Cencosud and Parque Arauco announce a purchase agreement for the shares of Inmobiliaria Mall Viña del Mar S.A.

Santiago, March 1, 2016.- Parque Arauco, Cencosud, and Central Store S.A., successor of Comercial ECCSA S.A. ("Ripley"), are equal shareholders of the Company, which owns the Mall Marina Arauco and Boulevard Marina Arauco shopping centers in the city of Viña del Mar in Chile, and the Mall Curicó shopping center in the city of the same name.

According to the agreement signed between Parque Arauco and Cencosud (the "Accepted Offer"), Parque Arauco has agreed to purchase Cencosud's shareholding in the Company. Due to an existing shareholder agreement, once the Company formally notifies Ripley of the Accepted Offer, Ripley will have 30 consecutive days to decide whether to exercise its option to purchase up to one-sixth of the shares of Marina Arauco, on the same terms agreed in the Accepted Offer. Then, Parque Arauco will acquire all the shares of the Company owned by Cencosud that are not acquired by Ripley in the exercise of its preemptive right.

Thus, upon the closing of the transaction, and depending on the exercise of the aforementioned option, Parque Arauco will purchase from Cencosud between one-sixth and one-third of the shares of the Company. If Parque Arauco's purchase is for one-third, the total price will be 4,275,000 Units of Fomento, payable in cash. If Parque Arauco's purchase is for a lower percentage, the price will decrease proportionally for Parque Arauco, and Ripley must acquire the shares of the Company that it has exercised its option on, paying Cencosud the equivalent value.

In any case, Cencosud will sell its entire shareholding in the Company and receive the amount of 4,275,000 Units of Fomento, generating an extraordinary profit in the first quarter of 2016 estimated at CLP 54,295 million.

With this agreement, Parque Arauco S.A. will own a minimum of 50% and a maximum of two-thirds of the Company, which owns the Mall Marina Arauco and Boulevard Marina Arauco shopping centers in the city of Viña del Mar in Chile, and the Mall Curicó shopping center in the city of the same name.

In the 2015 fiscal year, the Company had consolidated revenues of CLP 26,863 million, consolidated EBITDA of CLP 22,381 million, and a profit of CLP 24,876 million. The leasable area of the Company is approximately 115,000 square meters.

The closing of the transaction is scheduled for the fifteenth consecutive day following the end of the aforementioned option period, or the next business day if it falls on a Saturday or a holiday.

The closing of the transaction is set for the fifteenth calendar day following the end of the aforementioned option period, or the next business day if it falls on a Saturday or a holiday.