Cencosud and Scotiabank Receive Regulatory Approval for Credit Card Partnership

Santiago, Chile, April 13th, 2015 - Cencosud (NYSE: CNCO, SSE: CENCOSUD), a leading multi-format Latin American retailer with presence in five countries, announced today that it received regulatory approval to develop its credit card business jointly with Bank of Nova Scotia ('Scotiabank').

As of today, April 13th 2015, the transaction has been approved by all relevant regulators in Chile and Canada. The transaction is expected to close during early May 2015.


The joint venture means that Cencosud's 2.5 million cardholders in Chile will have access to Scotiabank's expertise and products in financial services, while receiving Cencosud client benefits at the Company's stores and shopping centers.

Under the terms of the agreement, Scotiabank will participate with 51% of Cencosud's retail financial services business in Chile for a period of 15 years. Scotiabank will acquire a 51% stake in Cencosud Administradora de Tarjetas for US$280 million, and will finance 100% of the credit card portfolio. The observed exchange rate for the Chilean peso for the business day prior to the closing of the deal should be used. Scotiabank will consolidate the partnership, though both companies will share the benefits and risks of the business.

The size of the portfolio will be determined according to credit card receivables held for the quarter ended on March 31, 2015. As of December 31, 2014, Cencosud had a credit card loan portfolio of approximately CLP 426,562 million in Chile, with an average loan of approximately CLP 314,403. Additionally, Banco Paris had a loan portfolio of CLP 185,291 million with an average loan of approximately CLP 737,095.

Closing for the transaction is expected to occur in early May 2015. Proceeds should be used to reduce 100% of Banco Paris' debt and the remainder at a Cencosud S.A. level.

For more information please contact the Investor Relations team:

Marisol Fernández

(56-2) 2959 0545

mariasoledad.fernandez@cencosud.cl

Natalia Nacif

(56-2) 2959 0368

natalia.nacif@cencosud.cl

Ignacio Reyes Miranda

(56-2) 2959 0804

ignacio.reyesmiranda@cencosud.cl

About Cencosud

Cencosud is a leading multi-brand retailer in South America, headquartered in Chile and with operations in Chile, Brazil, Argentina, Peru and Colombia. The company, founded by Chairman Horst Paulmann, operates in supermarkets, home improvement stores, shopping centers and department stores, always aiming to deliver the right product at the right price to Latin America's growing middle class. In 2012, the Company listed American Depositary Receipts (ADRs) on the New York Stock Exchange.

Forward-Looking Statements:

In addition to historical information, this release contains 'forward-looking' statements that reflect management's expectations for the future. The forward-looking statements included herein represent Cencosud's views as of the date of this release. A variety of important factors could cause results to differ materially from such statements. These factors are laid out in Cencosud's filings with the SVS in Chile and the SEC in the United States. The Company undertakes no obligation to revise or update publicly any forward-looking statement for any reason unless required by law.

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