CORPBANCA UNIQUE GROWTH STRATEGY

Transcription

1 CORPBANCA UNIQUE GROWTH STRATEGY March 2016 NYSE: BCA SSE: CORPBANCA

2 Agenda 2 I. CORPBANCA: UNIQUE GROWTH STRATEGY II. III. IV. CORPBANCA: CAPITAL BASE CORPBANCA: CROSS-BORDER EXPANSION CORPBANCA: DIVERSIFYIING FUNDING BASE V. ITAÚ-CORPBANCA STRATEGIC ALLIANCE VI. APPENDIX

3 CORPBANCA UNIQUE GROWTH STRATEGY

4 CorpBanca at a glance 4 Consolidated Financial and Operating Highlights Dec-14 Dec-15 Total Assets (US$BN) Total Loans (1) (US$BN) Total Deposits (US$BN) Equity attributable to shareholders (US$BN) Net Income attributable to shareholders (US$MM) BIS Ratio 12.4% 9.5% Loan Loss Allowances / Total Loans 2.3% 2.4% Branches ATMs Headcount 7,456 7,545 4 largest private bank in Chile 6 largest bank in Colombia 750,000 clients in Chile and Colombia Loan Portfolio Breakdown December 2015 Consumer 22% Commercial 68% Colombia 35% Chile 65% Mortgage 19% Commercial 75% Mortgage 10% Consumer 6% (1) Gross Loans. Note: Figures expressed in USD were converted at CLP /USD (as of December 31, 2015). Source: CorpBanca.

5 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09 Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 26,000 24,500 23,000 21,500 20,000 18,500 17,000 15,500 14,000 12,500 11,000 9,500 8,000 6,500 5,000 3,500 8,5% 8,0% 7,5% 7,0% 6,5% 6,0% 5,5% 5,0% 4,5% 4,0% 3,5% 3,0% 2,5% 2,0% 1,5% 1,0% 0,5% 0,0% Outstanding growth 5 Chile & Colombia: Strong Market Position in Loans Total Loans CorpBanca in Chile (Ch$tn) TotalLoans CorpBanca in Colombia (Ch$tn) MkSh CorpBanca in Chile MkSh CorpBanca in Colombia 7.3% 7.3% 7.7% 8.4% 7.3% 7.4% 6.5% 6.3% 7.2% 6.1%* 2.9% Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 * As of November 30, 2015 Remarkable Net Income expansion Chile Colombia Dec Δ % Dec Dec Dec Dec Dec Dec Dec * *Net Income attributable to shareholders; for 2013 excludes Ch$16,000 million of one time profits from the sale of 31 real estate assets. Source: SBIF, CorpBanca

6 Santander Estado Chile Bci BBVA ITAÚ- CORPBANC Scotia CorpBanca Itaú Others Santander Chile Bci Estado ITAÚ- CORPBANC BBVA Falabella Itaú CorpBanca Others Santander Chile Santander Bci ITAÚ- CORPBAN Estado CorpBanca BBVA Itaú Scotia Others Chile Bci Estado ITAÚ- CORPBANCA* CorpBanca BBVA Scotia Itaú Others Chile: Banking industry players 6 Total Loans MkSh Commercial Loans MkSh December 2015 December % 18% 15% 14% 12% 7% 7% 6% 5% 10% 18% 16% 16% 14% 12% 9% 6% 6% 5% 12% * Pro Forma * Pro Forma Residential Mortgage Loans MkSh Consumer Loans MkSh December 2015 December % 20% 17% 12% 9% 9% 7% 5% 4% 5% 23% 21% 13% 9% 7% 6% 5% 4% 3% 15% * Pro Forma * Pro Forma Source: SBIF and CorpBanca.

7 Diversified earnings by business segment and geographically 7 Consolidated YTD Pre-tax Net Income: Ch$323,859 MM December 2015 Colombia 22% Corporate, Large & Real Estate Companies 24% Companies 12% Treasury & International 29% Lower Income Retail Banking 2% Traditional & Private Banking 11% Source: Consolidated Audited Financial Statements as of December 31,2015, Note 4

8 Sustained healthy asset quality 8 Risk Index* (%) (1) Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 CorpBanca CorpBanca (only Chile) Chilean Banking Industry NPL / Total loans (1) Coverage NPLs (1) 1.6% 2.4% 2.2% 2.1% 2.1% 1.2% 1.1% 1.3% 1.3% 1.9% 100% 93% 140% 108% 213% 121% 172% 181% 127% 128% Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 CorpBanca Chilean Banking Industry Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 CorpBanca Chilean Banking Industry Notes: * Loan Loss Allowances / Total Loans ; (1) Includes CorpBanca Colombia since May 2012 and Helm Bank since August Consolidated NPLs. SBIF criteria for reporting only includes individual info. Source: SBIF and CorpBanca.

9 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-13 Feb-13 Mar-13 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 4,0 3,5 3,0 2,5 2,0 1,5 1,0 0,5 0,0 56,0 54,0 52,0 50,0 48,0 46,0 44,0 42,0 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Oct-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 1,6 1,4 1,2 1,0 0,8 0,6 0,4 0,2 0,0 25,0 20,0 15,0 10,0 5,0 0,0 Profitability and returns 9 Increasing NIM (%) (1) Net Prov. for Loans Losses / Loans (%) (2) 12 months trailing 12 months trailing CorpBanca Chile Banking Ind. 0.6 CorpBanca Chile Banking Ind. Efficiency (%) (3)(4) Capital increases impacted RoAE (%) (5) months trailing Δ + K ~US$57mn May-Jun Δ + K ~US$62mn Jan-Feb months trailing Special dividend ~US$400mn July CorpBanca Chile Banking Ind. CorpBanca Chilean Banking Ind. Source: CorpBanca. (1) Accumulative 12-month Net interest income over average assets. (2) Includes CorpBanca Colombia since June 2012 and Helm Bank since August Denotes annualized ratio. (3) Accumulative 12-month Total operating expenses over operating income before loan losses. (4) Accumulative 12-month trailing Net income over average shareholders equity. (5) Accumulative 12-month trailing Net income over average assets * Converted as of the date of the capital increase or dividend distribution

10 CORPBANCA CAPITAL BASE

11 Two successful capital increases in less than a year 11 ~US$1.2BN of new funds increase in 88% TIER I Capital between Apr-12 and Feb-13 Figures in US$MM 2012: ~570 MM** (100% for the acquisition of BSC) 2013: ~623 MM** (for the acquisition of Helm) Allows the entrance of IFC with 225 MM Jun-15: ~400 MM** Special dividend 2,730 2,170 2,121 IPO NYSE Listed 975 1,492 1,666 1, Equity* Market Cap * Equity: Equity attributable to shareholders. ** Expressed in USD as of the date of the capital increase or dividend distribution Note: Figures expressed in USD were converted at CLP /USD (as of December 31, 2015). Source: CorpBanca

12 Capital Ratios: BIS and TIER I Regulatory Minimum BIS Ratio: 8% 6.8 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Itaú CorpBanca(e) BIS Ratio (%) TIER I Ratio (%) (E): Estimated by CorpBanca

13 CORPBANCA CROSS-BORDER EXPANSION

14 CorpBanca since its acquisition in LatAm presence: Chile, Colombia, Panama ACQUISITION Banco Concepción in US$55MM (Ranked 11 th ) ACQUISITION Financiera Condell + Banco Sud Americano Consumer Finance Portoflio LAUNCH New York Branch LAUNCH Madrid Rep Office ACQUISITION Banco Santander Colombia in US$1,225MM ACQUISITION Helm Bank in US$1,323MM CorpBanca Market Cap: US$3.2BN (Aug-15) International Expansion

15 CorpBanca is creating a regional footprint 15 New York Branch Madrid Rep Office Panama Colombia Chile CorpBanca s Regionalization (2009 to date) We deepened our presence in the Andean region with two strategic and successful acquisitions in Colombia that, in turn, gave us presence in Panama We have additional international presence through: o A New York Branch, expanding the product offering o A Rep Office in Madrid, which allows a closer relationship with the headquarters of Spanish companies operating in Chile and Colombia Its regional presence sets CorpBanca apart from its competitors, allowing it to diversify and mitigate any specific country risk

16 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep (E) Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep (E) 16 Strong economic fundamentals in Chile and Colombia Colombia: GDP, Inflation and Monetary Interest Rate Chile: GDP, Inflation and Monetary Interest Rate GDP CPI Monetary Policy Interest Rate Source: Banco de la Republica de Colombia; CorpBanca. (E) Estimated by the Central Bank of Colombia GDP CPI Monetary Policy Interest Rate Source: Banco Central de Chile; CorpBanca. (E]) Estimated by the Central Bank of Chile (Monetary Policy Report, September 2015) Elasticity of Colombia s Loan vs GDP Growth Rate : 3.2x 50% 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% Loan Growth Rate GDP Growth Rate 6.6% 4.9% 4.0% 4.0% 4.6% 20.0% 21.9% 3.0% 13.2% 11.9% 11.9% 9.6% (E) 7% 6% 5% 4% 3% 2% 1% 0% Elasticity of Chilean s Loans portfolio vs GDP: 1.9x ( ) Source:Banco de la republica, DANE, CorpBanca. (E) Estimated

17 CorpBanca Colombia at a glance 17 Chilean GAAP Financial and Operating Highlights Dec.14 Dec.15 Dec.15 COPBN MkSk* Ranking* Total Assets ,2% 6 Total Loans ,1% 6 Total Deposits ,6% 6 Total Equity Net Income (LTM) (1) 409,9 288,4 BIS Ratio* 12,5% 13,0% Loan Loss Allowances / Total Loans 3,8% 4,4% Branches n.a. n.a. ATMs n.a. n.a. Headcount n.a. n.a. CorpBanca Colombia and Helm Bank legally merged on June 1 st, 2014 AAA local ratings reflect: Healthy loan portfolio Diversified funding sources Great service quality Sound risk management Significant cost savings and synergies related to the merger process Higher operational efficiency on the back of increased scale (1) Includes COP69,983 million (~US$22 million) in one time pre-tax expenses related to the merger between CorpBanca Colombia and Helm Bank in Figures expressed in USD were converted at 1 USD=3, COP as of December 31, * Superintendencia Financiera de Colombia (SFC). Source: CorpBanca.

18 CORPBANCA DIVERSIFYING FUNDING BASE

19 CorpBanca increases structural liquidity through long term funding 19 LONG TERM FUNDING INCREASED IN CHILE FROM 21% TO 33% IN PERIOD December 2008 December 2015 Time deposits 58% Checking Acc 4% Mortgage Bonds 6% Repos 6% Bonds 8% Time deposits 49% Checking Acc 9% Mortgage bonds 1% Bonds 22% Others 11% TIER I Capital 7% TIER I capital 10% Others 9% * Checking Acc = Ch$ MMM Loans = Ch$4,944MMM * Checking Acc = Ch MMM Loans = Ch$9,601.9 MMM * + Checking Acc = 4.2x in period + Loans = 1.9x in period Source: CorpBanca.

20 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Improved funding sources in Chile 20 Core deposits in sustained expansion Positive evolution of demand deposits Ch$bn TOTAL DEPOSITS Ch$bn Average 2013: Δ + 69% Average 2015: 1,187 Average 2014: 1,011 1,346 1,187 1,242 1,258 1,072 1, , Core Deposits* Rest *Core Deposits: Demand and Time Deposits from our retail and corporate clients Diversification in Time Deposits increases 29% 29% 30% 29% 28% 29% 29% 28% 28% 28% 30% 31% 30% 29% 30% 29% 30% 30% 31% 31% 31% 30% 31% 31% 31% 5% 5% 5% 4% 4% 5% 4% 4% 4% 4% 5% 5% 6% 7% 7% 7% 6% 6% 6% 7% 7% 7% 7% 7% 7% 16% 20% 18% 17% 16% 15% 16% 19% 18% 17% 18% 17% 17% 20% 20% 20% 22% 21% 20% 20% 20% 20% 21% 21% 20% 49% 47% 47% 50% 52% 51% 51% 49% 50% 51% 47% 46% 47% 43% 43% 44% 43% 43% 43% 43% 42% 43% 41% 41% 42% INSTITUTIONAL CLIENTS CORPORATE CLIENTS HIGH INCOME INDIVDUALS RETAIL CLIENTS Source: SBIF, CorpBanca

21 CORPBANCA ITAÚ-CORPBANCA STRATEGIC ALLIANCE

22 Introduction 22 On January 29 th, 2014 Itaú Unibanco, Banco Itaú Chile, CorpBanca and CorpGroup entered into a agreement, involving: The merger of Banco Itaú Chile and CorpBanca, creating Itaú CorpBanca Itaú Unibanco will control Itaú CorpBanca Itaú Unibanco and CorpGroup will sign a Shareholders Agreement Itaú CorpBanca will control CorpBanca s and Itaú Unibanco s Colombian entities CorpBanca to be the surviving legal entity On June 26 th and 30 th, 2015, CorpBanca and Banco Itaú Chile Extraordinary Shareholders Meetings approved the proposed merger and agreed to modify the afore mentioned agreement, involving: Additional dividend for current CorpBanca s shareholders Reduction of Itaú Chile dividend New dividend policy for 2015 fiscal year Extension of the deadline for the purchase of CorpGroup s stake in CorpBanca Colombia Closing date between January 1 st, 2016 and May 2 nd, 2016

23 Fairness Opinions to the Board 23 In January 2014 the Board of Directors of CorpBanca received separate opinions of Merrill Lynch, Pierce, Fenner & Smith Incorporated and Goldman Sachs & Co. Each to the effect that and based upon and subject to the matters set forth therein, the Chilean Exchange Ratio is fair, from a financial point of view, to CorpBanca On August 2014 the Board of Directors of CorpBanca received a third opinion from the University of Chile regarding the proposed merger between Itaú Chile and CorpBanca The study highlights that the operation is equally favorable to all CorpBanca s shareholders and affirms CorpBanca s Board of Directors recommendations

24 Expert Report and other report to the Board 24 In April 2015 the Board of Directors of CorpBanca received from KPMG the expert report required by the Chilean law to perform the Extraordinary General Shareholders Meeting In May 2015 the Board of Directors of CorpBanca received an additional report from Citi to complement their analysis and deliver their opinion regarding the pending merger between Itaú and CorpBanca

25 Transaction Rationale 25 Consolidates the 4 th largest private bank in Chile by total loans, with a true potential of becoming the 3 rd largest 1 Complementary segments, products and lines of business Solid capital base and improved funding profile Potential to generate relevant synergies Strong framework to reach a stronger position in the Colombian market Source: Company financials, Superintendencia de Bancos e Instituciones Financieras ( SBIF ) and Superintendencia Financiera de Colombia ( SFC ). 1 Pro forma rankings based on gross loans as reported to the SBIF, excluding loans from CorpBanca Colombia and, SFC.

26 Transaction Terms 26 Operation will constitute a merger between CorpBanca and Banco Itaú Chile Consequently, CorpBanca will issue new shares in exchange for all the assets and liabilities of Banco Itaú Chile which will be delivered to Itaú Unibanco Prior to this, Itaú will inject US$652MM of capital into Banco Itaú Chile ~Ch$54 BN (US$99 MM*) had already been injected in 2014 The exchange ratio for net assets of Banco Itaú Chile will imply the following ownership structure post-merger: Itaú Unibanco: 33.58% (controlling shareholder) CorpGroup: 33.13% Minorities: 33.29% *Note: Figures converted to US dollars at a rate of CLP/USD.

27 A CorpBanca Shareholders Point of View 27 Announcement (January 2014) (CorpBanca Chile shareholder) 100% equity ownership in an entity that has: A 7.3% market share in Chile 66.3% of a Colombian bank with a 6.6% market share in Colombia Equity of US$2.2BN 2,5 Annual net income of US$256MM 1,2,3,5 As of December 31, 2014 (CorpBanca Chile shareholder) 100% equity ownership in an entity that has: A 7.4% market share in Chile 66.3% of a Colombian bank with a 6.3% market share in Colombia Equity of US$2.4BN 2,5 Annual net income of US$374MM 2,5 Post-Merger Situation (based on December 2014) (Itaú CorpBanca shareholder) 66.42% equity ownership in an entity that has: A 12.6% market share in Chile At least 78.64% of a Colombian bank with a 6.3% market share in Colombia Equity of ~US$5.3BN 2,4,5 Annual net income of ~US$516MM 2,3,5 1 Net income includes Helm Bank s results since August Excludes minority interest, reflecting a 66.3% ownership in CorpBanca Colombia. 3 Does not include fully phased-in after-tax synergies of US$80MM. Includes the dilution for the issuance of 172,048MM shares to Itaú Unibanco. 4 Excludes special dividend 4 Figures converted to US dollars at a rate of CLP/USD

28 Pro forma Financials as of December 31, 2014 (US$MM) 28 CorpBanca Chile 1 Banco Itaú Chile 1 Combined 2 Pro Forma (a) Committed Dividends (b) Pro forma Combined (a) + (b) Assets Cash and Equivalents 1,931 1,256 3, ,818 Loans Portfolio, net 22,945 10,035 32,980 32,980 Total Assets 33,616 13,463 48, ,470 Liabilities Deposits 19,872 7,961 27,833 27,833 Demand Deposits 6,532 1,461 7,993 7,993 Time Deposits 13,340 6,500 19,840 19,840 Total Liabilities 30,705 11,693 42,597 42,597 Total Shareholders Equity 2,381 1,771 5, ,260 Total Liabilities and Shareholders Equity 33,616 13,463 48, ,470 Results Operating Income, net of Loan Losses 1, ,856 Operating Expenses ,135 Net Income Net Income attributable to Shareholders Main Financial Indicators Net Interest Margin 3.3% 2.6% 3,1% Return on Total Assets 1.11% 1.05% 1.06% Return on Shareholders' Equity 12.9% 8.0% 8.8% Efficiency Ratio (Consolidated) 47.5% 47.7% 47.6% 1 Companies filings with local regulatory authorities a as of KPMG Expert Report as of Note: Figures converted to US dollars at a rate of CLP/USD.

29 Significant Opportunity to Generate Synergies 29 We estimate these synergies to be fully achieved in 3 years post-merger We also expect further funding cost improvements and substantial revenue synergies, which are not included in the cost synergies below We estimate total one-time integration costs of approximately US$85MM to occur during the first 3 years Description Low-End Pre-Tax Synergies 1 High-End Pre-Tax Synergies 1 1 Human Resources Relevant synergies related to optimization of organizational structures US$55MM US$67MM 2 Administration Savings derived from a reduction in administrative expenses Reduction of costs from services rendered by mutual service providers US$15MM US$18MM 3 Information Technology Relevant savings from scalable IT systems US$16MM US$19MM 4 Others Savings derived from enhanced branch network US$8MM US$10MM Indicative Total Fully Phased-in Pre-Tax Synergies Range US$93MM US$114MM ¹ Denotes low-end and high-end fully phased-in pre-tax synergies from year 3 onward. Source: Management projections.

30 Significant Expected Improvement in Capital Position 30 The pro forma entity will have a much larger capital base to support further growth CorpBanca will combine its current Tier I Capital of US$2.0BN (net of special dividend) with Banco Itaú Chile s current capital of US$1.2BN and US$552MM additional common equity injection prior to closing of the transaction 2014 Itaú Chile and CorpBanca Capital Levels & Itaú-CorpBanca pro forma US$5.2 BN* 16.1%* US$2.0 BN 10.5% 12.9%* 12.4% 11.6% US$1.2 BN 8.6% CorpBanca Itaú Chile Itaú CorpBanca CorpBanca Itaú Chile Itaú CorpBanca CorpBanca Itaú Chile Itaú CorpBanca Tier I Capital Tier I Ratio BIS Ratio * Combination Pro forma estimated by CorpBanca management, based on figures in December Includes: - US$552MM of capital increase in Itaú Chile (620 CLP / USD) - Purchase of 12.36% stake in CorpBanca Colombia - Corresponding adjustments to derivatives accounting effects of the business combination based on the expert report Excludes: - Special dividend paid by CorpBanca on July 1, Dividends that Itaú Chile approved not to distribute It entails maximum utilization of subordinated bonds. Note: Figures converted to US dollars at a rate of CLP/USD

31 Creating a Regional Leader 31 1 Unique Partnership Unique opportunity to partner with a leading institution Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise The new entity will benefit from the strength of a ~US$57BN market cap partner in its existing markets while enhancing opportunities for growth abroad Opportunity to leverage Itaú Unibanco s strong global client relationships The merged entity will be able to expand its banking products offering 2 Banking Platform with Larger Scale 3 Positive Impact to Itaú CorpBanca 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 private bank in Colombia by total loans 1 Merged bank will have a stronger financial profile and greater earnings power Estimated after-tax cost synergies of approximately US$80MM 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 revenue synergies Additional cross-selling opportunities Accretive transaction for both CorpBanca s and Itaú Unibanco s shareholders Improved pro forma capital position opens room for further loan growth 1 Pro forma rankings based on gross loans as reported to the SBIF and SFC, excluding loans from CorpBanca Colombia. Source: Company financials and SBIF.

32 Grupo Aval Bancolombia Davivienda BBVA Colombia CorpBanca Colombia Colpatria Banagrario BCSC GNB Sudameris Citi Santander Banco de Chile BCI Itaú CorpBanca Corpbanca BBVA Chile Scotiabank Chile Banco Itaú Chile Banco Bice Banco Security Leading Regional Banking Platform 32 Highlights Accretive transaction to all shareholders after synergies Significant improvement to capital position to support further growth 19.0% 18.1% Market Share by Loans (Chile) 1,3 #4 13.1% 12.6% US$BN CorpBanca 1 Itaú 1 Pro forma 2 Assets Loans Headcount 7,456 2,607 10,063 Branches ATMs Pro forma Loan Mix Mortgage 18% Commercial 70% Consumer 12% Pro forma Funding Mix Interbank Loans 9% Demand Deposits 21% Bonds 18% Time Deposits 52% 27.4% Market Share by Loans (Colombia) 1,4 23.0% 13.5% 10.3% 7.4% 6.9% 5.2% 5.1% 3.1% 3.1% #5 6.3% 5.3% 3.2% 2.8% 2.3% 2.1% US$33BN US$38BN 1 Company management and filings with local regulatory authorities a as of KPMG Expert Report as of Pro forma rankings based on gross loans as reported to the SBIF and SFC, excluding loans from CorpBanca Colombia. Including loans from Colombia, CorpBanca would have a loan market share of 11.3% in Chile. 4 Based on gross loans as reported to the SFC. Grupo Aval represents aggregate gross loans for Banco de Bogota, Banco Popular, Banco de Occidente and Banco AV Villas. Note: Figures converted to US dollars at a rate of CLP/USD.

33 Transaction Conditions 33 Shareholders Agreement to be executed between Itaú Unibanco and CorpGroup Itaú CorpBanca to offer to purchase 33.18% percent from minority shareholders in CorpBanca Colombia Obligation for CorpGroup to sell its 12.36% stake in CorpBanca Colombia to Itaú CorpBanca The merged bank may take advantage of the global relationship that Itaú Unibanco keeps with its clients and expands its offer of banking products

34 Shareholders Agreement Key Terms 34 CorpGroup to hold minimum share ownership that would allow the two parties to collectively have a majority ownership Liquidity option for CorpGroup to sell to Itaú Unibanco shares representing a stake of up to 6.6% in Itaú CorpBanca at market price and through the Santiago Stock Exchange Corporate Governance Board of Directors of 11 members (2 alternates) CEO to be Milton Maluhy Filho Key committees would include Credit, Asset & Liability Management and Talent committees Dividend Policy Subject to optimum minimum capital requirements Target of US$370MM in dividends to all shareholders of CorpBanca

35 Milestones 35 Extraordinary Shareholders Meeting On June 26 th and June 30 th, 2015 both banks EGM approved the merger Regulatory Approvals On September 4 th, 2015 Chilean regulator s (SBIF) approved the merger Final Approval SBIF final operational approval to materialize the merger Expected Legal Merger Between January 1st, 2016 and May 2nd, 2016

36 Disclaimer 36 This Presentation contains forward-looking statements, including statements related to the planned acquisition of Helm Bank and the timing thereof. Forward-looking information is often, but not always, identified by the use of words such as anticipate, believe, expect, plan, intend, forecast, target, project, may, will, should, could, estimate, predict or similar words suggesting future outcomes or language suggesting an outlook. Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to CorpBanca concerning anticipated financial performance, business prospects, strategies and regulatory developments. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. Furthermore, the forward-looking statements contained in this press release are made as of the date of this press release and CorpBanca does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

37 Contact Claudia Labbé Head of Investor Relations +56 (2) Rosario Norte, 18 th Floor, Las Condes Santiago - Chile claudia.labbe@corpbanca.cl

38 APPENDIX

39 FINANCIAL SUMMARY Figures in Ch$ million, Chilean GAAP

40 Consolidated Results YTD 40 As of December 2015 (Expressed in million of Chilean peso) Consolidated YTD 2015 Chile Colombia Change (%) YTD15/YTD14 Consolidated Chile Colombia Adjustments Chile Adjusted YTD 2015 Change (%) YTD15 /YTD14 Net interest income ,6% 1,1% -4,8% ,2% Net fee and commission income ,4% 6,1% -22,4% ,1% Total financial transactions, net ,2% 61,2% -3,2% (34.399) ,9% Other operating income, net ,0% -179,4% -63,7% ,9% Net operating profit before loan losses ,8% 9,9% -8,5% (15.012) ,9% Provision for loan losses (1) ( ) (38.839) ( ) 25,4% 4,5% -4,6% - (38.839) 4,5% Net operating profit ,2% 10,3% -19,0% (15.012) ,1% Operating expenses ( ) ( ) ( ) -1,2% 12,0% -14,6% ( ) 13,6% Operating income ,9% 8,3% -26,6% (5.015) ,1% Income from investments in other companies ,7% 19,2% -33,4% ,2% Income before taxes ,1% 8,3% -26,7% (5.015) ,1% Income tax expense (98.986) (64.611) (34.375) 23,6% 20,9% 28,9% (23.424) -5,5% Net income ,0% 3,8% -39,5% ,8% Net income attributable to shareholders ,8% 3,7% -39,5% ,7% Efficiency Ratio 49,5% 51,4% 47,2% 51,0% (1) Includes Provision for Contingent loans

41 CORPBANCA OWNERSHIP STRUCTURE

42 Saieh Group controls 49.88% ownership 42 Shareholders % Total share % Total share capital capital Ownership Structure (%) feb-15 feb-16 Corp Group Banking S.A % 43.73% Cía. Inmob. y de Inversiones Saga SpA (1) 6.15% 6.15% Total Saieh Group 49.88% 49.88% IFC 5.00% 5.00% OTHERS 42.2 SAIEH GROUP 49.9 Santo Domingo Group 2.88% 2.88% Others 42.24% 42.24% ADRs holders and Foreign investors 21.05% 20.61% AFPs (Administradoras de Fondos de Pensiones) 0.87% 0.54% Securities Brokerage 7.59% 10.21% Insurance Companies (2) 2.56% 2.66% Other minority shareholders (3) 10.17% 8.22% SD GROUP 2.9 IFC 5.0 February 29, 2016 Total % % Total shares 340,358,194,234 (1) Includes 926,169,624 shares owned by Saga that are under custody. (2) Since November 2013, includes Confuturo (former CorpVida) and CorpSeguros (1.18%) which are no longer controlled by the Saieh Group. (3) Includes Moneda's funds with a total of 2.67% ownership as of February 29, 2016 and 3.04% ownership as of February 28, Source: CorpBanca.

43 CORPBANCA Regional Network: Branches ATM Headcount

44 Strengthening our regional network 44 Branches (1) ATMs (3) Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Chile Colombia Chile Colombia Headcount (2) Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Chile Colombia United States (1) On September 2014, Colombia s branches figure definition was modified, including seven small offices. (2) Figures in 2014 are not comparable to prior years. Since 2014, Colombia s headcount figure included all subsidiaries (483 employees). (3) The decrease observed between December 2013 and December 2014 is in line with our efficiency and profitability focus.

45 CHILE RATING AGENCIES

46 Favorable Feedback from Rating Agencies 46 Rating agencies have expressed favorable views with respect to the transaction Moody s Changed outlook to 'possible upgrade', from 'review for downgrade', on the long and short term ratings of CorpBanca Standard & Poor s Placed CorpBanca s 'BBB/A-2' on 'Watch Developing' following announcement of merger agreement with Banco Itaú Chile Feller Rate Affirmed ratings following announcement of merger agreement with Banco Itaú Chile Outlook was confirmed as 'Stable' Humphreys Following the announcement of the merger agreement, the ratings were affirmed and the outlook changed to 'Positive' from 'Developing' Six months later, on July 2014, Humphreys upgraded our ratings from 'AA-' to 'AA' ; the outlook is 'Stable'

47 CHILE THE ITAÚ-CORPBANCA MERGER

48 Transaction Structure 48 Merged Bank Resulting shareholding structure of Itaú CorpBanca will be: Itaú Unibanco: 33.58% CorpGroup & Affiliates: 33.13% Minority Shareholders: 33.29% 66.42% Shareholders Agreement Itaú Unibanco will sign a shareholders agreement with CorpGroup to determine certain aspects related to corporate governance (described in Corporate Governance section) Itaú Unibanco Itaú Colombia* CorpBanca Colombia Minorities Shareholders 33.58% 33.13% 33.29% % CorpGroup Itaú CorpBanca Colombian Minorities Shareholders 66.28% 33.72% * Itaú CorpBanca offered to purchase 33.18% of the minorities shares in CorpBanca Colombia; only 12.36% agreed to sell

49 Transaction Structure (Cont d) 49 Offer to Acquire Minority Stakes in CorpBanca Colombia Itaú CorpBanca 100% Contemplated Structure in Colombia CorpGroup Helm Corporation CorpBanca Colombia Other Minorities 66.28% 12.36% 20.82% 0.54% Itaú Colombia Itaú CorpBanca offered to acquire the 33.18% aggregate minority stakes in CorpBanca Colombia: ~US$894MM aggregate cash offer* Only CorpGroup has agreed to sell shares in proposed transactions (12.36% ownership ) Itaú CorpBanca will acquire Itaú Colombia at a price equivalent to its book value of ~US$100MM * Of which US$330 MM correspond to the payment to CorpGroup and that amount will accrue interest of Libor + 2.7% per year from August 2015 until the closing date Through the acquisition of minority stakes in CorpBanca Colombia, CorpBanca s shareholders could benefit further from synergies to be achieved from the merger with Helm Bank The purchase will not require additional capital, yielding additional income to Itaú CorpBanca s shareholders without the need for dilution

50 Senior management structure for Itaú CorpBanca 50 The new structure was built based on the commercial strengths of both banks and is aligned with local industry s best practices, in order to boost the growth of the merged bank BOARD OF DIRECTORS AUDIT COMMITTEE Itaú CorpBanca Colombia Jaime Munita Legal & Compliance Cristián Canales ITAÚ CORPBANCA Chief Executive Officer Milton Maluhy Comptroller José Manuel Mena Wholesale Banking José Francisco Sánchez Retail Banking Víctor Orellana Treasury Pedro Silva Marketing, Products, Digital Channels and Franchises Rogério Braga Risk Management José Valencia Human Resources Alberto Lungenstrass Chief Financial Officer Gabriel Moura Operations & Technology Luis Rodrigues

51 CHILE STRONG ECONOMIC FUNDAMENTALS AND GROWING BANKING INDUSTRY

52 Dec-96 Dec-97 Dec-98 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16E 8,0 7,0 6,0 5,0 4,0 3,0 2,0 1,0 0,0-1,0-2,0 Dec-99 Dec-00 Dec-01 Dec-02 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Sep-15 Dec-15 Dec-16E Chile: Strong economic fundamentals 52 Real GDP Growth (%) Inflation (CPI%) ,3 4,5 2,6 2,8 1,1 2,4 3,7 2,6 7,8 7,1-1,4 3,0 4,4 1,5 3,0 4,6 4,0 4,4 4,3 Long Term Target Inflation (3%) FDI Inflows (US$BN) FDI Inflows as a % of GDP % CAGR: 8.8% CAGR: 5.5% % % 1.2% 4.1% 3.4% 4.3% 4.2% 3.5% 1.8% Argentina Brazil Chile Colombia México Source: Banco Central de Chile, World Bank

53 18,0 17,0 16,0 15,0 14,0 13,0 12,0 11,0 10,0 3,00 2,50 2,00 1,50 1,00 0,50 0,00 Solid Banking System in Chile 53 Outstanding regulatory framework Respected regulatory institution: Superintendency of Banks and Financial Institutions (SBIF) Proven and stable framework Trust Chile was 7 th in the World Economic Forum s overall financial stability ranking and 11 th in the banking system stability category Efficiency Ratio (%) 47,6 48,1 47,7 45,9 46,6 46,3 44,6 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Financial Stability Ranking 2012 BIS Ratio and Risk Index (1) Ranking Country Score 1 Saudi Arabia Switzerland Singapore United Arab Emirates Tanzania Norway Chile Hong Kong SAR Australia Malaysia ,52 2,43 2,36 2,42 2,29 2,12 2,40 14,3 14,1 13,9 13,3 13,3 13,4 12,6 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 BIS Ratio (%) Risk Index (%) Source: World Economic Forum 2012 Ranking Source: SBIF // (1) Loan loss allowances/total loans

54 Growing Banking Industry 54 Total Loans (US$BN) Latin America leader Loans / GDP 77% % 17% 24% 29% 45% Argentina Mexico Peru Colombia Brazil Chile but still low penetration vs. other economies Loans / GDP 143% 126% 127% % 84% Chile Eastern Europe G7 China Asian tigers Commercial Mortgages Consumer Source: 2010 Business Monitor International Source: SBIF

55 Loan growth above GDP growth 55 Real GDP and Total Loan Growth (%) Loan Elasticity / GDP = 2.0x Effect of Asian Crisis 17.6% 19.3% 16.8% 16.0% Effect of Financial Crisis 12.8% 12.9% 9.7% 11.1% 3.3% 4.1% (0.7%) 4.5% 4.5% 3.3% 2.2% 2.0% 6.0% 5.6% 5.8% 4.0% 4.6% 4.6% 3.7% 1.5% (1.7%) 8.0% 6.0% 5.2% 5.6% 4.1% 4.3% 6.6% 1.9% 2.1% 1.7% -1.8% -1.2% (E) Real GDP Growth (%) Real Loan Growth (%) Source: Banco Central de Chile