Itaú Unibanco Holding S.A. and Cencosud seal agreement to boost Retail Financial Business in Chile and Argentina

• After 10 months of negotiations in Sao Paulo and Santiago, both companies have signed a binding agreement through which Itaú Unibanco will participate in 51% of Cencosud's retail financial business in both countries.
• The operation involves the purchase of shares of Cencosud's credit card administrator (CAT) through its subsidiary Itaú Chile bank, and the participation in the business in Argentina through its respective subsidiary in that country, in the amount of USD 307 million, which includes the acquisition of 51% of the assets of both companies.
• Additionally, the agreement contemplates the financing of 100% of the credit card portfolio in both countries by the Itaú group, in an approximate amount of USD 1.3 billion.

Santiago, June 17, 2013.- With the aim of boosting the credit card business and addressing the challenges posed by the financial sector in Chile and Argentina, Itaú Unibanco and Cencosud, two leading companies in their respective sectors and recognized for their excellence and quality of service, have signed a binding agreement today to jointly develop the retail financial business, with Itaú holding 51% and Cencosud 49%.

The operation involves the purchase of shares of Cencosud's credit card administrator (CAT) through its subsidiary Itaú Chile bank, and the participation in the business in Argentina through its respective subsidiary in that country, in the amount of USD 307 million, which includes the acquisition of 51% of the assets of both companies. Additionally, the agreement contemplates the financing, by Itaú, of 100% of the credit card portfolio in both countries, amounting to approximately USD 1.3 billion.

This partnership, which sets a new trend in the financial business in Chile, is consistent with enhancing credit processes and providing more and better benefits to its customers.

With the materialization of this alliance, more than four million credit card customers will benefit in both countries, gaining direct access to new financial products and services. All of this is backed by the prestige and international experience of Itaú bank and the solidity and seriousness provided by Cencosud, through its brands Jumbo, Santa Isabel, Paris, Easy, Johnson, and its Shopping Centers business.

The 15-year renewable agreement, according to the agreement of both parties, includes the necessary conditions for the materialization of this partnership. Over the next 90 days, the parties will work to finalize these terms. The closing of the transaction will be subject to approval by regulators in Chile, Argentina, and Brazil.

This partnership is part of Cencosud's long-term strategic plan, aimed at enhancing the financial service it offers to its customers without the need to allocate its own resources, aligning it with the model that already works in its operations in Brazil and Colombia.

For Itaú, this agreement allows it to accelerate its growth plan, substantially strengthening its market position in two countries considered strategic for the holding. In Chile, it will become the leading issuer of bank credit cards, serving nearly 2.3 million customers, with USD 1.3 billion in placements, allowing it to rise to the third place in the system in terms of placement volume (from a 4.6% to a 19% market share).

Once the agreement is materialized, both companies will seek to develop synergies that will result in lower costs and multiple benefits for customers.

Cencosud Credentials

• Cencosud is one of the largest multi-brand retailers in Latin America, with over 150,000 employees and operations in Chile, Brazil, Colombia, Peru, Argentina, and China.
• Cencosud operates through different formats, including supermarkets, home improvement, shopping malls, and department stores. As of March 2013, it operates over 4.5 million square meters of selling space.
• With over 1,000 stores in the region and revenues above USD 20.017 billion (LTM).
• Cencosud is recognized for its customer service and high-quality products, operating under brands such as Jumbo, Wong, Paris, Easy, Prezunic, among others.
• It is listed on the Santiago Stock Exchange, Bolsa Electrónica, Bolsa de Valparaíso, and New York Stock Exchange.

Itaú Unibanco Credentials

• Itaú is the largest bank in Latin America and one of the largest in the world, with approximately 96,000 employees and operations in 20 countries across the Americas, Asia, and Europe.
• It is a global bank with a wide range of services and products for various customer groups, with around 5,000 branches, 28,000 ATMs, and nearly 60 million credit cards in the region.
• The bank is recognized for its corporate governance and management practices that focus on generating economic, social, and environmental value.
• It is listed on the Sao Paulo Stock Exchange (BM&FBovespa), Buenos Aires Stock Exchange, and New York Stock Exchange. Additionally, the company has been included in the Dow Jones Sustainability Index for the past 13 years.
• Itaú has been considered the most valuable brand in Brazil, valued at over USD 10.7 trillion (Interbrand 2012).
• Itaú's net profit reached USD 6.5 billion in 2012, with assets exceeding USD 510 billion. Its market value approaches USD 70 trillion.

Banco Itaú Chile Credentials

• Banco Itaú Chile started its operations in February 2007. Today, it has 92 offices, 2,450 employees, and an approximate equity of USD 1.2 billion, with total profits at the end of 2012 amounting to USD 124 million and total assets over USD 11 billion.
• To date, it has stood out as the bank with the highest growth in its placements among the top 10 banks in the country.