Roadshow Presentation

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1 Roadshow Presentation Secondary Offering Selling Shareholder: LQ Inversiones Financieras S.A. January 2014

2 Statements made in this presentation written or oral that relate to BCH s future performance or financial results are forward-looking statements within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, which are not statements of fact and involve uncertainties that could cause actual performance or results to materially differ. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may contain words like believe, anticipate, expect, envisages, will likely result, or any other words or phrases of similar meaning. Our forward-looking statements are not guarantees of future performance, and our actual results or other developments may differ materially from the expectations expressed in the forward-looking statements as a result of various factors (including, without limitation, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates, and operating and financial risks related to managing growth and integrating acquired businesses), many of which are beyond our control. As for forward-looking statements that relate to future financial results and other projections, actual results will be different due to the inherent uncertainty of estimates, forecasts and projections. Because of these risks and uncertainties, potential investors should not rely on these forward-looking statements. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. No representation or warranty, express or implied, is or will be made or given by us or any of our affiliates or directors or any other person as to the accuracy or completeness of the information or opinions contained in this presentation and no responsibility or liability is or will be accepted for any such information or opinions. Although we believe that these forward-looking statements and the information in this presentation are based upon reasonable assumptions and expectations, we cannot assure you that such expectations will prove to have been correct. The forward-looking statements represent BCH s views as of the date of this presentation and should not be relied upon as representing our views as of any date subsequent to the date of this presentation as we undertake no obligation to update any of these statements. You are cautioned not to place undue reliance on these forward-looking statements as such statements and information involve known and unknown risks. These statements should be considered in conjunction with the additional information about risk and uncertainties set forth in BCH s preliminary prospectus supplement related to the offering dated January 14, 2013, the accompanying prospectus dated March 10, 2011 and BCH s annual report on Form 20-F for the year ended December 31, 2012 ( 20-F ) filed with the U.S. Securities and Exchange Commission (SEC). This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part without our prior written consent. Recipients of this presentation are not to construe the contents of this summary as legal, tax or investment advice and recipients should consult their own advisors in this regard. This presentation does not constitute or form any part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any shares or other securities issued by us, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. For further information regarding risks, uncertainties and assumptions which may affect our expectations of future performance, please see the associated prospectus, preliminary prospectus supplement and 20-F as filed with the SEC, including, without limitation, the sections titled Risk Factors and Forward-Looking Statements. In this roadshow presentation, we present our financial information under both International Financial Reporting Standards as issued by the International Accounting Standards Board ( IFRS ) and generally accepted accounting principles in Chile as supplemented by the applicable rules of the Superintendencia de Bancos e Instituciones Financieras de Chile ( Chilean GAAP ). We use Chilean GAAP for presenting historical financials and when comparing with local peers and IFRS when comparing with international peers as noted at the bottom of each page. Chilean GAAP differs in certain significant aspects from International Financial Reporting Standards. The main differences are explained in our preliminary prospectus supplement filed with the U.S. Securities and Exchange Commission on January 14, 2014 under the heading Recent Results of Operations Summary of Differences Between Internal Reporting Policies and IFRS. As a result, our financial information presented under IFRS is not directly comparable to any of our financial information presented under Chilean GAAP. Accordingly, readers should avoid such comparison. 2

3 I. Introduction to Banco de Chile 3

4 Introduction to Banco de Chile: Leading Financial Institution in Profitability and Soundness As of September 2013 Local Ranking Most Profitable and Strongest Bank Institution in LatAm 3 September 2013 ROAE 4 Rating (S&P) Market Cap (US$ bn) US$50 billion in Assets 1 21,4% A US$32 billion in Deposits 1 Santander 19,8% N/A 17.5 US$4.4 billion in Equity 1,2 Itau 19,7% BBB 64.9 S&P: A+ Moody s: Aa3 (Strongest Private Bank in Latam 3 ) Santander Credicorp 16,3% 13,4% A N/A Listed locally and internationally Santiago NYSE LSE Banorte 13,2% N/A 19.9 Bancolombia 11,6% BBB Source: SBIF. Note: CLP/US$ = as of September 30, Information in Chilean GAAP. 2.- Equity attributable to the parent. 3.- Based on private financial institutions with market cap >US$5bn months annualized return ending in September 30, 2013 over average equity (calculated based on December 31, 2012 and September 30, 2013 balances, except for Banco de Chile, which was calculated based on daily balances) calculated in local currency. Information in IFRS (Banco de Chile, Itau and Credicorp) and local GAAP (Santander México, Banorte, Santander Chile and Bancolombia) as of September 30, 2013 and Bloomberg as of January 10,

5 With a Diversified Business Model Total Loans As of September 2013 Income Before Income Tax September % 29% 6% 21% 46% US$40,450 mm 42% US$867 mm 22% 21% 7% 2% 1 Subsidiaries Individuals and SME Consumer Finance Large Companies Corporate Treasury Note: CLP/US$ = as of September 30, Information in Chilean GAAP. 1.- Subsidiaries include Banchile Corredores de Bolsa S.A., Banchile Administradora General de Fondos S.A., Banchile Corredores de Seguros Ltda., Banchile Asesoría Financiera S.A., Banchile Securitizadora S.A., Promarket S.A., Socofin S.A months ending September 30,

6 II. Banco de Chile: An Attractive Investment Opportunity 6

7 Why Invest in Banco de Chile? 7

8 Why Invest in Banco de Chile? 8

9 Stable Macroeconomic Environment in Chile 1 Positive and Stable Performance Gross Domestic Product Real Annual Growth, % 5,8% 5,9% 5,6% 4,0% 1 Average Unemployment % 10,8% 8,2% 7,1% 6,4% 6,0% 3-1,0% E Nov-13 Investment Investment 5 / Real GDP, % 21,9% 23,3% 25,2% 26,8% 26,8% 2 Inflation 12 Month Variation, % 3,0% 4,4% 1,5% 3,0% E -1,4% Source: Banco de Chile estimate. 2.- Source: Central Bank of Chile. 3.- Source: INE; Average unemployment over 11 months ending in November Source: Central Bank of Chile. Actual 2013 Inflation. 5.- Gross fixed capital formation. 9

10 Stable Macroeconomic Environment in Chile 2 Low Risk and Attractive Business Environment Country Real GDP Growth 2013E 1 (%) GDP per Capita 1 (US$ thousands) Inflation 2013E 1 (%) Public Debt Rating2 % of GDP 1 and Spread 3 Economic Freedom Index (Rank) 4 Doing Business Index (Rank) 5 4.0% % % AA- 80 #7 #34 1.2% % 37.5% BBB+ 97 #50 #53 2.5% % 59.1% BBB 192 #100 # % % 39.7% BBB 123 #37 #43 5.1% % 15.3% BBB+ 134 #44 # Source: The Economist Inteligence Unit as of December 20, S&P Rating based on foreign currency debt. Source Bloomberg as of January 10, Source: Factset CDS 5 year spread as of January 10, Source: Heritage Foundation. 5.- Source: World Bank. 6.- Source: Banco de Chile estimates. 7.-Source: Central Bank of Chile. Actual 2013 inflation. 10

11 Why Invest in Banco de Chile? 11

12 Attractive Financial System in Chile 1 Substantial Growth Potential Assets in the Chilean Financial System Banking System Loan Penetration % of GDP 1 % of GDP Total Loans Assets Under Management Bank Loans Penetration (%) 171% 202% 235% Consumer Mortgage 81% 11% 20% 60% 17% 28% 35% 56% 81% 122% 130% 114% Commercial 51% 15% 18% GDP per Capita (US$ Thousands) Banks Pension Funds Mutual Funds Insurance Source: Banco Central, SBIF, SAFP, AAFM, and SVS. 1.- Nominal LTM figures as of September Source: The Economist Intelligence Unit as of December 20, 2013, central banks and regulators. 2.- Source: Central Bank of Chile and SBIF. 12

13 Attractive Financial System in Chile 2 Solid and Profitable Banking Industry with Consistent Growth Total Loans 1 and ROAE 2 Chilean Banking System, US$ Billions, % ,0% ,2% 17,7% ,9% 14,0% Chilean Banking System 12 Chilean banks and 11 international banks 5 largest banks hold more than 70% of total loans Sustained growth in loans of 2x 4 GDP growth High credit quality Sep-13 > 90-Day Past-Due Loans / Total Loans: 3.0% 2.7% 2.4% 2.1% 2.1% BIS Ratio: 14.3% 14.1% 13.9% 13.3% 13.1% Total Loans ROAE 5 Attractive return on equity Good capitalization Strict regulation with increasing focus on consumer protection Source: SBIF, information in Chilean GAAP. CLP/US$ = as of September 30, Excludes subsidiaries outside Chile. 2.- ROAE: Return on average equity. 3.- Compounded annual growth rate. 4.- Linear regression between real GDP growth and real loans growth in the banking system, for years in which there was real positive change in GDP, from 1996 to For ROAE, 9 months annualized ratio ending in September

14 Why Invest in Banco de Chile? 14

15 Santander BCI BBVA Corpbanca Santander BCI BBVA Corpbanca Santander BCI BBVA Corpbanca Solid Competitive Position 1 Strong Brand Recognition that Translates into High Client Attraction and Retention First Mention by Attribute % of Total Mentions, as of September 2013 Top of Mind 35% Bank You Would Change to 27% Security and Solvency 35% 19% 18% 15% 5% 1% 8% 4% 2% 9% 11% 1% 1% Source: Adimark GFK, ABC1 & C2 segments. Includes all brands from each institution. 15

16 Solid Competitive Position 2 Leading Market Position #1 in Total Loans Market Share, as of September ,3% 19,2% 13,0% #1 in Commercial Loans Market Share, as of September % 17,4% 14,2% 7,6% 6,9% 9,2% 5,8% Santander BCI Corpbanca BBVA Santander BCI Corpbanca BBVA #1 in Net Fees and Commissions Market Share, as of September 2013 #1 in Assets Under Management Market Share, as of September ,7% 18,3% 15,0% 8,3% 4,0% 21.6% 15,3% 13,1% 6,3% 6,2% Santander BCI Corpbanca BBVA Santander BCI Larraín Vial BICE Source: SBIF, AAFM. Information in Chilean GAAP as of September Excludes subsidiaries outside Chile. 16

17 Solid Competitive Position 3 Lowest Cost of Funding in the Industry Funding Structure % Over Total Assets, as of September 2013 Equity 8,8% Debt Issued 16,1% Financial Institutions 3,5% Other 7,3% Current Accounts and Demand Deposits 23,5% Saving Accounts and Time Deposits 40,9% Wholesale 60,7% Wholesale 55,8% Source: Banco de Chile. Information in Chilean GAAP, as of September 30, Retail 39,3% Retail 44,2% Demand Deposits Market Share 1 %, as of September ,2% 21,5% Cost of Funding 2 Rate, September ,0% 3,3% 3,4% 3,6% 4,6% 3,5% Santander BCI BBVA Corpbanca 4,3% 4,7% BCI Santander Corpbanca BBVA Source: SBIF. Information in Chilean GAAP, as of September 30, Excludes subsidiaries outside Chile. 2.- Cost of funding is defined as the quotient between interest paid and the sum of interest bearing liabilities and non interest bearing deposits, excluding derivatives months annualized ratios ending in September 30,

18 Solid Competitive Position 4 Recognized Credit Risk Management Delinquency Ratio %, Past Due Loans 1 / Total Loans 3,3% 3,1% 2,7% 2,4% 2,3% 2,5% 2,4% 2,4% 2,1% 2,1% 1,4% 1,2% 1,0% 1,0% 1,1% Loan Loss Provisions Ratio Provisions for Loan Losses/ Average Loans 1,9% 1,8% 1,7% 1,5% 1,3% 1,3% 1,4% 1,4% 1,4% 1,2% 1,3% 1,3% 1,0% 1,2% 0,8% Coverage Ratio Allowances for Loan Losses / Past-Due Loans 1 1,7x 0,9x 2,1x 2,1x 2,4x 2,0x 1,0x 1,0x 1,1x 1,2x 0,7x 0,8x 0,9x 1,0x 1,1x Sep Sep-13 3 Local Peers Sep-13 System ex Banco de Chile Renowned risk management based on: Proven capacity for origination and structuring Solid follow-up and collection processes Senior management deeply involved Source: SBIF. Information in Chilean GAAP. 1.- Loans overdue 90 days or more, including overdue installments, as well as outstanding capital and interests. 2-. BBVA, BCI, Corpbanca and Santander months annualized ratios ending in September 30,

19 Why Invest in Banco de Chile? 19

20 Proven Value Creation Capabilities 1 Sustained Growth in Loans and Operating Revenues Total Loans US$ Billions Total Operating Revenues US$ Billions $26,1 $28,5 $34,4 $37,2 $40,4 $2,0 $2,3 $2,4 $2,7 $1,9 $2,1 19,1% 19,2% 19,8% 19,0% 19,3% 19,6% 20,6% 20,5% 20,8% 20,8% 20,3% Sep-13 Total Loans Market Share M12 9M13 Operational Revenues Market Share Information in Chilean GAAP. Source: SBIF, Banco de Chile. CLP/US$ = as of September 30, Excludes subsidiaries outside Chile. 20

21 Proven Value Creation Capabilities 2 Leading the Industry in Net Income Generation Chilean System Net Income Market Share %, Quarterly 32% 20% 11% 10% 6% 28% 21% 17% 7% 4% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q Source: SBIF. Information in Chilean GAAP. Santander BCI BBVA Corpbanca 21

22 Proven Value Creation Capabilities 3 Distinguishing Itself in the Local Market Highest Profitability in the Local Industry ROAE 1 September , Chile GAAP 21,5% Based on Superior Risk Management and Efficiency Operating Margin % Over Average Interest Earning Assets, September ,4 6,4% 6,0% 6,4% 4,9% 3,8% 17,5% 15,8% BCI Santander Corpbanca BBVA 10,5% 6,9% Loan Loss Provisions Ratio %, Provisions for Loan Losses / Average Loans, September ,2% 1,3% 1,9% 0,9% 1,1% ROAA 2 : BCI SantanderCorpbanca BBVA 2.1% 1.5% 1.4% 1.0% 0.5% BCI Santander Corpbanca BBVA Efficiency Ratio Operating Expenses / Operating Revenues, September ,7% 48,3% 43,5% 52,8% 59,2% BCI Santander Corpbanca BBVA Source: SBIF. Information in Chilean GAAP.1.- ROAE: Return on average equity (calculated based on December 31, 2012 and September 30, 2013 balances, except for Banco de Chile, which was calculated based on monthly balances). 2.- ROAA: Return on average total assets (calculated based on December 31, 2012 and September 30, 2013 balances, except for Banco de Chile, which was calculated based on monthly balances) months annualized ratios ending in September 30, For Banco de Chile daily average Interest earning assets were used. 22

23 Santander Mexico Itau Credicorp Banorte Bancolombia Proven Value Creation Capabilities 4 and in the Regional Scene Highest Profitability in the Region ROAE 1 September , IFRS 21,4% 19,8% 19,7% Based on Superior Risk Management and Efficiency Operating Margin % Over Average Interest Earning Assets, September ,4 6,4% 8,8% 8,9% 8,8% 6,3% 7,7% 13,4% 13,2% 11,6% Santander Mexico Itau Credicorp Banorte Bancolombia Loan Loss Provisions Ratio %, Provisions for Loan Losses / Average Loans, September ,4% 3,7% 2,0% 2,3% 1,1% 1,7% Santander Mexico Itau Credicorp Banorte Bancolombia ROAA 2 : 2.3% 2.5% 1.6% 1.5% 1.4% 1.3% Efficiency Ratio Operating Expenses / Operating Revenues, September ,7% 33,0% 55,5% 53,1% 51,8% 59,5% Santander Mexico Itau Credicorp Banorte Bancolombia Source: National regulators. Information in IFRS (Banco de Chile, Itau & Credicorp) and local GAAP (Santander México, Banorte, Santander Chile & Bancolombia). 1.- ROAE: Return on average equity (calculated based on December 31, 2012 and September 30, 2013 balances, except for Banco de Chile, which was calculated based on daily balances) calculated in local currency. 2.- ROAA: Return on average total assets (calculated based on December 31, 2012 and September 30, 2013 balances, except for Banco de Chile, which was calculated based on daily balances and on monthly balances for its subsidiaries) months annualized ratios ending in September For Banco de Chile daily average Interest earning assets were used. 23

24 Proven Value Creation Capabilities 5 with a Consistent Track Record of Profitability Return On Average Equity 1 (ROAE) %, Times over Peers Banco de Chile s Multiple over Peers Return On Average Assets 1 (ROAA) %, Times over Peers 0.8x 1.1x 1.2x 1.4x 1.5x 0.9x 1.2x 1.3x 1.5x 1.8x 21,4% 17,5% 24,8% 24,0% 23,2% 22,2% 20,5% 16,8% 21,5% 14,0% 1,6% 1,5% 2,2% 2,1% 2,1% 2,1% 1,8% 1,6% 1,4% 1,2% Sep Sep-13 Local Peers 2 Source: SBIF and Banco de Chile. Information in Chilean GAAP. Note: ROAE in IFRS for Banco de Chile was 16.85%, 25.01%, 22.61%, 21.63% and 21.37% for 2009, 2010, 2011, 2012 and September 2013 respectively. ROAA in IFRS for Banco de Chile was 1.51%, 2.38%, 2.16%,, 2.13% and 2.27% for 2009, 2010, 2011, 2012 and September 2013 respectively. 1.- Calculated over monthly average assets and equity, except for Banco de Chile which was calculated over daily averages. Equity excludes provision for minimum dividends. 2.- BCI, BBVA, Corpbanca and Santander months annualized ratios ending in September 30,

25 Proven Value Creation Capabilities 6 and Adding Significant Value for its Shareholders Market Capitalization of Banco de Chile bn: Billions US$ Billions 16 US$1.9 bn 1 US$5.3 bn 2 US$12.3 bn Banco de Chile & Banco Edwards Merger Banco de Chile & Citibank Chile Merger Source: Bloomberg. Exchange rate as of January 10, 2014: $ CLP/US$. 1.- January 4, February 13, January 10,

26 Why Invest in Banco de Chile? 26

27 Solid Corporate Governance and Consistent Strategy 1 Solid Corporate Governance Solid Corporate Governance Practices Successful Partnership with Citi Active Board involvement 11 board members (2 are independent) 5 risk committees, including weekly sessions of Loan Portfolio Committee 6 monthly business committees Best Practices in pursuant to NYSE and SEC standards Growth of existing businesses Transactional and Multinational Banking, Treasury, Investment Banking, Consumer Finance International Connectivity provide us with significant growth potential to develop: International business opportunities Regional and multinational client development Best practices in internal management processes Source: Banco de Chile. 27

28 Solid Corporate Governance and Consistent Strategy 2 and a Focused Strategy to Sustain Profitable Growth Optimize segmentation Maximize use of client intelligence Increase use of transactional services Optimize sale channels Increase cross-selling Maximize internet channel Accompany clients through Citi s international network Generate synergies with retail divisions Construct culture of excellence Implement sales force productivity programs Redesign / automate processes and centralize functions Superior goals for employee reviews Redesign critical processes affecting quality of service Increase effectiveness of contact center 28

29 III. Closing Remarks 29

30 Final Considerations Banco de Chile: a Unique Investment Opportunity Positive and stable performance Low risk and attractive business environment Solid and profitable industry with consistent growth Substantial growth potential Strong brand recognition Leading market position Lowest cost of funding in the industry Outstanding credit risk management Sustained growth in loans and income Highest profitability in Chile and Latin America Consistently delivering value to its shareholders Successful partnership with Citi Solid practices in corporate governance Focused strategy to sustain profitable growth 30

31 Appendix 31

32 Financial Performance IFRS Source: Banco de Chile, Information in IFRS. 1.- Annualized net interest income divided by average interest earning assets. The average balances for interest earning assets, including interest and readjustments, have been calculated on the basis of our daily balances and on the basis of monthly balances for our subsidiaries. 2.- Annualized net income (loss) divided by average equity excluding provision for minimum dividends. The average balances for equity have been calculated on the basis of our daily balances. 3.- Annualized net income (loss) divided by average total assets. The average balances for total assets have been calculated on the basis of our daily balances and on the basis of monthly balances for our subsidiaries. Variation Sep-12 Sep / 2011 Sep-13 / Sep-12 Statement of Income (in billions of CLP) % % Net Interest Income % 11.6% Total Operating Income 1,164 1,261 1, , % 12.8% Provisions for Loan Losses % 30.3% Total Operating Expenses % (1.9%) Net income % 21.7% Balance Sheet (in billions of CLP) Total Loans 14,378 17,386 18,772 18,385 20, % 11.1% Total Assets 18,276 21,756 23,198 22,770 25, % 10.9% Equity 1,694 2,041 2,355 2,233 2, % 20.5% Profitability Indicators bps bps Net Interest Margin % 4.80% 4.68% 4.52% 4.62% (12) 10 Operating Margin 7.38% 6.90% 6.52% 6.23% 6.43% (38) 20 ROAE - Return on Average Equity % 22.61% 21.63% 21.23% 21.37% (98) 14 ROAA - Return on Average Assets % 2.16% 2.13% 2.02% 2.27% (3) 25 Credit Quality Provisions for Loan Losses/ Average Loans 1.16% 0.92% 0.92% 0.88% 1.06% 0 18 Non-Performing Loans / Total Loans 1.20% 1.03% 0.97% 0.94% 1.14% (6) 20 Allowances for Loan Losses / Non-Performing Loans 2.0x 2.0x 2.1x 2.2x 1.8x 0.1x (0.4x) Operational Efficiency Operating Expenses / Operating Revenues 46.74% 48.66% 47.27% 47.96% 41.71% (139) (625) Capital Ratios Total Regulatory Capital / Risk-weighted Assets 13.39% 12.91% 13.22% 12.46% 13.17% Tier 1 Capital / Risk-weighted Assets 8.54% 8.88% 9.69% 8.93% 9.92%

33 Financial Performance Chilean GAAP Variation Sep-12 Sep / 2011 Sep-13 / Sep-12 Statement of Income (in billions of CLP) % % Net Interest Income % 12.3% Total Operating Income % 9.7% Provisions for Loan Losses % 26.3% Total Operating Expenses % (3.8%) Net income % 16.1% Balance Sheet (in billions of CLP) Total Loans 14,366 17,378 18,762 18,376 20, % 11.1% Total Assets 18,256 21,741 23,261 22,739 25, % 11.1% Equity 1,404 1,739 2,007 1,835 2, % 21.3% Profitability Indicators bps bps Net Interest Margin % 4.77% 4.61% 4.45% 4.60% (16) 15 Operating Margin 7.40% 6.70% 6.49% 6.30% 6.36% (21) 7 ROAE - Return on Average Equity % 24.03% 23.16% 22.23% 21.47% (87) (76) ROAA - Return on Average Assets % 2.12% 2.08% 1.97% 2.12% (4) 15 Credit Quality Provisions for Loan Losses/ Average Loans 1.23% 0.79% 1.04% 1.02% 1.19% Non-Performing Loans / Total Loans 1.20% 1.03% 0.97% 0.94% 1.14% (6) 20 Allowances for Loan Losses / Non-Performing Loans 2.1x 2.1x 2.4x 2.4x 2.0x 0.2x (0.4x) Operational Efficiency Operating Expenses / Operating Revenues 50.31% 50.16% 47.23% 48.66% 42.69% (293) (597) Capital Ratios Total Regulatory Capital / Risk-weighted Assets 13.39% 12.91% 13.22% 12.46% 13.17% Tier 1 Capital / Risk-weighted Assets 8.54% 8.88% 9.69% 8.93% 9.92% Source: Banco de Chile, based on historical Financial Statements submitted to the SBIF and not including reclassifications. Information in Chilean GAAP. 1.- Annualized net interest income divided by average interest earning assets. The average balances for interest earning assets, including interest and readjustments, have been calculated on the basis of our daily balances and on the basis of monthly balances for our subsidiaries. 2.- Annualized net income (loss) divided by average equity excluding provision for minimum dividends. The average balances for equity have been calculated on the basis of our monthly balances. 3.- Annualized net income (loss) divided by average total assets. The average balances for total assets have been calculated on the basis of our daily balances and on the basis of monthly balances for our subsidiaries. 33

34 Financial Performance Reconciliation Chilean GAAP vs. IFRS CLP in billions Sep-13 Local IFRS Difference Equity 2,226 2, Net Income Sep-12 Local IFRS Difference 1,835 2, CLP in billions Sep-13 Sep-12 Sep-13 Sep-12 Effects in Equity Effects in Net Income Main Differences Reversing minimum dividend exceeding 30% obligation Loan loss provisions Additional provisions Contingent provisions (credit lines) Derivative credit Risk +11 (4) +14 (1) 6. Net adjustment business combination Citi (2) (4) 7. Deferred taxes (50) (42) (8) (9) 8. Other, net Some numbers have been rounded for calculation purposes. 34

35 Financial Performance Reconciliation Chilean GAAP vs. IFRS CLP in billions Dec-12 Local IFRS Difference Equity 2,007 2, Net Income Dec-11 Local IFRS Difference 1,739 2, CLP in billions Dec-12 Dec-11 Dec-12 Dec-11 Effects in Equity Effects in Net Income Main Differences Reversing minimum dividend exceeding 30% obligation Loan loss provisions (7) 3. Additional provisions Contingent provisions (credit lines) Net adjustment business combination Citi (4) (7) 6. Deferred taxes (37) (27) (10) (7) 7. Other, net Some numbers have been rounded for calculation purposes. 35