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Institutional Presentation It Ita a Corpb Corpbanca anca - - PowerPoint PPT Presentation

2Q20 Institutional Presentation It Ita a Corpb Corpbanca anca Disclaimers Information in this presentation is not an offer for sale of securities. This presentation has been prepared solely for informational purposes and is not to be


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SLIDE 1

2Q20

Institutional Presentation

It Itaú aú Corpb Corpbanca anca

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SLIDE 2

Disclaimers

  • Information in this presentation is not an offer for sale of securities. This presentation has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and

should not be treated as giving investment advice. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this presentation are subject to change without notice and neither Itaú Corpbanca (the “Bank”) nor any other person is under obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete and is subject to qualifications and assumptions, and neither the Bank nor any agent can give any representations as to the accuracy thereof. The Bank and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this presentation.

  • Certain statements in this presentation may be considered forward-looking statements. 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. These forward-looking statements include, but are not limited to, statements regarding expected benefits and synergies from the merger of Banco Itaú Chile with and into Corpbanca, the integration process of both banks, anticipated future financial and operating performance and results, including estimates for growth, as well as risks and benefits of changes in the laws of the countries we operate.

  • These statements are based on the current expectations of the Bank’s management. There are risks and uncertainties that could cause actual results to differ materially from the forward-looking statements included in this
  • communication. For example, (1) problems that may arise in successfully integrating the businesses of Banco Itaú Chile and Corpbanca, which may result in the combined company not operating as effectively and efficiently as

expected; (2) the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies; (3) the credit ratings of the combined company or its subsidiaries may be different from what the Bank or its controlling shareholders expect; (4) the industry may be subject to future regulatory or legislative actions that could adversely affect the Bank; and (5) the Bank may be adversely affected by

  • ther economic, business, and/or competitive factors.
  • Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to the Bank’s management. 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. More information on potential factors that could affect Itaú Corpbanca’sfinancial results is included from time to time in the "Risk Factors" section of Itaú Corpbanca’s Annual Report on Form 20-F for the fiscal year ended December 31, 2019, filed with the U.S. Securities and Exchange Commission (the "SEC"). Furthermore, any forward-looking statement contained in this presentation speaks only as of the date hereof and Itaú 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 presentation are expressly qualified by this cautionary statement.

  • This presentation may not be reproduced in any manner whatsoever. Any reproduction of this presentation in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of the U.S. Securities

Act of 1933, as amended, or the applicable laws of other jurisdiction.

  • The information contained herein should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem

it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this presentation.

  • The Bank is an issuer in Chile of securities registered and regulated by the Commission for the Financial Market (Comisión para el Mercado Financiero or the "CMF"). Shares of our common stock are traded on the Bolsa de

Comercio de Santiago, or the Santiago Stock Exchange, and the Bolsa Electrónica de Chile, or Electronic Stock Exchange, which we jointly refer to as the "Chilean Stock Exchanges", under the symbol "ITAUCORP". The Bank’s American Depositary Shares are traded on the New York Stock Exchange under the symbol "ITCB". Accordingly, we are currently required to file quarterly and annual reports in Spanish and issue hechos esenciales o relevantes (notices of essential or material events) to the CMF, and provide copies of such reports and notices to the Chilean Stock Exchanges and the SEC. All such reports are available at www.cmf.cl, www.sec.gov and in this presentation.

2

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Agenda Agenda

Ec Economic

  • nomic

context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts

04 06 12 21 24 49

Capital and risk risk managem management ent

52

Highlights Highlights

  • f the results

3

63

Additiona Additional l information

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SLIDE 4

Macr Macroe

  • economic

conomic backdrop backdrop

Economic context

GDP Growth (%) Interest Rates (EOP) - % Inflation (CPI) - %

Source: Central Bank of Chile, Central Bank of Colombia and Itaú’s projections.(updated as of August 7, 2020).

Exchange rates – CLP/USD & CLP/COP

6.1 5.3 4.0 1.8 2.3 1.7 1.2 3.9 1.1

  • 5.5

4.5 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.5 3.3

  • 6.0

4.5

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(e) 2021(e)

Chile Colombia 5.3 5.0 4.5 3.0 3.5 3.5 2.5 2.8 1.8 0.5 0.5 4.8 4.3 3.3 4.5 5.8 7.5 4.8 4.3 4.3 2.0 2.0

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020(e) 2021(e)

Chile Colombia 4.4 1.5 3.0 4.6 4.4 2.7 2.3 2.6 3.0 2.3 2.9 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 2.0 3.0

2011 2012 2013 2014 2015 2016 2017 2018 2019(e) 2020(e) 2021(e)

Chile Colombia

0.20 0.21 0.22 0.23 0.24 0.25 0.26 0.27 580 630 680 730 780 830 880

CLP/USD CLP/COP

4

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SLIDE 5

Agenda Agenda

Ec Economic

  • nomic

context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts

04 06 12 21 24 49

Capital and risk risk managem management ent

52

Highlights Highlights

  • f the results

5

63

Additiona Additional l information

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SLIDE 6

Clie Client nts | s | Digital Digital ch chan annels and nels and network network

COVID-19

6

Wide Wide range range

  • f pr

f products ducts and and ser servi vices ces

180 brick and mortar branches (96%) 2 digital branches (100%)

  • pen as of August 3

Ava Availabi ilability lity

  • f

f our ur di digi gital tal chan channe nels

99 99.5% .5%

(Jun-20)

at it highest level ever

Bran Branch ch network network

10 100% pre presen sence ce in th n the e co coun untr try

through digital channels to meet

  • ur clients needs in this period

Web: #TEF and #Payments App : #TEF and #Payments ATM: Money order and check balances Contact Center : Total calls received Branches: Cash transactions

2% 2% 5% 5% 19% 19% 18% 18% 44% 44% 23% 23% 8% 8% 20% 20% 27% 27% 33% 33%

Jul Jul.19 .19 Jul Jul.2 .20

Use se of

  • f digital

digital chann channels els get gets s more more significa significant nt wi with h end end-to to-end end transactions, ansactions, gai gaini ning ng rel elevan evance ce for for In Indivi dividual duals s an and d Compa Compani nies

12 p.p. 6 p.p. 3 p.p. 21 p.p. 1 p.p.

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SLIDE 7

Clie Client nts | s | Digital Digital communic communicat ation ion

COVID-19

1 2

Launch of “Visión Visión de de Líderes Líderes" " Communica Communication tion

Launch of the “Vision of leaders“- Live streaming with the leaders of the most important sectors of the economy We have held over 100 sessions:

  • Benito Baranda
  • Andrés Velasco & Ricardo Marino
  • Mario Marcel
  • Juan Sutil
  • Leonidas Montes
  • Carlos Zárate
  • Eric Yuan
  • José Luis Daza
  • José de Gregorio
  • José Manuel Mena
  • Patricio Donoso

68,334 Total Views

7

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SLIDE 8

Peo People ple | | Home Home o

  • ffic

ffice e

COVID-19

1,259 2,459 2,763

01-mar 16-mar 31-mar 15-abr 30-abr 15-may 30-may 14-jun 29-jun 14-jul 29-jul 13-ago

VPNs VPNs VDIs VDIs La Laptops ptops

All ll em employe ployees es wi with h ac acce cess t ss to

  • vide

videoconfe

  • conferen

ence ces s throu hrough gh Te Team ams Depl Deployin

  • ying

g Off Offic ice e 365 365 cl cloud

  • ud

solutions solutions Capaci Capacity y for for 10 10,00 ,000 0 rem emot

  • te

e ac acce cesses sses throu hrough gh VPN VPN

700 1,366

01-mar 16-mar 31-mar 15-abr 30-abr 15-may 30-may 14-jun 29-jun 14-jul 29-jul 13-ago

Mar.20 Apr.20 Aug.20

+2,700

200 2,420 3,389

Mar.20 Apr.20 Aug.20 Mar.20 Apr.20 Aug.20

+1,300 +3,300

Infrastructure capable of supporting our operations in a remote environment ensuring business continuity

2,980

Employees in home office1

8

1− Information as of July 31, 2020; 2− Information as of August 21, 2020.

Teams

5,4 5,437 37 103 103,54 ,542 34 34,700 ,700 1,980,685 1,980,685

Active accounts 2 Meetings participation Calls participation Chat messages

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SLIDE 9

Government Government Ac Actions tions | | La Latest test Initiat Initiatives ives

COVID-19

9

COVID-19 credit lines governm

  • vernment

ent guaranteed uaranteed th throug

  • ugh

h FOGA FOGAPE PE − fu fund up t nd up to U

  • US$1

S$12 2 billi billion

  • n

Aid to middle class program

Sa Sales es tranc nche he (Ch$ mn)

Itaú

Tot Total 737 737,493 93 8,092, 092,66 663

Accumulated as of August 28, 2020

9.1% 1%

Banking System % Itaú

Ministr Ministry y of Finan

  • f Finance

ce Centr Central B al Ban ank k of

  • f Chile

Chile

Liquidity injection to the economy − FCIC

FCIC and and LC LCL L programs programs

Treasury and bank bond purchasing programs

CM CMF

Postponement of Basel III roll-in process COVID-19 guarantee line − Risk

Risk weighti weighting ng to to be be modified from from 100% 00% t to 10%

  • 10%

Less than 717 mn From 717 mn to 2,867 mn From 2,867 mn to 17,205 mn From 17,205 mn to 28,675 mn 146,151 207,059 315,307 68,976 2,529,463 2,086,201 2,747,672 729,327 5.8% 9.9% 11.5% 9.5% FOGAPE C OGAPE COVID OVID-19 19 Cr Credit it Co Conce ncessio ion n | Ita | Itaú vs. Bank Bankin ing Sy System tem

Credit edit concessio concession n focused focused on

  • n

comp companies anies wi with th higher higher net net sa sales les

Congress Congress

One-time early withdrawal of pension saving (tax free)

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SLIDE 10

Clie Client nts | s | We wan We want t to be to be part part of the sol

  • f the solution

ution

COVID-19

Itaú Corpbanca joins the Emergency Private Fund for Health in Chile with a contribution to the “Confederación de la Producción y del Comercio” to to collab collabor

  • rate

ate wit with t h the he coun

  • untr

try y in in thi this s fig fight ht aga against inst COVID COVID-19 19 Itaú Corpbanca tripled the value of donations made by employees, totaling US US$ 81 810,000 0,000 Itaú Corpbanca supported Chilean female entrepreneurs with US US$ 41, 41,000 000 to make masks for staff working with vulnerable children

Clients

US$ 570,000

Employees

US$ 60,000

Bank

US$ 180,000

US$ 1.9 million

World World Giv Giving ing In Index ex (%) (%)

28% 28% 35% 37% 7%

0% 20% 40% 60%

10 10

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SLIDE 11

Agenda Agenda

Ec Economic

  • nomic

context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts

04 06 12 21 24 49

Capital and risk risk managem management ent

52

Highlights Highlights

  • f the results

11 11

63

Additiona Additional l information

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SLIDE 12

How How we we ha have e ve evolved? volved?

Corporate profile

12 12

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SLIDE 13

Our Our vision vision

Corporate profile

To be the leading bank in sustainable performance and customer satisfaction

1.

Implement a customer satisfaction-oriented culture, that is business-driven, through a simplified operational structure

  • 2. Maximize sustainable shareholder returns, aiming at firm-wide growth
  • 3. We aspire to be the preferred bank for top talents at every level
  • Attract and retain committed professionals with high ethical standards and strong organizational pride
  • Shared leadership, conquered through talent and commitment to excellence, focused on meritocracy
  • 4. Create an atmosphere that inspires creativity, entrepreneurialism and the exchange of ideas
  • 5. Pursue a cutting-edge technology, striving to best serve our client needs, ultimately creating value
  • 6. Uphold the highest ethical standards in the relationship with clients, employees, regulators, society and the markets

13 13

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SLIDE 14

Our Our w way ay

Corporate profile

We seek to create a culture based on seven attitudes that define our identity and identify us in the way we do business Each one of them represents the core of what we focus on as institution

  • 1. It´s only good for us if it’s good for the client

We are people providing service to people, with passion and excellence. We work with the client and for the client –because they are the main reason behind why we do what we do

  • 2. We’re passionate about performance

Generating sustainable results is in our DNA. The continuous challenge of seeking leadership in performance has brought us to where we are –and will continue guiding our company towards our objectives

  • 3. People mean everything to us

Everything we do is carried out by people. Talented people who enjoy working in a collaborative atmosphere, based on meritocracyand high performance.

  • 4. The best argument is the one that matters

We encourage a challenging work environment, which is open to questioning and constructive discussion. For us, the hierarchy which counts is the hierarchy of the best idea

  • 5. Simple. Always

We believe that simplicity is the best path to efficiency. That’s why we strive not to mistake depth for complexity, and simplicity for simpleness

  • 6. We think and act like owners

We always think like business owners, leading by example and putting collective objectives before personal ambition

  • 7. Ethics is non-negotiable

We do what is right, without using shortcuts or devious ways to do business. We exercise leadership in a transparent and responsible way, fully committed to society and the best governance and management practices

14 14

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SLIDE 15

Integrat Integration ion mile milest stones

  • nes

Corporate profile

2018 2018 2017 2017 2016 2016

Merge Merger Transition Transition Co Cons nstruct truction ion

  • Team building: senior and middle

management

  • Corporate Governance, risk

management framework and other policies

  • Balance sheet and liquidity

strengthening

  • Full focus on client satisfaction
  • Focus on increasing and sustainable

results

  • Completing technological

integration and advancing with digital agenda

  • Strengthening our culture

throughout the organization

  • Completion of retail migration and

client segmentation in Chile

  • Initial roll out of Digital initiatives
  • Resuming business growth in retail
  • Introduction of Itaú Brand in the

Colombian retail Market

Our Purpo Our Purpose se

  • Continue to deepen on client centricity,

designing products and services and, developing a “service culture”

  • Accelerate our digital transformation

process we will continuously increasing the productivity of our technology area and disseminating a digital mentality across the entire bank

  • On people management, to enhance our

incentive models and our assessment tools we will consider the new dynamics of cooperative working

202 2020

… 2020 / 2021 Additional synergies by eliminated duplicities of products systems

Con Consolidat solidation ion

  • Continue to deepen Itaú’s

management model (commercial growth; people management; risk management)

  • Resume growth in commercial loans
  • Advance in the process of digital

transformation

  • Client centricity adapting Itaú

experience, listening and engaging customers

2019 2019

15 15

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SLIDE 16

At At a a glanc glance

Corporate profile

We are key part of Itaú Unibanco’s internationalization strategy

Reg Region ional l foo

  • otprint

tprint & main in & main indic icato tors rs 1

1 2

10.1 10.1%

% 3

4.1 .1%

% 4 Mar Market S et Sha hare e US$ US$ 23

23.6 .6 bn

bn US$ US$ 6.0

.0 bn

bn Loan

  • ans

s 1 US$ US$ 29

29.6 .6 bn

bn

5,58 5,581 1 5 3,2 3,297 7 6

Headc Headcount

  • unt 1

8,8 ,878 78 188 188 126 126

Branc Branche hes 1

314 314

US US$ 39.4

39.4 bn

bn US$ 8.0

.0 bn

bn Assets ssets 1 US$ 47.4

47.4 bn

bn US$ 32

32 mn

mn US$ -4 mn n Re Recur curring ing Net et Income Income 2Q20 2Q20 US$ 28

28 mn

n

6.6 .6% %

  • 1.2%

.2%

Rec ecur urrin ing RoT RoTAE 2Q20 Q20 7

4.3% .3%

16 16

1− Information as of June 30, 2020; 2− Figures were converted at an exchange rate of 821.83 CLP/USD; 3− Information as of June 30, 2020; 4− Information as of April 30, 2020; 5− Includes headcount of our New York branch and since 1Q’18 also from our RepOffice in Lima and also in Madrid until 2Q’19; 6− Includes headcount of Itaú (Panamá); 7− Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities. Sources: Itaú Corpbanca, CMF and SFC.

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SLIDE 17

Relevan Relevance acr ce across

  • ss La

Latin tin Americ America

Corporate profile

US$ Bn

US$ Bn

4 Caixa Bci Banco do Brasil Bradesco Citibank Santander BBVA Scotiabank 1 2 3 4 5 6 7 8 9 15 BBVA Grupo Aval Banco Estado de Chile Santander Scotiabank Bci 1 2 3 5 6 7 Banco de Chile Bancolombia Itaú Corpbanca3 9 8

Itaú Corpbanca represents 17%

  • f Itaú Unibanco’s consolidated

loan portfolio6

Itaú Unibanco2 10 Itaú Corpbanca3 Itaú Latam5

1 − Data as of March 31, 2020. Includes Brasil, México, Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 2− Includes Brasil, México, Argentina, Peru, Uruguay, Paraguay, Chile and Colombia; 3− Includes Chile and Colombia (Itaú Corpbanca Chile with ~US$37MMM in assets); 4− Data as of March 31, 2020. Includes Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 5− Includes Colombia, Chile, Argentina, Paraguay, Peru and Uruguay; 6– Considering the consolidated loan portfolios of Itaú Unibanco and Itaú Corpbanca reported in their respective 2Q’20 MD&As at a R$ 3.7662 / US$ and a Ch$ 821.83 / US$ foreign exchange rates as of 30.06.2020. Source: Central Banks, local regulators, companies filings, Itaú Corpbanca.

Itaú Itaú Cor Corpb pbanc anca a is is cu currentl ently y th the e 5th

th lar

larges est t pri private vate ba bank nk in in Chi Chile le and and we cont we contribute ibute to to pos posit ition ion Itaú Itaú Lat LatAm Am as as th the e 10th

th and

and 6th

th

lar larges est t ba bank nk i in n ter terms ms of

  • f as

asse sets ts wi with thin in Sout South h Ame America ica (ex (ex-Braz Brazil il)

Banks anks by by As Asset ets in L n Lat atin Ameri n America ca1 Banks anks by by As Asset ets in S n South th Ameri America ca (ex (ex-Braz razil)4 Loan po an portf rtfolio as as of Ju f Jun.

  • n. 30,

30, 202 2020

17 17

(US$ Bn)

358 381 252 109 304 68 277 163 67 45 52 54 55 48 81 90 56 54 47 45

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SLIDE 18

Responsible Responsible banking banking

Corporate profile

Sustai Sustainabi nability ty ti time meline ne

2016

Itaú Corpbanca Merger

2018 2019 2020

First Sustainability Report Ju June ne First Sustainability Committee (officers level) Au Augus gust Foundations and Sustainability Meeting Itaú Latam in Paraguay No Nove vemb mber er Launch of Itaú’s #BiciEscuelita initiative Janu January ary

2017

First Annual Integrated Report Marc March Diversity and Inclusion’s Internal Policy Apri April Itaú is for the fist time an index component of the DJSI MILA Septe eptemb mber er Launch of volunteer program called Lee para un Niño Apri April Launch of Business Advising Program for SMEs clients May May Foundations and Sustainability Meeting Itaú Latam in Chile Au Augus gust Itaú Asset Management won the “ALAS20 Institution” recognition De Dece cemb mber er

18 18

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SLIDE 19

Responsible Responsible banking banking

Corporate profile

Tr Transl anslati ating ng str strategy ategy int nto acti action

1st Financial sector

initiative

The onl

  • nly

y fina financi ncial al in inst stitut itution n in in Chil Chile e an and d Colom Colombi bia a to be part of the Institutional Investor’s list of 39 Latin American Midcap 'Most Honored Companies' We increased our DJSI scores in 2019 edition, ranking for the first time for the MIL MILA Pa Paci cific fic All llia iance nce Inde Index x and for the fourth consecutive year remaining part

  • f the Chil

Chile e Inde Index

Sus Sustaina nabi bility Per Performanc formance

Itaú Asset Management awarded as the 'AL 'ALAS20 20 Institu Institution ion' ' for being recognized as a leader in: Responsible Investments, Corporate Governance and Sustainability Research

Re Respon sponsi sibl ble e In Inve vestment ent

Commitments Achievements Main partners In 2019 we launched our

  • ur firs

first in integrat egrated ed an and d ver verifie ified d Ann nnual ual Report eport. . The quality of the information delivered to the market was recognized by the ReportaRanking who scored as 23 points higher than the 2018 survey

Tran Transparency parency in n Commu Communicati nication

  • n

Voluntary commitment between the financial sector, the government and regulators, who have defined general principles regarding the management of risks and opportunities associated with cl clim imate ate cha change nge in in dec decisi ision

  • n-makin

aking

Cl Climate mate Cha Change nge

17 points

above sector average

ALAS20 Institution

23 points

above 2018 score

Top 3 Best Latin

America Executive Team Goals

Itaú Asset Management

We belie We believe ve that that people people have have the the pow power er to t to transf ransform

  • rm the

the wo world, rld, and and that that a a bank can p bank can promo romote te this tra this trans nsfo forma rmation tion

19 19

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SLIDE 20

Agenda Agenda

Ec Economic

  • nomic

context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts

04 06 12 21 24 49

Capital and risk risk managem management ent

52

Highlights Highlights

  • f the results

20 20

63

Additiona Additional l information

slide-21
SLIDE 21

Sha Shareholde reholders rs & & st stock

  • ck mar

marke ket

Corporate governance

US$ 1.1

1.1 Bn

Bn Mar Market Cap et Cap. . (Jun

  • une. 3
  • e. 30,

, 2020)

Source: Sell-side reports.

1 – For Itaú Corpbanca and BCI consider shareholders equity net of goodwill and intangibles from business combination.

Buy: 1 Hold: d: 7 7 Sell ell: 2 2

Sel ell-side side rating: ating:

% Tota tal share c hare capi apita tal as as o

  • f

f Ju July 31 31, 202 2020

Avera rage daily y tra raded volum

  • lumes

12 12- mon

  • nth ended Jun

une 30 30, 20 2020 20

(U$ U$ mil millio lion) n)

21 21

Pri Price ce-to to-Book1

slide-22
SLIDE 22

Ex Expe perienc rienced ed senior senior mana manage gement to ment to impl impleme ement nt st stra rategy tegy

Corporate governance

Board d Ch Chile

Wholesale

Gabriel Moura

Treasury Marketing & Products IT People Mgmt & Performance Retail CRO Legal

Álvaro Pimentel2

Treasury Daniel Brasil CRO Juan Ignacio Castro

  • Credit Risk:

Frederico Quaggio IT Bernardo Alba Legal & General Secretary Dolly Murcia Human Resources María Lucía Ospina Wholesale Jorge Villa Communications & Institutional Relations Carolina Velasco Operations Liliana Suárez Retail Hernando Osorio

Chairman

Gabriel Moura

Matrix reporting to CEO Colombia and functional reporting to ITCB Functional reporting to CEO Colombia and matrix reporting to ITCB for coordination

  • f specific themes

Bo Board d Co Colombia mbia Boa

  • ard

d Col Colombi

  • mbia

Mónica Aparicio Smith Roberto Brigard Holguín Cristián Toro Cañas Juan Echeverría González Chairman

Gabriel Amado de Moura

Colombia Pedro Silva Mauricio Baeza Luciana Hildebrandi Álvaro Pimentel2 Christian Tauber Julián Acuña Marcela Jiménez Cristián Toro Luis Rodrigues

Ita Itaú Co Corpba pbanc nca Co Colombi mbia CEO CEO Ita Itaú Co Corpba pbanc nca CEO CEO Boa

  • ard

d Ch Chile 3

3 4

Chairman

Jorge Andrés SaiehGuzmán

Ricardo Villela Marino Caio Ibrahim David Milton Maluhy Filho Rogério Braga Pedro Samhan Escandar Fernando Concha Ureta Jorge Selume Zaror Fernando Aguad Dagach Gustavo Arriagada Morales Bernard Pasquier

1− Rodrigo Couto became Chief Financial Officer on August 1, 2020; 2− On June 30, 2020, Baruc Sáez was appointed as new CEO in Itaú Corpbanca Colombia as replacement of Alvaro Pimentel, effective November 1, 2020; 3 − Itaú Unibanco and CorpGroup appoint the majority of the members of the board of directors; 4 − 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.

Aud udit it Committe ittee CAE Emerson Bastián Franchise, Products & Digital Jorge Andre Rocha CFO Rodrigo Couto1 CFO Juan Pablo Michelsen Operations Jorge Novis

22 22

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SLIDE 23

Agenda Agenda

Ec Economic

  • nomic

context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts

04 06 12 21 24 49

Capital and risk risk managem management ent

52

Highlights Highlights

  • f the results

23 23

63

Additiona Additional l information

slide-24
SLIDE 24

Key Strategic Drivers to Continue Deepening Itaú’s Management Model

Strategic fronts

Segmentation model with well defined identity and value proposition

Development of products and a “service culture” focused

  • n client satisfaction and long-term relationships

Clie Client nt Centr Centric icity ity

Culture of innovation and transformation

Efficiency and improvement of user experience and customer satisfaction

Seamless integration from back-office to front-office

Strengthening our culture throughout the organization

To enhance our incentive models and our assessment tools

To consider the new dynamics of cooperative working

2 1 3 4

Expand our presence and client base in all business segments

Special focus on growing our Retail Bank

Further increase transactionality and relationship within our client base

Pe People

  • ple Mana

Managem gemen ent Digi Digital al Transfor Transformation ation Growt

  • wth

5

Eff ffic icie iency ncy

6

Continued and sustainable rebound in results

Resume expansion in business volumes

Advance with the implementation of retail and wholesale strategies

Colom Colombi bia

Continuously increase the efficiency of our operations

Drill down of the full cost allocation model to product level

Continued focus and discipline in identifying cost saving

  • pportunities throughout the institution

24 24

slide-25
SLIDE 25

Key Strategic Drivers to Continue Deepening Itaú’s Management Model

Strategic fronts

Segmentation model with well defined identity and value proposition

Development of products and a “service culture” focused

  • n client satisfaction and long-term relationships

Clie Client nt Centr Centric icity ity

Culture of innovation and transformation

Efficiency and improvement of user experience and customer satisfaction

Seamless integration from back-office to front-office

Strengthening our culture throughout the organization

To enhance our incentive models and our assessment tools

To consider the new dynamics of cooperative working

2 1 3 4

Expand our presence and client base in all business segments

Special focus on growing our Retail Bank

Further increase transactionality and relationship within our client base

Pe People

  • ple Mana

Managem gemen ent Digi Digital al Transfor Transformation ation Growt

  • wth

5

Eff ffic icie iency ncy

6

Continued and sustainable rebound in results

Resume expansion in business volumes

Advance with the implementation of retail and wholesale strategies

Colom Colombi bia

Continuously increase the efficiency of our operations

Drill down of the full cost allocation model to product level

Continued focus and discipline in identifying cost saving

  • pportunities throughout the institution

25 25

slide-26
SLIDE 26

Clie Client nt Ce Cent ntric ricity ity

Strategic fronts

In Indi dividua viduals

By monthly income

(CLP mn)

Compan panies es

By annual sales

(USD mn) Over $8.0 From $2.5 to $8.0 From $0.6 to $2.5 Up to $0.6

Pr Priva vate te B Bank nk Pe Persona sonal Bank nk Ita Itaú Branc nche hes Co Cond ndell

Over $100 From $8 to $100 From $1 to $8 From $0.1 to $1

Co Corpora porate te Large ge Mi Midd ddle Ve Very y Sma mall and nd Sma mall Wholesa

  • lesale Ba

Banki king Retail Ba Banki king

Cur Curre rent nt scale scale all allows ws fo for r bet bette ter r segm segmen entat tation

26 26

slide-27
SLIDE 27

Clie Client nt Ce Cent ntric ricity ity

Strategic fronts

Indi Indivi viduals duals segm segmen entat tation n ove verv rview ew

Segmentation model with well defined identity and value proposition, aimed at optimizing service level, satisfaction and profitability per client 23 23 Itaú taú Personal ersonal Bank ank + + 34 34 Corn Corners ers PB PB 2 2 Di Digital gital Branc ranches es 110 110 Itaú taú Suc Sucursal ursales es 52 52 Con Condell dell (Consumer Finance)

Itaú Itaú Pe Persona sonal l Ba Bank nk Itaú Itaú Sucur ucursal sales es Branc Branch h pr profile

  • file in

in Chil Chile

Digital Approach Multi-Channel First Call Resolution Extended Hours Account Load

Digital Branch

Digi Digital al Branc Branch 27 27

slide-28
SLIDE 28

Clie Client nt Ce Cent ntric ricity ity

Strategic fronts

Cl Clien ent ex t exper perien ence, ce, di digi gital tal ban bankin king g and and val value ue offer ffer

Continuous improvement of the look and feel of our digital channels Review and improvement of benefits and

  • ffers linked to stronger transactionality and

relationship Advancing with roll-out of new digital services and offerings. Executing a well defined pipeline of digital solutions 28 28

slide-29
SLIDE 29

Key Strategic Drivers to Continue Deepening Itaú’s Management Model

Strategic fronts

Segmentation model with well defined identity and value proposition

Development of products and a “service culture” focused

  • n client satisfaction and long-term relationships

Clie Client nt Centr Centric icity ity

Culture of innovation and transformation

Efficiency and improvement of user experience and customer satisfaction

Seamless integration from back-office to front-office

Strengthening our culture throughout the organization

To enhance our incentive models and our assessment tools

To consider the new dynamics of cooperative working

2 1 3 4

Expand our presence and client base in all business segments

Special focus on growing our Retail Bank

Further increase transactionality and relationship within our client base

Pe People

  • ple Mana

Managem gemen ent Digi Digital al Transfor Transformation ation Growt

  • wth

5

Eff ffic icie iency ncy

6

Continued and sustainable rebound in results

Resume expansion in business volumes

Advance with the implementation of retail and wholesale strategies

Colom Colombi bia

Continuously increase the efficiency of our operations

Drill down of the full cost allocation model to product level

Continued focus and discipline in identifying cost saving

  • pportunities throughout the institution

29 29

slide-30
SLIDE 30

Digita Digital l Tran Transfor sformat mation ion

Strategic fronts

Opportunity to increase our pace given Chile’s relative lower digital evolution in the region Chile has historically been a regional banking industry leader ….

Mature banking products, many not available in other emerging countries (i.e. mortgage loans 40 years tenor) Higher banking penetration (Loans/GDP: 93% vs. 25- 50% peers ) Historical RoE above the region (RoE: 19-20%)

…. however, Chile is not leading the digital transformation process in the region

1 2 3

Note: Level of digital evolution considers: (i) Digital E2E Journeys; (ii) Marketing and digital communication; (iii) Data management and advanced analytics; (iv) IT infrastructure and architecture; and (v) capabilities and digital culture.

An opportunity for Itaú Corpbanca, leveraging leveraging from Itaú Unibanco’s digital experience in the region

30 30

slide-31
SLIDE 31

Digita Digital l Tran Transfor sformat mation ion

Strategic fronts

Initia Initial r l rol

  • ll

l out

  • ut of
  • f dig

digital ital initia initiatives tives

18 18 agi agile le squa uads integ integrat ated ed by m mul ultid idis isciplinar inary teams eams wi with 253 emplo 253 employees ees on aver average age fully fully ded dedic icated ated that are at are lo lookin king g at at opp pportunit unities ies for for ch chan ange ge an and are d are re re-thinking inking the en e entir ire e ban ank k proces esses wi with a a dis iscip ipli lined ed an and f focus used ed ap approac ach

Building a Digital Bank from inside…. Out ....

320 320+ releas eleases es an and new ew func functio ionali nalitie ies,us user er inter interface face and and o

  • ff

ffer ers thro hrough h our dig igit ital al chan annels els Adv Advan anced ced wo work k method ethodolo logies gies an and tools ls Bac ack-en end to f front-en end dig igit ital alizat ization n of f opening ening of f dig igit ital al ac account unts proces ess

31 31

slide-32
SLIDE 32

Digita Digital l Tran Transfor sformat mation ion

Strategic fronts

Le Leve veragi raging ng syner synergi gies es wit with h Brazil Brazil

An Anal alytic ytics 360 360

▪ Implementing Google Analytics 360 (Web / App) along with LatAm units ▪ Training teams and encouraging market innovations to increase business results and improve customer experience

New New App App

▪ Joint digital experience definition ▪ Sharing know-how implementation and use

  • f open source tools

▪ Using LatAm units development environment

Dig Digital italizatio ization

▪ Building our strategy leveraging from LatAm units' experience, taking advantage

  • f best practices from other countries

▪ Remote and in site support throughout the process

32 32

slide-33
SLIDE 33

Key Strategic Drivers to Continue Deepening Itaú’s Management Model

Strategic fronts

Segmentation model with well defined identity and value proposition

Development of products and a “service culture” focused

  • n client satisfaction and long-term relationships

Clie Client nt Centr Centric icity ity

Culture of innovation and transformation

Efficiency and improvement of user experience and customer satisfaction

Seamless integration from back-office to front-office

Strengthening our culture throughout the organization

To enhance our incentive models and our assessment tools

To consider the new dynamics of cooperative working

2 1 3 4

Expand our presence and client base in all business segments

Special focus on growing our Retail Bank

Further increase transactionality and relationship within our client base

Pe People

  • ple Mana

Managem gemen ent Digi Digital al Transfor Transformation ation Growt

  • wth

5

Eff ffic icie iency ncy

6

Continued and sustainable rebound in results

Resume expansion in business volumes

Advance with the implementation of retail and wholesale strategies

Colom Colombi bia

Continuously increase the efficiency of our operations

Drill down of the full cost allocation model to product level

Continued focus and discipline in identifying cost saving

  • pportunities throughout the institution

33 33

slide-34
SLIDE 34

Peo People ple Mana Manage gement ment1

Strategic fronts

By hierarchical level Inclusion and diversity By gender By age bracket By region

th thousan

  • usand

Employee Employees2

6

in Chile and New York

Ap Approximately roximately

0,9 k people 3,9 k people 0,8 k people

> 50 years 30-50 years up to 30 years

Arica y Parinacota

69. 69.8% 14. 14.7% 7%

0. 0.2%

47% 47% 53 53%

Me Men Wom Women

1 – December, 2019; 2 – June, 2020.

5% 5% 1% 1%

Peop People le with with disab isabil ilit ities ies Foreig

  • reigne

ners rs

0.4% 1.4% 1.9% 0.8% 1.6% 5.0% 1.3% 1.9% 4.2% 1.3% 1.4% 0.6% 76.7% 0.6% 0.1%

Tarapaca Antofagasta Atacama Coquimbo Valparaíso O’higgins Maule Bío-Bío Araucanía Los ríos Los lagos Aysén Magallanes y Antartica Metropolitana Ñuble

0.8%

47 % 47 % 50 % 75 % 83% 53 % 53 % 50 % 25 %

17%

Corp

  • rpora
  • rate managers

4. 4.5% 5% Managers

s and deputy uty managers

52 52.9% Prof

rofessi sion

  • nals

19 19.5% 5% Te

Tech chnici cians

22.9% Administ

stra rative st staff ff

15.4 15.4% 34 34

slide-35
SLIDE 35

Peo People ple Mana Manage gement ment

Strategic fronts

We We ar are e people people provi providi ding ng ser servi vice ce to pe to peopl ple, e, wit with h passion passion and and excel excellen ence ce

Org Organ anizatio izationa nal l Cli Climate mate

(hable francamente)

9 9 p.p

p.p.

  • f 2019 employees satisfaction

Dress Code Flexibility for Employees

Go As I Am Go As I Am

Li Lider dera

more than 14

14,00 ,000 0 trai aini ning ng hour hours s in our

program for leaders

Escu Escuel ela It Itaú aú

+40 400,0 0,000 00 trai aini ning ng hour hours s for employees

(regulatory and languages workshops, Crece program, Diploma at Universidad Católica for 60 managers, among others)

Recognized as the 9th

th bes

best t co compan mpany y in in Chi Chile le in in Attra Attracti ction

  • n a

and nd Reten Retention tion of

  • f Tal

Talen ent

by Merco

35 35

slide-36
SLIDE 36

Key Strategic Drivers to Continue Deepening Itaú’s Management Model

Strategic fronts

Segmentation model with well defined identity and value proposition

Development of products and a “service culture” focused

  • n client satisfaction and long-term relationships

Clie Client nt Centr Centric icity ity

Culture of innovation and transformation

Efficiency and improvement of user experience and customer satisfaction

Seamless integration from back-office to front-office

Strengthening our culture throughout the organization

To enhance our incentive models and our assessment tools

To consider the new dynamics of cooperative working

2 1 3 4

Expand our presence and client base in all business segments

Special focus on growing our Retail Bank

Further increase transactionality and relationship within our client base

Pe People

  • ple Mana

Managem gemen ent Digi Digital al Transfor Transformation ation Growt

  • wth

5

Eff ffic icie iency ncy

6

Continued and sustainable rebound in results

Resume expansion in business volumes

Advance with the implementation of retail and wholesale strategies

Colom Colombi bia

Continuously increase the efficiency of our operations

Drill down of the full cost allocation model to product level

Continued focus and discipline in identifying cost saving

  • pportunities throughout the institution

36 36

slide-37
SLIDE 37

Growth Growth

Strategic fronts

Busin Business ess mi mix an an oppo pport rtun unity ty fo for r re retai tail gr growth wth

1− Yearly average gross loans; 2− Loan interests by segments; Source: CMF; Itaú Corpbanca; Team Analysis.

Loan

  • ans

s br brea eakdown down by segm by segmen ent¹

LTM Jun 2020, Ch$ Bn

12. 2.7 6. 6.6 12. 2.6 6. 6.4 Tot Total 6.0 6.0 5. 5.9 5. 5.3 5. 5.6

Ita taú Corpbanca nca Ave Average To Top 3 3

Interest Rates

29 29,934 34

Consu nsume mer Comme mmerci cial

17,857 857 25, 25,350 350

Mo Mortg tgage

33, 33,242 242

∆ -23 bp

  • 35 bp by mix

Peer-A Peer-B Peer-D

Current rate w/ top 3 mix Current Top 3 Top 3 rates w/ current mix

❑ Mix difference explains most of the Yield gap with the Top 3

100% =2

55.0% 49.8% 50.5% 65.9% 30.2% 33.9% 36.1% 23.6% 14.8% 16.3% 13.4% 10.5%

37 37

6.6 6.8 6.4 6.2

slide-38
SLIDE 38

Growth Growth

Strategic fronts

Loa Loan n Port Portfo folio

Port Portfolio folio Mix Mix (%) Retail: 28.3% Retail: 32.3% Market Share (Jun.20)

7.4%

Commercial Mortgage Consumer

8.1% 11.7%

Total Loans

10.1%

23 bp

23 bp 42 bp 1 bp

Share

 12-month

Commercial 72.2% Mortgage 20.4% Consumer

7.9%

Commercial 67.7% Mortgage 23.1% Consumer 9.2%

Jun.16 Jun.20

409 bp 409 bp

Mortg Mortgage grow rowth

1.3 .3x x Mark arket et

2Q20 vs. 2Q19

38 38

slide-39
SLIDE 39

Growth Growth

Strategic fronts

Cr Credi edit t po port rtfo folio gr growth wth rat rate e

(1) Ex Student loans portfolio

39 39

Financial System Itaú Corpbanca

Mor Mortgage gage Tot Total al Loans

  • ans

Consume Consumer Comm

  • mmercia

cial1

+ in in line line with with the the market

  • lo

lowe wer tha than n the the ma market Strategy focused in supporting clients through COVID-19 credit lines + in in line line with with the the ma market + above ve the the market

7.2%

9.1%

8.1%

14.1%

13.4%

9.4%

  • 4.8%
  • 7.9%
slide-40
SLIDE 40

Growth Growth

Strategic fronts

Fun undi ding ng mi mix an an oppo pport rtun unity ty to i to incr ncrease ease profi profitabi tability ty

Total Total fundin funding g br brea eakdown down

Interest Rates

38, 38,59 591 25, 25,541 541

Debt ebt Issue ssued

48, 48,624 24

Ot Other ers1

100%

34, 34,034 34 2. 2.3 1.9 2. 2.6 2. 2.4 Tot Total 0.3 0.3 0.2 0.2 4. 4.7 5. 5.6

Ita taú Corpbanca nca

0.9 0.9 0.5 0.5

Ave verage To Top 3 ∆ 43 bp 24 bp by mix

Peer-A Peer-B Peer-D

Top 3 rates w/ current mix Current rate w/ top 3 mix

❑ Non-interest bearing liabilities are the main reason for the gap when compared to the 3 players

Time D ime Deposits eposits

1− Others: Repurchases contracts, financial derivatives, bank obligations, letters of credit, other financial obligations, taxes, differed taxes, provisions, other liabilities. Source: CMF; Itaú Corpbanca; Team Analysis.

LTM Jun 2020, Ch$ Bn

20.6% 30.9% 33.8% 29.5% 22.9% 19.8% 18.9% 20.8% 27.9% 28.1% 32.3% 38.5% 28.6% 21.2% 15.0% 11.2%

Top 3 Current

40 40

2.1 2.4 2.1 1.9

slide-41
SLIDE 41

Key Strategic Drivers to Continue Deepening Itaú’s Management Model

Strategic fronts

Segmentation model with well defined identity and value proposition

Development of products and a “service culture” focused

  • n client satisfaction and long-term relationships

Clie Client nt Centr Centric icity ity

Culture of innovation and transformation

Efficiency and improvement of user experience and customer satisfaction

Seamless integration from back-office to front-office

Strengthening our culture throughout the organization

To enhance our incentive models and our assessment tools

To consider the new dynamics of cooperative working

2 1 3 4

Expand our presence and client base in all business segments

Special focus on growing our Retail Bank

Further increase transactionality and relationship within our client base

Pe People

  • ple Mana

Managem gemen ent Digi Digital al Transfor Transformation ation Growt

  • wth

5

Eff ffic icie iency ncy

6

Continued and sustainable rebound in results

Resume expansion in business volumes

Advance with the implementation of retail and wholesale strategies

Colom Colombi bia

Continuously increase the efficiency of our operations

Drill down of the full cost allocation model to product level

Continued focus and discipline in identifying cost saving

  • pportunities throughout the institution

41 41

slide-42
SLIDE 42

Ef Efficienc ficiency y

Strategic fronts

Focus cus on n syner synergi gies: es: co compare mpared d ev evoluti ution n of t f total tal expen expenses ses

Average: 11.9% ; 10.5%

Adjusted djustedNon

  • n-Inter

Interest est Expe xpense nses s an annual nualized zed gr growth

  • wth (%)

1 – Includes commissions expenses, personnel expenses, administrative expenses, depreciation and amortization, impairment charges and other operational expenses. All data is Proforma 2 – Consisting of provisions for assets received in lieau of payment and provisions for Country risk. 3 – Does not include amortization of intangibles generated through business combination, already considered as a non-recurring expense.

Average: 1.4% ; 6.1%

In million of Chilean Pesos

2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3M'19 3M‘20 Total Non-Interest Expenses - Itaú Corpbanca1 220 255 275 402 545 732 736 801 766 791 811 197 194 (-) Itaú Corpbanca Colombia

  • (74)

(191) (290) (253) (253) (274) (273) (286) (68) (66) Total Non-Interest Expenses - Itaú Corpbanca Chile 220 255 275 328 354 441 483 548 492 518 525 129 127 (-) Credit risk related provisions 2 (3) (4) (4) (6) (4) (4) (2) (11) (9) (16) (6) (2) (3) (-) Non-recurring expenses

  • (32)

(54) (101) (31) (39) (27) (6) (5) (-) Depreciation and amortization 3 (10) (12) (14) (16) (20) (22) (24) (26) (29) (32) (65) (15) (16) Adjusted Non-Interest Expenses - Itaú Corpbanca Chile 207 239 257 306 331 384 404 410 422 432 428 106 103 Annual growth rate 15.6% 7.4% 19.1% 8.1% 16.1% 5.3% 1.4% 3.0% 2.2%

  • 0.9%
  • 2.8%

Adjusted Non-Interest Expenses - Chilean Financial System 2,254 2,680 2,761 2,983 3,233 3,760 4,073 4,255 4,484 4,848 5,158 1,217 1,275 Annual growth rate 18.9% 3.0% 8.1% 8.4% 16.3% 8.3% 4.5% 5.4% 8.1% 6.4% 4.7%

15.6% 7.4% 19.1% 8.1% 16.1% 5.3% 1.4% 3.0% 2.2%

  • 0.9%
  • 2.8%

18.9% 3.0% 8.1% 8.4% 16.3% 8.3% 4.5% 5.4% 8.1% 6.4% 4.7%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 3M20 x 3M20

Itaú CorpBanca Chile Sistema Financiero Chile

Itaú Corpbanca Chile Chilean Financial System

42 42

slide-43
SLIDE 43

Ef Efficienc ficiency y

Strategic fronts

Esti Estimate mated d syner synergi gies es captur captured ed to dat to date

10 10 27 27

Ch$ Ch$92 2 bi billion o n or r US$1 US$136 36 mi million1 in s n synergi nergies es ca captu ptured red since t nce the he merger merger Adjusted Total Expenses evolution – actual 1 (Ch$ Bn) Adjusted Total Expenses evolution – System growth rates1 (Ch$ Bln)

8

1 – For comparison purposes with previous quarters, we have maintained the FX rate as June 30, 2019 to convert synergies from CLP to USD given the CLP devaluation (26% between 2Q’19 and 1Q’20)

+1.4% +4.6% +3.5% +5.6% +2.2% +8.1%

12 12

  • 0.9%
  • 2.8%

207 239 257 306 331 384 404 410 422 432 428 428 106 103 6 12 9 ( 4 ) ( 3 )

2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018 decrease 2019 3M19 decrease 3M20

207 239 257 306 331 384 404 422 445 481 481 512 106 111 18 23 36 31 5

2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018 increase 2019 3M19 increase 3M20

+4.7%

35 35

+6.4%

43 43

slide-44
SLIDE 44

Key Strategic Drivers to Continue Deepening Itaú’s Management Model

Strategic fronts

Segmentation model with well defined identity and value proposition

Development of products and a “service culture” focused

  • n client satisfaction and long-term relationships

Clie Client nt Centr Centric icity ity

Culture of innovation and transformation

Efficiency and improvement of user experience and customer satisfaction

Seamless integration from back-office to front-office

Strengthening our culture throughout the organization

To enhance our incentive models and our assessment tools

To consider the new dynamics of cooperative working

2 1 3 4

Expand our presence and client base in all business segments

Special focus on growing our Retail Bank

Further increase transactionality and relationship within our client base

Pe People

  • ple Mana

Managem gemen ent Digi Digital al Transfor Transformation ation Growt

  • wth

5

Eff ffic icie iency ncy

6

Continued and sustainable rebound in results

Resume expansion in business volumes

Advance with the implementation of retail and wholesale strategies

Colom Colombi bia

Continuously increase the efficiency of our operations

Drill down of the full cost allocation model to product level

Continued focus and discipline in identifying cost saving

  • pportunities throughout the institution

44 44

slide-45
SLIDE 45

Colo Colombia mbia

Strategic fronts

We are key part of Itaú Unibanco’s internationalization strategy

Reg Region ional l foo

  • otprint

tprint & main in & main indic icato tors rs 1

1 2

10.1 10.1%

% 3

4.1 .1%

% 4 Mar Market S et Sha hare e US$ US$ 23

23.6 .6 bn

bn US$ US$ 6.0

.0 bn

bn Loan

  • ans

s 1 US$ US$ 29

29.6 .6 bn

bn

5,58 5,581 1 5 3,2 3,297 7 6

Headc Headcount

  • unt 1

8,8 ,878 78 188 188 126 126

Branc Branche hes 1

314 314

US US$ 39.4

39.4 bn

bn US$ 8.0

.0 bn

bn Assets ssets 1 US$ 47.4

47.4 bn

bn US$ 32

32 mn

mn US$ -4 mn n Re Recur curring ing Net et Income Income 2Q20 2Q20 US$ 28

28 mn

n

6.6 .6% %

  • 1.2%

.2%

Rec ecur urrin ing RoT RoTAE 2Q20 Q20 7

4.3% .3%

45 45

1− Information as of June 30, 2020; 2− Figures were converted at an exchange rate of 821.83 CLP/USD; 3− Information as of June 30, 2020; 4− Information as of April 30, 2020; 5− Includes headcount of our New York branch and since 1Q’18 also from our RepOffice in Lima and also in Madrid until 2Q’19; 6− Includes headcount of Itaú (Panamá); 7− Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities. Sources: Itaú Corpbanca, CMF and SFC.

slide-46
SLIDE 46

Colo Colombia mbia

Strategic fronts

Advance dvance wit with h th the e impl mplem emen entat tation o n of r f ret etail ail and and whole wholesale sale s str trategi ategies es Segmentation model with well defined identity and value proposition

Private Bank Personal Bank Itaú Branches Corporate Large Middle Very Small and Small Wholesa

  • lesale Ba

Banki king Retail Ba Banki king

Wealth over > $1,000 Over $8.0 Up to $8.0 Over $120,000 From $30,000 to $120,000 Up to $5,000 From $5,000 to $30,000

In Indi dividua viduals

By monthly income

(COP mn)

Co Comp mpani anies es

By annual sales

(COP mn)

46 46

slide-47
SLIDE 47

Colo Colombia mbia

Strategic fronts

High Highlight ghts

About bout 2Q 2Q 2020 2020

In COP

Rec ecur urrin ing g Net et Inc Incom

  • me

e Evolution volution

In billion COP RoTE Loans

Loan

  • an Port

Portfolio folio an and d RoTE

  • TE Evolution

volution

In billion COP

branches closed in Colombia YoY

3.30 .30 tho thousand usand

em employ ployees ees

in 2Q20

127 127

branches ranches

in Colombia in 2Q20

30 30 (

( 19.1 .1%) 2Q20 Q20 1Q20 Q20

Net Income RoTE Loan Portfolio Total Assets

(45 (451. 1.5) 5)

47 47

48.1 36.0

  • 30.7

24.3 7.0

2Q19 3Q19 4Q19 1Q20 2Q20

3. 3.43

3.3 .30

3.53 53

Jun-19 Jun-20 Jun-18

24. 24.3 3 bn 3. 3.8% 8% 20 20.7 .7 tn 30 30.8 .8 tn

tn

7.0 7.0 bn 1.0% 1.0% 20 20.8 .8 tn 28 28.3 .3 tn

  • 71.2%

71.2%

  • 2.

2.8 8 p.p.

p.p.

+1. +1.0%

  • 8.0

8.0%

slide-48
SLIDE 48

Agenda Agenda

Ec Economic

  • nomic

context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts

04 06 12 21 24 49

Capital and risk risk managem management ent

52

Highlights Highlights

  • f the results

48 48

63

Additiona Additional l information

slide-49
SLIDE 49

Capita Capital l

Capital and risk management

Esti Estimate mated d ful fully loaded aded BI BIS S III III capit capital al

49 49

6,5% Estimated Fully Loaded BIS III Capital (March.20) Impairment Other effects Estimated Fully Loaded BIS III Capital (June.20)

3.19% 9.56% 3.27% 9.81% 8 bp

Max use of Tier II

6.37% 6.54%

Other effects

  • f capital and changes

in RWA Impairment goodwill and other intangibles Estimated Fully Loaded BIS III Capital Mar.2020 Estimated Fully Loaded BIS III Capital Jun.2020

Tier Tier II II CET ET 1

0 bp

Improvement in capital ratio

CET1 ratio increased 17 b.p. with a further 13 b.p. improvement expected from change in risk-weighthing of FOGAPE-guaranteed credit lines 6.67%

Estimated Fully Loaded BIS III Capital (adj.)

3.34% 10.0% 13 13 bp

1 1− Including proposed treatment for FOGAPE loan guarantees published for comments by CMF in July 2020.

The impairment of goodwill and other related intangibles did not impact capital 17 bp

slide-50
SLIDE 50

About About 2Q20 2Q20

Capital and risk management

Li Liqui quidi dity ty ri risk sk

LCR LCR1 NSF NSFR2

50 50

80.0% 90.0% 100.0% 110.0% 120.0% 130.0% 140.0% 150.0% 160.0% Jun.19 Sep.19 Dec.19 Mar.20 Apr.20 May.20 Jun.20 Jul.20

156.6%

82.0% 87.0% 92.0% 97.0% 102.0% Jun.19 Sep.19 Dec.19 Mar.20 Apr.20 May.20 Jun.20 Jul.20

102.6%

1 – LCR: Liquidity Coverage Ratio calculated according to BIS III rules. Regulatory LCR ratios are still under construction in Chile. 2 – NSFR: Net Stable Funding Ratio, the methodology used to estimate NSFR consist of liquidity ratio proposed by the “Basel III Committee on Banking Supervision” (“BIS III”) that was adopted by the CMF. Source: Quarterly Liquidity Status Report as of July 10, 2020.

Loans Loans and and total deposits total deposits

Strong liquidity position

LCR and NSFR ratios at their highest levels

growth year over year

as well as loan growth

Deposits growth outpacing the industry

4.9% .9% 6.4 .4% 9.5 .5% 20.6% .6% 16.3 .3% 7.0% 11.1% 18.0% 36.2% 33.3% 6.8% .8% 8. 8.7% 8. 8.7% 12.2 .2% 12.0 .0% jun.19 sep.19 dec.19 mar.20 jun.20 Deposits- Financial System Deposits- Itaú Loans- Itaú

slide-51
SLIDE 51

Agenda Agenda

Ec Economic

  • nomic

context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts

04 06 12 21 24 49

Capital and risk risk managem management ent

52

Highlights Highlights

  • f the results

51 51

63

Additiona Additional l information

slide-52
SLIDE 52

Fin Finan ancia cials ls

Highlights of the results

Finan nanci cial al Informat Information

The financial information included in this Management Discussion & Analysis presentation is based on our managerial model which is based on our managerial model that we adjust for non-recurring events and we apply managerial criteria to disclose our income statements. Starting in the first quarter of 2019, we have been disclosing our income statement in the same manner as we do internally, incorporating additional P&L reclassifications, fully converging to the format presented by Itaú Unibanco. This managerial financial model reflects how we measure, analyze and discuss financial results by segregating: (i) commercial performance; (ii) financial risk management; (iii) credit risk management; and (iv) costs efficiency. We believe this form of communicating our results will give you a clearer and better view of how we fare under these different perspectives. Please refer to pages 9 to 12 of our Management Discussion & Analysis Report (“MD&A Report”) for further details, available at ir.itau.cl.

52 52

slide-53
SLIDE 53

2Q20 2Q20 | Man | Managerial agerial recur recurrin ring g net net inc income

  • me reconc

reconciliation iliation

Highlights of the results

53 53

Pa Partia tial l impa impair irmen ment o t of f go goodwi

  • dwill

ll an and d total total impai impairmen rment t of

  • f

in intang tangibl ible e ass assets ets in in 2 2Q20 Q20

NO impact on BIS III capital NO impact on liquidity NO impact on market & credit risk

Ch$ Ch$ 764,024 764,024 mn mn

  • f non-rec

recurrin urring g imp impac act

  • n
  • n Net

Net Income Income

2Q’20

770 770,51 ,514

764,024

Non-recurring events, net

Impairment of goodwill and intangibles from business combination Amortization of intangibles from business combination Other non-recurring events1 6,495 (5)

Managerial Recurring Net Income Attributable to Shareholders

20,968

Net Income Attributable to Shareholders (Accounting)

(749,546)

1− Includes contingencies mainly related to the social unrest in Chile.

slide-54
SLIDE 54

2Q20 2Q20 | A | About bout our quar

  • ur quarter

ter

Highlights of the results

54 54

hi high gher er vol volume ume of

  • f c

credi edit i t in Chi Chile le (+1 (+12% 2% yo yoy) y) co cost st of

  • f cr

credi edit i t inc ncrea ease sed d in in Chi Chile le

0.5%

non non-in inter teres est t Ex Expen pense ses s dec decre rease ased d in in Chi Chile le

Ch$19.5 bi

mainly driven by additional provision in Chile in the consumer and mortgage portfolios and an increase in provisions for wholesale clients due to possible COVID-19 impacts

52. 52.3%

Efficie Efficiency ncy rati ratio

  • imp

improved roved by by 80 0 b.p. b.p.

Recurring

Net Net

4.1%

Ch$21.0 billion Ch$22.7 billion

Consolid

  • nsolidated

ted Chile hile

38.0 38.0% 22 22.9 .9% 2. 2.5 5 p. p.p. p.

Consolid

  • nsolidated

ted Chile hile

1.8 p. 1.8 p.p. p. 4.3 % 6.6 %

Inco Income me

Recurring

Return Return on

  • n

Tangible Tangible

(yoy) (yoy)

Equi Equity ty (Ro (RoTE) TE)

additional itional prov rovis ision ion partly offset by lower liabilities margin due to the decrease in interest rate in Chile, boosted financial margin with clients

slide-55
SLIDE 55

About About 2Q20 2Q20

Highlights of the results

Finan nanci cial al margi margin n wit with h cl clien ents ts

Ch$ billlion

Annualized average rate Financial margin with clients

+3.8% +4.1%

55 55

146.5 144.0 161.3 146.9 152.5

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

2.9% 2.8% 3.3% 3.0% 3.0% 2.8% 3.0% 2.6% 2.5%

2.5% 2.5% 2.7% 2.9% 2.9% 2.4% 1.8% 1.6% 0.5% 2Q'18 3Q'18 4Q'18 1Q'19 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Financial margin with clients Average TPM Assets financial margin

Liabilities financial margin 146 46.5 5 152. 52.5 5 12. 2.4 4 (5.5) (5.5) 0.0 0.0 4. 4.5 5 (0. (0.1) (7 (7.6) 2. 2.3 3

  • 2Q'19

Volume Portfolio mix Spreads & others Volume Portfolio mix Spreads & others Capital financial margin 2Q'20

1− Others: Includes commercial spreads on derivatives and FX transactions with clients.

1 1

Ch$ billlion

Change in Financial margin with clients

slide-56
SLIDE 56

About About 2Q20 2Q20

Highlights of the results

Finan nanci cial al margi margin n wit with h th the e market market

In Ch$ billion

Quarterly evolution UF1 net exposure (Ch$ trillion) UF – Unidad de Fomento1 ( value)

1 – UF (Unidad de Fomento) is an official unit of account in Chile that is constantly adjusted for inflation and widely used in Chile for pricing several loans and contracts.

56 56

24.4 24.4 21 21.1 1 49.1 1 3. 3.3 3 30. 30.0 18.9 17.1 25.5 24.5 25.9

  • 5.0
10.0 15.0 20.0 25.0 30.0
  • 10.0
20.0 30.0 40.0 50.0 60.0 70.0 80.0

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

Financial Margin with the Market 1-year moving average

2.0 2.2 1.9 2.7 2.5

jun-19 sep-19 dec-19 mar-20 jun-20

1.2% 0.5% 0.9% 1.0% 0.3%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

slide-57
SLIDE 57

About About 2Q20 2Q20

Highlights of the results

Cost Cost of cr f credi edit t and and cre credi dit t quali quality ty

Cost of Credit Risk Cost of Credit Risk / Average Loans

57 57

41.9 40.9 110.1 55.6 73.7 2Q'19 3Q'19 4Q'19 1Q'20 2Q'20 1.0% 0.9% 2.4% 1.2% 1.5% 78.5 129.3 6M19 6M20 0.9% 1.3% 131% 136% 113% 115% 150% 2.5% 2.5% 2.8% 2.9% 3.0%

2.0% 2.5% 3.0% 3.5% 4.0% 70% 80% 90% 100% 110% 120% 130% 140% 150%

jun-19 sep-19 dec-19 mar-20 jun-20 NPL90 Coverage Provisions / Loans

1 1

Cost

  • st of
  • f Credit

edit

In Ch$ billion

Cov Coverage erage ratio atio (90 90-day dayNPL PL - %) %)

1.8% 1.6% 1.4% 1.5% 1.5% 1.4% 2.3% 2.3% 1.5% 1.8% 1.7% 1.7% 1.8% 1.7% 1.6% 1.7% 1.6% 1.6% 1.5% 1.8% 1.7% 2.0% 1.7% 2.0% 2.2% 2.5% 2.6% 2.1% 1.9% 1.8% 1.9% 1.9% 1.8% 2.5% 2.5% 2.0% 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20

  • Comm. ex-Students loans

Mortgage Consumer Total

Non

  • n Pe

Perfomi foming ngLoan

  • ans

s (90 90+ days days -%) %)

Expected loss provisioning model

In the 2Q ‘20 we increased the total provision level through an additional provision of Ch$19.5 billion for the consumer and mortgage portfolio and by a continuous assessment of the possible impacts from the COVID-19 pandemic over our wholesale portfolio

1− Includes additional provisions.

slide-58
SLIDE 58

About About 2Q20 2Q20

Highlights of the results

Non-int nter erest est e expen penses ses

In Ch$ billion 58 58

Eff Efficienc iciency y ratio atio Quarterly (%)

Total

(52. (52.5) (50.6 (50.6) (10 (103.1 3.1) (9. (9.4) 4) 2Q20 20 2Q1 2Q19 (51. (51.4) 4) (50 (50.3 .3) (1 (101. 1.7) 7) (1 (10.2) .2)

Personnel Administrative Total Personnel and Administrative Depreciation, Amortization and Impairment

(11 (112.5 2.5) (1 (111 11.9) .9)

  • 2.1

2.1%

  • 0.7%

0.7%

  • 1.4%

.4% 9.0% .0%

  • 0.5

0.5%

188 188

Branc anches hes

5 5 ( 2. 2.6% 6%) branchesclosed in Chile QoQ

Non Non-int interest erest expe expenses nses

Non-interest expenses growth year over year UF variation (12-month)

growing at a slower pace than inflation

2.2% 0.0% 3.1%

  • 1.9%
  • 0.5%

2.7% 2.5% 2.7% 3.7% 2.8%

0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0%
  • 6%
  • 1%
4% 9% 14% 19% 24% 29%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

53.1% 55.0% 46.7% 58.6% 52.3%

2Q'19 3Q'19 4Q'19 1Q'20 2Q'20

18 8 ( 0. 0.3%) 3%) fewer employees in Chile QoQ

5.58 thousa .58 thousand nd

em employ ployees ees

slide-59
SLIDE 59

40 50 60 70 80 90 100 110

Spread (bp) Peer A Peer C Peer B Peer D Itaú

About About 2Q20 2Q20

Highlights of the results

De Debt bt spre spread ad ev evoluti ution

Itaú Corpbanca has presented a noticeable convergence to peers

Spreads Itaú vs.Peers1: 30-day (annualized)

1 – Average of top 3 peers in Chile. As of July 31, 2020.

Bond Spreads

59 59

Impairment announcement

61.6 bp Itaú

54 54.5 bp 5 bp 61. 1.3 bp 3 bp 57. 57.0 bp 0 bp 56 56.2 bp 2 bp

Peer A Peer C Peer B Peer D

18.0 bps 8.9 bps 1.5 bps 5.6 bps 7.7 bps

Spreads Itaú vs.Peers1: 5-year (annualized) Interest Rate (Aug,24) and Rate change (Aug,24 vs. Jul,9)

40 90 140 190 240 290 340

Peer A Peer B Peer C Itaú

  • 50

50 100 150 200 1-Jan-18 1-Feb-18 1-Mar-18 1-Apr-18 1-May-18 1-Jun-18 1-Jul-18 1-Aug-18 1-Sep-18 1-Oct-18 1-Nov-18 1-Dec-18 1-Jan-19 1-Feb-19 1-Mar-19 1-Apr-19 1-May-19 1-Jun-19 1-Jul-19 1-Aug-19 1-Sep-19 1-Oct-19 1-Nov-19 1-Dec-19 1-Jan-20 1-Feb-20 1-Mar-20 1-Apr-20 1-May-20 1-Jun-20 1-Jul-20

Peer A Peer B Peer C Itaú

slide-60
SLIDE 60

Projections Projections

Highlights of the results

Base Fast V U

60 60

Itaú´s projections updated on August 7, 2020.

GDP (%) CPI (%)

1.8 2.3 2.3 2.9 2.7 3.5

2017 2018 2019 2020 2021 2022 2023

Monetary Policy (%)

0.75 0.50 0.50 0.50

2017 2018 2019 2020 2021 2022 2023

GDP (%) CPI (%) Monetary Policy (%)

1.5 2.4 2.0 3.0 2.5 3.7

2017 2018 2019 2020 2021 2022 2023

  • 3.5

8.0

  • 5.5

5.5

  • 7.5

2.7

2017 2018 2019 2020 2021 2022 2023

2.25 3.25 2.00 2.00 1.50 1.50

2017 2018 2019 2020 2021 2022 2023

  • 4.0

6.5

  • 6.0

4.5

  • 8.0

2.5

2017 2018 2019 2020 2021 2022 2023

slide-61
SLIDE 61

About About 20 2020 20

Highlights of the results

61 61

taking care

  • f our clie

clients nts

digital channels

50% in l logins and 100% i in transactions

lending

▪ over USD 1 1 billion in loans with government guarantees

credit r relief

▪ ~30% of c customer installments postponed in consumer and mortgage loans

taking care of the bank bank

liquidity

▪ highest ever LCR and NSFR

risk m management

▪ portfolio risk analysis and risk culture

  • perational e

efficiency

▪ digitization and cost control

taking care

  • f our pe

peop

  • ple

le

support a and communication

▪ + 1 130 s support and prevention measures ▪ ~90% of the c central areas of t the bank in home office as a result of a massive renovation of infrastructure, equipment and applications ▪ highest score in employee satisfaction survey

Next steps

The COVID-19 pandemic has produced important cultural shifts in our customers, who are rapidly shifting to digital channels and valuing convenience and s simplicity more than ever We will accelerate our evolution in that direction building on the progress we have made in agility, digitization, e empathy, proximity and productivity

slide-62
SLIDE 62

Agenda Agenda

Ec Economic

  • nomic

context Corporat Corporate e profile COVI COVID-19 19 Corporat Corporate governance Str Strat ateg egic ic fronts

04 06 12 21 24 49

Capital and risk risk managem management ent

52

Highlights Highlights

  • f the results

62 62

63

Additiona Additional l information

slide-63
SLIDE 63

About About 2Q20 2Q20

Additional information

Rati Rating ng upgrade upgrades s in n 20 2016 16 co cont ntri ribute bute to fur to furth ther er re reducti duction n in n co cost st of fu f funds nds

Cu Current rrent Inte nternat rnational nal Rating Ratings Moody's S&P

Financial Capacity Rating Scale Rating Scale LT ST LT ST Extremely strong Aaa P-1 AAA A-1+ Very strong Aa1 AA+ Aa2 AA Aa3 AA- Strong A1 A+ A-1 A2 A A3 P-2 A- A-2 Adequate Baa1 BBB+ Baa2 P-3 BBB A-3 Baa3 BBB-

+3n +1n

Timel meline S ne S&P

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

A+ A- A+ A+ A A

A+ A+ A

A+ A+ A

A

A- A-

BBB+ BBB+ BBB+ BBB+ BBB BBB BBB BBB BBB+ BBB+

2020

63 63

slide-64
SLIDE 64

Av Average erage ta tangible ngible e equity quity breakdow breakdown

Additional information

All other Assets: Ch$ 37,829 Ch$ 31,132 Ch $6,697 All other Liabilities: Ch$ 35,804 Ch$ 29,749 Ch$ 6,056 Asociado a Intangibles PPA: Ch$ 40 Minority Interest ex GW and PPA Intangibles: Ch$ 78 Asse ssets: s: 39 39,030 30 Liabilities: 35 35,861 861 Mi Minority

  • rity In

Interest st: 86 86

2Q’20 Average balance (Ch$ Tn Tn)

Managerial Tangible Equity: Ch$ 1,947 Ch$ 1,382 Ch$ 564 Shareholders’ Equity: 3,083

Managerial Tang. Equity: Recurring Results: Re Recur currin ing Ro RoTE: E: Ch$ 1,947 Ch$ 1,382 Ch$ 564 Ch$ 21.0 Ch$ 22.7 Ch$ -1.7

÷ ÷ ÷

4.3 4.3% 6.6 .6%

  • 1.2

.2%

= = =

Goodwill: Ch$ 1,006 Ch$ 768 Ch$ 238 Intangibles from PPA: Ch$ 195 Ch$ 101 Ch$ 94 Deferred taxes asociatedwith intangibles from PPA: Ch$ 57 Ch$ 27 Ch$ 30 Asociatedw/ PPA Intangibles: Ch$ 8 GW and PPA Intangibles: Ch$ 1,136 Ch$ 842 Ch$ 294

64 64

On June 30, 2020 a non-cash impairment charge of Ch$448,273,346,586 was recognized as a result of a goodwill impairment of our estimated fair value

  • f the cash generating units for Chile; and of Ch$315,750,827,325 as a result
  • f goodwill and intangible assets from business combination impairment of
  • ur estimated fair value of the cash generating unit for Colombia.
slide-65
SLIDE 65

Tran Transac sactions tions in Colo in Colombia mbia

Additional information

Itaú Itaú Corpbanca Corpbanca acquir acquired ed sh shares ares of It f Itaú aú Corpbanca Corpbanca Colombi Colombia fr a from m Hel Helm m LLC LLC

Stru truct cture re in Co n Colomb mbia

Itaú Cor taú Corpb pbanca anca

Ita Itaú Corp

  • rpbanca

ca Col

  • lom
  • mbia

(754,806,213 total shares) ▪

On June On June 16 16, 201 2017 I 7 Ita taú Co Corpbanca Co rpbanca Colomb mbia a ac acqu quired red Itaú Itaú BBA A Co Colomb mbia a as asset ets and l and liabi abilities ties1

1

Po Postpo tponement nement of f the the date date for for Itaú Itaú Co Corpbanca rpbanca to purc to purchas hase e the the 12 12.36 36% sta take ke o

  • f

f Co CorpG rpGro roup p in I n Ita taú Co Corpbanca rpbanca Co Colomb mbia: a:

‐ The postponement date to purchase is until January 28, 2022 ‐ The purchase price has not changed (US$ 3.5367 per share2) ‐ Itaú Corpbanca will carry out commercially reasonable efforts to register an listing Itaú 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 ▪

Itaú Itaú Co Corpbanca rpbanca ac acqu quired red shares hares of f Itaú Itaú Co Corpbanca rpbanca Co Colomb mbia a from from H Helm elm LLC and C and Kres resge ge Stock tock Holdi ding ng Co Comp mpany any

‐ On December 3, 2019, following receipt of regulatory approvals from the banking supervisors in Chile, Colombia and Brazil, Itaú Corpbanca completed its previously announced acquisition of shares of Itaú Corpbanca Colombia from Helm LLC and Kresge Stock Holding Company ‐ Itaú Corpbanca acquired shares representing approximately 20.82% of Itaú Corpbanca Colombia’s outstanding equity for aggregate consideration of approximately US$334 million which implies a valuation multiple of 1.37 times book value as of October 31, 2019. This valuation is consistent with the valuation of Itaú Corpbanca Colombia in Itaú Corpbanca’s financial statements ‐ The acquisition resulted in an estimated impact of 0.94% on Itaú Corpbanca’s CET1 ratio,

  • n a fully loaded basis under the Basel III standards (using exchange rates as of November

30, 2019). In this context, Itaú Corpbanca estimated that its CET1 ratio would be 7.0%, considering the preliminary analysis of the capital effects of the regulations under public consultation recently announced by the CMF Cor CorpGr pGrou

  • up

Ot Other er Min inor

  • rit

ities ies Itaú B taú BBA Colom Colombi bia a

(asset a t and nd lia liabilit ilitie ies))

87.10% 12.36% 0.54%

Acquisition in 2017

1 − Itaú Corpbanca Colombia S.A. paid Ch$33,205 million to Itaú BBA Colombia S.A Corporación Financiera; 2 − 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%.

65 65

slide-66
SLIDE 66

Glo Global macr bal macroe

  • economic

conomic outlook

  • utlook

Additional information

Itaú´s projections updated on August 7, 2020.

66 66

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020F 2021F GDP Growth (%) - World Economy World 4.2 3.5 3.5 3.6 3.5 3.3 3.7 3.7 1.8

  • 3.7

6.0 USA 1.6 2.2 1.8 2.5 2.9 1.6 2.4 2.9 2.3

  • 5.0

4.0 Euro Zone 1.7

  • 0.8
  • 0.2

1.4 2.0 1.9 2.7 1.9 1.3

  • 7.0

6.0 China 9.5 7.9 7.9 7.4 7.0 6.8 6.9 6.6 6.1 2.3 7.5 Japan

  • 0.1

1.5 2.0 0.0 1.3 0.5 2.2 0.3 0.8

  • 4.0

2.2 GDP Growth (%) - Latam Brazil 4.0 1.9 3.0 0.5

  • 3.5
  • 3.3

1.3 1.3 1.1

  • 4.5

3.5 Chile 6.1 5.3 4.0 1.8 2.3 1.7 1.2 3.9 1.1

  • 5.5

4.5 Colombia 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.5 3.3

  • 6.0

4.5 Mexico 4.0 3.6 1.4 2.8 3.3 2.9 2.1 2.2

  • 0.3
  • 10.7

3.7 Peru 6.5 6.0 5.8 2.4 3.3 4.0 2.5 4.0 2.2

  • 11.9

9.6 Inflation (eop, %) Brazil (IPCA) 6.5 5.8 5.9 6.4 10.7 6.3 2.9 3.7 4.3 1.7 2.8 Chile 4.4 1.5 3.0 4.6 4.4 2.7 2.3 2.6 3.0 2.3 2.9 Colombia 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 2.0 3.0 Mexico 3.8 3.6 4.0 4.1 2.1 3.4 6.8 4.8 2.8 3.7 3.2 Peru 4.7 2.6 2.9 3.2 4.4 3.2 1.4 2.2 1.9 0.5 1.2 Monetary Policy Rate (eop, %) Brazil 11.00 7.25 10.00 11.75 14.25 13.75 7.00 6.50 4.50 2.00 3.00 Chile 5.25 5.00 4.50 3.00 3.50 3.50 2.50 2.75 1.75 0.50 0.50 Colombia 4.75 4.25 3.25 4.50 5.75 7.50 4.75 4.25 4.25 2.00 2.00 Mexico 4.50 4.50 3.50 3.00 3.25 5.75 7.25 8.25 7.25 4.00 4.00 Peru 4.25 4.25 4.00 3.50 3.75 4.25 3.25 2.75 2.25 0.25 0.25 Unemployment Rate (avg, %) Brazil

  • 7.4

7.1 6.8 8.5 11.5 12.7 12.3 11.9 14.7 16.3 Chile 7.1 6.4 5.9 6.4 6.2 6.5 7.0 7.4 7.2 10.4 8.7 Colombia 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.7 10.5 17.0 14.0 Mexico 5.2 4.9 4.9 4.8 4.4 3.9 3.4 3.3 3.5 9.0 5.3 Peru 7.7 7.0 5.9 6.0 6.4 6.7 6.9 6.6 6.6 11.0 9.0

slide-67
SLIDE 67

Chile Chile

Additional information

Macro Macroeconomi economic c Outl utlook k

GDP Growth | % (YoY) Per Capita GDP | US$ Thousand Unemployment rate | % Inflation and Policy Rate | %

5.1 3.3 2.7 3.8 7.0 6.2 5.7 5.2 3.5

  • 1.6

5.8 6.1 5.3 4.0 1.8 2.3 1.7 1.2 3.9 1.1

  • 5.5

4.5

  • 8
  • 7
  • 6
  • 5
  • 4
  • 3
  • 2
  • 1

1 2 3 4 5 6 7 8 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

5.1 4.6 4.5 4.8 6.2 7.6 9.510.510.710.6 12.9 14.2 15.315.6 14.5 13.314.0 15.115.9 14.5 12.2 13.5

2 4 6 8 10 12 14 16 18 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

9.7 9.9 9.8 9.5 10.0 9.3 8.0 7.0 7.8 10.8 8.3 7.2 6.5 6.0 6.3 6.3 6.7 7.0 7.4 7.2 10.4 8.7

4 5 6 7 8 9 10 11 12 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

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 4.4 2.7 2.3 2.6 3.0 2.3 2.9

  • 2

2 4 6 8 10 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Inflation Policy Rate

Itaú´s projections updated on August 7, 2020.

67 67

slide-68
SLIDE 68

Chile Chile

Additional information

Macro Macroeconomi economic c Outl utlook k

International Reserves | % of GDP Current Account Balance | % of GDP Central Government Fiscal Balance | % of GDP External Debt | % of GDP

19.4 20.2 21.9 20.8 16.1 13.8 12.6 9.8 13.214.2 12.6 17.1 15.6 14.9 15.7 16.215.9 13.9 13.4 14.6 14.8 13.2

5 10 15 20 25 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

  • 1.2-1.5
  • 0.8-1.1

2.6 1.5 4.6 4.1

  • 3.2

1.7 1.3

  • 1.7
  • 3.9-4.1
  • 1.7
  • 2.4 -2.0 -2.3
  • 3.6 -3.9

0.5

  • 1.2
  • 5
  • 4
  • 3
  • 2
  • 1

1 2 3 4 5 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

  • 0.6-0.5
  • 1.2
  • 0.4

2.1 4.4 7.3 7.8 3.9

  • 4.4
  • 0.5

1.3 0.6

  • 0.6
  • 1.6-2.1-2.7-2.8
  • 1.6
  • 2.8
  • 9.7
  • 4.4
  • 11
  • 9
  • 7
  • 5
  • 3
  • 1

1 3 5 7 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

6.8 5.3 3.7 3.0 2.3 1.9 2.3 2.5 3.0 3.0 3.4 3.9 4.3 5.2 7.8 8.4 10.8 49.8 39.0 33.2 29.5 29.7 34.5 38.8 36.4 38.2 42.946.1 55.2 62.9 59.656.7 54.5 60.3

10 20 30 40 50 60 70 Dec-03 Dec-09 Dec-15 Dec-21 Private Public

Itaú´s projections updated on August 7, 2020.

68 68

slide-69
SLIDE 69

Colo Colombia mbia

Additional information

Macro Macroeconomi economic c Outl utlook k

GDP Growth | % (YoY) Per Capita GDP | US$ Thousand Unemployment rate | % Inflation and Policy Rate | %

2.9 1.7 2.5 3.9 5.3 4.7 6.8 6.8 3.3 1.2 4.3 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.5 3.3

  • 6.0

4.5

  • 7
  • 6
  • 5
  • 4
  • 3
  • 2
  • 1

1 2 3 4 5 6 7 8 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

2.5 2.4 2.4 2.3 2.8 3.4 3.7 4.7 5.3 5.2 6.3 7.3 8.0 8.1 8.0 6.1 5.8 6.3 6.7 6.4 5.3 5.7

1 2 3 4 5 6 7 8 9 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

13.3 15.0 15.6 14.1 13.7 11.8 12.0 11.2 11.3 12.0 11.8 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.7 10.5 17.0 14.0

5 7 9 11 13 15 17 19 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

8.7 7.6 7.0 6.5 5.5 4.9 4.5 5.7 7.7 2.0 3.2 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 2.0 3.0

5 10 15 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20 Inflation Policy Rate

Itaú´s projections updated on August 7, 2020.

69 69

slide-70
SLIDE 70

Colo Colombia mbia

Additional information

Macro Macroeconomi economic c Outl utlook k

International Reserves | % of GDP Current Account Balance | % of GDP Central Government Fiscal Balance | % of GDP External Debt | % of GDP

  • 5.0-5.5 -5.7
  • 4.7
  • 4.9
  • 4.3
  • 3.7
  • 3.0
  • 2.3
  • 4.1-3.9
  • 2.8
  • 2.3-2.3 -2.4
  • 3.0
  • 4.0 -3.6
  • 3.1
  • 2.5
  • 8.2
  • 5.2
  • 9
  • 7
  • 5
  • 3
  • 1

Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

10.411.111.511.6 10.2 9.5 10.110.210.8 9.9 9.6 10.1 11.412.4 15.916.615.314.5 16.4 20.1 18.6

2 4 6 8 10 12 14 16 18 20 22 Dec-01 Dec-06 Dec-11 Dec-16 Dec-21

0.9

  • 1.1-1.3
  • 1.0 -0.7
  • 1.3
  • 1.8
  • 2.9-2.9
  • 2.0
  • 3.0-2.9-3.1-3.3
  • 5.2
  • 6.3
  • 4.3
  • 3.3
  • 3.8-4.3-3.3 -3.8
  • 8
  • 6
  • 4
  • 2

2 Dec-00 Dec-05 Dec-10 Dec-15 Dec-20

Itaú´s projections updated on August 7, 2020.

70 70

26.0 22.0 16.6 16.3 14.0 12.1 15.8 13.8 12.7 12.4 13.7 15.7 22.5 25.1 23.1 22.0 23.2

14.2 11.6 9.9 8.5 7.6 7.0 7.1 8.8 9.9 8.8 10.4 11.0 15.5 17.4 16.9 17.7 20.0

5 10 15 20 25 30 35 40 45 50 Dec-03 Dec-09 Dec-15 Dec-21 Private Public

slide-71
SLIDE 71

2Q20

Institutional Presentation

It Itaú aú Corpb Corpbanca anca