Document:

EX-4.4

 Exhibit 4.4 
 INDENTURE 
 CENCOSUD S.A., 

as Issuer 

CENCOSUD RETAIL S.A., 
 as Guarantor 
 4.875% SENIOR NOTES DUE 2023 

THE BANK OF NEW YORK MELLON, 
 as Trustee, Paying Agent, Registrar and Transfer Agent 
 and 

THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A., 
 as Luxembourg Paying Agent and Luxembourg Transfer Agent 
 Dated as of
December 6, 2012 

							
	TABLE OF CONTENTS	  
			
	 	 	 	  	Page	 
	ARTICLE I	  
		
	Definitions; Incorporation by Reference and Rules of Construction	  			
			
	 SECTION 1.01.
	 	 Definitions
	  	 	1	  
	 SECTION 1.02.
	 	 Rules of Construction
	  	 	7	  
	
	ARTICLE II	  
	
	The Securities	  
			
	 SECTION 2.01.
	 	 Amount of Securities; Issuable in Series
	  	 	7	  
	 SECTION 2.02.
	 	 Form and Dating
	  	 	8	  
	 SECTION 2.03.
	 	 Execution and Authentication
	  	 	8	  
	 SECTION 2.04.
	 	 Registrar, Paying Agent and Transfer Agent
	  	 	9	  
	 SECTION 2.05.
	 	 Paying Agent To Hold Money in Trust
	  	 	9	  
	 SECTION 2.06.
	 	 Holder Lists
	  	 	10	  
	 SECTION 2.07.
	 	 Transfer and Exchange
	  	 	10	  
	 SECTION 2.08.
	 	 Replacement Securities
	  	 	11	  
	 SECTION 2.09.
	 	 Outstanding Securities
	  	 	11	  
	 SECTION 2.10.
	 	 Temporary Securities
	  	 	11	  
	 SECTION 2.11.
	 	 Cancellation
	  	 	11	  
	 SECTION 2.12.
	 	 Defaulted Interest
	  	 	12	  
	 SECTION 2.13.
	 	 CUSIP and ISIN Numbers
	  	 	12	  
	 SECTION 2.14.
	 	 Denomination
	  	 	12	  
	 SECTION 2.15.
	 	 Open Market Purchases
	  	 	12	  
	
	ARTICLE III	  
	
	General Redemption Provisions	  
			
	 SECTION 3.01.
	 	 Notices to Trustee
	  	 	12	  
	 SECTION 3.02.
	 	 Notice of Redemption
	  	 	13	  
	 SECTION 3.03.
	 	 Effect of Notice of Redemption
	  	 	13	  
	 SECTION 3.04.
	 	 Deposit of Redemption Price
	  	 	14	  
	
	ARTICLE IV	  
	
	Optional Redemption	  
			
	 SECTION 4.01.
	 	 Tax Redemption
	  	 	14	  
	 SECTION 4.02.
	 	 Make-Whole Redemption
	  	 	15	  

  
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	ARTICLE V	  
	
	Covenants	  
	 SECTION 5.01.
	 	 Payment of Securities
	  	 	15	  
	 SECTION 5.02.
	 	 Limitation on Liens
	  	 	15	  
	 SECTION 5.03.
	 	 Limitation on Sale and Leaseback Transactions
	  	 	17	  
	 SECTION 5.04.
	 	 Reporting Requirements
	  	 	18	  
	 SECTION 5.05.
	 	 Additional Amounts
	  	 	19	  
	 SECTION 5.06.
	 	 Rule 144A Information
	  	 	22	  
	 SECTION 5.07.
	 	 Further Instruments and Acts
	  	 	22	  
	 SECTION 5.08.
	 	 Statement as to Compliance
	  	 	22	  
	 SECTION 5.09.
	 	 Corporate Existence
	  	 	22	  
	 SECTION 5.10.
	 	 Listing
	  	 	23	  
	
	ARTICLE VI	  
	
	Successor Company or Guarantor	  
			
	 SECTION 6.01.
	 	 When the Company or the Guarantor May Merge or Transfer Assets
	  	 	23	  
	
	ARTICLE VII	  
	
	Defaults and Remedies	  
			
	 SECTION 7.01.
	 	 Events of Default
	  	 	24	  
	 SECTION 7.02.
	 	 Acceleration
	  	 	25	  
	 SECTION 7.03.
	 	 Other Remedies
	  	 	26	  
	 SECTION 7.04.
	 	 Waiver of Past Defaults
	  	 	26	  
	 SECTION 7.05.
	 	 Control by Majority
	  	 	26	  
	 SECTION 7.06.
	 	 Limitation on Suits
	  	 	26	  
	 SECTION 7.07.
	 	 Rights of Holders To Receive Payment
	  	 	27	  
	 SECTION 7.08.
	 	 Collection Suit by Trustee
	  	 	27	  
	 SECTION 7.09.
	 	 Trustee May File Proofs of Claim
	  	 	27	  
	 SECTION 7.10.
	 	 Priorities
	  	 	27	  
	 SECTION 7.11.
	 	 Undertaking for Costs
	  	 	28	  
	 SECTION 7.12.
	 	 Waiver of Stay or Extension Laws
	  	 	28	  
	
	ARTICLE VIII	  
	
	Trustee	  
	 SECTION 8.01.
	 	 Duties of Trustee
	  	 	28	  
	 SECTION 8.02.
	 	 Rights of Trustee
	  	 	29	  
	 SECTION 8.03.
	 	 Individual Rights of Trustee
	  	 	31	  
	 SECTION 8.04.
	 	 Trustee’s Disclaimer
	  	 	31	  
	 SECTION 8.05.
	 	 Notice of Defaults
	  	 	31	  

  
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	 SECTION 8.06.
	 	 Compensation and Indemnity
	  	 	31	  
	 SECTION 8.07.
	 	 Replacement of Trustee
	  	 	32	  
	 SECTION 8.08.
	 	 Successor Trustee by Merger
	  	 	33	  
	 SECTION 8.09.
	 	 Eligibility; Disqualification
	  	 	34	  
	 SECTION 8.10.
	 	 Appointment of Co-Trustee
	  	 	34	  
	
	ARTICLE IX	  
	
	Defeasance; Discharge of Indenture	  
			
	 SECTION 9.01.
	 	 Legal Defeasance and Covenant Defeasance
	  	 	35	  
	 SECTION 9.02.
	 	 Conditions to Defeasance
	  	 	36	  
	 SECTION 9.03.
	 	 Application of Trust Money
	  	 	38	  
	 SECTION 9.04.
	 	 Repayment to Company
	  	 	38	  
	 SECTION 9.05.
	 	 Indemnity for U.S. Government Obligations
	  	 	38	  
	 SECTION 9.06.
	 	 Reinstatement
	  	 	38	  
	 SECTION 9.07.
	 	 Satisfaction and Discharge
	  	 	39	  
	
	ARTICLE X	  
	
	Amendments	  
			
	 SECTION 10.01.
	 	 Without Consent of Holders
	  	 	40	  
	 SECTION 10.02.
	 	 With Consent of Holders
	  	 	40	  
	 SECTION 10.03.
	 	 Revocation and Effect of Consents and Waivers
	  	 	41	  
	 SECTION 10.04.
	 	 Notation on or Exchange of Securities
	  	 	42	  
	 SECTION 10.05.
	 	 Trustee To Sign Amendments
	  	 	42	  
	
	ARTICLE XI	  
	
	Subsidiary Guarantee	  
			
	 SECTION 11.01.
	 	 Subsidiary Guarantee
	  	 	42	  
	 SECTION 11.02.
	 	 Amended and Restated Subsidiary Guarantee
	  	 	44	  
	 SECTION 11.03.
	 	 Limitation on Liability
	  	 	45	  
	 SECTION 11.04.
	 	 Successors and Assigns
	  	 	45	  
	 SECTION 11.05.
	 	 No Waiver
	  	 	45	  
	 SECTION 11.06.
	 	 Modification
	  	 	45	  
	 SECTION 11.07.
	 	 Non-Impairment
	  	 	45	  
	 SECTION 11.08.
	 	 Release of Subsidiary Guarantor
	  	 	45	  
	
	ARTICLE XII	  
	
	Miscellaneous	  
			
	 SECTION 12.01.
	 	 Notices
	  	 	46	  
	 SECTION 12.02.
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	48	  
	 SECTION 12.03.
	 	 Statements Required in Certificate or Opinion
	  	 	48	  

  
 iii

							
	 SECTION 12.04.
	 	 When Securities Disregarded
	  	 	48	  
	 SECTION 12.05.
	 	 Rules by Trustee, Paying Agent and Registrar
	  	 	48	  
	 SECTION 12.06.
	 	 Legal Holidays
	  	 	48	  
	 SECTION 12.07.
	 	 Governing Law; Consent to Jurisdiction and Service of Process
	  	 	49	  
	 SECTION 12.08.
	 	 Waiver of Immunity
	  	 	50	  
	 SECTION 12.09.
	 	 No Recourse Against Others
	  	 	51	  
	 SECTION 12.10.
	 	 Successors
	  	 	51	  
	 SECTION 12.11.
	 	 Multiple Originals
	  	 	51	  
	 SECTION 12.12.
	 	 Table of Contents; Headings
	  	 	51	  
	 SECTION 12.13.
	 	 Waiver of Jury Trial
	  	 	51	  
	 SECTION 12.14.
	 	 Severability
	  	 	51	  
	 SECTION 12.15.
	 	 USA Patriot Act
	  	 	51	  

  

					
	Appendix A	    	–	  	 Provisions Relating to Securities

	Exhibit 1 to Appendix A	    	–	  	 Form of Security

	Exhibit 2 to Appendix A	    	–	  	 Form of Regulation S Transfer Certificate

	Exhibit 3 to Appendix A	    	–	  	 Form of Rule 144A Transfer Certificate

  
 iv 

 INDENTURE dated as of December 6, 2012, among Cencosud S.A., a sociedad
anónima organized under the laws of Chile (the “Company”), Cencosud Retail S.A., a sociedad anónima organized under the laws of Chile and a majority-owned subsidiary of the Company, as guarantor (the
“Guarantor”), The Bank of New York Mellon, a corporation duly organized and existing under the laws of the State of New York authorized to conduct a banking business, as Trustee (the “Trustee”), Registrar, Paying Agent and
Transfer Agent (as such terms are defined below), and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent (the “Luxembourg Paying Agent”) and Luxembourg Transfer Agent (the “Luxembourg Transfer Agent”).

 Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the
Company’s 4.875% Senior Notes due 2023, to be issued, from time to time, as in this Indenture provided (the “Securities”). 
 ARTICLE I 
 Definitions; Incorporation by Reference and Rules of Construction

 SECTION 1.01. Definitions. 
 “Additional Amounts” has the meaning set forth in Section 5.05(a) hereof. 
 “Additional Securities” means Securities issued pursuant to Section 2.01(c) hereof, if any. 
 “Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified
Person. For purposes of this definition, “control,” when used with respect to any specified Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise. 
 “Attributable Value” means, as to any particular lease under which the
Company or any Subsidiary is at any time liable as lessee and any date as of which the amount thereof is to be determined, the total net obligations of the lessee for rental payments during the remaining term of the lease (including any period for
which such lease has been extended or may, at the option of the lessor, be extended) discounted from the respective due dates thereof to such date at a rate per annum equivalent to the interest rate inherent in such lease (as determined in good
faith by the Company in accordance with generally accepted financial practice). 
 “Board of Directors” means the
Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board of Directors. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification. 

“Business Day” means each day that is not a Legal Holiday. 

 “Chile” means the Republic of Chile. 

“Commission” means the U.S. Securities and Exchange Commission, as from time to time constituted, created under the Exchange
Act. 
 “Company” means the party named as such in the first paragraph of this Indenture until a successor replaces it
pursuant to the applicable provisions hereof and, thereafter, means the successor and, for purposes of any provision contained herein, each other obligor on the Securities. 
 “Company Order” has the meaning set forth in Section 2.03(d) hereof. 
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Securities to be
redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Securities. 

“Comparable Treasury Price” means, with respect to a redemption date, (a) the average of four Reference Treasury Dealer
Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations or (b) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all
such quotations. 
 “Consolidated Net Tangible Assets” means the total of all assets appearing on a consolidated
balance sheet of the Company and the Subsidiaries, net of all applicable reserves and deductions, but excluding goodwill, trade names, trademarks, patents, unamortized debt discount and all other like intangible assets, less the aggregate of the
current liabilities of the Company and the Subsidiaries appearing on such balance sheet as determined in accordance with IFRS. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at 101 Barclay Street, Floor 4E, New York, New York 10286, Attention: International Corporate Trust, or such other address as the Trustee may designate from time to time by notice to the
Holders, the Company and the Guarantor, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders, the Company and the Guarantor).

 “Covenant Defeasance” has the meaning set forth in Section 9.01(c) hereof. 

“Default” means any event which is, or after notice or passage of time or both would be, an Event of Default. 

“Event of Default” has the meaning set forth in Section 7.01 hereof. 

“Excess Additional Amounts” means Additional Amounts in respect of interest received on the Securities at a rate of withholding
or deduction in excess of 4.0%. 

  
 2 

 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

 “Global Securities” has the meaning set forth in Appendix A. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
of any other Person, direct or indirect, contingent or otherwise, or entered into for the purpose of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in
whole or in part); provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding
meaning. The term “Guarantee” shall not apply to a guarantee of intercompany indebtedness among the Company and the Subsidiaries or among the Subsidiaries. 
 “Guaranteed Obligations” has the meaning set forth in Section 11.01(a) hereof. 
 “Guarantor” means the party named as such in the first paragraph of this Indenture until a successor replaces it pursuant to the applicable provisions hereof and, thereafter, including the
successor for purposes of any provision contained herein. 
 “Holder” means the Person in whose name a Security is
registered on the Security Register described in Section 2.04 hereof. 
 “IFRS” means International Financial
Reporting Standards or other accounting standards generally accepted in Chile, as required by the SVS for Chilean public companies, in each case as in effect from time to time. 

“Indebtedness” means, with respect to any Person (without duplication) (a) any obligation of such Person (i) for
borrowed money, (ii) evidenced by bonds, debentures, notes or other similar instruments, (iii) under any reimbursement obligation relating to a letter of credit other than letters of credit in the ordinary course of business, (iv) for
the payment of money relating to any obligations under any capital lease of real or personal property, (v) under any agreement or instrument in respect of an interest rate or currency swap, exchange or hedging transaction or other financial
derivatives transaction, (vi) to pay the deferred and unpaid purchase price of property or services (other than trade accounts payable arising in the ordinary course of business), which purchase price is due more than six months after the date
of placing such property in service or taking delivery and title thereto or the completion of such service or (vii) a Guarantee of such Person; and (b) any amendment, supplement, modification, deferral, renewal, extension or refunding of
any liability of the types referred to in clause (a) above. For the purpose of determining any particular amount of Indebtedness under this definition, Guarantees of (or obligations with respect to letters of credit) Indebtedness otherwise
included in the determination of such amount shall not be included. For the avoidance of any doubt, any obligation that is non-recourse to any such Person shall not be deemed to be Indebtedness under this definition. 

“Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Investment Banker” means one of the Reference Treasury Dealers. 

  
 3 

 “Interest Payment Date” means January 20 and July 20 of each year,
commencing on July 20, 2013, or if such date is not Business Day on the next succeeding Business Day. 
 “Issue
Date” means December 6, 2012. 
 “Legal Defeasance” has the meaning set forth in Section 9.01(b)
hereof. 
 “Legal Holiday” has the meaning set forth in Section 12.06 hereof. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind. 

“Luxembourg Paying Agent” has the meaning set forth in the first paragraph of this Indenture and its successors and assigns.

 “Luxembourg Transfer Agent” has the meaning set forth in the first paragraph of this Indenture and its successors
and assigns. 
 “Officer” means the Chief Executive Officer, the President, the Chief Financial Officer or any Vice
President of the Company or the Guarantor, as applicable. 
 “Officer’s Certificate” means a certificate signed
by an Officer of the Company or the Guarantor, as applicable, and delivered to the Trustee. Any Officer’s Certificate required by this Indenture to be provided to the Trustee or any Paying Agent for these purposes shall be deemed to be duly
provided if telecopied or emailed to the Trustee or such Paying Agent, as applicable. 
 “Opinion of Counsel” means a
written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company, the Guarantor or the Trustee. 
 “Original Securities” has the meaning set forth in Section 2.03(d) hereof. 
 “Paying Agent” has the meaning set forth in Section 2.04(a) hereof. 

“Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated
organization, limited liability company or government or other entity. 
 “principal” means, with respect to any
Indebtedness (including the Securities), the principal amount of such Indebtedness plus the premium, if any, on such Indebtedness. 
 “Protected Purchaser” means a purchaser of a Security, or of an interest therein, who (a) gives value, (b) does not have notice of any adverse claim to the Security, and
(c) obtains control of the Security. 
 “QIB” means a “qualified institutional buyer” as defined in
Rule 144A under the Securities Act. 

  
 4 

 “Record Date” means the close of business on January 5 or July 5, as
applicable (whether or not a Business Day). 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC, BNP
Paribas Securities Corp. and Mizuho Securities USA Inc. or their affiliates which are primary United States government securities dealers and not less than two other leading primary United States government securities dealers in New York City, New
York reasonably designated by the Company; provided that if any of the foregoing cease to be a primary United States government securities dealer in New York City, New York (a “Primary Treasury Dealer”), the Company shall substitute
therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means, with respect to each
Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Independent Investment Banker by such Reference Treasury Dealer at or about 3:30 p.m. (New York City time) on the third Business Day preceding such redemption date. 

“Registrar” has the meaning assigned to it in Section 2.04(a) hereof. 

“Relevant Jurisdiction” has the meaning assigned to it in Section 4.01 hereof. 

“Remaining Scheduled Payments” means, with respect to each Security to be redeemed, the remaining scheduled payments of the
principal thereof and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that, if that redemption date is not an Interest Payment Date with respect to such Securities, the
amount of the next succeeding scheduled interest payment thereon shall be reduced by the amount of interest accrued thereon to that redemption date. 
 “Sale and Leaseback Transaction” means any transaction or series of related transactions pursuant to which the Company or any Subsidiary sells or transfers any property to any Person with the
intention of taking back a lease of such property pursuant to which the rental payments are calculated to amortize the purchase price of such property substantially over the useful life thereof and such property is in fact so leased. 

“Securities” has the meaning assigned to such term in the second paragraph of this Indenture. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

“Securities Register” has the meaning assigned to it in Section 2.04 hereof. 

“Significant Subsidiaries” means collectively, (a) each Subsidiary of the Company which would be a “significant
subsidiary” within the meaning of Rule 1-02 under Regulation S-X promulgated by the Commission as in effect on the date of this Indenture, assuming the Company is the registrant referred to in such definition, and (b) to the extent not a
“significant subsidiary” pursuant to clause (a) above, the Guarantor. 

  
 5 

 “Stated Maturity” means, with respect to any security, the date specified in such
security as the fixed date on which the payment of principal of such security is due and payable (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency
beyond the control of the Company unless such contingency has occurred). 
 “Subsidiary” means any corporation or
other business entity of which the Company owns or controls (either directly or through one or more other Subsidiaries) more than 50% of the issued share capital or other ownership interests, in each case having ordinary voting power to elect or
appoint directors, managers or trustees of such corporation or other business entity (whether or not capital stock or other ownership interests or any other class or classes have or might have voting power upon the occurrence of any contingency)
including, without limitation, the Guarantor. 
 “Subsidiary Guarantee” has the meaning set forth in
Section 11.01(a) hereof. 
 “SVS” means the Chilean Securities and Insurance Commission (Superintendencia de
Valores y Seguros). 
 “Taxes” has the meaning set forth in Section 5.05(a) hereof. 

“Transfer Agent” has the meaning set forth in Section 2.04(a) hereof. 

“Transfer Restricted Securities” means Securities that bear or are required to bear the Restricted Securities Legend (as
defined in Section 2.1(f) of the Appendix A). 
 “Treasury Rate” means, with respect to a redemption date, the
rate per annum equal to the semi-annual equivalent yield-to-maturity or interpolated maturity (on a day count basis) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal
amount) equal to the Comparable Treasury Price for such redemption date. 
 “Trust Officer” means, when used with
respect to the Trustee, any officer within the Corporate Trust Office of the Trustee having direct responsibility for the administration of this Indenture, or any other officer to whom any corporate trust matter is referred because of such
person’s knowledge of and familiarity with the particular subject. 
 “Trustee” means the party named as such in
the first paragraph of this Indenture until a successor replaces it pursuant to Article VIII of this Indenture and, thereafter, means the successor. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an ownership interest in such obligations) of the United States of America (including any agency or
instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable or redeemable at the Company’s option. 

  
 6 

 SECTION 1.02. Rules of Construction. Unless the context otherwise requires:

 (a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with IFRS; 

(c) “or” is not exclusive; 

(d) “including” means including without limitation; 

(e) words in the singular include the plural and words in the plural include the singular; and 

(f) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the issuer thereof dated such date prepared in accordance with IFRS. 
 ARTICLE
II 
 The Securities 
 SECTION 2.01. Amount of Securities; Issuable in Series. 
 (a) The aggregate
principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. All Securities shall be identical in all respects other than issue date, issue price and the first interest payment date. The Securities may
be issued in one or more series; provided, however, that any Securities issued with original issue discount (“OID”) for U.S. Federal income tax purposes shall not be issued as part of the same series as any Securities that
are issued with a different amount of OID or are not issued with OID, unless the Original Securities and the Additional Securities would be treated as part of the same issue for U.S. Federal income tax purposes. 

(b) With respect to any Securities issued after the Issue Date (except for Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, Original Securities pursuant to Section 2.07, Section 2.08 or Section 2.10 hereof), there shall be established in or pursuant to a resolution of the Board of Directors, and subject to
Section 2.03 hereof, set forth, or determined in the manner provided in an Officer’s Certificate of the Company, or established in one or more indentures supplemental hereto, prior to the issuance of such Securities: 

(i) whether such Securities shall be issued as part of a new or existing series of Securities and the title of such
Securities (which shall distinguish the Securities of the series from Securities of any other series); 
 (ii)
the aggregate principal amount of such Securities that may be authenticated and delivered under this Indenture; 

  
 7 

 (iii) the issue price, issue date and first interest payment date of such
Securities, including the date from which interest on such Securities shall accrue; 
 (iv) if applicable, that
such Securities shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the respective depositories for such Global Securities, the form of any legend or legends that shall be borne by any such Global
Security in addition to or in lieu of that set forth in Exhibit 1 to Appendix A and any circumstances in addition to or in lieu of those set forth in Section 2.2 of Appendix A in which any such Global Security may be exchanged in whole or in
part for Securities registered, and any transfer of such Global Security in whole or in part may be registered, in the name or names of Persons other than the depository for such Global Security or a nominee thereof; and 

(v) any CUSIP(s), ISIN(s) or other identifying numbers. 

(c) If any of the terms of any Securities are established by action taken by the Board of Directors, a Board Resolution shall be
delivered to the Trustee at or prior to the delivery of the Officer’s Certificate of the Company or the trust indenture supplemental hereto setting forth the terms of such Securities. 

SECTION 2.02. Form and Dating. Provisions relating to the Securities are set forth in the Rule 144A/Regulation S Appendix attached
hereto (the “Appendix A”) which is hereby incorporated in, and expressly made part of, this Indenture. The Original Securities and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit 1 to the
Appendix A which is hereby incorporated in, and expressly made a part of, this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange rule, agreements to which each of the Company and the Guarantor is
subject, if any, or usage; provided that any such notation, legend or endorsement is in a form acceptable to the Company and the Guarantor. Each Security shall be dated the date of its authentication. 

SECTION 2.03. Execution and Authentication. 
 (a) An Officer of the Company shall sign the Securities for the Company by manual or facsimile signature. 
 (b) If an Officer whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. 

(c) A Security shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the
Security. Such signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 (d) On
the Issue Date, the Trustee shall authenticate and deliver U.S.$1,200,000,000 aggregate principal amount of 4.875% Senior Notes due 2023 (the “Original Securities”) and, at any time and from time to time thereafter, the Trustee shall
authenticate and deliver Securities for original issue in an aggregate principal amount specified in such order, in each case upon a written order of the Company signed by an Officer of the Company (the “Company Order”). Such order shall
specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated. 
 (e) The Trustee may appoint an authenticating agent reasonably acceptable to the Company to authenticate the Securities. Unless limited by the terms of such appointment, an authenticating agent may
authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such authenticating agent. 

  
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 SECTION 2.04. Registrar, Paying Agent and Transfer Agent. 

(a) The Company shall maintain an office or agency in The City of New York, New York (which office or agency may be an office of the
Trustee or an affiliate of the Trustee) where Securities may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented for payment (the “Paying Agent”).
The Registrar shall keep a register of the Securities and of their transfer and exchange (the “Securities Register”). The Company shall also maintain an office or agency in The City of New York, New York (which office or agency may be an
office of the Trustee or an affiliate of the Trustee) where Securities may be presented or surrendered for transfer or for exchange (the “Transfer Agent”). The Company may have one or more co-registrars and one or more additional paying
agents and transfer agents. The term “Paying Agent” includes any additional paying agent and the term “Transfer Agent” includes any additional transfer agent. 

(b) The Company shall enter into an appropriate agency agreement with any Registrar, Paying Agent, Transfer Agent or co-registrar not a
party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall promptly notify the Trustee of the name and address of any such agent. If the Company fails to maintain a Registrar,
Paying Agent or Transfer Agent, the Trustee shall act as such, to the extent that it is lawful to so act, and shall be entitled to appropriate compensation therefor pursuant to Section 8.06 hereof. The Company or any Subsidiary may act as
Paying Agent, Registrar, Transfer Agent or co-registrar. 
 (c) The Company initially appoints the Trustee as Registrar, Paying
Agent and Transfer Agent in connection with the Securities. 
 (d) So long as the Securities are listed on the Official List of
the Luxembourg Stock Exchange and the Luxembourg Stock Exchange rules so require, there shall be a Paying Agent and Transfer Agent in Luxembourg. The Company initially appoints The Bank of New York Mellon (Luxembourg) S.A. as Luxembourg Paying Agent
and Luxembourg Transfer Agent in connection with the Securities. 
 SECTION 2.05. Paying Agent To Hold Money in Trust. On
or before 12:00 p.m. (New York) time, at least one Business Day prior to each due date of the principal and interest on any Security, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal and interest, together with
any Additional Amounts then due, when so becoming due. Each Paying Agent a party to this Indenture agrees that, and the Company shall require each Paying Agent not a party to this Indenture to agree in writing that, the Paying Agent

  
 9 

 
shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of any
default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent
to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section 2.05, the Paying Agent shall have no further liability for the money delivered to the Trustee. 

SECTION 2.06. Holder Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Company shall furnish to the Trustee, in writing at least seven Business Days before each Interest Payment Date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 
 SECTION 2.07. Transfer and Exchange. 
 (a) The Securities shall be issued
in registered form and shall be transferable only upon the surrender of a Security for registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the
transfer only upon receipt by the Company and the Registrar of such Opinions of Counsel, certificates and/or other information reasonably required by and satisfactory to each in order to ensure compliance with the Securities Act. When Securities are
presented to the Registrar or a co-registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. To permit
registration of transfers and exchanges, the Company shall execute and the Trustee shall authenticate and deliver Securities at the Registrar’s or co-registrar’s request. The Company and the Registrar may require payment of a sum
sufficient to pay all taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section 2.07. The Company shall not be required to make, and the Registrar need not register, transfers or
exchanges of Securities selected and delivered for redemption or any Securities for a period of 15 days before a selection of Securities to be redeemed or 15 days before an Interest Payment Date. 

(b) Prior to the due presentation for registration of transfer of any Security, the Company, the Guarantor, the Trustee, any Paying
Agent, the Registrar or any co-registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of, interest and Additional Amounts, if any, on
such Security and for all other purposes whatsoever, whether or not presentation of such Security is overdue, and none of the Company, the Guarantor, the Trustee, any Paying Agent, the Registrar or any co-registrar shall be affected by notice to the
contrary. 
 (c) All Securities issued upon any registration of transfer or exchange pursuant to the terms of this Indenture
shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

  
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 SECTION 2.08. Replacement Securities. In the event that any Security shall become
mutilated, defaced, destroyed, lost or stolen, the Company shall execute and, upon the Company’s request, the Trustee shall authenticate and deliver a new Security, of like tenor (including the same date of issuance) and equal principal amount,
registered in the same manner, and bearing interest from the date to which interest has been paid on such Security, in exchange and substitution for such Security (upon surrender and cancellation thereof in the case of a mutilated or defaced
Security) or in lieu of and substitution for such Security. In the event that such Security is destroyed, lost or stolen, the applicant for a substitute Security shall furnish to the Company, the Guarantor, the Trustee, any Paying Agent (including,
without limitation, the Luxembourg Paying Agent), any Transfer Agent (including, without limitation, the Luxembourg Transfer Agent), the Registrar and any co-registrar such security or indemnity as may be required by them to hold each of them
harmless, and, in every case of destruction, loss or theft of such Security, the applicant shall also furnish to the Company, the Guarantor and the Trustee satisfactory evidence of the destruction, loss or theft of such Security and of the ownership
thereof. Upon the issuance of any substituted Security, the Company may require the payment by the registered Holder thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other fees
and expenses (including the fees and expenses of the Trustee) connected therewith. 
 SECTION 2.09. Outstanding
Securities. 
 (a) Securities outstanding at any time are all Securities authenticated by the Trustee except for those
canceled by it, those delivered to it for cancellation and those described in this Section 2.09 as not outstanding. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 

(b) If a Security is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee and the Company
receive proof satisfactory to them that the replaced Security is held by a Protected Purchaser. 
 (c) If a Paying Agent
segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or
maturing, as the case may be, then on and after that date such Securities (or portions thereof) cease to be outstanding and interest on them ceases to accrue. 
 SECTION 2.10. Temporary Securities. Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall
be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive
Securities and deliver them in exchange for temporary Securities. 
 SECTION 2.11. Cancellation. The Company at any time
may deliver Securities to the Trustee for cancellation. The Registrar, each Transfer Agent and each Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no
one else shall cancel and dispose of (subject to the record 

  
 11 

 
retention requirements of the Exchange Act) all Securities surrendered for registration of transfer, exchange, payment or cancellation in accordance with its current practice unless the Company
directs the Trustee in writing to deliver cancelled Securities to the Company. The Company may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. 

SECTION 2.12. Defaulted Interest. If the Company defaults in a payment of interest on the Securities, the Company shall pay the
defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest (a) to the persons who are Holders on a subsequent special Record Date or (b) to persons
who are Holders in any other lawful manner not inconsistent with the rules of any applicable securities exchange if deemed practicable by the Trustee. The Company or the Guarantor, as applicable, shall fix or cause to be fixed any such special
Record Date (which special Record Date shall not be more than 15 nor less than 10 days prior to the payment date) and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Holder a notice that states the special
Record Date, the payment date and the amount of defaulted interest to be paid. 
 SECTION 2.13. CUSIP and ISIN Numbers.
The Company in issuing the Securities may use CUSIP numbers (if then generally in use) and, if so, the Trustee shall use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders; provided, however, that neither the
Company nor the Trustee shall have any responsibility for any defect in the CUSIP or ISIN number that appears on any Security, check, advice of payment or redemption notice, and any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be
affected by any defect in or omission of such numbers. The Company shall notify the Trustee, in writing, of any change in any CUSIP or ISIN numbers. 
 SECTION 2.14. Denomination. The Securities will be issued in fully registered form without interest coupons attached and will be issued in denominations of U.S.$200,000 and integral multiples of
U.S.$1,000 in excess thereof. 
 SECTION 2.15. Open Market Purchases. Each of the Company and the Guarantor may at any
time purchase Securities in the open market or otherwise at any price. Any such purchased Securities shall not be resold, except in compliance with applicable requirements or exemptions under the relevant securities laws. 

ARTICLE III 

General Redemption Provisions 
 SECTION 3.01. Notices to Trustee. 
 (a) If the Company elects to redeem
Securities pursuant to this Indenture and paragraph 5 of the Securities, it shall notify the Trustee in writing of the redemption date, the principal amount of Securities to be redeemed and that such redemption is being made pursuant to paragraph 5
of the Securities. 
 (b) The Company shall give each notice to the Trustee provided for in this Section 3.01 at least 45
days before the redemption date fixed by the Company unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate of the Company and an Opinion of Counsel from the Company reasonably satisfactory
to the Trustee to the effect that such redemption will comply with the conditions herein. 

  
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 SECTION 3.02. Notice of Redemption. 

(a) At least 30 days, but not more than 60 days, before a date for redemption of Securities, the Company shall give a notice of
redemption to each Holder of Securities to be redeemed in accordance with Section 12.01 hereof. 
 The notice shall
identify the Securities to be redeemed and shall state: 
 (i) the redemption date; 

(ii) the redemption price or the information specified in paragraph 5 of the Securities; 

(iii) the name and address of the Paying Agent to whom the Securities called for redemption must be surrendered;

 (iv) that Securities called for redemption must be surrendered to such Paying Agent to collect the redemption
price; 
 (v) if fewer than all the outstanding Securities are to be redeemed, the identification and principal
amounts of the particular Securities to be redeemed; 
 (vi) that, unless the Company defaults in making such
redemption payment, interest on Securities (or portion thereof) called for redemption will cease to accrue on and after the redemption date; 
 (vii) the CUSIP or ISIN number; and 
 (viii) that no representation
is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed on the Securities. 
 (b) At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall provide the Trustee with
the information required by this Section 3.02 at least 45 days, but not earlier than 60 days, before the redemption date. 

SECTION 3.03. Effect of Notice of Redemption. Once notice of redemption is given in accordance with Section 12.01 hereof,
subject to the satisfaction or waiver by the 

  
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Company of any conditions precedent to such redemption set forth in the notice, Securities called for redemption will become due and payable on the redemption date and at the redemption price
stated in the notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice, plus accrued interest to the redemption date (subject to the right of Holders of record on the relevant Record Date
to receive interest due on the related Interest Payment Date that is on or prior to the date of redemption). Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder.

 SECTION 3.04. Deposit of Redemption Price. On or before 12:00 p.m. (New York) time, at least one Business Day prior to
the redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the redemption price of and accrued interest (subject to the
right of Holders of record on the relevant Record Date to receive interest due on the related Interest Payment Date that is on or prior to the date of redemption) on all Securities to be redeemed on that date other than Securities called for
redemption that have been delivered by the Company to the Trustee for cancellation. 
 ARTICLE IV 

Optional Redemption 
 SECTION 4.01. Tax Redemption. The Securities may be redeemed, in whole but not in part, at the Company’s option, by the giving of notice as provided in Article III hereof, at a redemption
price equal to 100% of the outstanding principal amount of the Securities, together with accrued and unpaid interest to the redemption date and Additional Amounts, if any, if, as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of Chile or any jurisdiction from or through which any payment under the Securities is made by or at the direction of the Company or the Guarantor, as applicable (each a “Relevant
Jurisdiction”) or any political subdivision or taxing authority thereof or therein, or any change in the official application, administration or interpretation of such laws, regulations or rulings (including a holding by a court of competent
jurisdiction) in a Relevant Jurisdiction, or any other jurisdiction with the power to impose, levy or assess a Tax, the Company has or will become obligated to pay Excess Additional Amounts, if such change or amendment is announced or occurs on or
after the date of this Indenture and such obligation cannot be avoided by the Company taking reasonable measures available to it; provided that no such notice of redemption shall be given earlier than 60 days prior to the earliest date on
which the Company would be obligated to pay such Excess Additional Amounts, were a payment in respect of the Securities then due. For the avoidance of doubt, reasonable measures shall include a change in the jurisdiction of the paying agent. Prior
to the giving of notice of redemption of Securities pursuant to this Indenture, the Company will deliver to the Trustee (i) an Officer’s Certificate to the effect that the Company is or at the time of the redemption will be entitled to
effect such a redemption pursuant to this Indenture and (ii) a written opinion of recognized counsel admitted to practice in the applicable Relevant Jurisdiction and independent of the Company to the effect that the Company is, or is expected
to become, obligated to pay Excess Additional Amounts as a result of such change or amendment, as described above, and setting forth in reasonable detail the circumstances giving rise to such right of redemption. 

  
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 SECTION 4.02. Make-Whole Redemption. The Securities may be redeemed, in whole but not
in part, at the Company’s option, at any time, by the giving of notice as provided in Article III hereof, at a redemption price equal to the greater of (a) 100% of the outstanding principal amount of the Securities to be redeemed and
(b) the sum of the present values of the Remaining Scheduled Payments of principal and interest on the Securities to be redeemed discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the applicable Treasury Rate plus 35 basis points, in each case plus accrued and unpaid interest on the principal amount of the Securities being redeemed to the redemption date and Additional Amounts, if any. Notwithstanding the
foregoing, payments of interest on the Securities will be payable to the Holders of those Securities registered as such at the close of business on the relevant Record Dates according to the terms and provisions of this Indenture. 

ARTICLE V 

Covenants 

SECTION 5.01. Payment of Securities. 
 (a) The Company shall promptly pay the principal of and interest on the Securities on the dates and in the manner provided in the Securities and in this Indenture. Principal and interest shall be
considered paid on the date due if on such date the Trustee or a Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and interest then due. 

(b) The Company shall pay interest on overdue principal at the rate borne by the Securities, and it shall pay interest on overdue
installments of interest at the rate borne by the Securities to the extent lawful. 
 SECTION 5.02. Limitation on Liens.

 (a) The Company shall not, nor shall it permit any Subsidiary to, issue, assume or suffer to exist any Indebtedness, if such
Indebtedness is secured by a Lien upon any property or assets of the Company or any Subsidiary, unless, concurrently therewith, the Securities shall be secured equally and ratably with (or prior to) such Indebtedness; provided,
however, that the foregoing restriction shall not apply to: 
 (i) any Lien on property acquired,
constructed, developed, extended or improved by the Company or any Subsidiary (individually or together with other Persons) after the date of this Indenture or any shares or other ownership interest in, or any Indebtedness of, any Person which
holds, owns or is entitled to such property, to the extent such Lien is created, incurred or assumed (A) during the period such property was being constructed, developed, extended or improved or (B) contemporaneously with, or within 360
days after, such acquisition or the completion of such construction, development, extension or improvement in order to secure or provide for the payment of all or any part of the purchase price or other consideration of such property or the other
costs of such acquisition, construction, development, extension or improvement (including costs such as escalation, interest during construction and financing and refinancing costs); 

  
 15 

 (ii) any Lien on any property or assets existing at the time of acquisition
thereof and which (A) is not created as a result of or in connection with or in anticipation of such acquisition and (B) does not attach to any other property or assets other than the property or assets so acquired (except for property
affixed or appurtenant thereto); 
 (iii) any Lien on any property or assets acquired from a Person which is
merged with or into the Company or any Subsidiary or any Lien existing on property or assets of any Person at the time such Person becomes a Subsidiary, in either such case which (A) is not created as a result of or in connection with or in
anticipation of any such transaction and (B) does not attach to any other property or assets other than the property or assets so acquired or of such Person at the time it becomes a Subsidiary (except for property affixed or appurtenant
thereto); 
 (iv) any Lien which secures Indebtedness owed by a Subsidiary to the Company or any other
Subsidiary; 
 (v) any Lien securing Indebtedness of the type described in clause (a)(v) of the definition of
“Indebtedness”; provided that such Indebtedness was entered into in the ordinary course of business and not for speculative purposes or the obtaining of credit; 

(vi) any Lien in favor of any Person to secure obligations under the provisions of any letters of credit, bank guarantees,
bonds or surety obligations required or requested by any governmental authority in connection with any contract or statute; 
 (vii) any Lien existing on the date of this Indenture or granted pursuant to an agreement existing on the date of this Indenture; 

(viii) Liens for taxes, assessments or governmental charges or levies if such taxes, assessments, governmental charges or
levies are not at the time due and payable, or if the same are being contested in good faith by appropriate proceedings and appropriate provisions, if any, have been established as required by IFRS; 

(ix) Liens arising solely by operation of law: 

(x) Liens created for the sole purpose of securing Indebtedness that, when incurred, will be applied to repay all (but not
only part) of the Securities and all other amounts payable under the Securities; provided that the Securities and all other such amounts are fully satisfied within 30 days after the incurrence of such Indebtedness; 

(xi) judgment Liens not giving rise to an Event of Default so long as any appropriate legal proceedings which may have
been duly initiated for the review of such judgment have not been finally terminated or the period within which such proceeding may be initiated has not expired and appropriate provisions, if any, have been established as required by IFRS; or

 (xii) any extension, renewal or replacement (or successive extensions, renewals or replacements) in whole or
in part, of any Lien referred to in the foregoing clauses (i) through (xi) inclusive or any Lien securing any Indebtedness that refinances, extends, renews, refunds or replaces any other Indebtedness secured in accordance with the
foregoing clauses (i) through (xi) inclusive; provided that the principal amount of Indebtedness secured thereby shall not exceed the principal amount of Indebtedness so secured at the time of such extension, renewal or replacement
plus an amount necessary to pay any customary fees and expenses, including premiums and defeasance costs related to such transaction, and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the
Lien so extended, renewed or replaced (plus improvements on such property) and property affixed or appurtenant thereto. 

  
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 (b) Notwithstanding Section 5.02(a) hereof, the Company or any Subsidiary may issue or
assume Indebtedness secured by a Lien which would otherwise be prohibited under Section 5.02(a) hereof or enter into Sale and Leaseback Transactions that would otherwise be prohibited by Section 5.03 hereof; provided that the amount
of such Indebtedness or the Attributable Value of such Sale and Leaseback Transaction, as the case may be, together with the aggregate amount (without duplication) of (i) Indebtedness outstanding at such time, that was previously incurred
pursuant to this Section 5.02(b) by the Company and the Subsidiaries, plus (ii) the Attributable Value of all such Sale and Leaseback Transactions of the Company and the Subsidiaries outstanding at such time that were previously incurred
pursuant to this Section 5.02(b) shall not exceed 20% of Consolidated Net Tangible Assets at the time any such Indebtedness is issued or assumed by the Company or any Subsidiary or at the time any such Sale and Leaseback Transaction is entered
into. 
 SECTION 5.03. Limitation on Sale and Leaseback Transactions. The Company shall not, nor shall it permit any
Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any of their property or assets, unless (a) the Company or such Subsidiary would be entitled pursuant to Section 5.02 hereof to issue or assume Indebtedness (in
an amount equal to the Attributable Value with respect to such Sale and Leaseback Transaction) secured by a Lien on such property or assets without equally and ratably securing the Securities, (b) the Company or such Subsidiary shall apply or
cause to be applied, in the case of a sale or transfer for cash, the net proceeds thereof and, in the case of a sale or transfer otherwise than for cash, an amount equal to the fair market value (as determined in good faith by the Board of
Directors) of the property or assets so leased, (i) to the retirement, within 360 days after the effective date of such Sale and Leaseback Transaction, of (A) Indebtedness of the Company ranking at least pari passu with the
Securities or (B) Indebtedness of any Subsidiary, in each case owing to a Person other than the Company or any Affiliate of the Company, or (ii) to the acquisition, purchase, construction, development, extension or improvement of any
property or assets of the Company or any Subsidiary used or to be used by or for the benefit of the Company or any Subsidiary in the ordinary course of business or (c) the Company or such Subsidiary equally and ratably secures the Securities.
The restrictions set forth in this Section 5.03 shall not apply to any transactions providing for a lease for a term, including any renewal, of not more than three years or to arrangements between the Company and a Subsidiary or between
Subsidiaries. 

  
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 SECTION 5.04. Reporting Requirements. 

(a) The Company shall furnish to Holders and prospective investors, upon their request, the information required to be delivered pursuant
to Rule 144A(d)(4) under the Securities Act so long as the Securities are not freely transferable under the Securities Act. 

(b) So long as the Securities remain outstanding the Company shall: 

(i) in the event the Company is not subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act,
furnish (or in lieu of furnishing, make accessible electronically with notice to the Trustee) to the Trustee and the Holders as follows: 
 (A) as soon as they are available, but in any event within 120 calendar days after the end of each fiscal year of the Company (currently ending December 31), copies of its audited financial
statements (on a consolidated basis) in respect of such fiscal year (including a profit and loss account, balance sheet and cash flow statement), in English, prepared in accordance with IFRS and audited by a member firm of an internationally
recognized firm of independent accountants; and 
 (B) as soon as they are available, but in any event within 90
calendar days after the end of each of the first three fiscal quarters of each fiscal year of the Company, copies of its unaudited financial statements (on a consolidated basis) in respect of the relevant period (including a profit and loss account,
balance sheet and cash flow statement), in English, prepared on a basis consistent with the audited financial statements of the Company and in accordance with IFRS, together with a certificate signed by the person then authorized to sign financial
statements on behalf of the Company to the effect that such financial statements are true in all material respects and present fairly the financial position of the Company as at the end of, and the results of its operations for, the relevant
quarterly period; and 
 (ii) in the event the Company is subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, 
 (A) timely file with the Commission such annual and other
reports as may be required by the rules and regulations of the Commission in effect at the relevant time and in the form required thereunder, and 
 (B) unless such information is publicly available on the Commission’s EDGAR System, provide the Trustee, for further delivery to a Holder upon request by any such Holder, with copies of the reports
referred to in clause (b)(ii) within 15 days after such reports are required to be filed with the Commission; and 
 (iii) so long as the Company is required to file the same with the SVS, will furnish (or in lieu of furnishing, make accessible electronically with notice to the Trustee) to the Trustee and Holders, as
soon as they are available, but in any event within 120 calendar days after the end of each fiscal year of the Guarantor (currently ending December 31), copies of the Guarantor’s audited financial statements (on a consolidated basis) in
respect of such fiscal year in the format required by the SVS, in English, prepared in accordance with IFRS and audited by a member firm of an internationally recognized firm of independent accountants. 

  
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 (c) The Trustee shall upon written request forward to each registered Holder who so requests
the reports received by the Trustee under this Section 5.04. 
 (d) The Company shall give the Trustee written notice of
anytime it becomes or ceases to be subject to Section 13 or 15(d) of the Exchange Act. As of the date of this Indenture, the Company is subject to Section 13 and 15(d) of the Exchange Act. 

(d) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt
of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including compliance by the Company or the Guarantor, as applicable, with any of its covenants hereunder (as to
which the Trustee is entitled to rely exclusively on Officer’s Certificates). 
 SECTION 5.05. Additional Amounts.

 (a) The Company shall make all payments of principal, premium, if any, and interest in respect of the Securities free and
clear of, and without withholding or deduction for or on account of, any present or future taxes, duties, assessments or governmental charges of whatever nature and interest, penalties and fines in respect thereof (collectively, “Taxes”)
imposed, levied, collected, withheld or assessed by, within or on behalf of a Relevant Jurisdiction or by or within any political subdivision thereof or any authority therein or thereof having power to tax, unless such withholding or deduction is
required by law or by the interpretation or administration thereof. In the event of any such withholding or deduction of Taxes, the Company or the Guarantor, as applicable, shall pay to Holders such additional amounts (“Additional
Amounts”) as will result in the payment to such Holder of the net amount that would otherwise have been receivable by such Holder in the absence of such withholding or deduction, except that no such Additional Amounts shall be payable in
respect of: 
 (i) any Taxes that would not have been so withheld or deducted but for the existence of any
present or former connection (including, without limitation, a permanent establishment in a Relevant Jurisdiction) between the Holder, applicable recipient of payment or beneficial owner of a Security or any payment in respect of such Security (or,
if the Holder or beneficial owner is an estate, nominee, trust, partnership, corporation or other business entity, between a fiduciary, settlor, beneficiary, member or 

  
 19 

 
shareholder of, or possessor of power over, the Holder, applicable recipient of payment or beneficial owner) and an authority with the power to levy or otherwise impose or assess a Tax, other
than the mere receipt of such payment or the mere holding or ownership of such Security or beneficial interest or the enforcement of rights thereunder; 
 (ii) any Taxes that would not have been so withheld or deducted if a Security had been presented for payment within 30 days after the Relevant Date (as defined below) to the extent presentation is
required (except to the extent that the Holder would have been entitled to Additional Amounts had such Security been presented for payment on the last day of such 30-day period); 

(iii) any Taxes that would not have been so withheld or deducted but for the failure by the Holder or the beneficial owner
of a Security or any payment in respect of such Security to (A) make a declaration of non-residence, or any other claim or filing for exemption, to which it is entitled or (B) comply with any certification, identification, information,
documentation or other reporting requirement concerning its nationality, residence, identity or connection with a Relevant Jurisdiction; provided that such declaration or compliance was required as of the date of this Indenture as a
precondition to exemption from all or part of such Taxes and the Company or the Guarantor, as applicable, has given the Holders at least 30 days prior notice that they will be required to comply with such requirements; 

(iv) any estate, inheritance, gift, value added, sales, use, excise, transfer, capital gains, personal property or similar
taxes, duties, assessments or other governmental charges; 
 (v) any Taxes that are payable otherwise than by
deduction or withholding from payments on a Security; 
 (vi) any Taxes that would not have been so imposed if
the Holder had presented a Security for payment (where presentation is required) to another paying agent; 

(vii) any payment to a Holder of a Security that is a fiduciary or partnership (including an entity treated as a
partnership for tax purposes) or any Person other than the sole beneficial owner of such payment or Security, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner of such
payment or Security would not have been entitled to the Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Security; 

(viii) any withholding or deduction imposed on a payment required to be made pursuant to European Council Directive
2003/48/EC or any other European Union directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform
to, such a directive; or 
 (ix) any combination of clauses (i) through (viii) above. 

  
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 (b) For the purposes of this Section 5.05, “Relevant Date” means whichever is
the later of (i) the date on which such payment first becomes due and (ii) if the full amount payable has not been received in The City of New York, New York by the Trustee on or prior to such due date, the date on which, the full amount
having been so received, notice to that effect shall have been given to the Holders in accordance with this Indenture. 
 (c)
All references to principal, premium, if any, and interest in respect of the Securities shall be deemed also to refer to any Additional Amounts which may be payable as set forth in this Indenture or in the Securities. 

(d) Notwithstanding the foregoing, the limitations on the obligations of the Company and the Guarantor to pay Additional Amounts set
forth in clause (a)(iii) above shall not apply if the provision of any certification, identification, information, documentation or other reporting requirement described in such clause (a)(iii) would be materially more onerous, in form, in procedure
or in the substance of information disclosed, to a Holder or beneficial owner of a Security (taking into account any relevant differences between U.S. and Chilean law, rules, regulations or administrative practice) than comparable information or
other reporting requirements imposed under U.S. tax law, regulations and administrative practice (such as IRS Forms W-8BEN and W-9). 
 (e) At least 10 Business Days prior to the first Interest Payment Date (and at least 10 Business Days prior to each succeeding Interest Payment Date if there has been any change with respect to the
matters set forth in the Officer’s Certificate referenced below), the Company or the Guarantor, as applicable, shall furnish to the Trustee and each Paying Agent an Officer’s Certificate instructing the Trustee and each Paying Agent
whether payments of principal of or interest on the Securities due on such Interest Payment Date shall be without deduction or withholding for or on account of any Taxes. If any such deduction or withholding shall be required, prior to such Interest
Payment Date, such Officer’s Certificate shall specify the amount, if any, required to be withheld on such payment to Holders and certify that the Company or the Guarantor, as applicable, shall pay such withholding or deduction to the relevant
taxing authority. Any Officer’s Certificate required by this Indenture to be provided to the Trustee and any Paying Agent for these purposes shall be deemed to be duly provided if telecopied to the Trustee and each Paying Agent. 

(f) The Company or the Guarantor, as applicable, will furnish to the Holders, within 60 days after the date the payment of any Taxes so
deducted or withheld is due pursuant to applicable law, either certified copies of tax receipts evidencing such payment by the Company or the Guarantor, as applicable, or, if such receipts are not obtainable, other evidence of such payments by the
Company or the Guarantor, as applicable, reasonably satisfactory to the Holders. 
 (g) Upon written request, the Company or the
Guarantor, as applicable, shall furnish to the Trustee documentation reasonably satisfactory to the Trustee evidencing payment of Taxes. 
 (h) The Company or the Guarantor, as applicable, shall promptly pay when due any present or future stamp, court or similar documentary taxes or any other excise or

  
 21 

 
property taxes, charges or similar levies that arise in any jurisdiction from the execution, delivery or registration of each Security or any other document or instrument referred to herein or
therein, excluding any such taxes, charges or similar levies imposed by any jurisdiction outside of Chile and except, in certain cases, for taxes, charges or similar levies resulting from certain registration of transfer or exchange of Securities.

 SECTION 5.06. Rule 144A Information. The Company shall take all action necessary to provide information to permit
resales of the Securities pursuant to Rule 144A under the Securities Act, including furnishing to any Holder of a Security or beneficial interest in a Global Security, or to any prospective purchaser designated by such Holder, upon written request
of such Holder, financial and other information required to be delivered under Rule 144A(d)(4) (as amended from time to time and including any successor provision) unless, at the time of such request, the Company is subject to the reporting
requirements of Section 13 or Section 15(d) of the Exchange Act or is exempt from such requirements pursuant to Rule 12g3-2(b) under the Exchange Act (as amended from time to time and including any successor provision). 

SECTION 5.07. Further Instruments and Acts. Upon request of the Trustee, the Company and the Guarantor shall execute and deliver
such further instruments and do such further acts as may be reasonably necessary or proper to carry out the purpose of this Indenture. 
 SECTION 5.08. Statement as to Compliance. As promptly as practicable beginning with the fiscal year ending December 31, 2012 and in any event within 120 days after the end of such fiscal year,
the Company shall deliver to the Trustee an Officer’s Certificate stating whether or not to the best knowledge of the signer thereof the Company is in compliance (without regard to periods of grace or notice requirements) with all conditions
and covenants under this Indenture, and if the Company shall not be in compliance, specifying such non-compliance and the nature and status thereof of which such signer may have knowledge. 

SECTION 5.09. Corporate Existence. Subject to Article VI hereof, each of the Company and the Guarantor shall do or cause to be
done all things necessary to preserve and keep in full force and effect: 
 (a) its existence as a corporation,
and, in the case of the Company, the corporate, partnership, limited liability company or other existence of each Subsidiary, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company,
the Guarantor or any such Subsidiary; and 
 (b) the rights (charter and statutory), licenses and franchises of
the Company and the Subsidiaries; provided, however, that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any Subsidiary (other than the
Guarantor), if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and the Subsidiaries, taken as a whole, or would otherwise not have a material adverse effect on the
business, properties, management, financial position, results of operations or prospects of the Company and its Subsidiaries, taken as a whole. 

  
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 SECTION 5.10. Listing. In the event that the Securities are listed on the Official
List of the Luxembourg Stock Exchange for trading on the Euro MTF Market, the Company shall use its reasonable best efforts to maintain such listing; provided that if, as a result of the European Union regulated market amended Directive
2001/34/EC (the “Transparency Directive”) or any legislation implementing the Transparency Directive or other directives or legislation, the Company could be required to publish financial information either more regularly than it otherwise
would be required to or according to accounting principles which are materially different from the accounting principles which the Company would otherwise use to prepare its published financial information, the Company may delist the Securities from
the Official List of the Luxembourg Stock Exchange in accordance with the rules of the exchange and seek an alternative admission to listing, trading and/or quotation for the Securities on a different section of the Luxembourg Stock Exchange or by
such other listing authority, stock exchange and/or quotation system inside or outside the European Union as the Board of Directors may decide. 
 ARTICLE VI 
 Successor Company or Guarantor 

SECTION 6.01. When the Company or the Guarantor May Merge or Transfer Assets. 

(a) Neither the Company nor the Guarantor shall consolidate with or merge into any other Person or convey or transfer its properties and
assets substantially as an entirety to any Person, unless: 
 (i) the successor Person (the “Surviving
Person”) is a Person existing under the laws of Chile or the United States (or any State thereof or the District of Columbia) and expressly assumes, by a supplemental indenture, the due and punctual payment of the principal, premium, if any,
and interest (and Additional Amounts, if any) on all the outstanding Securities and the performance of every covenant in this Indenture on the part of the Company or the Guarantor, as applicable, to be performed or observed; 

(ii) immediately after giving effect to such transaction, no Event of Default, and no event which, after notice or lapse
of time or both, would become an Event of Default, has occurred and is continuing; and 
 (iii) the Company or
the Guarantor, as applicable, has delivered to the Trustee an Officer’s Certificate and Opinion of Counsel stating that such consolidation, merger, conveyance or transfer and such supplemental indenture comply with this Section 6.01
relating to such transaction. 
 (b) In case of any consolidation, merger conveyance or transfer (other than a lease) that
complies with Section 6.01(a) hereof, the Surviving Person shall succeed to and be substituted for the Company as obligor or the Guarantor, as guarantor, as applicable, on the Securities, with the same effect as if it had been named in this
Indenture as such obligor or guarantor, as applicable. 

  
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 ARTICLE VII 
 Defaults and Remedies 
 SECTION 7.01. Events of Default. The
following events shall be “Events of Default”: 
 (a) the Company defaults in the payment of the
principal or premium, if any, of any Security at maturity, upon redemption or otherwise; 
 (b) the Company
defaults in any payment of interest or Additional Amounts in respect of the Securities if such default continues for 30 days after any such interest or Additional Amount becomes due; 

(c) the Company or the Guarantor fails to observe or perform any covenant or agreement contained in the Securities or in
this Indenture (other than a payment default referred to in Section 7.01(a) or Section 7.01(b) hereof) and such failure continues for 60 days after notice is given by the Trustee to the Company or by the Holders of at least 25% of the
aggregate principal amount of the outstanding Securities to the Company and the Trustee specifying such failure and requiring it to be remedied and stating that such notice is a “Notice of Default” under this Indenture; 

(d) the Company or any Subsidiary fails to pay when due (whether at maturity, upon redemption or acceleration or
otherwise) the principal of any Indebtedness in excess, individually or in the aggregate, of U.S.$50 million (or the equivalent thereof in other currencies), if such failure continues for more than the period of grace, if any, applicable thereto and
the period for payment has not been expressly extended; 
 (e) one or more final and non-appealable judgments or
decrees for the payment of money in excess of U.S.$50 million (or the equivalent thereof in other currencies) in the aggregate are rendered against the Company or any Subsidiary and are not paid (whether in full or in installments in accordance with
the terms of the judgment) or otherwise discharged and, in the case of each such judgment or decree, either (i) an enforcement proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed within 30 days
following commencement of such enforcement proceedings or (ii) there is a period of 60 days following such judgment during which such judgment or decree is not discharged, waived or the execution thereof stayed; 

(f) a decree or order by a court having jurisdiction has been entered adjudging the Company or any of its Significant
Subsidiaries as bankrupt or insolvent, or approving as properly filed a petition seeking reorganization of or by the Company or any of its Significant Subsidiaries and such decree or order continues undischarged or unstayed for a period of 60 days;
or a decree or order of a court having jurisdiction for the appointment of a receiver or liquidator or for the liquidation or dissolution of the Company or any of its Significant Subsidiaries, has been entered, and such decree or order continues
undischarged and unstayed for a period of 60 days; provided that any 

  
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Significant Subsidiary may be liquidated or dissolved if, pursuant to such liquidation or dissolution, all or substantially all of its assets are transferred to the Company or another Significant
Subsidiary of the Company; 
 (g) the Company or any of its Significant Subsidiaries institutes any proceeding to
be adjudicated as voluntary bankrupt, or consents to the filing of a bankruptcy proceeding against it, or files a petition or answer or consent seeking reorganization, or consents to the filing of any such petition, or consents to the appointment of
a receiver or liquidator or trustee or assignee in bankruptcy or insolvency of it or its property; 
 (h) the
Subsidiary Guarantee ceases to be in full force and effect or the Guarantor denies or disaffirms its obligations under the Subsidiary Guarantee (other than as provided under Sections 9.01(a), 11.01(f), 11.03 and 11.08); or 

(i) failure of the Guarantor to increase the Subsidiary Guarantee to a full and unconditional guarantee, so that the
Guarantor unconditionally, irrevocably and on a general unsecured and unsubordinated basis, guarantees the due and punctual payment of all amounts due and payable on the Securities (including the payment of Additional Amounts, if any) when due and
as the same shall become due and payable within 45 days following the Issue Date; 
 The foregoing will constitute Events of
Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body. 
 SECTION 7.02. Acceleration. If an Event of Default (other than an Event of Default specified in
Section 7.01(f), Section 7.01(g) or Section 7.01(i) hereof) occurs and is continuing, the Trustee by notice to the Company and the Guarantor, or the Holders of not less than 25% of the aggregate principal amount of the Securities then
outstanding thereby written notice to the Company, the Guarantor and the Trustee, may declare the principal amount of the Securities, together with accrued and unpaid interest thereon, immediately be due and payable. Upon such a declaration, such
principal and interest shall be immediately due and payable. If an Event of Default specified in Section 7.01(f), Section 7.01(g) or Section 7.01(i) hereof occurs, the maturity of all outstanding Securities shall automatically be
accelerated and the principal amount of the Securities, together with accrued and unpaid interest thereon, shall be immediately due and payable. The right of the Holders to give such acceleration notice shall terminate if the event giving rise to
such right has been cured before such right is exercised. The Holders of a majority in aggregate principal amount of the outstanding Securities by written notice to the Company and the Guarantor may annul and rescind any declaration of acceleration
if (a) all amounts then due with respect to the Securities are paid (other than amounts due solely because of such declaration), (b) all other defaults with respect to the Securities are cured and (c) the Company or the Guarantor has
deposited with the Trustee a sum sufficient to pay all amounts owed to the Trustee pursuant to Section 8.06 hereof. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

  
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 SECTION 7.03. Other Remedies. 

(a) If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of
or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
 (b) The
Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of
Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 

SECTION 7.04. Waiver of Past Defaults. Subject to Section 7.02, the Holders of a majority in aggregate principal amount of
the Securities then outstanding by notice to the Trustee, the Company and the Guarantor may waive an existing Default and its consequences except (a) a Default in the payment of the principal of or interest on a Security or (b) a Default
in respect of a provision that under Section 10.02 hereof cannot be amended without the consent of each Holder affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair
any consequent right. 
 SECTION 7.05. Control by Majority. The Holders of a majority in aggregate principal amount of
the outstanding Securities may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Securities. However, the Trustee
may refuse to follow any direction that conflicts with applicable law or this Indenture or, subject to Section 8.01 hereof, that the Trustee determines is unduly prejudicial to the rights of other Holders or would involve the Trustee in
personal liability; provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to
security or indemnification satisfactory to it against all losses and expenses caused by taking or not taking such action. 

SECTION 7.06. Limitation on Suits. 
 (a) A Holder shall not have any right to institute any proceeding with respect to this Indenture or the Securities or for any remedy hereunder or thereunder unless: 

(i) such Holder shall have previously given to the Trustee written notice of a continuing Event of Default; 

(ii) the Holders of at least 25% in aggregate principal amount of the Securities then outstanding has made a written
request to the Trustee to institute such proceeding in respect of such Event of Default in its own name as Trustee, and such Holders have offered security or indemnity to the Trustee satisfactory to it; and 

(iii) the Trustee has failed to institute such proceeding for 60 days after the receipt of such notice and has not
received from the Holders of at least a majority in aggregate principal amount of the Securities outstanding a direction inconsistent with such request, within 60 days after such notice. 

(b) The foregoing limitations on the pursuit of remedies by a Holder shall not apply to a suit individually instituted by a Holder of
Securities for the enforcement of payment of the principal, premium, if any, or interest on such Security on or after any respective due date specified in such Security. A Holder may not use this Indenture to prejudice the rights of another Holder
or to obtain a preference or priority over another Holder. 

  
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 SECTION 7.07. Rights of Holders To Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of principal of and interest together with any Additional Amounts then due on the Securities held by such Holder, on or after the respective due dates expressed in the
Securities, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 7.08. Collection Suit by Trustee. If an Event of Default specified in Section 7.01(a) or Section 7.01(b) hereof occurs and is continuing, the Trustee may recover judgment in its
own name and as trustee of an express trust against the Company for the whole amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 8.06 hereof. 

SECTION 7.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee and the Holders allowed in any judicial proceedings relative to the Company or the Guarantor, their respective creditors or property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any custodian in any such judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and its counsel, and any other amounts due to the Trustee under Section 8.06 hereof. 
 SECTION 7.10. Priorities.

 (a) If the Trustee collects any money or property pursuant to this Article VII, it shall pay out the money or property in the
following order: 
 FIRST: to the Trustee for amounts due under Section 8.06 hereof; 

SECOND: to Holders for amounts due and unpaid on the Securities for principal interest and Additional Amounts, if any,
ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal, interest and Additional Amounts, if any, respectively; and 

THIRD: to the Company or, to the extent the Trustee collects any amounts pursuant to the Subsidiary Guarantee, to the
Guarantor. 
 (b) The Trustee may fix a special record date and payment date for any payment to Holders pursuant to this
Section 7.10. At least 15 days before such special record date, the Company shall mail to each Holder and the Trustee a notice that states the special record date, the payment date and amount to be paid. 

  
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 SECTION 7.11. Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and
the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 7.11 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 7.07 hereof or a suit by Holders of more than 10% in aggregate principal amount of the Securities. 

SECTION 7.12. Waiver of Stay or Extension Laws. Neither the Company nor the Guarantor (to the extent any of them may lawfully do
so) shall at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance
of this Indenture; and each of the Company and the Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted
to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE
VIII 
 Trustee 
 SECTION 8.01. Duties of Trustee. 
 (a) If an Event of Default has occurred
and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such
Person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(i) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or
other facts stated therein). 

  
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 (c) The Trustee may not be relieved from liability for its own grossly negligent action, its
own gross negligent failure to act or its own willful misconduct, except that: 
 (i) this paragraph does not
limit the effect of Section 8.01(b) hereof; 
 (ii) the Trustee shall not be liable for any error of
judgment made in good faith by a Trust Officer unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 7.05 hereof or exercising
any trust or power conferred upon the Trustee under this Indenture with respect to the Securities; and 
 (iv) no
provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to Section 8.01(a), Section 8.01(b) and
Section 8.01(c) hereof. 
 (e) The Trustee shall not be liable for interest on, or to invest, any money received by it
except as the Trustee may agree in writing with the Company. 
 (f) Money held in trust by the Trustee need not be segregated
from other funds except to the extent required by law. 
 (g) Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 8.01 and the provisions of this Article VIII shall apply to the Trustee in its role as Registrar, Paying Agent and Transfer
Agent. 
 (h) The Trustee shall not have any obligation or duty to monitor, determine or inquire as to compliance with any
restriction on transfer imposed under this Indenture or under applicable law, with respect of any transfer of any interest in any Security (including any transfers between or among the depository, members or beneficial owners in any Global Security)
other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof. 
 SECTION 8.02. Rights of Trustee. 

(a) The Trustee may rely conclusively on, and shall be protected in acting or refraining from acting upon, any document believed by it to
be genuine and to have been signed 

  
 29 

 
or presented by the proper person. The Trustee need not investigate any fact or matter stated in such document. The Trustee may, however, in its discretion make such further inquiry or
investigation into such facts or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or
attorney at the sole cost and expense of the Company and it shall not incur any liability by reason of such inquiry or investigation. 
 (b) Before the Trustee acts or refrains from acting hereunder, it may require an Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to
take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 
 (c) The Trustee may act through agents
and attorneys and shall not be responsible for the acts or omissions of any agent appointed with due care. 
 (d) The Trustee
shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; provided that the
Trustee’s conduct does not constitute willful misconduct or gross negligence. 
 (e) The Trustee may consult with counsel
of its choice, and the advice or Opinion of Counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and protection from liability in respect to any action taken, omitted or
suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) The permissive
rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified herein. 

(g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it in compliance
with such request or direction. 
 (h) In no event shall the Trustee be responsible or liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(i) The Trustee shall not be deemed to have notice of any Default or Event of Default (other than a payment default of principal, premium
or interest) unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references
the Securities and this Indenture. 
 (j) The rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

  
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 (k) The Trustee may request that the Company and the Guarantor deliver an Officer’s
Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
 (l) The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances
beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software)
or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that the Trustee shall use its best efforts to resume performance as soon as practicable under the circumstances.

 (m) The Trustee shall not be liable for any action taken or omitted by it in good faith and believed by it to be authorized
or within the discretion, rights or powers conferred upon it by this Indenture. 
 SECTION 8.03. Individual Rights of
Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent,
Registrar or co-registrar may do the same with like rights. However, the Trustee must comply with Section 8.09 hereof. 

SECTION 8.04. Trustee’s Disclaimer. The Trustee shall not be responsible for, and makes no representation as to, the
validity, priority, sufficiency or adequacy of this Indenture (including the Subsidiary Guarantee), any offering materials or the Securities. The Trustee shall not be accountable for the Company’s use of the proceeds from the Securities, and it
shall not be responsible for any statement of the Company or the Guarantor in this Indenture or in any document issued in connection with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication.

 SECTION 8.05. Notice of Defaults. If a Default or Event of Default occurs and is continuing and if it is known to a
Trust Officer of the Trustee, the Trustee shall mail to each Holder notice of the Default or Event of Default within 90 days after it is known to a Trust Officer or written notice of it is received by the Trustee. Except in the case of a Default or
Event of Default in payment of principal of or interest on any Security, the Trustee may withhold the notice if and so long as a committee of its Trust Officers in good faith determines that withholding the notice is in the interests of Holders.

 SECTION 8.06. Compensation and Indemnity. 
 (a) The Company shall pay to each of the Trustee and the Luxembourg Paying Agent, as applicable, from time to time such compensation for its services as shall have been agreed upon between the Company and
each of the Trustee and the Luxembourg Paying Agent. Neither the Trustee’s nor the Luxembourg Paying Agent’s compensation shall be limited 

  
 31 

 
by any law on compensation of a trustee of an express trust. The Company shall reimburse each of the Trustee and the Luxembourg Paying Agent, as applicable, upon request for all reasonable
out-of-pocket expenses incurred or made by it, including reasonable costs of collection and the costs and expenses of its legal counsel, in addition to the compensation for its services. Such expenses shall include, as applicable, the commercially
reasonable compensation and expenses, disbursements and advances of the Trustee’s or the Luxembourg Paying Agent’s agents, counsel, accountants and experts. The Company and the Guarantor jointly and severally agree to indemnify each of the
Trustee and the Luxembourg Paying Agent, as applicable, against any and all loss, damages, claims, liability or expense (including commercially reasonable attorneys’ fees and costs) incurred by it in connection with the acceptance and
administration of this trust, as applicable, and the performance of its duties and/or the exercise of its rights hereunder. Each of the Trustee and the Luxembourg Paying Agent, as applicable, shall notify the Company and the Guarantor promptly of
any claim for which it may seek indemnity. Failure by the Trustee or the Luxembourg Paying Agent to so notify the Company and the Guarantor shall not relieve the Company or the Guarantor of their respective obligations hereunder. Neither the Company
nor the Guarantor need to reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee or the Luxembourg Paying Agent, as applicable, through the Trustee’s or the Luxembourg Paying Agent’s own willful
misconduct, gross negligence or bad faith. Neither the Company nor the Guarantor need to pay for any settlement made by the Trustee or the Luxembourg Paying Agent, as applicable, without the consent of the Company and the Guarantor, such consent not
to be unreasonably withheld. All indemnifications and releases from liability granted hereunder to the Trustee and the Luxembourg Paying Agent, as applicable, shall extend to each of their respective officers, directors, employees, agents,
successors and assigns. 
 (b) To secure the payment obligations of the Company and the Guarantor in this Section 8.06, the
Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee other than money or property held in trust to pay principal of and interest and Additional Amounts, if any, on particular Securities.

 (c) The payment obligations of the Company and the Guarantor pursuant to this Section 8.06 shall survive the payment of
the Securities, the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture. When the Trustee incurs expenses after the occurrence of a Default specified in Section 7.01(f) or Section 7.01(g) hereof, the
expenses are intended to constitute expenses of administration under bankruptcy law. 
 SECTION 8.07. Replacement of
Trustee. 
 (a) The Trustee may resign at any time by so notifying the Company and the Guarantor. The Holders of a majority
in aggregate principal amount of the Securities then outstanding may remove the Trustee by so notifying the Company, the Guarantor and the Trustee in writing. The Company may remove the Trustee if: 

(i) the Trustee fails to comply with Section 8.09 hereof; 

(ii) the Trustee is adjudged bankrupt or insolvent; 

  
 32 

 (iii) a receiver or other public officer takes charge of the Trustee or its
property; or 
 (iv) the Trustee otherwise becomes incapable of acting. 

(b) If the Trustee resigns, is removed by the Company or by the Holders of a majority in aggregate principal amount of the Securities
then outstanding, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company by a Board Resolution shall promptly appoint a successor Trustee. 

(c) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee, to the Company and to the
Guarantor. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers, duties, protections, indemnities and immunities of the Trustee under this Indenture. The
successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 8.06 hereof and the
payment of its charges. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or
is removed, the retiring Trustee, the Company or the Holders of 10% in aggregate principal amount of the Securities then outstanding may, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor
Trustee or the retiring Trustee may itself appoint a successor Trustee. 
 (e) If the Trustee fails to comply with
Section 8.09 hereof, any Holder who has been a bona fide Holder of a Security for at least six months may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) Notwithstanding the replacement of the Trustee pursuant to this Section 8.07, the obligations of the Company and the Guarantor
under Section 8.06 hereof shall continue for the benefit of the retiring Trustee. 
 SECTION 8.08. Successor Trustee by
Merger. 
 (a) If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its
corporate trust business or assets (including its rights and obligations hereunder) to, another corporation or banking association, the resulting, surviving or transferee corporation or banking association without any further act shall be the
successor Trustee. 
 (b) In case at the time such successor or successors by merger, conversion or consolidation to the Trustee
shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such
Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any such successor to the Trustee may authenticate such Securities in the name of the successor to the Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

  
 33 

 SECTION 8.09. Eligibility; Disqualification. The Trustee shall have (or, in the case
of a corporation included in a bank holding company system, the related bank holding company shall have) a combined capital and surplus of at least U.S.$50,000,000 as set forth in its (or its related bank holding company’s) most recent
published annual report of condition. 
 SECTION 8.10. Appointment of Co-Trustee. 

(a) Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any
jurisdiction in which any part of the trust may at the time be located, the Trustee shall have the power and may execute and deliver all instruments necessary to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee
or separate trustees, of all or any part of the trust, and to vest in such Person or Persons, in such capacity and for the benefit of the Holders, such title to the trust, or any part hereof, and subject to the other provisions of this
Section 8.10, such powers, duties, obligations, rights and trusts as the Trustee may consider necessary or desirable. No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under
Section 8.09 hereof and no notice to Holders of the appointment of any co-trustee or separate trustee shall be required under Section 8.07 hereof. 
 (b) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions: 

(i) all rights, powers, duties and obligations conferred or imposed upon the Trustee shall be conferred or imposed upon
and exercised or performed by the Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Trustee joining in such act), except to the
extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including
the holding of title to the trust or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Trustee; 

(ii) no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

 (iii) the Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

 (c) Any notice, request or other writing given to the Trustee shall be deemed to have been given to each of the then separate
trustees and co-trustees, as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VIII. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Trustee or separately, as may be provided therein, subject to all the provisions of this
Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection or rights (including the rights to compensation, reimbursement and indemnification hereunder) to, the
Trustee. Every such instrument shall be filed with the Trustee. 
 (d) Any separate trustee or co-trustee may at any time
constitute the Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name. If any separate trustee or co-trustee
shall die, become incapable of acting, resign or be removed, all of its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Trustee, to the extent permitted by law, without the appointment of a new or successor
trustee. 

  
 34 

 ARTICLE IX 
 Defeasance; Discharge of Indenture 
 SECTION 9.01. Legal Defeasance and
Covenant Defeasance. 
 (a) The Company may, at its option, at any time, elect to have the obligations of the Company and
the Guarantor with respect to all outstanding Securities discharged upon compliance with the conditions set forth in Section 9.02 hereof as provided in this Section 9.01. If the Company exercises its Legal Defeasance (as defined below)
option, payment of the Securities may not be accelerated because of an Event of Default with respect thereto. 
 (b) Upon the
Company’s exercise under such option, the Company shall, subject to the satisfaction of the conditions set forth in Section 9.02 hereof, be deemed to have paid and discharged the entire indebtedness represented by the outstanding
Securities after the deposit specified in Section 9.02(a) hereof (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Securities, which shall thereafter be deemed to be outstanding only for the purposes of Section 9.03 hereof and the other Sections of this Indenture referred to in clause (i) or (ii) of this
Section 9.01(b), and to have satisfied all its other obligations under such Securities and hereunder (and the Trustee, on written demand of and at the expense of the Company, shall execute instruments acknowledging the same), except for the
following provisions, which shall survive until otherwise terminated or discharged hereunder: 
 (i) the rights
of Holders to receive payments of the principal, premium, if any, and interest on the Securities when such payments are due; 
 (ii) the Company’s obligations with respect to the Securities concerning issuing temporary Securities, registration of Securities, mutilated, destroyed, lost or stolen Securities and the maintenance
of an office or agency for payments; 
 (iii) the rights, powers, trusts, duties, protections, benefits,
indemnities and immunities of the Trustee hereunder and the obligations of the Company and the Guarantor in connection therewith; and 
 (iv) this Article IX. 

  
 35 

 (c) Upon the Company’s exercise under Section 9.01(a) hereof of the option
applicable to this Section 9.01(c), the Company shall, subject to the satisfaction of the conditions set forth in Section 9.02 hereof, be released from each of its obligations under the covenants contained in Section 5.02,
Section 5.03, Section 5.04, Section 7.01(c) and Section 7.01(d) hereof with respect to the outstanding Securities on and after the date the conditions set forth in Section 9.02 hereof are satisfied (hereinafter,
“Covenant Defeasance”), and the Securities will thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with
such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Securities will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the outstanding Securities, the Company may omit to comply with, and the Company shall have no liability in respect of, any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason
of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under
Section 7.01 hereof, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby. In addition, upon the Company’s exercise under Section 9.01(a) hereof of the option applicable to
this Section 9.01(c), subject to the satisfaction of the conditions set forth in Section 9.02, Section 7.01(c) and Section 7.01(d) hereof will not constitute Events of Default. 

(d) Subject to compliance with this Article IX, the Company may exercise its option under this Section 9.01(b) notwithstanding the
prior exercise of its option under Section 9.01(c) hereof. 
 SECTION 9.02. Conditions to Defeasance. The Company
may exercise its Legal Defeasance option or its Covenant Defeasance option only if: 
 (a) the Company has
irrevocably deposited with the Trustee, in trust, for the benefit of the Holders cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient without reinvestment, in the opinion of an
internationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal, premium, if any, and interest (including Additional Amounts) on the Securities on the stated date for payment thereof;

 (b) in the case of Legal Defeasance, the Company has delivered to the Trustee an Opinion of Counsel from
counsel in the United States independent of the Company to the effect that (subject to customary exceptions and exclusions): 
 (i) the Company has received from, or there has been published by, the U.S. Internal Revenue Service a ruling; or 
 (ii) since the Issue Date, there has been a change in the applicable U.S. Federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall state that, the Holders will not recognize income, gain or loss for U.S. federal income tax

  
 36 

 
purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such
Legal Defeasance had not occurred; 
 (c) in the case of Covenant Defeasance, the Company has delivered to the
Trustee an Opinion of Counsel from counsel in the United States independent of the Company (subject to customary exceptions and exclusions) to the effect that the Holders will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d) in the case of Legal Defeasance or Covenant Defeasance, the Company has delivered to the Trustee an Opinion of Counsel
from counsel in Chile independent of the Company (subject to customary exceptions and exclusions) to the effect that, based upon Chilean law then in effect, Holders will not recognize income, gain or loss for Chilean tax purposes, including
withholding tax except for withholding tax then payable on interest payments due, as a result of such Legal Defeasance or Covenant Defeasance, as the case may be, and will be subject to Chilean taxes on the same amounts and in the same manner and at
the same time as would have been the case if such Legal Defeasance or Covenant Defeasance, as the case may be, had not occurred; 
 (e) no Default or Event of Default has occurred and is continuing on the date of the deposit pursuant to Section 9.02(a) hereof (other than a Default or Event of Default arising in connection with
the grant of any Lien securing a borrowing of funds to be applicable to such deposit); 
 (f) the Company has
delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders over any other creditors of the Company or any Subsidiary of the Company or with the intent of
defeating, hindering, delaying or defrauding any other creditors of the Company or others; 
 (g) the Company has
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel from counsel independent of the Company (subject to customary exceptions and exclusions), each stating that all conditions precedent provided for or relating to the
Legal Defeasance or the Covenant Defeasance have been complied with; and 
 (h) the Company has delivered to the
Trustee Opinions of Counsel from counsel in the United States and Chile reasonably acceptable to the Trustee and independent of the Company (subject to customary exceptions and exclusions and to assumptions as to factual matters, including the
absence of an intervening bankruptcy, insolvency or reorganization during the applicable preference period following the date of such deposit and that no Holder or the Trustee is deemed to be an “insider” of the Company under the U.S.
Bankruptcy Code and any equivalent law of Chile), to the effect that the transfer of trust funds pursuant to such deposit will not be subject to avoidance as a preferential transfer pursuant to the applicable provisions of the U.S. Bankruptcy Code
or any successor statute and any equivalent law of Chile. 

  
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 SECTION 9.03. Application of Trust Money. The Trustee shall hold in trust U.S.
dollars or U.S. Government Obligations deposited with it pursuant to this Article IX. It shall apply the deposited money and the U.S. dollars from U.S. Government Obligations through the Paying Agent and in accordance with this Indenture to the
payment of principal of and interest on the Securities. 
 SECTION 9.04. Repayment to Company. 

(a) The Trustee and each Paying Agent shall promptly turn over to the Company upon request of the Company any excess money or securities
held by any of them upon payment of all the obligations under this Indenture. 
 (b) Subject to any applicable abandoned
property law, the Trustee and each Paying Agent shall pay to the Company upon request any money held by any of them for the payment of principal of or interest on the Securities that remains unclaimed for two years, and, thereafter, Holders entitled
to the money must look to the Company for payment as general creditors. 
 SECTION 9.05. Indemnity for U.S. Government
Obligations. The Company and the Guarantor jointly and severally agree to pay and to indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest
received on such U.S. Government Obligations. 
 SECTION 9.06. Reinstatement. If the Trustee or a Paying Agent is unable
to apply any U.S. dollars or U.S. Government Obligations in accordance with this Article IX by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the obligations of the Company and the Guarantor under this Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article IX until such time as the Trustee or
such Paying Agent is permitted to apply all such U.S. dollars or U.S. Government Obligations in accordance with this Article IX; provided, however, that, if the Company or the Guarantor has made any payment of principal of or interest
on any Securities because of the reinstatement of its obligations, the Company or the Guarantor, as applicable shall be subrogated to the rights of the Holders of such Securities to receive such payment from the U.S. dollars or U.S. Government
Obligations held by the Trustee or a Paying Agent. 

  
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 SECTION 9.07. Satisfaction and Discharge. This Indenture will be discharged and will
cease to be of further effect (except as to surviving rights and registration of transfer or exchange of the Securities, as expressly provided for herein and except as to the rights, powers, trusts, duties, protections, benefits, indemnities and
immunities of the Trustee hereunder) as to all outstanding Securities when: 
 (a) either: 

(i) all the Securities theretofore authenticated and delivered (except lost, stolen or destroyed Securities which have
been replaced or paid and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust) have been delivered to the
Trustee for cancellation; or 
 (ii) all Securities not theretofore delivered to the Trustee for cancellation
have become due and payable or will become due and payable at their Stated Maturity within one year or will be called for redemption within one year, and the Company has irrevocably deposited or caused to be deposited with the Trustee funds or U.S.
Government Obligations sufficient without reinvestment to pay and discharge the entire Indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal of, premium, if any, and interest on the Securities to the
date of deposit (in the case of Securities which have become due and payable) or to the date such Securities will become due and payable or to the date of redemption, as the case may be (in the case of Securities which will become due and payable at
their Stated Maturity within one year or which will be called for redemption within one year), together with irrevocable instructions from the Company directing the Trustee to apply such funds to the payment; 

(b) the Company has paid all other sums payable under this Indenture and the Securities by the Company; and 

(c) the Company has delivered to the Trustee an Opinion of Counsel and an Officer’s Certificate each stating that all
conditions precedent under this Indenture relating to the satisfaction and discharge of this Indenture have been complied with. 

  
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 ARTICLE X 
 Amendments 
 SECTION 10.01. Without Consent of Holders. 

(a) The Company, the Guarantor and the Trustee may amend, modify or supplement this Indenture (including, without limitation, the
Subsidiary Guarantee) and the Securities without notice to or consent of any Holder: 
 (i) to cure any
ambiguity, or to cure, correct or supplement any defect herein or therein; 
 (ii) to comply with Article VI
hereof; 
 (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities;
provided that the uncertificated Securities shall be issued in registered form for purposes of Section 163(f) of the U.S. Internal Revenue Code of 1986, as amended, or in a manner such that the uncertificated Securities are described in
Section 163(f)(2)(B) of the U.S. Internal Revenue Code of 1986, as amended; 
 (iv) to add Guarantees with
respect to the Securities or to secure the Securities; 
 (v) to add to the covenants of the Company or the
Guarantor for the benefit of the Holders or to surrender any right or power herein conferred upon the Company or the Guarantor; 
 (vi) to issue Securities after the Issue Date in accordance with Section 2.01 hereof; and 
 (vii) in any manner which does not adversely affect the interests of any Holder in any material respect. 
 (b) After an amendment under this Section 10.01 becomes effective, the Company shall mail to Holders a notice briefly describing such amendment. The failure to give such notice to all Holders, or any
defect therein, shall not impair or affect the validity of an amendment under this Section 10.01. 
 SECTION 10.02. With
Consent of Holders. 
 (a) The Company, the Guarantor and the Trustee may modify or amend this Indenture or the terms and
conditions of the Securities, and future compliance therewith or past Default by the Company or the Guarantor (other than a Default in the payment of any amount, including in connection with a redemption, due on the Securities or in respect of a
covenant or provision which cannot be modified and amended without the consent of the Holders of all Securities so affected) with the written consent of the Holders of at least a majority in aggregate principal amount of the Securities then
Outstanding (including consents obtained in connection 

  
 40 

 
with a tender offer or exchange offer for the Securities) or by the adoption of resolutions at a meeting of Holders of Securities by, or the consent of, the Holders of at least a majority of the
outstanding Securities. However, without the consent or affirmative vote of each Holder affected thereby, an amendment may not: 
 (i) change the interest rate with respect to any Security or reduce the principal amount of any Securities or change the time for payment thereof; 

(ii) modify the obligation to pay Additional Amounts; 

(iii) change the prices at which any Security may be redeemed by the Company or change the time at which any Security may
be redeemed in accordance with Article III or Article IV hereof; 
 (iv) change the currency in which, or change
the required place at which, payment on principal, premium, if any, or interest on any Security is payable; 

(v) impair the right to institute suit for the enforcement of any payment obligation on or with respect to any Security;
or 
 (vi) reduce the percentage of principal amount of outstanding Securities whose Holders are required to
consent to modify or amend this Indenture or the terms or conditions of the Securities or to waive any future compliance or past Default; 
 (b) It shall not be necessary for the consent of the Holders under this Section 10.02 to approve the particular form of any proposed amendment, but it shall be sufficient if such consent approves the
substance thereof. 
 (c) After an amendment under this Section 10.02 becomes effective, the Company shall mail to Holders
a notice briefly describing such amendment. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment under this Section 10.02. 

SECTION 10.03. Revocation and Effect of Consents and Waivers. 

(a) A consent to an amendment or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that Security or
portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver as
to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Holder. An
amendment or waiver becomes effective upon the execution of such amendment or waiver by the Trustee. 
 (b) The Company may, but
shall not be obligated to, fix a special record date for the purpose of determining the Holders entitled to give their consent or take any other action 

  
 41 

 
described above or required or permitted to be taken pursuant to this Indenture. If a special record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who
were Holders at such special record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to
be Holders after such special record date. No such consent shall be valid or effective for more than 120 days after such special record date. 
 SECTION 10.04. Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the Trustee may require the Holder of the Security to deliver such Security to the Trustee.
The Trustee may place an appropriate notation on the Security regarding the changed terms and return such Security to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and
the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the appropriate notation or to issue a new Security shall not affect the validity of such amendment. 

SECTION 10.05. Trustee To Sign Amendments. The Trustee shall sign any modification, amendment or supplement authorized pursuant to
this Article X if the modification, amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing such modification, amendment or
supplement the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 8.01 hereof) shall be fully protected in relying upon, in addition to the documents required by
Section 12.02 hereof, an Officer’s Certificate and an Opinion of Counsel upon which the Trustee may conclusively rely, each stating that such modification, amendment or supplement is authorized or permitted by this Indenture and complies
with the provisions of this Indenture. 
 ARTICLE XI 
 Subsidiary Guarantee 
 SECTION 11.01. Subsidiary Guarantee.

 (a) The Guarantor hereby partially, irrevocably and unconditionally guarantees on a general unsecured and unsubordinated
basis, as a primary obligor and not merely as a surety, to each Holder and to the Trustee and its successors and assigns the full and punctual payment when due, whether by acceleration, by redemption or otherwise, of the obligations of the Company
under this Indenture (including obligations to the Trustee) and the Securities, up to an aggregate amount of U.S.$1,000,000,000 (the “Subsidiary Guarantee”), whether for payment of principal of, interest and Additional Amounts, if any, on,
or liquidated damages, if any, in respect of, the Securities and all other monetary obligations of the Company under this Indenture and the Securities (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”).
The Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent therefrom, and that it shall remain bound under this Article XI notwithstanding any extension or renewal
of any Guaranteed Obligation. 

  
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 (b) The Guarantor waives, to the fullest extent permitted by law, presentation to, demand of
payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. The Guarantor waives notice of any Default under the Securities or the Guaranteed Obligations. The obligations of the
Guarantor hereunder shall not be affected by (i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Company or any other Person under this Indenture, the Securities or any other
agreement or otherwise; (ii) any extension or renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Securities or any other agreement; (iv) the release
of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; or (v) any change in the ownership of the Guarantor. 
 (c) The Guarantor hereby waives, to the fullest extent permitted by law, any right to which it may be entitled to have the assets of the Company first be used and depleted as payment of the Company’s
or the Guarantor’s obligations hereunder prior to any amounts being claimed from or paid by the Guarantor hereunder. The Guarantor hereby waives any right to which it may be entitled to require that the Company be sued prior to an action being
initiated against it. The Guarantor hereby irrevocably waives the benefits to which it is entitled under articles 2357, 2339 and 2355 of the Chilean Civil Code. 
 (d) The Guarantor further agrees that the Subsidiary Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not a guarantee of collection) and waives any right to
require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 

(e) Except as expressly set forth in Sections 9.01(a), 11.01(f), 11.03 and 11.08, the obligations of the Guarantor hereunder shall not be
subject to any reduction, limitation, impairment or termination for any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of the Guarantor herein shall not be discharged or impaired or
otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any Default, failure
or delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of the Guarantor or would otherwise
operate as a discharge of the Guarantor as a matter of law or equity. 
 (f) The Guarantor agrees that the Subsidiary Guarantee
shall remain in full force and effect until payment in full of all the Guaranteed Obligations. The Guarantor further agrees that the Subsidiary Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time
payment, or any part thereof, of principal of or interest or liquidated damages, if any, on any Guaranteed Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or
otherwise. 

  
 43 

 (g) In furtherance of the foregoing and not in limitation of any other right which any
Holder or the Trustee has at law or in equity against the Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest or liquidated damages, if any, on any Guaranteed Obligation when and as the same shall become
due, whether by acceleration, by redemption or otherwise, or to perform or comply with any other Guaranteed Obligation, the Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in
cash, to the Paying Agent for the benefit of Holders or the Trustee or any agent appointed hereunder an amount equal to the sum of (i) the unpaid principal amount of such Guaranteed Obligations, (ii) accrued and unpaid interest and
Additional Amounts, if any, on such Guaranteed Obligations and (iii) all other monetary obligations of the Company to the Holders, the Trustee and any agent appointed hereunder. 

(h) The Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any
Guaranteed Obligations guaranteed hereby until payment in full of all Guaranteed Obligations. The Guarantor further agrees that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the
Guaranteed Obligations guaranteed hereby may be accelerated as provided in Article VII for the purposes of the Subsidiary Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the
Guaranteed Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such Guaranteed Obligations as provided in Article VII, such Guaranteed Obligations (whether or not due and payable) shall forthwith become
due and payable by the Guarantor for the purposes of this Section 11.01. 
 (i) Upon request of the Trustee, the Guarantor
shall execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 11.02. Amended and Restated Subsidiary Guarantee. 

(a) The Guarantor agrees to take all corporate action necessary to amend and restate the Subsidiary Guarantee within 45 days of the Issue
Date so that it irrevocably and unconditionally guarantees on a general unsecured and unsubordinated basis, as a primary obligor and not merely as a surety, to each Holder and to the Trustee and its successors and assigns the full and punctual
payment when due, whether by acceleration, by redemption or otherwise, of the Guaranteed Obligations. 
 (b) Once the Guarantor
has obtained all necessary corporate approvals for the amendment and restatement of the Subsidiary Guarantee, the Guarantor further agrees to notify a Trust Officer of the Trustee at the Corporate Trust Office of such approvals and to execute the
notation of the amended and restated Subsidiary Guarantee as described in Section 11.02(a). 
 (c) Pursuant to
Section 10.01(a), the Company, the Guarantor and the Trustee further agree to execute a supplemental indenture pursuant to which (i) the Guarantor will deliver a copy of the executed notation of the amended and restated Subsidiary
Guarantee to the Trustee; and (ii) all references in this Indenture to the Subsidiary Guarantee shall be modified to refer to the full and unconditional guarantee on the Securities. Upon the execution of the supplemental

  
 44 

 
indenture, the Company and the Guarantor agree to deliver to the Trustee an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such
counsel, the full and unconditional guarantee on the Securities has been duly authorized by the Guarantor and constitute a valid and legally binding obligation of the Guarantor, enforceable against the Guarantor in accordance with its terms, subject
to applicable enforceability exceptions and will be entitled to the benefits of this Indenture. 
 SECTION 11.03. Limitation
on Liability. Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by the Guarantor shall not exceed the maximum amount that can be hereby
guaranteed without rendering this Indenture, as it relates to the Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of creditors generally. 

SECTION 11.04. Successors and Assigns. This Article XI shall be binding upon the Guarantor and its successors and assigns and
shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon that party in this Indenture and
in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 
 SECTION 11.05. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power or privilege under this Article XI shall operate as a waiver
thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and the Holders herein expressly specified are cumulative and not
exclusive of any other rights, remedies or benefits which either may have under this Article XI at law, in equity, by statute or otherwise. 
 SECTION 11.06. Modification. No modification, amendment or waiver of any provision of this Article XI, nor the consent to the departure by the Guarantor therefrom, shall in any event be effective
unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on the Guarantor in any case shall entitle
the Guarantor to any other or further notice or demand in the same, similar or other circumstances. 
 SECTION 11.07.
Non-Impairment. The failure to endorse a guarantee on any Security shall not affect or impair the validity thereof. 

SECTION 11.08. Release of Subsidiary Guarantor. The Guarantor shall be released from its obligations under its Subsidiary
Guarantee upon: 
 (a) subject to Section 9.06 hereof, satisfaction and discharge of this Indenture in compliance with
Section 9.07 hereof; 
 (b) subject to Section 9.06 hereof, Legal Defeasance in compliance with Sections 9.01 and 9.02
hereof; and 

  
 45 

 (c) a sale or disposition of the Guarantor, whether by merger, consolidation, the sale of
its Capital Stock or the sale of all or substantially all of its assets (other than by lease or to the Company) or otherwise and whether or not the Guarantor is the surviving corporation in such transaction, in compliance with Section 6.01
hereof; and 
 in each case, upon delivery by the Company of written notice thereof to the Trustee in accordance with
Section 12.01 hereof. 
 ARTICLE XII 
 Miscellaneous 
 SECTION 12.01. Notices. 

(a) Any notice, request, demand, instruction or communication shall be in English and in writing and delivered in person or mailed by
first-class mail, postage prepaid, or sent by facsimile (with a hard copy delivered in person or by mail promptly thereafter) or other electronic transmission and addressed as follows: 

if to the Company and/or the Guarantor: 
 Cencosud S.A. 
 Av. Kennedy 9001, 6th floor, Las Condes 

Santiago, Chile 

Attention: Juan Manuel Parada 
 Telephone: +56 (2) 2959-0000 
 Fax: +56 (2) 2959-0625 

With a copy to: 
 Morales & Besa Ltda. 
 Isidora Goyenechea 3477, Piso 19 

Las Condes, C.P. 755 0106 
 Santiago, Chile 
 Attention: Guillermo Morales 

Telephone: +56 (2) 2472-7000 
 Fax: +56 (9) 2472-7001 
 if to the Trustee, the Paying Agent, the
Registrar or the Transfer Agent: 
 The Bank of New York Mellon 

101 Barclay Street, Floor 4E 
 New York, New York 10286 
 USA 

Attention: International Corporate Trust 
 Fax: 212-815-5603 

  
 46 

 if to the Luxembourg Paying Agent or the Luxembourg Transfer Agent: 

The Bank of New York Mellon (Luxembourg) S.A. 
 2-4 rue Eugene Ruppert 
 Vertigo Building - Polaris 

L-2453 Luxembourg 

Attention: Corporate Trust Services 
 (b) The Company, the Guarantor or the Trustee by notice to the other parties may designate additional or different addresses for subsequent notices or communications. 

(c) Any notice or communication mailed to a Holder of a certificated, non-Global Security shall be mailed to the Holder at the
Holder’s address as it appears on the Securities Register maintained by the Registrar. Any notice or communication to a Holder of a Global Security shall be given to the Depositary for such Global Security in accordance with its applicable
procedures. 
 (d) Failure to deliver a notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders. All notices to Holders shall be deemed to have been given (whether or not the addressee receives it) upon the mailing by first class mail, postage prepaid, of such notices at the registered addresses of such Holders as
they appear on the register of the Registrar not later than the latest date, and not earlier than the earliest date, prescribed in the Securities for the giving of such notice. Notices delivered to the Trustee shall only be effective upon actual
receipt. 
 (e) In respect of this Indenture, the Trustee shall not have any duty or obligation to verify or confirm that the
Person sending instructions, directions, reports, notices or other communications or information by electronic transmission is, in fact, a Person authorized to give such instructions, directions, reports, notices or other communications or
information on behalf of the party purporting to send such electronic transmission; and the Trustee shall not have any liability for any losses, liabilities, costs or expenses incurred or sustained by any party as a result of such reliance upon or
compliance with such instructions, directions, reports, notices or other communications or information. Each other party agrees to assume all risks arising out of the use of electronic methods to submit instructions, directions, reports, notices or
other communications or information to the Trustee, including without limitation, the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information, and the risk of interception and misuse by third
parties. 
 (f) For as long as the Securities are listed on the Official List of the Luxembourg Stock Exchange and the rules of
the exchange so require, notices to Holders shall also be published in a leading newspaper having general circulation in Luxembourg, which is expected to be “Luxemburger Wort.” If such publication is not practicable, notice to
Holders shall be considered to be validly given if otherwise made in accordance with the rules of the Luxembourg Stock Exchange. Any such notice will be deemed to have been delivered on the date of first publication. Any notice to Holders may also
be published on the website of the Luxembourg Stock Exchange (www.bourse.lu). 

  
 47 

 SECTION 12.02. Certificate and Opinion as to Conditions Precedent. Upon any request
or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (a) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 12.03. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:

 (a) a statement substantially to the effect that the individual making such certificate or opinion has read
such covenant or condition; 
 (b) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (c) a
statement substantially to the effect that, in the opinion of such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been
complied with; and 
 (d) a statement as to whether or not, in the opinion of such individual, such covenant or
condition has been complied with. 
 SECTION 12.04. When Securities Disregarded. In determining whether the Holders of
the required principal amount of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or the Guarantor or by any Person directly or indirectly controlling or controlled by or under direct or indirect common
control with the Company or the Guarantor shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities
that a Trust Officer of the Trustee knows are so owned shall be so disregarded. Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

SECTION 12.05. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or at a meeting
of Holders. The Registrar and any Paying Agent or co-registrar may make reasonable rules for their functions. 
 SECTION 12.06.
Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday or a day on which banking institutions in The City of New York, New York or Santiago, Chile are 

  
 48 

 
authorized or required by law to close. If a payment date is a Legal Holiday in the place of payment, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue on such payment for the intervening period on account of such delay. If a Record Date or a special record date is a Legal Holiday, such Record Date or special record date shall not be affected. 

SECTION 12.07. Governing Law; Consent to Jurisdiction and Service of Process. 

(a) THIS INDENTURE (INCLUDING THE SUBSIDIARY GUARANTEE PROVIDED HEREIN) AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 (b) Each of the parties hereto: 

(i) agrees that any suit, action or proceeding against it arising out of or relating to this Indenture (including the
Subsidiary Guarantee provided herein) or the Securities, as the case may be, may be instituted in any U.S. Federal or New York State court in the Borough of Manhattan, The City of New York, New York; 

(ii) waives to the fullest extent permitted by applicable law, any objection which it may now or hereafter have to the
laying of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in such a court has been brought in an inconvenient forum and any right to which it may be entitled on account of place of residence or domicile;

 (iii) irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding;

 (iv) agrees that final judgment in any such suit, action or proceeding brought in such a court shall be
conclusive and binding and may be enforced in the courts of the jurisdiction of which it is subject by a suit upon judgment; and 
 (v) agrees, with respect to the Company and the Guarantor, that service of process by mail to the addressed specified herein shall constitute personal service of such process on it in any such suit,
action or proceeding. 
 (c) Each of the Company and the Guarantor has appointed CT Corporation System with
offices currently at 111 Eight Avenue, 13th floor, New
York, New York 10011, as its authorized agent (the “Authorized Agent”) upon whom all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon this Indenture (including the Subsidiary
Guarantee provided herein) or the Securities which may be instituted in any U.S. Federal or New York State court in the Borough of Manhattan, The City of New York, New York. Each of the Company and the Guarantor hereby represents and warrants that
the Authorized Agent has accepted such appointment and has agreed to act as said agent for service of process, and each of the Company and the Guarantor agrees to take any and all action, including the filing of any and all documents, that may be
necessary to continue each such appointment in full force and effect as aforesaid so long as the Securities remain outstanding. 

  
 49 

 
Each of the Company and the Guarantor agrees that the appointment of the Authorized Agent shall be irrevocable so long as any of the Securities remain outstanding or until the irrevocable
appointment by the Company or the Guarantor, as applicable, of a successor agent in the Borough of Manhattan, The City of New York, New York as its authorized agent for such purpose and the acceptance of such appointment by such successor. Service
of process upon the Authorized Agent shall be deemed, in every respect, effective service of process upon the Company or the Guarantor, as applicable. 
 (d) If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder to the Holder of a Security from U.S. dollars into another currency, each of the Company and the
Guarantor has agreed, and each Holder by holding such Security will be deemed to have agreed, to the fullest extent that the Company, the Guarantor and they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures such Holder could purchase U.S. dollars with such other currency in The City of New York, New York on the day two Business Days preceding the day on which final judgment is given. 

(e) The obligation of each of the Company and the Guarantor in respect of any sum payable by it to a Holder or to the Trustee shall,
notwithstanding any judgment in a currency (the “judgment currency”) other than U.S. dollars, be discharged only to the extent that on the Business Day following receipt by the Trustee or the Holder of a Security of any sum adjudged to be
so due in the judgment currency, the Trustee or the Holder of such Security may in accordance with normal banking procedures purchase U.S. dollars with the judgment currency; if the amount of the U.S. dollars so purchased is less than the sum
originally due to the Trustee or the Holder in the judgment currency (determined in the manner set forth in the preceding paragraph), each of the Company and the Guarantor agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify the Trustee or the Holder of such Security against such loss, and if the amount of the U.S. dollars so purchased exceeds the sum originally due to the Trustee or such Holder, each of the Trustee and such Holder agrees to remit to the
Company or the Guarantor, as applicable, such excess; provided that the Trustee and such Holder shall have no obligation to remit any such excess as long as the Company or the Guarantor shall have failed to pay the Trustee or such Holder any
obligations due and payable under such Security, in which case such excess may be applied to the Company’s obligations under such Security in accordance with the terms thereof. 

SECTION 12.08. Waiver of Immunity. To the extent that the Company, the Guarantor, the Subsidiaries or any of their respective
properties, assets or revenues may have or may hereafter become entitled to, or have attributed to the Company, the Guarantor or the Subsidiaries, any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or
proceeding, from the giving of any relief in any such legal action, suit or proceeding, from setoff or from counterclaim from the jurisdiction of any Chilean, U.S. Federal or New York State court, from service of process, from attachment upon or
prior to judgment, from attachment in aid of execution of judgment, or from execution of judgment, or other legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any such court in which proceedings may
at any time be commenced, with respect to the obligations and liabilities of the Company, the Guarantor, or the Subsidiaries, or any other matter under or arising out of or in connection with, the Securities, the Subsidiary Guarantee or this
Indenture, 

  
 50 

 
the Company, the Guarantor and the Subsidiaries irrevocably and unconditionally waive or will waive such right, and agree not to plead or claim any such immunity and consents to such relief and
enforcement. 
 SECTION 12.09. No Recourse Against Others. No director, officer, employee or stockholder, as such, of the
Company or the Guarantor shall have any liability for any obligations of the Company or the Guarantor, as applicable, under the Securities or this Indenture or for any claim based on, in respect of or by reason of such obligations or their creation.
By accepting a Security, each Holder shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Securities. 
 SECTION 12.10. Successors. All agreements of the Company and the Guarantor in this Indenture and the Securities shall bind their respective successors. All agreements of the Trustee in this
Indenture shall bind its successors. 
 SECTION 12.11. Multiple Originals. The parties may sign any number of copies of
this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 SECTION 12.12. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 12.13. Waiver of Jury Trial. EACH OF THE COMPANY, THE GUARANTOR, THE TRUSTEE AND EACH HOLDER BY ITS ACCEPTANCE OF A
SECURITY HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE (INCLUDING THE SUBSIDIARY GUARANTEE), THE SECURITIES OR
THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 12.14. Severability. In case any provision in this Indenture or in the
Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 12.15. USA Patriot Act. The parties hereto acknowledge that, in accordance with Section 326 of the USA Patriot Act
(Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (as amended, modified or supplemented from time to time, the “USA Patriot Act”), the Trustee, like all financial institutions, is required to obtain, verify, and record
information that identifies each person or legal entity that opens an account. The parties to this Indenture agree that they will provide the Trustee with such information as the Trustee may request in order for the Trustee to satisfy the
requirements of the USA Patriot Act. 
 (Signature page follows) 

  
 51 

 IN WITNESS WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above. 
  

									
		 		 	CENCOSUD S.A., as Issuer
				
		 	

	 	By	 	

		 		 		 	Name:	 	Juan Manuel Parada
		 		 		 	Title:	 	CFO
			
		 		 	CENCOSUD RETAIL S.A., as Guarantor
				
		 	

	 	By	 	

		 	Dario Amenabar	 		 	Name:	 	Juan Manuel Parada
		 	Regional Finance Manager	 		 	Title:	 	CFO

  
 [Signature
Page] 
 Indenture 

 
					
	 THE BANK OF NEW YORK MELLON, as
 Trustee, Paying Agent, Registrar and Transfer Agent

		
	By	 	

		 	Name:	 	John T. Needham, Jr.
		 	Title:	 	Vice President
	
	THE BANK OF NEW YORK MELLON (LUXEMBOURG) S.A., as Luxembourg Paying Agent and Luxembourg Transfer Agent
		
	By	 	

		 	Name:	 	John T. Needham, Jr.
		 	Title:	 	Attorney-in-fact

  
 [Signature
Page] 
 Indenture 

 APPENDIX A 
 RULE 144A/REGULATION S APPENDIX A 
 PROVISIONS RELATING TO SECURITIES

  

	 	1.	Definitions 

 The terms
defined in Article I of the Indenture shall have the meaning assigned to such terms therein and, in addition, for the purposes of this Appendix A, the following additional terms shall have the meanings indicated below: 

“Certificated Security” means a definitive, non-Global Security. 

“Clearstream” means Clearstream Banking, société anonyme. 

“Depositary” means, with respect to the Securities issuable or issued in whole or in part in the form of one or more Global
Securities, the Person designated as Depositary by the Company pursuant to the Indenture, which must be a clearing agency registered under the Exchange Act and any successor to such Person and which shall initially be DTC. 

“Distribution Compliance Period” means, with respect to any Regulation S Security (or beneficial interest therein), the 40
consecutive days beginning on and including the issue date of such Regulation S Security, as notified by the Company to the Trustee in writing; provided that the Company may, in its discretion and upon written notice to the Trustee, extend
the termination of the Distribution Compliance Period. 
 “DTC” means The Depository Trust Company. 

“Euroclear” means Euroclear Bank S.A./N.V. 
 “Global Securities” means the Regulation S Global Security and the Restricted Global Security. 
 “Non-U.S. Person” has the meaning given to it in Regulation S. 

“Regulation S” means Regulation S as promulgated by the Commission under the Securities Act, as it may be amended from time to
time. 
 “Regulation S Global Security” means one or more Regulation S Securities in definitive, fully registered
book-entry form without interest coupons, representing a Regulation S Security. 
 “Regulation S Security” means a
Security sold outside the United States to a Non-U.S. Person in reliance upon the exemptions from registration contained in Regulation S. 
 “Resale Restriction Termination Date” means, for any Restricted Security (or beneficial interest therein), one year (or such other period specified in Rule 144(d)) from the Issue Date or, if any
Securities that are not Original Securities, but are Restricted Securities, have been issued before the Resale Restriction Termination Date for any Restricted Securities, from the latest such original issue date of such Restricted Securities;
provided that the Company may, in its discretion and upon written notice to the Trustee, extend the Resale Restriction Termination Date. 

  
 A-1

 “Restricted Global Security” means one or more global Securities in definitive,
fully registered book-entry form without interest coupons, representing a Restricted Security. 
 “Restricted Securities
Legend” has the meaning set forth in Section 2.1(b) of this Appendix A. 
 “Restricted Security” means a
Security sold to QIBs in reliance upon the exemption from registration contained in Rule 144A. 
 “Rule 144A” means
Rule 144A as promulgated by the Commission under the Securities Act, as it may be amended from time to time. 
  

	 	2.	The Securities 

  

	 	2.1	Form and Registration. 

(a) Form and Registration. The certificates representing the Securities shall be issued in fully registered form without interest
coupons. 
 (b) Regulation S Global Securities. Securities sold in reliance on the exemption from registration contained
in Regulation S shall initially be represented by one or more Regulation S Global Securities, which shall be deposited with the Trustee as custodian for, and registered in the name of a nominee of, DTC. Each Regulation S Global Security shall bear a
Restricted Securities Legend in the form set forth in Exhibit I to this Appendix A (the “Restricted Securities Legend”). 
 (c) Restricted Global Securities. Securities sold in reliance on the exemption from registration contained in Rule 144A shall be represented by one or more Restricted Global Securities and shall be
deposited with the Trustee as custodian for, and registered in the name of a nominee of, DTC. Each Restricted Global Security shall bear the Restricted Securities Legend. 
 (d) Ownership. Each Global Security shall be subject to certain restrictions on transfer, set forth in the Indenture and in Section 2.2 and Section 2.3 of this Appendix A. Ownership of
beneficial interests in a Global Security shall be limited to Persons who have accounts with DTC or Euroclear and Clearstream, as indirect participants in DTC (“participants”) or Persons who hold interests through participants. Ownership
of beneficial interests in a Global Security shall be shown on, and the transfer of that ownership shall be effected only through, records maintained by DTC or its nominee (with respect to interests of participants) and the records of participants
(with respect to interests of Persons other than participants). Beneficial owners of interests in a Global Security may hold their interests in such Global Security directly through DTC, if they are participants in such system, or indirectly through
organizations that are participants in such system, including Clearstream and Euroclear. So long as DTC or its nominee is the registered owner or Holder of a Global Security, DTC or such nominee, as the case may be, shall be considered the sole
owner or Holder of the Securities represented by such Global Security for all purposes under the Indenture and the Securities. No 

  
 A-2

 
beneficial owner of an interest in a Global Security shall be able to transfer that interest except in accordance with DTC’s applicable procedures, in addition to those provided for under
the Indenture. Payments of the principal, premium, if any, and interest on a Global Security shall be made to DTC or its nominee, as the registered owner thereof. Neither the Company, the Trustee, nor any Paying Agent, Registrar or Transfer Agent
shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or for maintaining, supervising, or reviewing any records relating to such
beneficial ownership interests. 
 (e) No Responsibility for Clearing System Actions. None of the Company, the Guarantor,
the Trustee, any Paying Agent, Registrar or Transfer Agent shall have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants or indirect participants of their respective obligations under the rules
and procedures governing their operations. 
 (f) Successors; Certificated Securities. If (i) DTC is at any time
unwilling or unable to continue as a Depositary for the Global Securities and a successor Depositary is not appointed by the Company within 90 days, (ii) the Company elects to discontinue use of the system of book-entry transfers through DTC or
a successor Depositary or (iii) an Event of Default has occurred and is continuing and the Registrar and the Company have received a written request from a beneficial owner of Securities to issue Certificated Securities in respect of its
proportionate interest in the Global Security, the Company shall issue Certificated Securities which may bear a Restricted Securities Legend to such requesting beneficial owner, in exchange for their beneficial interests in Global Securities.
Holders of an interest in a Global Security may receive Certificated Securities, which may bear the Restricted Securities Legend, in accordance with DTC’s rules and procedures in addition to those provided for under the Indenture;
provided, however, that if the Company is issuing Certificated Securities pursuant to the foregoing clause (iii), the Company shall only be required to issue Certificated Securities to the beneficial owners of the Securities who
request Certificated Securities. 
 (g) Certificated Securities. Except as provided in this Section 2.1, owners of
beneficial interests in Global Securities shall not be entitled to receive physical delivery of Certificated Securities. In the event of transfer of Global Security to the beneficial owners thereof in the form of Certificated Securities, the Company
shall promptly make available to the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form without interest coupons. 
  

	 	2.2	Global Securities. 

 (a)
Each Global Security shall (i) be registered in the name of DTC or its nominee, (ii) be delivered by the Trustee to DTC or pursuant to DTC’s instruction and (iii) bear a legend substantially to following effect: 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME 

  
 A-3

 
OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A
WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 

UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE ISSUER
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY DEFINITIVE SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 (b) Members of, or participants in, DTC, Euroclear or Clearstream shall have no
rights under the Indenture with respect to any Global Security held on their behalf by DTC or its nominee, or under a Global Security, and DTC may be treated by the Company, the Guarantor, the Trustee and any agent of the Company, the Guarantor or
the Trustee as the absolute owner of each Global Security for all purposes whatsoever under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Guarantor, the Trustee or any agent of the Company, the Guarantor
or the Trustee from giving effect to any written certification, proxy or other authorization furnished by DTC or impair, as between DTC and its participants, the operation of customary practices governing the exercise of the rights of a Holder of
any Security. 
 (c) Interests of beneficial owners in Global Securities may only be transferred or exchanged for Certificated
Securities in accordance with the rules and procedures of DTC and the provisions of the Indenture, including this Appendix A. In addition, certificated Securities shall be transferred to all beneficial owners, in exchange for their beneficial
interests in Global Securities in accordance with Section 2.1(f) of this Appendix A. 
 (d) Transfers between participants
in DTC shall be effected in accordance with DTC’s procedures, and shall be settled in same-day funds. Transfers between participants in Euroclear and Clearstream shall be effected in the ordinary way in accordance with their respective rules
and operating procedures. 
 (e) DTC has advised the Company that it will take any action permitted to be taken by a Holder
(including the presentation of Securities for exchange) only at the direction of one or more participants to whose account the interest in a Global Security is credited and only in respect of such portion of the Securities as to which such
participant or participants has or have given such direction. However, if there is an Event of Default under the Securities, DTC may exchange the applicable Global Securities for Certificated Securities which it shall distribute to its participants
and which may bear the Restricted Securities Legend. 

  
 A-4

 (f) Subject to compliance with the transfer restrictions applicable to the Global
Securities, cross-market transfers between the participants in DTC, on the one hand, and Euroclear or Clearstream participants, on the other hand, shall be effected through DTC in accordance with DTC’s rules on behalf of each of Euroclear or
Clearstream by its common depositary; however, such cross-market transactions shall require delivery of instructions to Euroclear or Clearstream by the counterparty in such system in accordance with the rules and procedures and within the
established deadlines (Brussels, Belgium time) of such system. Euroclear or Clearstream shall, if the transaction meets its settlement requirements, deliver instructions to its common depositary to take action to effect final settlement on its
behalf by delivering or receiving interests in the Global Securities in DTC, and making or receiving payment in accordance with normal procedures for same-day funds settlement applicable to DTC. Euroclear participants and Clearstream participants
may not deliver instructions directly to the common depositaries for Euroclear or Clearstream. 
 (g) In connection with any
transfer or exchange of a portion of the beneficial interest in any Global Security to beneficial owners pursuant to Section 2.1(f) of this Appendix A the Registrar shall (if one or more Certificated Securities are to be issued) reflect on its
books and records the date and a decrease in the principal amount of the Global Security in an amount equal to the principal amount of the beneficial interest in the Global Security to be transferred, and the Company shall execute, and the Trustee
shall authenticate and deliver, one or more certificated Securities of like tenor and principal amount of authorized denominations. 
 (h) Any beneficial interest in one of the Global Securities that is transferred to a Person who takes delivery in the form of an interest in the other corresponding Global Security will, upon transfer,
cease to be an interest in such Global Security and become an interest in the other corresponding Global Security and, accordingly, will thereafter be subject to all transfer restrictions and other procedures applicable to beneficial interest in
such other Global Security for as long as it remains such an interest. 
 (i) In connection with the transfer of Global
Securities as an entirety to beneficial owners pursuant to Section 2.1(f) of this Appendix A, such Global Securities shall be deemed to be surrendered to the Trustee for cancellation, and the Company shall execute, and the Trustee shall
authenticate and deliver, to each beneficial owner identified by DTC in exchange for its beneficial interest in the Global Securities, an equal aggregate principal amount at maturity of Certificated Securities of authorized denominations.

 (j) Any Certificated Security constituting a Restricted Security delivered in exchange for an interest in a Global Security
pursuant to this Section 2.2 shall bear a Restricted Securities Legend. 
 (k) The registered Holder of any Global Security
may grant proxies and otherwise authorize any Person, including participants in DTC and Persons that may hold interests through participants in DTC to take any action which a Holder is entitled to take under the Indenture or the Securities.

  
 A-5

	 	2.3	Special Transfer Provisions. 

 The following provisions shall apply with respect to the Securities: 
 (a)
Transfers to Non-U.S. Persons. The following provisions shall apply with respect to the registration of any proposed transfer of any Security bearing the Restricted Securities Legend to a Non-U.S. Person: 

(i) if the Security to be transferred consists of (A) a Certificated Security, the Registrar shall register the
transfer if such transfer is being made by a proposed transferor who has delivered to the Trustee a certification substantially in the form of Exhibit 2 to this Appendix A or (B) an interest in the Regulation S Global Security, the transfer of
such interest may be effected only through the book entry system maintained by DTC after delivery to the Trustee of a certification substantially in the form of Exhibit 2 to this Appendix A; 

(ii) if the Security to be transferred consists of a Certificated Security, upon receipt by the Registrar of instructions
given in accordance with DTC’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Regulation S Global Security in an amount equal to the
principal amount of the Certificated Security, to be transferred, and the Trustee shall cancel the Certificated Security so transferred; and 
 (iii) if the proposed transferor is a participant in DTC seeking to transfer an interest in a Global Security, upon receipt by the Registrar of written instructions given in accordance with DTC’s and
the Registrar’s procedures, the Registrar shall register the transfer and reflect on its books and records the date and (A) a decrease in the principal amount of the Global Security from which interests are to be transferred in an amount
equal to the principal amount of the Securities to be transferred and (B) an increase in the principal amount of the Regulation S Global Security in an amount equal to the principal amount of the Global Security to be transferred. 

(b) Transfers to QIBs. The following provisions shall apply with respect to the registration of any proposed transfer of any
Security bearing the Restricted Securities Legend to a QIB: 
 (i) if the Security to be transferred consists of
(A) a Certificated Security, the Registrar shall register the transfer if such transfer is being made by a proposed transferor who has delivered to the Trustee a certification substantially in the form of Exhibit 3 to this Appendix A or
(B) an interest in the Restricted Global Security, the transfer of such interest may be effected only through the book entry system maintained by DTC after delivery to the Trustee of a certification substantially in the form of Exhibit 3 to
this Appendix A; 
 (ii) if the Security to be transferred consists of a Certificated Security, upon receipt by
the Registrar of instructions given in accordance with DTC’s and the Registrar’s procedures therefor, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Restricted Global Security
in an amount equal to the principal amount of the Certificated Security, to be transferred, and the Trustee shall cancel the Certificated Security so transferred; and 

(iii) if the proposed transferor is a participant in DTC seeking to transfer an interest in a Global Security, upon
receipt by the Registrar of written instructions given in accordance with DTC’s and the Registrar’s procedures, the Registrar shall register the transfer and reflect on its books and records the date and (A) a decrease in the
principal amount of the Global Security from which interests are to be transferred in an amount equal to the principal amount of the Securities to be transferred and (B) an increase in the principal amount of the Restricted Global Security in
an amount equal to the principal amount of the Global Security to be transferred. 

  
 A-6

 (c) Restricted Securities Legend. Upon the registration of transfer, exchange or
replacement of Securities not bearing the Restricted Securities Legend, the Registrar shall deliver Securities that do not bear the Restricted Securities Legend. Upon the registration of transfer, exchange or replacement of Securities bearing the
Restricted Securities Legend, the Registrar shall deliver only Securities that bear the Restricted Securities Legend unless either (i) in the case of the Regulation S Security, the Distribution Compliance Period has terminated, or, in the case
of a Restricted Security, the Resale Restriction Termination Date has occurred, (ii) there is delivered to the Registrar an Opinion of Counsel reasonably satisfactory to the Company to the effect that neither such legend nor the related
restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act or (iii) such Security has been sold pursuant to an effective registration statement under the Securities Act. Notwithstanding the
foregoing sentence, the Company may, in its sole discretion, by delivery of a Company Order to the Trustee, instruct the Trustee to remove the Restricted Securities Legend from a Security after determining that the Restricted Securities Legend is no
longer required under applicable securities laws. 
 (d) Securities Purchased by the Company or the Guarantor. All
Securities which are purchased or otherwise acquired by the Company, the Guarantor, any Subsidiary or any subsidiary of the Guarantor may not be resold or otherwise transferred, except in accordance with applicable requirements or exemptions under
the relevant securities laws; provided, however, that none of the Trustee, any Paying Agent, the Registrar or any Transfer Agent shall have any obligation to monitor or ensure compliance therewith. 

(e) Other Transfers. If a Holder proposes to transfer a Security constituting a Restricted Security pursuant to any exemption from
the registration requirements of the Securities Act other than as provided for by this Section 2.3, the Registrar shall only register such transfer or exchange if such transferor delivers an Opinion of Counsel reasonably satisfactory to the
Company that such transfer is in compliance with the Securities Act and the terms of the Indenture; provided, however, that the Company may, based upon the opinion of its counsel, instruct the Registrar by a Company Order not to
register such transfer in any case where the proposed transferee is not a QIB or a Non-U.S. Person. 

  
 A-7

 (f) General. 

(i) By its acceptance of any Security (or any beneficial interest in any Global Security) bearing the Restricted
Securities Legend, each Holder of such a Security or Holder of such beneficial interest acknowledges the restrictions on transfer of such Security set forth in Section 2.07(a) of the Indenture, this Appendix A and in the Restricted Securities
Legend and agrees that it will transfer such Security only as provided in Section 2.07(a) of the Indenture and this Appendix A. The Registrar shall not register a transfer of any Security unless such transfer complies with the restrictions on
transfer of such Security set forth in Section 2.07(a) of the Indenture and this Appendix A. 
 (ii) The
Registrar shall retain copies of all certificates, letters, notices and other written communications received pursuant to this Section 2.3. The Company shall have the right to inspect and make copies of all such certificates, letters, notices
or other written communications at any reasonable time upon the giving of reasonable prior written notice to the Registrar. 
  

	 	2.4	Cancellation or Adjustment of Global Security. 

 At such time as all beneficial interests in a Global Security have either been exchanged for Certificated Securities, redeemed, purchased or canceled, such Global Security shall, upon written request by
the Company to the Trustee, be returned to DTC for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for Certificated Securities, redeemed,
purchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the custodian for such Global Security) with
respect to such Global Security, by the Trustee or the custodian, to reflect such reduction. 

  
 A-8

 EXHIBIT 1 
 to 
 RULE 144/REGULATION S APPENDIX 

[FORM OF FACE OF SECURITY] 
 [[RESTRICTED][REGULATION S] GLOBAL SECURITY] 
 Include the following legend on all Securities
that are Global Securities 
 THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE
REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (“DTC”) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY DEFINITIVE SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 Include the following Restricted Securities
Legend on all Securities that are Restricted Securities or Regulation S Securities. 
 NEITHER THIS GLOBAL SECURITY NOR ANY
BENEFICIAL INTEREST HEREIN HAS BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS GLOBAL SECURITY NOR ANY BENEFICIAL INTEREST HEREIN MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED
EXCEPT (1) TO CENCOSUD S.A. OR A SUBSIDIARY THEREOF, (2) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER OR BUYERS IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, 
 (3) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (4) PURSUANT 

  
 Exhibit 1

 TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT (IF AVAILABLE) OR
(5) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, AND, IN EACH CASE, IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. AS A CONDITION TO REGISTRATION OF
TRANSFER OF THIS GLOBAL SECURITY AS SET FORTH IN CLAUSE (4) ABOVE, CENCOSUD S.A. MAY REQUIRE DELIVERY OF ANY DOCUMENTS OR OTHER EVIDENCE THAT IT, IN ITS ABSOLUTE DISCRETION, DEEMS NECESSARY OR APPROPRIATE TO EVIDENCE COMPLIANCE WITH SUCH
EXEMPTION. 
 THIS LEGEND MAY BE REMOVED SOLELY IN THE DISCRETION AND AT THE DIRECTION OF CENCOSUD S.A. 

Include the following legend on all Securities that are Certificated Securities 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND ANY TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION
AS SUCH REGISTRAR OR TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 Exhibit 1

			
	No.	  	Principal Amount U.S.$[        ]

 [If the Security is a Global Security, include the following two lines: 

as revised by the Schedule of Increases and 
 Decreases attached hereto] 
 CENCOSUD S.A. 

4.875% Senior Notes due 2023 
 [If the Security is a Restricted Security, insert 
 CUSIP NO. 15132H AD3

 ISIN NO. US15132HAD35 
 COMMON CODE [         ]] 
 [If the
Security is a Regulation S Security, insert 
 CUSIP NO. P2205J AH3 

ISIN NO. USP2205JAH34 

COMMON CODE [        ]] 
 CENCOSUD S.A., a sociedad anónima organized under the laws of Chile, promises to pay to Cede & Co., or registered assigns, the principal amount of Dollars [as revised by the
Schedule of Increases and Decreases attached hereto]* on [    ]. 
 Maturity Date: January 20,
2023 
 Interest Payment Dates: January 20 and July 20. 

Record Dates: January 5 and July 5. 
 Additional provisions of this Security are set forth on the reverse of this Security. 

 

	*	Insert for Global Securities 

  
 Exhibit 1

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	CENCOSUD S.A.
		
	By	 	  

		 	Name:
		 	Title:

 Date: 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 
  

			
	 THE BANK OF NEW YORK MELLON,
 as Trustee, certifies that this is one of the Securities referred to in the Indenture.

		
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE OF SECURITY] 
 CENCOSUD S.A. 
 4.875% Senior Notes due 2023 

 

	1.	Interest 

 Cencosud S.A.,
a sociedad anónima organized under the laws of Chile (such entity, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal
amount of this Security at the rate per annum shown above, plus Additional Amounts, if any. The Company will pay interest semi-annually in arrears on January 20 and July 20 of each year, or if any such day is not a Business Day, on the
next succeeding Business Day, commencing July 20, 2013. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment 

 The
Company shall pay interest and Additional Amounts, if any, on the Securities (except defaulted interest) to the Persons who are registered Holders of Securities at the close of business on the January 5 or July 5 next preceding the
Interest Payment Date even if Securities are canceled after the Record Date and on or before the Interest Payment Date. Holders must surrender Securities to a Paying Agent to collect principal payments. The Company shall pay principal and interest
in U.S. dollars. Payments in respect of the Securities represented by a Global Security (including principal, premium, if any, and interest) shall be made by wire 

  
 Exhibit 1

 
transfer of immediately available funds to the account specified by The Depository Trust Company. Payments on non-Global Securities shall be made at the office or agency of the Paying Agent and
Registrar within The City of New York, New York unless the Company elects to make interest payments by check mailed to the Holders at their address set forth in the Securities Register; provided, however, that payments on non-Global
Securities may also be made, in the case of a Holder of at least U.S.$10,000,000 in aggregate principal amount of Securities, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Company and the Trustee to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in
its discretion). 
  

	3.	Paying Agent and Registrar 

Initially, The Bank of New York Mellon, a corporation duly authorized and existing under the laws of the State of New York authorized to
conduct a banking business (the “Trustee”), will act as Registrar, Paying Agent and Transfer Agent and The Bank of New York Mellon (Luxembourg) S.A. will act as the Luxembourg Paying Agent (the “Luxembourg Paying Agent”) and
Luxembourg Transfer Agent (the “Luxembourg Transfer Agent”). The Company may appoint and change any Paying Agent, Registrar or co-registrar without notice. The Company or any Subsidiary may act as Paying Agent or Registrar. 

 

	4.	Indenture 

 The Company
issued the Securities under an Indenture dated as of December 6, 2012 (the “Indenture”), among the Company, Cencosud Retail S.A., as guarantor (the “Guarantor”) the Trustee, as Trustee, Registrar, Paying Agent and Transfer
Agent, the Luxembourg Paying Agent and the Luxembourg Transfer Agent. The terms of the Securities include those stated in the Indenture. Terms defined in the Indenture and not defined herein have the meanings ascribed thereto in the Indenture. The
Securities are subject to all such terms, and Holders are referred to the Indenture for a statement of those terms. 
 The
Securities are unsecured and unsubordinated obligations of the Company unlimited in principal amount. [This Security is one of the Original Securities referred to in the Indenture issued in an aggregate principal amount of
U.S.$[    ]. The Securities include the Original Securities and any Additional Securities that may be issued under the Indenture.] [This Security is one of the Additional Securities referred to in the Indenture. The Securities
include such Additional Securities and the Original Securities in an aggregate principle amount of U.S.$[    ] previously issued under the Indenture.] The Indenture imposes certain limitations on the ability of the Company and
the Subsidiaries to, among other things, create or incur Liens and enter into Sale and Leaseback Transactions. The Indenture also imposes limitations on the ability of each of the Company and the Guarantor to consolidate or merge with or into any
other Person or convey or transfer its assets substantially as an entity. 
 To partially guarantee the due and punctual payment
of the principal and interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities (including the payment of Additional Amounts) when and as the same shall be due

  
 Exhibit 1

 
and payable, the Guarantor has partially, irrevocably and unconditionally guaranteed the Guaranteed Obligations on a general unsecured and unsubordinated basis up to an aggregate amount of
U.S.$1,000,000,000 (the “Subsidiary Guarantee”). The Guarantor further agreed under the Indenture to take all corporate action necessary to amend and restate the Subsidiary Guarantee within 45 days of the Issue Date so that it becomes a
full, irrevocable and unconditional guarantee of the Guaranteed Obligations and to deliver a supplemental indenture when such amendment and restatement takes place. Neither the Company nor the Guarantor shall be required to make any notation on this
Security to reflect any guarantee or any release, termination or discharge thereof. 
  

	5.	Optional Redemption 

 (a)
Except as set forth below, the Securities may not be redeemed prior to their Stated Maturity. Neither the Company nor the Guarantor is, however, prohibited from acquiring the Securities by means other than a redemption, whether pursuant to a tender
offer, open market purchase or otherwise, so long as the acquisition does not otherwise violate the terms of the Indenture. 

(b) The Securities may be redeemed, in whole but not in part, at the Company’s option, at any time, by the giving of notice as
provided in Article III of the Indenture, at a redemption price equal to the greater of (i) 100% of the outstanding principal amount of the Securities to be redeemed and (ii) the sum of the present values of the Remaining Scheduled
Payments of principal and interest on the Securities to be redeemed discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Rate plus 35 basis points, in each
case plus accrued and unpaid interest on the principal amount of the Securities being redeemed to the date of redemption and Additional Amounts, if any. Notwithstanding the foregoing, payments of interest on the Securities will be payable to the
Holders of those Securities registered as such at the close of business on the relevant Record Dates according to the terms and provisions of the Indenture. 
 (c) The Securities may be redeemed, in whole but not in part, at the Company’s option, by the giving of notice as provided in Article III of the Indenture, at a redemption price equal to 100% of the
outstanding principal amount of the Securities, together with accrued and unpaid interest to the redemption date and Additional Amounts, if any, if, as a result of any change in, or amendment to, the laws (or any regulations or rulings promulgated
thereunder) of a Relevant Jurisdiction or any political subdivision or taxing authority thereof or therein, or any change in the official application, administration or interpretation of such laws, regulations or rulings (including a holding by a
court of competent jurisdiction) in a Relevant Jurisdiction, or any other jurisdiction with the power to impose, levy or assess a Tax, the Company has or will become obligated to pay Excess Additional Amounts, if such change or amendment is
announced or occurs on or after the date of the Indenture and such obligation cannot be avoided by the Company taking reasonable measures available to it; provided that no such notice of redemption shall be given earlier than 60 days prior to
the earliest date on which the Company would be obligated to pay such Excess Additional Amounts, were a payment in respect of the Securities then due. For the avoidance of doubt, reasonable measures shall include a change in the jurisdiction of the
paying agent. Prior to the giving of notice of redemption of Securities pursuant to the Indenture, the Company will deliver to the Trustee (i) an Officer’s 

  
 Exhibit 1

 
Certificate to the effect that the Company is or at the time of the redemption will be entitled to effect such a redemption pursuant to the Indenture and (ii) a written opinion of recognized
counsel admitted to practice in the applicable Relevant Jurisdiction and independent of the Company to the effect that the Company is, or is expected to become, obligated to pay Excess Additional Amounts as a result of such change or amendment, as
described above, and setting forth in reasonable detail the circumstances giving rise to such right of redemption. 
  

	6.	Notice of Redemption 

Notice of redemption shall be given in accordance with Section 12.01 of the Indenture at least 30 days, but not more than 60 days,
before a redemption date to each Holder of Securities to be redeemed. Any notice to Holders of Securities of such a redemption pursuant to paragraph 5(b) shall include the appropriate calculation of the redemption price, but is not required to
include the redemption price itself. The actual redemption price, calculated as described in such paragraph 5(b), must be set forth in an Officer’s Certificate delivered to the Trustee no later than two Business Days prior to the redemption
date. If money sufficient to pay the redemption price of and accrued and unpaid interest on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with a Paying Agent at least one Business Day prior to the redemption
date and certain other conditions are satisfied, on and after such date interest shall cease to accrue on such Securities (or such portions thereof) called for redemption. 

 

	7.	Sinking Fund 

 The
Securities are not subject to any sinking fund. 
  

	8.	Denominations; Transfer; Exchange 

 The Securities are in registered form without coupons in denominations of U.S.$200,000 and integral multiples of U.S.$1,000 in excess thereof. A Holder may transfer or exchange Securities in accordance
with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture.
Neither the Trustee nor any Registrar or Transfer Agent need register the transfer of or exchange definitive Securities for a period from the Record Date to the due date for any payment of principal of or interest on the Securities or register the
transfer of or exchange any Securities for 15 days prior to selection for redemption through the redemption date. 
  

	9.	Persons Deemed Owners 

The registered Holder of this Security may be treated as the owner of it for all purposes. 

 

	10.	Unclaimed Money 

 If money
for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at the Company’s written request unless an abandoned property law designates another Person. After any
such payment, Holders entitled to the money must look only to the Company and not to the Trustee for payment. 

  
 Exhibit 1

	11.	Discharge and Defeasance 

Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture
if the Company deposits with the Trustee cash or U.S. Government Obligations as specified in the Indenture for the payment of principal, interest and Additional Amounts, if any, on the Securities to redemption or maturity, as the case may be.

  

	12.	Amendment; Waiver 

 (a)
Subject to certain exceptions and conditions set forth in the Indenture, without the consent of any Holder, the Company, the Guarantor and the Trustee may, among other things, amend, modify or supplement the Indenture or the Securities to cure any
ambiguity, or to cure, correct or supplement any defect therein or herein, or in any manner which does not adversely affect the interests of any Holder in any material respect. 

(b) Subject to certain conditions set forth in the Indenture, the Company, the Guarantor and the Trustee may modify or amend the
Indenture or the terms and conditions of the Securities, and future compliance therewith or past Default by the Company or the Guarantor (other than a default in the payment of any amount, including in connection with a redemption, due on the
Securities or in respect of covenant or provision which cannot be modified and amended without the consent of the Holders of all Securities so affected) with the written consent of the Holders of at least a majority in aggregate principal amount of
the Securities then Outstanding (including consents obtained in connection with a tender offer or exchange offer for the Securities) or by the adoption of resolutions at a meeting of Holders of Securities by the Holders of at least a majority of the
outstanding Securities; provided, however, that without the consent or affirmative vote of each Holder affected thereby, an amendment may not: (i) change the interest rate with respect to the Securities or reduce the principal
amount of the Securities or change the time for payment thereof; (ii) modify the obligation to pay Additional Amounts; (iii) change the prices at which the Securities may be redeemed by the Company or change the time at which the
Securities may be redeemed in accordance with the Indenture; (iv) change the currency in which, or change the required place at which, payment on principal, premium, if any, or interest on the Securities is payable; (v) impair the right to
institute suit for the enforcement of any payment obligation on or with respect to the Security; or (vi) reduce the percentage of principal amount of outstanding Securities whose Holders are required to consent to modify or amend the Indenture
or the terms or conditions of the Securities or to waive any future compliance or past default. 
  

	13.	Defaults and Remedies 

 If
an Event of Default occurs and is continuing, the Trustee or the Holders of not less than 25% of the aggregate principal amount of the Securities then outstanding, subject to certain limitations, may declare all the Securities to be immediately due
and payable. Certain events of bankruptcy or insolvency and the failure by the Guarantor to amend and restate the 

  
 Exhibit 1

 
Subsidiary Guarantee to constitute a full, irrevocable and unconditional guarantee of the Guaranteed Obligations within 45 days of the Issue Date are Events of Default and shall result in the
Securities being immediately due and payable upon the occurrence of such Events of Default without any further act of the Trustee or any Holder. 
 Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Securities unless it receives indemnity or
security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then outstanding may direct the Trustee in its exercise of any trust or power under the Indenture. The
Trustee or the Holders of a majority in aggregate principal amount of the outstanding Securities by written notice to the Company may annul and rescind any declaration of acceleration if all amounts then due with respect to the Securities are paid
(other than amounts due solely because of such declaration) and all other defaults with respect to the Securities are cured. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

 

	14.	Trustee Dealings with the Company 

 The Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and collect obligations owed to it by the Company or its
Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
  

	15.	No Recourse Against Others 

No director, officer, employee or stockholder, as such, of the Company or the Guarantor shall have any liability for any obligations of
the Company or the Guarantor, as applicable, under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such
liability. The waiver and release are part of the consideration for the issue of the Securities. 
  

	16.	Authentication 

 This
Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the face of this Security. 

 

	17.	Abbreviations 

 Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and
U/G/M/A (=Uniform Gift to Minors Act). 
  

	18.	Governing Law 

 THIS
SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

  
 Exhibit 1

	19.	CUSIP and ISIN Numbers 

Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP or
ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP or ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the
Securities or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  

	20.	Currency of Account; Conversion of Currency 

 U.S. dollars is the sole currency of account and payment for all sums payable by the Company under or in connection with the Securities or the Indenture, including damages. The Company shall indemnify the
Holders as provided in respect of the conversion of currency relating to the Securities and the Indenture. 
  

	21.	Agent for Service; Submission to Jurisdiction; Waiver of Immunities 

 Each of the Company and the Guarantor has appointed CT Corporation System with offices currently at 111 Eight Avenue, 13th floor, New York, New York 10011 as its authorized agent upon whom all writs,
process and summonses may be served in any suit, action or proceeding arising out of or based upon the Indenture or the Securities which may be instituted in any U.S. Federal or New York State court in the Borough of Manhattan, The City of New York,
New York. Each of the Company and the Guarantor has agreed that any suit, action or proceeding against the Company or the Guarantor, as applicable, brought by any Holder or the Trustee arising out of or based upon the Indenture or the Securities may
be instituted in any U.S. Federal or New York State court in the Borough of Manhattan, The City of New York, New York. Each of the Company and the Guarantor has irrevocably submitted to the non-exclusive jurisdiction of such courts for such purpose
and waived, to the fullest extent permitted by law, trial by jury, any objection it may now or hereafter have to the laying of venue of any such suit, action or proceeding, any claim that any suit, action or proceeding in such a court has been
brought in an inconvenient forum and any right to which it may be entitled on account of place of residence or domicile. The Company shall furnish to any Holder of Securities upon written request and without charge to the Holder a copy of the
Indenture which has in it the text of this Security. 

  
 Exhibit 1

 [FORM OF] ASSIGNMENT FORM 

To assign this Security, fill in the form below and have your signature guaranteed: (I) or (we) assign and transfer this Security
to: 
 (Insert assignee’s soc. sec. or tax I.D. no.) 

(Print or type assignee’s name, address and zip code) 
 and irrevocably appoint
                                         
                                         
                   to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 

									
	Dated:	 	  
	 		 	 Your Name:
	 	  

		 		 		 	 (Print your name exactly as it appears on the face of this
Security)

									
					
		 		 		 	  Your Signature:
	 	  

		 		 		 	  (Sign exactly as your name appears on the face of this
Security)

									
					
		 		 		 	 Signature Guarantee:
	 	  

		 		 		 	 (Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 Exhibit 1

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The following increases or decreases in this Global Security have been made: 
  

									
	 Date of increase

or decrease
	  	Amount of
decrease in
principal
amount of this
Global 
Security	  	Amount of
increase in
principal
amount of this
Global Security	  	Principal
amount of this
Global 
Security
following such
decrease or
increase	  	Signature of
authorized
officer of
Trustee

  
 Exhibit 1

 NOTATION OF GUARANTEE 

Pursuant to the Indenture, dated as of December 6, 2012 (the “Indenture”), among Cencosud S.A., as issuer (the
“Company”), Cencosud Retail S.A., as guarantor (the “Guarantor”), The Bank of New York Mellon, as trustee (the “Trustee”), Registrar, Paying Agent and Transfer Agent, and The Bank of New York Mellon
(Luxembourg) S.A., as Luxembourg paying agent and transfer agent, the Guarantor, subject to the provisions of Article XI of the Indenture, hereby partially, irrevocably and unconditionally guarantees, to each Holder of a Security authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns and to any agent appointed thereunder and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Securities or the obligations of
the Company thereunder, up to an aggregate amount of U.S.$1,000,000,000, that: (a) the principal of and interest, Additional Amounts, if any, and premium, on the Securities, shall be promptly paid in full when due, whether at stated maturity,
by acceleration, redemption or otherwise, and interest on the overdue principal of and interest and Additional Amounts on the Securities, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or
thereunder or any agent appointed under the Indenture, shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Securities or any of
such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of such extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so
guaranteed or any performance so guaranteed for whatever reason, the Guarantor shall be obligated to pay or perform the same immediately. The Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. The obligations of
the Guarantor to the Holders of Securities and to the Trustee and any such agents pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth in Article XI of the Indenture and reference is hereby made to the Indenture for the
precise terms of the Subsidiary Guarantee. Each Holder of a Security, by accepting the same, agrees to and shall be bound by such provisions. Capitalized terms used but not defined herein will have the meaning given them in the Indenture.

 THIS NOTATION OF GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK

  

					
	CENCOSUD RETAIL S.A., as Guarantor
		
	By	 	  

		 	Name:	 	
		 	Title:	 	
		
	By	 	  

		 	Name:	 	
		 	Title:	 	

  
 Exhibit 1

 EXHIBIT 2 
 to 
 RULE 144/REGULATION S APPENDIX 

FORM OF CERTIFICATE TO BE DELIVERED 
 BY TRANSFERORS IN CONNECTION WITH TRANSFERS 
 PURSUANT TO REGULATION S

 [Date] 
 Cencosud
S.A. 
 Av. Kennedy 9001, 6th floor, Las Condes 
 Santiago, Chile 
 Attention: Juan Manuel Parada 

Telephone: +56 (2) 2959-0000 
 Fax: +56
(2) 2959-0625 
 The Bank of New York Mellon 
 101 Barclay Street, Floor 4E 
 New York, New York 10286 

USA 
 Attention: International Corporate Trust

 Fax: 212-815-5603 
  

	Re:	Cencosud S.A. (the “Company”) 

 4.875% Senior Notes due 2023 (the “Securities”) 
 Ladies and Gentlemen: 

Reference is hereby made to the Indenture dated as of December 6, 2012 in regard of the Securities among the Company, as issuer,
Cencosud Retail S.A., as guarantor, The Bank of New York Mellon, as Trustee, Registrar, Paying Agent and Transfer Agent and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Luxembourg Transfer Agent (the
“Indenture”). Capitalized terms used but not defined herein will have the meaning given them in the Indenture. 
 In
connection with our proposed transfer of U.S.$         aggregate principal amount of Securities, which are held in [the form of a beneficial interest in the Regulation S Global Security (CUSIP No. P2205J AH3;
ISIN Number USP2205JAH34) with DTC in the name of the undersigned] [certificated form], we confirm that such transfer has been effected pursuant to and in accordance with Regulation S under the U.S. Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, we represent that: 
 (a) the offer of the Securities was not made
to a Person in the United States; 
 (b) either (i) at the time the buy offer was originated, the transferee
was outside the United States or we and any Person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated off-shore
securities market and neither we nor any Person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

  
 Exhibit 2

 (c) no directed selling efforts have been made in the United States in
contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; 
 (d) the
transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act; 
 (e)
we have advised the transferee of the transfer restrictions applicable to the Securities; and 
 (f) if the offer
of the Securities was made prior to the expiration of the Distribution Compliance Period, the offer of the Securities was not made to a U.S. Person or for the account or benefit of a U.S. person. 

You and the Company are entitled to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any
interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S. 

 

			
	Very truly yours,
	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

  
 Exhibit 2

 EXHIBIT 3 
 to 
 RULE 144/REGULATION S APPENDIX 

FORM OF TRANSFER CERTIFICATE TO BE DELIVERED 
 BY TRANSFERORS IN CONNECTION WITH TRANSFERS 
 PURSUANT TO RULE 144A

 [Date] 
 Cencosud
S.A. 
 Av. Kennedy 9001, 6th floor, Las Condes 
 Santiago, Chile 
 Attention: Juan Manuel Parada 

Telephone: +56 (2) 2959-0000 
 Fax: +56
(2) 2959-0625 
 The Bank of New York Mellon 
 101 Barclay Street, Floor 4E 
 New York, New York 10286 

USA 
 Attention: International Corporate Trust

 Fax: 212-815-5603 
  

	Re:	Cencosud S.A. (the “Company”) 

 4.875% Senior Notes due 2023 (the “Securities”) 
 Ladies and Gentlemen: 

Reference is hereby made to the Indenture dated as of December 6, 2012 in regard of the Securities among the Company, as issuer,
Cencosud Retail S.A., as guarantor, The Bank of New York Mellon, as Trustee, Registrar, Paying Agent and Transfer Agent and The Bank of New York Mellon (Luxembourg) S.A., as Luxembourg Paying Agent and Luxembourg Transfer Agent (the
“Indenture”). Capitalized terms used but not defined herein will have the meaning given them in the Indenture. 
 This
letter relates to U.S.$         aggregate principal amount of the Securities which are held in [the form of a beneficial interest in the Regulation S Global Security (CUSIP No. P2205J AH3; ISIN Number
USP2205JAH34) with DTC in the name of the undersigned] [certificated form]. 

  
 Exhibit 3

 The undersigned has requested transfer of such Securities to a Person who will take delivery
thereof in the form of a beneficial interest in the Restricted Global Security (CUSIP No. 15132H AD3; ISIN Number US15132HAD35). In connection with such transfer, the undersigned does hereby confirm that such transfer has been effected in
accordance with the transfer restrictions set forth in the Indenture and on the Securities and pursuant to and in accordance with Rule 144A under the U.S. Securities Act of 1933, as amended, and accordingly, the undersigned represents that:

 a. the Securities are being transferred to a transferee that the undersigned reasonably believes is purchasing
the Securities for its own account or one or more accounts with respect to which the transferee exercises sole investment discretion; and 
 b. the undersigned reasonably believes that transferee and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, in a transaction meeting the requirements of
Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. 
  

			
	[NAME OF TRANSFEROR]
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 Exhibit 3EX-4.5

 Exhibit 4.5 

 
  

 
 EXECUTION VERSION

 CREDIT AGREEMENT 
 dated as of 
 October 17, 2012 

among 
 CENCOSUD
S.A., 
 as Borrower 
 The Lenders Party Hereto 
 and 

JPMORGAN CHASE BANK, 
 NATIONAL ASSOCIATION, 
 as Administrative Agent 

 
  

J.P. MORGAN SECURITIES LLC, 
 as Global Coordinator 
 J.P. MORGAN SECURITIES LLC, 

as Bookrunner and Lead Arranger 
  

 
  

 TABLE OF CONTENTS 

 
  

							
	 	 	 	  	PAGE	 
	
	ARTICLE I	  
	
	Definitions	  
			
	 SECTION 1.01.
	 	Defined Terms	  	 	1	  
	 SECTION 1.02.
	 	Terms Generally	  	 	19	  
	 SECTION 1.03.
	 	Accounting Terms; IFRS	  	 	19	  
	
	ARTICLE II	  
	
	The Credits	  
			
	 SECTION 2.01.
	 	Commitments	  	 	20	  
	 SECTION 2.02.
	 	Loans and Borrowings	  	 	20	  
	 SECTION 2.03.
	 	Requests for Borrowings; Interest Period Elections	  	 	20	  
	 SECTION 2.04.
	 	Funding of Borrowings	  	 	22	  
	 SECTION 2.05.
	 	Termination and Reduction of Commitments	  	 	22	  
	 SECTION 2.06.
	 	Repayment of Loans; Evidence of Debt	  	 	23	  
	 SECTION 2.07.
	 	Prepayment of Loans	  	 	24	  
	 SECTION 2.08.
	 	Fees	  	 	25	  
	 SECTION 2.09.
	 	Interest	  	 	26	  
	 SECTION 2.10.
	 	Increased Costs	  	 	26	  
	 SECTION 2.11.
	 	Break Funding Payments	  	 	27	  
	 SECTION 2.12.
	 	Taxes	  	 	28	  
	 SECTION 2.13.
	 	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	  	 	29	  
	 SECTION 2.14.
	 	Mitigation Obligations; Replacement of Lenders	  	 	30	  
	 SECTION 2.15.
	 	Defaulting Lenders	  	 	31	  
	
	ARTICLE III	  
	
	Representations and Warranties	  
			
	 SECTION 3.01.
	 	Organization; Powers	  	 	31	  
	 SECTION 3.02.
	 	Authorization; Enforceability	  	 	32	  
	 SECTION 3.03.
	 	Governmental Approvals; No Conflicts	  	 	32	  
	 SECTION 3.04.
	 	Financial Condition; No Material Adverse Change	  	 	32	  
	 SECTION 3.05.
	 	Properties	  	 	33	  
	 SECTION 3.06.
	 	Litigation and Environmental Matters	  	 	33	  
	 SECTION 3.07.
	 	Compliance with Laws and Agreements; No Default	  	 	33	  
	 SECTION 3.08.
	 	Investment Company Status	  	 	33	  
	 SECTION 3.09.
	 	Ownership of Properties; Liens	  	 	33	  
	 SECTION 3.10.
	 	Taxes	  	 	33	  
	 SECTION 3.11.
	 	Intellectual Property	  	 	34	  
	 SECTION 3.12.
	 	Subsidiaries	  	 	34	  

  
 i 

							
	 SECTION 3.13.
	 	Disclosure	  	 	34	  
	 SECTION 3.14.
	 	Foreign Exchange Regulations; Immunity; Enforcement	  	 	34	  
	 SECTION 3.15.
	 	OFAC; Patriot Act; Sanctions	  	 	34	  
	 SECTION 3.16.
	 	Federal Reserve Regulations	  	 	35	  
	 SECTION 3.17.
	 	Rank of Debt	  	 	35	  
	 SECTION 3.18.
	 	Legal Form	  	 	35	  
	 SECTION 3.19.
	 	Pledged Stock	  	 	35	  
	 SECTION 3.20.
	 	Solvency	  	 	35	  
	
	ARTICLE IV	  
	
	Conditions	  
			
	 SECTION 4.01.
	 	Closing Date	  	 	36	  
	 SECTION 4.02.
	 	Conditions to Disbursement Escrow Release Date	  	 	38	  
	
	ARTICLE V	  
	
	Affirmative Covenants	  
			
	 SECTION 5.01.
	 	Financial Statements; Ratings Change and Other Information	  	 	38	  
	 SECTION 5.02.
	 	Notices of Material Events	  	 	39	  
	 SECTION 5.03.
	 	Existence; Conduct of Business	  	 	40	  
	 SECTION 5.04.
	 	Payment of Obligations	  	 	40	  
	 SECTION 5.05.
	 	Maintenance of Properties; Insurance	  	 	40	  
	 SECTION 5.06.
	 	Books and Records; Inspection Rights	  	 	40	  
	 SECTION 5.07.
	 	Compliance with Laws and Contractual Obligations	  	 	40	  
	 SECTION 5.08.
	 	Use of Proceeds	  	 	41	  
	 SECTION 5.09.
	 	Accuracy of Information	  	 	41	  
	 SECTION 5.10.
	 	Pari Passu Status	  	 	41	  
	 SECTION 5.11.
	 	Post-Closing Obligations	  	 	41	  
	 SECTION 5.12.
	 	Further Assurances	  	 	42	  
	
	ARTICLE VI	  
	
	Negative Covenants	  
			
	 SECTION 6.01.
	 	Limitation on Liens	  	 	42	  
	 SECTION 6.02.
	 	Prohibition of Fundamental Changes; Conduct of Business	  	 	44	  
	 SECTION 6.03.
	 	Restricted Payments	  	 	44	  
	 SECTION 6.04.
	 	Limitation on Sales of Assets	  	 	45	  
	 SECTION 6.05.
	 	Transactions with Affiliates	  	 	45	  
	 SECTION 6.06.
	 	Restrictive Agreements	  	 	45	  
	 SECTION 6.07.
	 	Leverage Ratio	  	 	45	  
	 SECTION 6.08.
	 	Debt to Net Worth Ratio	  	 	46	  
	 SECTION 6.09.
	 	Limitations Regarding Acquisition Escrow Agreement	  	 	46	  

  
 ii 

							
	ARTICLE VII	  
	
	Events of Default	  
	
	ARTICLE VIII	  
	
	The Administrative Agent and the Collateral Agent	  
			
	 SECTION 8.01.
	 	General Provisions	  	 	49	  
	 SECTION 8.02.
	 	Collateral Documents and Guaranty	  	 	50	  
	
	ARTICLE IX	  
	
	Miscellaneous	  
			
	 SECTION 9.01.
	 	Notices	  	 	52	  
	 SECTION 9.02.
	 	Waivers; Amendments	  	 	53	  
	 SECTION 9.03.
	 	Expenses; Indemnity; Damage Waiver	  	 	54	  
	 SECTION 9.04.
	 	Successors and Assigns	  	 	55	  
	 SECTION 9.05.
	 	Survival	  	 	58	  
	 SECTION 9.06.
	 	Counterparts; Integration; Effectiveness	  	 	58	  
	 SECTION 9.07.
	 	Electronic Execution of Assignments	  	 	59	  
	 SECTION 9.08.
	 	Severability	  	 	59	  
	 SECTION 9.09.
	 	Right of Setoff	  	 	59	  
	 SECTION 9.10.
	 	Governing Law; Jurisdiction; Consent to Service of Process	  	 	59	  
	 SECTION 9.11.
	 	WAIVER OF JURY TRIAL	  	 	60	  
	 SECTION 9.12.
	 	Headings	  	 	60	  
	 SECTION 9.13.
	 	Confidentiality	  	 	60	  
	 SECTION 9.14.
	 	Interest Rate Limitation	  	 	61	  
	 SECTION 9.15.
	 	USA PATRIOT Act	  	 	61	  
	 SECTION 9.16.
	 	Waiver of Immunities	  	 	62	  
	 SECTION 9.17.
	 	Judgment Currency	  	 	62	  
	 SECTION 9.18.
	 	International Banking Facilities	  	 	62	  
	 SECTION 9.19.
	 	Electronic Execution of Assignments	  	 	62	  
	 SECTION 9.20.
	 	No Advisory or Fiduciary Relationship	  	 	62	  

  

					
	 SCHEDULES:
	  		  	
			
	 Schedule 1.01
	  	—	  	Material Subsidiaries
	 Schedule 2.01
	  	—	  	Commitments
	 Schedule 3.06
	  	—	  	Disclosed Matters
	 Schedule 3.12
	  	—	  	Subsidiaries
	 Schedule 6.01(f)
	  	—	  	Existing Liens

  
 iii

					
	 EXHIBITS:

 

	 Exhibit A
	 	—	    	Form of Assignment and Assumption
	 Exhibit B-1
	 	—	    	Form of Opinion of Borrower’s New York Counsel
	 Exhibit B-2
	 	—	    	Form of Opinion of Borrower’s Chilean Counsel
	 Exhibit C
	 	—	    	Form of Guarantee
	 Exhibit D
	 	—	    	Form of Promissory Note
	 Exhibit E
	 	—	    	Form of Pledge Agreement
	 Exhibit F
	 	—	    	Form of Disbursement Escrow Agreement
	 Exhibit G
	 	—	    	Form of Escrow Pledge Agreement

  
 iv 

 CREDIT AGREEMENT dated as of October 17, 2012, among CENCOSUD S.A., a Chilean
corporation (the “Borrower”), the LENDERS party hereto (the “Lenders”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, the
“Administrative Agent”). 
 WHEREAS, pursuant to the Acquisition Agreement (as defined below), the
Borrower will acquire (the “Acquisition”), directly or indirectly, all of the issued and outstanding equity interests in the Target Companies (as defined below); 

WHEREAS, the Company has requested the Lenders to extend credit in the form of term loans on the Closing Date, in an aggregate principal
amount of up to $2,500,000,000; 
 WHEREAS, upon satisfaction of the conditions precedent set forth in Section 4.01, the
Lenders shall fund the Loans and the proceeds thereof shall be held in the Disbursement Escrow Account (as defined below) and upon the earlier of (i) satisfaction of the Acquisition Escrow Release Conditions and (ii) the Escrow Termination
Date, the proceeds of the Escrow Account will be released and distributed in accordance with Section 2.07(c) or Section 4.02 hereof; 
 WHEREAS, in order to induce the Lenders to make loans hereunder, the Borrower is willing to cause certain of its Subsidiaries, including the Target Companies, to guarantee its obligations hereunder and to
cause the Dutch Target Companies to pledge to the Administrative Agent for the benefit of the Lenders all the Acquired Colombian Shares (as defined below); and 
 WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent agree to enter into this Credit Agreement, and the Lenders and the Administrative Agent are willing to do so, all on terms
and conditions herein set forth. 
 The parties hereto agree as follows: 

ARTICLE I 

Definitions 
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “Acquired Colombian Shares” means all the issued and outstanding shares of capital stock of each of the Colombian Target Companies. 

“Acquisition” has the meaning set forth in the recitals of this Agreement. 

“Acquisition Agreement” means the Share Purchase Agreement to be entered into on or prior to the Closing
Date, between the Purchaser and the Seller, together with all schedules, exhibits and disclosure letters related thereto. References herein to the Acquisition Agreement shall be deemed, except as otherwise provided herein, to mean the Acquisition
Agreement in the last draft provided to the Lead Arranger and the Administrative Agent prior to the date hereof. 

“Acquisition Escrow Agreement” means that certain escrow agreement to be entered into on or prior to the Closing
Date among the Escrow Agent, the Borrower, and the Seller. 

 “Acquisition Escrow Account” means that certain interest bearing
deposit account referred to as the “Second Escrow Account” under the Acquisition Escrow Agreement in the name of the Escrow Agent at ABN Amro into which, upon the occurrence of the Disbursement Escrow Release Date, the Disbursement Escrow
Deposit Amount will be transferred by the Escrow Agent on such Closing Date, and held by the Escrow Agent until the earlier of (x) the Acquisition Escrow Release Date and (y) the Acquisition Escrow Termination Date. 

“Acquisition Escrow Deposit Amount” means the Disbursement Escrow Deposit Amount transferred from the
Disbursement Escrow Account to the Acquisition Escrow Account. 
 “Acquisition Escrow Release
Conditions” means each of the conditions set forth in Section 4.03 and in the Escrow Agreement. 

“Acquisition Escrow Release Date” means the date on which the Acquisition Escrow Release Conditions are satisfied
or waived and the aggregate proceeds of the Acquisition Escrow Account are released therefrom to the Sellers, in accordance with the Acquisition Escrow Agreement, which date, in no event, shall be later than the Acquisition Escrow Termination Date.

 “Acquisition Escrow Termination Date” means, unless the Acquisition Escrow Release Date has
previously occurred, the date that is the earliest of (a) December 31, 2012, (b) the date on which the Acquisition Agreement shall terminate without the Acquisition being consummated, and (c) the date which the Borrower notifies
the Administrative Agent in writing that the Acquisition Escrow Release Conditions shall not be met. 
 “Acquisition
Termination Fee Event” means the occurrence of a termination of the Acquisition Agreement that results in a payment of a Termination Fee or Other Termination Fee (each as defined in the Acquisition Agreement) from the Acquisition Escrow
Amount to the Seller. 
 “Act” has the meaning assigned to such term in Section 9.15. 

“Adjusted EBITDA” means for any period, Net Income for such period plus (a) without duplication and
in each case for the Borrower and its Consolidated Subsidiaries and to the extent deducted in determining Net Income for such period, the sum of: (i) Interest Expense for such period, (ii) income tax expense and employee profit sharing
expenses for such period, (iii) all amounts attributable to depreciation and amortization for such period, (iv) any foreign exchange and monetary variation losses for such period, (v) any non-cash charges (other than the write-down of
current assets) for such period and (vi) losses resulting from the elimination of price-level restatement of book-basis capital under IFRS, and minus (b) without duplication and in each case for the Borrower and its Consolidated
Subsidiaries and to the extent included in determining Net Income, (i) any extraordinary and non-recurring gains and expenses and all non-cash items of income or losses for such period, (ii) interest income for such period, all determined
in accordance with IFRS, (iii) increase in valuation of investment properties for such period and (iv) the value of negative goodwill associated with the acquisition by the Borrower of Johnson’s S.A.; provided that
(A) “Adjusted EBITDA” of any Person acquired by the Borrower or any of its Subsidiaries during such period (determined on the same basis as Adjusted EBITDA is determined for the Borrower under this definition) shall be included on a
pro forma basis for such period (assuming the consummation of such acquisition and the incurrence of any indebtedness in connection therewith occurred as of the first day of such period) and (B) “Adjusted EBITDA” of any Person or line
of business Disposed of by the Borrower or any of its Subsidiaries during such period (determined on the same basis as Adjusted EBITDA is determined for the Borrower under this definition) shall be excluded for such

  
 2 

 
period (assuming the consummation of such Disposition and the repayment of any indebtedness in connection therewith occurred as of the first day of such period), in both cases as determined in
accordance to IFRS or according to information provided by independent auditors of the Borrower. 
 “Adjusted LIBO
Rate” means, for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

 “Administrative Agent” means JPMCB in its capacity as administrative agent for the Lenders hereunder.

 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the
Administrative Agent. 
 “Affiliate” means, with respect to a specified Person, another Person that
directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. 
 “Agreement” means this Credit Agreement. 
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate
in effect on such day plus  1/2 of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day); provided that, notwithstanding
the definition of “LIBO Rate”, the LIBO Rate for the purposes of clause (c) for any day shall be based on the rate determined on such day at approximately 11:00 a.m. (London time) by reference to the British Bankers’ Association
Interest Settlement Rates for deposits in Dollars (as set forth by the British Bankers’ Association as an authorized vendor for the purpose of displaying such rates). Any change in the Alternate Base Rate due to a change in the Prime Rate, the
Federal Funds Effective Rate or the Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Effective Rate or the Adjusted LIBO Rate, respectively. 

“Applicable Margin” means, for any day, (i) 1.50% per annum from and including the
Effective Date to and including the 90th day after the
Effective Date, (ii) 1.75% per annum from and including the 91st day after the Effective Date to and including the 180th day after the Effective Date; (iii) 2.00% per annum from and including the 181st day after the Effective Date to and including the 270th day after the Effective Date, (iv) 2.25% per annum from and including the 271st day after the Effective Date to and including the first anniversary
of the Effective Date; and (v) thereafter, 2.75% per annum. 
 “Applicable Percentage” means,
with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently
in effect, giving effect to any assignments; provided that in the case of Section 2.15 when a Defaulting Lender shall exist, any such Defaulting Lender’s Commitment shall be disregarded in the calculation. 

“Approved Fund” means any Person (other than a natural person) that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that
administers or manages a Lender. 

  
 3 

 “Asset Sale” shall mean any Disposition (by way of merger, casualty,
condemnation or otherwise) by the Borrower or any of the Subsidiaries to any Person other than the Borrower or any Subsidiary Guarantor of (a) any Equity Interests of any of the Subsidiaries (other than directors’ qualifying shares),
(b) any other assets of the Borrower or any of the Subsidiaries (except for (i) Dispositions permitted under Sections 6.04(a), (c) or (d), provided that the Disposition of, or contribution into a joint venture, or any other Person
that is not a Subsidiary of the Borrower, of any financing or credit card business or unit of the Borrower or its Subsidiaries shall constitute an Asset Sale for purposes of Section 2.07 and (ii) Asset Sales for fair market value resulting
in no more than $10,000,000 in cash proceeds in the aggregate during the term of this Agreement). 
 “Assignment and
Assumption” means an assignment and assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in the form of Exhibit
A or any other form approved by the Administrative Agent. 
 “Availability
Period” means the period from and including the Effective Date to and ending on the 10th day after the Effective Date. 
 “Bankruptcy Event” means,
with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the
reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such
proceeding or appointment; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental Authority or instrumentality thereof;
provided further that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or
permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Banco Paris” means Banco Paris S.A. 

“Board” means the Board of Governors of the Federal Reserve System of the United States of America. 

“Borrower” means Cencosud S.A., a Chilean corporation. 

“Borrowing” means Loans made or continued on the same date. 

“Borrowing Request” means a request by the Borrower for a Borrowing in accordance with Section 2.03.

 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in
New York City or Santiago, Chile are authorized or required by law to remain closed; provided that, when used in connection with setting the Adjusted LIBO Rate or determining the Interest Period, the term “Business Day” shall also
exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market. 

  
 4 

 “Capital Lease Obligations” of any Person means the obligations of
such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on
a balance sheet of such Person under IFRS, and the amount of such obligations shall be the capitalized amount thereof determined in accordance with IFRS. 
 “Cash Equivalents” means, as at any date, for the Borrower and its Consolidated Subsidiaries on a consolidated basis in accordance with IFRS, and as most recently reported to the
SVS, the sum of (a) Efectivo y Equivalentes al Efectivo (cash and cash equivalents) and (b) Otros Activos Financieros Corrientes (other liquid investments). 

“Cencosud Retail” means Cencosud Retail S.A., a Chilean corporation. 

“Central Bank of Chile” means the Banco Central de Chile or any successor Governmental Authority in Chile.

 “Change in Control” means (a) the occurrence of any of the following: the Paulmann Holders
collectively shall cease to beneficially own, directly or indirectly, at least (i) 50% of the aggregate outstanding Equity Interests of the Borrower and (ii) 50% of the Borrower’s Voting Stock, or (b) the Borrower shall at any
time no longer beneficially own, directly or indirectly, at least 75% of the outstanding Equity Interests and at least 75% of the Voting Stock of Cencosud Retail. 
 “Change in Law” means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender becomes a Lender), of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application thereof by any Governmental Authority, or
(c) the making or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) by any Governmental Authority; provided, however, that notwithstanding anything herein to the contrary,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules,
guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case
pursuant to Basel III, shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented. 
 “Charges” has the meaning assigned to such term in Section 9.14. 
 “Chile” means the Republic of Chile. 
 “Chilean
Stamp Tax” has the meaning assigned to such term in Section 3.18. 
 “Closing Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02), but which shall occur no later than October 25, 2012. 

“Code” means the Internal Revenue Code of 1986, as amended. 

  
 5 

 “Collateral” means, collectively, all of the personal property
(including Equity Interests) in which Liens are purported to be granted pursuant to the Collateral Documents as security for the Obligations. 
 “Collateral Agent” means JPMCB or its successors in such capacity. 
 “Collateral Documents” means the Pledge Agreements, the Escrow Pledge Agreement and all other instruments, documents and agreements delivered by or on behalf of any Loan Party
pursuant to this Agreement or any of the other Loan Documents in order to grant to, or perfect in favor of, Administrative Agent, for the benefit of Secured Parties, a Lien on any personal property of that Loan Party as security for the Obligations.

 “Colombia” means the Republic of Colombia. 

“Colombian Target Companies” means, collectively, Grandes Superficies de Colombia S.A., a Colombian corporation,
and Atacadão de Colombia S.A.S. , a Colombian corporation. 
 “Commitment” means, with respect to
each Lender, the commitment of such Lender to make Loans, as such commitment may be (a) reduced from time to time pursuant to Section 2.05 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender
pursuant to Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial
aggregate amount of the Lenders’ Commitments is $2,500,000,000. 
 “Commitment Letter” means the
Commitment Letter dated October 10, 2012, among the Borrower, JPMCB and J.P. Morgan Securities LLC. 

“Commitment Reduction/Prepayment Event” means: 

(a) any Debt Incurrence; 
 (b) any Equity Issuance; and 
 (c) any Asset Sale. 

“Compendium” has the meaning assigned to such term in Section 3.03. 

“Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however
denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Subsidiaries” means
at any date or for any period the Subsidiaries of the Borrower that are required to be consolidated with those of the Borrower in the Borrower’s consolidated financial statements if such financial statements were prepared in accordance with
IFRS as of such date or for such period, but excluding in any event Banco Paris and any other Subsidiaries principally engaged in banking activities even if the accounts of Banco Paris or such other banking Subsidiaries are required to be
consolidated with those of the Borrower in accordance with IFRS. 

  
 6 

 “Consolidated Total Assets” means the total assets of the Borrower
and its Consolidated Subsidiaries on a consolidated basis, as shown on the most recent balance sheet of the Borrower prepared in conformity with IFRS. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any instrument or other undertaking to which such Person is a party or
by which it or any of its property is bound. 
 “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative
thereto. 
 “Corresponding Obligations” means the Obligations of the Borrower as they may exist from
time to time, other than the Parallel Debt (as defined in Section 8.02(e)). 
 “Credit Exposure”
means, with respect to any Lender at any time, the outstanding principal amount of such Lender’s Loans. 

“Credit Party” means the Administrative Agent or any other Lender. 

“Debt Incurrence” means any incurrence of indebtedness for borrowed money by the Borrower or any of its
Subsidiaries, whether pursuant to a public offering or a Rule 144A or other private placement of debt securities (including debt securities convertible into equity securities) or an incurrence of loans under any loan or credit facility, other than
(a) indebtedness owed by the Borrower or any of its Subsidiaries to the Borrower or any of its Subsidiaries, (b) capital leases, (c) purchase money indebtedness incurred in the ordinary course of business of the Borrower and its
Subsidiaries, (d) local currency bilateral bank facilities of the Borrower and its Subsidiaries for working capital purposes in an aggregate principal amount of up to $200,000,000 (or its equivalent in any other currency) during the term of
this Agreement, (e) Indebtedness of the Target Companies existing on the Acquisition Escrow Release Date permitted to remain outstanding on such date in accordance with the Acquisition Agreement, and (f) Refinancing Indebtedness.

 “Debt to Net Worth Ratio” means, on any date of determination, the ratio of (a) Net Financial
Debt to (b) the sum of (i) Net Worth and, without duplication, (ii) the amount of minority equity interests held in Persons other than the Borrower and its Subsidiaries. 

“Default” means any event or condition which constitutes an Event of Default or which upon notice, lapse of time
or both would, unless cured or waived, become an Event of Default. 
 “Defaulting Lender” means any
Lender that (a) has failed, within two Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in
the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including
the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations
under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a condition precedent (specifically identified and including the particular default, if any) to
funding a loan under this Agreement cannot be 

  
 7 

 
satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by a Credit Party, acting in good faith, to
provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans, provided that such Lender shall cease to be a
Defaulting Lender pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event.

 “Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed
in Schedule 3.06. 
 “Disbursement Escrow Account” means that certain interest bearing deposit
account referred to as the “First Escrow Account” under the Disbursement Escrow Agreement in the name of the Escrow Agent at ABN Amro into which, at the request of the Borrower in accordance with Section 2.03(a), the proceeds of the
Loans will be transferred by the Administrative Agent on the Closing Date, and held by the Escrow Agent until the earlier of (x) the Disbursement Escrow Release Date and (y) the Disbursement Escrow Termination Date. 

“Disbursement Escrow Deposit Amount” means the amount of Euros to be transferred to the Disbursement Escrow
Account for the account of Easy Colombia in accordance with clause (y) of the series of transfers to be made by the Administrative Agent in accordance with Section 2.03(a). 

“Disbursement Escrow Agreement” that certain escrow agreement to be entered into on or prior to the Closing Date
among the Escrow Agent, the Administrative Agent, the Purchaser, substantially in the form of Exhibit G hereto. 

“Disbursement Escrow Release Conditions” means each of the conditions set forth in Section 4.02 and each of
Escrow Release Condition 1, Escrow Release Condition 2, Escrow Release Condition 3 and Escrow Release Condition 4 set forth in the Disbursement Escrow Agreement. 
 “Disbursement Escrow Release Date” means the date on which the Escrow Release Condition 1 set forth in the Disbursement Escrow Agreement is satisfied and the aggregate proceeds of
the Disbursement Escrow Deposit Amount transferred therefrom to the Acquisition Escrow Account, in accordance with the Disbursement Escrow Agreement, which date, in no event, shall be later than the Disbursement Escrow Termination Date. 

“Disbursement Escrow Termination Date” means, unless the Disbursement Escrow Release Date has previously
occurred, the date that is the earliest of (a) October 22, 2012, (b) the date on which the Sellers and the Borrower shall have abandoned the Acquisition, and (c) the date which the Borrower notifies the Administrative Agent in
writing that the Disbursement Escrow Release Conditions shall not be met. 
 “Disposition” or
“Dispose” means the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions, of property or assets of the Borrower or any Subsidiary, other than: 

(a) any disposition of Cash Equivalents; 

  
 8 

 (b) the making of any Restricted Payment that is permitted to be made, and is made, under
Section 6.03; and 
 (c) any disposition of property or assets or issuance of securities (i) by a Subsidiary to the
Borrower or (ii) by the Borrower or a Subsidiary to another Subsidiary. 
 “dollars” or
“$” refers to lawful money of the United States of America. 
 “Dutch Target
Companies” means, collectively, Colombia Holdings Alpha BV, Thalie BV, Calliope BV, Uranie BV and Coledim BV. 

“Easy Colombia” means Easy Colombia S.A., a Colombian corporation. 

“Effective Date” means the date of this Agreement. 

“Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the management, release or threatened release of
any Hazardous Material or to health and safety matters. 
 “Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation
of any Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous
Materials into the environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 

“Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited
liability company, beneficial interests in a trust or other equity ownership interests in a Person, and any warrants, options or other rights entitling the holder thereof to purchase or acquire any such equity interest. 

“Equity Issuance” means any issuance or sale by the Borrower or any of its Subsidiaries of any Equity Interests
of the Borrower or any such Subsidiary, as applicable, except in each case for (a) any issuance or sale to the Borrower or any Subsidiary, (b) any issuance of directors’ qualifying shares, and (c) sales or issuances of common
stock of the Borrower to management or employees of the Borrower or any Subsidiary under any employee stock option or stock purchase plan or employee benefit plan in existence from time to time. 

“Escrow Agent” means ABN Amro, as escrow agent under the Escrow Agreement, and its successor in such capacity.

 “Escrow Agreement” means the Disbursement Escrow Agreement or the Acquisition Escrow Agreement, as
the context may require. 

  
 9 

 “Escrow Pledge Agreement” means the Deed of Disclosed Pledge over
Receivables among the Borrower, as pledgor, the Collateral Agent and the Escrow Agent, substantially in the form of Exhibit G hereto. 
 “Euro” mean the lawful currency introduced in accordance with the EMU Legislation of each state described in any EMU Legislation as a Participating Member State. As used herein,
“EMU Legislation” means the legislative measures of the European Council for the introduction of, changeover to or operation of a single or unified European currency. 

“Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans
comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Event of Default” has the meaning assigned to such term in Article VII. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or
required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient
being organized under the laws of, or having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other
Connection Taxes, (b) in the case of a Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date
on which (i) such Lender acquires such interest in the Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 2.14(b)) or (ii) such Lender changes its lending office, except in each case to the
extent that, pursuant to Section 2.12, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender immediately
before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.12(e) and (d) any U.S. Federal withholding Taxes imposed under FATCA. 

“FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof. 
 “Federal Funds Effective Rate” means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business
Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 

“Financial Officer” means the chief financial officer, principal accounting officer, treasurer or controller of
the Borrower. 

  
 10 

 “Financial Statements” means the Borrower’s financial
statements submitted periodically to the SVS in accordance with IFRS. 
 “Governmental Authority” means
the government of the United States of America or Chile, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Guarantee” of or by any Person (the “guarantor”) means any obligation, contingent or
otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, and
including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation or to purchase (or to advance or supply funds for the
purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to maintain working
capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of
credit or letter of guaranty issued to support such Indebtedness or obligation; provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. 

“Guaranty Agreement” means the unconditional Guarantee by each of the Guarantors of all of the Borrower’s
obligations under this Agreement, in the form of Exhibit C. 
 “Guaranty Joinder” has the meaning
set forth in the Guaranty Agreement. 
 “Guarantors” means Cencosud Retail and each of the Target
Companies. 
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes
of any nature regulated pursuant to any Environmental Law. 
 “IFRS” means the accounting principles
known as the “International Financial Reporting Standards” adopted by the International Accounting Standards Board, as in effect from time to time. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind,
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional
sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the
ordinary course of business), (f) all net obligations under any agreement or instrument in respect of an interest rate or currency swap, exchange or hedging transaction or other financial derivatives transaction, (g) all Indebtedness of
others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been
assumed, (h) all Guarantees by such Person of Indebtedness of others, (i) all Capital Lease Obligations of such Person, (j) 

  
 11 

 
all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (k) all obligations, contingent or otherwise, of such
Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a
result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 

“Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment
made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 
 “Indemnitee” has the meaning assigned to it in Section 9.03(b). 
 “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person or subject to any other credit
enhancement. 
 “Information” has the meaning assigned to it in Section 9.13. 

“Intangible Assets” means, with respect to any Person and as of any date of determination, the assets of such
Person that are properly classified as intangible assets or the equivalent concept in Spanish, in accordance with the regulations of the Superintendencia de Bancos e Instituciones Financieras and IFRS. 

“Interest Election Request” means a request by the Borrower to continue a Borrowing in accordance with
Section 2.03(b). 
 “Interest Expense” means, for a period consisting of the most recently ended
four consecutive fiscal quarters reported to the SVS, with respect to the Borrower and its Consolidated Subsidiaries on a consolidated basis in accordance with IFRS, the aggregate interest expense for such period with respect to all outstanding
indebtedness of the Borrower, which shall be determined as the difference between the account entry “costos financieros” set forth in the Borrower’s consolidated financial statements and the account entry “ingresos
financieros”; provided that if at any time the Borrower is required to consolidate the accounts of Banco Paris or other Subsidiaries engaged in banking activities pursuant to IFRS, the Borrower shall exclude Banco Paris and any other
such Subsidiaries from its consolidation of accounts. 
 “Interest Payment Date” means the last day of
the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Borrowing with an Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that occurs at
intervals of three months’ duration after the first day of such Interest Period. 
 “Interest
Period” means the period commencing on the date of a Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect; provided that
(i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month
of such Interest Period) shall end on the last Business Day of the last calendar month 

  
 12 

 
of such Interest Period and (iii) any Interest Period that would otherwise end after the Maturity Date shall end on the Maturity Date. For purposes hereof, the date of a Borrowing initially
shall be the date on which such Borrowing is made. 
 “JPMCB” means JPMorgan Chase Bank, National
Association and its successors. 
 “Lead Arranger” means J.P. Morgan Securities LLC and its successors
in such capacity. 
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person
that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption. 

“Leverage Ratio” means, on any date, the ratio of (a) Net Financial Debt on such date to (b) Adjusted
EBITDA for the period of four consecutive fiscal quarters ended on such date (or, if such date is not the last day of a fiscal quarter, ended on the last day of the fiscal quarter most recently ended prior to such date). 

“LIBO Rate” means, for any Interest Period, the rate per annum determined by the Administrative Agent to be the
arithmetic mean of the offered rates for deposits in dollars with a term comparable to such Interest Period that appears on the Telerate British Bankers Assoc. Interest Settlement Rates Page (as defined below) at approximately 11:00 a.m., London,
England time, on the second full Business Day preceding the first day of such Interest Period, except with respect to the Interest Period commencing on the Closing Date, for which the applicable “LIBO Rate” will be determined by the
Administrative Agent acting in good faith (whether or not in a manner consistent with this definition); provided, however, that (i) if no comparable term for an Interest Period is available, the LIBO Rate shall be determined using
the weighted average of the offered rates for the two terms most nearly corresponding to such Interest Period and (ii) if there shall at any time no longer exist a Telerate British Bankers Assoc. Interest Settlement Rates Page, “LIBO
Rate” shall mean, with respect to each day during each Interest Period pertaining to Eurodollar Borrowings comprising part of the same Borrowing, the rate per annum equal to the rate at which the Administrative Agent is offered deposits in
dollars at approximately 11:00 a.m., London, England time, two Business Days prior to the first day of such Interest Period in the London interbank market for delivery on the first day of such Interest Period for the number of days comprised therein
and in an amount comparable to its portion of the amount of such Eurodollar Borrowing to be outstanding during such Interest Period; provided that in no event shall the LIBO Rate be less than zero. “Telerate British Bankers Assoc.
Interest Settlement Rates Page” shall mean the display designated as Reuters Screen LIBOR01 Page (or such other page as may replace such page on such service for the purpose of displaying the rates at which dollar deposits are offered by
leading banks in the London interbank deposit market). 
 “Lien” means, with respect to any asset,
(a) any mortgage, deed of trust, lien, pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention
agreement (or any financing lease having substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such
securities. 
 “Loan Documents” means this Agreement, the Guaranty Agreement, the Collateral Documents,
any Promissory Notes (including, after the execution and delivery thereof, any endorsement (avales) of Cencosud Retail) executed and delivered pursuant to Section 2.06(e), and any other document executed in connection with this
Agreement. 

  
 13 

 “Loan Parties” means the Borrower and the Guarantors. 

“Loans” means the loans made by the Lenders to the Borrower pursuant to this Agreement. 

“Margin Stock” has the meaning assigned to such term in Regulation T, U or X of the Board. 

“Material Adverse Effect” means any event, development or circumstance that has had or could reasonably be
expected to have a material adverse effect on (x) the business, assets, property, or condition (financial or otherwise) of the Borrower, the Target Companies and their respective Subsidiaries, taken as a whole; provided that for purposes
of the Specified Representations and as such term is used in Section 4.01(c) and for purposes of Section 4.01(i), this clause (x) shall be deemed to refer to the Borrower and its Subsidiaries (other than the Target Companies and their
subsidiaries), taken as a whole, or (y) the validity or enforceability of this Agreement or the rights or remedies of the Administrative Agent and the Lenders hereunder. 
 “Material Indebtedness” means Indebtedness (other than the Loans), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries
in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be
the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 

“Material Subsidiary” means, on any date, Cencosud Retail and any other Subsidiary (x) whose revenues
represent more than 10% of the gross revenues of the Borrower and its Subsidiaries (determined on a consolidated basis without duplication in accordance with IFRS) and/or (y) whose assets represent more than 10% of Consolidated Total Assets;
provided that the Material Subsidiaries, taken as a whole, shall at all times represent at least 80% of (i) the gross revenues of all of the Subsidiaries in the aggregate and (ii) the total assets of all of the Subsidiaries in the
aggregate, in each case determined on a consolidated basis without duplication in accordance with IFRS and as reflected in the most recent financial statements delivered pursuant to Section 5.01 prior to such date and, if necessary to meet the
preceding requirements of this proviso, the Borrower shall (from time to time) designate in writing to the Administrative Agent one or more additional Subsidiaries as Material Subsidiaries in order to satisfy such requirements. Schedule 1.01
sets forth the Material Subsidiaries as of the Effective Date. Notwithstanding the foregoing, as used in clauses (h), (i) and (j) of Article VII, “Material Subsidiary” shall mean (i) a “Material Subsidiary”
determined as set forth in the first sentence of this definition, but with “2.5%” substituted for “10%” in each of the places in which it appears in clauses (x) and (y) therein and (ii) any group of Subsidiaries
that, taken together as a single Subsidiary, would constitute a “Material Subsidiary” pursuant to clauses (x) and (y) of the first sentence of this definition. 

“Maturity Date” means April 17, 2014 (or, if such day is not a Business Day, the next preceding Business
Day). 
 “Maximum Rate” has the meaning assigned to such term in Section 9.14. 

  
 14 

 “Moody’s” means Moody’s Investors Service, Inc.

 “Net Financial Debt” means, as of any date of determination: (a) the aggregate principal amount
of all Indebtedness of the Borrower and its Consolidated Subsidiaries at such date, determined on a consolidated basis in accordance with IFRS, of the type referred to in clauses (a), (b), (c), (d), (e), (f) and (i) thereof, but in each
case if and to the extent that the foregoing (other than letters of credit) appears or is required to be accounted for as a liability upon a balance sheet (excluding contingencies disclosed solely in the footnotes thereto) of the Borrower and its
Consolidated Subsidiaries prepared in accordance with IFRS, minus (b) the sum, determined for the Borrower and its Consolidated Subsidiaries, of (i) all unrestricted cash and Cash Equivalents (current and non-current) and
(ii) Otros Activos Financieros No Corrientes (other non-current investments), without duplication with clause (f) of the definition of “Indebtedness”, as most recently reported to the SVS for the Borrower and its
Consolidated Subsidiaries on a consolidated basis (but excluding in any event Banco Paris or other banking Subsidiary excluded from the definition of “Consolidated Subsidiaries” even if included in such report). 

“Net Income” means, for any period, the net income (or loss) of the Borrower and its Consolidated Subsidiaries
determined on a consolidated basis in accordance with IFRS. 
 “Net Proceeds” shall mean (a) with
respect to any Asset Sale, the cash proceeds (including cash proceeds subsequently received (as and when received) in respect of noncash consideration initially received), net of (i) selling expenses (including reasonable broker’s fees or
commissions, legal fees, transfer and similar taxes and the Borrower’s good faith estimate of income taxes paid or payable in connection with such sale), (ii) amounts provided as a reserve, in accordance with IFRS, against any liabilities
under any indemnification obligations or purchase price adjustment associated with such Asset Sale (provided that, to the extent and at the time any such amounts are released from such reserve, such amounts shall constitute Net Proceeds) and
(iii) the principal amount, premium or penalty, if any, interest and other amounts on any Indebtedness for borrowed money which is secured by the asset sold in such Asset Sale and which is required to be repaid with such proceeds (other than
any such Indebtedness assumed by the purchaser of such asset); provided, that, if (x) the Borrower shall deliver a certificate of a Financial Officer to the Administrative Agent at the time of receipt thereof setting forth the
Borrower’s intent to reinvest such proceeds in a maximum aggregate amount of $50,000,000 during the term of this Agreement in productive assets of a kind then used or usable in the business of the Borrower and its Subsidiaries within 180-days
of receipt of such proceeds; and (y) no Default or Event of Default shall have occurred and shall be continuing at the time of such certificate or at the proposed time of the application of such proceeds, then such proceeds shall not constitute
Net Proceeds except to the extent not so used at the end of such 180 day period, at which time such proceeds shall be deemed to be Net Proceeds; except that (I) the cash proceeds from sales of accounts receivable in the ordinary of course of
business (subject to the maximum aggregate reinvestment amount for all Asset Sales set forth in clause (x) above) may be reinvested solely in working capital of the Borrower and its Subsidiaries; and (II) cash proceeds from any Disposition of,
or contribution into a joint venture, or any other Person that is not a Subsidiary of the Borrower, of any financing or credit card business or unit of the Borrower or its Subsidiaries may not be reinvested under the foregoing proviso; and
(b) with respect to any Debt Incurrence or Equity Issuance, the cash proceeds thereof, net of all Taxes and customary fees, commissions, costs and other expenses incurred by the Borrower or, if applicable, any Subsidiary, in connection
therewith. 
 “Net Worth” means, as of any date of determination, for the Borrower and its Consolidated
Subsidiaries at such date, in each case determined on a consolidated basis in accordance with IFRS, the sum of the par amounts of capital stock, capital in excess of par or stated value of shares of stock, retained earnings and any other account
which constitutes stockholders’ equity, but excluding any treasury stock. 

  
 15 

 “Obligations” means all obligations of every nature of each Loan
Party, including obligations from time to time owed to Administrative Agent or the Lenders or any of them under any Loan Document, whether for principal, interest (including interest which, but for the filing of a petition in bankruptcy with respect
to such Loan Party, would have accrued on any Obligation, whether or not a claim is allowed against such Loan Party for such interest in the related bankruptcy proceeding), fees, expenses, indemnification or otherwise. 

“OFAC” means the Office of Foreign Assets Control of the United States Department of the Treasury. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former
connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, enforced, become a party to, performed its obligations under, received payments under, received
or perfected a security interest under, engaged in any other transaction pursuant to, or enforced, any Loan Document), or sold or assigned an interest in any Loan or Loan Document). 

“Other Taxes” means all present or future stamp, court or documentary intangible, recording, filing or similar
Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such
Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.14(b)). 
 “Parallel Debt” has the meaning specified in Section 8.02(e). 
 “Participant” has the meaning assigned to such term in Section 9.04(c). 
 “Participant Register” has the meaning assigned to such term in Section 9.04(c). 
 “Paulmann Family Entity” means any trust or entity 100% owned and Controlled by or established for the sole benefit of, or the estate of, Horst Paulmann Kemna or his spouse or
lineal descendants. 
 “Paulmann Holder” means (a) Horst Paulmann Kemna or any of his spouse or
lineal descendants or (b) a Paulmann Family Entity. 
 “Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Pledge Agreement” means each of the pledge agreements entered into among the Dutch Target Companies, as grantors, and the Administrative Agent for the benefit of the Secured
Parties in respect of the Acquired Colombian Shares and the other collateral referred to therein, substantially in the form attached hereto as Exhibit E. 
 “Pledged Stock” means the Acquired Colombian Shares and any other shares of capital stock issued in replacement or substitution of the Acquired Colombian Shares. 

  
 16 

 “Prime Rate” means the rate of interest per annum publicly announced
from time to time by JPMorgan Chase Bank as its prime rate in effect at its office located at 270 Park Avenue, New York, New York; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as
being effective. 
 “Process Agent” has the meaning assigned to such term in Section 9.10(c).

 “Promissory Note” means a promissory note (which shall constitute a pagaré (titulo
ejecutivo) under Chilean law) evidencing Loans, in the form of Exhibit D, delivered pursuant to Section 2.06(e). 
 “Purchaser” means the Borrower and/or one of its wholly owned Subsidiaries identified as the “Purchaser” in the Acquisition Agreement. 

“Recipient” means, as applicable, (a) the Administrative Agent and (b) any Lender. 

“Refinancing Indebtedness” means Indebtedness constituting a refinancing, refunding, renewal, modification or
extension of Indebtedness outstanding on the Effective Date (the “Refinanced Indebtedness”) that (a) has an aggregate outstanding principal amount or accreted value, if applicable, not greater than the aggregate principal
amount or accreted value, if applicable, of such Refinanced Indebtedness outstanding at the time of such refinancing or extension except by an amount equal to unpaid accrued interest and premium thereon plus other reasonable amounts paid, and fees
and expenses reasonably incurred, in connection with such refinancing, refunding, renewal, modification or extension and by an amount equal to any existing commitments unutilized thereunder and (b) has a weighted average maturity (measured as
of the date of such refinancing or extension) and maturity no shorter than that of such Refinanced Indebtedness. 

“Register” has the meaning assigned to such term in Section 9.04(b). 

“Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the respective
directors, officers, employees, agents and advisors of such Person and such Person’s Affiliates. 
 “Required
Lenders” means, at any time, Lenders having Commitments representing more than 50% of the sum of the total Credit Exposure; provided that for the purpose of determining the Required Lenders needed for any waiver, amendment,
modification or consent, any Lender that is the Borrower, or any Affiliate of the Borrower, shall be disregarded. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property)
with respect to any Equity Interests in the Borrower or any Subsidiary, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition,
cancellation or termination of any such Equity Interests in the Borrower or any option, warrant or other right to acquire any such Equity Interests in the Borrower. 
 “S&P” means Standard & Poor’s. 

“Sanctions” has the meaning assigned to such term in Section 3.15. 

  
 17 

 “SEC” means the United States Securities and Exchange Commission.

 “Secured Party” means each of the Administrative Agent, the Collateral Agent and the Lenders.

 “Sellers” means Carrefour Nederland B.V., a company incorporated under the laws of the Netherlands,
and Carrefour S.A., a company incorporated under the laws of the French Republic. 
 “Specified
Representations” means the representations and warranties set forth in Sections 3.01, 3.02, 3.03(ii), 3.03(iii), 3.04(a), 3.07, 3.08, 3.15, 3.16, 3.17, 3.19 and 3.20, but only insofar as they relate to the Borrower and its Subsidiaries
(other than the Target Companies and their subsidiaries). 
 “Statutory Reserve Rate” means a fraction
(expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed
as a decimal established by the Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such
reserve percentage shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions
or offsets that may be available from time to time to any Lender under such Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve
percentage. 
 “subsidiary” means, with respect to any Person (the “parent”) at
any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements
were prepared in accordance with IFRS as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the
equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by
the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any subsidiary of the Borrower. For purposes of any representations and warranties made herein
prior to the consummation of the Acquisition, the term “Subsidiary” shall not include any of the Target Companies or their respective Subsidiaries. 
 “SVS” means the Superintendencia de Valores y Seguros de Chile (Chilean Securities Commission). 
 “Swap Agreement” means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one
or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these
transactions; provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap
Agreement. 

  
 18 

 “Target Companies” means, collectively, the Colombian Target
Companies and the Dutch Target Companies. 
 “Tax Beneficial Owner” means, with respect to any U.S.
Federal withholding Tax, the beneficial owner, for U.S. Federal income tax purposes, to whom such Tax relates. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup
withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 
 “The Netherlands” means the Kingdom of the Netherlands. 

“Transactions” shall mean, collectively, (a) the execution, delivery and performance by the Borrower of the
Acquisition Agreement and the consummation of the transactions contemplated thereby, (b) the execution, delivery and performance by the Loan Parties of the Loan Documents to which they are a party and the making of the Borrowings hereunder, and
(c) the payment of related fees and expenses. 
 “U.S. Person” means a “United States
person” within the meaning of Section 7701(a)(30) of the Code. 
 “Withholding Agent” means
any Loan Party and the Administrative Agent. 
 “Voting Stock” of any Person as of any date means the
Equity Interests in such Person that are ordinarily entitled to vote in the election of the board of directors of such Person. 

SECTION 1.02. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms
defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase
“without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of
similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and
Sections of, and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights. 
 SECTION 1.03. Accounting Terms; IFRS. Except as
otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with IFRS, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that the Borrower
requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in IFRS or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that
the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such 

  
 19 

 
change in IFRS or in the application thereof, then such provision shall be interpreted on the basis of IFRS as in effect and applied immediately before such change shall have become effective
until such notice shall have been withdrawn or such provision amended in accordance herewith. 
 ARTICLE II 

The Credits 
 SECTION 2.01. Commitments. Subject to the terms and conditions set forth in this Agreement, each Lender severally agrees to lend to the Borrower on the Closing Date, in dollars such Lender’s
pro rata share of the principal amount requested in a Borrowing Request pursuant to Section 2.03, not to exceed such Lender’s Commitment. None of the Loans are revolving in nature, and amounts paid or prepaid in respect of Loans may not be
reborrowed. 
 SECTION 2.02. Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing consisting of
Loans made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the
Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required. 
 (b) Each Borrowing shall be comprised entirely of Eurodollar Loans. Each Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make
such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement. 
 (c) At the commencement of each Interest Period, such Borrowing shall be in an aggregate amount that is an integral multiple of $5,000,000 and not less than $10,000,000. 

SECTION 2.03. Requests for Borrowings; Interest Period Elections. 

(a) To request a Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone or telecopy not later than
8:00 a.m., New York City time, on the date of the proposed Borrowing. Such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

(ii) the amount corresponding to the Chilean Stamp Tax due thereunder; 

(iii) the date of such Borrowing, which shall be a Business Day; 

(iv) the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the
term “Interest Period”; 
 (v) the location and number of the account to which funds are to be
disbursed, which shall comply with the requirements of Section 2.04; and 
 (vi) the information of the
accounts established by each of Cencosud Internacional Ltda. and Easy Colombia maintained with the Administrative Agent in New York City. 

  
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 The Borrowing Request shall contain an instruction from the Borrower to the Administrative
Agent to transfer an amount equal to the proceeds of the Loans minus the amount specified in the Borrowing Request in accordance with clause (ii) above (x) from the account specified in the Borrowing Request in accordance to clause
(v) above to the accounts of each of the Borrower’s Subsidiaries set forth in clause (vi) above and in the order specified therein, (y) from the account specified therein of Easy Colombia to an account of JPMCB for purposes of
the conversion of such proceeds of the Loans into Euros, and (y) upon conversion of such amount into Euros, from the account of Easy Colombia S.A. to the Disbursement Escrow Account. Such instruction shall be irrevocable and shall not be
modified without the Administrative Agent’s written consent. 
 The Borrowing of the Loans on the Closing Date shall be
deemed an express and irrevocable authorization from the Borrower to the Administrative Agent to withhold from the proceeds of the Loan the amount of the Chilean Stamp Tax due thereunder in its equivalent in Chilean pesos to apply such amount to pay
the Chilean Stamp Tax for the account and on behalf of the Borrower to Chile’s Tesorería General de la República (or any other Chilean agency or governmental body that may substitute or succeed it). 

If no Interest Period is specified, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.
Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing.

 (b) Each Borrowing shall have an initial Interest Period as specified in such Borrowing Request and, thereafter, the Borrower
may elect Interest Periods therefor, all as provided in this Section; provided that until the earlier of (i) the successful completion of the syndication of the facility under this Agreement, as notified in writing by the Lead Arranger
to the Borrower, and (ii) the date that is six months after the Effective Date, the Borrower shall only be entitled to elect Interest Periods of one month’s duration. 

(iii) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by
telephone not later than 11:00 a.m., New York City time, three Business Days before the end of the then current Interest Period. Each such telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery or
telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 
 (iv) Each telephonic and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

(A) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; and

 (B) the Interest Period to be applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”. 
 If any such Interest Election Request requests a
Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of an Interest Election Request, the Administrative Agent
shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 

(v) In the event the Borrower elects to change the Interest Period as provided herein, it shall deliver to the
Administrative Agent, concurrently with the written Interest Election Request, an executed allonge (hoja de prolongación) to the executed Promissory Notes in terms satisfactory to the Administrative Agent, with its signatures
authorized by a Notary Public, amending the Interest Period set forth in the Promissory Notes to be consistent with the new Interest Period elected. 

  
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 SECTION 2.04. Funding of Borrowings. (a) Each Lender shall make each Loan to be
made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 12:00 noon, New York City time, on the Closing Date to the account of the Administrative Agent most recently designated by it for such purpose by
notice to the Lenders. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and
designated by the Borrower in the Borrowing Request. 
 (b) Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on
such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing
available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such
amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in
accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the Alternate Base Rate. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s
Loan included in such Borrowing. 
 SECTION 2.05. Termination and Reduction of Commitments. (a) Unless previously
terminated, the Commitments shall terminate automatically at 5:00 p.m., New York City time on the last day of the Availability Period. 
 (b) The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided that each reduction of the Commitments shall be in an amount that is an integral multiple of
$1,000,000 and not less than $10,000,000. 
 (c) Any unused portion of the Commitments shall automatically terminate upon the
making of the Loans on the Closing Date. 
 (d) In the event and on each occasion that, prior to the termination of the
Commitments in accordance with Section 2.05(a), 2.05(b) or 2.05(c), any Net Proceeds are received by or on behalf of the Borrower or any of its Subsidiaries in respect of any Commitment Reduction/Prepayment Event, (i) the Borrower shall,
on the day of such receipt, deliver to the Administrative Agent a notice thereof setting forth the nature of such Commitment Reduction/Prepayment Event and the amount of such Net 

  
 22 

 
Proceeds (together with a reasonably detailed calculation thereof), and (ii) the Commitments will be automatically and permanently reduced by the amount of such Net Proceeds (or, if less,
the aggregate amount of the Commitments then in effect), such reduction to be effective on the day on which such Net Proceeds are received. 
 (e) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective
date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the
Borrower pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities or debt
securities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be
permanent. 
 SECTION 2.06. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises
to pay to the Administrative Agent for the account of each Lender the unpaid principal amount of each Loan as follows: (i) an amount equal to 50% of the amount of the Loans disbursed on the Closing Date, on October 17, 2013, and
(ii) and the entire unpaid balance of the Loans on the Maturity Date. 
 (b) Each Lender shall maintain in accordance with
its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time
hereunder. 
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan
made hereunder and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. 
 (d) The entries made in
the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

(e) Any Lender may request that Loans made by it be evidenced by a Promissory Note, endorsed (por aval) by Cencosud Retail. In
such event, the Borrower shall prepare, execute and deliver to such Lender a Promissory Note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the
Administrative Agent, which shall be duly endorsed (por aval) by Cencosud Retail by means of an allonge (hoja de prolongación) in the form included in Exhibit D, as soon as the required corporate approvals have been obtained in
accordance with Section 5.11. Thereafter, the Loans evidenced by such Promissory Note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more Promissory Notes, endorsed
(por aval) by Cencosud Retail after the required corporate approvals have been obtained, payable to the order of the payee named therein (or, if such Promissory Note so provides, to such payee and its registered assigns). 

  
 23 

 SECTION 2.07. Prepayment of Loans. (a) The Borrower may upon at least three
Business Days’ notice to the Administrative Agent, prepay any Loans, in whole or in part, in an amount that is an integral multiple of $1,000,000 and not less than $10,000,000 in the case of partial prepayments, by paying the principal amount
to be prepaid together with accrued interest thereon to the date of prepayment. 
 (b) In the event and on each occasion that,
after the Closing Date, any Net Proceeds are received by or on behalf of the Borrower or any of its Subsidiaries in respect of any Commitment Reduction/Prepayment Event, (i) the Borrower shall, on the date of such receipt, deliver to the
Administrative Agent a notice thereof setting forth the nature of such Commitment Reduction/Prepayment Event and the amount of such Net Proceeds (together with a reasonably detailed calculation thereof) and (ii) within three Business Days after
such Net Proceeds are received, the Borrower shall prepay Loans in an amount equal to such Net Proceeds (or, if less, the aggregate amount of the Loans then outstanding), together with accrued interest thereon to the date of prepayment. 

(c) Subject to Section 2.07(h), upon the occurrence of the Disbursement Escrow Termination Date, the entire outstanding principal
amount of the Loans shall become due and payable together with accrued and unpaid interest thereon, and the Borrower shall cause the Purchaser to instruct the Escrow Agent to transfer to an account designated by the Administrative Agent the entire
Disbursement Escrow Deposit Amount. To the extent that the Disbursement Escrow Deposit Amount is not sufficient to pay the full amount of the Obligations that shall become due and payable on the Disbursement Escrow Termination Date, the Borrower
shall pay the Administrative Agent any deficiency on such date. 
 (d) Subject to Section 2.07(h), upon the occurrence of
the Acquisition Escrow Termination Date: 
 (i) The Borrower shall pay to the Administrative Agent an amount
equal to the portion of the Acquisition Escrow Deposit Amount that the Purchaser shall be entitled to claim from the Escrow Agent in accordance with the Acquisition Escrow Agreement, which shall be applied to the prepayment of the outstanding
principal amount of the Loans (or a portion thereof) together with accrued and unpaid interest thereon, and the Borrower shall cause the Purchaser to instruct the Escrow Agent to transfer to an account designated by the Administrative Agent such
portion of the Acquisition Escrow Deposit Amount. Subject to clause (ii) of this Section 2.07(d) below, to the extent that the portion of the Acquisition Escrow Deposit Amount that the Purchaser shall be entited to claim from the Escrow
Agent in accordance with the Acquisition Escrow Agreement is not sufficient to pay the full amount of the Obligations that shall become due and payable on the Acquisition Escrow Termination Date, the Borrower shall pay the Administrative Agent any
deficiency on such date. 
 (ii) If and the extent that the portion of the Acquisition Escrow Deposit Amount
that the Purchaser shall be entited to claim from the Escrow Agent in accordance with the Acquisition Escrow Agreement is not sufficient to pay the full amount of the Obligations that shall become due and payable on the Acquisition Escrow
Termination Date as a result of the occurrence of an Acquisition Termination Fee Event, the Borrower shall pay the Administrative Agent the portion of the outstanding principal amount that remains outstanding after the prepayment of the Loans

  
 24 

 
required by clause (i) of this Section 2.07(d) shall have been made, together with accrued and unpaid interest thereon and any other amounts that are due and payable under the Loan
Documents on such date, on the date that is six months after the Acquisition Escrow Termination Date. 
 (e) Subject to
Section 2.07(h), if the Purchaser shall have received any distributions from the Escrow Agent under either Escrow Agreement (other than as contemplated under Section 2.07(c), or (d) above) on any other date, the Borrower shall pay
such amounts received to the Administrative Agent to be applied to the prepayment of the outstanding principal amount of the Loans (or a portion thereof) together with accrued and unpaid interest thereon. 

(f) All prepayments of Loans shall be applied first to the principal amortization payment set forth in Section 2.06(a)(i) and second
to the balance due on the Maturity Date. Each such prepayment shall be applied to prepay ratably the relevant Loans of the several Lenders. Prepayment of a Eurodollar Loan on any day other than the last day of an Interest Period applicable thereto
shall be subject to Section 2.11. 
 (g) Upon receipt of a notice of prepayment pursuant to Section 2.07(a) or (b),
the Administrative Agent shall promptly notify each Lender of the contents thereof and of such Lender’s ratable share of such prepayment, and such notice shall not thereafter be revocable by the Borrower. 

(h) For the avoidance of doubt, any payment received pursuant to Section 2.07(c), (d) or (e) in any currency other than
U.S. dollars shall be subject to the provisions of Section 9.17. 
 SECTION 2.08. Fees. (a) The Borrower agrees
to pay to the Administrative Agent for the account of each Lender an undrawn commitment fee which shall accrue at a rate equal to 35% of the Applicable Margin in effect from time to time on the average daily amount of the undrawn Commitment of such
Lender, which fee shall accrue during the period from October 17, 2012 (but only if the Closing Date shall not have occurred on or prior to such date) to but excluding the date on which such Commitment terminates. The accrued commitment fees,
if any, shall be payable on the earlier of the Closing Date and the date of termination or expiration of the Commitments. 
 (b)
If any Loans have not been repaid in full in cash on or prior to: 
 (i) the 181th day after the Effective Date, a fully earned and non-refundable
duration fee equal to 0.15% of the aggregate principal amount of Loans then outstanding shall be due and payable by the Borrower on such date to the Administrative Agent for the account of each Lender pro rata in accordance with its
Applicable Percentage; 
 (ii) the 271th day after the Effective Date, a fully earned and non-refundable
duration fee equal to 0.20% of the aggregate principal amount of Loans then outstanding shall be due and payable by the Borrower on such date to the Administrative Agent for the account of each Lender pro rata in accordance with its
Applicable Percentage; 
 (iii) the 361st day after the Effective Date, a fully earned and non-refundable
duration fee equal to 0.25% of the aggregate principal amount of Loans then outstanding shall be due and payable by the Borrower on such date to the Administrative Agent for the account of each Lender pro rata in accordance with its
Applicable Percentage; and 
 (iv) the 451st day after the Effective Date, a fully earned and non-refundable
duration fee equal to 0.35% of the aggregate principal amount of Loans then outstanding shall be due and payable by the Borrower on such date to the Administrative Agent for the account of each Lender pro rata in accordance with its
Applicable Percentage. 

  
 25 

 (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees
payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. 
 (d) The
Borrower shall pay the Lead Arranger or the Administrative Agent, as applicable, all fees and other amounts payable in connection with the occurrence of the Closing Date, not later than one Business Day after the Closing Date. 

(e) The undrawn commitment fees payable pursuant to Section 2.08(a) shall be computed on the basis of a year of 360 days and shall
be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (f) Except for the
fees set forth in Section 2.08(d), all fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of the commitment fees and duration fees, to the Lenders.
Fees paid shall not be refundable under any circumstances. 
 SECTION 2.09. Interest. (a) The Loans comprising each
Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Margin. 
 (b) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon
acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as
provided in paragraph (a) of this Section or (ii) in the case of any other amount, 2% plus the Applicable Margin plus the Alternate Base Rate. 
 (c) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; provided that (i) interest accrued pursuant to paragraph (b) of this Section
shall be payable on demand and (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment. 

(d) All interest hereunder shall be computed on the basis of a year of 360 days, and shall be payable for the actual number of days
elapsed (including the first day but excluding the last day). The applicable Adjusted LIBO Rate or LIBO Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. 

SECTION 2.10. Increased Costs. (a) If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit or similar requirement (including any compulsory loan
requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); 

  
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 (ii) impose on any Lender or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Loans made by such Lender; or 
 (iii) subject
any Recipient to any Taxes (other than (A) Indemnified Taxes and (B) Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable
thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Loan (or of
maintaining its obligation to make any such Loan), then the Borrower will pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered. 

(b) If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing
the rate of return on such Lender’s capital or on the capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans made by, such Lender, to a level below that which such Lender or such Lender’s
holding company could have achieved but for such Change in Law (taking into consideration such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity), then from time to time the
Borrower will pay to such Lender, such additional amount or amounts as will compensate such Lender or such Lender’s holding company for any such reduction suffered. 
 (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this
Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such
Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than 270 days prior to the date that such
Lender, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s intention to claim compensation therefor; provided further that, if the Change in Law
giving rise to such increased costs or reductions is retroactive, then the 270-day period referred to above shall be extended to include the period of retroactive effect thereof. 

SECTION 2.11. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar Loan other than on
the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b) the failure to borrow, continue or prepay any Eurodollar Loan on the date specified in any notice delivered pursuant hereto or
(c) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.14, then, in any such event, the Borrower shall compensate each
Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (x) the
amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period from the date of such event to the last day of the
then current Interest Period therefor (or, in the case of a failure to borrow or continue, for the period that would have been the Interest Period for such Loan), over (y) the amount of interest which would accrue on such principal amount for
such 

  
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period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of a comparable amount and period from other banks in the
eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall
pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
 SECTION 2.12.
Taxes. 
 (a) Payments Free of Taxes. Any and all payments by or on account of any obligation of any Loan Party
under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction
or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant
Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including
such deductions and withholdings of Indemnified Tax applicable to additional sums payable under this Section 2.12) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been
made. 
 (b) Payment of Other Taxes by the Borrower. The Loan Parties shall timely pay to the relevant Governmental
Authority in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for, Other Taxes. 

(c) Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party to a Governmental Authority pursuant
to this Section 2.12, such Loan Party shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other
evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (d) Indemnification by the Borrower. The
Loan Parties shall jointly and severally indemnify each Recipient, within 30 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this
Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient and any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes were correctly or legally
imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf
or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Status of Lenders. Any Lender that is
entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the
Administrative Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition,
any Lender, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or
the Administrative 

  
 28 

 
Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the
completion, execution and submission of such documentation shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would
materially prejudice the legal or commercial position of such Lender. 
 Each Lender agrees that if any form or certification it
previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so. 

(f) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund of any Taxes as to which it has been indemnified pursuant to this Section 2.12 (including by the payment of additional amounts pursuant to this Section 2.12), it shall pay to the indemnifying party an amount equal to such refund
(but only to the extent of indemnity payments made under this Section 2.12 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph
(f) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the
contrary in this paragraph (f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (f) the payment of which would place the indemnified party in a less favorable net
after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make
available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 (g) Survival. Each party’s obligations under this Section 2.12 shall survive the resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement
of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 
 SECTION 2.13. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees,
or of amounts payable under Section 2.10, 2.11 or 2.12, or otherwise) prior to 12:00 noon, New York City time, on the date when due, in immediately available funds, without set off or counterclaim. Any amounts received after such time on any
date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at
270 Park Avenue, New York, New York, except that payments pursuant to Sections 2.10, 2.11, 2.12, and 9.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the
account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and,
in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder shall be made in dollars. 

  
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 (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the
amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 (c) If any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any
principal of or interest on any of its Loans resulting in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall purchase (for cash at face value) participations in the Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Loans; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall
be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by the Borrower pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate
thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 

(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 
 (e) If any
Lender shall fail to make any payment required to be made by it pursuant to Section 2.04(b), 2.13(d) or 9.03(c), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts
thereafter received by the Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a segregated
account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clause (i) and (ii) above, in
any order as determined by the Administrative Agent in its discretion. 
 SECTION 2.14. Mitigation Obligations; Replacement
of Lenders. (a) If any Lender requests compensation under Section 2.10, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.12, then 

  
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such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.10 or 2.12, as the case may be, in the future and (ii) would not
subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or
assignment. 
 (b) If any Lender requests compensation under Section 2.10, or if the Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.12, or if any Lender becomes a Defaulting Lender, then the Borrower may, at its sole expense and effort, upon notice to such
Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights and obligations under this Agreement to
an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which
consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from
the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting from a claim for compensation under
Section 2.10 or payments required to be made pursuant to Section 2.12, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior
thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 SECTION 2.15. Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long
as such Lender is a Defaulting Lender: 
 (a) fees shall cease to accrue on the unfunded portion of the Commitment of such
Defaulting Lender pursuant to Section 2.08(a); and 
 (b) the Commitment of such Defaulting Lender shall not be included in
determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02); provided that this clause (b) shall not apply to
the vote of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender affected thereby. 
 ARTICLE III 
 Representations and Warranties 

The Borrower represents and warrants to the Lenders that: 
 SECTION 3.01. Organization; Powers. Each of the Borrower and each Material Subsidiary is duly organized, validly existing and in good standing under the laws of the jurisdiction of its
organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is
qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 

  
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 SECTION 3.02. Authorization; Enforceability. The Transactions are within the
Borrower’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes (and each other Loan Document, when
executed and delivered in accordance with its terms, will be) a legal, valid and binding obligation of the Borrower (or, in the case of the Guaranty Agreement, Cencosud Retail), enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (i) do not require any consent or approval of,
registration or filing with, or any other action by, any Governmental Authority or other third party, except (A) the delivery by the Borrower, pursuant to the provisions of Chapter XIV of the Compendium of Foreign Exchange Regulations of the
Central Bank of Chile (the “Compendium”) and pursuant to the procedure set forth in Chapter XIV of the Procedure and Information Forms Manual of the Compendium, to a commercial bank of a report of the financial terms and
conditions of the Loan Documents and other amounts payable pursuant to the Loan Documents, and the principal repayment and interest payment schedule thereof for further delivery by the commercial bank to the Central Bank of Chile, (B) such as
have been obtained or made and are in full force and effect, (C) filings and notifications by the Borrower to the Central Bank of Chile in the event that the Borrower makes a payment from Chile and/or receives foreign currency from countries
other than Chile in accordance with the Loan Documents through the Chilean Formal Exchange Market (in which case certain information must be provided to the participating institution in the Chilean Formal Exchange Market in order to acquire and
remit foreign currency abroad and/or to receive foreign currency from countries other than Chile) and (D) an official Spanish translation of the Loan Documents is required to bring an action thereon in the courts of Chile, (ii) will not
violate any applicable law or regulation (including regulations of the Central Bank of Chile) or the charter, by-laws or other organizational documents of the Borrower or any Material Subsidiary or any order of any Governmental Authority (including
the Central Bank of Chile), (iii) will not violate or result in a default under any indenture, agreement or other instrument binding upon the Borrower or any Material Subsidiary or its assets, or give rise to a right thereunder to require any
payment to be made by the Borrower or any Material Subsidiary, and (iv) will not result in the creation or imposition of any Lien on any asset of the Borrower or any Material Subsidiary. 

SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders
(A) consolidated balance sheets and statements of income, stockholders equity and cash flows for the Borrower and Cencosud Retail, as of and for the fiscal years ended December 31, 2009, 2010 and 2011, reported on by
PricewaterhouseCoopers, independent public accountants, and (B) consolidated unaudited balance sheets and statements of income, stockholders equity and cash flows for the Borrower and Cencosud Retail, as of and for the fiscal quarter and the
portion of the fiscal year ended June 30, 2012, certified by the Borrower’s chief financial officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of the
Borrower and its consolidated Subsidiaries as of such dates and for such period in accordance with IFRS. 
 (b) Since
December 31, 2011, there has been no material adverse change in the business, assets, property, or condition (financial or otherwise), of the Borrower and its Subsidiaries, taken as a whole. 

  
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 SECTION 3.05. Properties. (a) Each of the Borrower and each Material Subsidiary
has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects in title that do not interfere with its ability to conduct its business as currently conducted or to utilize
such properties for their intended purposes. 
 (b) Each of the Borrower and each Material Subsidiary owns, or is licensed to
use, all trademarks, tradenames, copyrights, patents and other intellectual property material to its business, and the use thereof by the Borrower and its Material Subsidiaries does not infringe upon the rights of any other Person, except for any
such infringements that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of
the Borrower, threatened against or affecting the Borrower or any Subsidiary (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the
aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii) that involve this Agreement or the Transactions. 
 (b) Except for the Disclosed Matters and except with respect to any other matters that, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, neither
the Borrower nor any Subsidiary (i) has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license or other approval required under any Environmental Law, (ii) has become subject to any
Environmental Liability, (iii) has received notice of any claim with respect to any Environmental Liability or (iv) knows of any basis for any Environmental Liability. 

(c) Since the date of this Agreement, there has been no change in the status of the Disclosed Matters that, individually or in the
aggregate, has resulted in, or materially increased the likelihood of, a Material Adverse Effect. 
 SECTION 3.07. Compliance
with Laws and Agreements; No Default. Each of the Borrower and each Subsidiary is in compliance with (i) all laws, rules, regulations and orders of any Governmental Authority (including without limitation Environmental Laws, and laws with
respect to social security and pension or retirement fund obligations) applicable to it or its property, and (ii) all indentures, agreements and other instruments binding upon it or its property, except where the failure to do so, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
 SECTION 3.08. Investment Company Status. None of the Borrower, Cencosud Retail or any Material Subsidiary is an “investment company” as defined in, or subject to regulation under, the
Investment Company Act of 1940. 
 SECTION 3.09. Ownership of Properties; Liens. The Borrower and each Material
Subsidiary has good record and marketable title to all of its material properties and assets, real and personal, tangible and intangible, of any nature whatsoever, free and clear of all Liens, except Liens permitted under Section 6.01.

 SECTION 3.10. Taxes. Each of the Borrower and each Material Subsidiary has timely filed or caused to be filed all Tax
returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are being contested in good faith 

  
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by appropriate proceedings and for which the Borrower or such Material Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so
could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.11. Intellectual Property. The
Borrower and its Material Subsidiaries own or are licensed or otherwise have the right to use all of the material patents, trademarks, service marks, trade names, copyrights, contractual franchises, authorizations and other rights that are
reasonably necessary for the operation of their respective businesses. Except as disclosed by the Borrower in writing from time to time to the Administrative Agent and the Lenders, no claim or litigation regarding any of the foregoing is pending or
threatened, and no patent, invention, device, application, principle or any statute, law, rule, regulation, standard or code is pending or, to the knowledge of the Borrower, proposed, which, in either case, could reasonably be expected to have a
Material Adverse Effect. 
 SECTION 3.12. Subsidiaries. Schedule 3.12 sets forth as of the Effective Date a list
of all Subsidiaries, the jurisdiction of their formation or organization, as the case may be, and the percentage ownership interest of such Subsidiary’s parent company therein. 

SECTION 3.13. Disclosure. The Borrower has disclosed to the Lenders all agreements, instruments and corporate or other
restrictions to which it or any Material Subsidiary is subject, and all other matters known to it, that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. No financial statements, certificates or
other information furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished and
taken as a whole) contains (or if delivered after the Effective Date, shall contain, when delivered) any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be reasonable at the
time. 
 SECTION 3.14. Foreign Exchange Regulations; Immunity; Enforcement. The Borrower has complied with all foreign
exchange regulations, if any, and has made all necessary filings, the failure of which might affect any payment to be made under the Loan Documents, and there are no foreign exchange restrictions in effect in Chile which would adversely affect any
payment to be made under the Credit Agreement. Under the laws of Chile, with respect to the execution, delivery and performance of this Agreement, the Borrower is subject to private commercial law and to suit, and neither it nor its properties have
any immunity from the jurisdiction of any court or legal process (whether through service of notice, attachment prior to notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise). 

SECTION 3.15. OFAC; Patriot Act; Sanctions To the extent applicable, the Borrower and each Subsidiary is in compliance, in all
material respects, with (i) the Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation
or executive order relating thereto, and (ii) the Act. No part of the proceeds of the Loans will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party,
candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended.
Neither the Borrower nor any Subsidiary, or any director or officer of the Borrower or any Subsidiary is a Person that is, or is controlled by Persons that are: (i) the subject of any 

  
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sanctions (A) administered by OFAC, the European Union, Her Majesty’s Treasury or the United Nations Security Council or (B) pursuant to the U.S. Iran Sanctions Act, as amended
(collectively, “Sanctions”), nor (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of Sanctions (including, without limitation, Belarus, Burma/Myanmar, Democratic
Republic of Congo, Cote D’Ivoire (Ivory Coast), Cuba, Eritrea, Iran, Iraq, Lebanon, Libya, Liberia, North Korea, Sierra Leone, Somalia, Sudan, Syria and Zimbabwe). 
 SECTION 3.16. Federal Reserve Regulations. (a) None of the Borrower or any Material Subsidiary is engaged principally, or as one of its important activities, in the business of purchasing or
carrying Margin Stock or extending credit for the purpose of purchasing or carrying Margin Stock. 
 (b) No part of the proceeds
of any Loan have been or will be used (i) to purchase or carry any Margin Stock or to extend credit to others for the purpose of purchasing or carrying any Margin Stock or (ii) for a purpose in violation of Regulation T, U or X of the
Board. 
 SECTION 3.17. Rank of Debt. Except for Liens permitted under Section 6.01 and any obligations in respect
of employee compensation and benefits and taxes and other obligations having priority under applicable laws but which are immaterial in the aggregate to the Borrower and its Subsidiaries, taken as a whole, the obligations of the Borrower under this
Agreement to pay any and all amounts due hereunder will rank at least pari passu in right of payment with all other present or future unsecured, unsubordinated indebtedness of the Borrower. 

SECTION 3.18. Legal Form. Each Loan Document is (or, in the case of any Notes, will be when executed) in proper legal form under
the laws of Chile for the enforcement thereof in accordance with its terms against the Borrower under such laws. The Guaranty Agreement, when executed will be in proper legal form under the laws of Chile, Colombia and the Netherlands, for the
enforcement thereof in accordance with its terms under such laws against each Guarantor organized under the laws of each such jurisdiction, respectively. To ensure the legality, validity, enforceability or admissibility into evidence in Chile of
this Agreement, it is not necessary that this Agreement or any other Loan Document be filed or recorded with any Governmental Authority in Chile (except for the (i) preparation of an official translation into Spanish of this Agreement by an
approved translator, (ii) authorization by a notary public, (iii) consularization and legalization by the Chilean Ministry of Foreign Relations, and (iv) payment of a stamp tax to Chile’s Tesorería General de la
República (or any other Chilean agency or governmental body that may substitute or succeed it) in an amount based on the principal amount and duration of the Loans, assuming for this purpose that the Loans therein remain outstanding and
are repaid on the Maturity Date (the “Chilean Stamp Tax”), each in the manner prescribed by Chilean law). 
 SECTION 3.19. Pledged Stock. (a) The Pledge Agreements, upon execution and delivery thereof by the parties thereto, will create in favor of the Administrative Agent, for the ratable benefit of
the Secured Parties, a legal, valid, fully and prior perfected and enforceable security interest in the Collateral. 
 SECTION
3.20. Solvency. After giving pro forma effect to the Acquisition on the Closing Date, (a) the fair value of the property of the Borrower and its Subsidiaries, on a consolidated basis, will be greater than the total amount of liabilities,
including contingent liabilities, of the Borrower and its Subsidiaries, on a consolidated basis, (b) the present fair saleable value of the assets of the Borrower and its Subsidiaries, on a consolidated basis, will be greater than the amount
that will be required to pay the probable liability of the Borrower and its Subsidiaries on their debts, on a consolidated 

  
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basis, as they become absolute and matured, (c) the capital of the Borrower and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their collective
businesses, taken as a whole, as now conducted and as proposed to be conducted immediately following the Effective Date, and (d) the Borrower and its Subsidiaries, on a consolidated basis, do not intend to incur, or believe that they will
incur, on or immediately following the Effective Date, debts, including current obligations, beyond their ability to pay such debts as they become absolute and matured. For the purposes of this Section 3.20, (i) the amount of any
contingent liability at any time shall be computed as the amount that, in the light of all the facts and circumstances existing at such time, represents the amount that can reasonably be expected to become an actual or matured liability and
(ii) it is assumed that the Indebtedness and the other obligations incurred under and in connection with this Agreement will come due in the amounts and on the dates set forth in Section 2.06(a). 

ARTICLE IV 

Conditions 
 SECTION 4.01. Closing Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in
accordance with Section 9.02): 
 (a) The Administrative Agent (or its counsel) shall have received from each party hereto
either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of this Agreement) that such
party has signed a counterpart of this Agreement. 
 (b) The Administrative Agent shall have received such customary documents
and certificates as the Administrative Agent or its counsel may reasonably request relating to the organization, existence and good standing of the Borrower and incumbency of the officers acting on its behalf, the authorization of the Transactions
and any other legal matters relating to the Borrower, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel. 
 (c) The Specified Representations shall be true and correct in all material respects on and as of the date of such Borrowing. 
 (d) At the time of and immediately after giving effect to such Borrowing, no Default with respect to the Specified Representations shall have occurred and be continuing. 

(e) [Reserved] 

(f) All governmental and third party approvals necessary in connection with this Agreement and the Transactions contemplated hereby and
the continuing operations of the Borrower and its Subsidiaries (including the Target Companies and their subsidiaries) shall have been obtained and be in full force and effect. 

(g) The Lenders shall have received (i) audited consolidated financial statements of each of the Borrower and Cencosud Retail for
the three most recent fiscal years ended prior to the Closing Date, (ii) unaudited interim consolidated financial statements of each of the Borrower for each fiscal quarterly period ended subsequent to the date of the latest financial
statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are available, and (iii) a pro forma 

  
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consolidated balance sheet and related pro forma consolidated statement of income of the Borrower and its subsidiaries, including the Target Companies and its subsidiaries, as of and for
(A) the most recently completed fiscal year prepared after giving pro forma effect to the Transactions as if the Transactions had occurred as of such date (in the case of such balance sheet) or at the beginning of such period (in the case of
such other financial statements). 
 (h) There shall not have occurred any event, development or circumstance, including any
action, investigation, litigation or proceeding in any court or before any arbitrator or governmental authority, that has had or could reasonably be expected to have a Material Adverse Effect. 

(i) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and
dated the Closing Date) of Milbank Tweed, Hadley & McCloy LLP, New York counsel for the Borrower and Philippi Abogados, Chilean counsel for the Borrower and Cencosud Retail, of, substantially in the form of Exhibit B-1 and Exhibit
B-2, respectively, and covering such matters relating to the Borrower, this Agreement, the Guaranty Agreement, the Pledge Agreements or the Transactions as the Administrative Agent and the Lenders shall reasonably request. The Borrower hereby
requests such counsel to deliver such opinions. 
 (j) The Administrative Agent shall have received irrevocable instructions and
authorization from the Borrower to withhold from the Loans the necessary funds to pay the Chilean Stamp Tax applicable thereto in accordance with Section 2.03 of this Agreement. 

(k) Each Lender, as applicable, shall have received a duly executed Promissory Note with respect to such Loan. 

(l) The Administrative Agent shall have received a certificate, dated the Closing Date and signed by the President, a Vice President or a
Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (c) and (d) of this Section. 
 (m) The Administrative Agent shall have received a certificate from the chief financial officer of the Borrower certifying that the Borrower and its Subsidiaries on a consolidated basis after giving
effect to the Acquisition and the other Transactions, are in compliance with the conditions set forth in clauses (a) through (d) of Section 3.20. 
 (n) The Administrative Agent shall have received from each of Easy Colombia and the Escrow Agent (i) counterparts of the Disbursement Escrow Agreement signed on behalf of each such party or
(ii) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page of such agreement) that such party has signed a counterpart of such agreement. 

(o) The Lenders shall have received prior to the Closing Date all documentation and other information required by regulatory authorities
under applicable “know your customer” and anti-money laundering rules and regulations, including the Act. 
 The
Administrative Agent shall notify the Borrower and the Lenders of the Closing Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans shall not become effective unless each
of the foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 3:00 p.m., New York City time, on October 25, 2012 (and, in the event such conditions are not so satisfied or waived, the Commitments shall
terminate at such time). 

  
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The Borrowing of the Loans on the Closing Date shall be deemed to constitute a representation and warranty by the Borrower that all the representations and warranties set forth in this Agreement
are true and correct in all material respects as of such date. 
 SECTION 4.02. Conditions to Disbursement Escrow Release
Date. The release of the Disbursement Escrow Deposit Amount from the Disbursement Escrow Account and the occurrence of the Disbursement Escrow Release Date is subject to the satisfaction of the Disbursement Escrow Release Conditions in
accordance with the Disbursement Escrow Agreement (or waiver in accordance with Section 9.02) prior to the occurrence of the Disbursement Escrow Termination Date. 
 The Administrative Agent shall notify the Lenders of the Disbursement Escrow Release Date, and such notice shall be conclusive and binding. 

ARTICLE V 

Affirmative Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, in each case, without any pending draw,
the Borrower covenants and agrees with the Lenders that: 
 SECTION 5.01. Financial Statements; Ratings Change and Other
Information. The Borrower will furnish to the Administrative Agent and each Lender: 
 (a) within 90 days after the end of
each fiscal year of the Borrower, audited consolidated balance sheets and related statements of operations, stockholders’ equity and cash flows for each of the Borrower and Cencosud Retail as of the end of and for such year, setting forth in
each case in comparative form the figures for the previous fiscal year, all reported on by PricewaterhouseCoopers or other independent public accountants of recognized national standing (without a “going concern” or like qualification,
commentary or exception arising out of the scope of the audit, or without any qualification or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material respects the financial
condition and results of operations of the Borrower and its Consolidated Subsidiaries or Cencosud Retail and its Consolidated Subsidiaries, respectively, on a consolidated basis in accordance with IFRS consistently applied; 

(b) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, consolidated balance
sheets and related statements of operations, stockholders’ equity and cash flows for the Borrower as of the end of and for such fiscal quarter and the then elapsed portion of the fiscal year, setting forth in each case in comparative form the
figures for the corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified by one of the Borrower’s Financial Officers as presenting fairly in all material respects the
financial condition and results of operations of the Borrower and its Consolidated Subsidiaries, on a consolidated basis in accordance with IFRS consistently applied, subject to normal year-end audit adjustments and the absence of footnotes;

 (c) prior to the disbursement of the Loans on the Closing Date, an unaudited pro forma consolidated balance sheet and related
pro forma statements of income, stockholder’s equity and cash flows as of June 30, 2012 for the Borrower and its Consolidated Subsidiaries (including the Target Companies and their respective subsidiaries), prepared giving effect to the
Transactions as if they had 

  
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occurred, with respect to such balance sheet, on such date and, with respect to such other financial statements, on the first day of the 12-month period ending on such date, which pro forma
financial statements will have been prepared in good faith by the Borrower, based on the assumptions believed by the Borrower on the date of delivery thereof and on the Closing Date to be reasonable, and based on the best information available to
the Borrower as of the date of delivery thereof, accurately reflect in all material respects all adjustments required to be made to give effect to the Transactions and present fairly on a pro forma basis the estimated consolidated financial position
of the Borrower and its consolidated Subsidiaries as of such date and for such period, assuming that the Transactions had actually occurred at such date or at the beginning of such period, as the case may be; 

(d) concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of a Financial Officer
of the Borrower (i) certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed
calculations demonstrating compliance with Sections 6.07 and 6.08 and (iii) stating whether any change in IFRS or in the application thereof has occurred since the date of the audited financial statements referred to in Section 3.04 and,
if any such change has occurred, specifying the effect of such change on the financial statements accompanying such certificate; 
 (e) concurrently with any delivery of financial statements under clause (a) above, a detailed consolidated budget for such fiscal year (including a projected consolidated balance sheet and related
statements of projected operations and cash flows as of the end of and for such fiscal year and setting forth the material assumptions used for purposes of preparing such budget); 

(f) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials
filed by the Borrower or any Subsidiary with the SVS, the SEC, or any Governmental Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, as the case may be; 

(g) promptly after Moody’s or S&P shall have announced a change in the rating established or deemed to have been established for
the Index Debt, written notice of such rating change; 
 (h) promptly following any request therefor, copies of any detailed
audit reports, management letters or recommendations submitted to the board of directors (or the audit committee of the board of directors) of the Borrower by independent accountants in connection with the accounts or books of the Borrower or any
Material Subsidiary, or any audit of any of them; and 
 (i) promptly following any request therefor, such other information
regarding the operations, business affairs and financial condition of the Borrower or any Material Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent or any Lender may reasonably request. 

SECTION 5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written
notice of the following: 
 (a) the occurrence of any Default; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or
affecting the Borrower or any Affiliate thereof that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 

  
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 (c) the execution of the Acquisition Agreement together with a complete copy thereof upon
the occurrence of the Disbursement Escrow Release Date; 
 (d) the termination of the Acquisition Agreement, any Escrow
Agreement, the occurrence of the Acquisition Escrow Release Conditions, the determination by the Borrower that the Disbursement Escrow Release Conditions or Acquisition Escrow Release Conditions shall not be met, the receipt of any payments from the
Escrow Agent or notice that any such payment shall be made, and any material dispute with the Sellers or the Escrow Agent relating to any of the foregoing; and 
 (e) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
 Each notice delivered under this Section shall be accompanied by a statement of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto. 
 SECTION 5.03. Existence; Conduct
of Business. The Borrower will, and will cause each of its Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges and
franchises material to the conduct of its business; provided that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.02. 

SECTION 5.04. Payment of Obligations. The Borrower will, and will cause each of its Subsidiaries to, pay its obligations,
including Tax liabilities, that, if not paid, could result in a Material Adverse Effect before the same shall become delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate
proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with IFRS and (c) the failure to make payment pending such contest could not reasonably be expected to result
in a Material Adverse Effect. 
 SECTION 5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause
each of its Material Subsidiaries to, (a) keep and maintain all property material to the conduct of its business in good working order and condition, ordinary wear and tear excepted, and (b) maintain, with financially sound and reputable
insurance companies, insurance in such amounts and against such risks as are customarily maintained by companies engaged in the same or similar businesses operating in the same or similar locations. 

SECTION 5.06. Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep proper
books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. The Borrower will, and will cause each Guarantor and each other Material Subsidiary to, permit
any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition
with its officers and independent accountants, all at such reasonable times and as often as reasonably requested. 
 SECTION
5.07. Compliance with Laws and Contractual Obligations. The Borrower will, and will cause each of its Subsidiaries to, comply with (i) all laws, rules, regulations and orders of any Governmental Authority (including without limitation,
OFAC, Environmental Laws, and laws with 

  
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respect to social security and pension or retirement fund obligations) applicable to it or its property and (ii) all Contractual Obligations, except where the failure to do so, individually
or in the aggregate, could not reasonably be expected to have or result in a Material Adverse Effect. 
 SECTION 5.08. Use of
Proceeds. The proceeds of the Loans will only be used to finance the purchase price of 100% of the outstanding shares of capital stock of the Target Companies and pay the Chilean Stamp Tax and the fees and expenses related thereto. No part of
the proceeds of any Loan will be used, whether directly or indirectly, to purchase or carry any Margin Stock, or to extend credit to others for the purpose of purchasing or carrying any Margin Stock, or for any purpose that entails a violation of
any of the Regulations of the Board, including Regulations T, U and X of the Board. 
 SECTION 5.09. Accuracy of
Information. The Borrower will ensure that any information, including financial statements or other documents, furnished to the Administrative Agent or the Lenders in connection with this Agreement or any amendment or modification hereof or
waiver hereunder contains no material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made and taken as a whole, not misleading, and the
furnishing of such information shall be deemed to be representation and warranty by the Borrower on the date thereof as to the matters specified in this Section 5.09. 
 SECTION 5.10. Pari Passu Status. The Borrower will cause the obligations under this Agreement to rank at all times at least pari passu with all other present and future unsecured
indebtedness of the Borrower and its Subsidiaries. 
 SECTION 5.11. Post-Closing Obligations 

(a) The Borrower will cause the Guaranty Agreement to be executed and delivered by Easy Colombia as promptly as practicable an in any
event not later than two Business Days after the Effective Date. Together therewith, the Borrower shall cause Easy Colombia to deliver to the Administrative Agent (i) all documents the Administrative Agent may reasonably request relating to the
existence of Easy Colombia, the corporate authority for and the validity of the Guaranty Joinder and the Guaranty Agreement and any other matters relevant hereto, all in form and substance reasonably satisfactory to the Administrative Agent,
(ii) favorable written opinions (addressed to the Administrative Agent and the Lenders) of Milbank Tweed, Hadley & McCloy LLP, New York counsel for the Loan Parties, and Posse Herrera & Ruiz, Colombian counsel for the Loan
Parties, satisfactory in form and substance to the Administrative Agent and its counsel, and covering such matters relating to Easy Colombia and the Loan Documents as the Administrative Agent and the Lenders shall reasonably request, and
(iv) such other documents required pursuant to the Guaranty Joinder. 
 (b) The Borrower will cause the Guaranty Agreement
to be executed and delivered by Cencosud Retail as promptly as practicable an in any event not later than 40 days after the Effective Date. Together therewith, the Borrower shall cause Cencosud Retail to deliver to the Administrative Agent
(i) all documents the Administrative Agent may reasonably request relating to the existence of Cencosud Retail, the corporate authority for and the validity of the Guaranty Joinder (as defined in the Guaranty Agreement) and the Guaranty
Agreement and any other matters relevant hereto, all in form and substance reasonably satisfactory to the Administrative Agent, (ii) duly executed endorsements (avales) in respect of each Promissory Note then outstanding, to the extent
made available by the Lenders to Cencosud Retail for purposes of such endorsement (aval), (iii) favorable written opinions (addressed to the Administrative Agent and the Lenders) of Milbank Tweed, Hadley & McCloy LLP, New York
counsel for the Loan Parties, and of Philippi Abogados, Chilean counsel for the Borrower and Cencosud 

  
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Retail, satisfactory, in form and substance to the Administrative Agent and its counsel, and covering such matters relating to Cencosud Retail and the Loan Documents as the Administrative Agent
and the Lenders shall reasonably request, and (iv) such other documents required pursuant to the Guaranty Joinder. 
 (c)
The Borrower will cause the Guaranty Agreement to be executed and delivered by each of the Target Companies and the Pledge Agreements to be executed by each of the Target Companies identified as party in the form of Pledge Agreement as promptly as
practicable an in any event not later than 30 days after the Acquisition Escrow Release Date. Together therewith, the Borrower shall cause each Target Company to deliver to the Administrative Agent (i) all documents the Administrative Agent may
reasonably request relating to the existence of each the Target Companies, the corporate authority for and the validity of the Guaranty Joinder, the Guaranty Agreement and each Pledge Agreement and any other matters relevant hereto, all in form and
substance reasonably satisfactory to the Administrative Agent, (ii) favorable written opinions (addressed to the Administrative Agent and the Lenders) of Milbank Tweed, Hadley & McCloy LLP, New York counsel for the Loan Parties, Brauw
Blackstone Westbroek N.V., Dutch counsel for the Loan Parties, and Posse Herrera & Ruiz, Colombian counsel for the Loan Parties, satisfactory in form and substance to the Administrative Agent and its counsel, and covering such matters
relating to the Target Companies and the Loan Documents as the Administrative Agent and the Lenders shall reasonably request, and (iii) such other documents required pursuant to the Guaranty Joinder. 

SECTION 5.12. Further Assurances. (a) The Borrower shall, and shall cause each other Loan Party to, execute any and all
further documents, financing statements, agreements and instruments, and take all further action that may be required under applicable law, or that the Required Lenders or the Administrative Agent may reasonably request, in order to effectuate the
transactions contemplated by the Loan Documents and in order to grant, preserve, protect and perfect the validity and first priority of the security interests created or intended to be created by the Pledge Agreements. 

ARTICLE VI 

Negative Covenants 
 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, in each case, without any pending draw, the Borrower
covenants and agrees with the Lenders that: 
 SECTION 6.01. Limitation on Liens. The Borrower shall not, and shall not
permit any of its Subsidiaries to, create, incur, assume or suffer to exist any Lien upon any of its property, assets, income or profits, whether now owned or hereafter acquired, except: 

(a) Liens for taxes, assessments or other governmental charges not yet delinquent or that are being contested in good faith by
appropriate proceedings; provided, that such Person has posted a bond or other security in accordance with (and to the extent required by) applicable law or has established adequate reserves with respect to the contested items in accordance with
IFRS; 
 (b) Liens, privileges or charges imposed by law, such as unemployment insurance and other types of social security, and
carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s, repairmen’s or other like Liens arising in the ordinary course of business in respect of obligations that are not overdue for a period of more than 30
days or that are being contested in good faith by appropriate proceedings; provided that the Borrower or such Subsidiary has posted a bond or other security in accordance with (and to the extent required by) applicable law or has established
adequate reserves with respect to the contested items in accordance with IFRS; 

  
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 (c) pledges or deposits made in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other social security legislation; 
 (d) Liens or deposits to secure the
performance of bids, tenders, trade or government contracts, leases, concessions, licenses, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case, incurred in the ordinary course of
business; 
 (e) easements (including, without limitation, reciprocal easement agreements), rights-of-way, building, zoning and
similar restrictions, utility agreements, covenants, reservations, restrictions, minor encroachments and other similar minor encumbrances, defects or irregularities in title which do not, individually or in the aggregate, (i) secure any
Indebtedness, (ii) materially detract from the value of the real estate to which it relates or (iii) materially interfere with the ordinary conduct of business of the Borrower and its Subsidiaries, taken as a whole; 

(f) Liens existing on the Effective Date and described in Schedule 6.01(f); provided that (i) no such Lien shall
extend to or cover other assets or property of the Borrower or its Subsidiaries other than the respective assets or property encumbered by such Lien on the Effective Date and (ii) such Lien shall secure only those obligations which it secures
on the Effective Date and extensions, renewals and replacements thereof that do not increase the outstanding principal amount of the obligations secured thereby; 
 (g) Liens on any property or asset acquired after the Effective Date and existing prior to the acquisition thereof by the Borrower or existing on any property or asset of any Person that becomes a
Subsidiary of the Borrower after the Effective Date that exists prior to the time such Person becomes a Subsidiary of the Borrower; provided, however, that (i)such Lien is not created in contemplation of or in connection with such
acquisition or such Person becoming a Subsidiary, as the case may be (ii) such Lien will not apply to any other property of the Borrower or any of its Subsidiaries and, and (iii) such Lien shall secure only those obligations which it
secures on the date of such acquisition or the date such Person becomes a Subsidiary, as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 

(h) Liens on fixed or capital assets acquired (including real estate), constructed or improved by the Borrower or any of its
Subsidiaries; provided that (i) such Liens and the Indebtedness secured thereby are incurred before or within 180 days after such acquisition or the completion of such construction or improvement, (ii) the Indebtedness secured
thereby does not exceed 100% of the cost of acquiring, constructing or improving such fixed or capital assets, (iii) the aggregate principal amount of Indebtedness secured by such Liens permitted by this clause (h) shall not exceed at any
time outstanding $25,000,000 at such time, and (iv) such Liens will not apply to any other property of the Borrower or any of its Subsidiaries; 
 (i) banker’s liens and rights of set-off relating to deposit accounts; provided that no such deposit account is a dedicated cash collateral account or is subject to restrictions against access
by the depositor in excess of those set forth by regulations promulgated by the Board, and no such deposit account is intended by the Borrower or any of its Subsidiaries to provide collateral to the depository institution; 

  
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 (j) Liens securing judgments not constituting an Event of Default under Article VII;

 (k) any Lien arising out of the refinancing, extension, renewal or refunding of any Indebtedness or other obligations secured
by any Lien permitted by any of the clauses (f), (g) or (l) of this Section 6.01, upon or in the same property theretofore subject thereto without increase in the amount or change in any direct or contingent obligor of the
Indebtedness or other obligations secured thereby; and 
 (l) Liens securing obligations of the Borrower or its Subsidiaries
under any Swap Agreements entered in in the ordinary course of business and not for speculative purposes; 
 (m) any other Liens
securing Indebtedness or other obligations of the Borrower or any of its Subsidiaries, provided that such Indebtedness or other obligations of the Borrower or its Subsidiaries secured by any such Liens shall not exceed, at any time, in the
aggregate, $250,000,000; 
 provided, however, that the Borrower shall not, and shall not permit any of its Subsidiaries to,
create, incur, assume or suffer to exist any Lien upon any Equity Interests, assets or property of any of the Dutch Target Companies, or any Equity Interests of Easy Colombia S.A., Cencosud Shopping Centers S.A., Easy S.A., Cencosud Internacional
Ltda., Cencosud Retail S.A. or Cencosud S.A. (Argentina). 
 SECTION 6.02. Prohibition of Fundamental Changes; Conduct of
Business. (a) The Borrower shall not (i) enter into any merger or consolidation or amalgamation or reorganization, or sell or otherwise transfer or dispose of all or substantially all of its assets or the assets of the Borrower and its
Subsidiaries, taken as a whole or (ii) liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution), or permit any of its Subsidiaries to liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution);
provided that if at the time thereof and immediately after giving effect thereto no Event of Default shall have occurred and is continuing, (x) any Person may merge with and into a Loan Party in a transaction in which the Loan Party is
the surviving entity, (y) any Subsidiary may liquidate or dissolve if the Borrower determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and
(z) any Subsidiary may merge with and sell or otherwise Dispose of assets to another Subsidiary. 
 (b) The Borrower and
its Subsidiaries (including the Colombian Target Companies and their respective subsidiaries), considered as a whole, will continue to engage in businesses of the same general type as now conducted by the Borrower and its Subsidiaries and activities
deemed in good faith by the board of directors of the Borrower to be reasonably related or complementary thereto. 
 (c) None of
Dutch Target Companies shall engage in any business or activity or enter into any transaction other than (i) holding Equity Interests in the Colombian Target Companies, (ii) paying taxes, (iii) preparing reports to Governmental
Authorities and to their respective shareholders, (iv) holding directors and shareholders meetings, preparing corporate records and other corporate activities required to maintain their separate corporate structure, (v) incurring
Indebtedness under the Guaranty Agreement and (vi) conducting all business and activities incidental to the foregoing. 

SECTION 6.03. Restricted Payments. The Borrower will not declare or make any dividend, distribution or other Restricted Payment,
unless required by law (including without limitation minimum distributions required in accordance with the Ley sobre Sociedades Anonimas of Chile). 

  
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 SECTION 6.04. Limitation on Sales of Assets. The Borrower shall not, and shall not
permit any of its Subsidiaries to, make any Disposition of any of its property, business or assets (including, without limitation, other payments and receivables, but excluding leasehold interests), whether now owned or hereafter acquired, except:

 (a) Dispositions of inventory in the ordinary course of business; 

(b) sales or discounts of accounts receivable in the ordinary course of business (including for financing purposes) for cash; 

(c) any Disposition of any property or assets that, in the reasonable judgment of the Borrower, has become uneconomic, obsolete or worn
out; 
 (d) the disposition of all or substantially all of the assets of the Borrower and its Subsidiaries in a manner permitted
pursuant to the provisions described under Section 6.02; 
 (e) the sale, lease or sub-lease of any real property in the
ordinary course of business; and 
 (f) any Disposition or series of Dispositions of any property or asset of the Borrower or
any Subsidiary not exceeding, individually or in the aggregate during the term of this Agreement, with other Dispositions actually made after the Effective Date pursuant to this Section 6.04(f), 15% of Consolidated Total Assets as of the date
of such Disposition; provided that the consideration received for such property or assets shall be in an amount at least equal to the fair market value thereof (determined in good faith by the board of directors of Borrower) and shall be paid
in cash. 
 SECTION 6.05. Transactions with Affiliates. The Borrower shall not and shall not permit any of its
Subsidiaries to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except for transactions in
the ordinary course of business that are at the prices and on terms and conditions substantially as favorable to the Borrower or such Affiliate as could reasonably be obtained at that time from unaffiliated third parties in comparable arm’s
length transactions; provided that the foregoing shall not apply to (i) transactions among Loan Parties and (ii) transactions permitted under Section 6.03. 

SECTION 6.06. Restrictive Agreements. The Borrower shall not, and shall not permit its Subsidiaries to, directly or indirectly,
enter into, incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon the ability of the relevant Subsidiary to (a) pay dividends or make other distributions to the Borrower with respect
to any shares of its capital stock or other equity interests or to (b) make or repay loans or advances to the Borrower or the Guarantor; provided that the foregoing shall not apply to (i) restrictions and conditions existing on the
date hereof (but shall apply to any amendment or modification expanding the scope of, or any extension or renewal of, any such restriction or condition), (ii) restrictions under the Loan Documents, (iii) customary restrictions and
conditions contained in agreements relating to the Disposition of a Subsidiary pending such Disposition, provided that such restrictions and conditions apply only to the Subsidiary that is to be Disposed of, (iv) restrictions imposed by
applicable law, and (v) other customary restrictions and conditions that apply to any Subsidiary, which, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

SECTION 6.07. Leverage Ratio. The Borrower will not permit the Leverage Ratio, at the end of any fiscal quarter (for the most
recently completed period of four consecutive fiscal quarters 

  
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ending at the end of such fiscal quarter), calculated based on the Financial Statements, to be greater than 5.25 to 1.0; provided that if an Acquisition Termination Fee Event shall have occurred,
the Borrower will not permit the Leverage Ratio, at the end of any fiscal quarter ended after such occurrence (for the most recently completed period of four consecutive fiscal quarters ending at the end of such fiscal quarter), to be greater than
4.25 to 1.0. 
 SECTION 6.08. Debt to Net Worth Ratio. The Borrower will not permit the Debt to Net Worth Ratio at the
end of any fiscal quarter (for the most recently completed period of four consecutive fiscal quarters ending at the end of such fiscal quarter), calculated based on the Financial Statements, to be greater than 1.2 to 1.0. 

SECTION 6.09. Limitations Regarding Acquisition Escrow Agreement. The Borrower shall not, and shall not permit any of its
Subsidiaries to: (i) amend, waive or otherwise modify or consent to any departure from any term of the Acquisition Escrow Agreement; (ii) permit, consent or enable the release of funds from the Acquisition Escrow Account, (A) to the
Seller unless the Acquisition Escrow Release Conditions shall have been satisfied, or (B) to any other Person (including the Borrower or any of its Subsidiaries or any Target Company), except to the Administrative Agent in accordance with
Section 2.07(c) hereof. 
 ARTICLE VII 
 Events of Default 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan when and as the same shall
become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) the
Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement, when and as the same shall become due and payable, and such
failure shall continue unremedied for a period of three Business Days; 
 (c) any representation or warranty made or deemed made
by or on behalf of the Borrower or any Guarantor in or in connection with this Agreement or any Loan Document, or any amendment or modification or waiver thereof or thereunder, or in any report, certificate, financial statement or other document
furnished pursuant to or in connection with this Agreement or any Loan Document, or any amendment or modification or waiver thereof or thereunder, shall prove to have been incorrect in any material respects when made or deemed made; 

(d) the Borrower shall fail to observe or perform any covenant, condition or agreement contained in Section 5.02, 5.03 (with respect
to the Borrower’s existence), 5.08 or 5.11 or in Article VI; 
 (e) any Loan Party shall fail to observe or perform any
covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d) of this Article) or in any other Loan Document, and such failure shall continue unremedied for a period of 30 days after
notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender); 

  
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 (f) the Borrower or any Subsidiary shall fail to make any payment (whether of principal or
interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable; 

(g) any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity or that enables
or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or their behalf to cause any Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the
property or assets securing such Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition
shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower, any Guarantor or any Material Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower, any Guarantor or any Material Subsidiary or for a
substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 

(i) the Borrower, any Guarantor or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition
seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and
appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower, any
Guarantor or any Material Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of
creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
 (j) the Borrower, any Guarantor or
any Material Subsidiary shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall
remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Subsidiary to
enforce any such judgment; 
 (l) failure to maintain, in full force and effect, all governmental approvals necessary or, in the
discretion of the Administrative Agent, advisable in connection with the continuing material operations of the Borrower and its Subsidiaries taken as a whole; 
 (m) the Borrower shall fail to satisfy its obligations to fund or make financial contributions with respect to social security, pension or retirement plans, except where such failure to do so,
individually or in the aggregate, could not reasonably be expected to have or result in a Material Adverse Effect; 

  
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 (n) any government or Governmental Authority shall: (i) condemn, seize, nationalize,
expropriate or otherwise appropriate (x) property, assets or interest of the Borrower or any Subsidiary which represent a substantial part of the consolidated property and assets, respectively, of the Borrower and its Subsidiaries taken as a
whole, or (y) the stock of the Borrower or any Subsidiary which represent a substantial part of the consolidated property and assets of the Borrower and its Subsidiaries taken as a whole (in each case, with or without payment of compensation);
or (ii) declare a general suspension of payments or a moratorium on the payment of any Indebtedness that would reasonably be expected to have a material adverse effect on the ability of the Borrower to repay its obligations under this Agreement
or on the ability of any Guarantor to pay its obligations under the Guaranty Agreement; or 
 (o) (i) any Loan Document, at
any time after its execution and delivery and for any reason other than as expressly permitted hereunder or satisfaction in full of all the Obligations, ceases to be legal, valid, binding, enforceable or effective, (ii) any obligation or
obligations of the Borrower or any Guarantor under any Loan Document are not or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and adversely affects the interest of the Lenders under the
Loan Documents, (iii) it is or becomes unlawful for the Borrower or any Guarantor to perform any of its obligations under the Loan Documents, (iv) the Borrower or any Guarantor contests in any manner the validity or enforceability of any
Loan Document, or (v) the Borrower or any Guarantor denies that it has any or further liability or obligation under any Loan Document or purports to revoke, terminate or rescind any Loan Document; 

(p) any security interest purported to be created by any Pledge Agreement shall cease to be, or shall be asserted by the Borrower or any
other Loan Party not to be, a valid, perfected, first priority (except as otherwise expressly provided in this Agreement or such Pledge Document) security interest in the securities, assets or properties covered thereby; or 

(q) a Change in Control shall occur; 
 then, and in every such event (other than an event described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may,
and at the request of the Required Lenders shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately,
and (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the
Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and the principal of the Loans
then outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which
are hereby waived by the Borrower. 

  
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 ARTICLE VIII 
 The Administrative Agent and the Collateral Agent 
 SECTION 8.01.
General Provisions. 
 Each of the Lenders hereby irrevocably appoints the Administrative Agent and the Collateral Agent
as its agent and authorizes the Administrative Agent and the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent and the Collateral Agent by the terms hereof, together with
such actions and powers as are reasonably incidental thereto. 
 The bank serving as the Administrative Agent hereunder shall
have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage
in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
 The Administrative Agent and the Collateral Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the
Administrative Agent and the Collateral Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent and the Collateral Agent shall not have
any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent or the Collateral Agent, as applicable, is required to exercise in
writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as expressly set forth herein, the Administrative
Agent and the Collateral Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any Subsidiary that is communicated to or obtained by the bank serving as
Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent and the Collateral Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or such other
number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct. The Administrative Agent and the Collateral Agent shall be
deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent or the Collateral Agent, as applicable, by the Borrower or a Lender, and the Administrative Agent and the Collateral Agent shall
not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered
hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement
or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

 The Administrative Agent and the Collateral Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent and the Collateral Agent also may
rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent and the Collateral Agent may consult with legal counsel
(who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

  
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 The Administrative Agent and the Collateral Agent may perform any and all its duties and
exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent or the Collateral Agent, as applicable. The Administrative Agent, the Collateral Agent and any such sub-agent may perform any and all its
duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent, the Collateral Agent
and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

Subject to the appointment and acceptance of a successor Administrative Agent or the Collateral Agent, as applicable as provided in this
paragraph, the Administrative Agent or the Collateral Agent, as applicable may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to
appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent or Collateral Agent, as applicable, gives notice of its
resignation, then the retiring Administrative Agent or Collateral Agent, as applicable, may, on behalf of the Lenders, appoint a successor Administrative Agent or Collateral Agent, as applicable, which shall be a bank with an office in New York, New
York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent or Collateral Agent, as applicable, hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Administrative Agent or Collateral Agent, as applicable, and the retiring Administrative Agent Collateral Agent, as applicable, shall be discharged from its duties and obligations hereunder. The fees payable by
the Borrower to a successor Administrative Agent or Collateral Agent, as applicable, shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s or
Collateral Agent’s, as applicable, resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent Collateral Agent, as applicable, its sub agents and
their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while it was acting as Administrative Agent or Collateral Agent, as applicable. 

Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any
other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document
furnished hereunder or thereunder. 
 The Lead Arranger shall not, in its capacity as a Lead Arranger, have any obligation or
responsibility to any party under this Agreement. 
 SECTION 8.02. Collateral Documents and Guaranty. 

(a) Each Secured Party hereby further authorizes Administrative Agent or Collateral Agent, as applicable, on behalf of and for the
benefit of Secured Parties, to be the agent for and representative of Secured Parties with respect to the Guaranty Agreement, the Collateral and the Collateral Documents. Subject to Section 9.02, without further written consent or authorization
from any Secured Party, Administrative Agent or Collateral Agent, as applicable may execute any documents or instruments necessary to (i) in connection with a Disposition of assets permitted by this Agreement or any

  
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other Loan Document, release any Lien encumbering any item of Collateral that is the subject of such Disposition of assets or to which Required Lenders (or such other Lenders as may be required
to give such consent under Section 9.02) have otherwise consented or (ii) release any Guarantor from the Guaranty Agreement in connection with a Disposition with respect to which Required Lenders (or such other Lenders as may be required
to give such consent under Section 9.02) have consented. 
 (b) Anything contained in any of the Loan Documents to the
contrary notwithstanding, Borrower, Administrative Agent, Collateral Agent and each Secured Party hereby agree that (i) no Secured Party shall have any right individually to realize upon any of the Collateral or to enforce the Guaranty
Agreement, it being understood and agreed that all powers, rights and remedies hereunder and under any of the Loan Documents may be exercised solely by Administrative Agent or Collateral Agent, as applicable, for the benefit of the Secured Parties
in accordance with the terms hereof and thereof and all powers, rights and remedies under the Collateral Documents may be exercised solely by Collateral Agent for the benefit of the Secured Parties in accordance with the terms thereof, and
(ii) in the event of a foreclosure or similar enforcement action by Collateral Agent on any of the Collateral pursuant to a public or private sale or other Disposition, Collateral Agent may be the purchaser or licensor of any or all of such
Collateral at any such sale or other Disposition and Collateral Agent, as agent for and representative of Secured Parties (but not any Lender or Lenders in its or their respective individual capacities) shall be entitled, upon instructions from
Required Lenders, for the purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such sale or Disposition, to use and apply any of the Obligations as a credit on account of the
purchase price for any collateral payable by Collateral Agent at such sale or other Disposition. 
 (c) Notwithstanding anything
to the contrary contained herein or any other Loan Document, when all Obligations (other than contingent indemnification and expense reimbursement obligations as to which no claim shall have been asserted) have been paid in full, and all Commitments
have terminated or expired, upon request of Borrower, Collateral Agent shall, upon instruction from the Administrative Agent, take such actions as shall be required to release its security interest in all Collateral, and to release all guarantee
obligations provided for in any Loan Document. Any such release of guarantee obligations shall be deemed subject to the provision that such guarantee obligations shall be reinstated if after such release any portion of any payment in respect of the
Obligations guaranteed thereby shall be rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy, dissolution, liquidation or reorganization of Borrower or any Guarantor, or upon or as a result of the appointment of a
receiver, intervenor or conservator of, or trustee or similar officer for, Borrower or any Guarantor or any substantial part of its property, or otherwise, all as though such payment had not been made. 

(d) The Collateral Agent shall not be responsible for or have a duty to ascertain or inquire into any representation or warranty
regarding the existence, value or collectability of the Collateral, the existence, priority or perfection of the Collateral Agent’s Lien thereon, or any certificate prepared by any Credit Party in connection therewith, nor shall the Collateral
Agent be responsible or liable to the Lenders for any failure to monitor or maintain any portion of the Collateral. 
 (e)
Parallel Debt. (i) The Borrower hereby irrevocably and unconditionally undertakes to pay to the Collateral Agent an amount equal to the aggregate amount due by it in respect of the Corresponding Obligations as they may exist from time to
time. The payment undertaking of the Borrower under this Section 8.02(e) is to be referred to as its “Parallel Debt”. 

  
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 (ii) The Parallel Debt will be payable in the currency or currencies of the
Corresponding Obligations and will become due and payable as and when and to the extent one or more of the Corresponding Obligations become due and payable. An Event of Default in respect of the Corresponding Obligations shall constitute a default
(verzuim) within the meaning of section 3:248 of the Dutch Civil Code with respect to the Parallel Debt without any notice being required. 
 (iii) Each of the parties to this Agreement hereby acknowledges that: 
 (a) the Parallel Debt constitutes an undertaking, obligation and liability to the Collateral Agent which is separate and independent from, and without prejudice to, the Corresponding Obligations; and

 (b) the Parallel Debt represents the Collateral Agent’s own separate and independent claim to receive
payment of the Parallel Debt from the Borrower, 
 it being understood, in each case, that pursuant to this Section 8.02(e)
the amount which may become payable by the Borrower as the Parallel Debt shall never exceed the total of the amounts which are payable under or in connection with the Corresponding Obligations. 

(iv) To the extent the Collateral Agent irrevocably receives any amount in payment of the Parallel Debt, the Collateral
Agent shall distribute that amount in accordance with Section 2.13 of this Agreement as if received by it in payment of the Corresponding Obligations. Upon irrevocable receipt by the Collateral Agent of any amount in payment of the Parallel
Debt (a “Received Amount”), the Corresponding Obligations shall be reduced by amounts totaling an amount (a “Deductible Amount”) equal to the Received Amount in the manner as if the Deductible Amount were received by the
Collateral Agent as a payment of the Corresponding Obligations on the date of receipt by the Collateral Agent of the Received Amount. 
 (v) For the purpose of this Section 8.02(e), but subject to paragraph (iv) above, the Collateral Agent acts in its own name and on behalf of itself and not as agent, representative or trustee of
any other Lender. 
 ARTICLE IX 
 Miscellaneous 
 SECTION 9.01. Notices. (a) Except in the case
of notices and other communications expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (i) if to the
Borrower, to it at Cencosud S.A., Avenida Presidente Kennedy 9001, Piso 6, Las Condes, Santiago de Chile, Attention of Juan Manuel Parada, Dario Amenábar and Santiago Mangiante (Telecopy No. (562) 959-0070); 

  
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 (ii) if to the Administrative Agent, to JPMorgan Chase
Bank, Loan and Agency Services Group, 1111 Fannin, 10th
Floor, Houston, Texas 77002, Attention of Demetra Mayon (Telecopy No. (713) 750-2358); and 
 (iii) if to
any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire. 
 (b) Notices and
other communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article
II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant
to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 
 (c) Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party
hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt. 
 SECTION
9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or
power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent and the Lenders
hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the
same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a
Loan shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default at the time. 

(b) Neither this Agreement nor any provision hereof or of any other Loan Document may be waived, amended or modified except pursuant to
an agreement or agreements in writing entered into by the Borrower and the Required Lenders, or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that no such agreement shall (i) increase the
Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected
thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of
expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.13(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent
of each Lender or (v) release all or substantially all of the Guarantors from their obligations under the Guaranty Agreement or release all or substantially all of the Pledged Stock from the security interest created under the Collateral
Documents; provided further that without the written consent of each Lender (other than any Defaulting Lenders), no such agreement may change any of the provisions of this Section or the definition of “Required Lenders” or
any other provision hereof specifying the number or percentage of Lenders 

  
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required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder; provided further that no such agreement shall amend, modify or
otherwise affect the rights or duties of the Administrative Agent hereunder, including but not limited to the provisions set forth in Section 2.15, without the prior written consent of the Administrative Agent. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses
incurred by the Administrative Agent, the Collateral Agent, the Lead Arranger and their respective Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, the Collateral Agent and the Lead
Arranger, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement, the other Loan Documents, the Escrow Agreements or any amendments, modifications or waivers of the
provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated, and including reasonable fees, disbursements and other charges of counsel), and (ii) all reasonable out-of-pocket expenses incurred by the
Administrative Agent, the Collateral Agent or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent, the Collateral Agent or any Lender, in connection with the enforcement or protection of its rights
in connection with this Agreement, including its rights under this Section, the other Loan Documents, the Escrow Agreements, or in connection with the Loans, including all such out-of pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans. 
 (b) The Borrower shall indemnify the Administrative Agent, the Collateral Agent and
each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, liabilities, costs and related expenses,
including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, the other
Loan Documents or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby,
(ii) any Loan or the use of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated by the Borrower or any Subsidiary, or any Environmental Liability related
in any way to the Borrower or any Subsidiary, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any
Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by
final and nonappealable judgment to have resulted from the gross negligence, bad faith or willful misconduct of such Indemnitee. This Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses or damages
arising from any non-Tax claim. 
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to the
Administrative Agent or the Collateral Agent under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent or the Collateral Agent, as applicable, such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case
may be, was incurred by or asserted against the Administrative Agent or the Collateral Agent in its capacity as such. 
 (d) To
the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or 

  
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punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, the
Transactions, any Loan or the use of the proceeds thereof. 
 (e) All amounts due under this Section shall be payable promptly
after written demand therefor. 
 SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without
the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent
provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this
Agreement. 
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more
Persons (other than any natural person or the Borrower or any of its Affiliates) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment, the Loans and the Promissory Notes at the time owing
to it) with the prior written consent (such consent not to be unreasonably withheld, conditioned or delayed) of: 

(A) the Borrower; provided that the Borrower shall be deemed to have consented to an assignment unless it shall
have objected thereto by written notice to the Administrative Agent within ten (10) Business Days after having received notice thereof; provided further that no consent of the Borrower shall be required for an assignment to a
Lender, an Affiliate of a Lender or an Approved Fund, unless under applicable law in effect on the date of such assignment, the rate at which withholding tax would be imposed under Chilean law on a payment of interest from the Borrower to such
Person would exceed the rate applicable to a payment from the Borrower to the assigning Lender; provided further that notwithstanding the prior clause, if an Event of Default has occurred and is continuing, the Borrower’s consent to any
assignment shall not be required; and 
 (B) the Administrative Agent. 

(ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining
amount of the assigning Lender’s Commitment or Loans, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such assignment is
delivered to the Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default has
occurred and is continuing; 

  
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 (B) each partial assignment shall be made as an assignment of a
proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
 (C) the
parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; and 

(D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
in which the assignee designates one or more Credit Contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower, the Loan Parties and their Related Parties or their respective securities)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this Section, from and after the
effective date specified in each Assignment and Assumption the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of
the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.10, 2.11, 2.12 and 9.03). Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph
(c) of this Section. 
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount of the Loans owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Administrative Agent, the Lenders shall treat each Person whose name is recorded
in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and
from time to time upon reasonable prior notice. 
 (v) Upon its receipt of a duly completed Assignment and
Assumption executed by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to above in this paragraph
(b) and any written consent to such assignment required by paragraph (b), the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the
assigning Lender or the assignee shall have failed to make any payment required to be made by it pursuant to Section 2.04(b), 2.13(d) or 9.03(c), the Administrative Agent shall have no obligation to accept such Assignment and Assumption and
record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the
Register as provided in this paragraph. 

  
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 (vi) In furtherance of the foregoing, if requested by the assigning Lender
and upon notice to the Borrower of any such assignment, the Borrower and Cencosud Retail shall deliver to the assigning Lender, in exchange for the Promissory Notes, acknowledgements of debt and surety and joint and several liability agreements (as
applicable) previously delivered by the Borrower and Cencosud Retail to the assigning Lender, either (x) appropriately completed Promissory Notes duly executed as aval by Cencosud Retail, evidencing the assignee’s assigned Loans or
(y) an acknowledgment of debt (Reconocimiento de Deuda) executed by the Borrower and a surety and joint and several liability agreement (fianza y codeuda solidaria) executed by Cencosud Retail, evidencing the assignee’s
assigned Loans and aval by Cencosud Retail, in form and substance satisfactory to such assignee Lender and, upon the request of the assigning Lender, if the assigning Lender has retained a portion of its Loans, the Borrower shall execute and deliver
to such Lender either (x) an allonge (hoja de prolongación) of the applicable Promissory Note previously delivered by the Borrower to the assigning Lender, amending the principal amount stated therein reflecting the principal
amount of the Loans retained by the assigning Lender or (y) a replacement Promissory Note or Promissory Notes duly executed as aval by Cencosud Retail reflecting the principal amount of the Loans retained by the assigning Lender (such
Note or Notes to be in exchange for, but not in payment of, the Promissory Note(s), if any, held by such Lender) or (z) an acknowledgment of debt (Reconocimiento de Deuda) reflecting the principal amount of the Loans retained by the
assigning Lender and a surety and joint and several liability agreement (fianza y codeuda solidaria) executed by Cencosud Retail, in form and substance satisfactory to such assigning Lender; provided, that the Borrower shall not be
obligated to issue new Promissory Notes or replacement Promissory Notes pursuant to this Section 9.04(b) unless the assignee Lender (in the case of a new Promissory Note) and the assigning Lender (in the case of a replacement Promissory Note)
shall have agreed to be liable for the amount of any applicable Chilean stamp tax that may result from the Borrower’s delivery of such new Promissory Note or replacement Promissory Note. 

(c) Any Lender may, without the consent of the Borrower or the Administrative Agent, sell participations to one or more banks or other
entities (a “Participant”), other than a natural person, in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it);
provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the
Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a
Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or
instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. The Borrower agrees that
each Participant shall be entitled to the benefits of Sections 2.10, 2.11 and 2.12 (subject to the requirements and limitations therein, including the requirements under Section 2.12(e) (it being understood that the documentation required under
Section 2.12(e) shall be delivered to the participating Lender)) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided that such Participant
(A) agrees to be subject to the provisions of Sections 2.13 and 2.14 as if it were an assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under

  
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Sections 2.10 or 2.12, with respect to any participation, than its participating Lender would have been entitled to receive. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 9.09 as though it were a Lender, provided such Participant agrees to be subject to Section 2.13(c) as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose
as a nonfiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under this
Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register to any Person (including the identity of any Participant or any
information relating to a Participant’s interest in any Commitments, Loans or its other obligations under any Loan Document) except to the extent that such disclosure is necessary to establish that such Commitment, Loan or other obligation is
in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. 
 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to
secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its
obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 SECTION 9.05.
Survival. All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied
upon by the other parties hereto and shall survive the execution and delivery of this Agreement, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have
had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or
any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.10, 2.11, 2.12 and 9.03 and Article VIII shall survive and remain in full force and
effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof. 

SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties
hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements regarding the syndication of the facility
provided under this Agreement and fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings (other than such
letter agreements), oral or written, relating to the subject matter hereof. This Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof
which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart
of a signature page of this Agreement by telecopy or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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 SECTION 9.07. Electronic Execution of Assignments. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and
National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 SECTION 9.08. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction. 
 SECTION 9.09. Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final)
at any time held and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement held by
such Lender, irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have. 
 SECTION 9.10. Governing Law; Jurisdiction; Consent to
Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County,
Borough of Manhattan and of the United States District Court for the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement
of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this
Agreement shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement against the Borrower or its properties in the courts of any jurisdiction. 

(c) The Borrower hereby appoints CT Corporation System, with an office currently located at 111 Eighth Avenue, New York, New York 10011,
as its agent for service of writs, process and summonses in any matter, suit, action or proceeding in any matter related to this Agreement or the other Loan Documents (the “Process Agent”), and shall provide written evidence
of acceptance of such appointment by such agent on or before the Closing Date. If the Process Agent shall cease to serve as 

  
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agent for the Borrower to receive service of process hereunder, the Borrower shall promptly appoint a successor agent reasonably satisfactory to the Administrative Agent. The Borrower hereby
further (i) irrevocably consents to the service of process in any suit, action or proceeding in any court referred to in paragraph (b) of this Section by the mailing thereof by the Administrative Agent by registered or certified mail,
postage prepaid, to the Borrower at its address set forth in Section 9.01, and (ii) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law. 

(d) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection
which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
 (e) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this
Agreement to serve process in any other manner permitted by law. 
 SECTION 9.11. WAIVER OF JURY TRIAL. EACH PARTY HERETO
HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER
BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION,
SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 9.12. Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only,
are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 9.13. Confidentiality. (a) Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the
confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested or required by any governmental or regulatory authority (including any self-regulatory authority), (iii) to the
extent required by applicable laws or regulations or by any subpoena or similar legal process, (iv) to any other party to this Agreement, (v) in connection with the exercise of any remedies hereunder or any suit, action or proceeding
relating to this Agreement or the enforcement of rights hereunder, (vi) subject to an agreement containing provisions substantially the same as those of this Section, to (A) any assignee of or Participant in, or any prospective assignee of
or Participant in, any of its rights or obligations under this Agreement or (B) any actual or prospective counterparty (or its advisors) to any swap, derivative or other similar transaction relating to the Borrower and its obligations,
(vii) with the consent of the Borrower or (viii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section or (B) becomes available to

  
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the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the purposes of this Section, “Information” means all
information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by the Borrower;
provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
 (b) EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN SECTION 9.13(a) FURNISHED TO IT PURSUANT TO THIS
AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER, THE LOAN PARTIES AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL
NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS. 

(c) ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR
IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES OR ITS SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER
AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.

 SECTION 9.14. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest
rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together
with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this
Section shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the
Federal Funds Effective Rate to the date of repayment, shall have been received by such Lender. 
 SECTION 9.15. USA PATRIOT
Act. Each Lender that is subject to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements
of the Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in
accordance with the Act. 

  
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 SECTION 9.16. Waiver of Immunities. To the extent that the Borrower has or hereafter
may acquire any immunity (sovereign or otherwise) from any legal action, suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment prior to judgment, attachment in aid of execution
of judgment, execution of judgment or otherwise) with respect to itself or any of its property, the Borrower hereby irrevocably waives and agrees not to plead or claim such immunity in respect of its obligations under the Loan Documents. The
Borrower agrees that the waivers set forth above shall have the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States of America and are intended to be irrevocable and not subject to withdrawal for purposes
of such Act. 
 SECTION 9.17. Judgment Currency. The obligation of the Borrower hereunder to make payments in U.S.
dollars shall not be discharged or satisfied by any tender or recovery pursuant to any judgment expressed in or converted into any currency other than U.S. dollars except to the extent to which such tender or recovery shall result in the actual
receipt by the Administrative Agent and/or the Lenders of the full amount of U.S. dollars expressed to be payable hereunder, and the Borrower shall indemnify the Lenders (as an alternative or additional cause of action) for the amount (if any) by
which such effective receipt shall fall short of the full amount of U.S. dollars expressed to be payable hereunder and such obligation to indemnify shall not be affected by judgment being obtained for any other sums due hereunder. The foregoing
provisions of this Section 9.17 shall not apply to any payments hereunder in respect of obligations that have been redenominated into a currency other than U.S. dollars as a result of the application of any law, order, decree or regulation in
any jurisdiction other than the United States, which obligations shall, for purposes of this Agreement, be deemed to remain denominated in U.S. dollars and payable to Lenders in accordance with the first sentence of this Section 9.17.

 SECTION 9.18. International Banking Facilities. Certain Lenders intend to book extensions of credit hereunder on the
books and records of their respective international banking facilities, which will constitute an extension of credit within the meaning of Section 204.8(a)(3) of Regulation D. Accordingly, pursuant to Regulation D, the Borrower acknowledges
that such Lenders have notified it that it is the policy of the Board that extensions of credit by international banking facilities may be used only to finance operations outside of the United States of borrowers or their affiliates which are
located outside the United States. The Borrower hereby agrees to comply with such directives. 
 SECTION 9.19. Electronic
Execution of Assignments. The words “execution”, “signed”, “signature” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable
law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 

SECTION 9.20. No Advisory or Fiduciary Relationship. In connection with all aspects of each transaction contemplated hereby
(including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), the Borrower, on behalf of itself and the Guarantor, acknowledges and agrees that: (i) (A) the arranging and other services
regarding this Agreement provided by the Administrative Agent, the Lenders and the Lead Arranger are arm’s-length commercial transactions between the Loan Parties and their Affiliates, on the one hand, and the Administrative Agent, the Lenders
and the Lead Arranger, on the other, (B) each Loan Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) each Loan Party

  
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is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) each of the
Administrative Agent, each Lender and the Lead Arranger is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary
for any Loan Party or any of their Affiliates, or any other Person; and (iii) the Administrative Agent, each Lender and the Lead Arranger and their respective Affiliates may be engaged in a broad range of transactions that involve interests
that differ from those of the Loan Parties and their Affiliates, and neither the Administrative Agent, any Lender nor any Lead Arranger has any obligation to disclose any of such interests to any Loan Party or any of their Affiliates. To the fullest
extent permitted by law, each Loan Party hereby waives and releases any claims that it may have against the Administrative Agent, each Lender and the Lead Arranger with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transaction contemplated hereby. 
 [Signature Pages follow] 

  
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 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written. 
  

					
	CENCOSUD S.A.,
		
	By	 	

		 	Name:	 	Juan Manuel Parada
		 	Title:	 	CFO

 [Signature Page to Credit Agreement] 

 
					
	 JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, as a Lender and as Administrative Agent,

		
	By	 	

		 	Name:	 	Christophe Vohmann
		 	Title:	 	Executive Director

 [Signature Page to Credit Agreement]

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