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Ita CorpBanca Institutional Investors Presentation Ita CorpBanca - - PowerPoint PPT Presentation

Ita CorpBanca Institutional Investors Presentation Ita CorpBanca November, 2018 Disclaimer This presentation is not an offer for sale of securities. This material has been prepared solely for informational purposes and is not to be


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Itaú CorpBanca

Itaú CorpBanca Institutional Investors Presentation

November, 2018

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Disclaimer

  • This presentation is not an offer for sale of securities. This material 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 express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this material 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 material
  • 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 other 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’s financial 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, 2017, 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 document 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 material

  • The Bank is an issuer in Chile of securities registered and regulated by the Superintendencia de Bancos e Instituciones Financieras, or “SBIF.” Shares of our common stock are traded on the Bolsa de Comercio

de Santiago—Bolsa de Valores, or the Santiago Stock Exchange, the Bolsa Electrónica de Chile— Bolsa de Valores, or Electronic Stock Exchange, and the Bolsa de Corredores—Bolsa de Valores, or the Valparaiso 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 SBIF and the Comisión para el Mercado Financiero, the Chilean Commission for the Financial Market, or “CMF,” and provide copies of such reports and notices to the Chilean Stock Exchanges and the SEC. All such reports are available at www.sbif.cl, www.cmf.cl, www.sec.gov and itau.cl/investor-relations.

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Agenda

1. Investment Case 2. Financials 3. Integration Milestones 4. Appendix

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Itaú CorpBanca | Investment Case

1 As of September 30, 2018. Source: Economatica 2 – Rankings based on gross loans as reported to the Superintendencia de Bancos e Instituciones Financieras (SBIF), excluding loans from Itaú CorpBanca Colombia, and Superintendencia Financiera de Colombia (SFC). Source: Company financials.

Solid Macroeconomic Fundamentals and Expanding Banking Sector

  • Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals
  • Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America
  • Colombia is also an attractive market with a diversify economy
  • The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight
  • LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments

Solid Macroeconomic Fundamentals

Unique control and support from a leading institution

  • Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise
  • Itaú CorpBanca benefits from the strength of a ~US$71.0 BN1 market cap partner in its existing markets while enhancing
  • pportunities for growth abroad
  • Opportunity to leverage Itaú Unibanco’s strong global client relationships successful managing model
  • Itaú CorpBanca will be able to expand its banking products’ offering through segmentation and digitalization

Emergence of a leading banking platform in Chile and Colombia

  • Greater scale and resources to grow and compete more effectively in Chile and Colombia
  • Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America
  • 4th largest private bank in Chile and 6th largest banking group in Colombia by total loans2

2 1 3 4

Itaú CorpBanca will have a stronger financial profile and greater earnings power

  • Estimated pre-tax cost synergies between US$88MM and US$107MM approximately per year on a fully phased-in basis and

total one-time pre-tax integration costs of approximately US$85MM to occur during the first 3 years

  • Improved funding profile and substantial potential for revenue synergies
  • Additional cross-selling opportunities
  • Improved capital position opens room for further loan growth

Unique Control and Support Banking Platform with Larger Scale Positive Impact to Itaú CorpBanca

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Itaú CorpBanca | Investment Case

1 As of September 30, 2018. Source: Economatica 2 – Rankings based on gross loans as reported to the Superintendencia de Bancos e Instituciones Financieras (SBIF), excluding loans from Itaú CorpBanca Colombia, and Superintendencia Financiera de Colombia (SFC). Source: Company financials.

Solid Macroeconomic Fundamentals and Expanding Banking Sector

  • Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals
  • Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America
  • Colombia is also an attractive market with a diversify economy
  • The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight
  • LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments

Solid Macroeconomic Fundamentals

Unique control and support from a leading institution

  • Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise
  • Itaú CorpBanca benefits from the strength of a ~US$71.0 BN1 market cap partner in its existing markets while enhancing
  • pportunities for growth abroad
  • Opportunity to leverage Itaú Unibanco’s strong global client relationships successful managing model
  • Itaú CorpBanca will be able to expand its banking products’ offering through segmentation and digitalization

Emergence of a leading banking platform in Chile and Colombia

  • Greater scale and resources to grow and compete more effectively in Chile and Colombia
  • Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America
  • 4th largest private bank in Chile and 6th largest banking group in Colombia by total loans2

2 1 3 4

Itaú CorpBanca will have a stronger financial profile and greater earnings power

  • Estimated pre-tax cost synergies between US$88MM and US$107MM approximately per year on a fully phased-in basis and

total one-time pre-tax integration costs of approximately US$85MM to occur during the first 3 years

  • Improved funding profile and substantial potential for revenue synergies
  • Additional cross-selling opportunities
  • Improved capital position opens room for further loan growth

Unique Control and Support Banking Platform with Larger Scale Positive Impact to Itaú CorpBanca

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Global Macroeconomic Backdrop 1

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

Source: Central Bank of Chile and Central Bank of Colombia. Itaú CorpBanca’s projections

Exchange rates – CLP/USD & CLP/COP

5.8 6.1 5.3 4.0 1.8 2.3 1.3 1.5 3.8 3.5 4.0 6.6 3.9 4.6 4.7 3.0 2.0 1.8 2.7 3.5

2010 2011 2012 2013 2014 2015 2016 2017 2018(e) 2019(e)

Chile Colombia 3.3 5.3 5.0 4.5 3.0 3.5 3.5 2.5 2.8 3.8 3.0 4.8 4.3 3.3 4.5 5.8 7.5 4.8 4.3 4.8

2010 2011 2012 2013 2014 2015 2016 2017 2018(e) 2019(e)

Chile Colombia 3.0 4.4 1.5 3.0 4.6 4.4 2.7 2.3 3.0 3.0 3.2 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.2

2010 2011 2012 2013 2014 2015 2016 2017 2018(e) 2019(e)

Chile Colombia

0.20 0.21 0.22 0.23 0.24 0.25 0.26 0.27 580 600 620 640 660 680 700 720 740

CLP/USD CLP/COP

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Itaú CorpBanca | Investment Case

1 As of September 30, 2018. Source: Economatica 2 – Rankings based on gross loans as reported to the Superintendencia de Bancos e Instituciones Financieras (SBIF), excluding loans from Itaú CorpBanca Colombia, and Superintendencia Financiera de Colombia (SFC). Source: Company financials.

Solid Macroeconomic Fundamentals and Expanding Banking Sector

  • Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals
  • Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America
  • Colombia is also an attractive market with a diversify economy
  • The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight
  • LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments

Solid Macroeconomic Fundamentals

Unique control and support from a leading institution

  • Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise
  • Itaú CorpBanca benefits from the strength of a ~US$71.0 BN1 market cap partner in its existing markets while enhancing
  • pportunities for growth abroad
  • Opportunity to leverage Itaú Unibanco’s strong global client relationships successful managing model
  • Itaú CorpBanca will be able to expand its banking products’ offering through segmentation and digitalization

Emergence of a leading banking platform in Chile and Colombia

  • Greater scale and resources to grow and compete more effectively in Chile and Colombia
  • Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America
  • 4th largest private bank in Chile and 6th largest banking group in Colombia by total loans2

2 1 3 4

Itaú CorpBanca will have a stronger financial profile and greater earnings power

  • Estimated pre-tax cost synergies between US$88MM and US$107MM approximately per year on a fully phased-in basis and

total one-time pre-tax integration costs of approximately US$85MM to occur during the first 3 years

  • Improved funding profile and substantial potential for revenue synergies
  • Additional cross-selling opportunities
  • Improved capital position opens room for further loan growth

Unique Control and Support Banking Platform with Larger Scale Positive Impact to Itaú CorpBanca

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Itaú Unibanco | At a Glance 2

Leading position in Brazil

  • US$ 71.0 billion market cap 1
  • 100,756 employees in Brazil and abroad
  • 4,917 branches and CSBs in Brazil and abroad
  • 47,887 ATMs in Brazil and abroad
  • Around 48 million clients in the Retail Bank
  • Brazilian multinational bank
  • Major provider of finance for the expansion of Brazilian companies
  • In 2017 Itaú Unibanco was elected the The Best Company in People Management (by “Valor Carreira” magazine)

and also recognized as a pro-ethics company (Pró-Ética), an initiative between the Office of the Comptroller General 2 with the private sector, which encourages the voluntary adoption of integrity measures and corruption prevention in the business sector, being the only financial institution among the companies approved. Global Footprint of Brazil’s Top Private Sector Bank | as of September 30, 2018 Financial Highlights and Ratios

As of and for the quarter ended September 2018

1 As of September 30 2018. Source: Economatica; 2 Controladoria-Geral da União (CGU).

Highlights

Total Assets BRL 1,613.2 Bn Total Loans 1 BRL 636.4 Bn Stockholders’ Equity BRL 125 Bn Recurring Net Income 2017 2 (*) BRL 24.9 Bn Recurring Net Income 3Q18 3 BRL 6.5 Bn Long Term Foreign Currency Moody´s: Ba3 (Itaú Unibanco Holding) Fitch: BB S&P: BB-

Financial Ratios

Recurring ROE 2017 4 (*) 21.8% Recurring ROE 3Q18 5 21.3% Efficiency Ratio 2017 6 (*) 46.4% Efficiency Ratio 3Q18 6 48.8% Liquidity Coverage Ratio 171% Tier I Capital 14.8%

(*) Includes the consolidation of Citibank in the 4Q17. (1) Includes financial guarantees provided and corporate securities. (2) Represents Net Income adjusted for certain non recurring events described in the 4Q17 MD&A – Executive Summary. (3) Represents Net Income adjusted for certain non recurring events described in the 3Q18 MD&A – Executive Summary. (4) Calculated using Recurring Net Income / Average Equity. For annualized calculation method, please refer to Historical Series Spreadsheet. (5) Calculated using Recurring Net Income / Average Equity. For annualized calculation method, please refer to the 3Q18 MD&A – Executive Summary. (6) See “Efficiency Ratio” slides in this presentation for criteria.

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Itaú Unibanco | Joint Ventures and Partnerships with Retailers 2

Highlights

JVs and Partnerships

  • Focus on credit card instruments
  • Long term agreements
  • Alignment of incentives
  • Brazilian market leader in credit card transactions.
  • Qualification of the client base: proprietary channel x partnerships
  • Credit card business comprises:
  • Issuance of cards
  • Acquiring: REDE
  • JVs and partnership with retailers
  • Own brand: Hiper
  • Approximately 59.1 million card accounts (3Q18)
  • 31.6 million credit card accounts
  • 27.5 million debit card accounts
  • R$ 114.6 billion in card transactions (3Q18)
  • R$ 86.1 billion in credit card transactions
  • R$ 28.5 billion in debit card transactions
  • High growth potential in credit card usage in Brazil.

Highlights

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Itaú Unibanco | Capital Ratios 2

1 Includes deductions of Goodwill, Intangible Assets, Tax Credits, Equity Investments in Financial Institutions, Insurance and similar companies, and the increase of the multiplier of the amounts of market risk, operational risk and certain credit risk accounts. This multiplier is 11.6 nowadays and will be 12.5 in 2019; 2 Proforma impact in June 2018 based on preliminary information. In August 2018, the investment in XP Investimentos was acquired, in accordance with the authorization of the regulatory bodies.

Full application of Basel III rules │ September 30, 2018

Net Income in the period net of dividends and IOC Impact of the investment in XP 2 Tier I Jun-18 with proforma effect 1 Estimated impact of investment in XP 2 Tier I Sep-18 Assets deductions and RWA Tier I Jun-18 Common Equity Tier I (CET I) Additional Tier I (AT1)

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Itaú Unibanco | Efficiency Ratio and Risk-Adjusted Efficiency Ratio 2

Note: Includes the consolidation of Citibank as of 4Q17.

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Itaú Unibanco | Information Technology: Digital Transformation 2

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Itaú Unibanco | Information Technology: Evolution of Digital Branches 2

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Itaú CorpBanca | Investment Case

1 As of September 30, 2018. Source: Economatica 2 – Rankings based on gross loans as reported to the Superintendencia de Bancos e Instituciones Financieras (SBIF), excluding loans from Itaú CorpBanca Colombia, and Superintendencia Financiera de Colombia (SFC). Source: Company financials.

Solid Macroeconomic Fundamentals and Expanding Banking Sector

  • Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals
  • Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America
  • Colombia is also an attractive market with a diversify economy
  • The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight
  • LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments

Solid Macroeconomic Fundamentals

Unique control and support from a leading institution

  • Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise
  • Itaú CorpBanca benefits from the strength of a ~US$71.0 BN1 market cap partner in its existing markets while enhancing
  • pportunities for growth abroad
  • Opportunity to leverage Itaú Unibanco’s strong global client relationships successful managing model
  • Itaú CorpBanca will be able to expand its banking products’ offering through segmentation and digitalization

Emergence of a leading banking platform in Chile and Colombia

  • Greater scale and resources to grow and compete more effectively in Chile and Colombia
  • Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America
  • 4th largest private bank in Chile and 6th largest banking group in Colombia by total loans2

2 1 3 4

Itaú CorpBanca will have a stronger financial profile and greater earnings power

  • Estimated pre-tax cost synergies between US$88MM and US$107MM approximately per year on a fully phased-in basis and

total one-time pre-tax integration costs of approximately US$85MM to occur during the first 3 years

  • Improved funding profile and substantial potential for revenue synergies
  • Additional cross-selling opportunities
  • Improved capital position opens room for further loan growth

Unique Control and Support Banking Platform with Larger Scale Positive Impact to Itaú CorpBanca

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Itaú CorpBanca | Our Vision 3

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 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
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Itaú CorpBanca | Our Way 3

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 meritocracy and 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 simplism.

  • 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 are 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.

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Itaú CorpBanca | Highlights 3

We are the 5th largest private bank in Chile and the 6th 1 banking group in Colombia Regional footprint & main indicators 2 3

10.4% 2 4.7% 4

Market Share

US$ 24.9 bn US$ 7.3 bn

Loans 2

US$ 32.2 bn

5,780 5 3,498 6

Headcount 2

9,278 200 162

Branches 2

362

US$ 34.3 bn US$ 9.9 bn

Assets 2

US$ 44.2 bn US$ 76 mn US$ 1 mn

Recurring Net Income 3Q18

US$ 77 mn

13.1% 0.6%

Recurring RoTAE 3Q18 7

10.5%

1 Ranking for assets and loans consider Grupo Aval as the combination of Banco de Bogotá, Occidente, Popular, AV Villas; 2 Consolidated information as of September 30, 2018; 3 Figures were converted at an exchange rate of 657.11 CLP/USD;

4 Consolidated information as of August 31, 2018; 5 Includes headcount of our New York branch and since 1Q’18 also from our RepOffices in Lima and Madrid; 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, SBIF and SFC.

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Itaú CorpBanca | Increases Relevance Across Latin America 3

Itaú CorpBanca is currently the 5th largest private bank in Chile. The merger positions Itaú CorpBanca and Itaú LatAm as the 10th and 6th largest bank in terms of assets within South America (ex-Brazil)

4

(US$ Bn) US$ Bn US$ Bn

Bradesco3

  • 7. BCI

Santander Caixa

  • 9. Sotiabank

Banco do Brasil

  • 8. BBVA

Citibank 1 2 3 4 5 6 7 8 9 15 BCI Grupo Aval

  • 5. Scotiabank

Santander BBVA Banco del Estado de Chile 1 2 3 5 6 7 Banco de Chile Bancolombia Itaú CorpBanca4 9 8

Itaú CorpBanca represents 24%

  • f Itaú Unibanco’s consolidated

loan portfolio7

Itaú Unibanco2 10 Itaú CorpBanca4 Itaú LatAm6

1  Data as of June 30, 2018. Includes Brasil, México, Colombia, Chile, Argentina, Paraguay, Perú and Uruguay; 2 Includes Brasil, México, Argentina, Perú, Uruguay, Paraguay, Chile y Colombia; 3 In September 30, 2016 Bradesco begins to consolidate HSBC Brasil in its publication; 4 Includes Chile y Colombia (Itaú CorpBanca Chile with ~US$35MMM in assets); 5 Data as of June 30, 2018. Includes Colombia, Chile, Argentina, Paraguay, Perú and Uruguay; 6 Includes Colombia, Chile, Argentina, Paraguay, Perú and Uruguay; 7– Considering the consolidated loan portfolios of Itaú Unibanco and Itaú CorpBanca reported in their respective 3Q’18 MD&As and a R$ 4.0011 / US$ and a Ch$ 657.11 / US$ foreign exchange rates as of 30.09.2018; 8– Since October 16, 2018, Itaú Unibanco holds a 38.14% equity stake in Itaú CorpBanca but as the controlling shareholder, fully consolidates Itaú CorpBanca’s Financial Statements. Source: Central Banks, local regulators, companies filings, Itaú CorpBanca.

Banks by Assets in Latin America1 Banks by Assets in South America (ex-Brazil)5

374 398 322 92 343 80 328 185 60 45 53 55 58 52 45 81 83 60 55 50

Loan portfolio as of Sep.18

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Itaú CorpBanca | Shareholders Structure After Merger 3

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

US$ 4.8 Bn Market Cap. (Nov 12, 2018)

Buy: 2 Hold: 7 Sell: 2

Sell-side rating:

Source: Bloomberg and sell-side reports.

Price-to-Book1

Average daily traded volumes 12-month period ended September 30, 2018 (US$ million)

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Itaú CorpBanca | Outstanding YTD share price performance among LatAm Banks 3

Notes: 1 Excludes Scotiabank Chile (former BBVA Chile) since it has no transactions except the tender offer that Scotiabank Canada launched to take control of BBVA Chile; 2 Price performance over share local currency prices. Source: Bloomberg. Data as of October 29, 2018.

Mid & Large Cap LatAm Banks1 2

0.3% 2.9% 5.9% 6.4% 8.5% 8.6% 9.0% 10.0% 10.9% 12.5% 12.9% 13.1% 13.2% 13.3% 13.7% 15.5% 16.9% 20.9% 25.3% 26.1% 27.7% 43.6%

BANCO DO BRASIL S.A. SM-CHILE SA-B BANCO DE CHILE BANCO DE CREDITO E INVERSION BG FINANCIAL GROUP SA ITAU UNIBANCO HOLDING S-PREF CREDICORP LTD INTERCORP FINANCIAL SER INC BANCO SANTANDER MEXICO-B BBVA BANCO CONTINENTAL SA-CO BANCO DE CREDITO DEL PERU-C INTERBANK-COMUN BANCOLOMBIA SA BANCO SANTANDER CHILE REGIONAL SAB DE CV ITAU CORPBANCA BANCO SANTANDER BRASIL-UNIT BANCO DAVIVIENDA SA GRUPO FINANCIERO BANORTE-O SCOTIABANK PERU-COMMON BANCO DEL BAJIO SA POPULAR INC

BANCO DE CREDITO E INVERSION BANCO SANTANDER CHILE ITAÚ CORPBANCA BANCO DE CHILE

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Itaú CorpBanca | Strong and Integrated Corporate Governance 3

Board Chile

Wholesale

Milton Maluhy

Treasury Marketing & Products IT Human Resources Retail CRO Legal

Álvaro Pimentel

Treasury Derek Sassoon 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

Milton Maluhy

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

Board Colombia

Board Colombia

Roberto Brigard Holguín Luis Fernando Martínez Lema Carmiña Ferro Iriarte Rafael Pardo Soto Juan Echeverría González Gabriel Moura Rogério Braga Mónica Aparicio Smith Chairman

Milton Maluhy

Colombia Pedro Silva Mauricio Baeza Rogério Braga Álvaro Pimentel Christian Tauber Julián Acuña Marcela Jiménez Cristián Toro Luis Rodrigues

Itaú CorpBanca Colombia CEO

Itaú Corpbanca CEO

Board Chile1 2

Chairman

Jorge Andrés Saieh Guzmán

Ricardo Villela Marino Eduardo Mazzilli de Vassimon Boris Buvinic Guerovich Andrés Bucher Cepeda Pedro Samhan Escandar Fernando Concha Ureta Jorge Selume Zaror Fernando Aguad Dagach Gustavo Arriagada Morales Bernard Pasquier

1  Itaú Unibanco and CorpGroup appoint the majority of the members of the board of directors; 2  Pursuant to the Shareholders Agreement, the Directors appointed by Itaú Unibanco and CorpGroup shall vote together as a single block according to Itaú Unibanco’s recommendation.

Audit Committee CAE Emerson Bastián Franchise, Products & Digital Luciana Hildebrandi CFO Gabriel Moura CFO María Cristina Vandame Operations Jorge Novis

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SLIDE 22

| 22 |

Itaú CorpBanca | Competitive Environment 3

1 As of September 30, 2018; 2 As of August 31, 2018.

Sources: SBIF and SFC.

Market Share Chile1

2.1% 4.5% 6.2% 12.1% 13.8% 26.7% 22.9% 2.9% 4.7% 6.2% 10.5% 15.4% 25.4% 25.5% Peer-F Itaú CorpBanca Colombia Peer-E Peer-D Peer-C Peer-A Peer-B Loans Total Deposits

Market Share Colombia2

2.8% 5.7% 8.5% 12.1% 13.7% 20.0% 16.4% 16.9% 3.3% 6.2% 10.4% 13.7% 13.9% 14.8% 17.1% 19.0% Peer-F Peer-D Itaú CorpBanca Peer-E Peer-C Estado Peer-A Peer-B Loans Total Deposits

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Itaú CorpBanca | Investment Case

1 As of September 30, 2018. Source: Economatica 2 – Rankings based on gross loans as reported to the Superintendencia de Bancos e Instituciones Financieras (SBIF), excluding loans from Itaú CorpBanca Colombia, and Superintendencia Financiera de Colombia (SFC). Source: Company financials.

Solid Macroeconomic Fundamentals and Expanding Banking Sector

  • Chile is one of the most developed economies in Latin America, sustained by solid macroeconomic fundamentals
  • Chile has one of the best sovereign ratings and among the lowest CDS spreads in Latin America
  • Colombia is also an attractive market with a diversify economy
  • The Chilean and the Colombian banking sectors have achieved high profitability and healthy assets quality with effective regulatory oversight
  • LatAm Banking Sector has potential to achieve further growth, particularly in the underpenetrated retail segments

Solid Macroeconomic Fundamentals

Unique control and support from a leading institution

  • Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise
  • Itaú CorpBanca benefits from the strength of a ~US$71.0 BN1 market cap partner in its existing markets while enhancing
  • pportunities for growth abroad
  • Opportunity to leverage Itaú Unibanco’s strong global client relationships successful managing model
  • Itaú CorpBanca will be able to expand its banking products’ offering through segmentation and digitalization

Emergence of a leading banking platform in Chile and Colombia

  • Greater scale and resources to grow and compete more effectively in Chile and Colombia
  • Enhanced footprint in Chile and Colombia create a platform to expand in the region, particularly into Peru and Central America
  • 4th largest private bank in Chile and 6th largest banking group in Colombia by total loans2

2 1 3 4

Itaú CorpBanca will have a stronger financial profile and greater earnings power

  • Estimated pre-tax cost synergies between US$88MM and US$107MM approximately per year on a fully phased-in basis and

total one-time pre-tax integration costs of approximately US$85MM to occur during the first 3 years

  • Improved funding profile and substantial potential for revenue synergies
  • Additional cross-selling opportunities
  • Improved capital position opens room for further loan growth

Unique Control and Support Banking Platform with Larger Scale Positive Impact to Itaú CorpBanca

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| 24 |

Itaú CorpBanca | Business Mix 4

1 Yearly average gross loans; 2 Loan interests by segments; Source: SBIF; Itaú CorpBanca; Team Analysis.

Loans breakdown by segment¹

LTM Sep 2018, Ch$ Bn

13.5 7.0 13.9 6.7 Total 6.0 6.2 5.9 5.7

Itaú Corpbanca Average Top 3

Interest Rates

26,022

Consumer Commercial

16,091 26,151

Mortgage

28,549

∆ 35 bp 39 bp por mix

Peer-A Peer-B Peer-C

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

 Mix difference explains most es the Yield gap with the Top 3

100% =2

55.2% 51.1% 64.7% 29.1% 32.7% 24.1% 15.7% 16.1% 11.2% 67.0% 23.0% 9.9%

7.0 7.0 6.7 6.7

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| 25 |

Itaú CorpBanca | Current Scale Allows for Better Segmentation 4

Individuals

By monthly income

(CLP MM)

Companies

By annual sales

(USD MM) Investments > USD 1MM Over $2.5 From $0.6 to $2.5 Up to $0.6

Private Bank Personal Bank Itaú Branches Condell

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

Corporate Large Middle Very Small and Small Wholesale Banking Retail Banking

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SLIDE 26

| 26 |

Fully implemented segmentation model with well defined identity and value proposition, aimed at optimizing service level, satisfaction and profitability per client.

Branch profile in Chile 22 Itaú Personal Bank 122 Itaú Sucursales 55 Condell (Consumer Finance) Itaú Personal Bank Itaú Sucursales

Itaú CorpBanca | Individuals Segmentation Overview 4

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| 27 |

Itaú CorpBanca | Business Mix: An Opportunity for a Digital Strategy 4

The merger doubles the footprint of the new bank

Top players have a large branch network, with significant expenses related

Itaú CorpBanca departs from the previous peer group

Branches3 4 Branches3 4 Market Share1 by Total Loans2

1 As of September 30, 2018 except for CorpBanca and BIC whose market shares are as of March 31, 2016; 2 Total loans includes commercial, consumer and mortgage loans; 3 As of August 31, 2018; 4 Itaú CorpBanca branches include BancoCondell. Note: Figures do not include foreign operations of Chilean banks (ItaúCorpBanca Colombia and National Bank of Florida)

Market Share1 by Consumer Loans

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| 28 |

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.

Itaú CorpBanca | Client Experience, Digital Banking and Value Offer 4

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| 29 |

Increasing transactions Higher adoption of our App

144

more CLIENTS since Jan’17

# sales of retail installment loans

Itaú CorpBanca | Increasing Digital Transactions 4

91% 23% 9% 77%

Apr'16 Sep'18 Sales through traditional channels Sales through Digital Channels (Internet + App)

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| 30 |

7.5%

DEC 2014

7.4%

MAR 2015

7.2%

MAR 2016

7.0%

MAR 2017

7.1%

JUN 2017

7.4%

SEP 2017

7.7%

DEC 2017

12-months installment loans growth: Itau vs. Financial System

Installment Loans market share Itaú CorpBanca | Business Growth in Retail 4

7.9%

MAR 2018 SEP 2018

7.9%

JUN 2018

8.0%

5.8% 9.8% 1.7% 20.6%

abr-16 jun-16 sep-16 dic-16 mar-17 jun-17 sep-17 dic-17 mar-18 jun-18 sep-18

Financial System Itaú CorpBanca

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| 31 |

Itaú CorpBanca | Funding Mix 4

Total Funding Breakdown

Interest Rates

30,454 19,564

Debt Issued

33,702

Others1

100%

33,376

Checking accounts and deposits

2.8 2.2 3.2 2.9 Total 0.2 0.3 4.8 5.2

Itaú Corpbanca

1.0 0.7

Average Top 3 ∆ 71 bp 50 bp por mix

Peer-A Peer-B Peer-C

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 Deposits

1 Others: Repurchases contracts, financial derivatives, bank obligations, letters of credit, other financial obligations, taxes, differed taxes, provisions, other liabilities.

LTM Sep 2018, Ch$ Bn

14.2% 17.0% 19.0% 20.5% 22.4% 22.5% 16.3% 27.4% 34.1% 36.9% 34.8% 39.9% 29.2% 23.5% 29.9% 12.3%

2.7 2.9 2.2 2.4 Top 3 Current

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Itaú CorpBanca | Debt Spread Evolution 4

Itaú CorpBanca has presented a noticeable convergence to peers

Spread vs.Peers1: 30-day (annualized) Spread vs.Peers1: 5-year (annualized)

1 – Average of top 3 peers in Chile. As of September 30, 2018; 2 – As of October 10, 2018.

Bonds in CLP & UF (expressed in USD MM) Spread vs.Peers1

Bonds issued in Chile LTM2

8 bp 7 bp 5 bp 5 bp 7 bp 5 bp 4 bp 9 bp 2 bp 6 bp

  • 0.25

0.00 0.25 0.50 0.75 1.00 1.25 1.50 1.75 2.00 2.25 2.50 2.75 jul-11 sep-11 nov-11 ene-12 mar-12 may-12 jul-12 sep-12 nov-12 ene-13 mar-13 may-13 jul-13 sep-13 nov-13 ene-14 mar-14 may-14 jul-14 sep-14 nov-14 ene-15 mar-15 may-15 jul-15 sep-15 nov-15 ene-16 mar-16 may-16 jul-16 sep-16 nov-16 ene-17 mar-17 may-17 jul-17 sep-17 nov-17 ene-18 mar-18 may-18 jul-18 sep-18

Chile Santander BCI Itaú Corpbanca

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5

  • ct-11

dic-11 feb-12 abr-12 jun-12 ago-12

  • ct-12

dic-12 feb-13 abr-13 jun-13 ago-13

  • ct-13

dic-13 feb-14 abr-14 jun-14 ago-14

  • ct-14

dic-14 feb-15 abr-15 jun-15 ago-15

  • ct-15

dic-15 feb-16 abr-16 jun-16 ago-16

  • ct-16

dic-16 feb-17 abr-17 jun-17 ago-17

  • ct-17

dic-17 feb-18 abr-18 jun-18 ago-18

Chile Santander BCI Corpbanca Itaú 124 124 41 45 151 83 101 207 106 83

04-04-2017 04-04-2017 08-25-2017 09-25-2017 10-17-2017 02-06-2018 02-21-2018 03-14-2018 04-13-2018 06-05-2018

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| 33 |

Itaú CorpBanca | Rating upgrades in 2016 contribute to further reduction in cost of funds 4

Source: Itaú CorpBanca, Moody’s, S&P

Current International 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

Timeline S&P

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 A+ A+ A A A A A- A- A- BBB+ BBB BBB BBB+ A

A+

BBB+ A+

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SLIDE 34

Agenda

1. Investment Case 2. Financials 3. Integration Milestones 4. Appendix

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| 35 |

Financials | Financial Information

The financial information included in this section is based in our managerial model that we adjust for non-recurring events, for the amortization of intangibles arising from business combination, and for the tax effect of the hedge of our investment in Colombia. At the same time, we adjust the Managerial Income Statement with additional reclassifications of P&L lines in order to provide a better clarity of our performance. Please refer to pages 9 and 10 of our Management Discussion & Analysis Report (“MD&A Report”) for further details, available at itau.cl/investor-relations.

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Financials | Managerial Recurring Net Income (Reconciliation)

Non-Recurring Events

(a)

Restructuring costs: One-time integration costs.

(b)

Transactions costs: Costs related to the closing of the merger between Banco Itaú Chile and Corpbanca, such as investment banks, legal advisors, auditors and other related expenses.

(c)

SBIF fine: Fine imposed by the SBIF which, as instructed by the regulator, was accounted for as an expense impacting 2015 Net Income and once the Supreme Court ruled in our favor we proceeded to reverse such expense impacting 2017 Net Income.

(d)

Amortization of Intangibles from business combinations: Amortization of intangibles generated through business combination, such as costumer relationships.

(e)

Accounting adjustments: Adjustments in light of new internal accounting estimates.

(f)

Sale / revaluation of investments in companies: the fiscal effect of the sale of SMU Corp in 2017.

in million of Chilean Pesos

3Q'18 2Q'18 3Q'17 9M'18 9M'17 Net Income Attributable to Shareholders (Accounting) 42,894 57,937 (3,956) 143,591 85,065 (-) Non-Recurring Events 7,844 6,987 7,177 22,221 (5,987) a) Restructuring costs

  • 1,664

588 3,923 b) Transaction costs 2,532 1,376

  • 5,347
  • c) SBIF fine
  • (21,765)

d) Amortization of intangibles from business combinations 8,646 8,626 8,569 25,782 25,950 e) Accounting adjustments

  • (2,267)

f) Sale /revaluation of investments in companies

  • (3,145)

Tax effects (3,334) (3,014) (3,056) (9,496) (8,683) Recurring Net Income Attributable to Shareholders (Managerial) 50,738 64,924 3,221 165,812 79,078

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| 37 |

Financials | Recurring RoTE / Recurring RoTA1

RoTE / RoTA – Consolidated RoTE / RoTA – Chile Annualized Recurring Return on Average Equity (quarterly) Annualized Recurring Return on Average Assets (quarterly)

1 – Excludes Goodwill and intangibles assets from business combination, net of associated deferred tax liabilities.

0.8% 11.8% 6.7%

  • 10.8%

5.9% 10.8% 0.7%

  • 3.8%

10.8% 13.7% 10.5% 0.0% 0.7% 0.4%

  • 0.7%

0.4% 0.7% 0.0%

  • 0.3%

0.7% 0.9% 0.7% 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 5.8% 11.7% 0.4% 0.8% 9M'17 9M'18 2.7% 15.8% 12.5%

  • 7.1%

9.9% 13.4% 1.6%

  • 1.4%

13.9% 16.9% 13.1% 0.1% 1.0% 0.8%

  • 0.5%

0.7% 0.9% 0.1%

  • 0.1%

1.0% 1.2% 0.9% 1Q'16 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 8.7% 14.6% 0.6% 1.0% 9M'17 9M'18

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| 38 |

Financials | Income Statement

in million of Chilean Pesos

3Q'18 2Q'18

% $

3Q'17

% $

9M'18 9M'17

% $

Net interest income 140.063 144.135

  • 2,8%
  • 4.072

125.794

11,3% 14.269

418.285 387.703

7,9% 30.581

Net fee and commission income 38.405 35.221

9,0% 3.184

38.637

  • 0,6%
  • 232

113.255 105.140

7,7% 8.115

Total financial transactions, net 21.980 24.126

  • 8,9%
  • 2.146

20.793

5,7% 1.187

69.451 49.809

39,4% 19.642

Other operating income, net

  • 2.263
  • 5.946
  • 61,9%

3.683

38

n.m.

  • 2.301
  • 7.388
  • 2.775

166,2%

  • 4.613

Net operating profit before credit & counterparty losses 198.185 197.536

0,3% 649

185.262

7,0% 12.923

593.603 539.877

10,0% 53.726

Result from loan losses, net

  • 28.317
  • 33.980
  • 16,7%

5.663

  • 61.503
  • 54,0%

33.187

  • 93.002
  • 138.087
  • 32,6%

45.085

CVA (ratings and collaterals effects)

  • 272

7.981

  • 103,4%
  • 8.253
  • 8.776
  • 96,9%

8.503

8.060 6.905

16,7% 1.155

Net operating profit 169.595 171.537

  • 1,1%
  • 1.941

114.983

47,5% 54.613

508.661 408.696

24,5% 99.966

Operating expenses

  • 109.184
  • 101.012

8,1%

  • 8.172
  • 110.648
  • 1,3%

1.465

  • 315.722
  • 310.385

1,7%

  • 5.337

Operating income 60.412 70.525

  • 14,3%
  • 10.113

4.335

n.m. 56.077

192.939 98.311

96,3% 94.628

Income from investments in other companies 51 221

  • 76,9%
  • 170

33

54,5% 18

297 297

0,0%

Income before taxes 60.463 70.746

  • 14,5%
  • 10.283

4.368

n.m. 56.095

193.236 98.608

96,0% 94.628

Income tax expense

  • 10.330
  • 7.421

39,2%

  • 2.910

1.373

  • 852,5%
  • 11.703
  • 28.388
  • 10.409

172,7%

  • 17.979

Net income attributable to shareholders 50.118 63.343

  • 20,9%
  • 13.226

5.754

771,0% 44.364

164.841 88.189

86,9% 76.652

Change Change Change

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SLIDE 39

| 39 |

Financials | Loan Portfolio

Δ +2.6%

Market share Total Loans (Ch$ Tn)

Δ +1.0%

11,0 10,7 10,6 10,8 10,9 3,5 3,6 3,7 3,8 3,8 1,4 1,5 1,6 1,6 1,7 16,0 15,9 15,9 16,2 16,4

3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Commercial Mortgage Consumer

11.0% 10.8% 10.6% 10.5% 10.4% 13.3% 12.9% 12.6% 12.3% 12.1% 8.3% 8.3% 8.3% 8.2% 8.1% 7.3% 7.7% 7.7% 7.8% 7.8% 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

Total Commercial Mortgage Consumer ITCB in Chile Financial System 2.6% 8.7%

  • 0.6%

8.4% 7.5% 9.0% 15.9% 9.3% D% Loans 3Q'18/3Q'17

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SLIDE 40

| 40 |

Financials | Loan Portfolio – run off portfolio

16,323 16,378 9,803 10,525 1,916 384 3,289 3,806 1,314 1,664

Legal Day One Sep-18 Commercial (core) Commercial (run-off portfolio) Mortgage Consumer in billion of Chilean pesos Sep-18 Legal Day One Var ($) CAGR (%) CAGR (%) Financial System

Commercial 10,909 11,719

(810)

  • 2.8%

4.9% Commercial (core) 10,525 9,803

722 2.9% n.a.

Commercial (run-off portfolio) 384 1,916

(1,532)

  • 47.4%

n.a.

Mortgage 3,806 3,289

516 6.0% 9.4%

Consumer 1,664 1,314

350 9.9% 7.9%

Total 16,378 16,323

56 0.1% 6.6% Total (ex run-off portfolio) 15,994 14,406 1,588 4.3%

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| 41 |

Financials | Net provision for credit & counterparty risks

Net provision for credit & counterparty risks ratios (annualized) Net provision for credit & counterparty risks (Ch$ Bn)

39,1 37,5 61,5 90,3 30,7 34,0 28,3 5,5 (21,1) 8,8 17,9 (0,4) (8,0) 0,3

44,5 16,4 70,3 108,2 30,4 26,0 28,6

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 Result from loan losses, net CVA (ratings and collaterals effects)

1,1% 0,4% 1,8% 2,7% 0,8% 0,6% 0,7%

1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18 Provision for Credit & Counterparty risk / Average Loans

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| 42 |

Financials | Credit Quality

Commercial Total Loans Consumer Mortgage

NPL90(%) Cartera deteriorada (%) NPL90 Coverage NPL90 Converage (Chilean Financial System) Cobertura Cartera Deteriorada Cartera Deteriorada coverage (Chilean Financial System)

Note: ‘Cartera deteriorada’ includes low-end of the substandard portfolio and the impairment portfolio, according to SBIF criteria. 1,4% 1,6% 1,8% 1,8% 1,9% 2,1% 2,2% 2,1% 1,9% 4,3% 4,9% 4,7% 4,7% 5,2% 5,7% 6,1% 5,8% 5,6% 133% 133% 121% 126% 124% 119% 113% 113% 122% 45% 42% 46% 47% 44% 44% 41% 42% 42% 50% 49% 48% 48% 48% 48% 47% 47% 47% 138% 136% 126% 136% 134% 130% 127% 125% 126% 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

1,2% 1,3% 1,5% 1,6% 1,7% 2,2% 2,4% 2,3% 2,0% 4,5% 5,3% 5,0% 5,1% 5,9% 6,2% 6,7% 6,2% 5,9% 162% 168% 147% 152% 147% 124% 112% 112% 123% 44% 41% 45% 47% 42% 43% 40% 42% 42% 54% 52% 51% 51% 50% 50% 48% 49% 49% 165% 166% 148% 154% 148% 142% 137% 135% 134%

3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

1,9% 2,2% 2,4% 2,4% 2,4% 2,1% 1,9% 1,8% 1,7% 28% 25% 25% 23% 22% 26% 26% 25% 25% 36% 35% 34% 36% 38% 36% 35% 34% 34%

3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

1,8% 2,1% 2,1% 1,9% 2,0% 1,9% 1,8% 1,6% 1,8% 237% 231% 245% 274% 277% 310% 342% 360% 325% 320% 310% 287% 303% 306% 298% 314% 306% 317%

3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 2Q'18 3Q'18

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| 43 |

Financials | Income Statement

1 – Considers the elimination of foreign exchange variation, which is obtained by the application of the foreign exchange rate of September 30th, 2018 to all periods analyzed.

in million of Chilean Pesos - constant currency 1

3Q'18 2Q'18

% $

3Q'17

% $

9M'18 9M'17

% $

Net interest income 68,512 72,367

  • 5.3%
  • 3,855

58,700

16.7% 9,812

207,618 166,884

24.4% 40,734

Net fee and commission income 8,861 8,248

7.4% 613

6,675

32.7% 2,186

23,536 26,379

  • 10.8%
  • 2,843

Total financial transactions, net 5,046 3,079

63.9% 1,967

10,361

  • 51.3%
  • 5,315

13,574 51,690

  • 73.7%
  • 38,117

Other operating income, net 283

  • 530
  • 153.5%

813

  • 1,207
  • 123.5%

1,490

  • 449
  • 6,375
  • 93.0%

5,925

Net operating profit before loan losses 82,701 83,164

  • 0.6%
  • 462

74,529

11.0% 8,172

244,278 238,579

2.4% 5,699

Result from loan losses

  • 20,974
  • 32,177
  • 34.8%

11,203

  • 25,082
  • 16.4%

4,108

  • 83,715
  • 93,306
  • 10.3%

9,591

Net operating profit 61,727 50,987

21.1% 10,741

49,447

24.8% 12,280

160,564 145,273

10.5% 15,290

Operating expenses

  • 49,447
  • 49,779
  • 0.7%

332

  • 50,120
  • 1.3%

673

  • 149,314
  • 150,249
  • 0.6%

935

Operating income 12,280 1,208

916.9% 11,073

  • 673

n.m. 12,954

11,249

  • 4,976
  • 326.1%

16,225

Income from investments in other companies 4

  • 8
  • 149.4%

12 n.a. 4

1,276 857

48.9% 419

Income before taxes 12,284 1,199

924.1% 11,085

  • 673

n.m. 12,958

12,525

  • 4,119
  • 404.1%

16,644

Income tax expense

  • 3,580

2,995

  • 219.5%
  • 6,575

2,855

  • 225.4%
  • 6,435

4,130 10,116

  • 59.2%
  • 5,986

Net income 8,705 4,195

107.5% 4,510

2,182

298.9% 6,522

16,655 5,997

177.7% 10,658

(-) Minority Interests

  • 2,930
  • 1,410

107.9%

  • 1,521
  • 736

298.2%

  • 2,195
  • 5,601
  • 2,011

178.5%

  • 3,589

(-) Cost of hedge positions for Colombia

  • 5,139
  • 1,168

340.0%

  • 3,971
  • 3,908

31.5%

  • 1,231
  • 9,972
  • 13,174
  • 24.3%

3,203

Net income attributable to shareholders 635 1,617

  • 60.7%
  • 982
  • 2,462
  • 125.8%

3,097

1,083

  • 9,188
  • 111.8%

10,271 Currency conversion effects

  • 15
  • 36
  • 72
  • 112

77

Net income attributable to shareholders (nominal currency) 620 1,581

  • 60.8%
  • 961
  • 2,533
  • 124.5%

3,154

971

  • 9,111
  • 110.7%

10,082

Change Change Change

slide-44
SLIDE 44

| 44 |

Financials | Synergies Update: Compared Evolution of Total Expenses

Adjusted Total Expenses annualized growth (%)

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 – Includes the amortization of intangibles generated through business combinations which are classified as a non-recurring expense on the MD&A. In billion of Chilean pesos

2009 2010 2011 2012 2013 2014 2015 2016 2017 8M'17 8M'18 Total Expenses - Itaú CorpBanca1 220 255 275 402 545 732 736 801 768 500 522 (-) Itaú CorpBanca Colombia

  • (74)

(191) (290) (253) (253) (274) (185) (180) Total Expenses - Itaú CorpBanca Chile 220 255 275 328 354 441 483 548 494 316 342 (-) credit risk-related provisions2 (3) (4) (4) (6) (4) (4) (2) (11) (9) (2) (11) (-) Non-recurring expenses

  • (32)

(54) (101) (31) (18) (20) (-) Depreciation y Amortization3 (10) (12) (14) (16) (20) (22) (24) (26) (29) (19) (20) Adjusted Total Expenses - Itaú CorpBanca Chile 207 239 257 306 331 384 404 410 424 276 291 Annual growth rate 15.6% 7.4% 19.1% 8.1% 16.1% 5.3% 1.4% 3.5% 5.4% Adjusted Total Expenses - Chilean Financial System 2,254 2,680 2,761 2,983 3,233 3,760 4,073 4,259 4,496 2,932 3,170 Annual growth rate 18.9% 3.0% 8.1% 8.4% 16.3% 8.3% 4.6% 5.6% 8.1% 15.6% 7.4% 19.1% 8.1% 16.1% 5.3% 1.4% 3.5% 5.4% 18.9% 3.0% 8.1% 8.4% 16.3% 8.3% 4.6% 5.6% 8.1%

2010 2011 2012 2013 2014 2015 2016 2017 8M'18 Itaú CorpBanca Chile Chilean Financial System

Average: 11.9% ; 10.5% Average: 3.4% ; 6.1%

slide-45
SLIDE 45

| 45 |

Financials | Operating Expenses: Estimated Synergies Captured to Date1

1 – Includes commissions expenses, personnel expenses, administrative expenses, impairment charges and other operational expenses. Excludes provisions for assets received in lieau of payment, provisions for Country risk and Non-recurring expenses.

Synergies captured (Ch$ Bn)

Adjusted Total Expenses1 evolution – ITCB growth rates (Ch$ Bn) Adjusted Total Expenses1 evolution – System growth rates (Ch$ Bn) 207 239 257 306 331 384 404 410 424 447 6 14 23

2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018

+1.4% +3.5% +5.4%

207 239 257 306 331 384 404 423 446 482 18 24 36

2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018

+4.6% +5.6% +8.1%

13 9 Ch$ 35 billion in the first three years

13

slide-46
SLIDE 46

| 46 |

Financials | Liquidity Risk

Regulatory Liquidity: Mismatch vs. Peers in Chile

Ch$ Bn Límit Capital Básico¹ Total gap - 30 days Total gap

  • 90 days

Total gap

  • 30 days

Total gap - 90 days Peer-A 100% 3,224 1,591 2,719 49% 42% Peer-B 100% 3,062 1,641 2,698 54% 44% Peer-C 100% 3,029 645 1,870 21% 31% Estado 100% 1,663 1,289 2,535 78% 76% Itaú CorpBanca (Chile only) 100% 3,300 833 1,865 25% 28%

Itaú CorpBanca has lowest maturity mismatches compared with peers

  • Liquidity: high liquidity standards are an important driver of
  • ur balance

sheet management both in Chile and in Colombia. BIS III Liquidity Framework – LCR2

1 – According to SBIF BIS I definitions. 2 – LCR: Liquidity Coverage Ratio calculated according to BIS III rules. Regulatory LCR ratios are still under construction in Chile. Source: Quarterly liquidity status report as of September 30, 2018 for each bank available in the corresponding websites.

28% 42% 44% 76% 31% Itaú CorpBanca (Chile only) Peer -A Peer -B Peer-C Estado 137.6% 70% 90% 110% 130% 150% 170% 190% 210%

04-15-2016 05-13-2016 06-10-2016 07-08-2016 08-05-2016 09-02-2016 09-30-2016 10-28-2016 11-25-2016 12-23-2016 01-20-2017 02-17-2017 03-17-2017 04-14-2017 05-12-2017 06-09-2017 07-07-2017 08-04-2017 09-01-2017 09-29-2017 10-27-2017 11-24-2017 12-22-2017 01-19-2018 02-16-2018 03-16-2018 04-13-2018 05-11-2018 06-08-2018 07-06-2018 08-03-2018 08-31-2018 09-28-2018 LCR CH Límite LCR

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SLIDE 47

| 47 |

Financials | Regulatory Capital Composition Under Current Ley General de Bancos

Notes: 1  Capital Básico = Core Capital, according to SBIF BIS I definitions; includes corresponding adjustments from merger effects of the business combination 2  Patrimonio efectivo = Regulatory Capital, according to SBIF BIS I definitions 3  BIS ratio = Patrimonio efectivo / RWA, according to SBIF BIS I definitions

Ch$ Tn*

1.03

Capital Básico1 Subord. Bond Minority Interest Patrimonio Efectivo2 Goodwill

*Data as of September 30, 2018 Source: Itaú CorpBanca consolidated balance sheet

3.30 0.23 3.37

14.4% BIS Ratio3

1.19

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SLIDE 48

| 48 |

Financials | Current Regulatory Capital Ratio & Estimated BIS III Capital Ratio

Current regulatory capital ratio evolution (LGB) Estimated1 BIS III capital ratio (new LGB)

Tier I Tier II

1 – Reflects our best estimate for the impact of the implementation of the new Banking Law in Chile. The actual impact depends on definitions still to be set by the Comision para el Mercado Financiero (CMF).

14,3% 14,4% 12 bp

  • 1 bp
  • 4 bp

1 bp

Jun.18 Capital Basico Subordinated Bonds RWA Other Sep.18

14.4% 11.1% 10,0% 7,4%

  • 2,6%

+ / -

Regulatory Capital Ratio (Jun.18) Other Intangible Assets / Net Deferred Taxes Net effect of changes in RWA Estimated Fully Loaded BIS III Capital

4,4% 3,7%

  • 0,7%
slide-49
SLIDE 49

Agenda

1. Investment Case 2. Financials 3. Integration Milestones 4. Appendix

slide-50
SLIDE 50

| 50 |

Integration Milestones | Itaú CorpBanca’s Integration Process Timeline

2018  2017 2016

Merger Transition Construction

  • Team building: senior and middle

management

  • Corporate Governance, risk management

framework and other policies

  • Balance sheet and liquidity strenghtening
  • Full focus on client satisfaction
  • Focus on increasing and sustainable results
  • Completing technological integration and

advancing with digital agenda

  • Strengthening our culture throughout the
  • rganization
  • 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

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SLIDE 51

| 51 |

Integration Milestones | Next Steps

Chile

  • Full focus on client satisfaction
  • Focus on increasing and sustainable results
  • Advance the technological integration and digital agenda
  • Strengthen our culture throughout the organization

Colombia

  • Complete branch and client migration
  • Complete the technological integration
  • Implement retail and wholesale business strategies
  • Strengthen our culture throughout the organization
slide-52
SLIDE 52

Agenda

1. Investment Case 2. Financials 3. Integration Milestones 4. Appendix

slide-53
SLIDE 53

| 53 |

Financials | Average Tangible Equity Breakdown

All other Assets: Ch$ 27,899 Ch$ 21,329 Ch $6,570 All other Liabilities: Ch$ 25,775 Ch$ 19,795 Ch$ 5,979 Asociado a Intangibles PPA: Ch$ 40 Minority Interest ex GW and PPA Intangibles: Ch$ 193 Assets: 29,378 Liabilities: 25,865 Minority Interest: 227

3Q’18 Average Balance (Ch$ Tn)

Managerial Tangible Equity: Ch$ 1,931 Ch$ 1,532 Ch$ 399 Shareholders’ Equity: 3,286

Managerial Tang. Equity: Recurring Results: Recurring RoTE: Ch$ 1,931 Ch$ 1,532 Ch$ 399 Ch$ 50.7 Ch$ 50.1 Ch$ 0.6

÷ ÷ ÷

10.5% 13.1% 0.6%

= = =

Goodwill: Ch$ 1,187 Ch$ 941 Ch$ 246 Intangibles from PPA: Ch$ 291 Ch$ 140 Ch$ 151 Deferred taxes asociated with intangibles from PPA: Ch$ 90 Ch$ 40 Ch$ 50 Asociated w/ PPA Intangibles: Ch$ 34 GW and PPA Intangibles: Ch$ 1,355 Ch$ 1,041 Ch$ 313

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SLIDE 54

| 54 |

Itaú CorpBanca | Transaction in Colombia

Itaú CorpBanca Colombia acquired assets and liabilities of Itaú BBA Colombia

Current Structure in Colombia

Itaú CorpBanca

Itaú CorpBanca Colombia

  • On June 16, 2017 Itaú CorpBanca Colombia acquired Itaú

BBA Colombia assets and liabilities1

  • Postponement of the date for Itaú CorpBanca to purchase

the 12.36% stake of CorpGroup in Itaú CorpBanca Colombia:

‐ 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

CorpGroup Helm Corporation Other Minorities Itaú BBA Colombia (asset and liabilities)

66.28% 12.36% 20.82% 0.54%

Acquisition

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%.

slide-55
SLIDE 55

| 55 |

  • Working on implementing businesses

strategies for wholesale and retail

  • As well as advancing with our

corporate culture agenda 22 May’17 Feb – Apr’17 Internal Campaign Brand Introduction Launch campaign

  • “Queremos Conocer”

May – Dec’17 Dec’17 Year end

  • “Gracias por recibirnos”

Itaú CorpBanca Colombia | “Itaú” brand successfully introduced in the retail market in 2017

1Q’18 2018

Transition

100% of clients and branches under the Itaú brand and core system

slide-56
SLIDE 56

| 56 |

Our Bank | Itaú CorpBanca History

slide-57
SLIDE 57

| 57 |

Global Macroeconomic Outlook

2011 2012 2013 2014 2015 2016 2017 2018F 2019F GDP Growth (%) - World Economy World 4.2 3.5 3.5 3.6 3.4 3.2 3.8 3.8 3.5 USA 1.6 2.2 1.8 2.5 2.9 1.6 2.2 2.9 2.4 Euro Zone 1.7

  • 0.8
  • 0.2

1.4 1.9 1.8 2.5 1.9 1.5 China 9.5 7.9 7.9 7.2 6.8 6.7 6.9 6.5 6.1 Japan

  • 0.1

1.5 2.0 0.0 1.4 1.0 1.7 1.1 1.2 GDP Growth (%) - Latam Brazil 4.0 1.9 3.0 0.5

  • 3.5
  • 3.5

1.0 1.3 2.0 Chile 6.1 5.3 4.0 1.8 2.3 1.3 1.5 3.8 3.5 Colombia 6.6 3.9 4.6 4.7 3.0 2.0 1.8 2.7 3.5 Mexico 4.0 3.6 1.4 2.8 3.3 2.9 2.0 2.0 2.0 Peru 6.5 6.0 5.8 2.4 3.3 4.0 2.5 4.2 4.0 Inflation (eop, %) Brazil (IPCA) 6.5 5.8 5.9 6.4 10.7 6.3 2.9 4.5 4.3 Chile 4.4 1.5 3.0 4.6 4.4 2.7 2.3 3.0 3.0 Colombia 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.2 Mexico 3.8 3.6 4.0 4.1 2.1 3.4 6.8 4.4 3.8 Peru 4.7 2.6 2.9 3.2 4.4 3.2 1.4 2.2 2.6 Monetary Policy Rate (eop, %) Brazil 11.00 7.25 10.00 11.75 14.25 13.75 7.00 6.50 8.00 Chile 5.25 5.00 4.50 3.00 3.50 3.50 2.50 2.75 3.75 Colombia 4.75 4.25 3.25 4.50 5.75 7.50 4.75 4.25 4.75 Mexico 4.50 4.50 3.50 3.00 3.25 5.75 7.25 8.00 7.50 Peru 4.25 4.25 4.00 3.50 3.75 4.25 3.25 2.75 3.25 Unemployment Rate (avg, %) Brazil

  • 7.4

7.1 6.8 8.5 11.5 12.7 12.4 12.2 Chile 7.1 6.4 5.9 6.4 6.2 6.5 6.7 7.0 6.7 Colombia 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.4 9.2 Mexico 5.2 4.9 4.9 4.8 4.4 3.9 3.4 3.4 3.5 Peru 7.7 7.0 5.9 6.0 6.4 6.7 6.9 6.8 6.5

slide-58
SLIDE 58

| 58 |

Chile | Macroeconomic Outlook

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 1.3 1.5 3.8 3.5

  • 2
  • 1

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

5.1 4.6 4.5 4.8 6.2 7.6 9.5 10.5 10.7 10.6 12.9 14.2 15.3 15.6 14.4 13.3 14.0 15.2 16.1 16.6

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

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 6.5 6.7 7.0 6.7

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

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 3.0 3.0

  • 2

2 4 6 8 10 00 05 10 15 Inflation Policy Rate

slide-59
SLIDE 59

| 59 |

Chile | Macroeconomic Outlook

International Reserves | % of GDP Central Government Fiscal Balance | % of GDP

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 49.8 39.0 33.2 29.5 29.7 34.5 38.8 36.4 38.2 42.9 46.1 55.2 62.9 60.4 57.2

10 20 30 40 50 60 70 03 09 15 Privado Publico

External Debt | % of GDP

19.4 20.2 21.9 20.8 16.1 13.8 12.6 9.8 13.2 14.2 12.6 17.1 15.6 14.9 15.7 16.2 15.9 14.1 12.8 12.6

5 10 15 20 25

00 05 10 15

  • 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
  • 2.3
  • 1.4 -1.5
  • 2.4 -2.6
  • 5
  • 4
  • 3
  • 2
  • 1

1 2 3 4 5 00 05 10 15

Current Account Balance | % of GDP

  • 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
  • 1.9 -1.7
  • 6
  • 4
  • 2

2 4 6 8 00 05 10 15

slide-60
SLIDE 60

| 60 |

Colombia | Macroeconomic Outlook

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 3.5 1.7 4.0 6.6 3.9 4.6 4.7 3.0 2.0 1.8 2.7 3.5

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

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 9.4 9.2

5 7 9 11 13 15 17 00 05 10 15

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 6.4 6.9 7.2

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

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 3.2

5 10 15 00 05 10 15 Inflation Policy Rate

slide-61
SLIDE 61

| 61 |

Colombia | Macroeconomic Outlook

International Reserves | % 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 -2.7
  • 8
  • 6
  • 4
  • 2

00 05 10 15

20.7 24.0 23.3 26.0 22.1 16.5 16.2 13.9 12.0 15.9 13.8 12.6 12.5 13.7 15.8 22.7 25.4 23.2 15.5 15.9 14.9 14.2 11.7 9.8 8.5 7.6 6.9 7.1 8.8 9.9 8.8 10.5 11.0 15.2 17.5 17.0

5 10 15 20 25 30 35 40 45 00 05 10 15 Privado Publico

External Debt | % of GDP

10.4 11.1 11.5 11.6 10.2 9.5 10.1 10.2 10.8 9.9 9.6 10.1 11.4 12.4 15.9 16.6 15.1 14.1 13.8

2 4 6 8 10 12 14 16 18 01 06 11 16

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
  • 6.4
  • 4.3
  • 3.3 -3.2
  • 8
  • 6
  • 4
  • 2

2 00 05 10 15

Current Account Balance | % of GDP Central Government Fiscal Balance | % of GDP