**Exhibit 1.1**

**RESTATED TEXT OF THE BYLAWS OF CENCOSUD S.A.**

**TITLE FIRST**

**NAME, DOMICILE, BUSINESS PURPOSE AND DURATION**

ARTICLE FIRST: A corporation is organized, which will be named “CENCOSUD S.A.”, that will be subject to the rules governing open-held corporations under the terms provided by Articlesecond of Supreme Decree 587 of 1982, Regulations of Law 18,046. 

ARTICLE SECOND: The domicile of the company will be the borough ofSantiago, being able to establish agencies or branches elsewhere in the country or abroad. 

ARTICLE THIRD: The business purposes of thecompany are the following: a) To practice commerce in general, including to purchase, sell, consign, distribute, import, export, represent, arrange, pack, divide and commercialize, for itself or for the benefit of third parties, all kind of movabletangible property; b) To make in the country or aboard permanent or profitable investments in all kind of tangible and intangible property. For these purposes the company may acquire, keep, sell, transfer and negotiate in any manner and under anytitle, all kind of goods, whether in the country or aboard, and receive its profits and rents; c) Execute or enter into any act or contract leading to the fulfillment of its business purpose. 

ARTICLE FOURTH: The duration of the company shall be indefinite. 

**TITLE SECOND**

**CAPITAL AND SHARES**

ARTICLE FIFTH: The capital of the company is the amount of$2,515,694,297,208, divided into 2,907,002,733 nominal, single-series and non-par-value shares, which is subscribed for and paid up in the manner set forth in Article Transitory First. 

ARTICLE SIXTH: The shares will be nominative, of common stock and of the same series, and their certificates will indicate, at least, the name of the owner in the front, the name and seal of thecompany, the signatures of the chairman and the chief executive officer or the person acting in replacement of them, the date of the incorporation deed and notarial office in which it has been granted, a reference to the registration of the abstractin the relevant Registry of Commerce and its publication in the Official Gazette, a reference to the capital, the total number of shares into which the capital of the company is divided, the number of shares represented by the certificate and theduration of the company. 

ARTICLE SEVENTH: A registry of all the shareholders will be kept, indicating the number of sharesheld by each one of them. Transfers of shares will be made pursuant to applicable laws and will be registered in the corresponding shareholders’ registry. The acquisition of shares of the company implies the acceptance of its bylaws, theresolutions passed at shareholders meetings and the obligation of paying the owed installments, if the acquired shares are not fully paid. The company will register the transfers of shares presented to the same, provided they meet the minimumformalities required by applicable laws. 

ARTICLE EIGHT: If one or more shares are jointly owned by several persons, the co-ownersshall appoint an attorney to represent them to act upon the company. 

ARTICLE NINTH: Shares issued as a consequence of a capitalincrease shall always be offered in a preferred manner to the shareholders pro rata their shares. This right may be essentially waived and transferred. 

**TITLE THIRD**

**MANAGEMENT**

ARTICLE TENTH: The Company will be managed by a Board of Directors comprised of nine members. The directors may be shareholders or not and theymay be re-elected in an indefinite manner. The Board of Directors will serve in office for a period of three years. 

ARTICLE ELEVENTH:The election of Directors will be made at the corresponding Regular General Shareholders Meeting. At the elections made at the Shareholders Meeting, each shareholder will have one vote per share held or represented, and may accumulate his/her votesin favor of one person or apportion them as he/she deems fit. The Directors who obtain the highest number of votes at one and the same ballot will be elected to the board until the number of directors to be elected shall have been completed.Nevertheless, by unanimous vote of the present shareholders entitled to vote, the ballot may be omitted and all of the Directors may be elected by acclaim. 

ARTICLE TWELFTH: If for any reason the Shareholders Meeting called upon to elect the Board is not held at the time provided, the office of the directors which term has expired will be deemedextended until the appointment of their substitutes and the Board shall summon, within 30 days, a shareholders meeting in order to conduct the appointment. In case of vacancy of a Director, the Board shall be totally renewed at the next RegularGeneral Shareholders Meeting to be held by the company and in the meantime the Board may appoint a substitute. 

ARTICLE THIRTEENTH: Thedirectors will be remunerated as annually determined by the regular shareholders meeting. 

ARTICLE FOURTEENTH: The Board is totallyrevocable, at any time by resolution of a Regular or Special Shareholders Meeting. Office of Directors may not be delegated and it is jointly exercised at a legally installed meeting. 

ARTICLE FIFTEENTH: The Board of Directors represents the company judicially and out-of-court, and for the fulfillment of the corporate business purpose, which need not

be evidenced unto third parties; is vested with all the management and disposition authorities which are not within the exclusive province of the General Shareholders Meeting, without requiringany special power-of-attorney, even for acts or contracts regarding which the laws require said requirement. The above is notwithstanding the representative judicial authority corresponding to the Chief Executive Officer. The Board of Directors maydelegate part of its authorities to the Managers, Assistant Managers or Attorneys of the Company, to a Director or to a Committee of Directors and, for specific purposes, to other persons. 

ARTICLE SIXTEENTH: The Board is authorized, under the personal liability of the Directors voting in favor of the relevant agreement, to distribute provisional dividends during the year on theaccount of the profits of the same, provided there are no accumulated losses. 

ARTICLE SEVENTEENTH: The Board of Directors will meet atleast once a month. Board meetings will be Regular and Special Meetings. Regular meetings will be held on the date predetermined by the Board of Directors and will not require special summon. Special meetings will be held when especially summoned bythe chairman pro se or at the behest of one or more directors, in the manner determined by the Regulations, prior qualification made by the Chairman about the need of the meeting, unless requested by the absolute majority of the Directors, case inwhich it shall be held without prior qualification. Only matters specifically indicated in the summons may be transacted at special meetings. 

ARTICLE EIGHTEENTH: Board meetings will be validly held if attended by at least five directors and resolutions shall be passed by the majority ofthe voting directors present, unless the law or these bylaws provide for a special quorum. In case of a tie, the Chairman will have casting vote. 

ARTICLE NINETEENTH: The debates and resolutions of the Board of Directors shall be memorialized in a Book of Minutes by any means, provided they offer assurance that no alterations such as couldaffect the accuracy of the minutes can be made, which minutes shall be signed by the Directors who have attended the meeting. If any Director dies or is howsoever prevented from signing the relevant minutes, the minutes shall record the respectivecircumstance or impediment. The minutes will be deemed approved once it is signed and from such date resolutions contained in the same may become effective. Any director who believes that the minutes is inaccurate or incomplete will have the rightto record his/her objections prior to signing the same. Any Director who wishes to decline responsibility for any act or resolution of the Board shall record his/her dissent in the minutes, and said circumstance shall be advised at the nextShareholders Meeting by the person chairing the same. 

**TITLE FOURTH**

**CHAIRMANSHIP AND MANAGEMENT**

ARTICLE TWENTIETH: The Board, at the first meeting following its election, will appoint among its regular members a Chairman, who will also be the president of the company and the ShareholdersMeeting. The Chairman or who acts as the same will have casting vote to resolve ties at ballots. 

ARTICLE TWENTY FIRST: The Chairman of the Board will have, besides the authorities and obligationsindicated or imposed by the law, the Regulations on Corporations and these bylaws, those authorities granted and delegated by the own Board. 

ARTICLE TWENTY SECOND: The company will have a Chief Executive Officer to be appointed by the Board, who shall have the authorities of an agent(*factor de comercio*) and all those specially granted by the Board, besides the ones indicated by the Law, the Regulations on Corporations and these bylaws. The Chief Executive Officer shall represent the company judicially, with theauthorities contemplated by both paragraphs of article seventh of the Civil Procedural Code and will have right to speak at Board meetings. The Chief Executive Officer shall be the secretary of the Board and the General Shareholders Meetings, unlessthe Board specially appoints a secretary. The office of Chief Executive Officer is not compatible with the office of Director, Chairman, Auditor or Accountant of the company. 

**TITLE FIFTH**

**SHAREHOLDERS MEETINGS**

ARTICLE TWENTY THIRD: The shareholders will meet at regular and special meetings. 

ARTICLE TWENTY FOURTH: Regular meetings will be held between January 1 and April 30 of each year, to decide on matters being of the exclusive concern of such kind of meetings, withoutrequiring indicating them in the relevant summons. The following matters will be transacted at regular shareholders meetings: One. the examination of the company’s situation and the reports of the external auditors, and the approval orrejection of the annual report, balance sheet, financial statements and demonstrations submitted by the company’s managers or liquidators; Two. The distribution of earnings for each financial year and, especially, the dividends’distribution; Three. The election or revocation of the regular and alternate board members, liquidators, and management supervisors; and Four. In general, any matter of corporate interest that is not the exclusive concern of the special shareholdersmeeting. 

ARTICLE TWENTY FIFTH: Special meetings will be held when required by the corporate needs, to decide on any matter that law orthese bylaws indicate that shall be decided by such meetings and provided they are indicated in the relevant summons. The following matters will be transacted at special shareholders meetings: One. The dissolution of the company. Two. Thetransformation, merger or spin-off of the company and the amendment of its by-laws; Three. The issuance of bonds or debentures convertible into shares; Four. The transfer of the fix asset and liabilities of the company or all of its assets; Five.The granting of collateral or personal guarantees for securing third parties obligations, except in the case of subsidiaries, in which case the board’s approval shall suffice; Six. Other matters that under the law or the bylaws are ofcompetence of the shareholders meetings. All these matters, save for the ones referred in points Five) and Six above), shall be agreed at a meeting held before a notary, who shall certificate that the minutes is a faithful expression of what hasoccurred at and resolved by the meeting. 

ARTICLE TWENTY SIXTH: Meetings, whether regular or special meetings, will be summoned by the board ofdirectors of the company. The board of directors shall summon a) A regular shareholders meeting to be held within the first four months following the balance sheet date, in order to transact the business within its purview. b) A special shareholdersmeeting whenever, at its opinion, the interests of the Company so justify it. c) A regular or special shareholders meeting, as applicable, whenever so requested by shareholders representing at least 10% of the shares entitled to vote, the request toindicate the matters to be discussed at the meeting. d) A regular or special shareholders meeting, as applicable, whenever so requested by the Securities and Insurance Commission, notwithstanding the authority of such entity to summon them directly.Meetings referred in letters c) and d) above shall be held within thirty days from the date of the relevant request. 

ARTICLE TWENTYSEVENTH: Summons to shareholders meetings shall be made through a notice to be prominently published at least three times on different days in a newspaper with wide circulation of the city of Santiago, to be designated by the RegularShareholders Meeting or, in the absence of any agreement or if the designated newspaper is suspended or discontinued, in the Official Gazette, in time and form and on the conditions indicated in the Regulations. Likewise, a notice shall be sent toeach shareholder by mail, to the address registered by the company, at least 15 days in advance of the date in which the Meeting is going to be held, which shall contain a reference of the matters to be discussed at the same. Notices of secondsummons may only be published once the meeting summoned by a first notice has failed and, in any case, the adjourned meeting shall be summoned for being held within 45 days following the date set for the not held meeting. However, meetings may bevalidly held if attended by all the shares entitled to vote, even if the formal requirements to summon a meeting have not been met. 

ARTICLE TWENTY EIGHTH: The shareholders meetings will be validly held upon the first call with the absolute majority of shares entitled to vote,and, upon the second call, with the shares present or represented, regardless of their number. Resolutions shall be adopted by an absolute majority of the shares present or represented entitled to vote, save for the matters listed in article thirtysecond of these bylaws. Shareholders meetings shall be chaired by the chairman of the board or by the person acting as such, and the regular secretary, if any, shall act as such, in the absence of which the chief executive officer shall act assecretary. 

ARTICLE TWENTY NINTH: Only the holders of the shares registered in the shareholders’ registry five days in advance ofthe scheduled date of a shareholders meeting may participate at the same with the right to speak and vote. At the elections made in general shareholders meetings, each shareholder will have one vote per share held or represented, and he/she mayaccumulate his/her votes or apportion them as he/she deems fit. 

ARTICLE THIRTIETH: Shareholders may be represented at meetings byanother person who need not be a shareholder. Representation shall be conferred in writing for all the shares held by the principal as of the record date indicated in article twenty ninth of these bylaws. 

ARTICLE THIRTY FIRST: The proceedings and resolutions adopted at shareholders meetings shall bememorialized in a book of minutes to be kept by the secretary, if any, or in his/her absence, by the chief executive officer of the company. Minutes will be signed by the persons acting as chairman and secretary of the meeting and by threeshareholders elected at the same or by all the persons present if less than three. The minutes will be deemed approved upon their signature by the three aforementioned persons, whereupon the resolutions referred to therein may be acted upon. If anyof the persons designated to sign the minutes believes the same is inaccurate or incomplete, they will be entitled to record their objections thereon prior to signing the same. 

ARTICLE THIRTY SECOND: The affirmative vote of two thirds of the issued, paid and voting shares shall be required to adopt resolutions at special shareholders meetings when they refer to followingmatters: One. The transformation of the company, the spin-off of the same and its merger with another company; Two. The early dissolution of the company; Three. The change of its corporate domicile; Four. To decrease the corporate capital; Five. Theapproval of contributions and estimation of non-cash assets; Six. The amendment of the authority established exclusively for the shareholders meetings or to the limitations to the powers of the board of directors; Seven. To decrease the number ofboard members; Eight. The disposition of 50% or more of its assets, whether including liabilities or not, and also the preparation or modification of any business plan contemplating for the disposition of assets in excess of the aforementionedpercentage; Nine. The manner of distributing corporate profits; Ten. Furnishing of collateral or personal guarantees to secure third party obligations exceeding 50% of assets, except in the case of subsidiaries, in which case the board’sapproval shall suffice. 

**TITLE SIXTH**

**BALANCE SHEETS AND PROFITS**

ARTICLE THIRTY THIRD: The company shall prepare abalance sheet as of December 31st of each year. 

ARTICLE THIRTY FOURTH: Profits recorded by the balance sheet shall be destinedprimarily to absorb losses from prior years and the balance will be distributed as determined by the shareholders meeting. Unless otherwise agreed at the same, by unanimous vote of the issued shares, the company shall annually distribute to itsshareholders, as cash dividend, at least 30% of the net profits of each year. 

**TITLE SEVENTH**

**MANAGEMENT OVERSIGHT**

ARTICLE THIRTY FIFTH: The regular shareholders meeting shall appoint, on an annual basis, external independent auditors. Requirements, rights,obligations, duties and authorities of external auditors or accountant examiners shall be the ones indicated by the law and the Regulations on Corporations. 

**TITLE EIGHTH**

**DISSOLUTION AND LIQUIDATION**

ARTICLE THIRTY SIXTH: The company will be dissolved upon all the shares being held by one person, upon resolution adopted at a special general shareholders meeting or by judicial resolution againstwhich there is no pending remedy. 

ARTICLE THIRTY SEVENTH: Once the company is dissolved, it will subsist as legal entity for thepurposes of its liquidation, in which case it shall add to its name the words “under liquidation”. During the liquidation, the bylaws will be applied provided its dispositions are compatible with the liquidation status. 

ARTICLE THIRTY EIGHTH: After the dissolution of the company, the liquidation will be conducted by a liquidation commission appointed by thegeneral shareholders meeting, which will set the commission’s fees. Unless otherwise resolved by the relevant meeting by unanimous vote of the issued shares, the liquidation committee will be comprised of three members. Such commission shalldesignate a chairman from among its members, who shall represent the company judicially and out-of-court. 

**TITLE NINTH**

**ARBITRATION**

ARTICLE THIRTY NINTH: Any difficulty or controversy arising among the shareholders as such, or among them and the company or its managers, whether during the term of duration of the company or uponits liquidation, in connection with the corporate business or any other aspect related to the company, in particular as to the fulfillment, breach, validity, nullity, termination, cancellation, interpretation, application or execution of thecompany’s contract, the rights and obligations arising from the same and the referred business, shall be resolved by an arbitrator who will be empowered to act as arbitrator-at-law with regard to the substance of the dispute and as *ex aequoet bono* with regard to the procedure, who will know the matter in a brief manner and without a judicial procedure, and who will settle the dispute in accordance to law in a sole instance. The arbitrator will be appointed by mutual agreement ofthe parties or, if failure to reach an agreement by the parties, by the courts of justice, but in this case the arbitrator appointed shall necessarily be a lawyer being a Regular Professor of Civil Law or Commercial Law at the Law School ofUniversidad de Chile or Pontificia Universidad Católica de Chile. 

**TRANSITORY ARTICLES**

ARTICLE TRANSITORY FIRST: The capital of the company, which amounts to $2,515,694,297,208, divided into 2,907,002,733 nominal, single-series and non-par-value shares, has been subscribed for andpaid up and will be subscribed for and paid up in the following manner: 

(one) With the amount of $1,791,804,431,231, divided into2,507,103,215 nominal, single-series and no-par-value shares, amount which is fully subscribed for and paid up; 

(two) With the amount of$963,882,535,606, divided into 399,899,518 nominal, single-series and no-par-value shares, that must be subscribed for and paid up as indicated below: 

(a) With the amount of $32,882,535,606, divided into 39,911,801 nominal, single-series and no-par-value shares which corresponds to part of the capital increase approved by the Extraordinary ShareholdersMeeting held on April 25, 2008, which must be subscribed for and paid up within the term of 5 years counted from the referred date, as they are allocated to comply with stock option plans for workers of the Company and its subsidiaries. Withinthe referred 39,911,801 shares are included those shares which were not originally allocated to such stock option plans, in accordance with the resolution adopted by the referred Extraordinary Shareholders Meeting held on April 25, 2008, butbecame part of such plans when they failed to be subscribed for and paid up within the term provided for such purpose in the referred Shareholders Meeting, which expired on April 25, 2011; 

(b) With the amount of $96,000,000,000, divided into 27,000,000 nominal, single-series and no-par-value shares, which corresponds to the capital increaseapproved by the Extraordinary Shareholders Meeting held on April 29, 2011, supplemented and amended by resolutions taken in the Extraordinary Shareholders Meetings held on March 1, 2012 and May 15, 2012, which shall be subscribed forand paid up within the maximum term of 5 years counted from April 29, 2011, as they are allocated to comply with stock option plans for workers of the Company and its subsidiaries. 

(c) With the amount of $835,000,000,000, divided into 332,987,717 nominal, single-series and no-par-value shares, which corresponds to part of the capital increase approved by the ExtraordinaryShareholders Meeting held on November 20, 2012, which shall be subscribed for and paid up within the maximum term of 3 years counted from the referred date. Part of these shares will be allocated to stock option plans for workers of the Companyand its subsidiaries to be determined by the Board of Directors, which shall be subscribed for and paid up within the maximum term of 5 years counted from November 20, 2012. 

(three) It is noted that in the Extraordinary Shareholders Meeting held on November 20, 2012: (a) In compliance with Article 26 of Law No. 18,046 on Corporations, it was expresslyacknowledged the lower value in the placement of the capital increase approved by the Extraordinary Shareholders Meeting held on April 29, 2011, supplemented and amended by resolutions adopted in the Extraordinary Shareholders Meetings held onMarch 1, 2012 and May 15, 2012, for an amount of $231,012,640,688 as a reduction of the capital to be paid; and (b) The account “Shares Issuance and Placement Premium” was deducted from the paid capital of the company, foran amount of $8,980,028,941. 

ARTICLE TRANSITORY SECOND: Up to 10% of the shares from the capital increase approved in theExtraordinary Shareholders Meeting held on November 20, 2012 will be allocated to be issued and comply with the stock option plans for the workers of the Company and its subsidiaries, in accordance with the option plans that the Board of

Directors will prepare to that effect. In respect of these shares, the shareholders will not have preemptive rights and, in addition, these shares may only be offered to the workersproportionally to the number of shares of the corresponding capital increase, in the portion not reserved for such purposes, which are actually subscribed for, as provided in the third paragraph of Article 24 of Law No. 18,046 on Corporations.The term to subscribe for and pay up these shares will be 5 years counted from November 20, 2012, as provided in the fourth paragraph of Article 24 of Law No. 18,046 on Corporations. 

**Incorporation**: 

The company was incorporated by public deed dated November 10, 1978 executed before the Notary Public of Santiago Mr. Enrique Morgan Torres. An abstract of this public deed was registered in theRegister of Commerce of the Santiago Real Estate Registrar on page 13,808 with the number 7,412 corresponding to the year 1978, and published in the Official Gazette No. 30,252 on December 30, 1978. 

**Amendments**: The main amendments to the Company are the following: 

By public deed dated September 5, 2005 granted before the Notary Public of Santiago Mr. José Musalem Saffie, registered on page 36,103 with the number 23,745 in the Register ofCommerce of the Santiago Real Estate Registrar corresponding to the year 2005, and published in the Official Gazette No. 38,278 on October 4, 2005, was approved the merger of the Company by incorporation of Empresas Almacenes Paris S.A.,establishing restated text of the corporate bylaws. 

By public deed dated April 29, 2008 granted before the Notary Public of SantiagoMr. José Musalem Saffie, registered on page 20,393 with the number 13,966 in the Register of Commerce of the Santiago Real Estate Registrar corresponding to the year 2008, and published in the Official Gazette No. 39,065 onMay 19, 2008, was increased the number of directors and the company’s capital. 

By public deed dated October 30, 2008 grantedbefore the Notary Public of Santiago Mr. José Musalem Saffie, registered on page 51,926 with the number 35,894 in the Register of Commerce of the Santiago Real Estate Registrar corresponding to the year 2008, and published in theOfficial Gazette No. 39,209 on November 11, 2008, was increased the capital of the company. 

By public deed dated April 29,2009 granted before the Notary Public of Santiago Mr. José Musalem Saffie, registered on page 20,654 with the number 14,129 in the Register of Commerce of the Santiago Real Estate Registrar corresponding to the year 2009, andpublished in the Official Gazette No. 39,364 on May 18, 2009, was decreased the number of directors of the company. 

By public deeddated May 31, 2011 granted before the Notary Public of Santiago Mr. José Musalem Saffie, registered on page 31,215 with the number 23,327 in the Register of Commerce of the Santiago Real Estate Registrar corresponding to theyear 2011, and published in the Official Gazette No. 39,986 on June 15, 2011, was increased the capital of the company. 

By publicdeed dated March 8, 2012 granted before the Notary Public of Santiago Mr. José Musalem Saffie, registered on page 18,070 with the number 12,678 in the Register of Commerce of the Santiago Real Estate Registrar corresponding tothe year 2012, and published in the Official Gazette No. 40,214 on March 16, 2012, an involuntary mistake made in the Extraordinary Shareholders Meeting held on April 29, 2011 was amended. 

By public deed dated November 22, 2012 granted before the Notary Public of Santiago Mr. José Musalem Saffie, registered onpage 84,201 with the number 58,884 in the Register of Commerce of the Santiago Real Estate Registrar corresponding to the year 2012, and published in the Official Gazette No. 40,423 on November 30, 2012, was increased the capital ofthe company.