Cencosud S.A. announces the closure of its public offering

New York, June 26, 2012.- Cencosud S.A announced today the closure of its public offering of 91,304,348 common shares in the form of American Depositary Shares (ADS). Of the 91,304,348 shares, Cencosud sold 45,797,349 in the form of ADS, representing three common shares (equivalent to 15,265,783 ADS), at a public price of US$15.61 per ADS, and sold 45,506,999 shares at a public price of $2,600 each. The ADS began trading on the New York Stock Exchange on June 22, 2012. The ADS will initially trade under the symbol CNCO.T, and after the end of the subscription period for preferred stock, they will trade under the symbol CNCO. Cencosud has granted the international placement agents the option to purchase up to an additional 13,695,652 shares in the form of ADS at the offering price, minus placement commissions.

J.P. Morgan Securities LLC and UBS Securities LLC have acted as global coordinators and placement agents for the offering. Morgan Stanley & Co. LLC, Credit Suisse Securities (USA) LLC, Banco Bilbao Vizcaya Argentaria, S.A., and Santander Investment Securities Inc. have acted as placement agents.

The registration statement for the offering was declared effective today by the Securities and Exchange Commission. Any offer or sale of ADS will be made solely through a written prospectus, which will be part of the registration statement. Copies of the final prospectus relating to the offering can be obtained from:

(a) J.P. Morgan Securities LLC by calling +1-888-803-9204; (b) UBS Securities LLC at the Prospectus Department, 299 Park Avenue, New York, New York 10171, or by calling +1-888-827-7275; (c) Morgan Stanley & Co. LLC at the Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, or by calling +1-866-718-1649; (d) Credit Suisse Securities (USA) LLC at the Prospectus Department, One Madison Avenue, New York, New York 10010, or by calling +1-800-221-1037; or (e) Santander Investment Securities Inc. by calling +1-212-583-4629.

Banco Bilbao Vizcaya Argentaria, S.A., one of the international placement agents, is not registered as a broker-dealer with the Securities and Exchange Commission (SEC). Banco Bilbao Vizcaya Argentaria, S.A. cannot sell ADS in the United States or to U.S. residents.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.