Itaú CorpBanca. Institutional Investors Presentation

Transcription

1 Itaú CorpBanca Institutional Investors Presentation Itaú CorpBanca MAY 2017

2 Agenda I. Investment Case II. Financials III. Integration Milestones IV. Appendix As of March 31, 2017 DGA Itaú CorpBanca Informação de Uso Interno

3 Itaú CorpBanca Investment Case Solid Macroeconomic Fundamentals Unique Control and Support Banking Platform with Larger Scale Solid Macroeconomic Fundamentals and Expanding Banking Sector Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America Colombia is also an attractive market with a diversify economy The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments Unique control and support from a leading institution Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise Itaú CorpBanca benefits from the strength of a ~US$78.8 BN 1 market cap partner in its existing markets while enhancing opportunities for growth abroad Opportunity to leverage Itaú Unibanco s strong global client relationships successful managing model Itaú CorpBanca will be able to expand its banking products offering through segmentation and digitalization Emergence of a leading banking platform in Chile and Colombia Greater scale and resources to grow and compete more effectively in Chile and Colombia Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America 4 th largest private bank in Chile and 5 th largest banking group in Colombia by total loans 2 4 Positive Impact to Itaú CorpBanca Itaú CorpBanca will have a stronger financial profile and greater earnings power Estimated pre-tax cost synergies of approximately US$100MM per year on a fully phased-in basis and total one-time integration costs of approximately US$85MM to occur during the first 3 years Improved funding profile and substantial potential for revenue synergies Additional cross-selling opportunities Improved capital position opens room for further loan growth 3 1 As of March 31, Source (Bloomberg) 2 Rankings based on gross loans as reported to the SBIF, excluding loans from CorpBanca Colombia, and SFC. Source: Companies financials.

4 1 Global Macroeconomic Backdrop GDP Growth (%) Interest Rates (EOP) - % 5,8 5,8 4,0 6,6 5,5 4,0 4,0 4,9 1,9 4,4 2,3 3,1 2,0 1,6 1,8 1,8 2,5 2,5 3,3 3,0 5,3 4,8 5,0 4,3 4,5 3,3 3,0 4,5 5,8 3,5 3,5 7,5 2,5 5,5 3,0 4, (e) 2018(e) Chile Colombia (e) 2018(e) Chile Colombia Inflation (CPI) - % Exchange rates CLP/USD & CLP/COP 3,0 3,2 4,4 3,7 1,5 2,4 3,0 1,9 4,6 4,4 3,7 6,8 5,8 4,1 3,5 2,7 2,8 3, ,27 0,26 0,25 0,24 0,23 0,22 0, , (e) 2018(e) Chile Colombia CLP/USD CLP/COP 4 Source: Central Bank of Chile and Central Bank of Colombia. Itaú CorpBanca s projections.

5 LatAm Banking Sector Penetration, Size, Concentration, Capitalization, and Government Share As of September 30, 2015, unless otherwise stated Brazil Chile Colombia Mexico Peru Population (2014) in million Banking sector Penetration, loans to GDP (2014) 54.7% 85.5% 42.2% 19.5% 33.5% Lending mkt size, total loans, US$B GDP Growth, Real YoY Total assets size, US$B 1, Concentration, asset mkt. share of top 5 players (1) 75.9% 69.6% 67.8% 72.3% 86.7% (Source: Bloomberg; BCB; Banco Central de Chile; Banco de la República; Banxico; BCRP; Scotiabank GBM.) 90% Capitalization, equity to assets 7.5% 7.4% % 10.3% 9.5% Australia Government entities, % banking system assets 36.0% 13.0% 5.0% 0.0% Germany 3.0% USA 80% Penetration metrics: branches and ATMs Banking Sector Penetration Loans to GDP (Source: BCB; SBIF; SFC; CNBV; SBS; IMF; Scotiabank GBM.) 70% Branches per 100k 3.3% people (2014) Colombia % ATMs -3.5% per 100k people (2014) % 2.1% 1.9% 60% 50% Loan penetration % del PBI; Developing markets India Peru Brazil Developed markets Chile Russia Mexico Argentina Spain Japan 0 0 5,000 10,00015,00020,00025,00030,00035,00040,00045,00050,00055,000 Italy UK France GDP per capita (PPP) USD 4.8% 3.0% 2.6% 3.3% 2.5% 2.5% 5.8% 3.3% 3.2% 40% 30% 20% 10% avg 2015A 2016E 0% 5 Note: Exchange rate USD as of September 30, 2015 : 3.98 BRL, CLP, 3, COP, MXN, 3.22 PEN. Source: Company reports; IMF, BCB; SBIF; SFC (Superintendencia Financiera de Colombia); CNBV; SBS; Scotiabank GBM

6 2.0% 6.0% 9.0% 9.0% 10.0% 12.8% 12.0% 11.0% 15.0% 17.7% 1 LatAm Banking Sector Penetration, Size, Concentration, Capitalization, and Government Share. As of September 30, 2015, unless otherwise stated Brazil Chile Colombia Mexico Peru Population (2014) in million Banking sector Penetration, loans to GDP (2014) 54.7% 85.5% 42.2% 19.5% 33.5% Lending market size, total loans, US$BN Total assets size, US$BN 1, Concentration, asset mkt. share of top 5 players (1) 75.9% 69.6% 67.8% 72.3% 86.7% Nominal Loan Growth Capitalization, equity to assets 7.5% 7.4% 13.3% 10.3% 9.5% (Source: BCB; SBIF; SBC; CNBV; SBS; Scotiabank GBM.) Government entities, % banking system assets 36.0% (Source: BCB; SBIF; 13.0% SBC; CNBV; SBS; 5.0% IMF; Scotiabank 0.0% GBM.) 3.0% Penetration metrics: branches and ATMs Loan Growth Multiplier Nominal Loan Growth to Nominal GDP Growth over the Past 10 Years Branches per 100k people (2014) ATMs per 100k 2015E people (2014) 2016E 89 High 45 Low 30 Average E x 0.9x 1.7x 0.9x 2.7x -0.7x 1.9x 1.5x 3.3x 3.3x 3.3x 0.4x 1.8x 1.0x 2.6x 2.1x 1.5x 1.9x 0.1x -3.0x 6 Note: Exchange rate USD as of September 30, 2015 : 3.98 BRL, CLP, 3, COP, MXN, 3.22 PEN. Source: Company reports; IMF, BCB; SBIF; SFC (Superintendencia Financiera de Colombia); CNBV; SBS; Scotiabank GBM

7 Itaú CorpBanca Investment Case Solid Macroeconomic Fundamentals Unique Control and Support Banking Platform with Larger Scale Solid Macroeconomic Fundamentals and Expanding Banking Sector Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America Colombia is also an attractive market with a diversify economy The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments Unique control and support from a leading institution Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise Itaú CorpBanca benefits from the strength of a ~US$78.8 BN 1 market cap partner in its existing markets while enhancing opportunities for growth abroad Opportunity to leverage Itaú Unibanco s strong global client relationships successful managing model Itaú CorpBanca will be able to expand its banking products offering through segmentation and digitalization Emergence of a leading banking platform in Chile and Colombia Greater scale and resources to grow and compete more effectively in Chile and Colombia Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America 4 th largest private bank in Chile and 5 th largest banking group in Colombia by total loans 2 4 Positive Impact to Itaú CorpBanca Itaú CorpBanca will have a stronger financial profile and greater earnings power Estimated pre-tax cost synergies of approximately US$100MM per year on a fully phased-in basis and total one-time integration costs of approximately US$85MM to occur during the first 3 years Improved funding profile and substantial potential for revenue synergies Additional cross-selling opportunities Improved capital position opens room for further loan growth 7 1 As of March 31, Source (Bloomberg) 2 Rankings based on gross loans as reported to the SBIF, excluding loans from CorpBanca Colombia, and SFC. Source: Companies financials.

8 2 Itaú Unibanco At a Glance Leading position in Brazil through key competitive strengths US$ 78.8 billion market cap 1 94,955 employees in Brazil and abroad Financial Highlights and Ratios As of and for the quarter ended March 2017 Highlights 5,005 branches and CSBs in Brazil and abroad Total Assets BRL 1,413.3 Bln 46,407 ATMs in Brazil and abroad Total Loans¹ BRL Bln Brazilian multinational bank Stockholders Equity BRL Bln Recurring Net Income 2016² BRL 22.1 Bln Recurring Net Income 1Q17³ BRL 6.2 Bln Long Term Foreign Currency Moody s: Ba3 Major provider of finance for the expansion of Brazilian companies Among the best talent pool in the Brazilian financial system For the 13th consecutive time Itaú Unibanco was elected by the Interbrand (Itaú Unibanco Holding) Fitch: BB+ consultancy the most valuable brand in Brazil (R$ 26.6 billion in 2016) Global Footprint of Brazil s Top Private Sector Bank as of March 31, 2017 Financial Ratios Recurring ROE 2016⁴ 20.3% Recurring ROE 1Q17⁵ 22.0% Efficiency Ratio 4Q16⁶ 45.2% Efficiency Ratio 1Q17⁶ 44.1% BIS III CET I Ratio⁷ 15.4% (1) Includes endorsements and sureties. (2) Represents Net Income adjusted for certain non recurring events described, please refer to Historical Series Spreadsheet. (3) Represents Net Income adjusted for certain non recurring events described in the 1Q17 MD&A Executive Summary. (4) Calculated using Recurring Net Income / Average Equity. For annualized calculation method, please refer to Historical Series Spreadsheet. (5) Calculated using Recurring Net Income / Average Equity. For annualized calculation method, please refer to the 1Q17 MD&A Executive Summary. (6) See Efficiency Ratio slides for criteria. (7) This ratio is our current number which considers the phase in regulation. See Capital Ratios slide for more details. 8 1 As of March 31, Source: Bloomberg.

9 2 Itaú Unibanco Universal Bank¹ Approximately 28.9 million credit card accounts and 25.6 million debit card accounts; Leader in Brazilian credit card market, extensive number of joint ventures and partnerships with retailers. Total portfolio for individuals of R$ 14.8 billion; Lease and finance through over 12 thousand dealers; One of the largest players based on direct premiums; Association with Porto Seguro for auto and residential insurance; The result in 1Q17 totaled R$ 777 million. Small and Medium Enterprises with annual sales up to R$ 30 million; Corporate clients with annual sales from R$ 30 million to R$ 200 million. Itaú Unibanco Risk-based pricing model Leader in performance in Brazil Intensive use of technology Large distribution network Diverse lines of products and services 4,437 branches and client service branches and 45,182 ATMs in Brazil; Premier banking brand in Brazil; Strategically positioned for growth in mortgage market (partnerships with Lopes). Full coverage of corporate clients with annual sales above R$ 200 million; Leadership in IB products with top positions in major league tables; Treasury operations for the conglomerate. Purpose: to be recognized as the bank expert in Latin America ; Presence in Latin America: Mexico, Colombia, Peru, Paraguay, Chile, Argentina, Uruguay. Total assets under administration of approximately R$ 951 billion; Leader in Private banking services in Latin America. 9 1 As of March 31, 2017.

10 2 Itaú Unibanco Joint Ventures and Partnerships with Retailers Highlights Brazilian market leader in credit card transactions Qualification of the client base: proprietary channel x partnerships Credit card business comprises: Highlights JVs and Partnerships Focus on credit card instruments Long term agreements Alignment of incentives Issuance of cards Acquiring: REDE JVs and partnership with retailers Own brand: Hiper Approximately 54.5 million card accounts (1Q17) 28.9 million credit card accounts 25.6 million debit card accounts R$ 88.9 billion in card transactions (1Q17) R$ 65.1 billion in credit card transactions R$ 23.8 billion in debit card transactions High growth potential in credit card usage in Brazil 10

11 2 Itaú Unibanco Core Capital Ratio (Common Equity Tier I) Changes in the Core Capital Ratio 15.8% -0.7% -0.7% 0.8% -0.1% 0.1% 0.1% 0.1% 15.4% Common Equity Tier I Dec-16 Deductions increase in accordance with Basel III schedule Additional payment of interest on capital in March Q17 Net Income Dividends, interest on capital Goodwill and Intangible Assets and other changes in stockholders equity Tax Credits Credit, Market and Operational Riskweighted Assets Common Equity Tier I Mar-17 Full application of Basel III rules March 31, % -0.7% 14.7% -0.3% 14.4% -0.2% 14.7% -0.4% 13.8% 0.9% Common Equity Tier I (CET I) Mar-17 Deductions schedule anticipation 1 CET I with full deductions Risk-weighted assets rules anticipation2 CET I with fully loaded Basel III rules Anticipated effect of payout above mandatory minimum related to 1Q17 net income Impact of Citibank consolidation 3 CET I with fully loaded Basel III rules after Citibank consolidation and payout above mandatory minimum Use of tax credits Simulated CET I with fully loaded Basel III rules including the 4 use of tax credits 11 1 Includes deductions of Goodwill, Intangible Assets (generated before and after October 2013), Tax Credits from Temporary Differences and Tax Loss Carryforwards, Pension Fund Assets, Equity Investments in Financial Institutions, Insurance and similar companies; 2 Includes the increase of the multiplier of the amounts of market risk, operational risk and certain credit risk accounts. This multiplier, which is at 10.8 nowadays, will be 12.5 in 2019; 3 The consolidation of Citibank considers the retail business (for individuals) in Brazil. Estimated impact based on preliminary information and pending regulatory approvals; 4 Does not consider any reversal of complementary allowance for loan losses.

12 2 Itaú Unibanco Efficiency Ratio and Risk-Adjusted Efficiency Ratio Efficiency Ratio - Consolidated Efficiency Ratio - Brazil¹ 12 1 Includes units abroad ex-latin America.

13 2 Itaú Unibanco Information Technology Total Number of Transactions Share of Transactions per Channel 13 1 Standard channels: Branches, ATM, Telephone. 2 Electronic Remote Channels: Mobile and Internet.

14 Itaú CorpBanca Investment Case Solid Macroeconomic Fundamentals Unique Control and Support Banking Platform with Larger Scale Solid Macroeconomic Fundamentals and Expanding Banking Sector Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America Colombia is also an attractive market with a diversify economy The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments Unique control and support from a leading institution Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise Itaú CorpBanca benefits from the strength of a ~US$78.8 BN 1 market cap partner in its existing markets while enhancing opportunities for growth abroad Opportunity to leverage Itaú Unibanco s strong global client relationships successful managing model Itaú CorpBanca will be able to expand its banking products offering through segmentation and digitalization Emergence of a leading banking platform in Chile and Colombia Greater scale and resources to grow and compete more effectively in Chile and Colombia Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America 4 th largest private bank in Chile and 5 th largest banking group in Colombia by total loans 2 4 Positive Impact to Itaú CorpBanca Itaú CorpBanca will have a stronger financial profile and greater earnings power Estimated pre-tax cost synergies of approximately US$100MM per year on a fully phased-in basis and total one-time integration costs of approximately US$85MM to occur during the first 3 years Improved funding profile and substantial potential for revenue synergies Additional cross-selling opportunities Improved capital position opens room for further loan growth 14 1 As of March 31, Source (Bloomberg) 2 Rankings based on gross loans as reported to the SBIF, excluding loans from CorpBanca Colombia, and SFC. Source: Companies financials.

15 3 Itaú CorpBanca Highlights We are the 4 th largest private bank in Chile and the 5 th 1 banking group in Colombia Regional footprint & main indicators March 31, Itaú CorpBanca 2 3 CorpBanca Panamá Assets: US$ 0.7 BN Headcount: 47 CorpBanca Colombia Assets: US$ 10.5 BN Headcount: 3,603 Branches: 176 US$ 43.8BN Assets US$ 31.9BN Loans Market Share Headcount # 400 Branches # Itaú CorpBanca Chile Assets: US$ 32.5 BN Headcount: 5,930 Branches: 224 Mkt Cap: US$ BN 2 3 US$ 58.0BN 8 Recurring Net Income 2016 US$ 39.8BN 3 Recurring Net Income 1Q17 2.4% Recurring RoTE % Recurring RoTE 9 1Q17 RoTE 9 RoTE % -5.3% 10.2% -3.8% 15 1 For assets and loans, rankings consider Grupo Aval as the combination of Banco de Bogotá, Occidente, Popular, AV Villas; 2 Consolidated information as of March 31, 2017; 3 Figures were converted at an exchange rate of CLP/USD; 4 As of March 31, 2017; 5 As of February 28, 2017; 6 Considers employees of New York as of March 31, 2017; 7 Considers Colombia and Panamá as of March 31, 2017; 8 Figures were converted at an exchange rate of CLP/USD as of December 31, 2016; 9 Equity: Average equity attributable to shareholders excluding goodwill and intangibles from business combination.

16 Itaú Unibanco Banco do Brasil Caixa Bradesco Santander BBVA Citibank Banco del Estado de Chile Scotiabank Itaú CorpBanca Itaú CorpBanca Increases relevance across Latin America Itaú CorpBanca is currently the 4 th largest bank in Chile. The merger positions Itaú CorpBanca and Itaú LatAm as the 4 th largest bank in terms of assets within South America (ex-brazil) Banks by Assets in Latin America 1 US$ BN 1 Itaú Unibanco 2 2 Banco do Brasil 3 Caixa 4 Bradesco 3 5 Santander 68. BBVA 7 Citibank 89. Banco del Estado de Chile 97. Scotiabank 17 Itaú CorpBanca Banks by Assets in South America (ex-brazil) 5 US$ BN Itaú LatAm Scotiabank BBVA Santander Banco del Estado de Chile Grupo Aval Banco de Chile BCI Bancolombia Itaú CorpBanca (US$ BN) 7 Loan portfolio as of Mar.2017 Itaú CorpBanca represents 21% of Itaú Unibanco s consolidated loan portfolio Data as of December 31, Includes Brasil, México, Argentina, Perú, Chile and Colombia; 2 Includes Argentina, Brasil, Paraguay, Uruguay, Chile y Colombia; 3 In September 30, 2016 Bradesco begins to consolidate HSBC Brasil in its publication; 4 Includes Chile y Colombia (Itaú CorpBanca Chile with ~US$33MMM in assets); 5 Data as of December 31, 2016.; 6 Includes Argentina, Paraguay, Uruguay, Chile y Colombia; 7 Considering the consolidated loan portfolios of Itaú Unibanco and Itaú CorpBanca reported in their respective 1Q 17 MD&As and a R$ / US$ and a Ch$ / US$ foreign exchange rates as of ; 8 As of April 30, 2017, Itaú Unibanco held a 35.71% equity stake in Itaú CorpBanca but as the controlling shareholder, fully consolidates Itaú CorpBanca s Financial Statements. Source: Central Banks, local regulators, companies filings, Itaú CorpBanca.

17 US$BN 3 Itaú CorpBanca Shareholders Structure after Merger Shareholders - % Total share capital April 30, th largest Market Cap among Peers May 3, 2017 ITAÚ CORPBANCA Total shares: 512,406,760,091(100%) 11,79 11,37 #4 Itaú Unibanco Saieh Family 1 IFC Others 35.71% 31.00% 3.32% 29.97% 6,81 ADRs holders and Foreign investors 12.42% Securities Brokerage 7.61% Santo Domingo Group 1.92% Insurance Companies 1.17% AFPs 0.43% Other minority shareholders 6.42% 4,77 1,42 1- Includes 182,125,023 shares owned by Cía. Inmobiliaria y de Inversiones Saga SpA that are under custody. PEER-A PEER-B PEER-C ITAUCORP PEER-D 17 Note: Figures were converted at an exchange rate of Ch$ US$1 (as of May 3, 2017). Source: Itaú CorpBanca & Santiago Stock Exchange.

18 3 Itaú CorpBanca Strong and integrated Corporate Governance Board Chile Itaú Corpbanca CEO Milton Maluhy Audit Committee Comptroller Emerson Bastián CFO Gabriel Moura CRO Mauricio Baeza Treasury Pedro Silva Marketing & Products Rogério Braga Colombia Álvaro Pimentel Wholesale Christian Tauber Retail Julián Acuña Human Resources Marcela Jiménez Legal Cristián Toro IT & Operations Luis Rodrigues Board Colombia Chairman Milton Maluhy CorpBanca Colombia CEO Álvaro Pimentel Core Banking Migration CFO CRO Treasury Communications & International relations Wholesale Retail Human Resources Legal & General Secretary IT Operations María C. Vandame Edson Da Silva Derek Sassoon Carolina Velasco Jorge Villa Claudia Vélez Andrea Arizala Dolly Murcia Lilian Barrios Liliana Suárez Ricardo Villela Marino Board Chile 1 2 Chairman Jorge Andrés Saieh Guzmán Eduardo Mazzilli de Vassimon Boris Buvinic Guerovich Andrés Bucher Cepeda Pedro Samhan Escandar Fernando Concha Ureta Jorge Selume Zaror Fernando Aguad Dagach Gustavo Arriagada Morales Roberto Brigard Holguín Luis Fernando Martínez Lema Carmiña Ferro Iriarte Rafael Pardo Soto Board Colombia Chairman Milton Maluhy Juan Echeverría González Gabriel Moura Rogério Braga Mónica Aparicio Smith Matrix reporting to CEO Colombia and functional reporting to ITCB Functional reporting to CEO Colombia and matrix reporting to ITCB for coordination of specific themes 18 1 Itaú Unibanco and CorpGroup appoint the majority of the members of the board of directors; 2 Pursuant to the Shareholders Agreement, the Directors appointed by Itaú Unibanco and CorpGroup shall vote together as a single block according to Itaú Unibanco s recommendation.

19 3 Itaú CorpBanca Competitive environment Market Share Chile 1 Market Share Colombia 2 Peer-B 19,1% 17,8% Peer-A 26,5% 28,2% Peer-A 16,6% 17,9% Peer-B 21,9% 25,0% Estado Peer-C Itaú CorpBanca Peer-D 14,7% 13,1% 12,7% 11,2% 9,0% 6,7% 5,8% 20,4% Peer-C Peer-D Itaú CorpBanca 5,4% 5,5% 14,6% 13,5% 10,0% 11,8% Peer-E 6,6% 5,6% Peer-E 5,0% 4,9% Peer-H 1,1% 1,5% Peer-F 3,1% 2,5% Loans Total Deposits Loans Total Deposits 19 1 As of March 31, As of February 28, Source: SBIF.and Superintendencia Financiera de Colombia

20 Itaú CorpBanca Investment Case Solid Macroeconomic Fundamentals Unique Control and Support Banking Platform with Larger Scale Solid Macroeconomic Fundamentals and Expanding Banking Sector Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America Colombia is also an attractive market with a diversify economy The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments Unique control and support from a leading institution Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise Itaú CorpBanca benefits from the strength of a ~US$78.8 BN 1 market cap partner in its existing markets while enhancing opportunities for growth abroad Opportunity to leverage Itaú Unibanco s strong global client relationships successful managing model Itaú CorpBanca will be able to expand its banking products offering through segmentation and digitalization Emergence of a leading banking platform in Chile and Colombia Greater scale and resources to grow and compete more effectively in Chile and Colombia Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America 4 th largest private bank in Chile and 5 th largest banking group in Colombia by total loans 2 4 Positive Impact to Itaú CorpBanca Itaú CorpBanca will have a stronger financial profile and greater earnings power Estimated pre-tax cost synergies of approximately US$100MM per year on a fully phased-in basis and total one-time integration costs of approximately US$85MM to occur during the first 3 years Improved funding profile and substantial potential for revenue synergies Additional cross-selling opportunities Improved capital position opens room for further loan growth 20 1 As of March 31, Source (Bloomberg) 2 Rankings based on gross loans as reported to the SBIF, excluding loans from CorpBanca Colombia, and SFC. Source: Companies financials.

21 4 Itaú CorpBanca Business Mix Loans breakdown by segment¹ 100% ,5% 16,3% 12,0% Consumer ,2% Interest Rates Average Top Itaú CorpBanca 14.2 Current 6,8 LTM Mar 2017, Ch$ BN Mortgage 27,1% 31,9% 22,4% 20,6% Top3 rates w/ current mix 6,8 Current rates w/ top3 mix 7,4 Commercial 57,3% 51,7% 65,6% 71,3% Top3 7,3 Mix difference explains most of the Yield gap with the Top 3 Peer-A Peer-B Peer-C 7.3 Total Yearly average gross loans; 2 Loan interests by segments; Source: SBIF; Itaú CorpBanca; Team Analysis.

22 4 Itaú CorpBanca Current scale allows for better segmentation Before After Companies By annual sales (USD MM) Wholesale Banking Large Over $100 Large Over $100 Wholesale Banking Corporate From $60 to $100 Corporate From $8 to $100 Middle From $3 to $60 Middle From $1 to $8 Retail Banking Very Small and Small From $0,1 to $3 Very Small and Small From $0.1 to $1 Retail Banking Individuals By monthly income (CLP MM) Private Bank Over $5 & $300 of personal networth Private Bank Investments > USD 1MM Wholesale Banking Preferential From $1,2 to $5 Personal Bank Over $2.5 Retail Banking Retail Banking Condell From $0.5 to $1.2 Up to $0.5 Itaú Branches Condell From $0.8 to $2.5 Up to $0.8 Retail Banking 22

23 4 Itaú CorpBanca Business Mix: An opportunity for a Digital Strategy Top players have a large branch network, with significant expenses related The merger doubles the footprint of the new bank Itaú CorpBanca departs from the previous peer group Market Share 1 by Total Loans Market Share 1 by Consumer Loans 24% 24% Peer-B 22% 20% Peer-B 22% 20% Peer-A 18% Peer-A 18% 16% 16% 14% 12% Itaú CorpBanca Peer-C Estado 14% 12% Peer-C 10% 8% CorpBanca 6% Peer-E Peer-D 4% BIC 2% Peer-H 0% Branches 2 10% Peer-E Estado 8% Peer-D 6% Peer-H Itaú CorpBanca 4% BIC CorpBanca 2% 0% Branches 2 As of December 31, Total loans: Commercial, Consumer and Mortgage; 2 Includes Banco Condell branches Note. Figures do not include foreign operations of Chilean banks (CorpBanca Colombia and National Bank of Florida)

24 4 Itaú CorpBanca Digital channels and digital banking model Use of Digital Channels % of Individuals Clients Digital Banking Share of sales on digital channels / total retail sales Clients that use Internet Banking (min 1 access / month) 78% 62% Clients that make web Transactions 38% 41% 42% Clientes that use Mobile App (min 1 access / month) 36% 24% Clients that make app Transactions # sales 8% 17% 10% 12% 16% 15% 19% 26% Itaú App Usage +45% $ sales 3% 12% 3% 4% 5% 6% 11% 14% 23% 25% 24% Clients that use the Itaú App 24

25 4 Itaú CorpBanca Funding Mix Total Funding Breakdown Interest Rates LTM Mar 2017, Ch$ BN 100% Checking accounts And Deposits ,9% ,8% ,8% ,8% Average Itaú Top 3 CorpBanca Current 3,5 Top3 rates w/ current mix 3,2 Time Deposits 37,1% 38,8% 35,8% 44,8% Current rates w/ top3 mix 2,8 Top3 2,6 Debt Issued 20,9% 25,0% 15,0% 21,7% 13,2% 18,4% 18,4% Others 1 20,3% Non-interest bearing liabilities are the main reason for the gap when compared to the top 3 players Peer-A Peer-B Peer-C 2.6 Total Others: Repurchases contracts, financial derivatives, bank obligations, letters of credit, other financial obligations, taxes, differed taxes, provisions, other liabilities.

26 jul-11 oct-11 ene-12 abr-12 jul-12 oct-12 ene-13 abr-13 jul-13 oct-13 ene-14 abr-14 jul-14 oct-14 ene-15 abr-15 jul-15 oct-15 ene-16 abr-16 jul-16 oct-16 ene-17 abr-17 oct-11 ene-12 abr-12 jul-12 oct-12 ene-13 abr-13 jul-13 oct-13 ene-14 abr-14 jul-14 oct-14 ene-15 abr-15 jul-15 oct-15 ene-16 abr-16 jul-16 oct-16 ene-17 abr-17 4 Itaú CorpBanca Debt Spread Evolution Itaú CorpBanca has presented a noticeable convergence to peers Spread vs.peers 1 : 30-day (annualized) Spread vs.peers 1 : 5-year (annualized) 2,75 2,50 Chile Santander BCI Itaú Corpbanca 4,5 4 Chile Santander BCI CorpBanca Itaú 2,25 2,00 1,75 1,50 3,5 3 2,5 1,25 2 1,00 0,75 0,50 0,25 1,5 1 0,5 0,00 0 Bonds issued in Chile since LD bp 19 bp 20 bp 18 bp 18 bp 11 bp 11 bp 11 bp 10 bp 15 bp 10 bp <6 years 7 bp 7 bp 4 bp 11 bp 15 bp 10 bp 2 bp 11 bp 12 bp 10 bp 13 bp 7 bp 8 bp 7 bp 6 a 10 years > 10 years Bonds in CLP & UF (expressed in USD MM) Spread vs.peers Average of top 3 peers in Chile. As of May 5, 2017; 2 As of April 25, 2017.

27 Rating upgrades in 2016 contribute to further reduction in cost of funds Current International Ratings Financial Capacity Moody's S&P Rating Scale Rating Scale LT ST LT ST Timeline S&P Extremely strong Aaa AAA A+ A+ A+ Very strong Aa1 Aa2 Aa3 P-1 AA+ AA AA- A-1+ A A- A- A- A A A Strong A1 A+ A2 A A-1 BBB+ BBB+ BBB+ BBB+ Adequate A3 Baa1 Baa2 Baa3 P-2 P-3 A- A-2 BBB+ +3n +1n BBB A-3 BBB- BBB BBB 27 Source: Itaú CorpBanca, Moody s, S&P

28 Agenda I. Investment Case II. Financials III. Integration Milestones IV. Appendix As of March 31, 2017 DGA Itaú CorpBanca Informação de Uso Interno

29 Financials Disclaimers Itaú CorpBanca is the entity resulting from the merger of Banco Itaú Chile (Itaú Chile) with and into CorpBanca, which was consummated on April 1, 2016 ( the Merger ). After the Merger, the surviving entity s name changed to Itaú CorpBanca. The legal acquisition of Itaú Chile by CorpBanca is deemed a reverse acquisition pursuant to standard N 3 of the International Financial Reporting Standards (or IFRS). Itaú Chile (the legal acquiree) is considered the accounting acquirer and CorpBanca (the legal acquirer) is considered the accounting acquiree for accounting purposes. Therefore, in accordance with IFRS after the date of the Merger, Itaú CorpBanca's historical financial information (i) reflects Itaú Chile - and not CorpBanca - as the predecessor entity of Itaú CorpBanca, (ii) includes Itaú Chile's historical financial information, and (iii) does not include CorpBanca's historical financial information. Additionally, after the Merger our investment in SMU Corp S.A. ( SMU Corp ) was no longer considered strategic. Therefore the status of this investment changed to available for sale for accounting purposes. In 2016, the Bank estimated that the sale of Itaú CorpBanca s investment in SMU Corp was highly likely 1. Therefore, in accordance with standard N 5 of IFRS as of June 30, 2016 SMU Corp ceased to be consolidated in the Financial Statements of Itaú CorpBanca. SMU Corp was a joint venture with SMU S.A. SMU is a retail business holding company controlled by CorpGroup whose sole and exclusive purpose was the issuance, operation and management of Unimarc credit cards to customers of supermarkets associated whit SMU. In order to allow for comparison with previous periods, historical pro forma data of the consolidated combined results of Itaú Chile and CorpBanca deconsolidating our subsidiary SMU Corp and excluding non-recurring events is presented in this Management Discussion & Analysis presentation. The pro forma income statement for the periods prior to the second quarter of 2016 has been calculated as if the Merger occurred on January 1, The pro forma information presented here is based on (i) the combined consolidated historical unaudited Financial Statements of each of CorpBanca and Banco Itaú Chile as filed with the SBIF, (ii) the deconsolidation of SMU Corp unaudited Financial Statements as filed with the SBIF and (iii) the exclusion of non-recurring events. The pro forma combined financial information included in this presentation is provided for illustrative purposes only, and does not purport to represent what the actual combined results of Itaú Chile and CorpBanca could have been if the acquisition occurred as of January 1, On January 30, 2017 Itaú CorpBanca announced the transfer of all of its shares in SMU Corp. 29

30 Financials Managerial Recurring Net Income (Reconciliation) in million of Chilean Pesos 1Q'17 4Q'16 1Q' Net Income Attributable to Shareholders (Accounting) 24,414-51,862 6,138 24,414 6,138 (+) Pro Forma consolidation effects , ,939 Pro Forma Net Income Attributable to Shareholders 24,414-51,862-19,801 24,414-19,801 (-) Non-Recurring Events 1,925 2,351 23,139 1,925 23,139 (a) Restructuring costs 1,366 11,033 17,921 1,366 17,921 (b) Regulatory / merger effects on loan loss provisions - 6,321 8,598-8,598 (c) Loan loss provisions adjustments - -29, (d) Amortization of intangibles from business combinations 8,690 8,725 3,265 8,690 3,265 (e) Accounting adjustments -2,267 9,670 1,200-2,267 1,200 (f) Sale / revaluation of investments in companies -3,145-1, ,145 - Tax effects -2,718-2,129-7,844-2,718-7,844 Recurring Net Income Attributable to Shareholders (Managerial) 26,339-49,511 3,338 26,339 3,338 Non-Recurring Events (a) (b) (c) (d) (e) (f) Restructuring costs: One-time integration costs. Regulatory / merger effects on loan loss provisions: Effects of one-time provisions for loan losses due to new regulatory criteria in 2016 and additional provisions for overlapping customers between Itaú Chile and CorpBanca. Loan loss provisions adjustments: Reversal of additional loan loss provisions to the regulatory minimum and provisions accounted through Price Purchase Allocation against Goodwill. Amortization of Intangibles from business combinations: Amortization of intangibles generated through business combination, such as costumer relationships. Accounting adjustments: Adjustments in light of new internal accounting estimates. Sale / revaluation of investments in companies: Refers to the sale of the participation in Sifin S.A. in 2015 and the revaluation of our stake in Credibanco after its conversion into a joint-stock company in 2016, both in Colombia. In 2017 refers to the tax effect from the sale of SMU Corp S.A in Chile. 30

31 Financials Managerial Recurring Net Income (Reconciliation) in million of Chilean Pesos 1Q'17 4Q'16 1Q' Net Income Attributable to Shareholders (Accounting) 29,094-50,065 6,138 29,094 6,138 (+) Pro Forma consolidation effects , ,677 Pro Forma Net Income Attributable to Shareholders 29,094-50,065-20,539 29,094-20,539 (-) Non-Recurring Events 3 17,936 22, ,322 (-) Costs of fiscal and economic hedges of the investment in Colombia 5,157 6,751 4,186 5,157 4,186 Recurring Net Income Attributable to Shareholders (Managerial) 34,254-25,377 5,969 34,254 5,969 in million of Chilean Pesos 1Q'17 4Q'16 1Q' Net Income Attributable to Shareholders (Accounting) -4,680-1, ,680 - (+) Pro Forma consolidation effects Pro Forma Net Income Attributable to Shareholders -4,680-1, , (-) Non-Recurring Events 1,922-15, , (+) Costs of fiscal and economic hedges of the investment in Colombia -5,157-6,751-4,186-5,157-4,186 Recurring Net Income Attributable to Shareholders (Managerial) -7,915-24,134-2,631-7,915-2,631 Managerial reclassifications: (a) Cost of Investment Hedge: carry cost of the derivatives used for the economic hedge of the investment in Colombia booked in Chile. (b) Cost of Fiscal Hedge: cost of the derivative structure used for the fiscal hedge of the investment in Colombia booked in Chile. 31

32 Financials Recurring RoTE / Recurring RoTA 1 RoTE / RoTA - Consolidated 12.9% 0.9% 0.7% 7.3% 0.4% 6.4% 0.4% 0.0% -0.7% -11.8% 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 RoTE / RoTA - Chile 2.7% 0.8% 16.3% 12.9% 10.2% 1.0% 0.8% 10.7% 0.7% 6.0% 0.4% 0.1% -0.5% 0.0% -0.7% -7.3% 1Q'16 2Q'16 3Q'16-9.7% 4Q'16 1Q'17 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 0.7% 5.3% 0.4% Annualized Recurring Return on Average Equity (quarterly) Annualized Recurring Return on Average Assets (quarterly) 32 1 Excludes goodwill and intangibles assets from business combination.

33 Financials Income Statement Change Change in million of Chilean Pesos 1Q'17 4Q'16 % $ 1Q'16 % $ Net interest income 132, , % -4, , % -1,794 Net fee and commission income 32,117 31, % , % 2,000 Total financial transactions, net 12,120-7,192 n.a. 19, % 11,202 Other operating income, net -4,497-4, % , % 1,287 Net operating profit before loan losses 172, , % 15, , % 12,694 Provision for loan losses -38,336-89, % 50,807-68, % 30,056 Net operating profit 133,815 67, % 66,153 91, % 42,750 Operating expenses -97, , % 6,615-95, % -1,193 Operating income 36,630-36,137 n.a. 72,767-4, % 41,557 Income from investments in other companies n.a n.a. -2 Income before taxes 36,630-36,031 n.a. 72,661-4, % 41,555 Income tax expense -2,322 10,678 n.a. -13,000 10,922 n.a. -13,244 Net income 34,308-25,353 n.a. 59,661 5, % 28,312 Net income attributable to shareholders 34,254-25,377 n.a. 59,631 5, % 28,285 33

34 Financials Loan Portfolio Total Loans (Ch$ BN) Market share Δ -2.4% Δ -0.6% % 14.5% 14.4% 13.8% 13.6% 12.1% 12.0% 11.8% 11.4% 11.2% % 8.6% 8.5% 8.4% 8.3% 7.4% 7.2% 7.1% 7.1% 7.1% 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Commercial Mortgage Consumer 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Total Commercial Mortgage Consumer 34

35 Financials Net interest Margin Itaú CorpBanca Chilean Financial System 2.5% 3.5% 2.5% 2.6% 3.3% 3.0% 3.0% 2.8% 2.8% 3.5% 2.4% 2.4% 2.4% 2.4% 2.3% 2.5% 2.5% 2.6% 4,2% 4,0% 3,8% 3,6% 3,6% 3,7% 3,6% 3,6% 3,6% 2.9% 3.0% 3,5% 3,5% 3,3% 3,3% 3,3% 3,3% 3,3% 3,3% 3,4% 3.3% 2.7% 2.6% 3.0% 3.0% 2.9% 3.0% 2.8% 2.8% 2.7% 2.6% 2.4% 2.4% 2.3% 2.4% 2.4% 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Net Interest Margin Net Interest Margin (ex Indexation) 35

36 Financials Provision for Loan Losses Provision for Loan Losses ratios (annualized) 56.8% 42.9% 13.1% 11.2% 11.1% 8.1% 0.6% 0.6% 0.6% 0.4% 16.3% 16.8% 22.3% 1.7% 0.7% 0.7% 2.2% 1.0% 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Provision for Loan Losses / Average Loans Provision for Loans Losses / Net Operating Profit Before Loan Losses Provision for Loan Losses Ch$ BN Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 36

37 Financials Credit Quality Total Loans Commercial 110% 115% 109% 109% 125% 128% 133% 133% 121% 117% 126% 117% 120% 141% 147% 162% 168% 147% 46% 46% 46% 47% 50% 50% 50% 49% 48% 45% 44% 46% 45% 44% 48% 45% 42% 46% 4.9% 3.9% 3.8% 4.3% 4.7% 3.2% 3.4% 3.3% 3.2% 1.3% 1.3% 1.4% 1.3% 1.4% 1.4% 1.4% 1.6% 1.8% 52% 52% 54% 54% 55% 54% 54% 52% 51% 44% 43% 45% 45% 43% 47% 44% 41% 45% 5.3% 4.1% 4.1% 4.5% 5.0% 3.2% 3.4% 3.3% 3.2% 1.2% 1.2% 1.3% 1.2% 1.2% 1.3% 1.2% 1.3% 1.5% 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Mortgage Consumer 33% 31% 268% 263% 263% 252% 250% 249% 237% 28% 231% 245% 25% 25% 33% 31% 22% 22% 22% 28% 21% 22% 22% 19% 18% 22% 21% 17% 17% 17% 96% 94% 97% 98% 103% 118% 19% 18% 98% 99% 98% 14% 17% 14% 13% 14% 13% 13% 14% 13% 18% 17% 17% 16% 16% 85% 99% 81% 84% 94% 94% 95% 94% 93% 18% 17% 17% 12% 12% 12% 10% 12% 12% 10% 4.7% 4.9% 4.6% 4.3% 4.3% 4.5% 4.9% 5.2% 2.5% 2.6% 2.7% 2.8% 3.0% 3.0% 3.2% 2.5% 2.6% 2.7% 2.8% 3.0% 3.0% 3.2% 3.6% 3.6% 3.7% 1.6% 1.6% 1.6% 1.6% 1.8% 1.8% 1.9% 1.6% 1.6% 1.6% 1.6% 1.8% 1.8% 1.9% 2.2% 2.4% 1.7% 1.7% 1.7% 1.7% 1.8% 1.8% 1.8% 2.1% 2.1% 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 NPL90 (%) Cartera deteriorada % NPL90 Coverage Ratio Cartera Deteriorada Coverage Ratio Cartera Deteriorada Coverage Ratio (Financial System) 37

38 Financials Credit Quality NPL Creation 1 Total Loans Commercial 1.5% 1.2% 1.1% 1.1% 1.0% 0.5% 0.6% 0.5% % 0.9% % 0.7% % 1.3% 1.1% 0.5% % 1.5% % 0.6% 0.1% 0.2% % 0.6% % 0.1% % 0.6% 0.6% 0.1% % 0.7% 0.4% 0.0% % 1.2% Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q17 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q17 Mortgage Consumer 1.4% 0.7% 1.0% 0.3% 0.5% 0.6% 6.8% 0.2% 0.4% 6.5% 6.8% 0.1% 6.1% 5.8% 0.6% 0.8% 5.6% 5.9% 1.5% 5.8% 1.2% 1.1% 1.1% 1.6% 0.6% 0.8% 1.2% 5.4% 1.3% 1.9% 0.2% 0.2% 0.3% -0.2% 0.0% 0.2% 6.2% 5.6% 1.0% % 0.6% 0.5% 0.9% 1.1% 1.5% 0.7% 4.3% 4.5% 0.5% 4.6% 4.7% 4.5% 4.8% % Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q17 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q17 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q17 NPL Creation (Ch$ MM) NPL Creation / Loans (annualized) NPL Creation / Loans (annualized) - Chilean Financial System 38 1 NPL Creation: NPL90 balance + write-offs.

39 Financials Operating Expenses in million of Chilean Pesos 1Q'17 4Q'16 change 1Q'16 change Personnel Expenses (44,532) (45,237) % (48,544) 4, % Administrative Expenses (45,756) (51,292) 5, % (41,102) (4,654) 11.3% Personnel and Administrative Expenses (90,288) (96,529) 6, % (89,647) (642) 0.7% Depreciation, amortization and Impairment (6,897) (7,270) % (6,346) (551) 8.7% Total Operating Expenses (97,185) (103,800) 6, % (95,992) (1,193) 1.2% # Employees # Branches -684 (-10.3%) ,614 6,215 6,195 6,153 5,931 5, Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 CorpBanca / Banco Condell Branches Itaú Branches 39

40 Financials Income Statement Change Change in million of Chilean Pesos - constant currency 1 1Q'17 4Q'16 % $ 1Q'16 % $ Net interest income 54,893 56, % -1,453 61, % -7,010 Net fee and commission income 10,210 11, % , % -3,269 Total financial transactions, net 18,730 17, % 1,073 17, % 1,544 Other operating income, net -3,529-2, % n.a. -2,886 Net operating profit before loan losses 80,303 82, % -1,982 91, % -11,621 Provision for loan losses -38,469-55, % 17,257-42, % 4,154 Net operating profit 41,834 26, % 15,275 49, % -7,467 Operating expenses -51,112-52, % 1,238-46, % -5,077 Operating income -9,278-25, % 16,512 3, % -12,544 Income from investments in other companies n.a % -345 Income before taxes -9,089-25, % 16,698 3,801 n.a. -12,889 Income tax expense 4,755-1,609 n.a. 6,364-1,369 n.a. 6,124 Net income -4,333-27, % 23,062 2,432 n.a. -6,765 (-) Minority Interests 1,471 9, % -7, n.a. 2,277 (-) Cost of hedge position for Colombia -5,157-6, % 1,594-4, % -971 Net income attributable to shareholders -8,020-24, % 16,885-2, % -5, Considers the elimination of foreign exchange variation, which is obtained by the application of the foreign exchange rate of March 31 st, 2017 to all periods analyzed.

41 Financials Loan Portfolio Total Loans in constant currency¹ (Ch$ BN) Market share Δ -2.4% Δ +0.1% % 6.8% 6.8% % 5.9% 5.8% 6.2% 6.2% 5.4% 5.4% 4.9% 4.8% 4.7% 4.7% 4.7% % 4.5% 4.4% 4.2% 4.2% 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Commercial Mortgage Consumer Total Loans (nominal currency) 1Q'16 2Q'16 3Q'16 4Q'16 Feb-17 Total Commercial Mortgage Consumer 41 1 Considers the elimination of foreign exchange variation, which is obtained by the application of the foreign exchange rate of March 31 st, 2017 to all periods analyzed.

42 Financials Net Interest Margin 1 (NIM) QoQ YoY 7.9% 8.4% 8.2% 8.7% 9.1% 9.9% 10.3% 9.9% -40 bp +119 bp 3.7% 4.4% 3.9% 3.5% 3.2% 3.2% 3.3% 3.5% +20 bp -1 bp 1Q15 2Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17-3.9% -3.8% -4.2% -4.9% -5.6% -6.4% -6.5% -5.8% +66 bp -87 bp Net Interest Margin (NIM) Interest Income / Avg.Interest Earning Assets Interest Expense / Avg. Interest Bearing Liabilities 42 1 Considers the elimination of foreign exchange variation, which is obtained by the application of the foreign exchange rate of March 31 st, 2017 to all periods analyzed.

43 Financials Provision for Loan Losses 1 Provision for Loan Losses ratios (annualized) 67.7% 24.3% 29.0% 29.0% 34.3% 46.4% 32.5% 44.3% 47.9% 2.1% 2.4% 2.3% 2.8% 3.2% 2.2% 2.8% 4.2% 3.0% 1Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 Provision for Loan Losses / Average Loans Provision for Loans Losses / Net Operating Profit Before Loan Losses Provision for Loan Losses Ch$ BN Q'15 2Q'15 3Q'15 4Q'15 1Q'16 2Q'16 3Q'16 4Q'16 1Q' Considers the elimination of foreign exchange variation, which is obtained by the application of the foreign exchange rate of March 31 st, 2017 to all periods analyzed.

44 Financials Regulatory capital composition Ch$ TN* % BIS Ratio Capital Básico 1 Subord. Bond Minority Interest Goodwill Patrimonio Efectivo 2 Notes: 1 Capital Básico = Core Capital, according to SBIF BIS I definitions; includes corresponding adjustments from merger effects of the business combination 2 Patrimonio efectivo = Regulatory Capital, according to SBIF BIS I definitions 3 BIS ratio = Patrimonio efectivo / RWA, according to SBIF BIS I definitions 44 *Data as of March 31, 2017 Source: Itaú CorpBanca consolidated balance sheet

45 Financials Branch migration and IT platform optimization Integration process Migration Calendar st 2 nd 3 rd 4 th 5 th 6 th # Stage Aug 16 Oct 11 Oct 24 Nov 7 Nov 21 May 8 35 branches migrated # of Branches Migration waves TOM = Target Operating Model 45

46 Agenda I. Investment Case II. Financials III. Integration Milestones IV. Appendix As of March 31, 2017 DGA Itaú CorpBanca Informação de Uso Interno

47 Itaú CorpBanca Integration Milestones Completed 1 Legal Day One and systems integration 2 Filing first combined financial statements on May 10, 2016 with SBIF 3 Audit review of Quarterly Financial Statements and MD&A Report Next steps 1 Completion of branch migration and client segmentation (Dec.2017) 2 Focus on topline and client satisfaction 3 Focus on digital strategy 4 Implementation of synergies Next steps 1 Introduction of the Itaú brand (May.2017) 2 Completion of systems integration (Jun.2018) 3 Redefining business models for wholesale and retail 47

48 Agenda I. Investment Case II. Financials III. Integration Milestones IV. Appendix As of March 31, 2017 DGA Itaú CorpBanca Informação de Uso Interno

49 Itaú CorpBanca Transaction in Colombia CorpBanca Colombia to acquire assets and liabilities of Itaú BBA Colombia Itaú CorpBanca Current Structure in Colombia CorpGroup Helm Corporation CorpBanca Colombia Other Minorities 66.28% 12.36% 20.82% 0.54% Pending acquisition + Itaú BBA Colombia (asset and liabilities) Postponement of the date for Itaú CorpBanca to purchase the 12.36% stake of CorpGroup in CorpBanca Colombia: The postponement date to purchase is until January 28, 2022 The purchase price has not changed (US$ per share 1 ) Itaú CorpBanca will carry out commercially reasonable efforts to register an listing CorpBanca Colombia in the Colombian Stock Exchange (CSE) The rational is to create a liquidity mechanism for minorities to sell the stake in the company CorpBanca Colombia will acquire Itaú BBA Colombia assets and liabilities at their book value This amount accrues interest from (and including) August 4, 2015 until (but excluding) the payment date at an annual interest rate equal to Libor plus 2.7%. 2 Assets book value is COP 263 BN (approximately US$ 89.5 million) and liabilities book value is COP 92.8 BN (approximately US$31.6 million). Figures in dollars where converted at an exchange rate of COP2, /US$1 as of January 13, 2017.

50 Post-Integration Colombia Colombia Pre-Integration Chile Chile Post-Integration Pre-Integration Post-Integration Pre-Integration Integration in Colombia Core Banking Legacy System Itaú CorpBanca s management, after a throughout evaluation, elected Helm Bank s Phoenix platform as the core banking legacy system for Itaú CorpBanca s operation in Colombia. This strategy will benefit from reduced implementation time and risk when compared to the previous existing strategy that was based on synergy benefits that do no longer apply in the current scenario. CorpBanca legacy strategy Itaú CorpBanca legacy strategy CorpBanca Itaú Chile CorpBanca IBS Altamira IBS Altamira Benefits from synergies with Itaú Unibanco CorpBanca Colombia (Former Santander Colombia) Helm Bank CorpBanca Colombia (Former Santander Colombia) Helm Bank Altair Phoenix Altair Phoenix IBS Phoenix Rationale: Scale synergies, know-how synergies Rationale: Reduced implementation time and risk 50

51 Our Bank Itaú CorpBanca History Itaú Chile Launch of First National Bank of Boston in Chile BofA takes control after merger between Bank of America and Bank Boston in the USA Launch of Banco Itaú Chile Merger between Itaú and Unibanco is announced in Brazil Acquisition of Munita, Cruzat y Claro (MCC), an asset manager and broker dealer Acquisition of HSBC Bank Chile branch network Creation of the Bank under the name of Banco de Concepción CorpBanca M&A: - Banco Francés - Banco Italiano - Banco Valdivia Change in control: INFISA (now known as CORPGROUP) acquired the bank and renamed it to "CORPBANCA" Rebranded to "CORPBANCA" Local IPO NYSE Listing: ADR program M&A: - Consumer Finance Corfinsa - Financiera Condell New York Branch Acquisition in Colombia: - Banco Santander Colombia Madrid Representative Office Merger between CORPBANCA and BANCO ITAÚ CHILE and renamed to Itaú CorpBanca Acquisition in Colombia: - Helm Bank 51 Source: Itaú CorpBanca

52 Global Macroeconomic Outlook F 2018F GDP Growth (%) - World Economy World 4,2 3,5 3,3 3,4 3,2 3,1 3,6 3,6 USA 1,6 2,2 1,7 2,4 2,6 1,6 2,3 2,4 Euro Zone 1,6-0,9-0,2 1,2 1,9 1,7 1,8 1,5 China 9,5 8,0 7,8 7,3 7,2 6,7 6,5 5,9 Japan -0,1 1,5 2,0 0,0 1,2 1,0 1,4 1,0 GDP Growth (%) - Latam Brazil 4,0 1,9 3,0 0,5-3,8-3,6 1,0 4,0 Chile 6,1 5,3 4,0 1,9 2,3 1,6 1,8 2,5 Colombia 6,6 4,0 4,9 4,4 3,1 2,0 1,8 2,5 Inflation (eop, %) Brazil (IPCA) 6,5 5,8 5,9 6,4 10,7 6,3 3,9 3,8 Chile 4,4 1,5 3,0 4,6 4,4 2,7 2,8 3,0 Colombia 3,7 2,4 1,9 3,7 6,8 5,8 4,1 3,5 Monetary Policy Rate (eop, %) Brazil 11,00 7,25 10,00 11,75 14,25 13,75 8,25 8,25 Chile 5,25 5,00 4,50 3,00 3,50 3,50 2,50 3,00 Colombia 4,75 4,25 3,25 4,50 5,75 7,50 5,50 4,50 Unemployment Rate (avg, %) Brazil - - 7,2 6,8 8,3 11,3 13,5 13,9 Chile 7,2 6,5 6,0 6,3 6,3 6,5 7,0 6,8 Colombia 10,8 10,4 9,6 9,1 8,9 9,2 8,8 8,5 52

53 LatAm Banking Sector Penetration, Size, Concentration, Capitalization, and Government Share As of September 30, 2015, unless otherwise stated Brazil Chile Colombia Mexico Peru Population (2014) in million Banking sector Penetration, loans to GDP (2014) 54.7% 85.5% 42.2% 19.5% 33.5% Lending market size, total loans, US$BN Total assets size, US$BN 1, Concentration, asset mkt. share of top 5 players (1) 80.2% 72.0% 67.8% 72.3% 86.7% Capitalization, equity to assets 7.5% 7.4% 13.3% 10.3% 9.5% Government entities, % banking sector assets 36.0% 13.0% 5.0% 0.0% 3.0% Penetration metrics: branches and ATMs Branches per 100k people (2014) ATMs per 100k people (2014) Brazil concentration calculated without BNDES. Note: Exchange rate in USD as of September 30, 2015 : 3.98 BRL, CLP, 3, COP, MXN, 3.22 PEN. Source: Company reports; IMF, BCB; SBIF; SFC (Superintendence Financiera de Colombia); CNBV; SBS; Scotiabank GBM.