institutional investors presentation august19...shared leadership, conquered through talent and...

Itaú Corpbanca

Institutional Investors

Presentation

August 2019

Disclaimers• 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 Financial Market Commission, or “CMF”. 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 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 ir.itau.cl.

2

https://ir.itau.cl/English/home/default.aspx

Agenda

Macroeconomic Backdrop

Our Bank

Strategic Fronts

1. Growth

2. Client Centricity

3. Digital Transformation

4. Efficiency

5. Capital Generation

6. Colombia

Financials

1. About 2Q19

2. Perspectives for 2019

Appendix


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

4

3.3

5.3 5.0 4.5

3.0 3.5 3.5

2.5 2.8

2.0 2.0

3.0

4.8 4.3

3.3

4.5

5.8

7.5

4.8 4.3 4.0

3.5

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(e) 2020(e)

Chile Colombia

5.8 6.1 5.3

4.0

1.8 2.3

1.71.3

4.0

2.42.9

4.0

7.4

3.9

4.6 4.7

3.0

2.1

1.4

2.6 2.6 2.8

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(e) 2020(e)

Chile Colombia

3.0

4.4

1.5

3.0

4.6 4.4

2.72.3 2.6 2.8 2.9

3.2 3.7

2.4 1.9

3.7

6.8

5.8

4.1

3.23.8

3.2

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019(e) 2020(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

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 2Q19


Appendix

Our Bank | Resulting from the merger of BIC and Corpbanca: Two different strategies

6

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

Our Bank | Our Vision

7

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 performanceGenerating 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.

Our Bank | Our Way

8

Our Bank | Integration Milestones

201820172016

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 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

Consolidation

• 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

9

We are key part of Itaú Unibanco’s Internationalization Strategy

Regional footprint & main indicators 1 2

10.2% 4.6% 3Market Share

US$ 25.5 bn US$ 7.0 bn Loans 1 US$ 32.5 bn

5,510 4 3,430 5Headcount 1 8,940

194 157 Branches 1 351

US$ 36.1 bn US$ 9.8 bnAssets 1 US$ 45.9 bn

US$ 78 mn US$ 11 mn Recurring Net Income 2Q19 US$ 89 mn

13.0% 7.6% Recurring RoTAE 2Q19 6 11.9%

1 Information as of June 30, 2019; 2 Figures were converted at an exchange rate of 678.42 CLP/USD; 3 Information as of May 31, 2019; 4 Includes headcount of our New York branch and since 1Q’18 also from our RepOffices in Lima and Madrid; 5 Includes headcount of Itaú (Panamá); 6 Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities.

Sources: Itaú Corpbanca, CMF and SFC.

Our Bank | Highlights

10

(US$ Bn)

US$ Bn US$ Bn

4

Caixa

7. Banorte

Santander

Bradesco

9 Citibank

Banco do Brasil

8 BBVA

Scotiabank

1

2

3

4

5

6

7

8

9

15

BCI

Grupo Aval

5. BBVA

Santander

Scotiabank

Banco del Estado de Chile

1

2

3

5

6

7 Banco de Chile

Bancolombia

Itaú Corpbanca3

9

8

Itaú Corpbanca represents 23%

of Itaú Unibanco’s consolidated

loan portfolio6

Itaú Unibanco2

10Itaú Corpbanca3

Itaú LatAm5

1 Data as of March 31, 2019. 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$34MMM in assets); 4 Data as of March 31, 2019. 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’19 MD&As at a R$ 3.8336 / US$ and a Ch$ 678.42 / US$ foreign exchange rates as of 30.06.2019.

Source: Central Banks, local regulators, companies filings, Itaú Corpbanca.

Banks by Assets in Latin America1 Banks by Assets in South America (ex-Brazil)4

Loan portfolio as of Jun.19

Itaú Corpbanca is currently the 5th largest private bank in Chile and we contribute to position Itaú LatAm as the 10th and 6th largest

bank in terms of assets within South America (ex-Brazil)

Our Bank | Relevance Across Latin America

11

387

421

326

105

351

75

334

162

60

44

52

53

58

51

44

77

79

60

58

48

US$ 4.0 BnMarket Cap. (Aug. 16, 2019)

Average daily traded volumes 12

months ended June 30, 2019

Source: Sell-side reports.

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

Buy: 3

Hold: 5

Sell: 0

Sell-side rating:

12

% Total share capital as of July 31, 2019

Our Bank | Shareholders & Stock Market

3.05

0.20

3.26

Santiago NY Total

Price-to-Book1

Board Chile

Wholesale

Manuel Olivares

Treasury Marketing &

Products

IT Human

ResourcesRetailCRO 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

Manuel Olivares

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

Cristián Toro

Mónica Aparicio Smith

Chairman

Manuel Olivares

Colombia

Pedro

Silva

Mauricio

Baeza

Luciana

HildebrandiÁlvaro

Pimentel

Christian

TauberJulián

Acuña

Marcela

JiménezCristián

Toro

Luis

Rodrigues

Itaú Corpbanca Colombia CEO

Itaú Corpbanca CEO

Board Chile1 2

Chairman

Jorge Andrés Saieh Guzmán

Ricardo Villela Marino

Caio Ibrahim David

Milton Maluhy Filho

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

Marcos Aulicino

Andrade

CFO

Gabriel

Moura

CFO

Juan Pablo

Michelsen

Operations

Jorge

Novis

13

Our Bank | Experienced Senior Management to Implement Strategy

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 2Q19


Appendix

Strategic Fronts | Key Strategic Drivers 2019 to Continue Deepening Itaú’s Management Model

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

Growth

Culture of innovation and transformation

Efficiency and improvement of user experience

Seamless integration from back-office to front-office

Segmentation model with well defined identity and value proposition

Development of products and a “service culture” focused on client satisfaction and long-term relationships

2

1

3

4 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 opportunities throughout the institution

Digital Transformation

Client Centricity

Efficiency

5

Efficiently managing capital allocation through adequate cost of equity

Value creation and RAROC metrics and tools as a driver throughout the organizationCapital Generation

6 Continued and sustainable rebound in results

Resume expansion in business volumes

Advance with the implementation of retail and wholesale strategies

Colombia




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


Growth | Business Mix an Opportunity for Retail Growth1

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

Loans breakdown by segment¹LTM Jun 2019, Ch$ Bn

13.8

7.2

13.8

6.8

Total

6.3 6.3

5.8 5.9

ItaúCorpbanca

AverageTop 3

Interest Rates

27,700

Consumer

Commercial

16,26322,511

Mortgage

30,319

∆ -36 bp

-42 bp por 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 es the Yield

gap with the Top 3

100% =2

55.2%50.8% 48.9%

65.7%

29.1%33.3% 36.4%

23.6%

15.8% 15.9% 14.6%10.7%

17

7.2

7.3

6.8

6.8

Growth | Portfolio Mix1

18

Portfolio Mix (%)

66.7%

23.2%

10.0%

Mar-18

66.6%

22.8%

10.6%

Mar-19

Retail: 33.4%

Retail: 33.5%

Market Share (Jun.2019)

7.3%

Commercial

Mortgage

Consumer

7.8%

12.2%

Total Loans

10.2%

+21 bp

-42 bp

-11 bp

-17 bp

Share 12-

months

+10 bp

23.3%

Jun-18

Jun-19

66.6%

10.1%

66.5%

10.7%

Growth | Credit Portfolio Growth Rate 1

19

Total Loans

Mortgage

Commercial1

Consumer

8.6%

6.7%

jun-15 jun-16 jun-17 jun-18 jun-19

7.9%

7.7%


10.1%

4.4%


9.1%

12.4%


(1) Ex Student loans portfolio

6.8%7.8%

Growth | Commercial Credit Portfolio 1

20

Commercial1

Middle Market – Credit Portfolio (Base 100) Real Estate – Credit Portfolio (Base 100)

7.9%

7.7%


100.0

113.1

jun-18 sep-18 dec-18 mar-19 jun-19

100.0

112.0


100.0

96.0


(1) Ex Student loans portfolio

7.8%

Corporate – Credit Portfolio (Base 100)

Total Funding BreakdownInterest Rates

32,484 20,252

Debt Issued

36,230

Others1

100%27,609

Checking accounts

and deposits

3.0

2.5

3.3

3.0

Total

0.3 0.3

4.9 5.3

Itaú Corpbanca

1.4 1.1

Average Top 3

∆ 49 bp

35 bp por 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 Deposits

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

LTM Jun 2019, Ch$ Bn

Top 3

Current

Growth | Funding Mix an Opportunity to Increase Profitability1

21

15.1% 17.7%24.5% 21.3%

22.7%23.1%

22.3% 27.5%

33.4%

35.9%

38.9%39.0%

28.9%23.3%

14.4% 12.2%

2.9

3.0

2.7

2.5




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


Client Centricity | Current Scale Allows for Better Segmentation2

IndividualsBy monthly income(CLP MM)

CompaniesBy annual sales

(USD MM)

Over $8.0

From $2.5 to $8.0

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

Wh

ole

sale

Ba

nk

ing

Re

tail

Ba

nk

ing

23

Fully implemented segmentation model with well defined identity and value proposition, aimed at optimizing service

level, satisfaction and profitability per client.

23 Itaú Personal Bank + 34 Corners PB

114 Itaú Sucursales

55 Condell (Consumer Finance)

Itaú Personal Bank Itaú Sucursales

Client Centricity | Individuals Segmentation Overview2

24

Branch profile in Chile

Continuous improvement of

the look and feel of our digital

channels.

Review and improvement of benefits and

offers linked to stronger transactionality

and relationship.

Advancing with roll-out of new digital

services and offerings. Executing a

well defined pipeline of digital

solutions.

Client Centricity | Client Experience, Digital Banking and Value Offer 2

25




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


Digital Transformation | Initial Roll out of Digital Initiatives3

20+ multidiciplinary teams fully dedicated that are looking at

opportunities for change and are re-thinking the entire bank

processes with a disciplined and focused approach.

Building a Digital Bank from inside….

Out.150+ releases and new functionalities, user interface and offers through our digital channels

Advanced work methodologies and tools

Back-end to front-end digitalization of opening of digital accounts process

27

Digital Transformation | Retail Banking3

28

77%

Small

CompaniesRetail

Digital

Clients2

+5%

Individuals

AD

OP

TIO

NIN

12 M

ON

TH

S

68%

+24%

1Q17 1Q19

Consumer

Credit41% 86% 45 p.p.

Credit

Limits29% 75% 46 p.p.

Credit Card

Advance 79% 89% 10 p.p.

Time

Deposits59% 75% 16 p.p.

Digital

Branch

Digital

Approach

Multi-Channel

Remote

Access

Extended

Hours

Account

Load

Digital

Branch

Jan/19 198

Jun/19650Personal Bank

Clients

New Clients1

Transactions Though digital channels

- Pilot

1.0x 1.8xJun-18 Jun-19

(1) Considers the number of current accounts opened in each month. (2) May-19

7.5%

DEC 2014

7.4%

MAR 2015

7.2%

MAR 2016

7.0%

MAR 2017

7.7%

DEC 2017

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

Installment Loans market share

Digital Transformation | Aimed to Balance our Business Mix3

8.1%

MAR 2018 MAR 2019

7.9%

DEC 2018

8.0%

29

5.8% 8.9%

1.7%

13.1%

abr-16 jun-16 sep-16 dic-16 mar-17 jun-17 sep-17 dic-17 mar-18 jun-18 sep-18 dic-18 mar-19 jun-19

Financial System Itaú CorpBanca

8.3%

JUN 2019




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


Average: 11.9% ; 10.5%

Adjusted Non-Interest 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 – Does not include amortization of intangibles generated through business combination, already considered as a non-recurring expense.

Efficiency | Focus on Synergies: Compared Evolution of Total Expenses4

31

15.6%

7.4%

19.1%

8.1%

16.1%

5.3%

1.4%3.0% 2.2%

-1.3%

18.9%

3.0%

8.1% 8.4%

16.3%

8.3%

4.5% 5.4%8.1% 7.4%

2010 2011 2012 2013 2014 2015 2016 2017 2018 6M19 x 6M18

Itaú CorpBanca Chile Chilean Financial System

In millon of Chilean Pesos 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 6M'18 6M'19

Total Non-Interest Expenses - Itaú CorpBanca1 220 255 275 402 545 732 736 801 766 791 390 399

(-) Itaú CorpBanca Colombia - - - (74) (191) (290) (253) (253) (274) (273) (134) (136)

Total Non-Interest Expenses - Itaú CorpBanca Chile 220 255 275 328 354 441 483 548 492 518 256 263

(-) Credit risk related provisions2 (3) (4) (4) (6) (4) (4) (2) (11) (9) (16) (11) (5)

(-) Non-recurring expenses - - - - - (32) (54) (101) (31) (39) (14) (14)

(-) Depreciation y amortization3 (10) (12) (14) (16) (20) (22) (24) (26) (29) (32) (15) (31)

Adjusted Non-Interest Expenses - Itaú CorpBanca Chile 207 239 257 306 331 384 404 410 422 432 217 214

Annual growth rate 15.6% 7.4% 19.1% 8.1% 16.1% 5.3% 1.4% 3.0% 2.2% -1.3%

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 2,323 2,495

Annual growth rate 18.9% 3.0% 8.1% 8.4% 16.3% 8.3% 4.5% 5.4% 8.1% 7.4%

Average: 1.3% ; 6.3%

≠10 27

Ch$ 68 billion or US$ 101 million1 in synergies captured since the merger

Adjusted Total Expenses evolution – actual1 (Ch$ Bln)

Adjusted Total Expenses evolution – System growth rates1 (Ch$ Bln)

≠19≠

1 – Exchange rate of Ch$ 678.42 / 1 US$, as of June 28th, 2019

Efficiency | Estimated Synergies Captured to Date4

32

207 239 257

306 331 384 404 422 445

481

217 233

18 23 36

16

2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018 6M18 increase 6M19

207 239 257

306 331

384 404 410 422 432

217 214

6 12 9

( 3 )

2009 2010 2011 2012 2013 2014 2015 increase 2016 increase 2017 increase 2018 6M18 increase 6M19

+1.4%

+4.6%

+3.5%

+5.6%

+2.2%

+8.1%

-1.3%

+7.4%

≠12




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


Notes:

1 Capital Básico = Core Capital, according to CMF BIS I definitions; includes corresponding adjustments from merger effects of the business combination

2 Patrimonio efectivo = Regulatory Capital, according to CMF BIS I definitions

3 BIS ratio = Patrimonio efectivo / RWA, according to CMF BIS I definitions

Ch$ Tn*

1.02

Capital

Básico1

Subord.

BondMinority

Interest

Patrimonio

Efectivo2

Goodwill

*Data as of June 30, 2019

Source: Itaú Corpbanca consolidated balance sheet

3.38

0.23

3.45

14.5% BIS Ratio3

1.18

34

Capital Generation | Regulatory Capital Composition 5

35

Capital Generation | Estimated BIS III Capital Ratio5

10,2% -2,4%

-0,2% 7,6%

Regulatory CapitalRatio (Jun. 19)

Other Intangible Assets/ Net Deferred Taxes

Net effectof changes in RWA

Estimated Fully LoadedBIS III Capital

4.3%

14.5%

CET 14.5%

New LGB

(Dec. 2024)

SIFI (est.)

CCB

AT1

11.5%

1,5%

1.0%

Total Capital

2.5%

8.0%

Tier II

9.5%

CET 1

Tier I

2.0%3.8%

11.4%

-0.5%

Max use of Tier II

10.2% -2.4%

-0.2% 7.6%

Tier I

Tier II

Regulatory Capital Ratio

(Jun.2019)




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


37

Colombia | Highlights6

Contribution to the Consolidated Recurring Net Income

Highlights

(1) Evolution in constant currency

∆2Q19 x 1Q19

Recurring

Net Income

RoTE 7.6% +2.5 p.p.

Loan

Portfolio1

Total

Assets1

2Q19

Ch$ 4.7 Tn +1.2%

Ch$ 7.6 Bn +52.3%

Ch$ 6.7 Tn +3.2%

Recurring Net Income EvolutionIn Ch$ Billion

Ch$ million

38

Colombia | Highlights6

Cost of Credit1Operating Revenues1

Efficiency

57.4% 56.3% 54.9% 50.4% 54.3%

96.1%

77.0%68.4% 71.3% 66.8%

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

Efficiency Risk-Adjusted Efficiency

In Ch$ BillionIn Ch$ Billion

31.8

21.0 16.1

25.0

15.5

2.6%1.7% 1.4% 2.1%

1.3%

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

Cost of Credit Risk Cost of Credit Risk / Average Loans

45.244.0

44.7

42.9

44.8

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

Non-Interest Expenses1

In Ch$ Billion

79.0 78.381.5

85.182.7

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

+4.7%

-2.9%

(1) Figures in constant currency

4.4%+

-0.9%

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 1Q19


Appendix

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 ir.itau.cl.

40

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 2Q19


Appendix

Consolidated

Ch$ bn

2.222.111.9

Recurring Net Income Recurring RoTE Loans NPL 90+ days

Financial Margin with Clients Commissions and Fees Cost of Credit Non-Interest Expenses

76.7%

Chile

Ch$ bn 80.8%

2Q19 vs. 1Q19

2Q19 vs. 1Q19

Consolidated5.0

Chile

1.9%

2.4%

2Q19 vs. 1Q19

2Q19 vs. 1Q19

2Q19 vs. 1Q19

2Q19 vs. 1Q19

Consolidated

Ch$ bn

Chile

Ch$ bn

2Q19 vs. 1Q19

2Q19 vs. 1Q19

2Q19 vs. 1Q19

2Q19 vs. 1Q19

Consolidated

Ch$ bn

Chile

Ch$ bn

2Q19 vs. 1Q19

2Q19 vs. 1Q19

Consolidated

Ch$ bn

Chile

Ch$ bn

2Q19 vs. 1Q19

2Q19 vs. 1Q19

2Q19 vs. 1Q19

2Q19 vs. 1Q19

Consolidated

Ch$ tn

Chile

Ch$ tn

2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19 2Q18 3Q18 4Q18 1Q19 2Q19

64.9

2Q18 3Q18 4Q18 1Q19 2Q19

43.850.7 34.2 60.4 13.7

2Q18 3Q18 4Q18 1Q19 2Q19

8.910.5 6.9 21.2

2Q18 3Q18 4Q18 1Q19 2Q19

21.521.2 21.7 2.3

2Q18 3Q18 4Q18 1Q19 2Q19

2.12.2 2.2

60.4

52.8

Consolidated

Ch$ bn

Chile

Ch$ bn

11.9

13.0

p.p.

p.p.5.7

%

%

22.1

17.4

Consolidated0.0

Chile

2.2

1.9

p.p.

p.p.0.0

%

%

2.4%

4.0%

196.2 220.1194.1 202.2 206.9

206.9

146.5

3.6%

4.8%

47.4 51.749.2 48.6 50.3

50.3

41.1

-7.0%

14.7%

59.0 66.951.4 61.6 57.4

57.4

41.9

1.8%

1.2%

157.2 158.4157.0 154.4 157.2

157.2

112.5

Highlights 2nd Quarter 2019

42

43

About 2Q19 | Managerial Results1

In Ch$ b illion 2Q'19 1Q'19 % $ 2Q'18 % $

Operating Revenues 212.0 187.4 13.1% 24.6 205.5 3.1% 6.4

Managerial Financial Margin 170.9 148.2 15.3% 22.7 167.6 1.9% 3.2

Financial Margin with Clients 146.5 140.8 4.0% 5.7 134.3 9.1% 12.2

Financial Margin with the Market 24.4 7.4 229.7% 17.0 33.3 -26.9% -9.0

Commissions and Fees 41.1 39.2 4.8% 1.9 37.9 8.5% 3.2

Cost of Credit -41.9 -36.6 14.7% -5.4 -25.8 62.4% -16.1

Provision for Loan Losses -53.8 -45.6 18.0% -8.2 -45.8 17.4% -8.0

Recovery of Loans Written Off as Losses 11.5 8.5 35.1% 3.0 11.8 -2.7% -0.3

CVA 0.3 0.5 -37.9% -0.2 8.1 -96.3% -7.8

Non-interest Expenses -112.5 -111.2 1.2% -1.3 -110.1 2.2% -2.5

Income before Tax and Minority Interests 57.5 39.7 45.0% 17.9 69.7 -17.4% -12.1

Income Tax -4.7 -10.5 -55.1% 5.8 -7.2 -34.5% 2.5

Recurring Net Income 52.8 29.2 80.8% 23.6 62.5 -15.6% -9.7

29.2

52.85.7

17.0

1.9

-5.4 -1.3 5.8

1Q'19 Financial Marginwith Clients

Financial Marginwith the Market

Commissions andFees

Cost of Credit Non-interestExpenses

Income Tax &Other

2Q'19

BA C D

44

About 2Q19 | Financial Margin with Clients1

In Ch$ billion

134.3 132.6

157.4

140.8146.5

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

+

134.3146.5

2.17.6 2.7 -0.2

2Q'18 Loan Portfolio Mix Average Loan Portfolio,

Loan Spreads and

Liabilities Margin

Comercial spreads on

derivatives and FX

transactions with clients

Working Capital and

other

2Q'19

140.8 146.5

0.14.0 0.0 1.0 0.3 0.3

1Q'19 Loan Portfolio Mix Average Loan

Portfolio, Loan

Spreads and

Liabilities Margin

Comercial

spreads on

derivatives and

FX transactions

with clients

Calendar days Sale of student

loans portfolio

Working Capital

and other

2Q'19

4.0%

9.1%+

A

About 2Q19 | Financial Margin with the Market1

In Ch$ billion

Quarterly evolution breakdown (Ch$ billion) 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.

45

1.7

2.2

1.71.9 2.0


0.7% 0.7% 0.8%

0.0%

1.2%

-0.5%

0.0%

0.5%

1.0%

1.5%

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

B

7.4

24.4

About 2Q19 | Cost of Credit and Credit Quality1

46

Cost of Credit Coverage

Non Perfoming Loans (90+ days -%) and NPL Creation (Ch$ billion)

In Ch$ Billion

239,4

133,0

2017 2018

Cost of Credit Risk

Commercial (exStudent Loans) Mortgage Consumer

25.8 29.4

50.7 36.6 41.9

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

0.6% 0.7%

1.2%

0.9%1.0%

113% 114%

122%

131%126%

129%

2.5%2.4%

2.4% 2.4% 2.4% 2.4%

mar-18 jun-18 sep-18 dec-18 mar-19 jun-19

NPL90 Coverage Provisions / Loans

1.9% 1.8%1.6% 1.4% 1.5% 1.4%


2.0% 1.8% 1.7% 1.7% 1.8% 1.7%


1.8%1.5%

1.8% 1.7%2.0%

1.7%


12 11

-14

0 24

6 -2 -3 -0

3 3

-1 21 18 27 23

29 21

C

About 2Q19 | Non-Interest Expenses and Efficiency1

47

in Ch$ billion 2Q'19 1Q'19 % $ 2Q'18 % $ 1S'19 1S'18 % $

Personnel Expenses 52.5 49.9 5.3% 2.6 47.4 10.8% 5.1 102.4 96.0 6.7% 6.4

Adminsitrative Expenses 50.6 52.3 -3.1% -1.6 55.2 -8.3% -4.6 102.9 108.7 -5.4% -5.8

Personnel and Administrative Expenses 103.1 102.1 1.0% 1.0 102.6 0.5% 0.5 205.3 204.7 0.3% 0.6

Depreciation, Amortization and Impairment 9.4 9.1 3.7% 0.3 7.4 26.5% 2.0 18.4 14.3 29.1% 4.2

Non-Interest Expenses 112.5 111.2 1.2% 1.3 110.1 2.2% 2.5 223.7 219.0 2.2% 4.8

change change change

53.5% 55.6%53.1%

59.3%

53.1%

61.2%65.2%

69.6%73.7%

66.2%

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

Efficiency ratio Risk-ajusted Efficiency ratio

202 202 201 201 193

1 1

1

202 202

194

2Q'18 3Q'18 4Q'18 1Q'19 2Q'19

Sucursales Sucursal Digital

DD

Itaú Corpbanca has presented a noticeable convergence to peers

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

1 – Average of top 3 peers in Chile. As of Aug 14, 2019; 2 – As of June 30, 2019.

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

Bonds issued in Chile LTM2

48

About 2Q19 | Debt Spread Evolution1

-0.25

0.00

0.25

0.50

0.75

1.00

1.25

1.50Peer A Peer B Peer C Itaú Corpbanca

0.0

0.5

1.0

1.5

2.0

2.5 Peer A Peer B Peer C Corpbanca Itaú

123 123

41 44

147

82 101

205

103 82 82

123

82 82 82 82 103

04

-04

-20

17

04

-04

-20

17

08

-25

-20

17

09

-25

-20

17

10

-17

-20

17

02

-06

-20

18

02

-21

-20

18

03

-14

-20

18

04

-13

-20

18

06

-05

-20

18

02

-11

-20

19

02

-15

-20

19

02

-25

-20

19

02

-26

-20

19

03

-07

-20

19

03

-14

-20

19

05

-07

-20

19

8 bp7 bp

5 bp 5 bp7 bp

5 bp4 bp

9 bp

2 bp

6 bp 6 bp 6 bp 6 bp4 bp

6 bp5 bp

4 bp

Current International Ratings

Moody's S&P

Financial

Capacity

Rating Scale Rating Scale

LT ST LT ST

Extremely

strongAaa

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

49

About 2Q19 | Rating Upgrades in 2016 Contribute to Further Reduction in Cost of Funds1

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

A+

A

A-

A+A+

AA

A+

A

A+

A

A

A-A-

BBB+

BBB+

BBB BBB

BBB+

Ch$ BnLímit

Capital

Básico¹

Total gap -

30 days

Total gap -

90 days

Total gap -

30 days

Total gap -

90 days

Peer-A 100% 3,393 1,393 1,920 41% 28%

Peer-B 100% 3,286 1,944 3,842 59% 58%

Peer-C 100% 3,603 186 2,051 5% 28%

Estado 100% 1,741 825 2,725 47% 78%

Itaú CorpBanca (Chile only) 100% 3,377 1,072 1,429 32% 21%

a

Adjusted liquidity gap Use of limit Itaú Corpbanca has lowest maturity mismatches compared with peers

BIS III Liquidity Framework – LCR2 & NSFR3

21%28%

58%

28%

78%

Itaú CorpBanca(Chile only)

Peer -A Peer -B Peer-C Estado

50

About 2Q19 | Liquidity Risk1

125.2%

70%

90%

110%

130%

150%

170%

190%

210%

04

-01

-20

16

05

-01

-20

16

06

-01

-20

16

07

-01

-20

16

08

-01

-20

16

09

-01

-20

16

10

-01

-20

16

11

-01

-20

16

12

-01

-20

16

01

-01

-20

17

02

-01

-20

17

03

-01

-20

17

04

-01

-20

17

05

-01

-20

17

06

-01

-20

17

07

-01

-20

17

08

-01

-20

17

09

-01

-20

17

10

-01

-20

17

11

-01

-20

17

12

-01

-20

17

01

-01

-20

18

02

-01

-20

18

03

-01

-20

18

04

-01

-20

18

05

-01

-20

18

06

-01

-20

18

07

-01

-20

18

08

-01

-20

18

09

-01

-20

18

10

-01

-20

18

11

-01

-20

18

12

-01

-20

18

01

-01

-20

19

02

-01

-20

19

03

-01

-20

19

04

-01

-20

19

05

-01

-20

19

06

-01

-20

19

LCR CH LCR Limit4

Chile Colombia

LCR (%) 122.2% 170.0%

NSFR (%) 91.6% 87.4%

1 – According to CMF BIS I definitions. 2 – LCR: Liquidity Coverage Ratio calculated according to BIS III rules. Regulatory LCR ratios are still under construction in Chile. 3 – 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 and the Brazilian Central Bank (BACEN) and only the BACEN set a limit for NSFR.

4 – Excludes Colombia and Panama.

Source: Quarterly liquidity status report as of June 30, 2019 for each bank available in the corresponding websites.

Regulatory Liquidity: Mismatch vs. Peers in Chile

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 2Q19


Appendix

2.1%1.4%

2.6% 2.6%3.3%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

2016

GDP

Loan Growth

Inflation

Interest Rate

2017 2018 2019 2016 2017 2018 2019

12.2%

6.1% 5.8%

8-10%

Perspectives for 2019 | Macroeconomic Outlook2

52Initial projection for 2019Current projection for 2019

2.7%

2.3%2.6%

2.8%

2.7%

3.5%

2.5% 2.75%

2.0%

3.5%

5.8%

4.1%3.2% 3.4%

7.50%

4.75%4.25%

4.00%

4.75%

1.7% 1.3%

4.0%

2.4%3.2%

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

5.6%4.5%

10.2% 8-10%

Loan Growth

Loan Mix1

Cost of Credit Risk2

Adjusted Non-Interest Expenses

Results from Colombia3

Expected

8.0% 10.0%

1 – Retail loans refers to Mortgage and Consumer loan. ; 2 – Net provision for credit & counterparty risks. ; 3 – Managerial Net Income Attributable to Shareholders.

0.7% 0.8%

Continued recovery in profitability

In line with inflation

Continued increasing retail in loan mix

Perspectives for 2019 2

53

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 2Q19


Appendix

Average Tangible Equity Breakdown

All other Assets: Ch$ 29,136

Ch$ 22,542

Ch $6,594

All other Liabilities: Ch$ 26,911

Ch$ 20,912

Ch$ 5,999

Asociado a Intangibles PPA: Ch$ 40

Minority Interest ex GW and PPA

Intangibles: Ch$ 195

Assets: 30,565

Liabilities: 26,985

Minority Interest: 225

2Q’19 Average Balance (Ch$ Tn)

Managerial Tangible Equity: Ch$ 2,030

Ch$ 1,628

Ch$ 402

Shareholders’ Equity: 3,355

Managerial Tang. Equity:

Recurring Results:

Recurring RoTE:

Ch$ 2,030 Ch$ 1,628 Ch$ 402

Ch$ 60.4 Ch$ 52.8 Ch$ 7.6

÷ ÷ ÷

11.9% 13.0% 7.6%

= = =

Goodwill: Ch$ 1,175

Ch$ 941

Ch$ 234

Intangibles from PPA: Ch$ 254

Ch$ 123

Ch$ 130

Deferred taxes asociated with

intangibles from PPA: Ch$ 74

Ch$ 33

Ch$ 41

Asociated w/ PPA Intangibles: Ch$ 30

GW and PPA Intangibles: Ch$ 1,325

Ch$ 1,031

Ch$ 293

55

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

Itaú Corpbanca to buy Helm stake in Itaú Corpbanca Colombia

‐ On February 28, 2019, a three-member Tribunal of the ICC ordered Helm to sell its

shares of Itaú Corpbanca Colombia, which represents 19.44% of the equity of Itaú

Corpbanca Colombia at approximately US$299 million (which includes interest at

LIBOR plus 2.7% per year running from April 1, 2016)

‐ This price of US$299 million implies a valuation multiple of 1.36 times book value of

Itaú Corpbanca Colombia as of December 31, 2018, and is consistent with the

valuations of Itaú Corpbanca Colombia in Itaú Corpbanca’s financial statements

‐ The acquisition, when completed, will result in an estimated impact of 0.82% on Itaú

Corpbanca’s Common Equity Tier 1 capital, on a fully loaded basis, under the Basel

III standards (using exchange rates as of February 28, 2019)

‐ The purchase of shares of Itaú Corpbanca Colombia by Itaú Corpbanca will be

subject to regulatory approvals in Colombia, Chile and Brazil

CorpGroupHelm

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%. 56

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Global Macroeconomic Outlook

58

2011 2012 2013 2014 2015 2016 2017 2018 2019F 2020F

GDP Growth (%) - World Economy

World 4.2 3.5 3.5 3.6 3.5 3.3 3.7 3.7 3.2 3.0

USA 1.6 2.2 1.8 2.5 2.9 1.6 2.2 3.3 2.2 1.5

Euro Zone 1.7 -0.8 -0.2 1.4 2.0 1.9 2.5 1.9 1.0 1.0

China 9.5 7.9 7.9 7.4 6.9 6.7 6.8 6.5 6.2 5.7

Japan -0.1 1.5 2.0 0.0 1.3 0.6 1.9 0.8 0.8 0.4

GDP Growth (%) - Latam

Brazil 4.0 1.9 3.0 0.5 -3.5 -3.3 1.1 1.1 0.8 1.7

Chile 6.1 5.3 4.0 1.8 2.3 1.7 1.3 4.0 2.4 2.9

Colombia 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.6 2.6 2.8

Mexico 4.0 3.6 1.4 2.8 3.3 2.9 2.1 2.0 0.6 1.1

Peru 6.5 6.0 5.8 2.4 3.3 4.0 2.5 4.0 3.1 3.2

Inflation (eop, %)

Brazil (IPCA) 6.5 5.8 5.9 6.4 10.7 6.3 2.9 3.7 3.6 3.6

Chile 4.4 1.5 3.0 4.6 4.4 2.7 2.3 2.6 2.8 2.9

Colombia 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.8 3.2

Mexico 3.8 3.6 4.0 4.1 2.1 3.4 6.8 4.8 3.7 3.4

Peru 4.7 2.6 2.9 3.2 4.4 3.2 1.4 2.2 2.1 2.0

Monetary Policy Rate (eop, %)

Brazil 11.00 7.25 10.00 11.75 14.25 13.75 7.00 6.50 5.00 5.00

Chile 5.25 5.00 4.50 3.00 3.50 3.50 2.50 2.75 2.00 2.00

Colombia 4.75 4.25 3.25 4.50 5.75 7.50 4.75 4.25 4.00 3.50

Mexico 4.50 4.50 3.50 3.00 3.25 5.75 7.25 8.25 7.50 6.50

Peru 4.25 4.25 4.00 3.50 3.75 4.25 3.25 2.75 2.25 2.25

Unemployment Rate (avg, %)

Brazil - 7.4 7.1 6.8 8.5 11.5 12.7 12.3 11.9 11.7

Chile 7.1 6.4 5.9 6.4 6.2 6.5 6.7 7.0 7.0 7.2

Colombia 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.7 10.3 10.0

Mexico 5.2 4.9 4.9 4.8 4.4 3.9 3.4 3.3 3.8 3.9

Peru 7.7 7.0 5.9 6.0 6.4 6.7 6.9 6.6 7.0 6.8

Chile | Macroeconomic Outlook

GDP Growth | % (YoY) Per Capita GDP | US$ Thousand

Unemployment rate | % Inflation and Policy Rate | %

5.1

3.32.7

3.8

7.0

6.25.7

5.2

3.5

-1.6

5.8 6.15.3

4.0

1.82.3

1.71.3

4.0

2.42.9

-2

-1

0

1

2

3

4

5

6

7

8

00 05 10 15 20

5.1 4.6 4.5 4.86.2

7.6

9.510.510.710.6

12.914.2

15.3 15.614.5

13.314.0

15.215.9

15.115.8

0

2

4

6

8

10

12

14

16

18

00 05 10 15 20

9.7 9.9 9.8 9.510.0

9.3

8.0

7.0

7.8

10.8

8.3

7.2

6.56.0

6.3 6.3 6.5 6.77.0 7.0 7.2

4

5

6

7

8

9

10

11

12

00 05 10 15 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

2.72.3 2.6 2.8 2.9

-2

0

2

4

6

8

10

00 05 10 15 20

Inflation Policy Rate

59

Chile | Macroeconomic Outlook

International Reserves | % of GDP Current Account Balance | % of GDP

Central Government Fiscal Balance | % of GDP External Debt | % of GDP

60

19.420.221.9

20.8

16.1

13.812.6

9.8

13.214.2

12.6

17.115.6

14.915.7

16.215.913.9

13.413.9

13.2

0

5

10

15

20

25

00 05 10 15 20

-1.2-1.5

-0.8 -1.1

2.6

1.5

4.6 4.1

-3.2

1.71.3

-1.7

-3.9 -4.1

-1.7-2.4

-1.6-2.1

-3.1 -3.2-3.2

-5-4-3-2-1012345

00 05 10 15 20

-0.6-0.5

-1.2-0.4

2.1

4.4

7.37.8

3.9

-4.4

-0.5

1.30.6

-0.6-1.6

-2.1 -2.7 -2.7-1.6

-2.3-2.0

-6

-4

-2

0

2

4

6

8

00 05 10 15 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

49.8

39.0

33.229.5 29.7 34.5

38.8 36.438.2

42.946.1

55.2

62.959.6 56.7 54.5

0

10

20

30

40

50

60

70

03 09 15

Privado Publico

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

5.34.7

6.8 6.8

3.3

1.2

4.3

7.4

3.94.6 4.7

3.0

2.11.4

2.6 2.6 2.8

0

1

2

3

4

5

6

7

8

00 05 10 15 20

2.5 2.4 2.4 2.32.8

3.43.7

4.75.3 5.2

6.3

7.38.0 8.1 8.0

6.1 5.86.3

6.6 6.36.7

0

1

2

3

4

5

6

7

8

9

00 05 10 15 20

13.3

15.015.6

14.113.7

11.812.011.211.3

12.011.8

10.810.4

9.69.1 8.9 9.2 9.4 9.7

10.310.0

5

7

9

11

13

15

17

00 05 10 15 20

8.77.6

7.06.5

5.54.9 4.5

5.7

7.7

2.0

3.2 3.7 2.41.9

3.7

6.8

5.8 4.1

3.2 3.83.2

0

5

10

15

00 05 10 15 20

Inflation Policy Rate 61

Colombia | Macroeconomic Outlook

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

-3.1-2.6

-2.3

-8

-6

-4

-2

0

00 05 10 15 20

20.824.023.326.0

22.016.616.314.012.1

15.813.812.712.413.715.722.525.123.121.8

15.615.9

14.814.2

11.6

9.9 8.5

7.67.0

7.1 8.8 9.9 8.810.4

11.0

15.5

17.416.9 17.8

0

5

10

15

20

25

30

35

40

45

00 05 10 15

Privado Publico

62

10.411.111.511.6

10.29.5 10.110.210.8

9.9 9.6 10.111.4

12.4

15.916.615.3

14.6

16.6 16.7

0

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

-6.3

-4.3

-3.3-3.9

-4.3 -4.1

-8

-6

-4

-2

0

2

00 05 10 15 20

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Itaú Corpbanca

Institutional Investors

Presentation

August 2019

institutional investors presentation august19...shared leadership, conquered through talent and...

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