Cencosud concluded its IPO

On Friday May 7, 2004, Cencosud, one of the largest retail conglomerates of the southern cone, concluded successfully its IPO for approximately US$ 400 million.

The IPO was five times oversubscribed in its local tranche, confirming that in Chile there is sufficient capital to back new businesses provided they have a good story to sell. The IPO was subscribed in its Chilean tranche by Celfin Gardeweg S.A. Corredores de Bolsa and BBVA Corredores de Bolsa S.A., and in its international tranche by Santander Investment Limited and BBVA Securities, Inc.

The international underwriters were advised by Cleary , Gottlieb , Steen & Hamilton by a team leaded by Jorge Juantorena and including Justo Chamas, Andrea Merediz Basham , Matías Mori and Carolina Musalemand the issuer was advised, for its international tranche by Simpson Thacher & Bartlett LLP, by a team formed by partner David Williams and associates Melvina Lecaros and Pedro Castro Nevares. The issuer and the underwriters, local and international, were advised by Philippi, Yrarrazaval, Pulido y Brunner, by a team led by partner Juan Francisco Gutiérrez, and formed by partner Raimundo Gazitua and senior associate Federico Grebe.