institutional investors presentation may19...macroeconomic backdrop gdp growth (%) interest rates...

Itaú Corpbanca

Institutional Investors

Presentation

May 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 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 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 1Q19

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

5.8 6.1

5.3

4.0

1.8

…

1.3 1.5

4.0

3.2

4.0 4.0

6.6

3.9

4.6 4.7

3.0

2.0 1.8

2.7

3.33.6

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 2.6

2.9 3.2

3.7

2.4 1.9

3.7

6.8

5.8

4.1

3.2 3.0 3.0

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

Chile Colombia

4

3.3

5.3 5.0 4.5

3.0 3.5 3.5

2.5 2.8 3.3

4.0

3.0

4.8 4.3

3.3

4.5

5.8

7.5

4.8 4.3 4.3 4.5

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 1Q19


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 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.

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

10.1% 3 4.7% 4Market Share

US$ 24.8 bn US$ 7.0 bn Loans 1 US$ 31.8 bn

5,557 5 3,485 6Headcount 1 9,042

202 161 Branches 1 363

US$ 33.8 bn US$ 9.6 bnAssets 1 US$ 43.4 bn

US$ 44 mn US$ 6 mn Recurring Net Income 1Q19 US$ 50 mn

7.5% 4.3% Recurring RoTAE 1Q19 7 6.9%

1 Consolidated information as of March 31, 2019; 2 Figures were converted at an exchange rate of 680.44 CLP/USD; 3 Consolidated information as of February 28, 2019; 4 Consolidated information as of January 31, 2019; 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.

Our Bank | Highlights

10

(US$ Bn)

US$ Bn US$ Bn

4

Caixa

7. BCI

Santander

Bradesco3

9 Citibank

Banco do Brasil

8 BBVA

Scotiabank7

1

2

3

4

5

6

7

8

9

15

BCI

Grupo Aval

5. BBVA

Santander

Scotiabank7

Banco del Estado de Chile

1

2

3

5

6

7 Banco de Chile

Bancolombia

Itaú Corpbanca4

9

8

Itaú CorpBanca represents 23%

of Itaú Unibanco’s consolidated

loan portfolio8

Itaú Unibanco2

10Itaú Corpbanca4

Itaú LatAm6

1 Data as of September 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 September 30, 2018. Includes Colombia, Chile, Argentina, Paraguay, Perú and Uruguay; 6 Includes Colombia, Chile, Argentina,

Paraguay, Perú and Uruguay; 7 As of September 30, 2018 Scotiabank figures consolidates with BBVA Chile after the latter merged with and into Scotiabank Chile; 8– Considering the consolidated loan portfolios of Itaú Unibanco and Itaú Corpbanca reported in

their respective 1Q’19 MD&As and a R$ 3.8879 / US$ and a Ch$ 680.44 / US$ foreign exchange rates as of 31.03.2019; 9– 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

Loan portfolio as of Mar.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)

363

398

316

102

341

76

319

161

60

45

53

54

57

53

45

76

78

60

55

50

Our Bank | Relevance Across Latin America

11

US$ 4.5 BnMarket Cap. (Mar. 31, 2019)

Average daily traded volumes 12

months ended March 31, 2019

Source: Sell-side reports.

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

Buy: 2

Hold: 5

Sell: 0

Sell-side rating:

12

% Total share capital as of April 30, 2019

Our Bank | Shareholders & Stock Market

3.35

0.26

3.61

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 1Q19


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: SBIF; Itaú Corpbanca; Team Analysis.

Loans breakdown by segment¹LTM Mar 2019, Ch$ Bn

13.9

7.0

13.8

6.7

Total

5.8 5.8

5.6 5.9

ItaúCorpbanca

AverageTop 3

Interest Rates

27,222

Consumer

Commercial

16,03821,931

Mortgage

29,861

∆ 25 bp

39 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

55.3%51.0% 48.6%

65.6%

28.9%33.0% 36.6%

23.7%

15.8% 15.9% 14.7%10.6%

17

7.0

7.1

6.7

6.5

Growth | Portfolio Mix1

18

Portfolio Mix (%)

66.7%

23.2%

10.0%

Mar-18

66.6%

22.8%

10.6%

Mar-19

Retail: 33.3%

Retail: 33.4%

Market Share (Mar.2019)

7.1%

Commercial

Mortgage

Consumer

7.9%

12.1%

Total Loans

10.1%

+14 bp

-37 bp

-46 bp

-33 bp

Share 12-

months

+17 bp

23.3%

Growth | Credit Portfolio Growth Rate 1

19

9.7%

11.9%

0%

5%

10%

15%

20%

25%

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19

10.1%

6.2%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%


10.7%

6.1%

-10%

-5%

0%

5%

10%

15%


9.1%

4.2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%


Total Loans

Mortgage

Commercial

Consumer

Annual portfolio growth rate

10.2%

6.2%11.4%

6.3%

Total Funding BreakdownInterest Rates

31,932 19,904

Debt Issued

35,238

Others1

100%27,237

Checking accounts

and deposits

2.9

2.3

3.2

2.9

Total

0.2 0.3

4.6 4.9

Itaú Corpbanca

1.1 1.2

Average Top 3

∆ 55 bp

32 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 Mar 2019, Ch$ Bn

Top 3

Current

Growth | Funding Mix an Opportunity to Increase Profitability1

20

14.7% 16.8%23.5% 20.9%

22.6%23.2%

22.7% 27.4%

33.6%

36.5%

39.8%39.4%

29.0%23.6%

14.0% 12.3%

2.6

2.9

2.3

2.6




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)

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

Wh

ole

sale

Ba

nk

ing

Re

tail

Ba

nk

ing

22

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

level, satisfaction and profitability per client.

22 Itaú Personal Bank + 34 Corners PB

123 Itaú Sucursales

56 Condell (Consumer Finance)

Itaú Personal Bank Itaú Sucursales

Client Centricity | Individuals Segmentation Overview2

23

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

24




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

26

Increasing transactions

Higher adoption of our App

149more CLIENTS since Jan’17

# sales of retail installment loans

Digital Transformation | Increasing Digital Transactions3

27

91%

22%

9%

78%

Apr'16 Mar'19

Sales through traditional channels Sales through Digital Channels (Internet + App)

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%

28

5.8%9.6%

1.7%

12.4%

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

Financial System Itaú CorpBanca




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


15.6%

7.4%

19.1%

8.1%

16.1%

5.3%

1.4%3.0% 2.2%

18.9%

3.0%

8.1% 8.4%

16.3%

8.3%

4.5% 5.4%

8.1%

2010 2011 2012 2013 2014 2015 2016 2017 2018

Itaú CorpBanca Chile Chilean Financial System

Average: 11.9% ; 10.5%

Average: 2.2% ; 6.0%

Adjusted Non-Interest Expenses annualized growth (%)

In millon of Chilean Pesos 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

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

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

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

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

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

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

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

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

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

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

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

30

207 239 257

306 331

384 404 410 422 432

6 12 9

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

207 239 257

306 331 384 404 422 445

481 18

23 36

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

≠12 10

Ch$ 49 billion or US$ 76 million1 in synergies

captured in the first three years

Adjusted Total Expenses evolution – actual1 (Ch$ Bln)

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

≠

+1.4% +3.5%

+4.6%+5.6%

27≠

+2.2%

+8.1%

1 – Exchange rate of Ch$ 651.79 / 1 US$, as of February 28th, 2019As presented in our April 21st, 2016 Investor Update Conference Call to discuss different topics of the merger.

Efficiency | Estimated Synergies Captured to Date4

31




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


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*

1.00

Capital

Básico1

Subord.

BondMinority

Interest

Patrimonio

Efectivo2

Goodwill

*Data as of March 31, 2019

Source: Itaú Corpbanca consolidated balance sheet

3.34

0.23

3.39

14.3% BIS Ratio3

1.18

33

Capital Generation | Regulatory Capital Composition 5

Regulatory capital ratio evolution (previous 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). 34

Capital Generation | Regulatory Capital Ratios & Estimated BIS III Capital Ratio5

14.3%

14.7% 14.3%

6 bp -17 bp -33 bp 11 bp

Dec.18 Capital Basico SubordinatedBonds

RWA Other Mar.19

10.1%

7.7%

-2.3%

+ / -

Regulatory Capital

Ratio (Mar.19)

Other Intangible Assets

/ Net Deferred Taxes

Net effect of changes

in RWA

Estimated Fully Loaded

BIS III Capital

4.2%

3.9%

-0.4%

11.6%




Growth






2

1

3





Client Centricity

Efficiency

5






Colombia


36

Colombia | Highlights6

Recurring Net Income

Cost of Credit

Financial Margin with Clients

Efficiency

-0.5% 2.5% 1.6%

7.9%

5.1%

-0.5

2.41.5

7.8

5.0

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

Recurring Net Income RoTE

99.0% 96.1%

77.0%68.4% 71.3%

58.3% 57.4% 56.3% 54.9%50.4%

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

Efficiency Risk-Adjusted Efficiency

31.2 33.2

22.0 16.1

25.1

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

In Ch$ Billion

2.8% 2.7%

1.8%1.4%

2.2%

60.861.9 61.5

62.7

61.3

5.3%5.1% 5.1%

5.3% 5.3%

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

Financial Margin with Clients Annualized average rate

In Ch$ Billion

239,4

133,0

2017 2018

Cost of Credit Risk

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.

38

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 1Q19


Appendix

Highlights 1st Quarter 2019

Consolidated

Ch$ 34.2 bn

Recurring Net Income Recurring RoTE Loans NPL 90+ days

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

^

21.9%

Chile

Ch$ 29.2 bn

^

18.9%

1Q19 vs. 4Q18

1Q19 vs. 4Q18

50.1

1Q18 2Q18 3Q18 4Q18 1Q19

50.764.9 43.8 34.2

Consolidated

6.9%

^

2.0p.p.

Chile

7.3%

^

1.9p.p.

1Q19 vs. 4Q18

1Q19 vs. 4Q18

10.8

1Q18 2Q18 3Q18 4Q18 1Q19

10.513.7 8.9 6.9

Consolidated

Ch$ 21.6 tn ^ 0.7%

Chile

Ch$ 16.8 tn ^ 0.6%

1Q18 vs. 4Q18

1Q18 vs. 4Q18

20.6

1Q18 2Q18 3Q18 4Q18 1Q19

21.221.2 21.5 21.6

Consolidated

2.2% ^ 0.1p.p.

Chile

1.9% ^ 0.1p.p.

1Q19 vs. 4Q18

1Q19 vs. 4Q18

2.4

1Q18 2Q18 3Q18 4Q18 1Q19

2.22.3 2.1 2.2

Consolidated

Ch$ 202.2 bn

^

8.1%

Chile

Ch$ 140.8 bn

^

10.5%

1Q19 vs. 4Q19

1Q19 vs. 4Q18

196.5

1Q18 2Q18 3Q18 4Q18 1Q19

194.1196.2 220.1 202.2

Consolidated

Ch$ 48.6

^

6.0%

Chile

Ch$ 39.2

^

3.6%

1Q19 vs. 4Q18

1Q19 vs. 4Q18

47.2

1Q18 2Q18 3Q18 4Q18 1Q19

49.247.4 51.7 48.6

Consolidated

Ch$ 61.6 bn

^

7.8%

Chile

Ch$ 36.6 bn

^

27.9%

1Q19 vs. 4Q18

1Q19 vs. 4Q18

61.0

1Q18 2Q18 3Q18 4Q18 1Q19

51.459.0 66.9 61.6

Consolidated

Ch$ 154.4 bn

^

2.6%

Chile

Ch$ 111.2 bn

^

2.0%

1Q19 vs. 4Q18

1Q19 vs. 4Q18

153.1

1Q18 2Q18 3Q18 4Q18 1Q19

157.0157.2 158.4 154.4

40

41

About 1Q19 | Managerial Results1

in Ch$ b illion 1Q'19 4Q'18 % $ 1Q'18 % $

Operating Revenues 187.4 213.7 -12.3% -26.3 199.7 -6.1% -12.3

Managerial Financial Margin 148.2 173.0 -14.3% -24.8 160.3 -7.6% -12.1

Financial Margin with Clients 140.8 157.4 -10.5% -16.6 135.6 3.8% 5.2

Financial Margin with the Market 7.4 15.7 -52.8% -8.3 24.7 -70.1% -17.3

Commissions and Fees 39.2 40.7 -3.6% -1.5 39.3 -0.3% -0.1

Cost of Credit -36.6 -50.7 -27.9% 14.2 -29.8 22.6% -6.7

Provision for Loan Losses -45.6 -68.4 -33.4% 22.8 -37.2 22.4% -8.3

Recovery of Loans Written Off as Losses 8.5 17.8 -52.1% -9.3 6.8 25.6% 1.7

CVA 0.5 -0.1 -526.1% 0.6 0.6 -20.2% -0.1

Non-interest Expenses -111.2 -113.4 -2.0% 2.2 -108.9 2.1% -2.3

Income before Tax and Minority Interests 39.7 49.6 -20.0% -9.9 60.9 -34.9% -21.3

Income Tax -10.5 -13.6 -23.0% 3.1 -10.3 1.1% -0.1

Recurring Net Income 29.2 36.0 -18.9% -6.8 50.6 -42.3% -21.4

36.029.2

-16.6

-8.3-1.5

14.2

2.2 3.1

4Q'18 Financial Marginwith Clients

Financial Marginwith the Market

Commissions andFees

Cost of Credit Non-interestExpenses

Income Tax &Other

1Q'19

21 3 4

-14.9: sale of credit

portfolio in 4Q’18

and lower # of

calendar days in

1Q’19

42

About 1Q19 | Financial Margin with Clients1

In Ch$ billion

-10.5%

1

135.6 134.3 132.6

157.4

140.8

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

+3.8%135.6

140.8

2.13.6 -0.2 -0.4

1Q'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

1Q'19

157.4

140.8

1.3 -0.4 -1.5 -1.9

-13.0 -1.0

4Q'18 Loan Portfolio

Mix

Average Loan

Portfolio, Loan

Spreads and

Liabilities Margin

Comercial

spreads on

derivatives and

FX transactions

with clients

Lower number of

calendar days

Sale of student

loans portfolio

Working Capital

and other

1Q'19

About 1Q19 | Financial Margin with the Market1 2

In Ch$ billion

15.7

7.4

-1.7

-8.5

1.9

4Q'18 Trading Banking Institutional &Other

1Q'19

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.

0.6%0.7% 0.7% 0.8%

0.0%

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

2.4

1.7

2.2

1.71.9

Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

43

About 1Q19 | Cost of Credit and Credit Quality1 3

44

Cost of Credit Coverage

Non Perfoming Loans (90+ days)

In Ch$ Billion

239,4

133,0

2017 2018

Cost of Credit Risk

Commercial (exStudent Loans) Mortgage Consumer

29.8 25.8 29.4

50.7

36.6

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

0.7%0.6% 0.7%

1.2%

0.9%

119%113% 114%

122%

131%126%

2.5% 2.5%2.4%

2.4% 2.4% 2.4%

Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19

NPL90 Coverage Provisions / Loans

1.8% 1.9% 1.8%1.6%

1.4%1.5%


2.1%2.0%

1.8% 1.7% 1.7% 1.8%


1.9%1.8%

1.5%

1.8% 1.7%2.0%


About 1Q19 | Non-Interest Expenses and Efficiency1 4

45

in Ch$ billion 1Q'19 4Q'18 % $ 1Q'18 % $

Personnel Expenses -49.9 -55.6 -10.4% 5.8 -48.6 2.7% -1.3

Adminsitrative Expenses -52.3 -49.4 5.8% -2.9 -53.5 -2.3% 1.2

Personnel and Administrative Expenses -102.1 -105.0 -2.7% 2.9 -102.0 0.1% -0.1

Depreciation, Amortization and Impairment -9.1 -8.4 8.0% -0.7 -6.9 31.9% -2.2

Non-Interest Expenses -111.2 -113.4 -2.0% 2.2 -108.9 2.1% -2.3

change change

54.5% 53.5% 55.6% 53.1%59.3%

64.1%61.2%

65.2%69.6%

73.7%

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

Efficiency ratio Risk-ajusted Efficiency ratioRisk-adjusted Efficiency ratio

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 May 2, 2019; 2 – As of March 31, 2019.

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

Bonds issued in Chile LTM2

46

About 1Q19 | Debt Spread Evolution1

-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

oct

-11

ene-

12

abr-

12

jul-

12

oct

-12

ene-

13

abr-

13

jul-

13

oct

-13

ene-

14

abr-

14

jul-

14

oct

-14

ene-

15

abr-

15

jul-

15

oct

-15

ene-

16

abr-

16

jul-

16

oct

-16

ene-

17

abr-

17

jul-

17

oct

-17

ene-

18

abr-

18

jul-

18

oct

-18

ene-

19

abr-

19

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

oct

-11

ene-

12

abr-

12

jul-

12

oct

-12

ene-

13

abr-

13

jul-

13

oct

-13

ene-

14

abr-

14

jul-

14

oct

-14

ene-

15

abr-

15

jul-

15

oct

-15

ene-

16

abr-

16

jul-

16

oct

-16

ene-

17

abr-

17

jul-

17

oct

-17

ene-

18

abr-

18

jul-

18

oct

-18

ene-

19

abr-

19

Chile Santander BCI Corpbanca Itaú

117

202 202

121

162

121 121

4

121 121

40 44

147

81 99

202

103 81 81

121

81 81 81 81

01

-03

-20

17

01

-05

-20

17

01

-10

-20

17

01

-16

-20

17

01

-20

-20

17

01

-25

-20

17

02

-10

-20

17

02

-16

-20

17

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

15 bp

10 bp

2 bp

11 bp 12 bp10 bp

13 bp

7 bp 8 bp 7 bp5 bp 5 bp

7 bp5 bp 4 bp

9 bp

2 bp

6 bp 6 bp 6 bp 6 bp4 bp

6 bp 5 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

47

About 1Q19 | 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+

Regulatory Liquidity: Mismatch vs. Peers in Chile

Ch$ BnLímit

Capital

Básico¹

Total gap -

30 days

Total gap -

90 days

Total gap -

30 days

Total gap -

90 days

Peer-A 100% 3,301 1,812 2,363 55% 36%

Peer-B 100% 3,286 1,536 3,244 47% 49%

Peer-C 100% 3,370 537 1,897 16% 28%

Estado 100% 1,722 300 2,070 17% 60%

Itaú CorpBanca (Chile only) 100% 3,338 1,012 1,598 30% 24%

a

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

• Liquidity: high liquidity standards are an important driver of

our 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. 3 – Excludes Colombia and Panama.

Source: Quarterly liquidity status report as of March 31, 2019 for each bank available in the corresponding websites.

24%

36%49%

28%

60%

Itaú CorpBanca(Chile only)

Peer -A Peer -B Peer-C Estado

48

About 1Q19 | Liquidity Risk1

120.5%

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

LCR CH Límite LCR3

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 1Q19


Appendix

2016

GDP

Loan Growth

Inflation

Interest Rate

2017 2018 2019 2016 2017 2018 2019

2.1%1.4%

2.7% 3.3%

5.6%4.5%

10.2% 8-10%12.2%

6.1% 5.8%

8-10%

Perspectives for 2019 | Macroeconomic Outlook2

50

1.7% 1.3%

4.0%3.2%

2.7%

2.3%2.6%

2.6%

2.7%

3.50%

2.50% 2.75%

3.25%

3.50%

5.8%

4.1%3.2%

3.0%

3.4%

7.50%

4.75%4.25%

4.25%

4.75%

Previous projectionCurrent projection

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

51

Agenda


Our Bank

Strategic Fronts

1. Growth



4. Efficiency


6. Colombia

Financials

1. About 1Q19


Appendix

Average Tangible Equity Breakdown

All other Assets: Ch$ 27,921

Ch$ 21,620

Ch $6,301

All other Liabilities: Ch$ 25,733

Ch$ 20,012

Ch$ 5,721

Asociado a Intangibles PPA: Ch$ 40

Minority Interest ex GW and PPA

Intangibles: Ch$ 192

Assets: 29,363

Liabilities: 25,811

Minority Interest: 223

1Q’19 Average Balance (Ch$ Tn)

Managerial Tangible Equity: Ch$ 1,996

Ch$ 1,606

Ch$ 390

Shareholders’ Equity: 3,329

Managerial Tang. Equity:

Recurring Results:

Recurring RoTE:

Ch$ 1,996 Ch$ 1,606 Ch$ 390

Ch$ 34.2 Ch$ 29.2 Ch$ 5.0

÷ ÷ ÷

6.9% 7.5% 4.3%

= = =

Goodwill: Ch$ 1,177

Ch$ 941

Ch$ 236

Intangibles from PPA: Ch$ 265

Ch$ 129

Ch$ 136

Deferred taxes asociated with

intangibles from PPA: Ch$ 78

Ch$ 34

Ch$ 44

Asociated w/ PPA Intangibles: Ch$ 31

GW and PPA Intangibles: Ch$ 1,333

Ch$ 1,035

Ch$ 298

53

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%. 54

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Global Macroeconomic Outlook

56

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 3.4 3.5

USA 1.6 2.2 1.8 2.5 2.9 1.6 2.2 2.9 2.2 1.7

Euro Zone 1.7 -0.8 -0.2 1.4 2.0 1.9 2.5 1.8 1.2 1.2

China 9.5 7.9 7.9 7.4 6.9 6.7 6.8 6.6 6.2 6.0

Japan -0.1 1.5 2.0 0.0 1.4 1.0 1.4 0.7 0.6 0.9

GDP Growth (%) - Latam

Brazil 4.0 1.9 3.0 0.5 -3.5 -3.3 1.1 1.1 1.3 2.5

Chile 6.1 5.3 4.0 1.8 2.3 1.7 1.3 4.0 3.2 4.0

Colombia 7.4 3.9 4.6 4.7 3.0 2.1 1.4 2.7 3.3 3.6

Mexico 4.0 3.6 1.4 2.8 3.3 2.9 2.1 2.0 1.4 1.7

Peru 6.5 6.0 5.8 2.4 3.3 4.0 2.5 4.0 4.0 4.0

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 2.6 2.9

Colombia 3.7 2.4 1.9 3.7 6.8 5.8 4.1 3.2 3.0 3.0

Mexico 3.8 3.6 4.0 4.1 2.1 3.4 6.8 4.8 3.6 3.4

Peru 4.7 2.6 2.9 3.2 4.4 3.2 1.4 2.2 2.6 2.5

Monetary Policy Rate (eop, %)

Brazil 11.00 7.25 10.00 11.75 14.25 13.75 7.00 6.50 5.75 5.50

Chile 5.25 5.00 4.50 3.00 3.50 3.50 2.50 2.75 3.25 4.00

Colombia 4.75 4.25 3.25 4.50 5.75 7.50 4.75 4.25 4.25 4.50

Mexico 4.50 4.50 3.50 3.00 3.25 5.75 7.25 8.25 7.75 6.75

Peru 4.25 4.25 4.00 3.50 3.75 4.25 3.25 2.75 3.25 4.25

Unemployment Rate (avg, %)

Brazil - 7.4 7.1 6.8 8.5 11.5 12.7 12.3 12.1 11.5

Chile 7.1 6.4 5.9 6.4 6.2 6.5 6.7 7.0 6.9 6.7

Colombia 10.8 10.4 9.6 9.1 8.9 9.2 9.4 9.7 9.8 9.5

Mexico 5.2 4.9 4.9 4.8 4.4 3.9 3.4 3.3 3.6 3.7

Peru 7.7 7.0 5.9 6.0 6.4 6.7 6.9 6.6 6.5 6.4

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

3.2

4.0

-2

-1

0

1

2

3

4

5

6

7

8

00 05 10 15 20

4.5

2.6 2.8

1.1

2.4

3.7

2.6

7.87.1

-1.4

3.0

4.4

1.5

3.0

4.6 4.4

2.72.3 2.6 2.6 2.9

-2

0

2

4

6

8

10

00 05 10 15 20

Inflation Policy Rate

57

5.1 4.6 4.5 4.86.2

7.6

9.510.510.710.6

12.914.2

15.315.614.5

13.314.0

15.215.915.7

17.1

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 6.9 6.7

4

5

6

7

8

9

10

11

12

00 05 10 15 20

Chile | Macroeconomic Outlook

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

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

-0.6 -0.5 -1.2-0.4

2.1

4.4

7.37.8

3.9

-4.4

-0.5

1.3 0.6

-0.6-1.6

-2.1-2.7 -2.8

-1.7 -1.7 -1.4

-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

34.538.8

36.4 38.242.9

46.1

55.2

62.9 59.6 56.754.5

0

10

20

30

40

50

60

70

03 09 15

Privado Publico

58

19.420.221.9

20.8

16.1

13.812.6

9.8

13.214.2

12.6

17.115.614.915.716.215.9

13.913.413.712.7

0

5

10

15

20

25

00 05 10 15 20

-1.2-1.5

-0.8-1.1

2.6

1.5

4.64.1

-3.2

1.71.3

-1.7

-3.9 -4.1

-1.7-2.4

-1.6-2.1

-3.1-3.0 -2.7

-5

-4

-3

-2

-1

0

1

2

3

4

5

00 05 10 15 20

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

2.73.3

3.6

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 6.5

6.9

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 9.8 9.5

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

3.23.7

2.41.9

3.7

6.85.8

4.1

3.2 3.0 3.0

0

5

10

15

00 05 10 15 20

Inflation Policy Rate 59

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

-3.1-2.7

-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

0.9

-1.1 -1.3-1.0

-0.7-1.3

-1.8

-2.9 -2.9

-2.0-3.0 -2.9

-3.1 -3.3

-5.2

-6.3

-4.3

-3.3-3.8

-4.0-3.8

-8

-6

-4

-2

0

2

00 05 10 15 20

60

10.411.111.511.6

10.29.5 10.110.210.8

9.9 9.6 10.111.4

12.4

15.916.6

15.314.716.216.2

0

2

4

6

8

10

12

14

16

18

01 06 11 16

Itaú Corpbanca

Institutional Investors

Presentation

May 2019

institutional investors presentation may19...macroeconomic backdrop gdp growth (%) interest rates...

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