Cencosud S.A. announces the completion and settlement of its tender offers for its 2021, 2023, and 2027 bonds

Santiago, July 25, 2017.-Cencosud S.A. (BCS: Cencosud) ("Cencosud") announced (1) the completion on July 25, 2017, of its previously announced cash tender offer (the "Maximum Offer Amount") up to the Maximum Principal Amount of its 4.875% Senior Bonds due 2023 (the "Maximum Offer Amount Bonds"), and (2) the early settlement and settlement, respectively, on July 17, 2017, of the Maximum Offer Amount and the previously announced cash tender offer (the "Any and All Offer" and collectively with the Maximum Offer Amount, the "Tender Offers") of any and all of the 5.500% Senior Bonds due 2021 (the "Any and All Bonds"). The "Maximum Principal Amount" is US$ 750,000,000 less the aggregate principal amount of Any and All Bonds validly tendered and accepted for purchase in the Any and All Offer.

The Any and All Offer expired at 5:00 p.m., New York City time, on July 11, 2017 (the "Any and All Expiration Date"). As of the Any and All Expiration Date, valid tenders were received with respect to US$ 429,853,000 of the US$ 750,000,000 total principal amount of the Any and All Bonds. With respect to the Maximum Offer Amount, as of the early settlement date and at 5:00 p.m., New York City time, on July 11, 2017 (the "Early Settlement Date"), valid tenders have been received with respect to US$ 882,156,000 of the US$ 1,200,000,000 total principal amount outstanding of the Maximum Offer Amount Bonds.

Cencosud accepted for purchase all Any and All Bonds validly tendered prior to the Any and All Expiration Date. On July 17, 2017, bondholders received the purchase price of US$ 1,098.75 per US$ 1,000 principal amount of the Any and All Bonds tendered, plus accrued and unpaid interest up to, but not including, this date.

Cencosud accepted for purchase US$ 257,147,000, the Aggregate Principal Amount, of the Maximum Offer Amount Bonds validly tendered prior to the Early Settlement Date. On July 17, 2017, bondholders received the purchase price of US$ 1,082.50 per US$ 1,000 principal amount of the Maximum Offer Amount Bonds tendered, including the early tender premium, plus accrued and unpaid interest up to, but not including, this date. The Maximum Offer Amount expired at 11:59 p.m., New York City time, on July 25, 2017. Because the Tender Offers were fully subscribed as of the Early Settlement Date, the Company did not accept for purchase any Maximum Offer Amount Bonds tendered after the Early Settlement Date. Any Maximum Offer Amount Bonds tendered after the Early Settlement Date were returned to the holders thereof pursuant to the Offer to Purchase.

This press release is for informational purposes only and does not constitute an offer or solicitation to buy or offers to sell securities. The New Bonds have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the Securities Act and applicable state laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy the New Bonds or any other securities, and shall not constitute an offer, solicitation, or sale in any jurisdiction in which, or to any person to whom, such offer, solicitation, or sale would be unlawful.

Information regarding the public tender offer

J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated are acting as the transaction managers for the Tender Offers. The information and depositary agent is Global Bondholder Services Corporation ("GBS"). Copies of the Offer to Purchase, Letter of Transmittal and Guaranteed Delivery Notice with respect to the Any and All Offer, and related offering materials are available by contacting GBS at (866) 470-3800 (toll-free), (212) 430-3774 (banks and brokers), or www.gbsc-usa.com/Cencosud/. Questions regarding the Tender Offers should be directed to JP Morgan Securities LLC, Latin American Debt Capital Markets, at (212) 834-7279 (collect) or (866) 846-2874 (toll-free), or Merrill Lynch, Pierce, Fenner & Smith Incorporated, Liability Management Group, at (646) 855-8988 or (888) 292-0070 (toll-free).

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities. The Tender Offers are being made solely pursuant to an Offer to Purchase dated June 27, 2017, setting forth the terms and conditions of the Tender Offers, and only in jurisdictions where permitted by applicable law.

Disclosure regarding forward-looking statements

Statements contained in this press release that contain intentions, expectations, or predictions of the future of the Company or its management are forward-looking statements. Specifically, the Company cannot assure you that the proposed transactions as described above will be consummated on the terms currently contemplated, if at all. Actual results may differ materially from those projected in the forward-looking statements. Additionally, information regarding factors that could cause actual results to materially differ is contained from time to time in the Company's filings with the Securities and Exchange Commission, including but not limited to the Company's Annual Reports on Form 20-F for the year ended December 31, 2016. The Company undertakes no obligation to revise any forward-looking statements, including financial estimates, as a result of new information, future events, or otherwise.