Depositary Shares issued thereunder, previously filed as Exhibit 1 to the Company’s Form F-6 filed with the
Securities and Exchange Commission on June 4, 2012 and incorporated by reference herein.

5.1 Opinion of Morales Besa y Cía. Ltda. regarding the legality of the shares of common stock being registered.

8.1 Tax opinion of Milbank, Tweed, Hadley £« McCloy LLP regarding certain U.S. tax matters.

8.2 Tax opinion of Morales Besa y Cía. Ltda. regarding certain Chilean tax matters (included in Exhibit 5.1).

23.1 Consent of PricewaterhouseCoopers.

23.2 Consent of Morales Besa y Cía. Ltda. (included in Exhibit 5.1).

233 Consent of Milbank Tweed Hadley 8 McCloy LLP (included in Exhibit 8.1).

24.1 Power of Attorney of certain directors and officers of the Registrant (included in the signature page to this Registration Statement).

* To be filed by amendment to the Registration Statement or incorporated by reference from documents filed or to be filed with the SEC under the Exchange Act.

Tr6
Exhibit 5.1

Isidora Goyenechea 3477, piso 19
Las Condes, Santiago 7550106

Chile

MORALES € BESA

TAO GADOS Telephone (+56-2) 2472-7000
Fax (+56-2) 2472-7001
Direct Dial (+56-2) 2472-7007

Santiago, Chile, July 11, 2016

Cencosud S.A.

Av. Kennedy 9001, piso 7
Las Condes, Santiago
Chile

Ladies and Gentlemen:

We have acted as special Chilean counsel to Cencosud S.A. (the “Company”), an open stock corporation (sociedad anónima abierta) organized under the
laws of Chile, in connection with the preparation and filing by the Company with the Securities and Exchange Commission (the “SEC”), under the Securities Act of
1933, as amended, of a Registration Statement on Form F-3 (the “Registration Statement”) and the offering by Inversiones Tano Limitada (the “Selling Shareholder”)
of 142,126,044 common shares (the “Common Shares”) without par value, and Common Shares in the form of American Depositary Shares.

In so acting, we have examined and relied upon originals or certified, conformed or reproduction copies of such agreements, instruments, documents and
records of the Company, as we have deemed necessary or appropriate for the purposes of the opinion expressed below. In all such examinations, we have assumed,
without any independent investigation or inquiry of any kind,

(a) the legal capacity of all natural persons executing documents,
(b) the genuineness of all signatures on original or certified copies,

(c) the authenticity and completeness of all original or certified copies and the conformity to original or certified documents of all copies submitted to us as
conformed or reproduction copies.

We have relied as to factual matters upon, and have assumed the accuracy of, representations, statements and certificates of or from public officials and of
or from officers and representatives of the Company.
We are qualified to practice law in the Republic of Chile and do not purport to be expert on, or to express any opinion herein concerning, any law other than
the laws of Chile as in effect on the date hercof.

Based upon the foregoing, and subject to each and all of the limitations, qualifications and assumptions set forth herein, we are of the opinion that:
1) The Company was duly incorporated and is legally existing under the laws of Chile;
2) The Company has an authorized and outstanding capitalization as set forth in the Registration Statement; and
3) The Common Shares to be sold by the Selling Shareholder are legally issued, fully paid and non-assessable.

The discussion in the Registration Statement under the caption “Taxation—Chilean Tax Considerations”, insofar as it describes certain matters of Chilean
tax laws and regulations or legal conclusions with respect thereto, constitutes our opinion.

We hereby consent to the filing with the U.S. Securities and Exchange Commission of this opinion as an exhibit to the Registration Statement, and to the
references made to our firm under the captions “Taxation—Chilean Tax Considerations “ and “Legal matters” in the Registration Statement. In giving such consent,
we do not thereby admit that we are experts with respect to any part of the Registration Statement, including this exhibit, within the meaning of the term “expert” as
used in the Act, or the rules and regulations of the U.S. Securities and Exchange Commission issued thereunder.

Sincerely,

/s/ MORALES BESA Y CÍA. LTDA.

2-
Exhibit 8.1

Milbank Tweed Hadley $: McCloy LLP
28 Liberty Street
New York, NY 10005
July 11, 2016

Cencosud S.A

Av. Kennedy 9001

Piso 6

Las Condes, Santiago, Chile

Ladies and Gentlemen:

We have acted as special New York counsel Cencosud S.A., a Chilean corporation (the “Company”, in connection with the proposed offering by
Inversiones Tano Limitada of an aggregate of 142,126,044 shares (the “Shares”) of the Company”s common stock, no par value, in the form of shares or American
depositary shares (“ADSs”) as contemplated in the registration statement on Form F-3ASR (the “Registration Statement”), filed by the Company with the Securities
and Exchange Commission.

We hereby confirm that the discussion of United States Federal income tax matters contained in the Registration Statement under the heading “Taxation—
Material U.S. Federal Income Tax Considerations,” to the extent it states matters of law or legal conclusions and subject to the assumptions, qualifications and
limitations set forth therein, is our opinion.

We hereby consent to the filing of this opinion as an exhibit to the Registration Statement and to the reference to us under the heading “Legal Matters” in

the Prospectus contained in the Registration Statement. In giving such consent, we do not thereby admit that we are in the category of persons whose consent is
required under Section 7 of the Act.

Very truly yours,

/s/ Milbank Tweed Hadley $: McCloy LLP
Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
We hereby consent to the incorporation by reference in this Registration Statement on Form F-3 of our report dated April 14, 2016 relating to the consolidated
financial statements and the effectiveness of internal control over financial reporting, which appears in Cencosud S.A.”s Annual Report on Form 20-F for the year

ended December 31, 2015. We also consent to the references to us under the headings “Presentation of Financial and Other Information” and “Experts”, in such
Registration Statement.

/s/PricewaterhouseCoopers
Santiago, Chile

July 8, 2016
EDGAR Submission Header Summary

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enco_6k.htm
Report of Foreign Private Issuer

img001.jpg

img002.jpg

UNITED STATES
SECURITIES AND EXCHANGE CO!
Washington, D.C. 20549

[MISSION

FORM 6-K

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
under the Securities Exchange Act of 1934

For the month of July, 2016

Commission File Number 001-35575

Cencosud S.A.

(Translation of registrant’s name into English)

Av. Kennedy 9001, 6th Floor
Las Condes, Santiago
Chile
(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F Form40F O
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(bJ(1): Ol

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(bJ(7): Ol

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Cencosud S.A.
By: /s/ Sebastian Rivera Martinez

Name: Sebastian Rivera Martinez
Title: Legal Manager

Dated: July 11,2016

Table Of Contents

Management’s Discussion and Analysis of Financial Condition and Res a 2
Unaudited Condensed Consolidated Interim Financial Statements as of and for the three=month period ended March LR
1

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF AND FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2016

This Report on Form 6-K consists of a management’s discussion and analysis of financial condition and results of operations and the unaudited condensed consolidated interim financial
statements of the registrant as of and for the three-month period ended March 31, 2016 (the “Consolidated Financial Statements”). The Consolidated Financial Statements are presented in Chilean Pesos
and prepared in accordance with International Financial Reporting Standards.

This report contains forward-looking statements. The registrant desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and, consequently, is
hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in such forward-looking statements.

The registrant’s forward-looking statements are based on the registrant’s current expectations, assumptions, estimates and projections about the registrant and its industry. These forward-looking
statements can be identified by words or phrases such as “anticipate,” “believe,” “continue,” “estimate,” “expect” “intend,” “is/ should,” “would,” or other similar
expressions.

fare likely to,” “may,” “plan,

The forward-looking statements included in this report involve various risks and uncertaintics, including, among others: (i) changes in general economic, business or political or other conditions in
Chile, Argentina, Brazil, Peru, Colombia or elsewhere in Latin America or global markets; (¡i) changes in capital markets in general that may affect policies or attitudes towards investing in Chile, Argentina,
Brazil, Peru, Colombia or securities issued by companies in such countries; (iii) the monetary and interest rate policies of the Central Banks of Chile, Argentina, Brazil, Peru, Colombia and elsewhere in
Latin America or global markets; (iv) high levels ofinflation or deflation: (v) unanticipated increases in financing and other costs or our inability to obtain additional debt or equity financing on attractiv
terms; (vi) movements in interest and/or foreign exchange rates, and movements in equity prices or other rates or prices; (vii) changes in, or failure to comply with, applicable regulations or changes in
taxes; (viii) loss of market share or changes in competition and pricing environments in the industries in which the Company operates; (ix) difficulties in successfully integrating recent and future
acquisitions into the Company’s operations; (x) the Company’s inability to hedge certain risks economically; (xi) changes in consumer spending and saving habits; (xii) implementation of new
technologies; (xiii) limitations on the Company’s ability to open new stores and operate them profitably; (xiv) difficulties in completing proposed store openings, expansions or remodeling; (xv) difficulties
in acquiring and developing land in Chile, Argentina, Brazil, Peru or Colombia, and restrictions on opening new large stores in any such countries; and (xvi) the factors discussed under the heading “Risk
Factors” as well as risks included in the Company’s other filings and submissions with the United States Securities and Exchange Commission.

Although the registrant believes that its expectations expressed in these forward-looking statements are reasonable, its expectations may turn out to be incorrect. The registrant’s actual results
could be materially different from its expectations. In light of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this report might not occur, and the
registrant’s future results and its performance may differ materially from those expressed in these forward-looking statements due to, including, but not limited to, the factors mentioned above. Because of
these uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

The forward-looking statements made in this report relate only to events or information as of the date on which the statements are made. The registrant undertakes no obligation to update any
forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect the occurrence of unanticipated events.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

References to the terms “Cencosud S.A.” “we “our” and “our company” refer to the registrant, Cencosud S.A., a corporation organized under the form ofa sociedad anónima under the
laws of Chile, and its consolidated subsidiarios, unless otherwise indicated.

Aus

Operating and Financial Review and Prospects

We believe we are one of the leading multi-brand retailers in South America, based on revenues, selling space, number of stores and gross leasable area in the sectors and countries in which we
operate. We operate through a number of formats, including supermarkets, home improvement stores, shopping centers and department stores. The company believes Peru and Colombia are high-growth
and underpenetrated markets due to their favorable demographics, sustainable household consumption growth and low formal retail penetration as described hercin and in the section titled “Item 4.
Information on the Company—B. Business Overview—Industry Overview and Competition” in our Annual Report on Form 20-F for the year ended December 31, 2015 filed on April 15, 2016, as amended
by Amendment No. 1 to Form 20-F filed with the Commission on July 7, 2016 (collectively, the “2015 Form 20-F”). As a complement to our core retailing business, we are actively involved across the
region in the commercial real estate development business, particularly in Chile, Argentina, Colombia and Peru, with 53 shopping malls representing 794,592 square meters of gross leasable area for third
parties as of March 31, 2016, and we also offer open and private label credit cards, consumer loans and limited financial services to our retail customers.

¡ess

Our operations in Chile accounted for 41.5% of our consolidated revenues from ordinary activities for the three-month period ended March 31, 2016 compared to 36.3% in the corresponding
period in 2015. Consequently, our financial condition and results of operations are substantially dependent on economic conditions prevailing in Chile. In 2010, the Chilean economy began to recover
following its 2009 recession. As reported by the Central Bank of Chile, GDP expanded 5.8% in 2011 and 5.5% in 2012. However, in line with other global economics, such growth decelerated beginning in
2013, with the Chilean GDP expanding 4.0% in 2013, 1.9% in 2014 and 2.1% in 2015. According to ILACAD World Retail (“ILACAD””), an international consulting company that monitors the retail
industry, the Chilean formal retail sector, which consists of business that are taxed and that employ formal labor, accounts for 63% of the Chilean retail sector, a relatively high percentage in comparison to
the other countries in which we operate, but low in comparison to the United States, where the formal sector accounts for 92% of the retail sector, according to the U.S. Census Bureau, as of 2013.

The recovery of the Chilean economy in 2010 was led in part by a recovery of the prices of Chile’s exports, which according to the World Bank contributed 36.8% of GDP in the period from 2010
to 2014, As a result of the economic recovery, the Consumer Price Index (“CPI”) increased 1.8%, 4.7% and 4.3% in 2013, 2014 and 2015, respectively, according to the Central Bank of Chile. Inflation began
to accelerate during 2014 following the devaluation of the Chilean Peso, increased international oil prices, a lower real interest rate and expectations of monetary policy tightening in the U.S. In 2016, CPI
has evolved in line with the provisions of the March Monetary Policy Report of the Central Bank of Chile, Inflation fell to 4.2% in April and remained at 4.2% as of May, approaching the tolerance rate,
mainly due to lower exchange rate pressure on the prices of products subject to the U.S. dollar and lower international oil prices

During 2014, the Central Bank of Chile began a process of loosening monetary policy in response to weaker economic activity with the aim of boosting growth. Local output, demand and
employment indicators continued to show softer dynamics in the economy during this period. These factors, in conjunction with timid global growth prospects, led the Central Bank of Chile to cut its
benchmark rate for the fourth consecutive time to 3% during its October 16, 2014 meeting. After this, the Central Bank of Chile kept its benchmark rate steady for a year, until November 2015, when it
decided to raise the rate by 25 basis points to 3.25%, mostly because of inflationary pressure. In January 2016, the Central Bank of Chile decided to raise the rate by a further 25 basis points to 3.50%,
where it has remained. The average unemployment rate was 6.3% in 2015 and 6.1% in both March 2016 and 2015 and 5.8%, 6.0% and 5.7% in December 2015, 2014 and 2013, respectively, according to the
Central Bank of Chile, The quarter ended March 31, 2016 was the fourth consecutive quarter in which the unemployment rate increased. See “Item 3. Key Information—D. Risk Factors. Risks Related to
Chile” in our 2015 Form 20-F.

Chile maintain one of the highest foreign currency credit ratings in Latin America, currently rated AA- by Standard €: Poor’s Financial Services LLC, (“S£P”), Aa3 by Moody’s Investors
Service, Inc. (“Moody’s”) and A+ by Fitch, Inc. (“Fitch”), as of December 31, 2015. Future economic, social and political developments in Chile, over which we have no control, could have a material
adverse effect on us, including impairing our business, financial condition or results of operations. Credit ratings are subject to periodic review and we cannot assure you that the current ratings will not
be revised or lowered in the future.

On September 29, 2014, Chile enacted Law No. 20,780, which was amended and supplemented on February 8, 2016 by Law N*20.899 (the “Tax Reform Act”). The Tax Reform Act introduced
changes to the corporate tax rate, mandating a gradual increase of the rate from 20% to 27%, strengthening the rules regarding minimum capitalization, and the taxation of Chilean investments abroad (the
controlled-foreign-corporation rules), among others. The new rules are set to come into effect gradually, with the implementation process having commenced on October 1, 2014 and set to be completed
by January 1, 2018. The effects of this tax reform may increase our operating and compliance costs, which could negatively affect our financial results and our ability to grow our busin

According to preliminary information as of the date hereof, economic activity for the month of April 2016 (IMACEC) increased 0.7% year over year, which was below market expectations of 1.6%.
The indicator was affected by the increase in services and retail sectors, which was partially offset by the decline in mining, manufacturing and wholesale trade sectors. As of the date hercof, the
International Monetary Fund (“IMF”) forecasts growth of 1.5 % for the Chilean economy in 2016, which is lower than the 2.1% growth forecast in January and the 1.7% growth projected by the Central
Bank of Chile, mainly due to the prolonged slump in the value of the Chilean Peso and tighter financial conditions in Chile. See “Item 3. Key Information—D. Risk Factors. Risks Related to Chile” in our
2015 Form 20-F.

Developments in the Argentine economy

Our operations in Argentin:
2015. Accordingly, the Company is s

«counted for 25.1% of our consolidated revenues from ordinary activities for the period ended March 31, 2016 compared to 28.5% in the corresponding period in
ive to macroeconomic conditions in Argentina.

According to the Argentine Institute of Statistics and Census (“INDEC”), Argentina’s GDP expanded by 2.3%, contracted by 2.6% and expanded by 2.4% in 2013, 2014 and 2015, respectively,
and the average unemployment rate stood at 7.1%, 7.3% and 6.3% in 2013, 2014 and 2015, respectively. As an effect of high consumption and a reduction in productivity reported by the World Economic
Forum, however, the country has experienced high levels of inflation, exceeding that of other countries in South America. In response to demands from international investors and the IMF, the
government of Argentina introduced a new methodology for the calculation of price variations in the domestic economy. The new index revealed a price increase of 23.9% as of December 2014. According
to private data, inflation was 38.0% in 2014 and 28.4% in 2015. As per the Central Bank of Argentina, international reserves reached a record-high ofover U.S.$52 billion in 2010, U.S.$46 billion in 2011 and
U.S.$44 billion in 2012 before falling to U:S.$30.6 billion by the end of 2013. International reserves held by the Central Bank of Argentina stood at U.S.530 billion as of December 31, 2014 and U.S.$24.8
billion as of December 31, 2015. As of May 2016, international reserves held by the Central Bank of Argentina had reached U.S.$31.6 billion.

According to the INDEC report published on June 29, 2016, Argentina’s GDP grew by 2.4% in 2015. Argenti
first quarter of 2015. The primary deficit expanded to 5.4% of GDP in 2015, compared with 3.8% in 2014. Argentina’s fi
3.3% in 2017, 1.1% in 2018 and 0.3% for 2019.

3DP grew by 0.5% quarter-on-quarter in the first quarter of 2016 compared to the
trategy is focused on reducing the deficit to 4.8% of GDP at the end of 2016,

Alter several years of price stability, the devaluation of the Argentine Peso in January 2002 created pressures on the domestic price system that generated high inflation in 2002 before
substantially stabilizing in 2003. The local interest rate, the BAIBAR, was 9.45%, 10.11%, 9.08%, 12.10% and 30.14% on December 31, 2009, December 31, 2010, December 31, 2011, December 31, 2012 and
December 31, 2013, respectively, as reported by the Central Bank of Argentina. The BAIBAR stood at 10.21% on September 30, 2014. As of May 2016, the Central Bank of Argentina decided to reduce its
Monetary Policy Interest Rate by 75 bps to 36.75%.

The economic and financial environment going forward in Argentina is expected to be significantly influenced by the presidential elections held on November 22, 2015, which resulted in Mauricio
Macri being elected President of Argentina. Since assuming office on December 10, 2015, the Macri administration has announced several significant economic and policy reforms, including with respect
to data collection, foreign exchange reforms that are expected to provide greater flexibility and easier access to the forcign exchange market, foreign trade reforms (including the elimination and reduction
of certain export duties and the elimination of certain limitations to Argentina’s foreign exchange market) and electricity and gas reform. Sustainable economic growth and improved employment in the
short and medium term will depend upon the manner in which the above-mentioned reforms are implemented.

Argentina has historically implemented certain exchange controls regulations. A brief history of recent exchange controls is discussed below.
Exchange controls in Argentina

In January 2002, with the approval of the Public Emergency Law, Argentina declared a public emergency situation in its social, economic, administrative, financial and foreign exchange matters
and authorized the Argentine Executive Branch to establish a system to determine the foreign exchange rate between the Argentine Peso and foreign currencies and to issue foreign exchange-related rules
and regulations. Within this context, on February 8, 2002, through Decree No. 260/2002, the Argentine Executive Branch established (1) a single and free-floating foreign exchange market (hercinafter,
“MULC” as per the initials in Spanish) through which all foreign exchange transactions in foreign currency must be conducted, and (ii) that foreign exchange transactions in foreign currency must be
conducted at the foreign exchange rate to be freely agreed upon among contracting parties, subject to the requirements and regulations imposed by the Central Bank of Argentina (please see below for a
summary of the main regulations).

On June 9, 2005, through Decree No. 616/2005, the Argentine Executive Branch mandated that (1) all inflows of funds into the local foreign exchange market arising from foreign debts incurred by
residents, both individuals or legal entities in the Argentine private sector, except for those concerning forcign trade financing and primary issuances of debt securities admitted to public offering and
listed in authorized markets; and (ii) all inflows of funds by non-residents channeled through the MULC and aimed at being held in local currency, acquiring all types of financial assets or liabilitics in the
financial or non-financial private sector (except for foreign direct investments and primary issuances of debt securities and shares admitted to public offering and listed in authorized markets), and
investments in securities issued by the public sector and acquired in secondary markets, must meet the following requirements: (i) such inflows of funds may only be transferred outside the local foreign
exchange market at the expiration of a term of 365 calendar days as from the date of settlement of such funds into Argentine Pesos; (ii) the proceeds of such inflows of funds must be credited to an
account in the local banking system; (iii) a non-transferable and non-interest-bearing deposit for 30% of the amount of the transaction must be kept in Argentina for a period of 365 calendar days, in
accordance with the terms and conditions set forth in the applicable regulations (the “Deposit”); and (iv) the Deposit is to be denominated in U.S. dollars and held in Argentine financial institutions and it
may not be used to guarantee or as colateral of any type of credit transactions. The requirements of Decree 616/2005 were subsequently eased, as detailed below.

Within this context and pursuant to Communication “A” 4359 as amended, the Central Bank of Argentina issued regulations relating to the Deposit, which was required to be made as soon as
foreign currency was transferred into Argentina through the MULC in certain cases, such as: (1) financial indebtedness incurred by the financial sector and by the private, non-financial sector, except for
primary issuances of publicly traded and listed debt securities, (ii) primary issuance of shares by resident companies whose shares are neither registered for public offering nor listed in any authorized
market, to the extent they do not qualify as “foreign direct investment” and (ii) portfolio investments by non-residents to be applied to holdings of local currency and financial assets and liabilities in the
financial sector and in the private, nonfinancial sector, to the extent they do not relate to the primary issuance of publicly traded and listed debt securities or publicly traded and listed sharos issued by
resident companies. Subsequently, Resolution No, 365/2005 and No. 637/2005 issued by the Ministry of Economy, Public Finance and Production included additional transactions for which the Deposit
was mandatory starting on June 29, 2005, However, exceptions established under Central Bank of Argentina regulations reduced the number of situations in which this Deposit was required.

On December 18, 2015, through Resolution No. 3/2015, the Ministry of Treasury and Public Finance amended Executive Decree No. 616/2005, reducing (1) the Deposit percentage to 0% and (ii) the
required period that the proceeds of any new financial indebtedness incurred by residents, held by foreign creditors and transferred through the MULC must be kept in Argentina from 365 calendar days
to 120 calendar days from the date of the transfer of the relevant amount.

The following is a description of the main aspects of regulations of the Central Bank of Argentina concerning inflows and outflows of funds in Argentina.

Inflow of Capital

New foreign financial indebtedness incurred by the private non-financial sector, the financial sector and Argentine local governments will not be subject to the requirement of having the
proceeds from such indebtedness initially transferred and settled through the MULC. However, the settlement of funds through the MULC will be necessary for subsequent access to the MULC to repay
principal and interest. Pursuant to Communication “A” 5850, if the funds are credited to foreign currency denominated local accounts in Argentina, it will be necessary to demonstrate the settlement of
such funds.

Debt issuances by the private (financial and non-financial) sector denominated in foreign currency, with principal and interest services not solely payable in Argentine Pesos in Argentina are to
be subscribed in foreign currency and the proceeds must be settled through the MULC. Until such settlement through the MULC, the proceeds must be deposited in local financial entities
(Communication “A” 5265 as amended).

Any new financial indebtedness channeled through the MULC and any debt renewal with foreign creditors incurred by Argentine residents from the financial sector and from the private, non-
financial sector, must be agreed and maintained for terms of at least 120 calendar days as from the date of the inflow of the funds into Argentina, settlement of the funds or renewal of the debt, as
applicable, and they may not be prepaid before the lapse of said term, irrespective of the manner of cancellation of the obligation to the foreign creditor and of whether said cancellation is effected with or
without access to the MULC (Communication “A” 5265 and 5850, as amended).

Exempted from the provisions described in the preceding paragraph are the primary issuances of publicly traded and listed securities.
Outflow of Capital

Payment of Services

(Communication “A” 5264 and 5850, as amended). Access to the MULC for such payments requires the filing of documentation by residents evidencing the authenticity of the transaction related to the
type of service rendered and the amount to be transferred abroad.

Access to the MULC is granted for payment of interest services in the private, non-financial sector and in the financial sector (Communication “A” 5264, as amended) in the following
circumstances: (i) ifapplicable regulations allow the repayment of the debt corresponding to such interest service and if all general regulatory requirements related to principal repayment are met; (ii) ifthe
settlement of the currency is made within 10 calendar days of the maturity date of each interest payment; and (iii) if the interest payment is for the unpaid amounts accrued from the date of settlement of
the foreign currency originating the foreign indebtedness or within 48 hours from the date of disbursement of the funds abroad and until settlement thercof through the MULC (within 48 hours from
disbursement).

In addition, access to the MULC is permitted for remittances abroad to pay earnings and dividends insofar as they arise from closed and audited financial statements (Communication “A” 5377).

In order to proceed with remittances abroad for payment of interest on debt of all types, earnings and dividends, the entities involved must first verify that the debtor has complied with the
reporting of (1) outstanding foreign indebtedness imposed under Communication “A” 3602 dated May 7, 2002 and (ii) direct investments pursuant to Communication “A” 4237 dated November 10, 2004, if
applicable.

Financial Debts

Payment of principal under foreign financial indebtedness incurred by Argentine residents in the financial sector and in the private, non-financial sector (except in the case of payment of primary
issuances of publicly traded and listed debt securities) may only proceed after the expiration of a 120 calendar-day term as from the date of inflow of the loan proceeds into Argentina.

In the case of foreign financial indebtedness settled through the MULC, as of December 17, 2015, debtors in the financial sector and in the private, non-financial sector will have acces
MULC at any time for prepayment of their foreign financial debt, provided that the minimum stay period has been complied with.

to the

Pursuant to Communication “A” 5890, in the case of foreign financial indebtedness settled through the MULC on or prior to December 16, 2015, acc
principal under foreign indebtedness incurred by Argentine residents of the private, non-financial sector, is allowed:

ss to the MULC for the prepayment of

(i) at any time within 10 business days prior to maturity, to the extent the applicable minimum stay-period has been complied with,

(ii) with the necessary operational anticipation for the payment of principal installments, whose payment depends on the enforcement of specific contractual conditions,

(iii) before such 10-business-days term prior to maturity, whether in whole or in part, if the payment is entirely financed with external funds destined to capital contributions to the extent the
applicable minimum stay-period has been complied with, or

(iv) before such 10-business-days term prior to maturity, whether in whole or in part, to the extent the applicable minimum stay-period has been complicd with, and that the payment is entirely
financed with new foreign debts settled through the MULC and/or through the issuance of bonds or other debt instruments that meet the conditions of being considered foreign debt
issuance, Argentine companies that belong to the same economic group may use this benefit, provided that such condition is met at a consolidated level.

Moreover, the access to the MULC before such 10-business-days term is allowed for the repurchase and/or prepayment of bonds or other securitics in the case that the amount being paid
exceeds the face value of the securities subject to the transaction, as long as such extra value reflects reasonable market conditions. This exception is also subject to the securities qualifying as foreign
indebtedness pursuant to the regulations of the Central Bank of Argentina and being listed on a stock exchange.

In all cases of prepayment of principal, the payment must be to the creditor or the payment agent of the obligation for its immediate payment to the lender. The obligation stops bearing interest
for the prepaid portion as of the date of the payment to the lender (Communication “A” 5890).

Finally, regarding access to the MULC for the payment of interest acerued on unpaid debts or debts canceled simultancously with the payment of interest, the purchase of foreign currency in the
MULC may be completed in a period not in excess of 10 business days prior to the due date of each installment of interest computed in arrears, excluding the possibility of calculating the amount of
accrued interest.

In addition, pursuant to Communication “A” 5899, entities may grant residents access to the MULC to make principal and interest payments, without any funds inflows into Argentina, in respect
of foreign financial debts arising from financings granted by a non-resident seller for direct investment assets and/or non-financial non-produced asset purchases within Argentina, provided there is
compliance with certain documentary and operational requirements.

Other Regulations

Sales of Foreign Currency to Non- ents

Communication “A” 4662 (as subsequently amended by Communication “A” 5850 and 5899) published a restatement of as well as newly-issued regulations applicable to access to the MULC by
non-residents (as per the definitions contained in the IMF’s Balance of Payments Manual, fifth edition, chapter IV).

In this respect, no prior approval by the Central Bank of Argentina is required for any of the following transactions conducted by non-residents, insofar as all the requirements imposed in each
case have been met:

(i) Purchase of foreign currencies for remittances abroad, provided that the documentation prescribed by the previously mentioned regulations has been furnished, in the examples stated
below, when transactions relate to or pertain to collections in Argentina of:

A. Financial indebtedness originating in external loans of non-residents.

B, Recovery of claims in local bankruptey proceedings and collection of debts under reorganization proceedings to the extent that the nonresident client has been recognized as creditor by a
final non-appealable decision of the court of such proceedings.

C. Repatriations of direct investments in companies in the private, non-financial sector that do not control local financial institutions and/or real estate, provided that the foreign beneficiary is
either a natural or legal entity residing or incorporated and established in, or the payment is performed in, domains, jurisdictions, territories or associated states that are considered
“cooperators for the purposes of fiscal transpareney” according to the provisions of section 1 of Decree 589/2013, as amended and supplemented (Communication “A” 5649) for the
following purposes:

(1) Sale of such direct investment.
(2) Final liquidation of such direct investment.

(8) Capital reduction decided by the local company.

(4) Reimbursement of irrevocable contributions by the local company.

D. Collections of services or sales proceeds of other portfolio investments (and their profits) provided that the foreign beneficiary is either a real or legal person residing in or incorporated and
established in domains, jurisdictions, territories or associated states that are considered “cooperators for the purposes of fiscal transparency” according to the provisions of Art. 1 of Decree
589/2013, as amended and supplemented (Communication “A” 5649). These portfolio investment repatriations include, but are not limited to, portfolio investments in shares and ownership
interests in local companies, investments in mutual funds and local trusts, purchases of portfolios of loans granted to residents by local banks, purchases of invoices and promissory notes
for local business transaction, investments in local bonds issued in Argentine Pesos and in foreign currency payable locally, as well as purchases of other internal receivables. Non-
residents will be allowed access to the MULC for the repatriation of their investment without any need to obtain the prior authorization of the Central Bank of Argentina, provided there is
compliance with the applicable minimum period of 120 calendar days from the date of the inflow of the funds into Argentina. Pursuant to Communication “A” 5937, providing evidence of the
inflow of the funds through the MULC and compliance with the minimum stay period will not be required when the investment is originated in funds collected in Argentina under a
transaction pursuant to which the non-Argentine resident would have had access to the MULC for the repatriation of such funds at the time of collection.

E. Indemnifications awarded by local courts in favor of non-residents.

F. Payments of Argentine imports.

and consular representatives and diplomatic staff authorized in Argentina, and (ii) representations from courts, authorities or departments,
established by international treaties or agreements, to which Argentina is a party, to the extent that such transfers are made in the exercise

es of foreign currency by (i) diplomati
1 missions, bilateral commissions or bodies
of their respective functions; and

(ii) purchases of foreign currency by international organizations and institutions acting as official export credit agencies, as listed in Communication “A” 4662 (as amended and supplemented).

The prior authorization of the Central Bank of Argentina will not be required either when the purchase of foreign currency or foreign banknotes by a non-resident does not exceed the equivalent
OF U.S.S2,500 per calendar month across all entities authorized to deal in foreign currency transactions.

Formation of Offshore Assets by Residen:

On December 17, 2015, Communication “A” 5850 (as amended by Communication “A” 5899 dated February 4, 2016) established that resident individuals, legal entities from the private sector
organized in Argentina and not authorized to deal in foreign exchange, certain trusts and other estates domiciled in Argentina, as well as Argentine local governments will be allowed access to the MULC
without the prior authorization of the Central Bank of Argentina with respect to the following types of tra tions: real estate investments in a foreign country, loans extended to non-residents, direct
investments abroad by residents, portfolio investments abroad by natural persons and legal entities, other investments by residents abroad, purchases of foreign currency banknotes in Argentina for
se provided that the following conditions are satisfied:

of traveler checks and certain donations, in each

holding purposes, purchases

(i) The total amount of the transactions may not exceed the equivalent of U.S.$5.0 million in any calendar month across all entities authorized to perform foreign currency transactions

(Communication “A” 5963).

(ii) The entity must have received from the client a sworn statement indicating that the foreign exchange transaction to be conducted is in compliance with the limits established by applicable
rules for the client’s operations across all entities authorized to perform foreign currency transactions.

(iii) In the case of purchases of foreign currency banknotes and foreign currency that exceed the equivalent of U.S.$500 per calendar month across all entities authorized to perform foreign
currency transactions, the transaction may only be made by means of a debit against a checking account created in an Argentine financial institution in the clien£’s name, a transfer via MEP
(Electronic Payment System) to the relevant entity from a client’s checking account or a payment by a check drawn against a client’s own account.

(iv) In the case of foreign currency sales to residents for the creation of portfolio investments abroad, the transfer must be made to an account under the name of the client performing the
exchange transaction and created at a forcign bank, an investment bank or other foreign institution that provides financial services and is controlled by a foreign bank. Such banks or entities
must not have been organized in countries or jurisdictions considered non-cooperative for fiscal transparency purposes under section 1 of Executive Decree No. 589/13, as amended, or in
countries or jurisdictions where the Recommendations of the Financial Action Task Force are not followed or sufficiently followed. Non-cooperative countries or jurisdictions will be
designated as such by the Financial Action Task Force, The identification of the foreign entity where the client’s account has been created and the account number must be recorded in the

applicable exchange ticket.

For purposes of calculation of the above-mentioned limits as of the date when a new transaction is performed, in the case of purchases in foreign currencies other than the U.S. dollar, the
Argentine Peso amount settled for each transaction will be computed at the banks reference exchange rate on the business day immediately preceding the day on which the transaction was performed.
These rules do not preclude the enforcement of any other applicable rules for the prevention of money laundering, terrorism financing and other illicit activities.

In addition, residents that perform sales of their own offshore assets through the MULC from December 17, 2015 will not be subject to the limit established in item (1) above in order to exchange
foreign currency for up to the amount of such sales” proceeds transferred into Argentina.

Access to the MULC may also exceed the limit established in item (i) above if any received funds are simultaneously applied to the payment to residents for the purchase of real state within
Argentina through a deposit or transfer to a local banking account denominated in foreign currency maintained by the seller.

In addition, the requirement to register foreign exchange transactions in the Exchange Transactions Consultation Program of the Administración Federal de Ingresos Públicos (Federal
Administration of Public Income) has been eliminated, which used to require all entities authorized to conduct operations related to foreign exchange to obtain prior approval by the Argentine tax
authorities to execute any sale of foreign currency on behalf of their clients.

Capital Markets

rried out through stock exchanges and authorized securities markets must be paid using any of the following mechanisms: (i) in Argentine Pesos; (ii) in foreign
¡s the settlement of

Securities-related transactions
currency through electronic fund transfers from and to sight accounts in local financial institutions; and (iii) through wire transfers against foreign accounts. Under no cireumstances
these securities purchase and sale transactions to be made in foreign curreney bills or through deposits in escrow accounts or in third-party accounts (Communication “A” 4308).

Report of Issuances of Securities and Other Foreign Indebtedness of the Private Financial and Non-financial Sector

Pursuant to Communication “A” 3602 dated May 7, 2002, as amended, all individuals and legal entities in the private financial and non-financial sector must report their outstanding foreign
indebtedness (whether Argentine Peso or foreign currency-denominated) at the end of each quarter. The debts incurred and repaid within the same calendar quarter need not be reported.

Direct Investments Report

Communication “A” 4237 dated November 10, 2004 established reporting requirements in connection with direct investments made by local residents abroad and by non-residents in Argentina.
Direct investments are defined as those that reflect the long-standing interest of a resident in one economy (direct investor) in another economy’s resident entity, such as an ownership interest
representing at least 10% of a company’s capital stock or voting rights. The reporting requirements prescribed by this Communication “A” 4237 are to be met on a bi-annual basis.

Argentina is rated BB by S£-P, B3 by Moody’s with negative outlook and B by Fitch, as of May 10, 2016. The future economic, social and political developments in Argentina, over which we
have no control, could impair business, financial condition or results of operations. Credit ratings are subject to periodic review and we cannot assure you that the current ratings will not be revised or
lowered in the future. See “Item 3. Key Information—D. Risk Factors. Risks Related to Argentina” in our 2015 Form 20-F.

Developments in the Brazilian economy

Our operations in Brazil accounted for 15.3% of our consolidated revenues from ordinary activities for the three-month period ended March 31, 2016 compared to 18.0% in the corresponding
period in 2015. Accordingly, the Company is sensitive to macroeconomic conditions in Brazil.

Brazil is currently going through a period characterized by a deep recession and significant political instability associated with, among other factors, the impeachment of President Dilma Rousseff,
the Zika virus outbreak and the upcoming Olympic Games in Rio de Janeiro. As an economic matter, the country’s growth rate has decelerated steadily since the beginning of this decade, from an average
annual growth of 4.5% between 2006 and 2010 to 2.2% between 2011 and 2014. GDP decreased by 3.9% in 2015, the worst annual performance since 1991. The GDP growth rate in Brazil averaged 0.6% from
1996 until 2015, reaching an all-time high of 3.5% in the third quarter of 1996 and a record low of negative 4.1% growth in the fourth quarter of 2008. The Brazilian economy shrank 0.3% in the first quarter
of 2016 when compared to the last quarter of 2015, which constituted the fifth consecutive quarter of economic contraction, according to Instituto Brasileiro de Geografía e Estatistica (“IBGE”). In the
first quarter of 2016, GDP fell 5.4% as compared to the corresponding period in 2015, easing from a 5.9% drop in the fourth quarter and beating market expectations of a 6% decline.

The realignment of regulated prices combined with the pass-through of exchange rate depreciation have caused an inflation peak in 2015 (with an inflation rate of 10.7% in December 2015
compared to 6.4% in 2014), exceeding the upper limit of the target band (4.5 + 2%). The inflation rate of administered prices has been decelerating and will, most likely, be the main driver of the moderate
slowdown expected in 2016. Itis expected, however, to remain above the target ceiling for the year. Annual inflation rates are measured in Brazil through the Brazilian Extended Consumer Price Index
(Índice de Pregos ao Consumidor Amplo) that is reported by the IBGE.

Budget rigidities and a difficult political environment are undermining the fiscal adjustment. Less than 15% of expenditures in Brazil are expected to be discretionary. Most public spending is
mandatory (mandated by the Constitution or other legislation) and increases in line with revenues, nominal GDP growth, or other pre-established rules. Additionally, a large portion of revenues are
earmarked for education and health. Attempts to pass legislation to increase revenue collection in the short term and address issues of a more structural nature—such as pensions—have so far fallen
short of the government’s intentions.

Brazil’s medium-term outlook will depend on the success of the current adjustments and the enactment of further growth-enhancing reforms. Raising productivity and competitiveness is the
crucial challenge for the country to achieve higher growth in the medium-term. With the recession of growth drivers over the past decade—credit-fueled consumption, labor expansion and the commodity
boom—growth will need to be based on higher investments and productivity gains.

Brazil’s economy experienced further contraction in the fourth quarter 0£ 2015, with GDP decreasing by 1.4% in the last three months of 2015 compared to the corresponding period in the prior
year, slightly lower than market expectations of a 1.5% decline and following a 1.7% contraction in the previous quarter, marking the fourth straight quarter of contraction. Year-on-year, the GDP shrank
5.9%, bringing the contraction in 2015 to 3.8%, the worst annual performance since 1991. The growth rate in Brazil averaged 0.63% from 1996 until 2015, reaching an all-time high of 3.50% in the third
quarter of 1996 and a record low of negative 4.10% in the fourth quarter 0£ 2008. GDP growth rate in Brazil is reported by the IBGE.

The country remains plagued by high inflation, depressed confidence levels and low prices for export goods. Available data for the start of 2016 is also bleak: business confidence fell and the
manufacturing Purchasing Managers” Index (PMI) lost ground. The abysmal state of the economy combined with a large corruption scandal has rocked the government. On March 13, 2016, citizens
gathered in one of the largest protests in Brazil’s history to demand the resignation of President Dilma Rousseff. In Congress, the largest political party, the Brazilian Democratic Movement Party (PMDB),
abandoned the government’s coalition on March 30, 2016. On April 17, 2016 Brazil’s lower house voted to start impeachment proceedings against President Rousseff, which was ratified by the Senate on
May 12, 2016, suspending President RoussefP’s presidential powers for 180 days as the impeachment process proceeds. Vice President Michel Temer has assumed the role of Acting President during the
impeachment proceedings.

The current government of Acting President Temer has proposed a set of macroeconomic adjustment measures and is setting the stage for structural reforms. The proposal is based on an
ambitious fiscal consolidation plan, to reduce the inflation expectations and enable a drop in the real exchange rate, to boost competitiveness, productivity and investments. However, implementation of
the reform program has proven difficult given the challenges in reaching a consensus in the Brazilian Congress resulting from political instability associated with the pending impeachment trial of
President Rousseff. If the senate convicts President Rousseff, Mr. Temer will retain the presidency for the remainder of her term ending on December 31, 2018, subject to ongoing proceedings in Brazil’s
superior electoral court (Tribunal Superior Eleitoral). 1f the senate acquits President Rousseff, she will return to office. There can be no assurance whether the change in government will affect
government policy with respect to such macroeconomic adjustments and structural reforms.

Brazil’s non-seasonally adjusted unemployment rate rose to 8.2% in February of 2016 from 7.6% in the previous month and above market forecast of 8.1% and up from 5.8% unemployment in
February 2015. The unemployment rate in Brazil averaged 8.3% from 2001 until 2016, reaching an all-time high of 13.1% in August of 2003 and a record low of 4.3% in December of 2013. As of February of
2016, the unemployment rate in major cities of Brazil rose to its highest level since May 2009 and wages continued to fall sharply. According to the Central Bank of Brazil, the average unemployment rate
for the country stood at 10,9% as of the first quarter of 2016.

The official interest rate in Brazil is reported by the Central Bank of Brazil. Interest rates in Brazil averaged 16.1% from 1999 until April 2016, reaching an all-time high of 45% in March of 1999 and
a record low of 7.3% in October of 2012 (a level that remained until March 2013). The Central Bank of Brazil left its benchmark interest rate unchanged at 14.25% for a sixth straight meeting on April 26,
2016, taking into account domestic and especially external risks and in spite of soaring inflation. Members of the Comite de Politica Monetaria (“COPOM”) unanimously decided to maintain the SELIC
rate (Special System for Settlement and Custody or “Sistema Especial de Liquidagáo e Custódia ”). The COPOM reaffirmed that the aggregate demand will continue to be moderate in the near term.
Policymakers have, however, maintained the 4.5% target established by the National Monetary Council of Brazil, in 2017.

During the second halfo£ 2015 and the first two months of 2016, the credit rating agencies S£:P, Moody’s and Fitch each downgraded Brazil’s investment credit rating. In general, the downgrade
reflects the economy’s deeper recession than previously anticipated, continued adverse fiscal development and political uncertainty that could further undermine the government’s capacity to effectively
implement fiscal measures to stabilize the growing debt burden.

S£P’s credit rating for Brazil stands at BB with a negative outlook and Moody’s credit rating is Ba2 with a negative outlook, each as of February 2016. Fitch’s credit rating for Brazil is BB with
negative outlook as of May 2016. In general, sovercign wealth funds, pension funds and other investors use credit ratings to gauge the credit worthiness of Brazil, thus having a big impact on the
country’s borrowing costs use a credit rating. See “Item 3. Key Information—D. Risk Factors —Risks Related to Peru” in our 2015 Form 20-F.

Developments in the Peruvian Economy

Our operations in Peru accounted for 9.8% of our consolidated revenues from ordinary activitios for the three-month period ended March 31, 2016 compared to 8.7% in the corresponding period
in 2015, Accordingly, the Company is sensitive to macroeconomic conditions in Peru.

According to the Central Bank of Peru, Peruvian GDP grew 5.9%, 2.4% and 3.3% in 2013, 2014 and 2015, respectively. This was on the back of a lower contribution to GDP from investments,
particularly in its mining sector, and subdued private consumption. Falling exports were the main causes for these two trends. Peru’s external accounts and exports were affected by weaker global demand
and lower commodity prices. The government of Peru is being proactive in developing anti-cyclical measures to boost growth with a series of large infrastructure projects. GDP increased 4.4% in the first
quarter of 2016 versus the same period in 2015.

According to Peru’s Instituto Nacional de Estadistica e Informatica (“INEI”), in 2013, 2014 and 2015 the unemployment rate was 4.2%, 4.7% and 5.7%, respectively. As of March 2016, the INEI
estimates the unemployment rate in Lima reached 7.1% during the months of March, April and May 2016.

In May 2016, the Peruvian CPI had a variation o£0.1%, increasing by 1.3% during the first five months of 2016. In May 2016, the Lima CPI rose 0.2%, increasing by 1.4% during the first five
months o£ 2016. As reported by INEL, the CPI index increased from 2.9%, 3.2% and 4.4% in 2013, 2014 and 2015. Interest rates increased during 2015 and were influenced by the growth of the reference rate
in its effort to tame inflation, by the exchange rate depreciation of the Peruvian sol as compared to the U.S. Dollar, mixed signals on the recovery of the world economy, a fragile economic recovery among
Peru’s trading partners and high volatility in foreign exchange and financial markets. Interest rates were later reduced in January 2016. As of June 2016, the Central Bank of Peru decided to maintain its
reference rate at 4.275% in light of the monetary authority’s inflation expectation 0£ 3.4% for 2016, 2.8% in 2017 and 2.5% in 2018.

n2
The Peruvian government’s commitment to the current economic, fiscal and monetary policies supported economic growth in 2014. S£-P upgraded Perw’s credit rating from BBB to BBB+ in
August 2013. In October 2013, Fitch upgraded Peru’s credit rating from BBB to BBB+. In July 2014, Moody’s upgraded Peru’s credit rating from Baa2 to A3. Credit ratings are subject to periodic review
and we cannot assure you that the current ratings will not be revised or lowered in the future. Peru is currently rated BBB+, A3 and BBB+ by S£-P, Moody’s and Fitch, respectively.

According to the World Bank, following a decade of record-high growth, Peru’s economy has remained strong and resilient despite the persistent global uncertainty, thanks to strong
fundamentals, supportive terms of trade and sound policy management, Over the 2010-2015 period, the Peruvian economy experienced GDP growth at an average annual rate 0 4.8%, and the average
annual inflation rate increased to 3.3% in the same period.

On the downside, the economy is most vulnerable in the short term to a global growth shock that permeates through lower commodity prices. A prolonged period of low growth in the U.S.
economy could also hamper Peru’s economy over the medium term.

On the upside, upward momentum to growth and inflation could come from large capital inflows and strong credit dynamics in the context of ample global liquidity and continued low growth in
advanced economics.

In December 2014, Peru enacted Law No, 4007, reforming the national tax regime. The new law, which came into effect on January 1, 2015, mandates a gradual decrease in the corporate income tax

rate and an increase in the tax rates for dividends distributed by Peruvian companies to Chilean shareholders. As a result, the current tax rate applicable to Peruvian corporate income distributed to Chilean
shareholders ll increase from the current applicable rate of 34.1%, to 34.8% for 2015 and 2016, 35% for 2017 and 2018, and 35.3% for 2019 and onward. As a result, the new Peruvian tax regime is expected
to decrease the amount of dividends we receive from our Peruvian subsidiaries.

Following the second round of presidential elections in Peru on June 5, 2016, Pedro Pablo Kuczynski was elected as the new president of Peru. The newly elected president will asume office on
July 28, 2016. Until that time, it will be unclear whether the newly elected administration will maintain current government policies and/or implement new policies. Mr. Kuezynski has previously announced
significant economic and policy reforms, however, even if implemented, the impact that these measures and any future measures taken by the newly elected administration will have on the Peruvian
economy cannot be predicted, and there may be political uncertainty in Peru relating to the measures to be taken by the new administration in respect of the Peruvian economy.

The future economic, social and political developments in Peru, over which we have no control, could have a material adverse effect on us. See “Item 3. Key Information—D.
Related to Peru” in our 2015 Form 20-F.

sk Factors—Risks

Developments in the Colombian economy

Our operations in Colombia accounted for 8.3% of our consolidated revenues from ordinary activitios for the three-month period ended March 31, 2016 compared to 8.6% in the corresponding
period in 2015. Accordingly, the Company is sensitive to macroeconomic conditions in Colombia.

Beginning in 2007 Colombia grew rapidly, attracting a record U.S.$10.6 billion in foreign direct inv rding to the World Bank. However, Colombia’s credit rating was not raised
to investment grade by Moody’s and SéP until 2011, when economic growth accelerated and the threat posed by guerrilla groups and organized crime receded. Moody’s upgraded Colombia from Baa3 to
Baa2, two notches above junk grade, with a stable outlook in July 2014 and remaining stable in 2015. Fitch rates Colombia with a credit rating of BBB with a stable outlook. Sé:P”s credit rating for Colombia
stands at BBB with a negative outlook as of February 2016. Credit ratings are subject to periodic review and we cannot assure you that the current ratings will not be revised or lowered in the future.

By the end of 2015, Colombia’s credit rating was higher than Brazil’s, Latin America’s largest economy, based on strong growth dynamics supported by government sponsored infrastructure and
roadway expansion programs encompassed in the “Fourth Generation” or “4G” plan, while noting moderate fiscal deficits. Security concerns, historically a major issue for Colombia, still remain, but have
been waning after several major government wins against domestic guerrilla groups. Colombia has cut its intentional homicide rate by almost half since 2002, when former President Alvaro Uribe took
office, according to the World Bank, and increased investor confidence by sustaining moderate fiscal deficits, maintaining inflation stable and increasing economic growth according to Moody’s.

In October 2012 the US granted congressional approval to the implementation of the United States-Colombia Trade Promotion Agreement under which over 80% of U.S. exports of consumer and
industrial products to Colombia will become duty free immediately, with remaining tarifís phased out over 10 years. The U.S.-Colombia Trade Promotion Agreement (TPA) should have beneficial effects
over both the U.S. and Colombian economies. Both economies are highly complementary according to the signatorios. Between June 2012 and February 2013, compared to the previous year, two-way
trade accounted for U.S.$28.5 billion, an increase of five percent. During that period of time, U.S. exports to Colombia increased 20%, including significant increases in oil and derivatives, aircraft and parts,
electric machinery, iron and steel products, cereals, soybean products and pharmaceutical products — accounting for U.S.S11.4 billion, U.S. agricultural exports alone increased by 68% during that period.

We believe Colombia will be able to respond with both fiscal and monetary countercyclical policies if the international outlook further deteriorates. The most severe risks to the Colombian
economy continue to be external; the consequences on the real economy of the sovereign debt crisis in Europe coupled with moderate growth in the United States may affect commodity prices and
foreign investment inflows to emerging markets. Domestically, the most significant risk is the failure to execute important public works that are part of the set of infrastructure projects the country
desperately needs and for which resources are available. See “Risk Factors — Risks Related to Colombia”

GDP growth was 4.9%, 4.4% and 3.1% in 2013, 2014 and 2015, respectively, and the expected growth for 2016 is 3.0%. In the first quarter of 2016, GDP increased 2.5% period over period, mainly as
a result of increases in the manufacturing, construction, financial services, insurance, real estate and business services sectors. Similarly, final consumption expenditure registered an increase 0£ 3.2%, due
to an increase in final consumption expenditures of households in Colombia by 3.5% and increase of consumption expenditures by the government of 1.6 %. Retail sales increased 4.7% in 2013, 7.5% in
2014, 4.0% in 2015 and 5.4% in the first quarter of 2016 according to the Departamento Administrativo Nacional de estadistica (“DANE”). The retail sector in Colombia is underpenetrated with 51% of the
«ctor being informal as of 2013 according to Credit Suisse Research.

Private consumption has recovered since 2009 as illustrated by the real growth rates of 0.9%, 5.0%, 5.5%, 4.8%, 4.9% and 4.7% in 2009, 2010, 2011, 2012, 2013 and 2014, respectively, according to
DANE. We believe this increase in real growth rate has been a key driver in retail growth in Colombia.

Unemployment has gradually decrease in the last few years. According to the Central Bank of Colombia, the average unemployment rate was 12.0%, 11.8%, 10.8%, 10.4%, 9.7%, 9.1% and 8.9% in
2009, 2010, 2011,2012, 2013, 2014 and 2015, respectively. The unemployment rate was 9.0% in April 2016 with a high labor force participation rate of 64.6%, compared to 9.5% in April 2015 with a
participation rate of 59.3%.

We believe one factor that differentiated the Colombian recovery from its Latin American peers had been the favorable behavior of inflation, which has been within the inflation target band of 2-
4% set by the Central Bank of Colombia. Headline inflation ended at 2.4% for 2012, 1.9% for 2013 and 3.7% for 2014. However, in 2015 inflation was higher than the Central Bank of Colombia’s target,
reaching 6.8%, largely as a result of the devaluation of the Colombian Peso and the negative impact on food products supply caused by the weather phenomenon “El Niño” that affected local

harvests. According to DANE, the CPI in the first five months 2016 was 4.6%.

The fiscal deficit was 2.4% in 2013, 2.3% in 2014, and 2.2% in 2015. However, by the end of 2016 fiscal deficit is expected to reach 3.6% of GDP according to the Minister of Finance, This deficit
has increased the government debt to GDP ratio which stood at 51.7% in 2015.

In December 2014, Colombia’s legislative branch approved a tax reform bill that came into effect on January 1, 2015. According to the new tax bill, Colombian companies will have to pay an
annual wealth tax (between 0.2% and 1.5%, depending on the taxable base) and a higher impuesto sobre la renta para la equidad (“Income Tax for Equality” or “CREE”) (3% surcharge for the 2015, 2016,
2017 and 2018 tax years). The resulting increase in the tax liability of our Colombian subsidiaries is expected to decrease the amount of income available for dividends.

The future economic, social and political developments in Colombia, over which we have no control, could impair our business, financial condition or results of operations. See “Item 3. Key
Information—D Risk Factors. Risks Related to Colombia” in our 2015 Form 20-F.

Expansion activities

A significant proportion of our expected revenue growth is based on our expansion activities, including acquisitions and organic growth. At exchange rate of Ch$720.0 per U.S.$ 1.00 we forecast
that our revenue for 2016 will be approximately U.S.S16 billion based on the company’s expected revenue growth, due primarily to our expansion activities and growing same store sales (the comparison of
sales of our stores that have been open for twelve consecutive months). For the same period we expect to invest U.S. $500 million.

Our organic growth plan for the next four years (2016 – 2019) contemplates investments of U.S$2.5 billion and will be financed mainly by cash generated from operations (this plan does not take
into account the resources that would be generated from the potential separation of the shopping centers division or the sale of non-strategic assets).

Divestment activities

We believe that we are able to profit from the opportunistic disposition of land for which we no longer have an immediate use. Such dispositions allow us to monetize the capital gains from such
land and allocate capital efficiently. From time to time, we may sell to leverage our favorable position in and knowledge of the land and market to engage in opportunistic selling transactions. On March 1,
2016, we announced the sale of our 33.3% stake in Mall Viña del Mar S.A. a company that owns and operates a shopping center in Viña del Mar and a shopping center in Curico, totaling UF (“Unidad de
Fomento” or “UF”) 4,275,000 (approximately U.S.$160 million), which closed on April 18, 2016.

As of the date hereof, we remain committed to the plan of selling undeveloped land in Chile. The plan has been implemented in conjunction with the management of our property and shopping
divisions. We have taken a number of administrative and operational steps to finalize such sales; and have commissioned the brokerage company Colliers to market our assets. The total amount of land
and equipment that we may sell totaled Ch$25,456 million.

Colombian gas stations, previously reported under the “supermarkets” segment in our financial statements, have been included within our assets and liabilities held for sale. The total amount
recognized as assets held for sale is Ch$6,292 million.

Impact of acquisitions

No acquisitions were made in the 2013, 2014 and 2015 fiscal periods or in the first quarter of 2016.

Impact of organic expansion

During the three month period ended March 2016, we opened two supermarkets in Argentina and one in Brazil. During the same period, we also closed one department store in Chile, four
supermarkets in Argentina and six in Brazil.

Asa general matter, we believe that a period of several years is frequently required after opening or inauguration for a store or shopping center to mature and achieve its full potential to generate
sales. As a result, the increasing maturation of a newly opened store may need to be taken into account when comparing period-to-period store sales.

The following tables present a breakdown of our store and shopping center expansion activities for the periods indicated:

Three months ended March 31, 2016 ys. year ended December 31, 2015

Total Through

March 31,
Total 2015 Openings Closings Acquisitions 2016
Chile
Supermarkets 245 E a E 245
Home Improvement Stores 35 – – – 35
Department Stores 79 E 1 E 78
Shopping Centers 25 – – – 25
Total Chile 384 E 1 E 383
Argentina
Supermarkets 286 2 4 a 284
Home Improvement Stores 50 – – – 50
Shopping Centers 2 E a E 22
Total Argentina 358 2 4 Ñ 356
Brazil
Supermarkets 222 1 6 – 217
Total Brazil 222 1 6 = 217
Peru
Supermarkets 90 E a E 90
Department Stores 9 – – – 9
Shopping Centers 4 E a E 4
Total Peru 103 Ñ – Ñ 103
Colombia
Home Improvement Stores 101 – – – 101
Supermarkets 10 E a a 10
Shopping Centers 2 – – – 2
Total Colombia 113 E a E 113
Total 1,180 3 1 Ñ 1,172

Impact of exchange rate fluctuations

The Chilean Peso, as well as the currencies of the countries in which we operate, has been subject to large volatility in the past and could be subject to significant fluctuations in the future.
During 2015 and 2014, the value of the Chilean Peso relative to the U.S. dollar depreciated approximately 17.0% and 15.7%, respectively; the Argentine Peso depreciated approximately 51.7% and 31.2%
against the U.S. dollar, respectively; the Brazilian Real depreciated approximately 49.8% and 13.4% against the U.S. dollar, respectively; the Peruvian Sol depreciated approximately 14.1% and 6.7% against
the U.S. dollar, respectively, and the Colombian Peso depreciated 33.0% and 24.2% against the U.S. dollar, respectively. The “Dolar Observado” rate published by the Chilean Central Bank for the Chilean
Peso on July 1, 2016 w: $661.37 per U.S.$1.00. See “Item 3. Key Information—A. Selected Financial Data—Exchange Rates” and “Item 10. Additional Information—D. Exchange Controls” in our 2015
Form 20-F.

Our sales in each of our countries of operations are priced in local currencies. To the extent that the Chilean Peso depreciates against the U.S. dollar or the currencies of any of our countries of
operation, our revenues may be adversely affected when expressed in Chilean Pesos. The effect of exchange rate fluctuations is partially offset by the fact that certain of our operating expenses are
denominated in Chilean Pesos (such as our corporate overhead) and a significant part of our indebtedness is denominated in Chilean Pesos. As of March 31, 2016, 19.4% of our interest-bearing debt was
denominated in U.S. dollars, after taking into account cross-currency swaps, and the remainder of our interest-bearing debt was primarily UF- or Chilean Peso-denominated as compared to 30.9% in the
corresponding period in 2015.

Seasonality

Historically, we have experienced distinct seasonal sales patterns at our supermarkets due to heightened consumer activity throughout the Christmas and New Year holiday season, as well as
during the beginning of each school year in March. During these periods, we promote the sale of non-food items particularly by discounting imported goods, such as toys throughout the Christmas
holiday season and school supplies during the back-to-school period. Conversely, we usually experience a decrease in sales during the summer vacation months of January and February. Our sales for
the first and fourth quarters o£ 2015 represented 24.1% and 27.7%, respectively, of our total sales for such year.

We do not experience significant seas
home improvement sales.

nality in the home improvement sector. Home improvement store sales for the first and fourth quarters of 2015 represented 23.7% and 28.7% of our total

Our department stores have also experienced historically distinct seasonal sales patterns due to heightened consumer activity throughout the Christmas and New Year holiday season. As a
result, the strongest quarter in terms of sales is the fourth quarter, which represented 32.7% of total annual sales for the year 2015, while the first quarter represented 21.2% of total annual sales.

Our shopping center revenues generally increase during the Christmas and New Year holiday season, reflecting the seasonal sales peak for our shopping centers. For example, during the fourth
quarter of 2015 our Chile shopping center revenues represented 29.1% of total Chile shopping center revenues for the year. We generally charge our shopping center tenants double rent for the month of
December which is payable in February of the following year when they will have realized collections in respect of most holiday season sales.

Cost of Sales
Cost of sales reflects the costs of goods sold. Gross profit, defined as revenues from ordinary activities less cost of sales, is lower in our supermarkets segment due to higher turnover of our

supermarket inventory, which includes primarily basic and staple goods. In our other segments, namely department stores and home improvement stores, we do not experience high inventory tumover
and therefore have higher gross profits.

Cri

al Accounting Policies and Estimates

A summary of our significant accounting policies is included in Note 2 to our audited consolidated financial statements, included in our 2015 Form 20-F. We believe that the cons
application of these policies enables us to provide readers of our audited consolidated financial statements with more useful and reliable information about our operating results and financial condition.

The following policies are the accounting policies that we believe to be the most important in the portrayal of our financial condition and results of operations and require management’s most
difficult, subjective or complex judgments.

Estimate of impairment of assets with indefinite useful lives

We assess annually, or when there is a triggering event, whether goodwill has experienced any impairment, according to the accounting policy described in Note 2.111 of the audited consolidated
included in our 2015 Form 20-F. The recoverable balances of the cash generating units have been determined from the base of their value in use. The methodology of discounting cash
flows at a real pre-tax discount rate calculated for each country is applied. The projection of cash flows is carried out by each country and by business segment, Using the functional currency of each
country and the projection considered a horizon of 5 years perpetuity, unless they justify a different horizon. The projections are the historical information of the last year and the main macroeconomic
variables that affect the markets. In addition projections considered a moderate organic growth and recurring investments needed to keep generating capacity of flow of each segment.

The assets measured correspond mainly to trademarks and goodwill arising from past busines. re performed for each operating segment representing the cash
generating unit determined to carry out the annual impairment test. The projected cash flows in each segment are allocated initially to identifiable tangible and intangible assets and the exceeding portion
is allocated to goodwill. The valuation review of the trademarks incorporates among other factors the market analysis, financial projections and the determination of the role that brand has in the
generation of sales. For more information please refer to Note 4.1 of our audited consolidated financial statements, included in our 2015 Form 20-F.

After evaluating the development of the Supermarkets-Brazil segment during first half 2015, the Company has considered that there were qualitative triggering events indicating that the goodwill
of the Supermarkets-Brazil CGU could be at risk of impairment. According to this, a new calculation of the recovery value of the CGU Supermarkets Brazil was made by taking into account the adjusted
assumptions and updated business outlook. The value in use was obtained by discounting the future cash flows at their present value, using an updated WACC rate,

in Brazil was lower than the carrying value of its long-term assets, for this reason, we recorded a goodwill impairment
ss was recognized within the consolidated statement of comprehensive income by function, as of June 30, 2015.

The financial model showed that the recoverable amount of the supermarke!
in the amount of Ch$116,771 million (Brazilian real $566 million). This impairment

As of March 31, 2016 the performance of the supermarkets segment in Brazil, was in line with our forecast set in the second half of 2015, and accordingly there was no need to record any further
impairment with respect to the Supermarkets-Brazil segment.

Impairment of accounts receivable

Wea: ‘es the impairment of accounts receivable when there is objective evidence that we will not be able collect all the amounts according to the original terms of the account receivable. For
further information on our accounts receivable, please see Note 8 to our audited consolidated financial statements, included in our 2015 Form 20-F.

Investment property
a) Fair value measurement for lands

The fair value for land was determined by external and independent property appraisers, having an appropriate recognized professional qualification and recent experience in the location and
category of the property being valued.

The methodology used in determining the fair value of lands was the market approach, which consists of determining the fair value based on recent transactions occurred in the market.
b) Fair value measurements for investment properties other than land.

The Company’s finance department is responsible for determining fair value measurements included in the financial statements.

The Company’s finance department includes a valuations team that prepares a valuation for each investment property every quarter. The valuation team reports directly to the Chief Financial
Officer (CFO) and the Audit Committee (AC). Discussions of valuation processes, key inputs and results are held between the CFO, AC and the valuation team at least once every quarter, in line with the
Company’s quarterly reporting dates.

The fair value measurement for this type of investment has been categorized as a Level 3 of the fair value hierarchy based on the inputs used in the valuation technique. Investment properties

are valued on a highest and best use basis. Changes in Level 3 fair values are analyzed at each reporting date during the quarterly valuation discussions between the CFO, AC and the valuation team. As
part of this discussion, the team presents a report that explains the reasons for the fair value movements.

For all of the Company’s investment properties, the current use is considered to be the highest and best use.

The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels
transfers in or out of Level 3 fair value measurements for investment properties during the period, nor transfe

of the date of the event or change in circumstances that caused the transfer. There were no
s between Level 1 and Level 2 of the fair value hierarchy.

For investment property, the methodology of the discounted future cash flows uses a country-specific WACC post-tax rate, measured in real terms in local currency and differentiatod by
country. The rates used at March 31, 2016 were 6.52% in Chile, 21.59% in Argentina, 7.32% in Peru and 7.55% in Colombia and at March 31, 2015 were 6.73% in Chile, 22.50% in Argentina, 7.50% in Peru
and 7.66% in Colombia. To this effect, a calculation is performed to obtain the net revenues that correspond to the lease income minus the direct costs and operating expenses. Additionally, the projected
cash flows used the historical information of the recent years and the projected macroeconomic variables that will affect cach country. As a result of the project of tax reform in Chile enacted in the second
half of the year 2014, the Company conducted an assessment of changes in the legislation and included such in determining the fair value of the investment properties from June 30, 2014. For more
information related to cash flows and main variables used please refer to Note 4.3 of our audited consolidated financial statements, included in our 2015 Form 20-F.

Fair value of derivatives

The fair value of financial instruments that are not traded in an active market as is the case for the over-the-counter derivatives is determined by using valuation techniques. The Company uses
its judgment to select a variety of methods and makes assumptions that are mainly based on market conditions existing at the end of each reporting period. The company has used discounted cash flows
analysis for various foreign exchange contracts and interest rate contracts that are not traded in active markets. For more information please refer to Note 4.4 of our audited consolidated financial
statements, included in our 2015 Form 20-F.

Operating Segments

For purposes of our audited consolidated financial statements, included in our 2015 Form 20-F and our Unaudited Condensed Consolidated Interim Financial Statements, IFRS 8 “Operating
Segments” requires an entity to report financial and descriptive information about its reportable segments, which are operating segments or aggregations of operating segments that meet specified criteria.
Operating segments are components of an entity about which separate financial information is available that is evaluated regularly by the chief operating officer in deciding how to allocate resources and
in assessing performance.

For management purposes, we are organized into six operating segments:

+ — “supermarkets,” which includes the results of our: Jumbo, Santa Isabel, Disco, Vea, Wong, Metro, GBarbosa, Perini, Bretas and Prezunic supermarkets and hypermarkets in Chile, Argentina,
Brazil, Colombia and Peru, our Eletro-show stores, pharmacies in Brazil and gas stations in Brazil and Colombia;

+ — “shopping centers,” which includes the results of our shopping centers in Chile, Argentina, Colombia and Peru;
+ — “home improvement stores,” which includes the results of our Easy and Blaisten home improvement stores in Chile, Argentina and Colombia;

e “department stores,” which includes the results of our Paris and Johnson department stores in Chile and Paris in Peru;

+ — “financial services,” which primarily includes the results of our credit card businesses and consumer loans, as well as our limited insurance brokerage operations in Argentina, and Peru and
through joint ventures in Chile with Scotiabank, in Brazil with Banco Bradesco and Colpatria in Colombia; and

e — “other,” which includes the results of our entertainment centers, loyalty programs and our corporate back-office operations.

We base operations and resource allocation decisions on these six segments. The operating segments are disclosed in a coherent way consistent with the presentation of internal reports we use

in our internal controls and disclosure processes. These operating segments derive their revenues primarily from the sale of products and rendering of services to retail consumers.

General

The following is a brief description of the revenues and expenses that are included in the line items of our consolidated financial statements.

Revenues from ordinary activities. Our revenues from ordinary activities include (1) sales of products by our retail operations, (ii) rental revenues from our shopping center tenants, and

(iii) revenues from our credit card operations, which consists of income from interest and other items charged to cardholders, in each case net of value added taxes paid by the consumer. Our revenues

from ordinary activities do not include suppliers” discounts or rebates, which, since January 1, 2001, we have accounted for as reductions
activities for our shopping centers presented in this report exclude intercompany lease payments by our retail stores to our shopping cente:

. The term “sales”

ordinary activities,” is limited to product sales (net of value added tax) from our supermarket, home improvement and department stores operations.

Cost of sales. Our cost of sales includes (1) the cost of products sold, inventory shrinkage (e.g., the loss of products between point of purchase from supplier and point of sale), supplier

f our cost of sales. Calculations of revenues from ordinary
sed hercin, compared to “revenues from

discounts and rebates in our retail divisions, (ii) depreciation of property in our shopping center operations, and (iii) provisions for bad debt relating to our financial retail operations, collection and

processing cost in our financial services operations.

Administrative expenses, distribution costs and other expenses. Administrative expenses, distribution costs and other expenses are composed of salaries, property rentals to third parties, bags

for our customers, util

Three-Month Period Ended March 31, 2016 Compared to Three-Month Period Ended March 31, 2015

The following table presents, for the periods indicated, certain items of our statement of income:

Revenues from ordinary activities:
Supermarkets
Home improvement stores
Department stores
Shopping centers
Financial services
Other

Total revenues from ordinary activities

Cost of sales:
Supermarkets
Home improvement stores
Department stores
Shopping centers
Financial services
Other

Total cost of sales

Gross profit:
Supermarkets
Home improvement stores
Department stores
Shopping centers
Financial services
Other

Total gross profit

Administrative expenses, distribution costs and other expenses
Other income by function

Participation in profit or loss of equity method associates
Financial income

Financial expenses

Other gain (losses), net

Exchange differences

Losses from indexation

Profit before taxes

Income tax expense

Profit from continuing operations

Profit from discontinued operations

Profit

Profit attributable to non-controlling shareholders

Profit attributable to controlling shareholders

s, services, depreciation and amortization (in our supermarket, home improvement and department store operations), advertising, promotions and other expenses.

2015 % Change

(in millions of ChS)

1,813,974 1,989,177 (8.8%
324,369 348,006 (6.8%
247,215 222,927 10.9%

55.964 55.258 1.3%

39,733 36,464 9.0%

2,589 814 218.0%
2,483,844 2,652,647 (6.41%

(1,350,118) (1,500,906) (10.0)%
(215,805) (228,425) (5.53%
(179,513) (163,849) 9.6%

(4,229) (6,451) (34.4%
(13,256) (12.014) 10.3%
(1.059) (456) 132.3%
(1,763,980) (1,912,100) (1.7)%
463,856 488,272 (5.0%
108,564 119,581 (9.23%
67,703 59,079 14.6%
51,735 48,807 6.0%
26,478 24,450 83%
1,530 358 327.0%

719,864 740,547 (0.8)%

(587,777) (629,784) 67%

40,774 16,302 150.1%
2,860 1,745 63.9%
3,841 3.491 10.0%
(69,323) (54,548) 27.1%
(3.463) (10,570) (67.0%
38,526 (12,810) N/A
(3.468) (911) 280.7%

141,834 53,463 165.3%
(32,805) (33,358) (LY%
109,029 20,105 442.3%

0 2,327 (100.0)%
109,029 22,432 386.1%
1,347 372 262.2%
107,682 22,060 38.19%

Revenues from ordinary activities

Our consolidated revenues from ordinary activities decreased Ch$168,803 million, or 6.4%, to ChS2,483,844 million for the three-month period ended March 31, 2016, from Ch$2,652,647 million for the
same period in 2015. Businesses remain resilient with sales and same store sales growth in local currency across all regions, except Brazil. Nevertheless, revenues in Chilean Peso decreased 6.4% due to
the depreciation of the Argentine Peso (31.9%), the Colombian Peso (14.3%), the Peruvian Sole (0.3%) and the Brazilian Real (18.1%).

Supermarkets

Our consolidated revenue from ordinary activities from our supermarkets decreased Ch$175,203 million, or 8.8%, to Ch$1,813,974 million for the three-month period ended March 31, 2016, from
Ch$1,989,177 million for the same period in 2015, primarily due to (1) a revenue decrease of Ch$100,018 million, or 19.6%, in our Argentine operations, resulting from a 31.9% depreciation of the Argentine
Peso against the Chilean Peso and the net closure of two stores in Argentina versus the same period last year, partially offset by a 16.7% increase in same stores sales driven by the high inflation in the
country, (ii) a decrease of Ch$96,858 million or 20.4% in revenues from our Brazilian operations due to the depreciation of the Brazilian real against the Chilean Peso by 18.1%, the net closure of four stores
compared to the previous period and negative same store sales of 2.3% driven by the decrease in the demand due to the economic crisis in the country, (iii) a revenue decrease of Ch$18,842 million, or
9.1%, in our Colombian operations, resulting from a 14.3% depreciation of the Colombian Peso against the Chilean Peso, partially offset by a 6.9% increase in same stores sales driven by the 1.0% increase
in traffic at our stores and the 6.2% increase in average prices reflecting inflation in the country. In contrast, our Chilean supermarket operations experienced a revenue increase of 5.9%, or Ch$34,627
million on the back of positive same store sales of 4.6% driven by a slight increase in store traffic and an increase in average prices reflecting the inflation in the country and the net opening of five new
stores compared to the same period in 2015. Additionally, our Peruvian supermarket operations posted a revenue increase of 2.9%, or Ch$5,888 million on the back of positive same store sales of 2.5%
driven by higher average ticket and the net opening of two new stores compared to the same period in 2015.

Home improvement stores

Our consolidated revenue from ordinary activities from our home improvement stores decreased Ch$23,637 million, or 6.8%, to Ch$324,369 million for the three-month period ended March 31, 2016,
from Ch8348,006 million for the same period in 2015, primarily due to (1) a decrease of Ch$30,947 million, or 15.1%, in our Argentine operations as a result ofa 31.9% depreciation of the Argentine Peso
against the Chilean Peso partially offset by a 21.9% increase in same stores sales, which in turn was driven by an increase in average prices due to increasing inflation and (ii) a decrease in revenues from
our Colombian operations of Ch$982 million, or 6.0%, due to the 14.3% devaluation of the Colombian Peso against the Chilean Peso, partially offset by the 9.9% same store sale increase, which in turn was
driven by higher store traffic and an increase in average prices due to increasing inflation. On the other hand, our Chilean home improvement operations posted a revenue increase of Ch$8,292 million, or
6.5%, resulting from a 3.7% increase in same store sales driven by higher average prices and the addition of one new store.

Department stores

Our consolidated revenue from ordinary activitics from our department stores increased Ch$24,288 million, or 10.9%, to Ch$247,215 million for the three-month period ended March 31, 2016, from
Ch$222,927 million for the same period in 2015, primarily due to (1) an increase of Ch$21,835 million, or 10.3%, in our Chilean operations as a result of a 10.2% increase in same store sales which in turn were
driven by an increase in average prices due to increasing inflation and (ii) an increase in revenues of ChS2,453 million, or 21.8% in Peru resulting from a 22.3% increase in same store sales which in turn
were driven by both higher store traffic and an increase in average prices due to increasing inflation.

Shopping centers

Our consolidated revenue from ordinary activities from our shopping centers increased Ch$706 million, or 1.3%, to Ch$55,964 million for the three-month period ended March 31, 2016, from
Ch$55,258 million for the same period in 2015, primarily due to (1) an increase in revenues from our Chilean operations of Ch$2,795 million, or 9.0%, driven by greater parking revenues, improved variable
income due to increased sales by tenants whose rent is adjusted based on their income and revenues from new contracts for advertising inside of our shopping malls, (ii) an increase in revenues from our
Peruvian operations of Ch$345 million, or 8.5%, primarily due to renegotiations of leasing contracts with some tenants and increased occupancy rates from 90.7% in the three-month period ended March
31, 2015 to 94.7% in the threc-month period ended March 31, 2016, mainly driven by the Arequipa Shopping Mall. These increases were partially offset by (i) a decrease in revenues from our Argentinean
operations of ChS2,157 million, or 12.1%, as a result ofa 31.9% depreciation of the Argentine Peso against the Chilean Peso partially offset by an increase in average pricing to reflect Argentine inflation
levels and (ii) a decrease of ChS278 million in revenues from our Colombian operations due mainly to a 14.3% depreciation of the Colombian Peso against the Chilean Peso and a lower occupaney rate
given that certain leases were not renewed, partially offset by the sale of the pharmacies that since the end of 2015 are reorganized as rental of selling area, and which previously were accounted for in the
supermarket division.

Financial services

Our consolidated revenue from ordinary activities from our financial services increased Ch$3,269 million, or 9.0%, to Ch$39,733 million for the three-month period ended March 31, 2016, from
Ch$36,464 million for the same period in 2015, primarily due to (1) an increase in revenues from our Argentine operations of Ch$439 million, or 1.9%, as a result ofa 61.6% increase in our portfolio in the
country due to an 18,0% increase in active credit cards and an increase in average interest rates, partially offset by a 31.9% depreciation of the Argentine Peso against the Chilean Peso, (ii) an increase in
revenues of Ch$3,578 million, or 34,7%, from our Peruvian operations as a result of 46.3% portfolio expansion due to a 43.2% increase in active credit cards and (iii) a revenue increase of ChS414 million in
Chile reflecting the performance of Banco Paris, a specialty retail consumer bank, driven by the strong performance of mortgages loans in the period. These increases were partially offset by (i) a decrease
of ChS703 million of our Brazilian operation reflecting the depreciation of the Brazilian real against the Chilean Peso by 18.1% and a decrease in the size of our loan portfolio in Brazil due to Brazil’s
challenging economic environment versus the previous period and (ii) a decrease in revenues from our Colombian operations of Ch$458 million, or 26.2% reflecting the devaluation of the Colombian Peso
against the Chilean Peso and the slight decrease in the size of our loan portfolio due to the 7.3% decrease in active credit cards.

Cost of sales

Our consolidated cost of sales decreased Ch$148,120 million, or 7.7%, to Ch$1,763,980 million for the three-month period ended March 31, 2016 from Ch$1,912,100 million for the same period in 2015
in Chilean Peso terms, reflecting primarily the currency devaluations in Argentina, Brazil and Colombia, our efficiency plans and our commercial strategies, in addition to better commercial agreements with
suppliers and lower shrinkage.

Supermarkets

Our consolidated cost of sales in our supermarkets decreased Ch$150,788 million, or 10.0%, to Ch$1,350,118 million for the three-month period ended March 31, 2016 from Ch$ 1,500,906 million for
the same period in 2015, due to (i) a decrease in cost of sales in Brazil of Ch$84,842 million, or 22.6%, as a result of a 20.4% decrease in sales due mainly to the devaluation of the Brazilian real against the
Chilean Peso; (ii) a ChS15,519 million, or 9.3%, decrease in cost of sales in Colombia due to a 9.1% decrease in sales mainly due to the devaluation of the Colombian Peso against the Chilean Peso, lower
shrinkage levels and lower logistic costs, (iii) a decrease in cost of sales in Argentina of Ch$73,444 million or 20.9% mainly due to the Argentine Peso devaluation against the Chilean Peso. These
decreases were partially offset by (i) an increase of Ch$18,844 million, or 4.2%, in costs of sales in Chile due mainly to the 5.9% increase in sales described above and (ii) an increase of ChS4,174 million, or
2.6%, in Peru mainly as a result of the 2.9% increase in sales described above.

Home improvement stores

Our consolidated cost of sales in home improvement stores decreased Ch$12,620 million, or 5.5%, to Ch$215,805 million for the three-month period ended March 31, 2016 from Ch$228,425 million for
the same period in 2015, mainly due to (1) a decrease in costs in Argentina of Ch$19,128 million, or 15.49%, in line with the Argentine Peso devaluation against the Chilean peso and (ii) a decrease in
Colombia the in costs was Ch$802 million or 6.5% reflecting the reduction in sales due to the Colombian Peso devaluation against the Chilean Peso. These effects were partially offset by an increase in
cost of sales in Chile of Ch$7,310 million, or 7.9%, primarily as a result of the increase in sales described above, and an increase in provisioning due to a change in the criteria of provisioning inventory
obsolescence, partially offset by lower shrinkage and logistic costs.

Department stores

Our consolidated cost of sales in our department stores increased Ch$15,664 million, or 9.6%, to Ch$179,513 million for the three-month period ended March 31, 2016 from Ch$163,849 million for the
same period in 2015, due to (1) an increase of Ch$14,122 million, or 9.1%, in cost of sales in Chile as a result of the increase in sales, lower shrinkage and better negotiation of terms with suppliers and (ii) an
increase in cost of sales in Peru of Ch$1,542 million, or 16.3%, as a result of the abovementioned expansion of the department store business in that country.

Shopping centers

Our consolidated cost of sales, primarily depreciation and expenses, from our shopping centers decreased Ch$2,222 million, or 34.4%, to Ch$4,229 million for the three-month period ended March
31, 2016 from Ch86,451 million for the same period in 2015, due to (i) decrease in Chile of Ch$2,252 million, due to a decrease in common area maintenance expenses that we pay and are later reimbursed for
by our tenants (ii) a decrease of Ch$78 million in cost of sales for our Argentine operations due to the Argentine Peso devaluation against the Chilean Peso, partially offset by a 55% increase in energy
costs, due to a decrease of government subsidies and greater security expenses following the salary adjustment agreed between Sindicato de Seguridad Privada de la Republica de Argentina (Private
Security Union of Argentina) and the government and (iii) a decrease in cost of sales in Colombia of ChS15 million, or 19.0%, due mainly to the devaluation of the Colombian Peso against the Chilean Peso.
These effects were partially offset by an increase in cost of sales in Peru of ChS123 million, or 21.4%, due in part to an increase in sales and greater property taxes versus the same period in 2015.

Financial services

Our consolidated cost of sales, primarily provisions for bad debts relating to consumer receivables and collection and processing costs, from our financial services division increased 10.3%, or
Ch$1,242 million, to ChS13,256 million for the three-month period ended March 31, 2016 from Ch$12,014 million for the same period in 2015, mainly due to an increase of ChS818 million, or 13.0% in
Argentina as a result of the growth of our aggregate loan portfolio in that country, partially offset by the devaluation of the Argentine Peso against the Chilean Peso and the increase of Ch$453 million, or
8.0%, in Peru reflecting the investment we made to increase our portfolio in the country.

Gross profit

Our consolidated gross profit decreased 2.8%, or Ch$20,683 million, to Ch$719,864 million for the three-month period ended March 31, 2016 from Ch$740,547 million for the same period in 2015,
primarily due to the devaluation of the Brazilian Real, Colombian Peso and Argentine Peso versus the Chilean Peso.

Our consolidated gross profit as a percentage of revenues from ordinary activities increased 106 bps to 29.0% for the three-month period ended March 31, 2016 from 27.9% for the same period in
2015. The improvement in gross margin reflects better profitability in our supermarkets, shopping centers and department stores divisions, reflecting our efficiency plans which include renegotiation of
commercial terms with suppliers, lower promotional activity (resulted in lower marketing expenses) and improved levels of shrinkage.

Supermarkets

Our consolidated gross profit in our supermarkets decreased ChS24,416 million, or 5.0%, to Ch$463,856 million for the three-month period ended March 31, 2016 from Ch$488.272 million for the same
period in 2015, as a result of (1) a decrease in gross profit of Ch$26,574 million, or 16.8%, in Argentina primarily as a result of the devaluation of the Argentine Peso against the Chilean Peso; however gross
margin in Argentina improved 109 bps, as a result of better terms with suppliers and the accumulation of inventories prior to the devaluation of the Argentine Peso against the Chilean Peso, (ii) a decrease
in gross profit of ChS12,016 million, or 12.1%, in Brazil, mainly due to the effect of the devaluation of the Brazilian real against the Chilean Peso; however gross margin improved 218 bps versus the three-
month period ended March 31, 2016 due to better pricing strategy and cost management and (iii) a decrease of ChS3,323 million, or 8.1%, in Colombia as a result of the devaluation of the Colombian Peso
against the Chilean Peso: however gross margin improved 22 bps as a result of a 20 bps decrease in shrinkage, greater bonuses from suppliers and a lower logistic cost, partially offset by greater
promotional activity and marketing expenses period versus period. In Chile, gross profit increased by ChS15,783 million, or 11.1%, and gros margin increased 119 bps, from 24.1%, to 25.3% in 2015 due to
better management of non-perishables categories, which have greater contributions to margins. Improvements in the perishables margin at our Santa Isabel stores were due to the centralization of
processes, coupled with improvements in joint management with suppliers, resulting in shrinkage reductions and better inventory management, among other efficiencies. In our Peruvian operations, our
gross profit increased by Ch$1,714 million, or 3.6%, and gross margin increased Ch$1,714 million, or 3.6%, due mainly to a higher contribution from private labels, partially offset by greater promotional
activity.

Home improvement stores

Our consolidated gross profit in our home improvement stores decreased Ch$11,017 million, or 9.2%, to Ch$108,564 million for the three-month period ended March 31, 2016 from Ch$119,581 million
for the same period in 2015, The decrease in gross margin reflects (1) a decrease in gross profit in Argentina of ChS1 1,819 million from Ch$80,386 million in 2015 to ChS68,567 million in 2016, primarily as a
result of the devaluation of the Argentine Peso against the Chilean Peso, however, gros margin improved 21 bps as a result of improved inventory management and the accumulation of inventories prior
to the devaluation of the Argentina Peso against the Chilean Peso, and (ii) a decrease in gross profit in Colombia of Ch$181 million from Ch$3,992 million in 2015 to Ch$3,811 million in 2015 primarily as a
result of the Colombian peso devaluation, however gross margin improved 39 bps due to the reduction of obsolete inventories and a more efficient commercial strategy. These effects were partially offset
by the Ch$982 million increase in gross profit from our Chilean business in line with higher sales, a reduction in shrinkage and lower logistic costs; however, gross margin decreased 97 bps in the three-
month period ended March 31, 2016 as compared to the three-month period ended March 31, 2015, due to one-off payments we received from suppliers who pay a one-time fee to be accepted as suppliers
in new stores in the three-month period ended March 31, 2015 after an opening of a store in that period, coupled with a greater provision of obsolete inventory in the three-month period ended March 31,
2016.

Department stores

Our consolidated gross profit in our department stores increased ChS8,624 million, or 14.6%, to Ch$67,703 million for the three-month period ended March 31, 2016 from Ch$59,079 million for the
same period in 2015, reflecting gains in both Chile and Peru. In Chile, we posted an increase in gross profit of Ch$7,713 million, or 13.5%, during the three-month period ended March 31, 2016 compared to
the same period in 2015 driven by a reduction in shrinkage, better mix of products and better terms with suppliers in our Johnson store as a result of an increase in volumes purchased. In Peru, gross profit
increased Ch$911 million, or 51.2%, as a result of an increase in size of our operations.

Shopping centers

Our consolidated gross profit in our shopping centers increased ChS$2,927 million, or 6.0%, to Ch$51,735 million for the three-month period ended March 31, 2016 from Ch$48,807 million for the same
period in 2015, as a result of () an increase in gross profit in Chile of ChS5,047 million, or 17.4%, mainly due to a decrease in common area maintenance expenses that we pay and are later reimbursed for by
our tenants and (ii) an increase in gross profit in Peru of Ch$222 million, or 6.4%, as a result of higher revenues; however gros margin decreased 168 bps in the three-month period ended March 31, 2016
as compared to the three-month period ended March 31, 2015 as a result of an increase in property taxes. These increases were partially offset by (1) a decrease in the gross margin contribution in
Argentina of ChS2,079 million, or 14.8%, reflecting the 12.1% decrease in revenues mainly due to the devaluation of the Argentine Peso against the Chilean Peso and (ii) a decrease in gross profit in
Colombia of Ch$263 million, or 11.6%, mainly due to the devaluation of the Colombian Peso against the Chilean Peso.

Financial services

Our consolidated gross profit in our financial services segment increased Ch$2,028 million, or 8.3%, to Ch$26,478 million for the three-month period ended March 31, 2016 from Ch$24,450 million for
the same period in 2015, as a result of (i) a larger loan portfolio at our Peruvian operations, which increased gross profit in Peru by Ch$3,124 million, or 67.7%, (ii) increased gross profit of Ch$444 million
reflecting the results from our bank in Chile which in turn reflectod the strong performance of our mortgage line of business and (iii) the growth of our loan portfolio in Argentina. These increases were
partially offset by lower gross profit of Ch$380 million in our Argentine operation reflecting the Argentine Peso against the Chilean Peso, iv) the decrease in our gross profit in Brazil of CAS703 million
reflecting the devaluation of the Brazilian Real against the Chilean Peso and v) a decrease in our gross profit in Colombia of ChS458 million, or 26.2%, mainly due to the devaluation of the Colombian Peso
against the Chilean Peso.

Ch$629,784 million for the same period in 2015. This decrease reflects the 6.4% decrease in revenue from ordinary activities and the impact of the reduction in headcount to improve efficiency across all
businesses.

Other income by function

Our consolidated other income by function increased by Ch$24,472 million, or 150.1%, to Ch$40,774 million for the three-month period ended March 31, 2016 from Ch$16,302 million for the same
period in 2015, as a result ofan increase in the fair value of properties due to lower discount rates used in Chile, Argentina, Peru and Colombia for the three-month period ended March 31, 2016 compared

to the same period in 2015.

Results from financial and other activities

The following table presents, for the periods indicated, a breakdown of our consolidated results from financial, tax and other activities, as well as the percentage variation from period to period:

As of rch 31,
2016 2 % Change
(in millions of ChS)

Financial income 3.841 3.491 10.0%
Financial expenses (69,323) (54,548) 27.1%
Exchange differences 38,526 (12,810) N/A
Losses from indexation (3,468) (911) 280.7%

Total losses from financial and other activities (27,565) (63,033) 56.3%

Our consolidated losses from financial and other activities decreased for the three months period ended March 31, 2016 compared to the same period in 2015, in light of the following factors:

+ The reversal in our exchange differences result is explained by the appreciation of the Chilean Peso against the U.S. dollar period-over-period, notwithstanding lower exposure to the U.S.
dollar of the unhedged portion of the debt. As of March 31, 2016, 19.4% of total debt was denominated in U.S. dollars after taking into account our cross currency swaps versus 31.0% as
of March 31, 2015. The profits were offset by the negative effect of the appreciation of exchange rate over the fair value of derivatives, which was ChS(8,414) million in the three-month
period ended March 31, 2016 as compared to Ch$683 million in the three-month period ended March 31, 2015.

The increase in losses from indexation of Ch$2,557 million, or 280.7%, primarily reflects increased interest rates and greater variation of the UF. The increase was partially offset by lower

exposure of our debt to floating interest rates, from 37% after we entered into a cross currency swap in the three-month period ended March 31, 2015 to 27% in the three-month period
ended March 31, 2016.

The increase in net financial costs of 28.3% reflects the exchange rate effect resulting from the fair value of our daily rates to financial costs to ChS(6,432) million in the three-month period
ended March 31, 2016 from Ch$2,459 million in the three-month period ended March 31, 2015. Excluding this effect, net financial costs increased 10.3% period over period due to increased
financial expenses related to our issuance of U.S.$1,000 million (Ch$628,220 million, at the exchange rate Ch$628.22 to U.S.1.00 which was the exchange rate reported by the Central Bank of
Chile at February 12, 2015) indicating exchange rate aggregate principal amount of bonds in February 2015 in the international capital markets.

Income tax expense

For the three month period ended March 31, 2016, we had an income tax expense of Ch$32,805 million compared to an income tax expense of Ch$33,358 million for the same period in 2015, a decrease
of 1.7% mainly due to a higher tax basis in the three-month period ended March 31, 2015. Our income tax expense in the three-month period ended March 31, 2016 included income tax expenses of Ch$6,559
million in Brazil resulting primarily from increased deferred taxes of deferred tax assets and Ch$4,379 million due to non-deductable taxable gains in Argentina and Colombia that were non-deductible

expenses.

26
Profit (loss) attributable to controlling shareholders

As.a result of the above factors, our net eamings increased Ch$85,622 million, or 388.1%, to ChS107,682 million for the three-month period ended March 31, 2016 from Ch$22,060 million for the same
period in 2015. Our net earnings, as a percentage of revenues from ordinary activitics, increased to 4.3% for the three-month period ended March 31, 2016 from 0.8% for the same period in 2015.

B. LIQUIDITY AND CAPITAL RESOURCES

General

Our principal sources of liquidity have historically been:

. cash generated by operations;
. short-term credit extended by suppliers;
.

cash from borrowings and financing arrangements; and

. financing provided to us by sellers of businesses we have acquired.

Our principal cash requirements or uses (other than in connection with our operating activities) have historically been:

. acquisition of, or investments in, companies engaged in the retail business; and

. capital expenditures for property, plant and equipment.
As of March 31, 2016 we had a positive working capital (defined as total current assets minus total current liabilities) of ChS181,371 million.

We believe that our cash from operations, current financing initiatives and cash and cash equivalents are sufficient to satisfy our capital expenditures and debt service obligations in 2016. We
anticipate financing any future capital expenditures for property, plant and equipment with cash from operations and additional indebtedness.

The following chart reflects the scheduled amortization of our indebtedness as of March 31, 2016:

1218

699
355
34 50 81

(In millions oF U.S. dollars as of March 31, 2016)

Leverage

Our objective regarding capital management is to safeguard our capacity to continue ensuring appropriate returns for our shareholders and benefits for other stakeholders and maintaining an
effective capital structure while reducing capital costs.

2
In line with the industry, we monitor our capital using a leverage ratio calculation. This ratio is calculated by dividing net financial debt by total capital. Net financial debt corresponds to total
indebtedness (including current and non-current debt) less cash and cash equivalents. Total capital correspond to total equity as shown in the consolidated statement of financial position plus net debt.
Our leverage ratio was 60.4% as of March 31, 2016 compared to 66.7% as of March 31, 2015.

In accordance with the above, we combine different financing sources, such as capital increases, operating cash flows, bank loans and bonds.
Seasonality
Historically, we have experienced distinct seasonal patterns to our liquidity needs, which are highest in the first and second quarters of our fiscal year. Liquidity needs are higher in the first quarter

primarily because payment becomes due for goods purchased in the previous quarter for the Christmas and New Year holidays. We also experience greater liquidity needs in the second quarter, as
dividends and taxes are paid during this period.

During the periods when we have increased liquidity needs, we obtain funding primarily through short-term bank borrowings, overdraft lines of credit and by reducing our cash outflows, primarily
by reducing or suspending advance payments to suppliers.

Indebtedness
As of March 31, 2016, our net financial debt was Ch$2,443,404 million, up from Ch$2,335,553 million as of December 31, 2015.
As of March 31, 2016, 73.0% of the Company’s financial debt was at fixed interest rates, primarily short-term debt and bonds and including the cross currency swaps. The remaining financial debt

was at variable interest rates. Of the variable-rate debt, 99.1%, including all the cross currency swaps, is indexed to local interest rates (either by its original terms or under derivative arrangements). Our
hedging policy also provides for the periodic review of exposure to exchange rate and interest rate risks.

In the countries where we operate, the majority of costs and revenues are denominated in local currencies. The majority of our debt is denominated in Chilean Pesos. As of March 31, 2016, roughly
72.0% of our consolidated financial debt was denominated in U.S. dollars as compared to 66.4% in the corresponding period in 2015. The Company’s policy is to cover the risk caused by exchange rate
variations on the position of our net liabilities in foreign currency using market instruments. Considering the effect of exchange rate hedging, including cross currency swaps as of March 31, 2016, the
Company’s exposure to the U.S. dollar was 19.4% ofits total debt.

Credit facilities (bank loans and bonds)
At March 31, 2016, our principal bank loans and bonds (including interest) consisted of the following:

As of March 31, 2016

Amount Amount
Interest Rate Outstanding Maturity Outstanding

Currency Structure (in U.S.5) Date (in ChS Th)
Banks:
Chile –
A IN II
A A
pu a íK———————————————— A _<Á<_— A A
AA AA 2 ————_ — E nO TT A A
A NI
NN
II
nea
A A a
A INE 8 TE
o III

BANCO CIUDAD AR

BAIBOR1M+25.0000 11,682,639 N/A * 7,825,032

BANCO GALICIA

BAIBOR1M+25.0000 17,397,059 N/A * 11,652,550

3
e
dá
Ú

LBUSD6M+1.5500 3,857,730 08-16-2016 2,583,908

Incabond 2

3
Z

7.625 39,499,955 08-12-2017 26,457,070

Bcenc-E 3.500 78,389,399 05-07-2018 52,505,219

Regs/144a 2023

ac
dá
Ú

4,875 1,211,537,500 01-20-2023 811,487,818

Jumbo B|

6.500 73,577,826 09-01-2026 49,282,428

Bcenc-J 5.700 118,980,414 10-15-2029 79,693,081

Bcenc-O 7.000 82,729,801 06-01-2031 55,412,421

Total Bonds 3,810,661,036 2,552,380,762

*Non-committed over draft credit facilities with no set maturity.

In addition, at March 31, 2016, we had Ch$28,502 million in financial leasing.

As of March 31, 2016, the Company has available unused lines of credit for approximately Ch$473,317 million (Ch$466,587 million as of December 31, 2015). We deal with a wide diversity of banks
around the world. We believe, if necessary, we can reopen our existing international bonds or issue one or more new series of bonds, as appropriate, or can obtain commercial paper in the Chilean market.

Our loan agreements and outstanding bonds contain a number of covenants requiring us to comply with certain financial ratios and other tests. The most restrictive financial covenants under these
loan agreements and bonds require us to maintain:

e — aratio of consolidated Net Financial Debt to consolidated net worth not exceeding 1.2 to 1;
+ — unencumbered assets in an amount equal to at least 120% of the outstanding principal amount of total liabilitics;
e minimum consolidated assets ofat least UF 50.5 million;

As of the date of this Report on Form 6-K, we are in compliance with all of our loan and debt instruments covenants.

Leases

We have significant operating lease obligations. At March 31, 2016, 53.8% of our total selling space of the retail business was located on leased properties. Our store leasos typically have a term
ranging from 10 to 32 years and provide for both monthly fixed and variable lease payments. Our shopping center leases typically have terms of more than 30 years and provide for fixed monthly rent
payments.

Acquisitions and Divestitures

No significant acquisitions were completed during the three-month period ended March 31, 2016. On March 1, 2016 Cencosud announced the sale ofits 33.3% stake in Mall Viña del Mar S.A. a
company that owns and operates a shopping center in Viña del Mar and a shopping center in Curico, totaling UF 4,275,000 (approximately U.S.$160 million), which closed on April 18, 2016.

Analysis of cash flows

The following table summarizs our generation and use of cash for the periods presented.

(in millions of ChS)

Net cash (used in) from operating activities (53,915) 29,449
Net cash (used in) from investing activities 115,671 (60,728)
Net cash (used in) from financing activities (57,962) (12,297)

Cash flows for the three-month period ended March 31, 2016 compared to the same period in 2015

Taking into account our cash flows from operations, cash flows from financing activities and cash used in investing activities, we had a net cash inflow of ChS3,794 million for the three-month
period ended March 31, 2016, compared to a net cash outflow of Ch$43,577 million for the same period in 2015.

Operating activities, Net cash flows from operating activities decreased Ch$83,364 period over period to reach a negative cash flow of Ch$53,915 million for the three-month period ended as of
March 31, 2016 from Ch$29,449 million for the same period in 2015. Operating cash flows from supermarkets, home improvement, department stores and financial services divisions decreased mainly as a
result of the devaluation of the Argentine Peso, Brazilian Real and Colombian Peso against the Chilean Peso, which led to lower levels of operating revenue from our operations in such countries, partially
offset by increased cash flows from shopping centers. Operating cash flows from our supermarkets division decreased in Argentina and Brazil driven by the above-mentioned currency devaluations, and
in Peru due to increased advance cash payments to suppliers as compared to 2015. Home improvement cash flows were affected by the devaluation of the Argentine Peso, partially offset by increased
cash flows in Chile and Colombia, which in turn resulted from increased revenues in Chile and decreased expenses in Colombia. Department store cash flows decreased as a result of a lower contribution
from Peru due to greater working capital requirements, partially offset by increased cash flows from Chile due to better operating performance during the period. Cash flows from financial services
decreased due to currency devaluations in Argentina, Brazil and Colombia, coupled with lower profitability from the later two operations, due to an increase in cash payments which in turn resulted from
increased costs of funding and lower collections due to the increased risk in our in-store financing and credit card business lines. Conversely, cash flows from shopping centers increased mainly due to (i)
increased cash flows in Argentina due to updated contract to reflect the increased CPI in the country, (ii) increased cash flows in Peru due to an increased occupancy rate in the Arequipa Mall and (iii)
increased cash flows in Colombia due to improvements in collecting accounts receivables and decreased parking lost maintenance costs, partially offset by lower contribution from Chile, reflecting the
increase in property taxes after the implementation of the Tax Reform Act.

Investing activities. Net cash flows from investment activitics increased by Ch$176,399 million, reaching Ch$115,671 million for the three-month period ended as of March 31, 2016, from the
Ch$60,728 million that was used in the same period of 2015. The variation is explained mainly by Ch$164,855 million increase in cash flows resulting from a settlement reached with mutual funds for the
payment of debt amortizations from which we received a cash payment and interest received from investments in the Others (Corporation) segment, which was partially offset by greater working capital
requirements. Additionally, our investment needs decreased because of reduced openings during the period.

Financing activities, Net cash flows used in financing activities amounted to Ch$57,962 million for the three month period ended as of March 31, 2016 from Ch$12,297 million used for financing

activities in the corresponding period in 2015, an increase of Ch$45,665. The main difference is that in the first quarter o£ 2015 we experienced a significant cash inflow from financing activities due to the
¡ssuance of an international bond in February 2015 in the amount of U.S.1,000 million (ChS628,220 million, at the exchange rate Ch$628.22 toU.S.1.00, which was the exchange rate reported by the Central
Bank of Chile at February 12, 2015). In addition, we used cash to pay for bank loans, bond and interest amortizations.

Capital expenditures and permanent investments

The following table presents our capital expenditures for the periods indicated:

As of March 31

2016 2015
(in millions of Ch$)
Capital expenditures (1) 41,890 44,358
Permanent investments (2) — —
Total 41,890 44,358
(1) – Purchase or property, plant and equipment.

(2) – Primarily investments or divestitures in acquired companies.

In the year 2016, we expect to invest approximately U.S.$500 million, The organic growth plan for the next four years (2016 – 2019) contemplates investments of approximately U.SS2.5 billion and will
be financed mainly by cash generated from operations.

¡bution by Type of Investment

1 Organic Growth and
Renovations

M Technology, Logistics
and Ormnichannel

% Maintenance and
Recurring Capex

Our projected capital expenditures may vary substantially from the numbers set forth above as a result of a variety of factors including competition and the cost, currencies and availability of the
necessary funds.

We expect to finance our future capital expenditures with our operating cash flow and with bank loans.
Cc. OFF-BALANCE SHEET ARRANGEMENTS

For any of the periods presented, we did not have any off-balance sheet transactions, arrangements or obligations with unconsolidated entities or otherwise that are reasonably likely to have a
material effect on our financial condition, results of operations or liquidity.

D. TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS

The following table summarizes our significant contractual obligations and commitments as of March 31, 2016:

Less than One to Three Three to Five
One Year Years Years Thercafter Total
(in millions of U.S.S)”

(1) Amount stated in U.S, dollar have been translated from Chilean peso at the exchange rate of Ch$669.80 to U.
2016.
(2) Short-term obligations include the short-term portion of the long-term debt and accrued interest expenses.

1.00, which was the exchange rate reported by the Central Bank of Chile at March 31,

E. NO!

-IFRS FINANCIAL MEASURES

This Report on Form 6-K makes reference to certain non-IFRS measures, namely EBIT from continuing operations. 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. Rather, these measures are provided as additional
information to complement IFRS measures by providing further understanding of the Company’s results of operations from management ‘s perspective. 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. We have included EBIT to provide investors with a supplemental measure of our
operating performance.

We believe EBIT is an important supplemental measure of operating performance because it eliminates items that have less bearing on our operating performance and thus highlights trends in our
core business that may not otherwise be apparent when relying solely on IFRS financial measures.

EBIT has important limitations as analytical tools. For example, EBIT does not 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, Because of these limitations, we primarily rely on our results as reported in accordance with IFRS and use
EBIT only as a supplement.

A reconciliation of our profit (loss) attributable to controlling shareholders, the most directly comparable IFRS financial measure, to EBIT is set forth below:

Profit attributable to controlling shareholders
Profit attributable to non-controlling shareholders

Profit from continuing operations

Financial expense (net)
Income tax charge

EBIT from continuing operations

Asa % of revenues

Profit from continuing operations

Financial income (expenses)
Income tax charge

EBIT from continuing operations

Threc-month period ended March 31,

309.5

4.4%
2.6%
1.3%
8.3%

2016
(unaudited)

2015

(in millions of ChS)

107,682
1,347
109,029
65,483
32,805
207,317

4,4%
2.6%
1.3%
8.3%

22,060
372
22,432
51,057
33,358
106,847

0.8%
1.9%
1.3%
4.0%

A reconciliation of our profit (loss) attributable to controlling shareholders, the most directly comparable IFRS financial measure, to EBIT operations per business segment is included below:

Home
Information by segment Shopping improvement Department Financial Consolidated
(unaudited) Supermarkets centers stores services Other total
Three-month period ended March 31, 2016 (in millions of ChS)

Profit (loss) attributable to

controlling shareholders 90,280 79,608 34,375 459 16,947 (113,987) 107,682
Profit attributable to non-

controlling shareholders – – – – — 1,347 1,347
Net Income 90,280 79,608 34,375 459 16,947 (112,640) 109,029
Financial expense (net) = — — — — 65,483 65,483
Income tax charge Ez Ez a Es a 32,805 32,805
EBIT from continuing

operations 90,280 79,608 34,375 459 16,947 (14,352) 207,317

Profit (loss) attributable to

controlling shareholders 78.960 54.400 39,721 (3,324) 11,622 (161,646) 19,733
Profit attributable to non-

controlling shareholders =— — = — =- 372 372
Net Income 78,960 54,400 39,721 (3,324) 11,622 (161,274) 20,105
Financial expense (net) — — — — — 51,057 51,057
Income tax charge a a a a a 33,358 33,358
EBIT from continuing

operations 78,960 54,400 39,721 (3,324) 11,622 (76,858) 104,520

F DIRECTORS

Board of Directors

Our Annual Sharcholder’s Meeting took place on April 29, 2016 during which, among other matters, the new Board of Directors was elected. For the next three years the Board of Directors is
composed by Mr. Horst Paulmann, Heike Paulmann, Peter Paulmann, Roberto Philips, Cristian Eyzaguirre, Julio Moura and David Gallagher (proposed by the controlling sharcholder) and Mr. Mario

Valcarce and Richard Biichi, as independent members. The following table sets forth information for our directors as of the date of this annual report:

Name Position Age Years at Cencosud
Horst Paulmann Kemna (2) Chairman of the Board 8l 37
Heike Paulmann Koepfer Director 46 7
Peter Paulmann Koepfer Director 47 19
Richard Biichi Director 63 3
Cristián Eyzaguirre Director 67 1
David Gallagher Director Tn 5
Julio Moura Director 64 4
Roberto Philips Director 69 13
Mario Valcarce Director 66 0

(1) Including years in other positions at Cencosud.
(2) Horst Paulmann Kenna is the father of Heike Paulmann Koepfer and Peter Paulmann Koepfer.

Horst Paulmann Kemna. Mr. Paulmann is our Chairman of the Board and founder of Cencosud S.A. He has served on our Board since November 1978. He has served as a Director of the Chilean—
German Chamber of Commerce (CAMCHAL,) and the Chilean Chamber of Commerce.

Heike Paulmann Koepfer. Mts. Paulmann has been a member of our Board of Directors since April 1999. She ha
Universidad Adolfo Ibañez.

a degree in business from the Universidad de Chile and an MBA from

Peter Paulmann Koepfer. Ms. Paulmann has been a member of our Board of Directors since September 1996. Mr. Paulmann currently is the Chief Executive Officer for Importadora y Comercial
Regen Ltda. He has a degree in business from the Pontificia Universidad Católica de Chile.

Richard Búichi. Mr. Búichi was elected an independent member of the board in April, 2013. He holds a civil engineering degree from Universidad de Chile and an MBA from the Wharton School of
Business from the University of Pennsylvania. On March 2013 he took over the executive vice-presidency of ENTEL’s mobile phone division after having acted as the company’s CEO for 18 years.
Additionally, Mr. Búichi was chairman of the board of Entel PCS and Entelphone.

Cristián Eyzaguirre. Mr. Eyzaguirre has been a member of our Board of Directors since 2005. He has an economics degree from Universidad de Chile and a Master of Arts in Economics from The
University of California, Berkeley. Mr. Eyzaguirre is the former Chief Executive Officer of Banco Bice and Chief Financial Officer of Empresas CMPC S.A., and was a professor of Economics at the
Universidad de Chile. He is currently a Director of Besalco, E-CL, Agunsa, Grupo GTD Teleductos, Teléfonica del Sur, IPAL, Banco París, Banco Cencosud (Peru) and Wenco. He also is Vice chairman of
the advisory committee for the Chilean sovercign investment fund.

David Gallagher. Mr. Gallagher has been a member of the Board of Directors since April 201 1. He has an MA in Modern Languages from Oxford University. He is Chairman and Founding Partner
of ASSET Chile S.A, and is a director and Executive Committee member of the Centro de Estudios Publicos. Prior to founding ASSET Chile in 1984, Mr. Gallagher spent 10 years at Morgan Grenfell, where
he became head of Latin American investment banking and director of Morgan Grenfell International.

Julio Moura. Mr. Moura has been a member of our Board of Directors since September 2011. Mr. Moura also serves as a director of Natura Cosméticos, Adecoagro and Brinox and as Chairman of
Instituto Arapyaú. Prior to joining Cencosud, Mr. Moura served as Chairman of Masisa from 2002 to 2007 and as Executive Vice President of Schindler Group, Switzerland, from 1992 to 1997. Mr. Moura
holds a Master’s Degree from MIT’s Sloan School of Management and an Engineering Degree from the Swiss Federal Institute of Technology (ETH).

Roberto Philipps. Mr, Philipps has been a member of our Board of Directors since 2003. He has held several executive positions with the Techint Organization and previously with Exxon
Corporation. He is a former President of the Argentine Financial Executives Association and serves on the board of companies in Chile and Argentina. Mr. Philipps has a degree in business administration
and accounting from the Universidad de Buenos Aires and completed the Advanced Executive Program at the Kellogg School, Northwestern University.

Mario Valcarce. Mr. Valcarce has been an independent member of our Board of Directors since April 19, 2016. Mr. V vas CEO of Enersis S.A. from 2003 until 2006 and was Chairman of
Endesa S.A. from 2006 to 2009. Currently he is part of the Board of Directors of Grupo Costanera SpA, Energia de la Patagonia, Aysén S.A., Empresas Navieras S.A., Besalco S.A. and Transelec S.A. Mr.
Valcarce has a degree in Business Administration from Pontificia Universidad Católica de Valparaiso.

G. MAJOR SHAREHOLDERS

The following table sets forth information with respect to the beneficial ownership of our shares of common stock, as of March 31, 2016, for:
+ — each person known to us to own beneficially more than 5% of our shares of common stock; and
e — our directors and executive officers as a group.

Number of Shares— Percentage Bene!
Ownersh

Shareholder

Principal Shareholders WM
Inversiones Quinchamali Limitada 573,754,802 20.185%
Inversiones Latadia Limitada 6) 550,823.21 19.378%
Inversiones Tano Limitada (4) 457,879.80 16.109%

Directors and Executive Officers
Horst Paulmann Kemna (5) 70,336,573 2.475%
Peter Paulmann Koepfer (6) * *
Heike Paulmann Koepfer 0) * E
David Gallagher – –
Roberto Philips = =
Cristián Eyzaguirre – –
Richard Biichi
Julio Moura – –
Mario Valcarce
Jaime Soler

*
*

Rodrigo Larrain = =
Rodrigo Hetz * *
Carlos Mechetti y 5
Andrés Artigas * *
Bronislao Jandzio = a
Patricio Rivas * *
Antonio Ureta *

Renato Fernandez — —

Carlos Madina = =

Ricardo Bennett * *
Total shares of common stock issued and outstanding 2,842,459,622 100.000%

(1) Our principal sharcholders do not have different voting rights than other sharcholders. All holders of our shares of common stock are entitled to one vote per share of common stock in all
shareholders” meetings.

(3) Inversiones Latadia Limitada is a Chilean company majority owned by Inversiones Quinchamali Limitada, with the remainder owned indirectly by members of the Paulmann family. Its address is
Avenida Kennedy 9001, Piso 7, Las Condes, Santiago, Chile.

(4) Inversiones Tano Limitada is a Chilean company majority owned by Inversiones Quinchamali Limitada, with the remainder owned by Inversiones Latadia Limitada and Horst Paulmann Kemna. lts
address is Avenida Kennedy 9001, Piso 7, Las Condes, Santiago, Chile.

(5) Horst Paulmann Kemna owns 2.475% of our shares of common stock directly and the remaining amount through direct and indirect ownership in Inversiones Quinchamali Limitada, Inversiones
Latadia Limitada and Inversiones Tano Limitada. Horst Paulmann Kemna, our Chairman of the Board, is the father of Heike Paulmann Koepfer and Peter Paulmann Koepfer, who both serve on our
Board of Directors. See “Item 6. Directors, Senior Management and Employees” in our 2015 Form 20-F.

(6) Peter Paulmann Koepfer owns 0.438% of our shares of common stock.

(7) Heike Paulmann Koepfer owns 0.432% of our shares of common stock.

* Represents beneficial ownership of less than one percent of ordinary shares outstanding.

UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS AS OF AND FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2016

INDEX TO UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

Cencosud S.A. and subsi.

jaries,

condensed consolidated interim statements of financial position

Asof
December 31,
Assets Note March 31, 2016 2015
ThChS ThCh$
(unaudited)
Current assets
Cash and cash equivalents 251,539,892 268,275,126
Other financial assets, current
5 96,628,150 254,850,725
Other non-financial assets, current
30,968,638 14,442,030
Trade receivables and other receivables
6 733,706,609 819,839,383
Receivables due from related entities, current
16,473,998 14,851,194
Inventory
8 1,071,311,060 1,068,309,333
Current tax assets
90,057,513 61,197,049
2,290,685,860 2,501,764,840
Assets classified as held for sale
21 94,079,667 a
Total current assets
2,384,765,527 2,501,764,840
Non-current assets
Other financial assets, non-current
5 354,876,893 421,532,586
Other non-financial assets, non-current
45,414,602 31,907,769
Trade receivable and other receivables, non-current
6 17,421,839 30,996,852
Equity method investment
196,964,055 251,527,505
Intangible assets other than goodwill
9 398,290,060 401,749,417
Goodwill
10 1,399,246,493 1,391,692,072
Property, plant and equipment
11 2,611,521,091 2,711,490,630
Investment property
12 1,808,110,947 1,807,095,204
Non-current tax assets
8,776,337 8,854,347
Deferred income tax assets
579,182,514 552,114,088
Total non-current assets
7,419,804,831 7,608,960,470
Total assets 9,804,570,358 10,110,725,310

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

condensed consolidated interim statements of financial position

As of
December 31,
Net equity and liabilities Note March 31, 2016 2015
ThChS ThCh$
(unaudited)
Current liabilities
Other financial liabilities, current 13 326,501,928 356,173,111
Trade payables and other payables
1,653,029,791 1,856,524,795
Payables to related entities, current
28,277,735 29,196,949
Provisions and other liabilities
14 14,624,994 15,641,961
Current income tax liabil:
51,294,016 49,433,829
Current provision for employee benefits
76,902,512 97,889,042
Other non-financial liabilities, current
46,904,346 21,225,549
2,197,535,322 2,426,085,236
Liabilities classified as held for sale
21 5,858,971 –
Total current liabilities
2,203,394,293 2,426,085,236
Non-current liabilities
Other financial liabilities
13 2,816,090,183 2,924,038,308
Trade accounts payables
4,623,692 4,502,991
Provisions and other liabilities
14 69,030,951 78,188,586
Deferred income tax liabilities
655,439,417 649,536,334
Non-current income tax liabilities
17,789,595 –
Other non—financial liabilities, non—current
58,813,976 57,562,037
Total non-current liabilities
3,621,787,814 3,713,828,256
Total liabilities
5,825,182,107 6,139,913,492
Equity
Paid-in capital
15 2,370,218,835 2,321,380,936

Retained camings

Issuance premium

Other reserves

2,412,942,047

498,329,919

(1,302,211,089)

2,329,411,478

526,633,344

(1,205,679,999)

Equity attributable to controlling shareholders
3,979,279,712 3,971,745,759

Total equity
3,979,388,251 3,970,811,818

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Statements of profit and loss

Revenues from ordinary activities

Cost of Sales

Gross Profit

Other income by function

Distribution cost

Administrative expenses

Other expenses by function

Other losses, net

Operating profit

Finance income

Finance expenses

Participation in profit of equity method associates

Exchange differences

Losses from indexation

Profit before income tax

Income tax expense

Profit from continuing operations

Profit from discontinued operations

Profit attributable to controlling shareholders
Profit attributable to non—controlling shareholders

Net Profit

Earnings per share

Basic earnings per share from continued operations

Basic earnings per share from discontinued operations

Diluted earnings per share from continued operations

Diluted earnings per share from discontinued operations

Cencosud S.A. and sub: ries,
condensed consolidated interim statement of profit and loss (unaudited)

For the three months ended

Note 3/31/2016
ThChS

18 2,483,843,974

16 (1,763,979,519)

719,864,455

16 40,774,188

(6,242,744)

(545,038,536)

(36,495,483)

16 (3,462,534)

169,399,346
16 3.840.794
16 (69,323.451)
2,860,171
16 38,525,604

16 (3.468.411)
141,834,053

17 (32,805,216)

109,028,837

21 –
107,681,808
1,347,029

109,028,837

38.1

37.8

3/31/2015
ThCh$

2,652,647,107

(19

99,933)

740,547,174

16,302,

(6,623,710)

(585,343,171)

(37,817,114)

(10,569,944)

116,495,527

3,490,506

(54,547,798)

1,745,343

(12,809,762)

(911,064)

53,462,752

(33,357,900)

20,104,852

2,326,707
22,059,666
371,893

22,431,559

7.0

0.8

7.0

0.8
The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Cencosud S.A. and subsidiaries,
interim st of comprehensive i (loss) (unaudited)

For the three months ended
of comprehensive income (loss) 3/31/2016 3/31/2015

=
a
3
=
a
z

Ttems that are or may be reclassified to profit and loss

Cash flow hedge
(139,627) 209,130

Total items that are or may be reclassified to profitand loss
(92,601,200) (186,767,267)

Other comprehensive income, before taxes
(92,601,200) (186,767,267)

Total income tax that are or may be reclassified to profit and loss
38,945 (58,599)

16,466,582 164,394,307

: ¿
a 8
2 5
2 3
a E
o z
g 5
E >
E 5

15,371,505 (164,759,696)

Total comprehensive income (loss) 16.466.582 (164,394,307
466,5 1,307,

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Condensed consolidated inte:

statement of changes in net equity
for the three months ended March 31, 2016 (unaudited)

Changes in
net
Changes in equity
Actuarial Share retained attributable Change in
Statement of changes Cash flow Gain based earnings to parent non-
in Issuance — Translation Hedge (loss) payments Other Total (Accumulated company controlling Total
equity ThChS capital premiums reserves reserves _ reserves _ reserves _ reserves _ reserves losses) shareholders interest equity
Opening balance as of
January 1, 2016 2,321,380,936 526,633,344 (1,187,109,821) 14,859,584 (229,427) 19,276,599 (52,476,934) (1,205,679,999) — 2,329,411,478 3,971,745,759 (933,941) 3,970,811,818
Changes in equity
Comprehensive
income
Net profit
– – – – – – – – 107,681,808 107,681,808 1,347,029 109,028,837
Other
comprehensive
loss
a – (92,209,621) (100,682) a a – (92,310,303) a (92,310,303) (251,952) — (92,562,255)
Total
Comprehensive
(loss) income a – (92,209,621) (100,682) a a – (92,310,303) 107.681.808 15,371,505 1,095,077 16,466,582
Exercise of stock
options (see note
20)
48,837,899 — (28,303,425) 5 a – (6,798,814) a (6,798,814) 5 13,735,660 – 13,735,660
Dividends
– – – – – – – – (24,151,239) – – (24,151,239)
Stock option (see
Note 20) – – – – – 3,739,726 – 3,739,726 – 3,739,726 – 3,739,726
Decrease due to
changes in
ownership interes!
without a loss of
control – – – – – – (1,161,699) — (1,161,699) – (1,161,699) (52,597) — (1,214,296)
Total transactions
with owners
48,837,899 — (28,303,425) – – – (3,059,088) (1,161,699) (4,220,787) (24,151,239) (7,837,552) (52,597) — (7,890,149)
Total Changes in
equity
48,837,899 — (28,303,425) (92,209,621) (100.682) – (3,059,088) (1,161,699) — (96,531,090) 83,530,569 7,533,953 1,042,480 8,576,433
Ending balance, as
of March 31, 2016
2,370,218,835 498,329,919 (1,279,319,442) 14,758,902 (229,427) 16,217,511 (53,638,633) (1,302,211,089) 2,412,942,047 3,979,279,712 108,539 3,979,388,251

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

F-6

Cencosud S.A. and subsidiaries,
Condensed consolidated interim statement of changes in net equity
for the three months ended March 31, 2015 (unaudited)

Changes in
net
Changes in equity
Cash Share retained attributable — Changein
fMow Actuarial based earnings to parent non-
Statement of changesin —— Paid-in Issuance — Translation Hedge Gain payments Other Total (Accumulated company controlling Total
equity ThChS capital remiums _ reserves _ reserves _ reserves _ reserves _ reserves _ reserves losses shareholders _ interest equi

Changes in equi

Net profit

22,059,666 22,059,666 371,893 22,431,559

Stock option (see Note
20)

Total Changes in
equity

– – – – – 806,065 – (186,013,297) 16,533,359 _ (169,479,938) 365,389 _(169,114,549)

Ending balance, as of
March 31, 2015 2,321,380.936 526,633,344 — (883.516.607) 13,352,751 117,926 14,264,310 (52,476,934) (908,258.554) — 2,183.081,931 — 4,122,837,657 (466,395) 4,122,371,262

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Cencosud S.A. and subsi.

Condensed consolidated interim statements of cash flows (unaudited)

Cash flows from (used in) operating activities

Types of revenues from operating activities
Revenue from sale of goods and provision of services
Other operating activities revenue

Types of payments

Payments to suppliers for supply of goods and services
Payments to and on behalf of personnel

Other operating payments

Interest paid

Interest received

Taxes paid

Other cash inflows (outflows)

Cash flows from (used in) operating activiti
Cash flows used in operating activities (dis

(continuing operations).
continued operations).

Net cash flow (used in) from operating activities

Cash flows (used in) from investing
Cash flows from loss of control in subsidiaries classified as investing activities
Proceeds from sales of property, plant and equipment

Purchases of property, plant $: equipment

Purchases of intangible assets

Interest received

Proceeds from sale of other financial assets—mutual funds

Purchases of other financial assets—mutual funds

Cash flows from (used in) investing activities (continuing operations).
Cash flows used in investment activities (discontinued operations)..

Net cash flow from (used in) investment activities

Cash flows from (used in) financing activities
Proceeds from exercise of stock options

Proceeds from borrowing at long-term
Proceeds from borrowing at short-term

Total loan proceeds from borrowing
Repayments of borrowing
Interest paid

Other cash outflows

Cash flows used in financing
Cash flows from financing activ

continuing operations
(discontinued operation:

Net cash flow used in financing activities

Net increase (decrease) in cash and cash equivalents before the effects of exchange rates variations
Effects of variations in the exchange rate on cash and cash equivalents

Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

Incuded in cash and cash equivalents per the statement of financial situation
Incuded in the assets of the disposal group

The accompanying notes are an integral part of these condensed consoliodated interim financial statements.

F-8

aries,

For the three months ended March 31,

2016
ThChS

2,993,838,841
15,270,384

(2,582,774,650)
(305,999,620)
(155,528,361)

(19,709,011)
987,025

(53,915,392)

(1,434,532)
1,779,681
(41,889,961)
(8,074,386)
435,537
962,391,032
(197,536,248)
115,671,123

115,671,123

13,735,660

45,464,010
45,464,010
(40,479,068)
(76,680,969)

(1,570)

(57,961,937)

3,793,794
(20,529,028)

(16,735,234)
268,275,126

251,539,892

2015
ThCh$

3,276,406,934
2,127,803

(2,607,469,916)
(359,447,090)
(161,135,678)

(1,838,561)
102,542

(20,843,407)

(193,021)

127,709,606
(98,261,013)

29,448,593

596,546
(44,357,712)
(5,678,523)

216,522

1,095,023,552
(1,105,749,183)

(59,948,798)
(779,284)

(60,728,082)

628,220,307
732,356,151

1,360,576,458
(1,341,555,540)
(61,515,314)

(42,494,396)
30,196,981

(12,297,415)

(43,576,904)
(4,433,706)

(48,010,610)
218,871,793

170,861,183

174,875,793
(4,014,610)

Cencosud S.A. and subsidiaries
Notes to the unaudited condensed consolidated interim financial statements

1 General information
Cencosud S.A. (hercinafter “Cencosud Group,” “the Company,” “the Holding,” “the Group”) taxpayer ID number 93.834.000-5 is a public corporation with an indefinite life, with its legal residence at Avda.
Kennedy 9001, 4th floor, Las Condes, Santiago, Chile.

Cencosud S.A. is a public company registered with the Chilean Superintendence of Securities and Insurance (SVS), under No.743, which shares are quoted in Chile on the Stock Brokers-Stock Exchange
(Valparaíso), the Chilean Electronic Stock Exchange and the Santiago Stock Exchange; it is also quoted on the United States of America Stock Exchange (“NYSE”) in New York in the form of American
Depositary Receipts (ADRs).

Cencosud S.A. is a retail operator in Latin America, which has active operations in Chile, Argentina, Brazil, Colombia and Peru, where it has developed a successful multi-format and multi-brand strategy
reaching sales of ThChS 2,483,843,974 as of March 31, 2016.

During the year ended March 31, 2016, the Company employed an average of 138,997 employees, ending with a total number of 138,910 employees.

The Company’s operations include supermarkets, hypermarkets, home improvement stores, department stores, shopping centers, as well as real estate development and financial services, which makes it
the most diversified retail company of Latin-American capital in South America with the biggest offering of square meters, it caters to the consumption needs of over 180 million customers.

Additionally, it operates other lines of business that complement the main retail operations, such as insurance brokerag, a travel agency, customer loyalty services and family entertainment centers. All of
these services have gained recognition and prestige among customers, with brands that excel at quality and service.

The Company splits its equity among 2,842,459,622 shares of a single series whose main shareholders are the following:

Major shareholders as of March 31, 2016 Shares Interest
%

Inversiones Quinchamali Limitada 573,754,802 20.185%
Inversiones Latadia Limitada 550,823,211 19.378%
Inversiones Tano Limitada 457,879,800 16.109%
Banco de Chile on behalf of third parties 185,444,659 6.524%
Banco Itau on behalf of investors 135,049,824 4.751%
Horst Paulmann Kemna 70,336,573 2.475%
Fondo de Pensiones Habitat C 62,824,980 2.210%
Banco Santander – JP Morgan 56,918,099 2.002%
Provida C Pension Fund 56,826,301 1.999%
Habitat B Pension Fund 41,346,983 1,455%
Capital C Pension Fund 37,802,208 1.330%
Provida B Pension Fund 36,054,975 1.268%
Other shareholders 577,397,207 20.313%

Total 2,842,459,622 100.000%

F-9

The Cencosud group is controlled by the Paulmann family, as detailed below:

Interest of Paulmann family as of March 31, 2016 Interest
%

Inversiones Quinchamali Limitada 20.185%
Inversiones Latadia Limitada 19.378%
Inversiones Tano Limitada 16.109%
Horst Paulmann Kemna 2.475%
Manfred Paulmann Koepfer 0.489%
Peter Paulmann Koepfer 0.495%
Heike Paulmann Koepfer 0.490%
Succession of Mrs. Helga Koepfer Schoebitz 0.114%
Inversiones Alpa Limitada 0.026%
Total 59.161%

These condensed consolidated interim financial statements of Cencosud group as of March 31, 2016, were approved by the Board of Directors in a s

sion held on May 25, 2016.

2 Summary of the main accounting policies

2.1 Presentation ba:

The consolidated financial statements of Cencosud S.A. have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards
Board (IASB).

These condensed consolidated interim financial statements for the three months ended March 31, 2016 have been prepared in accordance with IAS 34, “Interim financial reporting” and do not include all
the information required for a complete set of IFRS annual financial statements. Accordingly, the condensed consolidated interim financial information should be read in conjunction with the annual
financial statements for the year ended December 31, 2015, which have been prepared in accordance with IERS.

2.2 New and amended standards adopted by the group

(a) The following standards and interpretations are compulsory for the first adoption for annual periods beginning on or after January 1, 2016.

Amendments and improvements

IFRS 11 Joint Arrangements. Publicated May 2014. The amendments clarify the accounting for acquisitions of an interest in a joint operation when the operation constitutes a business. They require an
investor to apply the principles of Business Combinations accounting when it acquires an interest in a joint operation that constitutes a business.

Amendment to IAS 16 “Property, Plant and Equipment”, and IAS 38, “Intangible Assets”. Publicated May 2014. This amendment clarifies that the use of revenue-based methods to calculate the
depreciation of an asset is not appropiate. It also clarifies that revenue is generally presumed to be an inappropiate basis for measuring the consumption of the economic benefits embodied in an
intangible asset.

Amendment to IAS 16 “Property, Plant and Equipment”, and IAS 41 “Agriculture”. Publicated June 2014. These amendments change the reporting for bearer plants, which should be accounted for in the
same way as property, plant and equipment. The amendments include them in the scope ofIAS 16 rather tan IAS 41.

Amendment to IAS 27 “Consolidated and Separate Financial Statements”, Publicated August 2014. The amendment allows entitics to use the equity method to account for investments in subsidiaries, join
ventures and associates in their separate financial statements.

F-10

Amendment to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures”. Publicated September 2014. The amendments address a conflict between the
requirements of IAS 28 “Investments in Associates and Joint Ventures’ and IFRS 10 ‘Consolidated Financial Statements’ and clarify that in a transaction involving an associate or joint venture the extent of
gain or loss recognition depends on whether the assets sold or contributed constitute a business.

Amendment to IFRS 10 “Consolidated Financial Statements” and IAS 28 “Investments in Associates and Joint Ventures”. Publicated December 2014. These Amendments address issues that have arisen
in the context of applying the consolidation exception for investment entities. The amendment defines that when applying the equity method to an associate or a joint venture, a non-,
investor in an investment entity may retain the fair value measurement applied by the associate or joint venture to its interests in subsidiaries.

Amendment to IAS 1 “Presentation of Financial Statements”. Publicated December 2014, The amendments aim at clarifying IAS 1 to address perceived impediments to preparers exercising their judgement
in presenting their financial reports. The amendment to ensure that entities are able to use judgement when presenting their financial reports as the wording of some of the requirements in LAS 1 had in
some cases been read to prevent the use of judgement.

Annual Improvements to JERSs 2012-2014 Cycle. Publicated on September 25, 2014

Amendment to IFRS 5 ” Non-current Assets Held for Sale and Di:
recl

continued Operations”. The amendment adds specific guidance in IFRS 5 changes in methods of disposal, for cases in which an entity
sifies an asset from held for sale to held for distribution or vice versa and cases in which held-for-distribution accounting is discontinued.

Improvements to IFRS 7 ” Financial Instruments: Disclosures”. It adds additional guidance to clarify whether
determining the disclosures required. This also c

continuing involvement in a transferred asset for the purpose of
rifies the applicability of the amendments to IFRS 7 on offsetting disclosures to condensed interim financial statements.

Improvements to LAS 19, “Employee Benefits”. It clarifies that the high quality corporate bonds used in estimating the di
currency as the benefits to be paid.

‘ount rate for post-employment benefits should be denominated in the same

Improvements to IAS 34, ” Interim Financial Reporting”. This clarifies the meaning of ‘elsewhere in the interim report! and requires a cross-reference.

Managenment has

sed the adoption of these standards, amendments and interpretations, and it has concluded that there are not a material impact on Financial Satements of the Group.
(b) New standards, amendments and interpretations not yet adopted.

Standards and interpretations Description Application for annual pe
beginning on or after:
JFRS 9 “Financial Instruments” The complete version of IFRS 9 replaces most of the guidance in TAS 39. IFRS 9 retains but simplifics the 01-01-2018
mixed measurement model and establishes three primary measurement categories for financial assets. There is
now a new expected credit losses model that replaces the incurred loss impairment model used in IAS 39.

IFRS 15 “Revenue from Contracts with Customers” This standard defines a new model to recognize revenue from contracts with costumers. The standard deals 01-01-2018
with revenue recognition and establishes principles for reporting useful information to users of financial
statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from an
entity’s contracts with customers. Revenue is recognized when a customer obtains control of a good or
service and thus has the ability to direct the use and obtain the benefits from the good or service. The
standard replaces IAS 18 “Revenue” and IAS 11 “Construction contracts* and related interpretations.

F-11

IFRS 16 “Leases”

Specifies how an IFRS reporter will recognise, measure, present and disclose leases. The new standard brings 01-01-2019
most leases on-balance sheet for lessees under a single model, eliminating the distinction between operating

and finance leases. Lessor accounting however remains largely unchanged and the distinction between

operating and finance leases is retained. The standard also provides a single lessee accounting model,

requiring lessees to recognise assets and liabilities for all leases unless the lease term is 12 months or less or

the underlying asset has a low value.

Amandments and improvements Description Application for annual periods
beginning on or after:
Amendment to IAS 7 “Statement of Cash Flows”. The amendments are intended to clarify IAS 7 to improve information provided to users of financial 01-01-2017

Amendment to IAS 12 “Income Taxes”

statements about an entity’s financing activities. The amendments in Disclosure Initiative (Amendments to
IAS 7) come with the objective that entities shall provide disclosures that enable users of financial statements
to evaluate changes in liabilities arising from financing activities.

The IASB had concluded that the diversity in practice around the recognition of a deferred tax asset that is 01-01-2017
related to a debt instrument measured at fair value is mainly attributable to uncertainty about the application

of some of the principles in IAS 12. Therefore the amendments consist of some clarifying paragraphs and an

illustrating example.

These standards, amendments and interpretations are not expected to have a material impact on the Group, except for IFRS 15, IFRS 16 and IFRS 9, whose potential impacts are still being
assessed by the Group. In particular regarding IFRS 16 the Company is analyzing the impacts that the new standard would have over the Financial Statements, Covenants and other financial

indicators.”

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2.3 Accounting policies

The accounting policies adopted are consistent with those applied during the previous financial year and corresponding interim reporting period, except for the estimation of income tax and adoption of
new and amended standards disclosed in Note 2.2.

Income taxes for interim periods are accounted for using the tax rate that would be applicable to expected total annual income before taxes.
2.4 Changes in accounting policies

The Company assess accounting policies frequently, and decide to change any of the adopted standards only if the change: 1) is required by a new IFRS ; or ii) results in the financial statements providing
reliable and more relevant information about the effects of transactions, other events or conditions on the entity’s financial position, financial performance, or cash flows.

Except for the change in the accounting policy related to the allocation in the statement of profit and loss of the effects of measurement at fair value of the ineffective portion of designated hedges, and
economic hedges, described in note 23, no other changes in accounting policies have been adopted by the Company during for the three months ended March 31, 2016 and 2015, except for the adoption
of new and amended standards disclosed in Note 2.2., no other changes in accounting policies have been adopted by the Company for the three month periods ended March 31, 2016 and 2015.

2.5 Income tax.
On September 29, 2014, Law No. 20,780 was enacted and published in the Official Gazette, introducing various amendments to the current income tax law and taxation rules for other taxes in Chile. Under
the recently enacted tax law, the income tax rate will increase to 21%, 22.5%, 24%, 25.5% and 27%, for the years 2014, 2015, 2016, 2017 and 2018 and following fiscal years, respectively, such newly enacted

rates are applicable based on the Company’s adoption of the partially integrated system.

The above implies that the income tax rate in Chile is 24% for the 2016 fiscal year. Therefore, for the close of the financial statements as of March 31, 2016, a tax rate of 24% has been considered in the
determination of the income tax provision.

2.6 Assets and liabilities held for sale and discontinued operations

Non current assets (or disposal groups) are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use and the sale is
considered highly probable. Assets classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell, except forinvestment properties, financials instruments
and others that are carried at fair value. An impairment loss is recognized for any initial or subsequent write down of the asset (or disposal group) to fair value less cost to sell. A gain is recognized for any
subsequent increases in fair value less costs to sell of an asset (or disposal group), but not in excess of any cumulative impairment loss previously recognized. A gain or loss not previously recognized
by the date of the sale of the non current asset (or disposal group) is recognized at the date of recognition. Non-current assets (including those that are part of disposal group) are notdepreciated or
amortized while they are classified as held for sale.

Non current as:
liabilities of a di:

s classified as held for sale and the assets of disposal group classified as held for sale are presented separately from the other ass
osal group classified as held for sale are presented separately from other liabilitics in the statement of financial position.

ts in the statement of financial position. The

A discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, or
isa subsidiary acquired exclusively with a view to resale. The results of discontinued operations, net of tax, are presented separately in the statement of profit and loss. Net cash flows attributable to the
operating, investing and financing activities of discontinued operations are required to be disclosed either in the notes to the financial statements or on the face of the statements of cash flows. IFRS 5
requires that a company “re-present” its statement of comprehensive income as if the operation had been discontinued for all prior periods presented.

Assets held for sale, and associated liabilities, are detailed on note 21 to these condensed interim financial statements.

F-13

2.7 Seasonability

The Company experiences distinct seasonal sales patterns at supermarkets due to heightened consumer activity throughout the Christmas and New Year holiday season, as well as during the beginning
of each school year in March. During these periods, the Company promotes the sale of non-food items particularly by discounting imported goods, such as toys throughout the Christmas holiday season,
and school supplies during the back-to-schoo! period. Conversely, the Company usually experiences a decrease in sales during the summer vacation months of January and February.

The Company does not experience significant seasonality in the home improvement sector.

Department stores have also experienced historically distinct seasonal sales patterns due to heightened consumer activity throughout the Christmas and New Year holiday season. As a result, the
strongest quarter in terms of sales is the fourth quarter.

Shopping center revenues generally increase during the Christmas and New Year holiday season, reflecting the seasonal sales peak for shopping centers.

3 Risk management policies

The Company is exposed to a variety of financial ri

market risk (including interest rate risk and foreign exchange rate risk), credit risk and liquidity risk.

The condensed interim consolidated financial statements do not include all financial risk management information and disclosure required in the annual financial statements, and should be read in
conjunction with the Company’s annual consolidated financial statements as of December 31, 2015.

There have been no changes in the risk management policies and procedures between the dates of the annual and these interim consolidated financial statements as of March 31, 2016.

3.1. Valuation methodology (initially and subsequently).

Financial instruments that have been accounted for at fair value in the statement of financial position as of March 31, 2016 and December 31, 2015 have been measured using the methodologies as set
forth in IFRS 13. These methodologies applied for each class of financial instruments are classified using the following hierarchy:

Level I: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and available-for-sale securities) is based on quoted (unadjusted) market prices at
the end of the reporting period. The quoted marked price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

Level II: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is determined by using valuation techniques. These valuation techniques
maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. IFall significant inputs required to fair value an instrument are observable, the
instrument is included in level 2.

Level III: Ifone or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
Specific valuation techniques used to value financial instruments include:

+ Quoted market prices or dealer quotes for similar instruments;

F-14

+ “The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves;
+ The fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date, with the resulting value discounted back to present value;

+ Other techniques, such as discounted cash flow analys

,, are used to determine fair value for the remaining financial instruments.
Group valuation process

The Group has established control framework with respect to the measurements of fair value, This includes a valuation team that has an overall responsibility for oversecing all significant fair value
measurements, including level 3 fair values, and reports directly to the regional CFO.

The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, is used to measure fair values, then
the valuation team assesses the evidence from third parties to support the conclusion that such valuations meet the requirements of IFRS, including the fair value hierarchy in which such valuation
should be classificd.

Taking into account the nature and characteristics of the instruments maintained in its portfolio, the Company classifics its valuation methodologies in the three aforementioned levels. Currently, the

valuation proc:

As of March 31, 2016 and December 31, 2015, the Group has no financial instruments that have been valuated using inputs

considers internally developed valuation techniques, for which parameters and observable market inputs

re used, mainly using the present value methodology.

sed as level III, however, the procedures above are in line with the Group

policies regarding the estimation and review of the inputs used in fair-valuing financial asset and recurrent and non-recurrent non-financial assets.

The tables below show the total value of each type of the financial instruments valued under each category, and its respective percentage, as of March 31, 2016 and December 31, 2015:

Table Valuation methodologies.

March 2016
Valuation method Amortized
Classification Group Type Value Level 1 Level HL Level HI cost
ThChS % % % %
At fair value through profit or Mutual funds Mutual funds
loss 41,051,994 100% – – –
Derivatives Forward
85,822 – 100% – –
Governmental bonds Governmental bonds
3,978,787 100% E – –
Other financial Highly liquid financial
Instruments instruments
51,511,547 100% – – –
Other financial
investments
201,145 100% – – –
Credit cards and trade Cash and cash
Receivables, net equivalents Cash balances
24,325,957 – – – 100%
Bank balances
135,173,111 – – – 100%
Short-term deposits
92,040,824 – – – 100%
Receivables due from
Receivables Bretas
878,695 – – – 100%
Credit card and trade
receivables, net (1)
751,128,448 – – – 100%
Receivables from related
entities Related entities, current
16,473,998 5 a E 100%
Financial liabilities and
payables Bank loans (1) Current
206,832,358 – – – 100%
Non-Current
255,985,695 – – – 100%
Bonds payable (2) Current
42,633,954 – – – 100%
Non-Current
2,488,281,285 5 a E 100%
Other loans
(lease) Current
2,531,302 – – – 100%
Non-Current
25,970,332 5 a E 100%
Deposits and saving
accounts Current
69,770,366 – – – 100%

Non-Current
Debt purchase affiliates Non-Current
2,025,542 – – – 100%

Other financial liabilities Current
2,035,686 – – – 100%

Non-Current
461,210 – – – 100%

Non-Current
4,162,482 – – – 100%

Cash flow hedging
Hedges Hedging derivatives —— liability
3,645,892 – 100% – –

Fair value hedging
asset
46,138,308 – 100% – –

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December 2015

Valuation method

Classification Group Type Value Level 1 Level IL Level HIT Amortized cost
ThCh$ % % % %
At fair value through Mutual funds Mutual fund shares
profit or loss. 181,562,472 100% – – –
Derivatives Forward
1,873,528 – 100% – –
Other financial Highly liquid financial
Instrument instruments
71,414,725 100% a – –
Other financial
investments
185,549 100% – – –
Trade Receivables, Cash and cash
net equivalents Cash balances
41,943,295 5 E E 100%
Bank balances
189,062,850 – – – 100%
Short-term deposits
37,268,981 5 E E 100%
Receivables due from.
Receivables Bretas
2,625,340 – – – 100%
Trade receivables, net (1)
850,836,235 – – – 100%
Receivables from
related entities Related entities, current
14,851,194 – – – 100%
Financial liabilities and
payables Bank loans (1) Current
193,821,962 – – – 100%
Non-Current
269,733,099 – – – 100%
Bonds payable (2) Current
61,488,514 5 E E 100%
Non-Current
2,586,966,437 – – – 100%
Other loans
(lease) Current
3,025,088 5 E E 100%
Non-Current
29,524,500 – – – 100%
Deposits and saving
accounts Current
94,067,332 5 E E 100%
Non-Current
23,601,397 – – – 100%
Debt purchase affiliates — Current
1,388,767 5 E E 100%
Non-Current
4,889,206 – – – 100%
Letters of credit Non-Current
8,235,348 5 E E 100%
Other financial liabilities Current
2,323,419 – – – 100%
Trade payables Current
1,622,571,864 5 E E 100%
Non-Current
571,936 – – – 100%
Withholding taxes Current
233,952,931 – – – 100%
Non-Current
3,931,055 – – – 100%

Payables to related
entities

Current
Cash flow hedging
Hedges Hedging derivatives —— liability
1,146,350 – 100% – –
Fair value hedging asset
36,675,561 – 100% – –

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Instruments classified as Level II correspond mainly to interest rate and cross currency swaps that have been ve iscounting the future cash flows stipulated in the contract for both the asset and
liability component of each instrument, The structure of interest rates used to bring the future cash flows to present value is constructed based on the currency of each component and inferred from
transactions involving risk-free instruments in the relevant market.

The Group recognizes transfers between levels of the fair value hierarchy at the end the reporting period during the change has occurred. As of March 31, 2016 and December 31, 2015, there have been no
transfers between level l and II, and transfers out of level III to another level of fair value.

3.2. Reclassifications.

As of the end of this reporting period, the Company has not reclassified any entries in the aforementioned financial instrument categories.

3.3. Liquidity risk.

The concept of liquidity risk is used by the Company to refer to financial uncertainty, at different time horizons, related to its capacity to respond to cash needs to support its operations, under both
normal and exceptional circumstances.

Compared to year ended, there was no material change in the contractual undiscounted cash out flows for financial liabilitics that affect the Company’s liquidity risk.

3.4 Fair value of financial assets and liabilities measured at amortized cost.

In order to estimate the fair value of debt instruments accounted for at amortizod cost, the Company has estimated the cash flows from variable interest obligations using relevant swap curves. The
structure of interest rates used to bring the future cash flows to present value is constructed based on the currency of each obligation and corresponds to the risk-free curve in the relevant market plus a
credit spread inferred from the initial contractual conditions of each obligation.

F-17

The fair value of borrowings (bank loans and bons payables) which are classified within Level IL of the fair value hierarchy, are as follows:

Asof
March 31, December 31,
Borrowings 2016 2015
ThChS ThChS
Current 256,485,677 254,051,164
Non-Current 2,770.013,081 2,934,426,982
Total 3,026,498,758 3,188,478,136

The fair value of the following financial assets and liabilities approximate their carrying amount:
+ Trade and other receivables

+ Other current financial asset:

s
+ Cash and cash equivalents (excluding bank overdrafts)
+ Trade and other payables
+ The following assets and liabilities within the held-for-sale disposal group:
— Cash and cash equivalents
— Other current assets
— Trade and other payables
— Borrowings
— Other current liabilities
4 Estimates, judgmentoor criteria applied by management

The estimates and criteria used are continuously assessed and are based on prior experience and other factors, including the expectation of occurrence of future events that are considered reasonable
according to the circumstances.

The preparation of interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets
and liabilities, income and expense. Actual results may differ from these estimates.

In preparing these condensed interim financial statements, the significant judgments made by management in applying the group’s accounting policies and the key sources of estimation uncertainty were
the same as those that applied to the consolidated financial statements for the year ended December 31, 2015, with the exception of changes in estimates that are required in determining the provision for
income taxes and changes derived from adoption of new pronouncements as mentioned in Note 2.5.

4.1 Investment property

a) Fair value measurement for lands

The fair value for land was determined by the Company’s finance department, consulting with external and independent property valuers who have the appropriate recognized professional qualification
and recent experience in the location and category of the property being valued.

The methodology used in determining the fair value of lands was the market approach, which co! tions occurred in the market.

ts of determining the fair value based on recent tra

This measurement corresponds to level IL of the fair value hierarchy.

F-18

b) Fair value measurements for investment properties other than land.

The Company’s finance department is responsible for determining fair value measurements included in the financial statements, including Level 3 fair values of investment properties. The Company’s
finance department includes a valuations team that prepares a valuation for each investment property every quarter. The valuation team reports directly to the Chief Financial Officer (CFO) and the Audit
Committee (AC).Discussions of valuation processes, key inputs and results are held between the CFO, AC and the valuation team at least once every quarter, in line with the Company’s quarterly
reporting dates.

The fair value measurement for this type of investment has been categorized as a level III fair value based on the inputs used in the valuation technique. Investment properties are valued on a highest and
best use basis. Changes in Level 3 fair values are analyzed at each reporting date during the quarterly valuation discussions between the CFO, AC and the valuation team. As part of this discussion, the
team presents a report that explains the reasons for the fair value movements.

For all of the Company’s investment properties, the current use is considered to be the highest and best use.

The Company’s policy is to recognize transfers into and transfers out of fair value hierarchy levels as of the date of the event or change in circumstances that caused the transfer. There were no transfers
in or outof Level 3 fair value measurements for investment properties during the period, nor transfers between Level 1 and Level 2 of the fair value hicrarchy.

For investment property the methodology of the discounted future cash flows uses a country-specific WACC post- tax rate, measured in real terms and differentiated by country. To this effect, a
calculation is performed to obtain the net revenues that correspond to the lease income minus the direct costs and operating expenses. Additionally, the projected cash flows used the historical
information of the recent years and the projected macroeconomic variables that will affect each country.

The rates used as of March 31, 2016 and December 31, 2015 are as follows:

WACC rate as of

Country

3/31/2016 12/31/2015
Chile 6.52% 6.73%
Argentina 21.59% 22.50%
Peru 7.32% 7.50%
Colombia 7.55% 7.66%

The cash flows are calculated in a scenario of moderated growth for those investment properties that have reached the expected maturity level and the main variables used are:
1. Determination of the Discount Rate

The discount rate is reviewed quarterly for each country and consists of the following factors:

a) BETA: Because the American market presents a greater number of comparable companies within this industry, using betas of companies in that country.
b) free rate: It draws on the U.S. Treasury rate at 30 years (30yr T-Bond)
c) Risk premium: Estimated on long-term returns of the stock market and the country risk of each transaction, estimated by the Credit Default Swap to 10 years (10yr CDS). In the case of Argentina’s

country risk used is the average of the last three years.

d) Leverage Ratio: Estimated as of BETA referring them on 66.9% equity and 33.1% debt.

e) Tax rate: We use the tax rate in effect in each country

1) Spread: The international bond spread of Cencosud is
nominal and real, the latter being used as the flow is es

:d to estimate the return on debt which is similar to the Industry spread. With all these factors we estimate the discount rate (WACC)
¡mated at UF (Unidad de Fomento) in Chile, or adjusted for inflation in Peru and Argentina

F-19

2. Revenue growth:
The evolution of income depends on the property, but remains between 0.5% and 1.0% annual real growth, except those newly opened malls whose maturation does expect superior performance improved
in the first years of operation, The revenue projection is reviewed quarterly so that it is aligned to the budget approved by the board in the short term and that their expoctations of long-term trends are in

line with the life eycle in which the asset is (Shopping).

3. Growthin costs and expenses:

As income, change in expenditure depends on the property but always reflects the standard structure resulting from the operation of such properties and operating agreements signed with tenants. These

are also reviewed quarterly to be aligned with the budget and expected evolution for each Shopping.
4. Investment Plan:
For each shopping center, the Company reviews whether the investment plans is in line with the characteristics of each property and the life cycle in which they are placed.

Based on the points described above, the estimated available flow projection thirty-year term, after which is estimated a perpetuity. The present value of these flows determines the fair value of the
investment property.

5. — Valuation technique and Inter-relationship between key unobservable inputs.
Valuation technique (Discounted cash flows): The valuation model considers the present value of the net cash flows to be generated from the property taking into account expected revenue growth,

occupaney rates, other cost and expenses not paid by tenants. The expected net cash flows are discounted using risk-adjusted discount rates (see above on “determination of discount rate”). Among
other factors, the discount rate estimation considers the quality of a building and its location, tenant credit and lease terms.

Class Country (*) Unobservable input Range
Malls… Chile… Expected revenue growth (real) 0.5% – 19%
Occupancy rate 90% – 100%

Argentina… Expected revenue growth (real) 0.5% – 1%

Occupancy rate 90% – 100%

Office .. Chile… Expected revenue growth (real) 0.5% – 1%
Occupancy rate (15 through 5th year) 50% – 90%%

Thercafter 80% – 98%

(**) The group concentrates 89% of the total of the investment properties in Chile and Argentina.

The estimated fair value of the investment properties would increase (decrease) if:
+ Risicadjusted discount rate were lower (higher)
+ Expected revenue growth were higher (lower)
+ “The occupancy rate were higher (lower)

F-20

5 Other financial assets, current and non-current

The composition of this item as of March 31, 2016 and December 31, 2015 includes the following:

As of
March 31, December 31,
Other financial assets, current 2016 2015
ThChS ThCh$
Government bonds 3,978,787 3
Mutual Funds units (*) 41,051,994 181,562,472
Hedging derivatives 85,822 1,873,528
Highly liquid financial instruments 51,511,547 71,414,725
Total other financial assets, current 96,628,150 254,850,725
As of
March 31, December 31,
Other financial assets, non-current 2016 2015
ThChS ThCh$
Hedging derivatives 353,797,053 418,721,697
Financial investments Long term 201,145 185,549
Account receivable due from Bretas 878,695 2,625,340
Total other financial assets, non-current 354,876,893 421,532,586
* Mutual Funds units are mainly fixed rate investments
6 Trade receivables and other receivables
Trade receivables and other receivables as of March 31, 2016 and December 31, 2015 are as follows:
As of
December 31,
Trade receivables and other receivables net, current March 31, 2016 2015
ThChS ThCh$
Trade receivables net, current 153,942,842 174,446,809
Credit card receivables net, current 314,007,920 342,372,436
Other receivables, net, current
265,099,791 302,409,953
Letters of credit loans
656,056 610,185
Total
733,706,609 819,839,383
As of
December 31,
Trade receivables and other receivables, net, non-current March 31, 2016 2015
ThChS ThCh$
Trade receivables net, non-current 487.406 415,973
Credit card receivables net, non-current 2,492,476 4,610,379
Other receivables, net, non-current
4,969,017 16,312,688
Letters of credit loans
9,472,940 9,657,812
Total
17,421,839 30,996,852
As of
December 31,
Trade receivables and other receivables, gross, current March 31, 2016 2015
ThChS ThCh$
Trade receivables gross, current 166,970,932 192,176,807
Credit card receivables gross, current 330,767,796 358,131,672
Other receivables gross, current 281,076,164 313,390,901
Letters of credit loans 814,536 776,786
Total 79,629,428 864,476,166

F-21

Trade receivables and other receivables, gross, non-current

As of

December 31,
March 31, 2016 2015
THChS THCh$
Trade receivables gross, non-current 487,406 415,973
Credit card receivables gross, non-current 2,492,476 4,610,379
Other receivables gross, non-current 4,969,017 16,312,688
Letters of credit loans, non-current 9,472,940 9,657,812
Total 17,421,839 30,996,852
As of.
December 31,
Trade receivables and other receivables close to maturity March 31, 2016 2015
THChS THCh$
Less than three months 571,589,121 622,399,661
Between three and six months 61,943,057 65,106,283
Between six and twelve months 59,209,780 60,918,226
In more than twelve months 17,421,839 30,996,852
Total 710,163,797 779,421,022
The maturity of past due trade receivables as of March 31, 2016 and December 31, 2015 is as follows:
Trade receivables past due but not impaired Asof
March 31, 2016 December 31, 2015
ThChS ThChS
Past due less than three months 55,884,912 81,294,828
Past due between three and six months 15,506,724 10,635,980
Past due between six and twelve months
6,095,116 10,809,004

Past due in more than twelve months

Total

The movement of the bad debt allowance is as follows:

9,400,718 13,312,184

86.887.470 16,051,996

As of
December 31,
Change in bad debt allowance March 31, 2016 2015
THChS THCh$
Initial balance 44,636,783 45,643,245
Increase in provision 6,552,449 27,855,602
Utilized provision
(538,713) (23,427,920)

Decrease in provision

(4,727,700) (60,904,525)
Reclassified to assets held for sale

a 55,470,381

Total

45,922,819 44,636,783

The maximum exposure to credit risk at the date of the report is the book value in each category of the trade account; Cencosud Group does not request collateral as a guarantee.

F-22

7 Transactions with related parties

tions with related compan

Company has a policy to disclose all transactions performed with related parties during the period.

7.1 Trade receivables from related entities

¡s follows:

The composition of the item as of March 31, 2016 and December 31, 2015 is
Receivables from related entities

s re based on immediate payment or collection or with a term of up to 30 days, and are not subject to special conditions. These operations comply with what is
blished in articles 44 and 49 of Law N? 18,046 that regulates the Corporations. Itis noteworthy that the related party transactions are in accordance with IAS 24 (Revised) “Related Parties”. The

Balance as of

Current
Transaction Transaction Nature of
Tax ID Number Company description term relationship Currency 3/31/2016 12/31/2015
ThCh$ ThCh$
96.863.570-0 – Inmobiliaria Mall Viña del Mar S.A. Dividends receivable Current Associate Chilean Pesos a 1,516,720
99.500.840-8 CAT Administradora de Tarjetas S.A. Trade receivable Current Associate Chilean Pesos 6,145,602 7,552,703
99.500.840-8 CAT Administradora de Tarjetas S.A. — Dividends receivable Current Associate Chilean Pesos 4,477,023 3,707,894
CAT Corredores de Seguros y Servicios
77.218.570-7 S.A. Trade receivable Current Associate Chilean Pesos 1,822,374 1,383,949
CAT Corredores de Seguros y Servicios
77.218,570-7 S.A. Dividends receivable Current Associate Chilean Pesos E 265.914
76.388.146-6 Operadora de Procesos S.A. Dividends receivable Current Associate Chilean Pesos 211,152 –
76.388.146-6. Operadora de Procesos S.A. Trade receivable Current Associate Chilean Pesos 2,941,472 413,421
76.388.155-5 Servicios Integrales S.A. Dividends receivable Current Associate Chilean Pesos 795,154 –
76.388.155-5. Servicios Integrales S.A. Trade receivable Current Associate Chilean Pesos 81,221 10,593
Total 16,473,998 14,851,194
7.2 Trade payables to related entities
The composition of the item as of March 31, 2016 and December 31, 2015 is as follows:
Payables to related entities Balance as of
Current
Transaction Transaction Nature of
Tax ID number Company description term relationship Currency 3/31/2016 12/31/2015
ThCh$ ThCh$
Peruvian
– Loyalti Del Perú S.A.C. Fund transfer Current Associate New Sol 833,667 444,619
99.500.840-8 CAT Administradora de Tarjetas S.A. Trade payable Current Associate Chilean Pesos 21,214,661 24,723,846
CAT Corredores de Seguros y
77.218,570-7. Servicios S.A. Trade payable Current Associate Chilean Pesos 2,448,057 1,640,310
76.388.146-6 Operadora de Procesos S.A. Trade payable Current Associate Chilean Pesos 3,742,417 2,388,174
76.388.155-5 Servicios Integrales S.A. Trade payable Current Associate Chilean Pesos 38,933 E
Total 28,277,735 29,196,949

F-23

7.3 Transactions with related parties and impact on profit and loss

The operations and its impact on profit and loss are presented for the years ended March 31, 2016 and 2015, as follows:

Transactions
Impact to
profit and loss Impact to
Nature of Transaction (charge profit and loss
Tax ID Number Company relationship description Currency Country 3/31/2016 /credit) 3/31/2015 (charge
/credit)
ThCh$ ThCh$ ThCh$ ThCh$
Plaza Lima Company director Peruvian New
0-E Norte relationship Leases paid Sol Peru a E 261,739 (261,739)
Plaza Lima Company director Peruvian New
0-E Norte relationship Utilities paid Sol Peru – – 90,212 (90,212)
Inmobiliaria Mall Viña Del Mar
96.863.570-0 S.A. Associate Leases paid Chilean pesos Chile 890,000 (890,000) 1,018,499 (1,018,499)
Inmobiliaria Mall Viña Del Mar
96.863.570-0 S.A. Associate Utilities Paid Chilean pesos Chile 571,626 (571,626) 656,699 (656,699)
Inmobiliaria Mall Viña Del Mar
96.863.570-0 S.A. Associate Sale of goods Chilean pesos Chile 1,598 1,598 1,997 1,997
77.209.070-6 Viña Cousiño Macul S.A. Common director Merchandise buying — Chilean pesos Chile 201,477 (201,477) 113,664 (113,664)
Wenco
92.147.000-2 S.A. Common director Merchandise buying — Chilean pesos Chile 968,042 (968,042) 202.904 (202,904)
Wenco
92.147.000-2 S.A. Common director Sale of goods Chilean pesos Chile – – 24,671 24,671
76.076.630-5 Maxi Kioskos Chile S.A. Company’s Director Leases collected Chilean pesos Chile 128,891 128,891 115,022 115,022
76.076.630-5 Maxi Kioskos Chile S.A. Company’s Director Utilities collected Chilean pesos Chile 1,595 1,595 56,282 56,282
78.410.320-K Imp y Comercial Regen Ltda. Company’s Director Merchandise buying — Chilean pesos Chile 43,403 (43.403) 111,465 (111,465)
78.410.320-K Imp Y Comercial Regen Ltda. Company’s Director Leases collected Chilean pesos Chile 78,242 78,242 63,121 63,121
78.410.320-K Imp Y Comercial Regen Ltda. Company’s Director Sale of goods Chilean pesos Chile 7,991 7.991 12,614 12,614
Common expenses
78.410.320-K Imp Y Comercial Regen Ltda. Company’s Director collected Chilean pesos Chile – – 20,971 20,971
Company, director Goods
79.595.200-4 Adelco Santiago Ltda. relationship purchases… Chilean pesos Chile 7,931 (7,931) E A
Teleductos
88.983.600-8 S.A. Common director Leas collected Chilean pesos Chile 12,645 12,645 528,602 528,602
Teleductos
88.983.600-8 S.A. Common director Services provided Chilean pesos Chile 332,918 (332,918) 183,902 (183,902)
Company, director
92.491.000-3 Labsa Inversiones Ltda. — relationship Leases paid Chilean pesos Chile 151,546 (151,546) 136,161 (136,161)
Manquehue Net
93.737.000-8 S.A. Common director Services provided Chilean pesos Chile 5,137 (5,737) 3,413 (3,413)
96.566.940-K Agencias Universales S.A. Common director Services provided Chilean pesos Chile 1,672 (1,672) 70,177 (70,177)
96.566.940-K Agencias Universales S.A. Common director Sale of goods Chilean pesos Chile 1,981 1,981 3,860 3,860
Empresa Nacional de
92.580.000-7 Telecomunicaciones S.A. Common director Services provided Chilean pesos Chile 111,976 (111,976) 416,332 (416,332)
90.193.000-7 Empresa El Mercurio.S.A.P. Common director Sale of goods Chilean pesos Chile – – 8,787 8,787
90.193.000-7 Empresa El Mercurio.. Common director Leases paid Chilean pesos Chile – – 79,184 79,184
Common expenses
90.193.000-7 Empresa El Mercurio.S.A.P. Common director collected Chilean pesos Chile – – 15,837 15,837
90.193.000-7 Empresa El Mercurio.! Common director Services provided Chilean pesos Chile 21,062 21,062 – –
90.193.000-7 Empresa El Mercuric Common director Services provided Chilean pesos Chile 477,297 (477,297) 757.910 (757,910)
96.628.870-1 Entel Telefonía Local S.A. Common director Services provided Chilean pesos Chile 4,580 (4,580) 5,910 (5,910)
Entel PCS
96.806.980-2 Telecomunicaciones S.A. Common director Services provided Chilean pesos Chile 135,207 (135,207) 550 (550)
Entel PCS
96.806.980-2 Telecomunicaciones S.A. Common director Services provided Chilean pesos Chile 839,994 (839,994) – –
Entel PCS
96.806.980-2 Telecomunicaciones S.A. Common director Lease collected Chilean pesos Chile 470,902 470,902 – –
Entel PCS
96.806.980-2 Telecomunicaciones S.A. Common director Services provided Chilean pesos Chile 40,723 40,723 – –
Cia Nacional de
Telefonos, Telefónica del Sur
96.566.940-K S.A Common director Services provided Chilean pesos Chile 321 (21) – –
4773765-6 Cristian Eyzaguirre Johnston Common director Services provided Chilean pesos Chile – – 29,486 (29,486)
Industria Productos
96.628.870-1 Alimenticios S.A. Common director Merchandise buying — Chilean pesos Chile 166,650 (166,650) 276,002 (276,002)
Assets- Chile
79.675.370-5 S.A Common director Sale of goods Chilean pesos Chile 1,425 1,425 1,506 1,506
Company, director
70.649.100-7 Centros de Estudios Públicos relationship Services provided Chilean pesos Chile 162 (162) 246 (246)
JetAviation Flight Services Company, director
O-E Inc. relationship Services provided US Dollar Chile 229,256 (229,256) 191,670 (191,670)
Besalco
92434000 S.A Common director Services provided Chilean pesos Chile a E 97 (97)
Sky Airline Company, director
88.417.000-1 S.A. relationship Sale of goods Chilean pesos Chile – – 51 51
Sky Airline Company, director
88.417.000-1 S.A. relationship Leases collected Chilean pesos Chile 5,682 5,682 3,376 3,376
Sky Airline Company, director Other expenses
88.417.000-1 S.A. relationship collected Chilean pesos Chile – – 1,204 1,204
CAT Administradora de Financial retail
99.500.840-8 Tarjetas S.A. Associate income Chilean pesos Chile 4,801,441 4,801,441 – –
CAT Administradora de Cencosud Card
99.500.840-8 Tarjetas S.A. Associate sales Chilean pesos Chile 190,665,835 – – –
CAT Administradora de
99.500.840-8 Tarjetas S.A. Associate Leases collected Chilean pesos Chile 270,495,111 – – –
CAT Administradora de Statements
99.500.840-8 Tarjetas S.A. Associate collection Chilean pesos Chile 50,269 50,269 – –
CAT Administradora de
99.500.840-8 Tarjetas S.A. Associate Merchandise buying — Chilean pesos Chile a E E A

CAT Admini:
99.500.840-8 Tarjetas S.A. Associate Gift Cards buying Chilean pesos Chile 186,725 186,725 – –
CAT Corredores de Seguros y
77.218.570-7 Servicios S.A. Associate

CAT Corredores de Seguros y
77.218.570-7 Servicios S.A. Associate

76.388.155-5 Servicios Integrales S.A. Associate

76.388.146-6 Operadora de Procesos S.A. Associate

Leases collected
Financial retail
income

Gift Cards buying

Financial retail

Chilean pesos

Chile

76.388.146-6 Operadora de Procesos S.A. Associate

income

Chilean pesos

F-24

Chile

1,982,086

1,311,726

Addition information required by SVS (Superintendencia de Valores

Seguros) as per communication N*3592 dated January 31, 2014.

a) Transactions between the holding company Cencosud S.A and its direct and indirect subsidiaries (eliminated in the consolidation process).

Impact to
profit or loss Impact to
Nature of Transaction (charge profit or loss
Tax ID Number Company relationship description Currency Country 3/31/2016 Jeredit) 3/31/2015 (charge
/credit)
ThChS ThCh$ ThChS ThCh$
Common Admin and
93.834.000-5 Cencosud Chile S.A. — control operational fees Chilean peso Chile 21,592,387 (21,592,387) 21,873,573 (21,873,573)
Common Push partner
93.834.000-5 Cencosud Chile S.A. — control income Chilean peso Chile 957,657 (957,657) – –
Cencosud Shopping — Common
94.226.000-8 Centers S.A. control Leases Chilean peso Chile 15,989,542 (15,989,542) 14,826,122 (14,826,122)
Cencosud Shopping Common
94.226.000-8 Centers S.A. control Utilities Chilean peso Chile 4,195,393 (4,195,393) 4,856,328 (4,856,328)
Common
84.671.700-5 Cencosud Retail S.A. — control Leases Chilean peso Chile – – 13,764 (13,764)
Common Sales of
84.671.700-5. Cencosud Retail S.A. — control inventory Chilean peso Chile 251,378 (251,378) 77.608 (77,608)
Adm. del Centro
Comercial Alto las Common
78.410.990-8 Condes Ltda. control Utilities Chilean peso Chile 6,845,187 (6,845,187) 6,368,952 (6,368,952)
Common
96.671.750-5 Easy S.A. control Sale of inventory Chilean peso Chile 63,756 (63,756) 262,057 (262,057)
CAT Administradora de Common Admin and
99.500.840-8 Tarjetas S.A. control Operational fees Chilean peso Chile – – 117,896 (117,896)
Inmobiliaria Santa Common
96.732.790-5 Isabel S.A. control Leases Chilean peso Chile 127,369 (127,369) 121,654 (121,654)
Sociedad Comercial de Common
88.235.500-4 Tiendas S.A. control Leases Chilean peso Chile 993,875 (993,875) 1,288,118 (1,288,118)
Common
76.433.310-1 Costanera Center S.A. control Fasement Chilean peso Chile 5,610,769 (5,610,769) – –
Administradora de Common
77.312.480-9 Servicios Paris Ltda. control Commissions Chilean peso Chile – – 850 (850)
Cencosud Fidelidad Common
76.476.830-2 S.A. control Services rendered Chilean peso Chile 6,481,766 (6,481,766) 7,228,669 (7,228,669)
Cencosud
Administradora de Common Admin and
76.568.660-1 Procesos S.A. control Operational fees Chilean peso Chile – – 588,239 (588,239)
Cencosud Servicios Common
76.023.825-2 Integrales S.A. control Commissions Chilean peso Chile – – 30 (60)
Logística y Distribución Common Admin and
77.302.910-k Paris Ltda. control operational fees Chilean peso Chile 1,451,400 (1,451,400) 1,250,086 (1,250,086)
Jumbo Supermercados Common Admin and
77.251.760-2 Administradora Ltda. — control operational fees Chilean peso Chile 43,955,788 (43,955,788) 41,773,985 (41,773,985)
Common
79.829.500-4 Eurofashion Ltda. control Sale of inventory Chilean peso Chile 5,912,534 (5,912,534) 4,456,746 (4,456,746)
Santa Isabel Common Admin and
76.062.794-1 Administradora S.A. — control operational fees Chilean peso Chile 30,911,793 (30,911,793) 29,289,280 (29,289,280)
Cencosud (Shanghai) Common Admin and
O-E Trading Co., Ltd control operational fees Chilean peso Chile (693,948) 693,948 940,330 (940,330)
Paris Administradora Common Admin and
96.988.680-4 Ltda. control operational fees Chilean peso Chile 25,578,542 (25,578,542) 24,134,614 (24,134,614)
MegaJohnson’s Common Admin and
96.988.700-2 Administradora S.A. — control operational fees Chilean peso Chile 5,497,259 (5,497,259) 5,597,336 (5,597,336)
Comercializadora Common
76.203.299-6 Costanera Center S.P.A. control Leases Chilean peso Chile 1,418,596 (1,418,596) 1,226,646 (1,226,646)
Comercializadora Common
76.203.299-6 Costanera Center S.P.A. control Utilities Chilean peso Chile 828,333 (828,333) 910,689 (910,689)
Cencosud Argentina Common Argentine
O-E S.A. control Leases peso Argentina 2,995,091 (2,995,091) 3,191,242 (3,191,242)
Cencosud Argentina — Common Argentine
O-E S.A. control Utilities peso Argentina 1,996,152 (1,996,152) 2,352,414 (2,352,414)
Cencosud Argentina Common Argentine
O-E S.A. control Commissions peso Argentina 1,931,876 (1,931,876) 2,367,072 (2,367,072)
Jumbo Retail Argentina Common Argentine
O-E S.A. control Leases peso Argentina 137,564 (137,564) 81,497 (81,497)
Jumbo Retail Argentina Common Argentine
O-E S.A. control Financial income peso Argentina 1,513,511 (1,513,511) – –
Jumbo Retail Argentina Common Argentine
O-E S.A. control Sale of inventory peso Argentina 889,272 (889,272) 1,950,856 (1,950,856)
Common Argentine
O-E InvorS.A. control Leases peso Argentina 89,110 (89,110) 101,481 (101,481)

F-25

b)Financing activities between related parties and their conditions

As of March 31, 2016

Loans granted Settlements
Grantor Country Receiving entity Instrument Currency in local made in local Grant date Maturity date
Tax ID Rate currency currency
Cencosud Chilean Throughout
S.A. 93.834.000-5 Chile Cencosud Retail S.A. Fund transfer peso 215,719,423 379,983,951 2016
Cencosud Cencosud Shopping Chilean Throughout
S.A. 93.834.000-5 Chile S.A. Fund transfer peso 20,448,648 31,056,019 2016
Administradora
Centro Comercial
Cencosud Alto Las Condes Chilean Throughout
S.A. 93.834.000-5 Chile Ltda. Fund transfer peso 13,131,955 10,918,946 2016
Cencosud Chilean Throughout
S.A. 93.834.000-5 Chile Easy S.A. Fund transfer peso 196,972,011 229,702,846 2016
Cencosud Comercial Food And Chilean Throughout
S.A. 93.834.000-5 Chile Fantasy Ltda. Fund transfer peso 236,476 283,708 2016
Cencosud Cencosud Future Chilean Throughout
S.A. 93.834.000-5 Chile Internacional Ltda. Capitalization peso 81,843,572 28,155,572 2016
Cencosud Sociedad Comercial Chilean Throughout
S.A. 93.834.000-5 Chile de Tiendas S.A. Fund transfer peso 1,478,951 639,669 2016
Jumbo
Cencosud Administradora Norte Chilean Throughout
S.A. 93.834.000-5 Chile Ltda. Fund transfer peso 62,282 20,555 2016
Cencosud Costanera Centers Chilean Throughout
S.A. 93.834.000-5 Chile S.A. Fund transfer peso 1,204,627 106,857 2016
Cencosud Cencosud Fidelidad Chilean Throughout
S.A. 93.834.000-5 Chile S.A. Fund transfer peso 3,397,841 300,100 2016
Logistica y
Cencosud Distribución Paris Chilean Throughout
S.A. 93.834.000-5 Chile Ltda. Fund transfer peso 1,836,010 32,634 2016
Cencosud Chilean Throughout
S.A. 93.834.000-5 Chile Eurofashion Ltda. Fund transfer peso 10,180,008 9,893,285 2016
Cencosud Santa Isabel Chilean Throughout
S.A. 93.834.000-5 Chile Administradora S.A. Fund transfer peso 59,841,579 27,939,271 2016
Cencosud Administradora TMO Chilean Throughout
S.A. 93.834.000-5 Chile S.A. Fund transfer peso 7,610 14,643 2016
Cencosud MegaJohnson’s Chilean Throughout
S.A. 93.834.000-5 Chile MaipúS.A. Fund transfer peso 29,208,635 12,177,982 2016
Cencosud MegaJohnson’s Chilean Throughout
S.A. 93.834.000-5 Chile Puente S.A. Fund transfer peso 38,295,204 76,997 2016
Cencosud MegaJohnson’s Viña Chilean Throughout
S.A. 93.834.000-5 Chile del Mar S.A. Fund transfer peso 13,830,929 13,830,929 2016
Cencosud MegaJohnson’ Chilean Throughout
S.A. 93.834.000-5 Chile Administradora S.A. Fund transfer peso 16,227,931 77,356 2016
Cencosud Johnson’s Mega San Chilean Throughout
S.A. 93.834.000-5 Chile Bernardo S.A. Fund transfer peso 79,393 153,088 2016
Cencosud Cencosud Retail Chilean Throughout
S.A. 93.834.000-5 Chile Administradora S.A. Fund transfer peso 59 30,807 2016
Comercializadora
Cencosud Contanera Center Chilean Throughout
S.A. 93.834.000-5 Chile SPA Fund transfer peso 5,158,239 12,324,082 2016
Cencosud
Internacional Cencosud Brasil Throughout
96.978.180-8 Chile Comercial S.A. Fund transfer US Dollar 70,000 – 2016
Throughout
Peru S.A. O-E Peru Cencosud S.A. Loan US Dollar 29,292 – 2016

F-26

7.4 Board of Directors and key management of the Company

The Board of Directors as of March 31, 2016 is comprised of the following people:

Board of directors Role Profession
Chairman Businessman
Horst Paulmann Kemna
Director Commercial Engineer
Heike Paulmann Koepfer
Peter Paulmann Koepfer Director Commercial Engineer
Roberto Oscar Phillips Director National Public Accountant
Cristián Eyzaguirre Johnston Director Economist
Richard Biichi Bue Director Civil Engineer
David Gallagher Patrickson Director Businessman
Julio Moura Neto Director Engineer

On the sharcholders meeting held on April 29, 2016, Mr. Mario Valcarce Duran was designated as new Director of the Group.

Key management of the Company as of March 31, 2016 is composed of the following people:

Senior management Position Profession

Jaime Soler Chief Executive Officer Commercial Engineer
Carlos Mechetti General Counsel Attorney at law
Bronislao Jandzio Audit Managing Director Business Administrator
Renato Fernández Corporate Affairs Manager Journalist

Antonio Ureta Vial Home Improvement Managing Director Commercial Engineer
Patricio Rivas Financial Retail Managing Director Commercial Engineer
Rodrigo Hetz Human Resources Director Industrial Engineer
Andres Artigas Chief Information Officer Industrial Engineer
Rodrigo Larrain Chief Financial Officer Industrial Engineer
Ricardo Bennett Department Store Managing Director Industrial Engineer
Tomás Zabala Corporate Strategy Manager Industrial Engineer
Carlos Madina Shopping Centers Managing Director Business Administrator
7.5 Board of Directors compensation

In accordance with Article 33 of Law N* 18,046 in regards to Corporations, the Ordinary Sharcholders? Meeting held on April 24, 2015, set the following amounts for the 2015 period:

payment of UF 330 each month for those holding the position of Director of the Board and twice this amount for the President of the Board, ifand only ifthey
s each year,

+ Fees paid for attending Board sessions
attend a minimum of 10 ordinary sessios

+ Fees paid for attending the Directors’ Committee: payment to each Director of UF 110 for each session they attend,

The details of the amount paid to Directors for the three months ended March 31, 2016 and 2015 are as follows:

March 31, March 31,

Name Role 2016 2015
ThChS THCh$

Horst Paulmann Kemna Chairman 50,925 48,657
Heike Paulmann Koepfer Director 25.462 24,328
Peter Paulmann Koepfer Director 25.462 24,328
Cristián Eyzaguirre Johnston Director 25.462 24,328
Roberto Oscar Philipps Director 33,950 32,437
Erasmo Wong Lu Vega (*) Director 0 24,328
David Gallagher Patrickson Director 33.950 32,437
Julio Moura Director 25.462 24,328
Richard Búchi Bue Director 33,950 32,437

Total
254,623 267.608

(*) Mr. Erasmo Wong Lu has resigned to his designation as Director, with effective date as from August 26, 2015.

F-27

7.6 Compensation paid to senior management

Key management compensation

Salary and other short term employee benefits
Share based payments

Total

March 31, March 31,
2016 2015
THChS ThChS
1,358,707 1,490,620
732,630 110,252
2,091,337 1,600,872

The Cencosud Group has established an incentive plan, which rewards management for the achievement of individual objectives in the achievement of the company’s results. These incentives are
structured as a minimum and a maximum of gros compensation and are paid once a year.

8 Inventory

The composition of this item as of March 31, 2016 and December 31, 2015 is as follows:

Inventory category

Raw materials

Goods
Provisions

Total

The composition of inventories by business line as of March 31, 2016 and December 31, 2015 is as follows:

Inventory category

Raw material

Asof
December 31,
March 31, 2016 2015
THChS THCh$
4,477,546 5,687,964
1,191,463,651 1,196,132,051
(124,630,137) (13,510,682)
1,071,311,060 1,068,309,333
As of March 31, 2016
Department Home
stores Supermarkets improvement Total
THChS ThChS THChS THCh$
1,079,734 3,397,812 – 4,477,546

Goods 185,516,029 642,539,589 238,777,896 1,066,833,514
Total
186,595,763 645,937,401 238,777,896 1,071,311,060
As of December 31, 2015
Department Home
Inventory category stores Supermarkets improvement Total
ThChS ThChS ThChS ThCh$
Raw material 1,466,349 4,221,615 – 5,687,964
Goods 186,513,106 658,932,859 217,175,404 1,062,621,369
Total 187,979,455 663,154,474 217,175,404 1,068,309,33

The Company periodically a

seasonality. Any adjustments are carried against income of the period.

its inventories at their net realizable value, by separating the inventory for each line of business and verifying the age, inventory turnover, sales prices and

The goods included in inventory are valued at the lower between their purchase price or production cost, net of allowance for obsolescence, and their net realizable value.

F-28

The carrying amount of inventories carried at March 31, 2016 and December 31, 2015 to its net realizable value less selling costs, provides for:

Current Inventori

Inventories at net realizable

as of
Net realizable value movements 3/31/2016 12/31/2015
ThChS ThChS
Beginning Balance 66,062,640 59,318,631
Increase of Inventory to NRV (Net Realizable Value) 6,530,977 20,881,321
Decrease of Inventory to NRV (Net Realizable Value) (7,238,662) (14,137,312)
Total 65,354,955 66,062,640

Other information relevant to inventory:

For the three months ended

March 31,

Additional information inventory 2016 2015
ThChS ThChS

Cost of inventories recognized as expenses during the

year 1,652,195,243 1,800,139,150

Provision movements:

Balance as of

Provisions 3/31/2016 12/31/2015
ThChS ThChS
Beginning Balance 13,510,682 131,827,604
Amount of inventory reductions 69,934 7,019,718
Amount of reversals of inventory reductions (8,950,479) (5,336,640)
Total 124,630,137 13,510,682

The circumstances or events that led to the reversal of any write-down of inventories as of March 31, 2016 and December 31, 2015 relate mainly to liquidations and auctions to recover more value from the
estimated net realizable value for inventories.

The Company has not given inventories as collaterals at the end of the periods reported.

F-29

9. Intangible assets other than goodwill

Intangible assets are mainly composed of software and brands acquired in business combinations. The detail as of March 31, 2016 and December 31, 2015 is

Asof
December 31,
Intangibles assets other than goodwill net March 31, 2016 2015
THChS THCh$
Finite life intangible assets, net 132,532,460 133,909,906

Indefinite life intangible assets, net
Intangible assets, net

Patents, Trade Marks and Other Rights, Net
Software (IT)

Other Identifiable Intangible Assets, net (*)

Identifiable Intangible Assets, Net

265,757,600 267,839,511
398,290,060 401,749,417
265,757,600 267,839,511
101,648,607 103,417,708
30,883,853 30,492,198

398,290,060 401,749,417

Asof
December 31,
Intangibles assets other than goodwill gross March 31, 2016 2015
THChS THCh$
Finite life intangible assets, Gross 258,365,204 253,636,682
Indefinite life intangible assets, Gross 157,600 39,511

Intangible Assets, Gross
Patents, Trade Marks and Other Rights, Gross
Software (IT)

Other Identifiable Intangible Assets, Gross (*)

Identifiable Intangible Assets, Gross

521,476,193

265,757,600 267,839,511
207,902,211 203,727,371
50,462,993 49,909,311

524,122,804 521,476,193

Asof
December 31,
Accumulated amortization and value impairment March 31, 2016 2015
THChS THCh$
Finite life intangible assets (125,832,744) (19,726,776)

Indefinite life intangible assets
Intangible Assets, Gross

Software (IT)
Other Identifiable Intangible Assets (*)

Accumulated amortization and value impairment

(*) Other identifiable intangible

¡ssets mainly correspond to customer’s data base.

F-30

(125,832,744) (119,726,776)

(106,253,604) (10,309,663)
(19,579,140) (19,417,113)

(125,832,744) (19,726,776)
The detail of the useful lives applied to intangible assets as of March 31, 2016 and December 31, 2015 is as follows:

Minimum Maximum
Estimated useful lives or amortization rates used life life
Development costs 1 7
Patents, Trade Marks and Other Rights Indefinite Indefinite
Software (IT)
1 7
Other identifiable Intangible Assets
1 5
The movement of intangible assets for the three months ended March 31, 2016 is the following:
Patents, Other
trademarks identifiable
and other Applications intangible Intangible
Intangible movements rights (11) assets assets, net
ThCh$ ThCh$ ThChS ThCh$
Initial balance as of January 1, 2016 267,839,511 103,417,708 30,492,198 401,749,417
Additions – 8,044,679 – 8,044,679
Retirements E (627,176) a (627,176)
Amortization – (5,943,941) (162,027) (6,105,968)
Deercase in foreign exchange (2,081,911) (1,069,677) 553,682 (2,597,906)
Other decrease (see note 11.3) – (2,172,986) – (2,172,986)
Balance at March 31, 2016 265,757,600 101,648,607 30,883,853 398,290,060
The movement of intangible assets as of and for the year ended December 31, 2015 is the following:
Patents,
trademarks
and other Applications intangible Intangible
Intangible movements rights (11) assets assets, net
ThCh$ ThCh$ ThChS ThCh$
Initial balance as of January 1, 2015 275,070,653 88.441.290 37,030,237 400,542,180
Additions – 35,364,898 – 35,364,898
Retirements – (369,699) – (369,699)
Amortization – (27,993,517) (677,511) (28,671,028)
Deercase in foreign exchange (7,231,142) (5,139,705) (5,102,800) (17,473,647)
Other Increase (decrease) – 13,114,441 (757,728) 12,356,713
Balance at December 31, 2015 267,839,511 103,417,708 30,492,198 401,749,417
The detail of the amounts of identifiable intangible assets that are individually significant as of March 31, 2016 and December 31, 2015 is as follows:
Book Remaining
Value Book ii Country of
Individually significant identifiable Intangible assets March 2016 Value period origin Segment
December 2015
ThChS ThChS
Paris Brand 120,754,313 120,754,313 Indefinite Chile Department stores
Johnson’s Brand
15,501,628 15,501,628 Indefinite Chile Department stores
Pierre Cardin License 171,584 171,584 Defined Chile Department stores
Wong Brand 32,125,095 33,189,716 Indefinite Peru Supermarkets
Metro Brand
70,091,116 72,413,925 Indefinite Peru Supermarkets
Bretas Brand
15,705,560 14,949,332 Indefinite Brazil Supermarkets
Perini Brand
703,237 669,376 Indefinite Brazil Supermarkets
Prezunic Brand
10,705,067 10,189,637 Indefinite Brazil Supermarkets
Total
265,757,600 267,839,511

F-31

The charge to the profit and loss statement for amortization of intangibles for the three months ended March 31, 2016 and 2015 are detailed below:

For the three months ended

March 31,
Ttem line in statement of profit and loss which includes amortization of identifiable Intangible assets 2016 2015
ThChS ThChS
Administrative expenses 6,105,968 6,813,067
Total 6,105,968 6:813,067

As of March 31, 2016 and December 31, 2015, there are no relevant intangible assets encumbered. There are also no restrictions on ownership of them.
As of March 31, 2016 and December 31, 2015, there are no commitments to acquire intangible assets.

No significant intangible assets that have been fully depreciated are in use as of As of March 31, 2016 and December 31, 2015.

F-32

10 Goodwill

ets of the subsidiary/associate as of the date of acquisition. Goodwill is

quisition cost, over the fair value of the Group’s interest in the identifiable net
ppropriate, in each country and operating segment (CGUs cash generating uni

The goodwill represents the excess of the
allocated to each store or group of stores,

10.1 Measuring recoverable value of the Goodwill,

Goodwill sed at least annually. Valuations at interim periods could be done, if there are any signs that the carrying value of our goodwill may not be recoverable. These signs may include a
significant change in the economic environment affecting business, new laws, operating performance indicators, competition movements, or the transfer of an important part of a cash-generating unit
(CGU).

To check whether goodwill has suffered an impairment loss of value, the company compares the carrying amount of the assets, against their recoverable value, We may recognize an impairment loss ifthe
carrying amount of the asset excess its recoverable amount, The Group believes that value in use approach using the discounted cash flow method, is the most reliable way to determine the recoverable
value of the CGU method.

As of March 31, 2016 the Company has not identified any signs that could indicate that the carrying amount of the goodwill may not be recoverable. The last annual test was performed in September 30,
2015. As of March 31, 2016, there have been no significant changes from the date of our annual 2015 consolidated statements.

10.2 Goodwill by segment and country,

The following table details goodwill balances and movements by operating segment and country as of March 31, 2016 and December 31, 2015:

Increase
(decrease)
As of forcign Asof
‘Goodwill per operating segment and country December, 2015 Impairment exchange March, 2016
ThChS ThChS THChS
Real Estate € Shopping—Argentina 115,986 a (17,990) 97.996
Supermarkets—Chile 106,991,957 – – 106,991,957
Supermarkets—Brazil 343,976,582 a 17,405,845 361,382,427
Supermarkets —Peru 275,687,596 – (8,843,184) 266,844,412
Supermarkets— Colombia 439,366,277 a E 439,366,277
Financial services — Colombia 52,305,509 – – 52,305,509
Shopping Centers — Colombia 31,383,305 a A 31,383,305
Home Improvement—Argentina 2,477,939 – (990,250) 1,487,689
Home Improvement—Chile 1,227,458 a a 1,227,458
Department stores—Chile 138,159.63 – – 138,159.463
Total 1,391.692,072 A 7,554,421 1,399.246,493
The following table details goodwill balances and movements by operating segment and country as of December 31, 2015 and December 31, 2014:
Increase
Goodwill per operating segment and country (decrease)
As of forcign Asof
December, 2014 Impairment exchange December, 2015
ThChS ThChS ThChS
Real Estate € Shopping—Argentina 150,347 a (34,361) 115,986
Supermarkets—Chile 106,991,957 – – 106,991,957
Supermarkets—Brazil 569,584,936 (16,771,460) (108,836,894) 343,976,582
Supermarkets —Peru 268,644,820 – 7,042,776 275,687,596
Supermarkets— Colombia 499,279.860 a (59,913,583) 439,366,277
Financial services — Colombia 59,438,079 – (7,132,570) 52,305,509
Shopping Centers — Colombia 35,662,847 a (4,279,542) 31,383,305
Home Improvement—Argentina 3,208,796 – (730,857) 2,477,939
Home Improvement—Chile 1,227,458 a E 1,227,458
Department stores—Chile 138,159.463 – – 138,159,463
Total 1,682,348,563 (116.771.460) (173.885.031) 1,391,692,072

F-33

u Property, plant and equipment

11.1 The composition of this item as of March 31, 2016 and December 31, 2015 is as follow:

Property, plant and equipment categories, net

Construction in progress
Land

Buildings

Plant and equipment

Information technology equipment

Fixed installations and accessories

Motor vehicles

Leaschold improvements

Other property plant and equipment

Property, plant and equipment categories, gross

Construction in progress
Land

Buildings

Plant and equipment

Information technology equipment

Fixed installations and accessories

Motor vehicles

Leaschold improvements

Other property plant and equipment

Buildings
Plant and equipment

Information technology equipment

Fixed installations and accessories

Motor vehicles

Leaschold improvements

Other property plant and equipment

As of
March 31, 2016 December 31, 2015

ThChS
69,632,028

692,568,316

1,047,212,500

234,019,085

32,515,969

327,857,982

747,072

196,834,067

ThChS
63,017,895

725,437,554

1,075,995,255

246,716,665

32,046,485

343,696,782

577,489

202,460,078

10,134,072 21,542,427
Totals 2,611,521,091 2.711,490,630
Asof

March 31, 2016
ThChS

69,632,028

692,568,316

1,280,109,531

570,583,361

138,411,494

December 31, 2015

ThChS
63,017,895

725,437,554

1,310,237,782

608,586,845

142,496,186

719,299,265 732,584,234
4,877,740 4,640,629
273,791,485 274,904,826
15,938,476 27,627,230
Totals 3,765,211,696 3,889,533,181
Asof
March 31, 2016 December 31, 2015
ThChS ThChS
(232,897,031) (234,242,527)

(336,564,276)

(105,895,525)

(391,441,283)

(361,870,180)

(10,449,701)

(388,887,452)

(4,130,668) (4,063,140)
(76,957,418) (72,444,748)
(5,804,404) (6,084,803)

Totals (1,153,690.605)

(1.178,042,551)
F-34

11.2 The following table shows the technical useful lives for the assets.

Minimum Maximum
Method used for the depreciation of property, plant and equipment Rate explanation life life

Plant and equipment Useful Life (years) 7 20

Fixed installations and accessories
Useful Life (years) 7 15

Leaschold improvements (*)
Useful Life (years) 5 35

(*) Leasehold improvement will be depreciated using the shorter useful life between of the length of the lease contract and the useful life per the table above.

The Group reviewes the estimated useful lives of property, plant and equipment at the end of each annual period. The Company has determined that there are no significant changes in the estimated
useful lives for the reported periods.

11.3. Reconciliation of changes in property, plant and equipment

The following chart shows a detailed roll-forward of changes in property, plant and equipment, by class between January 1, 2016 and March 31, 2016:

Fixed Other
Information — installations property, Property,
Plantand technology and Motor Lease plant and plant and
Movement for the three months ended Construction In Building, equipment — equipment, accessories, — vehicles, improvements, equipment, equipment,
March 31, 2016 progress Land net net net net net net net net
ThChS ThChS ThChS ThCh$ ThChS ThChS ThCh$ ThCh$ ThCh$ ThChS
Opening balance January 1, 2016 63,017,895 725.437,554 1,075.995,255 246,716,665 32,046,485 343,696,782 577.489 202,460,078 21,542,427 2,711,490,630
Changes
Additions 28,434,595 – 1,282,230 1,397,403 1,889,012 2,279,328 7,982 1,712,969 19,933 37,023,452
Disposals – (44,614) – (114,466) 0) – – – (157,509) (316,591)
Transfers to (from)
investment
properties – 3,559,206 – – – – – – (2.955.016) 604,190
Increase (decrease) for other
changes 2,172,986 – – – – – – – – 2,172,986
Removal – – (584,329) (604,922) (44,276) (116,947) – – – (1,350,474)
Depreciation expenses (7,569,253) — (11,551,494) — (3,399,410) — (15,374,646) (62,828) (7,015,197) (201,221) (45,174,049)
Increase (decrease) in
foreign exchange (1,230,945) — (22.810.677) (16,790,988) — (5,715,429) (283,067) (5.244,583) (51,062) (6,201,475) — (1,379,808) (59,708,034)
Transfer to (from) non—
current assets and
disposal groups held
for sale (815) — (13,573,153) — (11,524,013) (857,651) (2,356) (622,776) – – (6,640,255) (33,221,019)
Other increase (decrease) (22,761,688) – 6,403,598 4,748,979 2,309,583 3,240,824 275.491 5,877,692 (94,479) –
Total changes 6,614,133 (32,869,238) (28,782,755) — (12,697,580) 469,484 (15,838,800) 169,583 (5,626,011) — (11,408,355) (99,969,539)
Final balance as of March 31,
2016 69,632,028 692568316 1,047,212,500 234,019/085 32,515,969 327,857,982 747,072 196,834,067 10,134,072 2.611,521,091
The following chart shows a detailed roll-forward of changes in property, plant and equipment, by class between January 1, 2015 and December 31, 2015:
Fixed Other
Information — installations property, Property,
Plantand technology and Motor Lease plant and plant and
Movement for the year ended Construction In Building, equipment — equipment, — accessories, vehicles, improvements, equipment, equipment,
December 31, 2015 progress Land net net net net net net net net
ThChS THChS ThChS ThCh$ ThChS ThChS ThChS ThChS ThChS ThChS
Opening balance January 1, 2015 108,039,312 — 771,941.960 1,138,386.080 271,557,150 41,570,626 383,530,334 3,256.956 260,036,836 31,409,202 3,009,728,456
Changes
Additions 39,267,282 13,256,435 12,810,066 25,541,163 3,304,532 19,284,001 310,638 13,851,190 2,831,930. 130,457,237
Disposals – – (2,845,401) – (271,851) – (12,525) – – (3,129,777)
Transfers to (from)
investment
properties 8,913,555 – 2,988,070 – – 3,686,245 – – – 15,587,870
Increase (decrease) for other
changes (10,292,730) – – – (2,063,983) – – – – (12,356,713)
Removal (419) (688,384) (26.926) — (7,869,437) (403,731) —— (1,352,637) – – (17,000) — (10,358,534)
Depreciation expenses (33,329,879) — (52,615,043) — (14,591,325) (66,642,810) (498,560) (21,336,782) (804,885) — (189,819,284)
Increase (decrease) in
foreign exchange (5,274,847) — (59,116,214) (55,509,268) — (19,513,608) (954,739) — (27,690,495) (770,493) (51,211,220) (8,577,741) — (228,618,625)
Other increase (decrease) (77,634,258) 43,757 13,522,513 29,616,440 5,456,956 32,882,144 — (1,708,527) 1,120,054 (3,299,079) –
Total changes (45,021,417) — (46,504,406) (62,390,825) (24,840,485) (9,524,141) (39,833,552) (2,679,467) (57,576,758) (9,866,775) (298,237.826)
Final balance as of December 31,
2015 63,017,895 — 725,437,554 1,075,995,255 246,716,665 32,046,485 343,696,782 577,489 202,460,078 21,542,427 2,711,490,630

F-36

11.4 The Company has traditionally maintained the policy to carry out all the necessary work in response to the opportunities and changes experienced in domestic and regional markets where the
Company operates, to capture the best opportunities and results for each of’its business units.

The cost includes disbursements directly attributable to the acquisition or construction of an asset, as well as interests from related financing in the case of qualifying assets.

11.5 — Borrowing cos

The company incorporates borrowing costs that are directly attributable to the acquisition, construction or production of a qualified asset during the period to complete and prepare the asset for its
intended use.

As of March 31, 2016, and December 31, 2015, there is no capitalization of borrowing costs.
11.6 Assets granted

As of Macrh 31, 2016 and December 31, 2015, properties, plant and equipment granted as security amounted ThCh$ 3,396,824 and THCHS 3,630,138, respectively. Nevertheless, there are no restrictions on
ownership of assets.

11.7 Commitments to acquire assets
As of Macrh 31, 2016 and December 31, 2015, there are commitments to acquire property, plant and equipment of ThCh$ 81,776,974. and of TACHS 59,290,755, respectively.
11.8 Assets outof service

As of Macrh 31, 2016 and December 31, 2015, there are no essential elements or assets that are temporarily out of service. The property, plant and equipment mainly relate to stores and operating fixed
assets to enable the performance of the retail business every day of the year, except when there are restrictions for public holidays established in each country.

11.9 — Assets fully depreciated

In view of the nature of the retail business, the Company has no significant assets that are fully depreciated and that are in use as of March 31, 2016 and December 31, 2015. These assets relate mainly to
minor equipment such as scales, furniture, computers, cameras, lighting and others. The retail business assets are depreciated based on the term of the lease agreement.

11.10 Impairment losses

Assets subject to amortization are tested for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be recovered. It recognizes an
impairment loss when the carrying amount is greater than its recoverable amount. The recoverable amount of an asset is the higher of an asset’s fair value less costs to sell and its value in use. For the
purposes of assessing impairment, assets are grouped at the lowest level for which identifiable cash flows exist separately. The Company has not recognized impairment losses or reversals of impairment
affecting the statement of profit and loss as of March 31, 2016 and December 31, 2015.

11.11 — Property Plant and Equipment components:

The main items that compose each asset class are:
Plant and equipment: presented in this asset class are primarily properties used in the operation of retail busines:
containers, and refrigerated display cases, forming bread ovens, blender, among others.

such as mixers,

ausages portioning machines, system ready meals, frozen island, cold

Equipment for information technology: correspond to items such as computers, printers, notebook, labeling, scanner, clock control, price inquiries and servers, among others.

«et class are expenditures to enable operations of stores, such, ceilings, floors, wall finishes, lighting the sky, smoke detectors, sprinklers, air ducts
, electrical substation and central air conditioning among others.

Fixed installations and accesories: presented in this
and heating, communications networks , escalators, elevators, hoi

set class are disbursements

Leasehold improvements: presented in thi ssociated with enabling or leased store improvements such as remodeling of facades, finishes, floors, ceilings and walls among

others.

F-37

Other property, plant and equipment: mainly corresponds to fixed assets in transit and assets acquired under finance lease,

2 Investment properties

12.1 The roll- forward of investment properties as of March 31, 2016 and December 31, 2015 is the following:

Roll-forward of investment properties, net, fair value method

Investment properties, net, initial value
Effect of fair value in profit or loss

Additions

Transfer from owner-occupied property, investment property, cost model

Decrease in foreign exchange rate

Rec!

ifications to assets “held for sale”

Changes in Investment Properties,
Total

Investment Properties Final Balance

12.2 Income and expense from investment properties

Roll-forward of investment properties, net fair value method

1,808,110,947

As of

March 31, 2016

THChS
1,807,095,204

37,958,719

(604,190)

(33,399,544)
(2,939,242)

1,015,743

December 31,
2015
THCh$

1,663,592,396

198,154,988
6,404,431
(15,587,870)

(45,468,741)

143,502,808

1.807,095,204

For the three months ended

March 31,
2016

ThChS

Revenue from Investment Property Leases 55,963,500

Direct operating expenses of Investment Properties which generate lease revenue 14,191,757

12.3 As of March 31, 2016 and December 31, 2015, investment properties are not encumbered,

12.4 As of March 31, 2016 there are commitments to acquire investment properties by ThCh$ 12,616,244 (ThCh8 10,859,113 as of December 31, 2015),

12.5 There are no restrictions on ownership of assets,

F-38

March 31,
2015
THCh$

55,258,137

15,509,323

13 Other financial liabilities, current and non-current

The composition of this item as of March 31, 2016 and December 31, 2015 is the following:

13.1 Types of interest bearing (accruing) loans

Balance as of 3/31/2016 Balance as 0f 12/31/2015
Loans Current Non-current Current Non-current

THChS ThChS THChS THCh$

Bank loans (1) 206,832,358 255,985,695 193,821,962 269,733,099
Bond debt (2) 42,633,954 2,488,281,285 61,488,514 2,586,966,437
Other loans—leases

2,531,302 25,970,332 3,025,088 29,524,500
Other financial liabilities

2,310,451 – – –
Other financial liabilities (hedge activities)

387,811 3,258,080 58,029 1,088,321

Time deposits (3)

Term savings accounts

Letters of credit

Deposits and other demand deposits

Debt purchase Bretas

Debt purchase of M. Rodriguez…

Debt purchase Johnson

Other Financial liabilities—other

Totals Loans

(1) Bank loans correspond to loans taken out with banks and financial institutions,

67,167,071

32,519,509

89,791,028

23,601,397

404,330 a 451,312 –

– 8,049,740 – 8,235,348
2,198,965 E 3,824,992 –

– – – 1,636,153

– 2,025,542 a 1,864,286

– – 1,388,767 1,388,767
2.035.686 a 2,323,419 –
326,501,928 2,816,090,183 356,173,111 2,924,038,308

(2) Bond debt corresponds to bonds placed in public securities markets or issued to the public in general.

(3) — Time deposits are the main funding source of the s
institutions. The average maturity of these deposits is

13.2 Restrictions

Loan agreements and outstanding bonds of the Company contain a number of covenants requiring compliance with certain financial ratios and other t

the Company was in compliance with all financial debt covenants suscribed.

14 Provisions and other liabilities
14.1

The composition of this item as of March 31, 2016 and December 31, 2015 is as follows:

Accruals and provision

ry, Banco Paris in Chile. Deposits taken by Chilean clients of Banco Paris are mainly money market deposits, which are 390 persons and 19
126 days as of March 31, 2016, and 196 days as of December 31, 2015.

, As of March 31, 2016 and December 31, 2015

March 31, December 31, March 31, December 31,
2016 2015 2016 2015
Current Non-current
THChS ThChS THChS THCh$
Legal claims provision 11,573,802 12,301,212 57,022,527 65,515,010
Onerous contracts provision (1) 3,051,192 3,340,749 12,008,424 12,673,576
Total 14,624,994 15,641,961 69,030,951 78,188,586

(1) Provisions for onerous contracts

The provisions recorded under this concept correspond mainly to the excess over the fair value payable related to onerous lease contracts recorded in business combinations of the previous periods.

F-39

The following table shows the civil, labor and tax proceedings faced by the Company and its subsidiarios (by country). The proceedings comprising each category are those that present probable
occurrence likelihood and the amount of loss can be quantified or estimated.

Provision Legal Claims (2) Exposure
Civil Labor Tax Total Current Non-current
THChS THCHS ThChS ThChS ThChS THCh$
Total as of March 31,2016 31,695,908 19,199,157 17,701,264 68,596,329 11,573,802 57,022,527
Total as of December 31,2015 40,771,526 21,779,689 15,265,007 77,816,222 12,301,212 65,515,010

(2) The nature of these obligations is as follows:

Civil provision: This primarily corresponds to civil and commercial trials that mainly deal with claims from customers, defects in products, accidents of customers in the stores and law suits related with
customer service.

Labor provision: This primarily corresponds to staff severance indemnities and salary disputes from former employees.

Tax provision: This primarily corresponds to tax claims in the countries in which the Company operates.

Provision By Country March 31, 2016 December 31,2015
THChS THCh$
Chile 12,020,646 11,910,013
Argentina 21,416,749 32,492,814
Brazil 28,651,384 26,230,753
Peru 778,763 1,180,867
Colombia 5,728,187 6,001,775
Total Provision 68,596,329 77,816,222
14.2 Movement of provisions:
Onerous
Provision type Legal claims contracts Total
ThChS ThChS THCh$
Initial Balance January 1, 2016 77,816,222 16,014,325 93,830,547

Movements in Provisions:

Additional provisions

1,483,206 – 1,483,206
Increase (decrease) in existing provisions
1,198,939 (954,709) 244,230
Provision used during the period
(1,004,243) – (1,004,243)
Reversal of non-used provisions
(359,854) – (359,854)
Increase (decrease) in foreign exchange rate
(10,537,941) – (10,537,941)
Changes in provisions, total
(9,219,893) (954,709) (10,174,602)
Total provision, closing balance as of March 31, 2016
68,596,329 15,059,616 83,655,945
Provision type
Onerous
Legal claims contracts Total
ThChS ThChS ThCh$
Initial Balance January 1, 2015 99,340,184 20,623,153 19,963,337
Movements in Provisions:
Additional provisions
14,695,645 – 14,695,645
Decrease in existing provisions
(13,713,948) (4,148,990) (17,862,938)
Provision used during the year
(4,780,907) – (4,780,907)
Reversal of used provision
(3,034) – (3,034)
Decrease in foreign exchange rate
(17,721,718) (459,838) (18,181,556)

Changes in provisions, total

(21,523,962) (4,608,828) (26,132,790)
Total provision, closing balance as of December 31, 2015
77,816,222 16,014,325 93,830,547

F-40

15 Net equity

The objectives of the Cencosud Group regarding capital management are to safeguard its capacity to continue as a going concern, ensuring appropriate returns for its shareholders and benefits for other
stakeholders, and maintaining an optimum capital structure while reducing capital costs.

15.1 Authorized shares

There are no movements of authorized shares during the three month periods ended March 31, 2016.

15.2 Subscribed and paid shares

The roll-forward of paid shares from December 31, 2015 to March 31, 2016 is the following:

Number of Total
Movement in issued and fully paid shares Shares THChS
Paid shares as of December 31, 2015 2,828,723,963 2,321,380,936
Exercise of options issued under the 2016 plan (see note 20) [*] 13,735,659 48,837,899
Paid shares as of March 31, 2016 2,842.459,622 2,370.218,835

[*] The exercise share price reported to the SVS (Superintendencia de Valores y Seguros) for the authorized shares is ChS 3,555.56.

As of March 31, 2016 there are 46,563,112 i
December 31, 2015 there were 60,298,771

sued shares pending of subscription and payment, of which 13,264,341 and 33,298,771 will expire on April 29,2016 and November 20, 2017 respectively. As of
sued shares pending of subscription and payment, of which 27,000,000 and 33,298,771 will expire on April 29, 2016 and November 20, 2017 respectively.

15.3 Dividends

The dividend distribution policy adopted by Cencosud S,A, establishes the payment of dividends of 30% of the distributable net profits.

In relation to SVS Ruling No. 1945, on October 29, 2010, the Company’s Board of Directors agreed that the net distributable profits for the year 2010 and following years will be the figure reflected in the
financial statements as “profit for the year attributable controlling shareholders”, excluding the unrealized result for fair value appraisal oF investment properties, net of deferred taxes.

The Board of Directors ordinary session held on March 27, 2015 agreed to propose to the Ordinary Sharcholders Meeting, to be held on April 24, 2015, to distribute a dividend of ChS 20.59906 per share,

chargeable to the 2014 net profits, The shareholders” meeting approved the proposed dividend, and made clear that the final dividend considers the former payment of an interim dividend of Ch$8 per
share paid in December 3, 2014. This final dividend was paid to shareholders from May 13, 2015.

On October 30, 2015, the Board of Directors agreed on distributing an interim dividend of Ch$16 per share in relation to the profits of 2015. This dividend was paid from December 4th, 2015.

As of March 31, 2016, the Group has recognized a minimum dividend payment for the interim results up to that date of TACHS 24,052,937. No recognition was done as of December 31, 2015, being that the
interim dividend paid during 2015 excessed the distributable minimum dividend calculated on the 2015 liquid profits. The total charge to equity as of March 31, 2016 was ThCH$ 24,151,239 (ThChS
67,295,731 as of December 31, 2015).

15.4 Non-controlling interest

Details of the non-controlling interest as of March 31, 2016 and December 31, 2015 are as follows:

Company
Cencosud Shoppings Centers S.A.

Mercado Mayorista P y P Ltda.

Easy S.A.

Comercial Food and Fantasy Ltda.

Administradora del Centro Comercial Alto Las Condes Ltda.
Cencosud Retail S.A.

Jumbo Retail Argentina S.A.

Total

Non-controlling

Interest Interest Balances
Mar 31, Dec 31, as of,
2016 2015 Mar 31, 2016 Dec 31, 2015
% % ThCh$ ThCh$
0.00004% 0.00004% 424 415
10.00000% 10.00000% 93,871 93,871
0.073600% 0.42500% 11,817 324,244
10.00000% 10.00000% – (24,643)
55.00000% 55.00000% (282,220) (1,613,621)
0.03906% 0.03906% 205,426 194,291
0.07600% 0.07600% 79,221 91,502
108,539 (933,941)

16 Breakdown of significant results

The items by function from the Statements of Income are described as follows in 16.1, 16.2 and 16.3.

Expenses by nature of integral income by function
Cost of sales

Distribution cost

Administrative expenses

Other expenses by function (*)
Total

(*) — Mainly includes marketing expenses.

16.1 Expenses by nature

The following is a breakdown of the main operating and management costs and expenses of the Cencosud Group for the following period

3-31-2016
ThChS
1,763.979,519

6,242,744

545,038,536
36,495,483

2,351,756,282

3-31-2015
ThCh$
1,912,099,933

6,623,710

585,343,171
37,817,114

2.541,883.928

Expenses by nature For the three months ended 3/31/2016 For the three months ended 3/31/2015
Discontinued Continued Discontinued Continued
Total operation operation Total operation operation
ThChS ThChS ThChS ThCh$ ThCh$ ThChS
Cost of goods sold 1,652,195,243 a 1,652,195,243 1,800,541,785 E 1,800,541,785
Other cost of sales 11,784,276 – 11,784,276 127,940.842 16,382,694 111,558,148
Personnel expenses 324,051,034 a 324,051,034 359,496.606 6,639,952 352,856,654
Depreciation and amortization 51,280,017 – 51,280,017 53,494,999 534,211 52,960,788
Distribution cost 6,242,744 a 6,242,744 6,623,710 E 6,623,710
Other expenses by function 36,495,483 – 36,495,483 37,817,114 3,124,010 34,693,104
Cleaning 17,707,593 a 17,707,593 20,398,597 18,621 20,379,976
Safety and security 14,626.829 – 14,626,829 17,138,520 18,611 17,119,909
Maintenance 18,365,315 a 18,365,315 20,288,292 304,688 19,983,604
Professional fees 16,578,907 – 16,578,907 18,156,355 442,609 17,713,746
Bags for Customers 4,904,531 a 4,904,531 6,044,719 a 6,044,719
Credit card commission 23,397,692 – 23,397,692 23,708,917 11,352 23,697,565
Lease 47,510,269 a 47,510,269 47,774,527 456,695 47,317,832
Other 26,616,349 – 26,616,349 30,917,873 525,485 30,392,388
Total 2,351,756,282 – 2,351,756,282 2,570,342,856 28,458,928 2,541,883,928

16.2 Personnel expenses

The following is a breakdown of personnel expenses for the following periods:

Personnel expenses For the three months ended 3/31/2016 For the three months ended 3/31/2015
Discontinued Continued Discontinued Continued
Total operation operation Total operation operation
THChS THCh$ ThChS ThChS ThCh$ ThChS
Salaries 254,825,533 a 254,825,533 285,476.45 6,024,960 279,451,495
Short-term employee benefits 61,683,110 – 61,683,110 66.981,390 361,912 66,619,478
Termination benefits 7,542,391 a 7,542,391 7.038.761 253,080 6.785.681
Total
324.051.034 a 324,051,034 359.496.606 6,639,952 352,856,654

F-43

16.3 Depreciation and amortization

The following is a breakdown of depreciation and amortization for the following periods:

Depreciation and amortization

For the three months ended 3/31/2016

For the three months ended 3/31/2015

Discontinued Continued Discontinued Continued
Total operation operation Total operation operation
ThCh$ ThCh$ ThChS ThCh$ ThCh$ ThChS
Depreciation 45,174,049 a 45,174,049 46,681,932 177,779 46,504,153
Amortization 6,105,968 – 6,105,968 6,813,067 356,432 6,456,635
Total
51,280,017 – 51,280,017 53,494,999 534,211 52,960,788
16.4 Other gains (losses)
Other gain (losses) For the three months ended 3/31/2016 For the three months ended 3/31/2015
Discontinued Continued Discontinued Continued
Total operation operation Total operation operation
ThChS ThCh$ ThCh$ ThCh$ ThChS ThChS
Complementary remittance tax
(1,197,646) (1,197,646) (715,638) (715,638)
Insurance claims
(5,566,905) (5,566,905) (6,519,527) (6,519,527)
Wealth tax Colombia
1,607,520 1,607,520 a a
Sales of businesses and properties
9,547,202 9,547,202 846,119 846,119
Other net losses
(7,852,705) (7,852,705) (4,180,898) (3,060,684) (7,241,582)
Total
(3,462,534) (3,462,534) (10,569,944) (3,060,684) (13,630,628)
16.5 Other operating income
Other operating income For the three months ended 3/31/2016 For the three months ended 3/31/2015
Discontinued Continued Discontinued Continued
Total operation operation Total operation operation
ThCh$ ThCh$ ThChS ThCh$ ThCh$ ThChS
Sell Carton and Wraps 931,922 – 931,922 808,542 – 808,542
Recovery of fees 545,676 – 545,676 767,709 – 767,709
Increase on revaluation of Investment properties (see
note 12.1)
37,958,719 a 37,958,719 12,976,788 3 12,976,788
Other Income 1,337,871 – 1,337,871 2,162,855 413,602 1,749,253
Total
40,774,188 z 40,774,188 16,715,894 413,602 16,302,292

F-44
16.6 Financial results

The following is the financial income detailed for the periods ended:

Financial results

Other finance income

Financial income

Bank loan expenses

Bond debt expenses

Interest on bank loans

Valuation of financial derivatives

Financial Expenses

Results from UF indexed bonds in Chile

Results from UF indexed Brazil

Results from UF indexed Other

(Losses) gains from indexation

Financial debt IFC-ABN Argentina

Debt to the public Bonds and Banks (Chile)

Financial debt Peru

Financial assets and Financial debt—Colombia

Exchange difference

Financial results total

17 Income tax expense

The charge (credit) to periodic results within the Interim consolidated statement of profit and lo:
33,357,900, as of March 31, 2015, as the table bellow:

Current and deferred income tax

Net current income tax expense

For the three months ended 3/31/2016

For the three months ended 3/31/2015

Discontinued Continued Discontinued Continued
Total operation operation Total operation operation
THChS ThCh$ ThChS ThChS THCh$ ThChS
3,840,794 a 3,540,794 3.658.708 168,202 3,490,506
3,840,794 – 3,540,794 3,658,708 168,202 3,490,506
(25,255,302) – (25,255,302) (30,819,665) (1,993,654) (28,764,362)
(36,048,575) E (36,048,575) (31,015,067) (2,996,057) (28,019,010)
(452,093) – (452,093) (5,503,206) (5,503,206) –
(7,567.481) a (7,567,481) 61,649 a 2,235,574
(69,323,451) – (69,323,451) (67,276,289) (10,492,917) (54,547,798)

(3,325,580) – (3,325,580) 85,108 1,383 83,725
(142,831) E (142,831) (1,000,031) E (1,000,031)

– – – 5.242 – 5,242
(3,468,411) E (3,468,411) (909,681) 1,383 (911,064)
(96,366) a (96,366) (259,629) E (259,629)
38,721,668 – 38,721,668 (13,454,496) (4,341,757) (10,332,654)
(243,029) E (243,029) (2,217,479) E (2,217,479)
143,331 – 143,331 – – –
38,525,604 a 38,525,604 (15,931,604) (4,341,757) (12,809,762)
(30,425,464) – (30,425,464) (80,458,866) (14,665,089) (64,778,118)

Deferred tax (benefit) related to creation or reversal of temporary differences

Deferred tax related (benefit) to changes in tax rates

Income tax expense

18 Information by segment

The Company reports the information by segment according to what is set forth in IFRS 8 “Operating Segments,”

March 31, 2016
ThChS

34,784,903
(2,190,153)

210,466

32,805,216

y function related to the income tax amounts were MS 32,805,216 as of March 31, 2016; and M$

March 31, 2015

ThCh$

36,724,451
3,291,632

(6,658,183)

33,357,900

An operating segment is defined as a component of an entity over which separated
financial information is available and is regularly reviewed.

In the information by segments, all transactions between the different operating segments have been eliminated.

F-45

18.1 Segmentation criteria

For management purposes, the Company is organized in five operative divisions: Supermarkets, Shopping Centers, Home Improvement stores, Department stores and Financial Services. These segments
are the basic on which the Company makes decisions with respect to its operations and resource allocation.

The operative segments are disclosed in a similar way with the presentation of the internal reports used by Management in the control and decision making process, considering the segments from a point

of view according to the type of business and geographical area.

The operating segments that are reported derive their revenues mainly from the sale of products and rendering of services to final consumers of retail. There are no customers whose purchases represent
more than 10% of the consolidated revenue, nor a specific business segment.

The rest of the minor activities, mainly including the travel agency and family-entertainment centers businesses, plus certain consolidation adjustments and corporate expenses administered centrally, are
included in the segment “Support services, financing, adjustments and other”.

F-46

18.2 Regional information by segment

The segment information which is delivered to the chief operating decision maker (“Board of Directors”) of the reportable segments for the three months ended March 31, 2016 and March 31, 2015 in

thousands of Chilean pesos is the following:

Regional information by segment

Support
services, Discontinued
financing, operation
Shopping Home Department Financial adjustments Consolidated financial
Consolidated statement of income Supermarkets Centers improvement stores services and other total services
For the quarter ended March 31, 2016
ThChS ThChS ThChS ThChS ThChS ThChS ThChS ThCh$
Revenues from ordinary activities 1,813,974,167 55,963,500 324,368,894 247,215,355 39,733,346 2,588,712 2.483,843,974
Cost of sales (1,350,118,155) (4,228,769) (215,805,344) (179,512,697) (13,255,733) (1,058,821) (1,763,979,519)
Gross Margin 463,856,012 51,734,731 108,563,550 67,702,658 26,477,613 1,529,891 719,864,455
Other income by function 2,466,271 37,836,338 103,863 124,352 (149) 243,513 40,774,188
Sales, general and administrative
expenses (377,703,970) (9,962,988) (74,292,844) (67,368,029) (12,336,195) (46,112,737) (587,776.763)
Financial expenses, net a E > E S (65,482,657) (65,482,657)
Participation in profit of equity method
associates 54,181 – – – 2,805,990 – 2,860,171
Exchange differences a E y E a 38,525,604 38,525,604
Losses from indexation – – – – – (3,468,411) (3,468,411)
Other gains (losses), net 1,607,520 E y E y (5,070,054) (3,462,534)
Income tax expense – – – – – (32,805,216) (32,805,216)
Net profit (loss) 90,280,014 79,608,081 34,374,569 458,981 16,947,259 (12,640,067) 109,028,837
Net profit (loss) from continued
operations 90,280,014 79,608,081 34,374,569 458,981 16,947,259 (12,640,067) 109,028,837
Net profit (loss) from discontinued
operations – – – – – – –
Net profit (loss) of attributable to non-
controlling interest a E a E a (1,347,029) (1,347,029)
Net profit for the year attributable to
controlling sharcholders, Total 90,280,014 79,608,081 34,374,569 458,981 16,947,259 (13,987,096) 107,681,808
Depreciation and amortization 31,806,859 1,568,010 6,002,721 7,275,658 788,576 3,838,193 51,280,017

F-47

Support

services, Discontinued
financing, operation
Shopping Home Department Financial adjustments Consolidated financial
Consolidated statement of income Supermarkets Centers improvement stores services and other total services
For the quarter ended March 31, 2015
ThCh$ ThCh$ ThChS ThCh$ ThCh$ ThCh$ ThCh$ ThCh$
Revenues from ordinary activities 1,989,177,198 55,258,137 348,006.478 22,927,342 36,463,802 814,150 2,652,647,107 45,875,537
Cost of sales (1,500,905,580) (6,450,736) (228,425,261) (163,848,642) (12,013,842) (455,872) (1,912,099,933) (16,382,694)
Gross Margin 488,271,618 48,807,401 119,581,217 59,078,700 24,449,960 358,278 740,547,174 29,492,843
Other revenues by function 2,625,579 12,980,795 141,567 207,594 105 346,652 16,302,292 (413,602)
Sales, general and administrative
expenses (412,012,440) (9,058,587) (80,002,116) (62,610,641) (12,827,684) (53,272,527) (629,783,995) 12,076,235
Financial expenses, net – – – – – (51,057,292) (51,057,292) 10,492,917
Participation in profit of equity method
associates 74,966 1,670,377 – – – – 1,745,343 –
Exchange differences – – – – – (12,809,762) (12,809,762) 4,341,757
Losses from indexation – – – – – (911,064) (911,064) (1,383)
Other losses, net – – – – – (10,569,944) (10,569,944) (5,283)
Income tax expense – – – – – (33,357,900) (33,357,900) 675.495
Profit attributable to discontinued
operations – – – – 2,326,707 2,326,707 2,326,707
Net profit (loss) 78,959,723 54,399,986 39,720,668 (3,324,347) 13,949,088 (161,273,559) 22,431,559 ,
Net profit (loss) from continued
operations 78,959,723 54,399,986 39,720,668 (3,324,347) 11,622,381 (161,273,559) 20,104,852 2,326,707
Net profit (loss) from discontinued
operations – – – – 2,326,707 – 2,326,707 (2,326,707)
Net profit (loss) of atribuible to non-
controlling interest – – – – – (371,893) (371,893) –
Net profit for the year attributable to
controlling shareholders, Total 78,959,723 54,399,986 39,720,668 (3,324,347) 13,949,088 (161,645,452) 22,059,666 –
Depreciation and amortization 33,401,381 2,206,978 5,402,214 8,143,329 452,429 3,888,668 53,494,999 534,211

The Company controls the results of each of the operating segments, at the level of revenues, costs and management expenses. The support services, exchange rates, readjustments, taxes and non-
recurring income and expense, or financial income, are not allocated, as they are centrally managed.

The financing policy of the Group has been historically getting financed and managing these resources through the Company Holding Cencosud S.A., the funds are subsequently transferred to other
countries as required to finance the local investments. This policy aims to reduce the financial cost of the Group.

F-48

18.3 Gross margin by country and segment, in thousands of Chilean pesos:

Gross margin by country and segment

Support services, Discontinued
financing, operation
Shopping Home Department Financial adjustments Consolidated financial
For the quarter ended March 31, 2016 Supermarkets centers improvement stores services and other total services
ThCh$ ThCh$ ThCh$ ThCh$ ThChS ThCh$ ThCh$ ThChS
Chile
Ordinary income, total 626,355,817 33,767,643 135,674,523 233,513,088 413,979 1,993,339 1,031,718,389 –
Cost of sales
(468,139,519) 250,017 (99,488,952) (168,502,568) 29,869 (219,617) (736,070,770) –
Gross margin
158,216,298 34,017,660 36,185,571 65,010,520 443,848 1,773,722 295,647,619 a
Argentina
Ordinary income, total
409,606,067 15,713,620 173,389,012 – 22,991,017 653,519 622,353,235 –
Cost of sales
(278,107,393) (6,718,751) (104,822,121) z (7,134,757) (183,838) (393,966,860) –
Gross margin
131,498,674 11,994,869 68,566,891 a 15,856,260 469,681 228,386,375 a
Brazil
Ordinary income, total
377,705,355 – – – 1,149,388 – 378,854,743 –
Cost of sales
(290,435,146) – – – – – (290,435,146) –
Gross margin
87,270,209 A a a 1,149,388 a 88,419,597 a
Peru
Ordinary income, total
211,258,711 4,413,174 – 13,702,267 13,890,954 867,332 244,132,438 –
Cost of sales
(162,317,268) (695,992) z (11,010,129) (6,150,845) (777,803) (180,952,037) –
Gross margin
48,941,443 3,717,182 a 2,692,138 7,740,109 89,529 63,180,401 a
Colombia
Ordinary income, total
189,048,217 2,069,063 15,305,359 – 1,288,008 (925,478) 206,785,169 –
Cost of sales
(151,118,829) (64,043) (11,494,271) – – 122,437 (162,554,706) –
Gross margin
37,929,388 2,005,020 3,811,088 a 1,288,008 (803,041) 44,230,463 a

F-49
Gross margin by country and segment

Support services, Discontinued
financing, operation
Shopping Home Department Financial adjustments Consolidated financial
For the quarter ended March 31, 2015 Supermarkets centers improvement stores services and other total services
ThCh$ ThCh$ ThCh$ ThCh$ ThChS ThCh$ ThCh$ ThChS
Chile
Ordinary income, total 591,729,112 30,972,203 127,382,808 211,678,461 – (17,604) 961,744,980 45,875,537
Cost of sales
(449,295,715) (2,001,851) (92,179,139) (154,380,835) – (68,077) (697,925,617) (16,382,694)
Gross margin
142,433,397 28,970,352 35,203,669 57,297,626 a (85,681) 263,819,363 29,492,843
Argentina
Ordinary income, total
509,623,983 17,870,300 204,335,925 – 22,552,184 1,117,081 755,499,473 –
Cost of sales
(351,550,944) (3,796,518) (123,950,094) – (6,316,288) 94,738 (485,519,106) –
Gross margin
158,073,039 14,073,782 80,385,831 a 16,235,896 1,211,819 269,980,367 a
Brazil
Ordinary income, total
474,563,037 – – – 1,852,761 – 476,415,798 –
Cost of sales
(375,277, 110) z z z z z (375,277, 110) –
Gross margin
99,285,927 a a a 1,852,761 a 101,138,688 a
Peru
Ordinary income, total
205,370,669 4,068,432 – 11,248,881 10,313,279 526,483 231,527,744 –
Cost of sales
(158,143,703) (573,323) – (9,467,807) (5,697,554) (595,889) (174,478,276) –
Gross margin
47,226,966 3,495,109 a 1,781,074 4,615,725 (69,406) 57,049,468 a
Colombia
Ordinary income, total
207,890,397 2,347,202 16,287,745 – 1,745,578 (811,810) 227,459,112 –
Cost of sales
(166,638,108) (79,044) (12,296,028) z z 113,356 (178,899,824) z
Gross margin
41,252,289 2,268,158 3,991,717 a 1,745,578 (698,454) 48,559,288 a

F-50

18.4 Regional information by segment:

Support services,

financing,
Shopping Home Department Financial adjustments Consolidated
Supermarkets centers improvement stores services and other total
At March 31, 2016
ThCh$ ThCh$ ThCh$ ThChS ThCh$ ThChS ThChS
Current Assets
Cash and cash equivalents 74,410,864 13,712,043 3,809,189 950,102 23,025,425 135,632,269 251,539,892
Other financial assets,
current
– – – – – 96,628,150 96,628,150
Other non-financial assets,
current
13,329,089 2,079,629 7,907,382 3,340,428 909,889 3,402,221 30,968,638
Trade receivables and other
receivables
293,481,528 19,208,833 49,484,744 22,036,492 332,252,798 17,242,214 733,706,609
Receivables due from related
entities, current
92,032 a a a 16,381,966 a 16,473,998
Inventory
671,496,845 – 213,218,451 186,595,764 – – 1,071,311,060
Current tax assets
35,639,360 4,509,232 3,550,740 7,028,977 4,544,059 34,785,145 90,057,513
Assets cl ¡ed as held for
sale, current
– – – – – 94,079,667 94,079,667
Total current assets
1,088,449,718 39,509,737 277,970,506 219,951,763 377,114,137 381,769,666 2,384,765,527
Non-Current Assets
Other financial assets, non-
current a a a a a 354,876,893 354,876,893
Other non-financial assets, non-
current 40,560,930 2,169,296 934,347 1,739,946 10,083 – 45,414,602
Trade receivables and other
receivables, non-current
5,183,517 a 272,906 5 11,965,416 a 17,421,839
Equity method investments
930,427 – – – 196,033,628 – 196,964,055
Intangible assets other than
goodwill
191,609,863 375,985 9,244,043 155,463,427 4,153,184 37,443,558 398,290,060
Goodwill
1,174,585,073 31,481,301 2,715,147 138,159,463 52,305,509 – 1,399,246,493
Property, plant and
equipment
1,569,300,402 422,771,720 298,116,099 282,737,080 3,974,432 34,621,358 2.611,521,091
Investment property
– 1,808,110,947 – – – – 1,808,110,947
Income tax assets, non-
current
3,543,852 194,325 743,278 4,284,793 a 10,089 8,776,337
Deferred income tax assets
– – – – – 579,182,514 579,182,514
Total non-current assets
2.985,714,064 2.265,103,574 312,025,820 582,384,709 268.442.252 1,006,134,412 7,419,804,831
Total Assets
4,074,163,782 2,304,613,311 589,996,326 802,336,472 645,556,389 1,387,904,078 9.804,570,358

F-51

At December 31, 2015

Current Assets

Cash and cash equivalent
Other financial assets, current
Other non-financial assets,
current

Trade receivables and other
receivables, current
Trade receivables due from
related parties, current
Inventory, current
Income tax receivable, current
Assets classified as held for
sale, current

Total current assets

Non-Current Assets

Other financial assets, non-
current

Other non-financial assets, non-
current

Trade receivables and other
receivables, non-current

Equity method investments

Intangible assets other than
goodwill

Goodwill

Property, plant and
equipment

Investment property

Income tax assets, non-
current

Deferred income tax assets

Total non-current assets

Total Assets

Support services,

financing,
Shopping Home Department Financial adjustments Consolidated
Supermarkets centers improvement stores services and other total

ThCh$ THChS ThCh$ THCh$ ThChS ThCh$ THChS
189,911,013 10,655,476 10,099,524 27,667,723 2,260,803 27,680,587 268,275,126
– – – – – 254,850,725 254,850,725
7,383,625 1,727,010 2,162,422 1,105,427 137,474 1,926,072 14,442,030
297,479,644 46,051,513 64,122,155 41,321,666 361,279,198 9,585,207 819,839,383
– – – – a 14,851,194 14,851,194
663,154,474 – 217,175,404 187,979,455 – – 1,068,309,333
4,040,401 2,203,113 2,864,949 9,445,277 1,173,773 41,469,536 61,197,049
1,161,969,157 60,637,112 296,424,454 267,519,548 379,702,442 35,512,127 2,501,764,840
E E a a E 421,532,586 421,532,586
– – – – – 31,907,769 31,907,769
16,450,570 7,218 79,248 a 14,268,191 191,625 30,996,852
907,728 55,575,262 – – 195,044,515 – 251,527,505
200,638,822 163,082 10,290,743 156,587,317 4,022,963 30,046,490 401,749,417
1,166,022,412 31,499,291 3,705,397 138,159,463 52,305,509 – 1.391,692,072
1,706,820,173 389,750,103 317,911,465 263,934,396 3,315,863 29,758,630 2,711,490,630
– 1,807,095,204 – – – – 1.807,095,204
– – – – a 8,854,347 8,854,347
– – – – – 552,114,088 552,114,088
3,090,839,705 2,284,090,160 31,986,853 558,681,176 268,957,041 1,074,405,535 7.608.960.470
4,252,808,862 2,344,727,272 628,411,307 826,200,724 648,659,483 1,409,917,662 10,110,725,310

F-52

18.5 Current Asset and liabilities by segment

Financial Support
Regional information by Services Services,
segment Shopping Home Department (Insurance + Financing, and Total
Current assets and liabilities Supermarkets Center Improvement Stores cards + bank) Other Settings Consolidated
at March 31, 2016 ThCh$ ThCh$ ThChS ThChS ThCh$ ThChS ThCh$
Trade accounts payable and
other payables 1,120,038,579 48,892,211 229,801,215 172,594,998 41,734,480 39,968,308 1,653,029,791
Financial Support
Regional information by Services Services,
segment Shopping Home Department (Insurance + Financing, and Total
Current assets and liabilities Supermarkets Center Improvement Stores cards + bank) Other Settings Consolidated
at December 31, 2015 ThCh$ ThCh$ ThChS ThChS ThCh$ ThChS ThCh$
Trade accounts payable and
other payables 1,244,291,150 38,229,357 251,243,590 236,213,472 37,795,722 48,751,504 1,856,524,795
18.6 Information by country, assets and liabilities
In thousands of Chilean pesos:
Assets and liabilities by country
Consolidated
Chile Argentina Brazil Peru Colombia total
At March 31, 2016
ThCh$ ThCh$ ThChS ThCh$ ThChS ThCh$
Total assets 4,739,896,101 1,070,231,692 1,227,930,752 1,198,774,916 1,567,736,897 9.804,570,358
Total liabilities 4,048,071,660 583,158,906 464,353,182 356,977,120 372,621,239 5,825,182,107
Total Net equity 863,212,791 624,684,572 763,013,145 705,407,972 1,023,069,771 3.979,388,251
Adjustments to net investment (171,388,350) (137,611,786) 564,425 136,389,824 172,045,887 –
Net investment… e 691,824,441 487,072,786 763,577,570 841,797,796 1,195,115,658 3,979,388,251
Percentage of Net equity 21.7% 15.7% 19.2% 17.7% 25.1% 100.0%
Percentage of equity 17.4% 12.2% 19.2% 21.2% 30.0% 100.0%
Consolidated
Chile Argentina Brazil Peru Colombia total
At December 31, 2015
ThCh$ ThCh$ ThChS ThCh$ ThChS ThCh$
Total assets 4,848,797,914 1,242,359,909 1,165,419,318 1,277,031,996 1,577,116,173 10,110,725,310
Total liabilities 4,182,284,401 693,797,284 472,091,927 397,106,480 394,633,400 6,139,913,492
Total Net equity 855,443,631 690,663,761 690,694,802 717,680,431 1,016,329,193 3.970,811,818
Adjustments to net investment (188,930,118) (142,101,136) 2,632,589 162,245,085 166,153,580 –
Net investment… . 66,513,513 548,562,625 693,327,391 879,925,516 1,182,482,773 3.970,811,818
Percentage of Net equity 21.5% 17.4% 17.4% 18.1% 25.6% 100.0%
Percentage of equity 16.8% 13.8% 17.5% 22.2% 29.8% 100.0%

F-53

18.7 Regional information, including intersegments is as follows:

Regional information, by segment

Supermarkets
Shopping

Home Improvement
Department stores
Financial Services
Others

TOTAL

Regional information, by segment

Supermarkets
Shopping

Home Improvement
Department stores
Financial Services
Others

TOTAL

For the three months ended March 31, 2016

Total revenue Total revenue Total segment
by segment intra-segment revenue
ThChS ThChS THCh$
1,813,974,167 g 1,813,974,167
91,647,014 35,683,514 55,963,500
324,691,518 322,624 324,368,894
247,215,355 – 247,215,355
39,733,346 g 39,733,346
2,588,712 – 2,588,712
2,519,850,112 36,006,138 2.483,843,974

For the three months ended March 31, 2015

Total segment

Total segment Total segment

revenue revenue revenue
ThChS ThChS THCh$
1,989,177,198 g 1,989,177,198
83,203,134 27,944,997 55,258,137
348,561,503 555,025 348,006,478
222,927,342 – 22,927,342
36,463,802 B 36,463,802
814,150 – 814,150
2,681,147,129 28,500,022 2,652,647,107

F-54

18.8 Non-current assets by country

Consolidated

At March 31, 2016 Chile Argentina Brazil Peru Colombia total
ThChS ThChS ThChS TKChS TKChS ThCh$
Other non-financial assets 23,989,790 4,552,057 14,954,833 1,911,762 6,160 45,414,602
Trade receivables and other receivables 9,472,940 2,834,903 5,113,996 – – 17,421,839
Equity Method investments 196,033,628 a E 930,427 E 196,964,055
Intangible assets other than goodwill 213,744,842 9,784,482 58,616,464 107,574,157 8,570,115 398,290,060
Goodwill 246,378,878 1,585,685 361,382,427 266.844.412 523.055.091 1,399,246,493
Property Plant and Equipment 1,132,950,648 222,983.06 319,842,318 352,168.813 583,576,246 2.611,521,091
Investment Property 1,396,850,583 187,141,029 E 196,956,497 27,162,838 1,808,110,947
Income tax assets, non-current 7,997,053 779,284 – – – 8,776,337
Non -current assets—Total 3.227,418,362 429.660.506 759.910.038 926.386.068 1,142,370,450 6.485,745,424
Consolidated
At December 31, 2015 Chile Argentina Brazil Peru Colombia total
ThCh$ ThCh$ ThCh$ THChS THChS THChS

Other non-financial assets 25,390,011 4,464,185 E 2,047,413 6,160 31,907,769
Trade receivables and other 9,657,812 5,026,352 16,312,688 – – 30,996,852
receivables
Equity Method investments 250,619,777 o o 907,728 o 251,527,505
DATAN asscts other than 21,149,130 14,676,994 55,464,964 11,421,733 9,036,596 401,749,417
Goodwill 246.378.878 2,593,925 343,976,582 275,687,596 523.055.091 1,391,692,072
Property Plant and Equipment 1,165,259,184 261,376.73 315,071,707 372,374,780 597,408,226 2,711,490,630
Investment Property 1,367,201.015 216,225,818 o 196,505,533 27,162,838 1,807,095,204
Income tax assets, non-current 7,997,053 857,294 – – – 8,854,347
Non -current assets—Total 3,283,652,860 505.221.301 730.825.941 958,944,783 1,156,668,911 6.635,313,796

The amounts for non-current assets by country shown in this note exclude other non-current financial assets, deferred tax assets as per IFRS 8.

F-55

18.9 Consolidated Cash Flow by segment:

Financial Support
Services Services, Discontinued
(Insurance + Financing, operation
Shopping Home Department cards + and Other Total financial
Supermarkets Center Improvement Stores bank) Settings Consolidated services
Regional information by segment
Consolidated
Segment Flows at March 31, 2016 ThChS ThCh$ ThChS ThCh$ ThCh$ ThChS ThCh$ ThCh$
Net cash flows from (used in) operating
activities (18,708,400) 45,602,169 17,428,357 (37,701,713) 9,131,393 (69,667,198) (53,915,392) –
Net cash flows from (used in) investing
activities (3,345,796) (2,661,058) (7,300,918) (4,552,179) 20,338,715 13,192,359 115,671,123 –
Net cash flows from (used in) financing
activities (44,133,300) (43,085,441) (10,791,750) 15,162,992 (29,339,504) 54,225,066 (57,961,937) a
Financial Support
Services Services, Discontinued
(Insurance + Financing, operation
Regional information by segment Shopping Home Department cards + and Other Total financial
Consolidated Supermarkets Center Improvement Stores bank) Settings Consolidated services
Segment Flows at March 31, 2015 THChS ThChS THChS ThChS ThChS THCHS THChS ThCh$
Net cash flows from (used in) operating
activities 50,136,499 28,161,157 38,063,052 16,798,242 (76,279,884) (27,430,473) 29,448,593 (98,261,013)
Net cash flows from (used in) investing
activities (19,725,538) (6,564,223) (19,726,453) (3,689,500) (12,978,595) 1,956,227 (60,728,082) (779,284)
Net cash flows from (used in) financing
activities (62,096,669) (21,782,042) (21,388,430) (14,599,511) 83,469,940 24,099,297 (12,297,415) 30,196,981
18.10 Additions to non-current assets:
Financial Support
Services Services,
(Insurance + Financing,
Shopping Home Department cards + and Other Total
Supermarkets Center Improvement Stores bank) Settings Consolidated
As of March 31, 2016 ThCh$ ThCh$ ThChS ThChS ThCh$ ThChS ThCh$
Property plant and equipment 19,400,596 4,249,895 3,952,631 4,949,051 59,380 4,411,899 37,023,452
Intangible asset, other that
goodwill 1,882,248 15,722 23,869 44 35,293 6,087,503 8,044,679
Total additions
21,282,844 4,265,617 3,976,500 4,949,095 94,673 10,499,402 45,068,131
Financial Support
Services Services,
(Insurance + Financing,
Shopping Home Department cards + and Other Total
Supermarkets Center Improvement Stores bank) Settings Consolidated
As of December 31, 2015 ThCh$ ThCh$ ThCh$ ThChS ThCh$ ThChS ThCh$
Property plant and equipment 71,673,841 20,199,831 16,678,579 19,406,886 793,948 1,704,152 130,457,237
Intangible asset, other that
goodwill 15,347,604 81,582 3,705,156 5,490,784 455,074 10,284,698 35,364,898
Investment properties – 6,404,431 – – – – 6,404,431
Total additions
87,021,445 26,685,844 20,383,735 24,897,670 1,249,022 11,988,850 6,566

F-56

18.11 Banco Paris statements:

Below is the classified financial information of Banco Paris used in the consolidation of Cencosud S.A., as of March 31, 2016 and December 31, 2015:

of Financial Position As of
Assets 3/31/2016 12/31/2015

Current assets

Other financial assets, current 51,511,547 71,414,725

Current tax assets 917,596 879,480

Total current assets 57,071,788 76,735,692

Non-current assets

Trade receivable and other receivables, non-current 9,472,940 9,657,812

Intangible assets other than goodwill 4,006,476 4,007,116

Deferred income tax assets 7,757,806 7,369,856

Total non-current assets 22,356,238 22,028,374

As of.
Net equity and liabilities 3/31/2016 12/31/2015
ThCh$ ThCh$

Current liabilities

Trade payables and other payables 3,497,195 2,214,908

Current provision for employee benefits 95,251 122,004

Total current liabilities 25,042,252 42,030,546

Other financial liabilities, 8,049,740 8,235,347

Deferred income tax liabilities 1,090,121 1,136,117

Total liabilities 35,039,259 53,247,699

Paid-in capital 39,579,421 39,579,421

Other reserves 5,942,329 5,174,273

É
3
5
3
¿
5
E
z
3
2

Total net equity and liabilities 79,428,026 98,764,066

F-57

Below is the classified financial information of Banco Paris used in the consolidation of Cencosud S.A., as of March 31, 2016 and 2015,

For the three months ended

March 31,
2016 2015
Statement of profit and losses ThChS ThChS
Revenues from ordinary activities 413,979 11,854,262
Cost of Sales 8,120 (2,292,314)
Gross Margin 422,099 9,561,948
Administrative expenses (1,925,360) (6,520,421)
Financial income 435,537 102,343
Financial expenses (452,093) (2,095,999)
Other losses – (589)
Exchange differences (44,975) 18,439
Profit before tax (1,564,792) 1,065,721
Income tax charge 431,809 (232,243)
Profit from ongoing operations (1,132,983) 833,478
Net (loss) profit (1,132,983) 833,478
19 Restrictions, contingencies, legal proceedings and other matters
19.1 — Civil legal proceedings

The subsidiaries Cencosud Retail S.A. , Easy S.A., Cencosud Shopping Centers
are pending as of March 31, 2016. The amounts of these claims are covered by a

.. and Administradora del Centro Comercial Alto Las Condes Ltda., are involved in la:
1liability insurance policy.

s and litigation that

On May 22, 2015 the municipality constructions authority of Vitacura ordered the stagnation of the project developed by Cencosud Shopping Centers S.A., on the piece of land located at the 8950
of Kennedy Avenue in Santiago. This Municipality based its decision on the fact that the construction does not have the required permission. The Company filed an appeal on June 19, 2015 to the
metropolitan administrative authority (Secretaria Regional Ministerial — “SEREMI”), who issued a ruling accepting the Company’s pretentions and ordering the Municipality to adjust its decision.
On November 25, 2015, “SEREMI” issued an extended ruling, which reverted its previous position base on the Public Ministry’s opinion.

On December 23, 2015 Cencosud filed an appeal to the Supreme Court alleging to obtain the “SEREMP’s”dec
a definitive decision. The Company will keep following the legal channels to obtain a positive outcome. It
Company are reasonably higher than obtaining an unfavorable outcome.

¡ion issued on November 25, 2015. The Court has sustained the allegation is waiting to
¡s estimated that the chances of obtaining a favorable outcome to the position of the

An indirectly controlled subsidiary of Cencosud S,A in Colombia is involved in litigations regarding extra contractual civil responsibility. The amounts of these claims are covered by a civil liability
insurance policy.

A civil lawsuit was filed against the indirectly controlled affiliate GBarbosa Comercial (Brazil) by the Public Employees Union in supermarkets in the State of Sergipe, which is awaiting the first
instance ruling. The union is seeking compensation for overtime hours for all employees of the subsidiary for the period after May 2007. The petition was filed and supported by the ruling, albeit
still not judicial, that was issued through another public civil claim, which annulled a bank of hours from May 2007 to April 2009.

Based on the opinion of a legal advisor, we cannot estimate the value of the case given the complexity of the calculations related to the process, as well as the absence of sufficient evidence in the file in
order to quantify.

F-58

Cencosud Brasil Comercial Ltda has reported no other civil proceedings to reveal as of March 31, 2016.

+ Cencosud Retail Peru S.A, an indirectly controlled subsidiary of Cencosud S.A. has several outstanding cases at the close of the financial statements for liability claims causes. Total amounts
claimed raise to USD 120 thousand. Our legal advisors consider that the chances of getting a favorable ruling to the position of the company are reasonably higher than obtain an unfavorable
ruling.

+ During January 2016, the authority National Economic Prosecutor (Fiscalia Nacional Económica FNE) filed a claim to the Free Competition Court (Tribunal de Defensa de la Libre Competencia)

against Cencosud, Walmart Chile and SMU supermarkets” chains, for alleged collusion between the mentioned chains for a price-fixing scheme involving poultry products.

The Group answered the aforementioned request to the Court on March 22, 2016, and categorically rejected the allegations raised by the FNE in such claim. The company will keep defending itself in the
process to prove its innocence.

To Cencosud collusion and anti-competitive practice is unacceptable and totally condemnable.

Potential fines in this case could be up to 30,000 UTA (approximately U.S. $23 million at the time of the suit filing).

19.2 Taxation legal proceedings

As of March 31, 2016, the Group’s

ompanies maintain several taxation legal controversies, which the most relevant are shown as follows:

Stage of Expected
Country Society Grounds Amount [1] the process outcome [2]
ThCh$
Chile
Cencosud S.A. Shares transference cost 9,346,562 Trial Positive
Cencosud Internacional Limitada Shares transference cost 28,889,219 Trial Positive
Cencosud Retail S.A. Offsetting losses 1,915,547 Appeal Positive
Paris Administradora Centro Limitada Deductible expenses, offsetting losses 3,397,720 Trial Positive
Eurofashion Limitada Assets transference, deductible expenses 629,646 Appeal Positive
Paris Administradora Limitada Deductible expenses, offsetting losses 1,634,534 Trial Positive
Cencosud Retail S.A. First category income tax 8,816,021 Trial Positive
Paris Administradora Sur Limitada First category income tax 3,768,170 Trial Positive
Paris Administradora Centro Limitada First category income tax 2,388,090 Trial Positive
Cencosud Retail S.A. Deductible expenses income tax 3,305,572 Trial Positive
Peru
Cencosud Perú VAT or GEsS tax 1,022,262 Trial Positive
Brazil
Cencosud Comercial Ltda Income tax 15,778,705 Trial Positive
Cencosud Comercial Ltda PIS 8: CONFIS [3] 10,047,000 Trial Positive
Cencosud Comercial Ltda Actvities monthly tax 5,827,260 Trial Positive

[1] Amount refers to tax payable or tax rebate. Amounts may vary. Fines, interest, translations, discounts and adjustments shall be also updated up to payment date, ¡Fnecessary
[2] Potential outcomes are provided by the legal advisors who carry the processes
[3] The PIS and COFINS are federal social contributions designed for funding the social security system in Brazil, which are based on company’s gross revenues

The tax contingencies and taxation legal proceedings disclosed above are deemed to be of a positive outcome.

F-59

20 Stock options

As of March 31, 2016 the Company has shared-based compensation plans for executives of Cencosud S,A, and affiliates which had no changes compared with Decmeber 31, 2015.

As of March 31, 2015 the Company had the share-based compensation plans for executives decribed as “2014 retention plan for executiv
and affiliates recognized as of December 31, 2014.

and “2015 retention plan for executives” of Cencosud S,A.,

Numbers of shares Numbers of shares
As of As of
Stock options granted to key executives 3/31/2016 12/31/2015 3/31/2015 12/31/2014
1) Outstanding as of the beginning of the period 35,676,984 25,191,698 25,191,698 22,010,664
2) Granted during the period – 35,526,934 – 10,152,500
3) Forfeited during the period
(242,500) (18,596,806) (2,173,201) (1,762,368)
4) Exercised during the period (see note 15.2)
(13,735,659) – – –
5) Expired at the end of the period
a (6,444,842) E (5,209,098)
6) Outstanding at the end of the period
21,698,825 35,676,984 23,018,497 25,191,698
7) Vested and expected to vest at the end of the period
21,698,825 35,676,984 23,018,497 25,191,698
8) Eligible for exercise at the end of the period
380 412 650 675
As of March As of March
Stock options —Impact in P£L 31, 2016 31, 2015
ThCh$ ThCh$
Impact in the income statement 3,739,726 806,065

In relation to the 2016, 2015 and 2014 Retention Plans, the outstanding options as of March 31, 2016 had a weighted-average contractual life of 0.71 years, 0.48 years and 0.33 years respectively. As of
December 31, 2015 those options had a weighted-average contractual life of 0.96 , 0.73 years and 0.42 years respectively.

21 Aseets and liabilies classified as held for sale, and discontinued operations

As of March 31, 2016 and December 31, 2015 assets and liabilities are presented as non-current for disposal e
following:

¡ed as “held for sale”. According to the disclosures required by IFRS 5, the balance is the

1) Balance of the assets and liabilities classified as non-current assets for disposal – “held for sale”, as of March 31, 2016 are presented as follows:

3/31/2016
Assets Unaudited
THChS
Current assets
Receivables due from related entities, current 1,516,720
Inventories, current 828,880
Total current assets 2,345,600
Non-current asset
Equity method investments, non-current 55,573,806
Property, plant and equipment 33,221,019
Investment property 2,939,242
Total non-current assets 91,734,067
Total non-current assets classified as held for sale 94,079,667

F-60

3/31/2016

Unaudited
ThChS
Current liabilities
Other financial liabilities, current 524,033
Trade payables and other payables, current 1,918,049
Other provisions, current 52.885
Current provision for employee benefits 30.946
Total current liabilities 2,525,913
Non-current liabilities
Other financial liabilities, non current 3,333,058
Total non-current liabi 3,333,058
Total non-current liabilitics classified as held for sale 5.858,971

Detail of the assets and liabilities classified as non-current assets for disposal as “held for sale” as of March 31, 2016 are presented below:

a) Sale of non-strategic ass ieces of land Chile

As of March 31, 2016, date of close of these financial statements, the Company remains committed to the plan of sale of undeveloped land in Chile, The process has been planned, defined and structured
in conjunction with the Property and Shopping Divisions Management.

The assets included in this plan correspond to as:
sale, rather than continuing using them within busin
months. Key management has initiated an active program with the necessary actions to conclude agreements of significant conditions, such as the price and timing of the transactions with unrelated third
parties, and finally sell them within the defined term.

The Company h:
company has exte

ken a number of administrative and operational plans to finalize the sale, therefore it ha
sive expertise in real estate and finance sectors.

sets so. This

Non-current assets and liabilities classified as held for sale as of March 31, 2016 are presented as follows:

Property, plant and equipment; and Investment property held for sale ThCh$
Land
13,573,153
Fixed assets under leasing agreements
6,640,255
Facilities
282,659
Fumnishings
49,599
Buildings
4,497,102
Machinery and equipments
412,973
Total property, plant and equipments
25,455,741
Other financial liabilities, current and non-current – Leasing
(3,857,091)
Investment property
2,939,242

Detailed assets, classified as held for sale, has been recognized at the lower of carrying amount and fair value less costs to sell, from the moment of the reclassification.

F-61

b) Inmobiliaria Mall Viña del Mar S.A. Investment – Chile

On March 1, 2016 the Company reached an agreement with Parque Arauco S.A, (“Parque Arauco”) to sell the shares of Comercial de Tiendas S.A. own in Inmobiliaria Mall Viña del Mar S.A.,
corresponding to 433 ordinary shares, which are equivalent to the third part of the issued shares. Such investment is presented as follows as of March 31, 2016:

3/31/2016

Mall Viña del Mar S.A. Investment – Chile ThCh$
Equity method investments, non-current

55,573,806
Receivables due from related entities, current

1,516,720

Total Mall Viña del Mar S.A. investment classified as held for sale

57,090,526

This investment was presented as part of the shopping centers segment.

c) Gas stations – Colombia

Colombian gas stations, previously reported under the “supermarkets” segment in our financial statements, has been included within the as:
presented as follows:

ts and liabilities held for sale as of March 31, 2016, are

3/31/2016
Gas stations – Colombia ThCh$
Property, plant and equipment
7,765,278
Inventories
828,880
Trade payables and other payables, non-current
(1,918,049)
Other provisions, current
(52,885)
Current provision for employee benefits
(30,946)
Total gas stati sified as held for sale
6,592,277

The Company determined a plan for the sale of these assets, for which is expected to be completed in one year.
2) Discontinued operations as of March 31, 2015
Sale of the financial retail services division – Chile

From June 2014 the Company, together with its subsidiaries Cencosud Retail S.A. and Easy S.A., entered into a framework agreement for which Bank of Nova Scotia (BNS) Chile acquired 51% interest and
took control of the division of retail financial services of the Company in Chile. This transaction was formally completed on May 1, 2015.

a) Results of discontinued operations for the three months ended March 31, 2015:

3/31/2015
THCh$

Statement of profit and loss by function — Discontinued operations (Unaudited)
Revenues from ordinary activities 45,875,537
Cost of sales (16,382,694)
Gross Margin 29,492,843
Other revenues by function 413,602
Sales, general and administrative expenses (8,952,225)
Other expenses by function (3,124,010)
Other gains 5.283
Results from operating activities 17,835,493
Finance income 102,345
Finance expenses (10,595,262)
Exchange differences (4,341,757)
Gain from indexation 1,383
Results from operating activities before income tax 3,002,202
Income Tax (675,495)
Net profit for the period 2,326,707
Basic earnings (loss) per share 53

Diluted earnings (loss) per share 53
F-62

b) Cash flows from (used in) discontinued operations for the three months ended March 31, 2015 are presented as follows:

Statement of cash flows — Discontinued operations 3/31/2015
ThCh$
ThCh$

Net cash used in operating activities (98,261,013)

Net cash used in investing activities (779,284)

Net cash from (used in) financing activities 30,196,981

22 Corporate income tax

The corporate income tax expense on continuing operations amounts to ThChS 32,805,216 and ThCh$ 33,357,900, for the periods according to the following detail:

For the three months ended March 31,
Expenses (benefit) due to income tax, current and

deferred tax portions (presentation) 2016 2015
THChS THCh$
Current tax expense 34,784,903 36,724,451
Deferred tax (benefit) expense due to taxes arising from the creation and reversal of temporary differences(income (2,190,153) 3,291,632
Deferred tax benefit (expenses) ) due to taxes arising from the changes in tax rates or new rates 210,466 (6,658,183)
Total deferred tax benefits, net (1,979,687) (3,366,551)
Income tax Expense, net 32,805,216 33,357,900

For the three months ended March 31,
Expenses (benefit) due to income tax, by source

(national, foreign) (presentation) 2016 2015
THChS THCh$

Current income tax expense, Net, Foreign 29,054,865 27,177,567
Current income tax expense, Net, Local 5,730,038 9,546,884
Current income tax expense, Net, Total 34,784,903 36,724,451
Deferred income tax benefit, Net, Foreign (7,551,547) (3,630,797)
Deferred income tax expense, Net, Local 5,571,860 264,246
Deferred income tax benefit, Net, Total (1,979,687) (3,366,551)
Income tax Expense on continuing operations 32,805,216 33,357,900

F-63

The following chart shows the reconciliation between the corporate income tax calculations resulting from the application of the legal and effective rates for the periods:

For the three months ended, March 31

Reconciliation of income tax expense using the statutory rate to income tax
expense using the effective rate 2016 2015
ThChS ThCh$
Income tax expense using the legal rate 34,040,173 19,969,294
Tax effect of rates in other territories 6,216,679 3.803,608
Tax effect on non-taxable incomes E (43,652)
Tax effect on non-deductible expenses 3.956 4,422,214
Price level restatement (4,330,268) 326,991
Tax rate effect of adjustment for current tax of prior periods (3,353,497) –
Chile — Tax effect on translation reserves (derivatives) 1,556,537 E
Colombia -Presumptive Income rate adjustment 9% (rate 34% and credit 25%) – 203,874
Tax effect of changes in tax rates (210,466) (6,658,183)
Effect of share of profit of equity-accounted investee, – (1,745,343)
Brazil — Tax losses valuation E 6,558,681
Chile —not recognized provisional payment on absorbed profits – 4,216,538
Other (decrease) increase for legal tax (1,117,898) 2,303,878
Adjustments to tax expenses using the legal rate, total… (1,234,957) 13,388,606
Income tax expense using the effective rate 32,805,216 33,357,900

Main components of effective tax rate reconciliation include:

i. During 2015, taxable losses benefit was not recognized over parent company ThCHS 4,216,538 (taxable income ThCh$ 18,740,169 at 22.5% rate)

ii. A provision related to taxable losses is recognized on Mercantil Rodriguez acquisition and bargain purchase effect related to a merge was recorded in Brazil during the first quarter of 2015 (ThChS

6,558,681)

Tax losses:
The Company has deferred assets for tax losses arising from the different countrics where it has investments. These arise mainly in the retail and real estate areas, both in Chile and abroad. For
the tax losses carry-forward, there are no limits regarding their usage in all jurisdictions where the Group operates, the realization of tax losses is estimated based on the Group future projections.

Those losses have been produced in countries where there is no limited period for their use, and reversal is estimated as projected future revenues as increasing.
Reversal of asset and liability timing differences:

The reversal of asset and liability timing differences i
differenc

s directly related to the nature of the asset and liability accounts generating these differences. There is no set term for the reversal of timing
s, due to the reversal of some and the origin of others.

Rate of income tax.

Chile
The current income tax rate in Chile that affects the Company is 22.5% (Dec 2014: 21%; Dec 2013: 20%). Under the 2014 enacted tax law, the income tax rate will increase to 21%, 22.5%, 24%, 25.5%
and 27%, for the years 2014, 2015, 2016, 2017, 2018 and following fiscal years, respectively, based on the adoption of the partially integrated system.

F-64

According to regulations applicable to open listed societies, the income tax system applicable by Cencosud is the partially integrated system.
Any other later effects have been recognized within the income statement.

Forcign subsidiarios

The rates that affect its forcign subsidiaries are: 35% in Argentina, 39% in Colombia, 28% in Peru and 34% in Brazil. Peru enacted in law N* 30.296 which envisages gradual reduction in taxes from

the current 30% to 28% in 2015-2016, 27% in 2017-2018, and 26% from 2019 onwards.

In addition, law 1,739 modified the income tax for equity “CREE” tax [1] from a rate of 8% to 9%, beginning since 2016 financial year. Additional 5%, 6%, 8% and 9% rates were established in a
temporary way for the 2015, 2016, 2017 and 2018 financial years respectively.

Colombian National tax which applies over profits and gains obtained by companies which are likely to enrich them. This tax replaced certain wage-based social contributions.

[1] The CREE is

d) Deferred taxes not recognized.
The Company has no unrecognized deferred taxes as of the date of these financial statements.

23 Changes in accounting policies

From September 2015,

Company’s Management has decided to reassess its accounting policy regarding the classification in the income statement of the gains and losses related to the ineffective portion of the hedges.
Consequently, given the nature and purpose of the derivative financial instruments designated as hedges (economical and those complying with IAS 39 guidance), as well as the nature of hedged items
and the activities for which such financial instruments were contracted, the Company has concluded that the ineffective portion of the effects of measurement at fair value such derivative financial
instruments should be recognized in the same line item of the income statement that those accounting effects of the related hedge items. Furthermore, the Company believes that the new classification of
gains and losses derived from the ineffective portion of hedging derivatives and non-hedging derivatives will improve the financial information for its users as these will not affect operating profit and will
provide more relevant and reliable information. The voluntary change in this accounting policy will be applied retrospectively for the whole periods that need to be revealed comparatively.

Accordingly, changes in the fair value of derivatives financial instruments arising from the ineffective portion of hedging interest rate risk should be recognized in the line item “finance expense” in
accordance with the new accounting policy, and those effects arising from the change in fair value related to the ineffective portion of hedging the exchange rate risk are recognized in the line item
“exchange differences”. By applying this change, the effects are recognized separately and according to the hedged risk (exchange rates difference or interest expense), thus preventing these impacts are
mixed with various other operational transactions that are presented in the caption “Other gains (losses)”

Previously, measurement effects at fair value related to the ineffective portion of designated hedges and other economic hedges, over financial instruments and derivative contracts were recognized under
the caption “other gains and losses”, including components with an evident financial nature and origin, within the operating profit.

23.1 Impacts of the change in the accounting policy

The voluntary change in this accounting policy was applied retrospectively for the whole periods that need to be revealed comparatively.

F-65

In detail, the change in accounting policy for the three months ended as of March 31, 2016, and 2015 is shown as follows:

Effects of the Change For the three months ended 3/31/2016 For the three months ended 3/31/2015
Before Change After Before Change After
change effects change change effects change
THChS THCh$ ThChS THCh$ THCh$ THChS
Other losses (3,462,534) a (3,462,534) (9,554,285) (1,015,659) (10,569,944)
Operating profits
169,399,346 E 169,399,346 17,511,186 (1,015,659) 116,495,527
Finance expenses (69,323,451) – (69,323,451) (56,783,372) 2,235,574 (54,547,798)
Exchange differences
38,525,604 a 38,525,604 (11,589,847) (1,219,915) (12,809,762)
Profit before tax
141,834,053 E 141,834,053 53,462,752 a 53,462,752
Profit from continuing operations
109,028,837 – 109,028,837 20,104,852 – 20,104,852
Profit from discontinued operations
a a a 2,326,707 a 2,326,707
Profit
109,028,837 – 109,028,837 22,431,559 – 22,431,559
24 Subsequent events

+ On April 18, 2016, Sociedad Comercial de Tiendas S.A., a subsidiary of Cencosud SA, sold the owned shares of the society Inmobiliaria Mall Viña del Mar S.A., to “Parque Arauco” and “Ripley” in
equal parts, for an amount of CHThS 110,574,884.

This transaction will generate a positive result net of taxes estimated Ch$ 28,000 million within the Cencosud’s consolidated interim financial statements of profit and losses of the second quarter 2016.

+ On April 2016 torrential rains sent off from the Andes mountains flooded the neighborhood of Providencia. The rain water diverted by the Mapocho river flooded part of the underground arcas,
ilities. The Company is currently following processes to assess ravages and present claims to the insurance companies.

causing several damages to the Costanera Center Mall faci

+ The Ordinary Shareholders Meeting, held on April 29, 2016, defined a final dividend chargeable to 2015 profits of Ch$ 25.92268 per share, equivalent to 80.55% of the 2015 net distributable profits and
amounted to ChS 73,684,180. The aforementioned distribution of profits shall be made by: (i) the distribution of an additional dividend in the amount of Ch$ 10 per share; plus (ii) the distribution of an
interim dividend of ChS 16 per share already paid from December 4, 2015.

In addition, the Shareholders Meeting approved an extraordinary dividend in the amount of ChS 50 per share, chargeable to retained carnings from previous years, reducing the reserve fund for future
dividends amounted to Ch$ 142,122,981. The payment of the above dividend will be made from May 17, 2016.

Between the date of issuance of these condensed consolidated financial statements and the filing date of this report, management is not aware of any other subsequent events that could significantly
affect the consolidated financial statements.

F-66

Link al archivo en CMFChile: https://www.cmfchile.cl/sitio/aplic/serdoc/ver_sgd.php?s567=0c2be61b4777305aff8c72830ad49f58VFdwQmVFNXFRVE5OUkVFMFRucFpNVTFCUFQwPQ==&secuencia=-1&t=1682366909

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CENCOSUD: CENCOSUD S.A. 2016-07-11 T-06:19

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