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OFFICIAL CLOSING PRICING MANUAL

Approved and in force from December 1, 1986

Amended by Exempt Resolution No. 335

of the Superintendencia de Valores y Seguros (Chilean Securities and Insurance Supervisor) dated November 11, 2003

SANTIAGO STOCK EXCHANGE SECURITIES MARKET / STOCK EXCHANGE *THIS IS A FREE TRANSLATION OFFERED ONLY AS A CONVENIENCE FOR ENGLISH LANGUAGE READERS. ANY QUESTIONS ARISING FROM THE TEXT SHOULD BE CLARIFIED BY CONSULTING THE ORIGINAL DOCUMENT IN SPANISH.

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TABLE OF CONTENTS SECTION A: APPLICABLE RULES TITLE I: General Rules 30.200 TITLE II: Official Closing Pricing and Its Conditions 30.200 TITLE III: Information 30.300

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OFFICIAL CLOSING PRICING MANUAL SECTION A: APPLICABLE RULES TITLE I: General Rules SECTION 1º: The purpose of this section is to establish the general rules governing the official closing procedure. SECTION 2º: Official closing refers to the information delivered by the Stock Exchange regarding the daily prices of the different securities, registered and not suspended, in force at the end of the trading day. TITLE II: Official Closing Pricing and its Conditions SECTION 3º: In the case of shares, investment funds quotas, coins, blank coins and troy ounces of gold and silver, and dollars, the closing base consists of closing prices registered by them on the previous trading day. This base is modified by those transactions made during the day that meet the requirements set forth in Section B of this Manual, which when recorded in the computer system generate a dynamic closure. SECTION 4º: Fixed-income securities set the official closing price only when they record transactions, independent of the transaction amount. This closing price is expressed as a percentage on the par value of the traded instrument and it always refers to the last recorded transaction. SECTION 5º: Closing price condition refers to the way in which the price has been determined, basically considering the type of transaction that fixed it. Additionally, to these conditions the way of trading and settling those transactions is added. The type of transaction may be: - Transaction. - Nominal It may be traded in the following ways: - Sistema de Pregón (Open Outcry System) - Sistema de Calce Automático de Ofertas a Firme or Telepregón (Automatic Reconciliation System for Firm offers or electronic open outcry) - Auction System - Sistema de Remate Electrónico (Electronic Auction System) of IRF and IIF - Telerenta The settlement procedures are as follows: - Pagadera Hoy (PH –by its acronym in Spanish) (Payable Today) - Pagadera Mañana (PM – by its acronym in Spanish) (Payable Tomorrow) - Contado Normal (Spot) Gold, Silver and dollars may only be settled Pagadera Hoy (PH) (Payable Today).

30.300 SECTION 6º: The Shift Director may, for the benefit of the market, for a greater transparency of the market and in order to protect investors’ general interests, object to a closing price and order to fix and publish a price other than the one resulting from applying the rules set forth herein. The Shift Director will only apply this procedure upon the occurrence of any of the following events: a) That there is a significant difference between the objected price and the market price; b) That no sufficient information has been provided to explain the price variations recorded; c) That, due to the presence of the instrument in the stock market and other general or particular

background thereof, the objected price is deemed to be little representative or that it will be used for over-the-counter transactions or for any other purposes inconsistent with an orderly and transparent market.

Any amendment to a closing price will be prominently published in the daily newsletter of the Stock Exchange. TITLE III: Information SECTION 7º: The official closing price information to be provided by the Stock Exchange through such newsletter must specify in detail all directions given by the Board of Directors releasing the Stock Exchange from any responsibility for misleading information. The official information to be required or applied for will be certified by the Stock Exchange Manager or by the person the latter may appoint. Without prejudice to the foregoing, the information to be provided to the Chilean Securities and Insurance Supervisor will be qualified as official.

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TABLE OF CONTENTS SECTION B: INSTRUCTIONS AND PROCEDURES PAGE 1. CLOSING PRICE OF SHARES AND INVESTMENT FUNDS QUOTAS 32.200 1.1. General background 32.200 1.2. Closing Pricing 1.3. Closing Price Modification 32.200 1.4. Closing Condition 32.300 1.5. Special Cases 32.300 1.6. Price Adjustment due to Capital Variations 32.400 1.7. Higher, Lower and Average Prices 32.400 2. CLOSING PRICES OF FIXED INCOME SECURITIES 32.500 2.1. General Background 32.500 2.2. Closing Pricing 32.500 2.3. Closing Condition 32.500 3. CLOSING PRICE OF PHYSICAL GOLD AND SILVER 32.600 3.1. General background 32.600 3.2. Closing Pricing 32.600 3.3. Closing Condition 32.600 4. DOLLAR CLOSING PRICE 32.700 4.1. General background 32.700 4.2. Closing Pricing 32.700 4.3. Closing Condition 32.700 5. INFORMATION DELIVERED BY THE STOCK EXCHANGE 32.800 6. EXHIBIT: REGISTER OF ROUND LOT OF SHARES WITH SPECIAL RIGHTS 32.900

32.200 SECTION B- INSTRUCTIONS AND PROCEDURES 1. CLOSING PRICE OF SHARES AND INVESTMENT FUNDS QUOTAS (Cuotas en Fondos de Inversión) (CFI –

by its acronym in Spanish) 1.1. General background a) The closing base consists of the closing prices of the shares and investment funds quotas

(CFI) registered on the immediately preceding trading day, which assume the nominal condition (N).

b) This base is modified by transactions made during the day which generate a dynamic close,

the condition of which is exclusively spot (contado normal)(T). c) The closing pricing will be based on the calculation of a Weighted-Average Price exclusively

for regular spot transactions. 1.2. Closing Pricing a) When the sum of the regular spot transactions of a specific share or CFI traded during the

last 10 minutes of the trading hours is equal to or in excess of UF 20, the closing price will be the weighted average price of all transactions under such settlement condition registered in such time slot.

b) Should no transactions meet the conditions set forth in paragraph a) above, the last

regular spot transaction for an amount equal to, or in excess of, UF 20 will set the price. c) Regular spot transactions of an amount equal to, or in excess of, 20 UF carried out through

auctions will fix the closing price only when the relevant share or CFI does not register any regular spot transactions in the sistema pregón (open outcry system) or telepregón (electronic open outcry) capable of fixing the closing price.

d) Shares or CFI not recording regular spot transactions or auctions during the day, and which

fulfill the requirements indicated in the preceding paragraphs, the closing price will be the one fixed on the preceding day and will be qualified as nominal.

1.3. Closing Price Modification a) Closing prices fixed according to the provisions set forth in paragraph 1.2 above may be

modified if it is so required by market conditions. b) Shift Director will analyze, in particular, daily transactions, price variations, traded

volumes, and any other background information useful to define market trend, and whether the objected price(s) may or may not be deemed artificial or little representative of the behavior of the share and its market value.

c) Shift Director will determine the reasons in support of closing price modifications. d) Shift Director may, at its sole discretion, order to investigate the circumstances in which a

certain transaction has been carried out as well as any other background information affecting price fixing.

e) Any modification to a closing price will be prominently published in the daily newsletter of

the Stock Exchange.

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1.4. Closing Condition For closing purposes, the condition of the price of shares and investment funds quotas will be

as follows: a) Contado Normal (T) (Regular Spot Transaction) for those securities registering transactions

capable of setting the closing price. b) Nominal (N) for those securities not registering spot transactions or auctions that do not

meet the conditions required to set the closing price. 1.5. Special Cases a) Listing of New Companies Shares of new companies registered with the Stock Exchange will be listed without any

value. The first official closing price is fixed when transactions are registered for an amount no

less than 100 UF or, when the total amount of regular spot transactions registered in one day, at the same price, is equal to or in excess of 100 UF.

Without prejudice to the foregoing, the Shift Director may determine the close pricing of

such shares in accordance with the first transactions traded whether in the sistemas pregón (open outcry system), telepregón (electronic open outcry) or auction.

b) Shares with Special Rights Companies in which the holding of shares grants special rights (Stock Exchanges, Sports

Clubs, Real Estate Agencies, Schools and Colleges, Medical Clinics, etc.) will set the trading price when registering regular spot transactions by the number of shares required to opt for the special rights (round lot ) independent of the amount of the transaction (Exhibit No. 1).

c) Operaciones Directas (Direct Transactions) (OD – by its acronym in Spanish) Direct transactions (OD) (by its acronym in Spanish) under the sistemas pregón (open

outcry system), Telepregón (electronic open outcry) or auction, the traded amount of which represents a value equal to, or in excess of, 30,000 UF or whose number of traded shares is equal to, or exceeds 10% of the total subscribed and paid shares of a same series, will not set closing prices, whether higher, lower or average.

OD transactions referred to in the Oficio Circular (Official Circular Letter) No. 098 of the

Chilean Securities and Insurance Supervisor, dated April 29, 2002, will not set closing prices whether higher, lower or average.

The detail of this type of transactions will be published separately from any other

transactions carried out by the same share in the Daily Newsletter of the Stock Exchange. d) Primary Market (P) Transactions carried out under the sistemas pregón (open outcry system), telepregón

(electronic open outcry) or auction corresponding to a primary placement of shares will be published separately from any other transactions of the same shares registered on the secondary market.

32.400 e) Companies in particular situations Shares issued by companies that are in a particular situation will be treated differently at

the time of trading them on the stock exchange. To these effects, companies in particular situations will be as follows: - Companies with a negative shareholders’ equity according to the report prepared by

the issuer corresponding to the last financial statement filed with the Santiago Stock Exchange.

- Companies undergoing winding up - Companies in state of suspension of payments / Insolvent companies - Companies adjudged bankrupt Closing prices of the shares issued by companies contemplated in one of the particular

situations listed above will be published in a report separate from the other shares. f) System of Firm Offers in Block Transactions carried out under this system will total units and amount, and will not be

considered for closing pricing purposes, whether higher, lower or average. 1.6. Price Adjustment due to Capital Variations Closing prices, which were fixed as stated above, will be adjusted for capital variations

(distributions, issues of cash and released shares, swaps, corporate split-ups, etc.) to reflect a similar proportion in relation to the equity value of the share, before and after the capital movement. Such adjustments may be made on the next trading day from the date of determination of the shareholders entitled to such benefit (deadline). The deadline is the fifth business day prior to the date on which the distribution of the respective benefit begins.

1.7. Higher, Lower and Average Prices The higher, lower and average prices shall be fixed by transactions of amounts equal to or in

excess of, 20 UF , irrespective of their settlement condition, i.e., payable today (PH), payable tomorrow (PM) or spot.

1.8. Inter-exchange transactions (OIB - by its acronym in Spanish)

Inter-exchange transactions shall not fix higher, lower, average or closing prices. These

transactions only total units and amount.

32.500 2. CLOSING PRICES OF FIXED INCOME SECURITIES (IRF -by its acronym in Spanish) 2.1. General background Fixed income securities (IRF- by its acronym in Spanish) set the official closing price only when

they record transactions independent of the transaction amount. 2.2. Closing Pricing The last registered transaction of a certain fixed income security shall set the closing price,

which is expressed as a percentage on the par value of such traded security. 2.3. Closing Condition For closing purposes, price conditions of Fixed Income Securities may be as follows: a) - Pagadera Hoy (PH) (Payable Today) when the last transaction has been registered under

this settlement condition. b) Pagadera Mañana (PM) (Payable Tomorrow) when the last transaction has been

registered under this settlement condition. c) - Contado Normal (Spot) when the last registered transaction has not been subject to any

PH or PM condition.

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3. CLOSING PRICES OF COINS, BLANK COINS AND TROY OUNCES OF GOLD AND SILVER 3.1. General Background a) The closing base consists of the closing prices of coins, blank coins and troy ounces of gold

and silver registered on the immediately preceding trading day, which assume the nominal condition (N).

b) This base is modified by the transactions made during the course of the day, which will

generate a dynamic close, the transaction condition of which is spot (contado normal)(T). c) The close pricing of coins, blank coins and troy ounces shall be based on one unit. 3.2. Closing Price Fixing a) The last registered transaction of coins, blank coins and troy ounces of gold and silver shall

set the price irrespective of the number of units traded and the amount of the transaction. b) The closing price of coins, blank coins and troy ounces of gold and silver not registering any

transactions will be the one set on the preceding day and under nominal condition. 3.3. Closing Condition For closing purposes, the price condition of coins, blank coins and troy ounces will be as

follows: a) Pagadera Hoy (Payable Today) (PH) Transaction, for coins, blank coins and troy ounces of

gold and silver registering transactions. b) Nominal (N) for coins, blank coins and troy ounces of gold and silver not registering any

transactions.

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4. DOLLAR CLOSING PRICE 4.1. General Background a) The closing base consists of the dollar closing prices registered on the immediately

preceding trading day, which assume the nominal condition (N). b) This base is modified by the transactions made during the day which will generate a

dynamic close, the transaction condition of which is payable today (pagadera hoy)(PH). c) The closing price of dollars will be fixed based on transactions carried out for a minimum of

100 units. 4.2. Closing Pricing a) The last transaction registered for a minimum of 100 dollars will set the official closing

price irrespective of the transaction amount. b) The closing price of dollars not registering transactions will be the one fixed on the

preceding day and under nominal condition. 4.3. Closing Condition For closing purposes, price conditions of dollars will be as follows: a) Pagadera Hoy (Payable Today) (PH) Transaction for dollars registering transactions for a

minimum of 100 units. b) Nominal (N) for dollars not registering any transactions for a minimum of 100 units.

32.800 5. INFORMATION DELIVERED BY THE STOCK EXCHANGE a) All the information regarding closing prices provided by the Stock Exchange by any means, shall be

for merely information purposes and will neither bind it nor will it be liable for any potential mistakes that may derive therefrom. The foregoing will be without prejudice to the provisions set forth in section A of this Manual.

b) The official closing prices of the day will be those published in the Daily Newsletter of the Stock

Exchange, along with the following information: - Security - Closing Price - Closing Condition In general, closing price information will be provided broken down by markets, i.e., shares and

investment funds quotas (CFI), monetary instruments (dollar, golden, and silver),and fixed income securities (IRF).

Information regarding shares, CFI, gold, silver and dollars, referred to above will be supplemented

by adding the date on which the closing and the background of the last transaction is fixed, namely, units, price and date.

Furthermore, the closing price of all registered instruments not suspended, for shares, CFI, gold

and silver and dollars shall also be published. It shall also be specified whether the share belongs or does not belong to IPSA.

However, only the closing price of those IRFs traded on the same day will be published and in

addition, their relevant mean internal rate of return (TIRM – by its acronym in Spanish). c) Closing prices of shares issued by companies contemplated in any of the particular situations listed

in e) of paragraph 1.5 of section B of this Manual shall be published in a report separate from the other shares.

d) The Stock Exchange will publish in the daily newsletter the prices of the highest offers to purchase

and/or sell in force at the end of the trading day of those shares the offer price of which is higher than the closing price in the case of purchases, or the price of which is lower than the closing price in the case of sales.

To such effects, the offers to purchase and/or sale for an amount equal to or in excess of 20 UF in

force at the end of the trading day will be considered.

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E X H I B I T PAGE l. ROUND LOTS 32.900

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EXHIBIT No. 1

REGISTER OF THE ROUND LOTS OF SHARES WITH SPECIAL RIGHTS COMPANY

MNEMONIC Nº OF SHARES. Santiago Stock Exchange COMMERCE 1 Bolsa de Corredores (Stockbrokers’ Exchange), Bolsa de Valores (Securities Market) PRICES 1 Unión Inmobiliaria S.A. CLUBUNION 1 S.A. de Deportes Club de Golf Santiago GOLF 3 Club de Polo y Equitación San Cristóbal S.A. POLO 4 Club Hípico de Santiago S.A. HIPICO 1 Prince Of Wales Country Club S.A.I. Series A COUNTRY-A 7 Series B COUNTRY-B 10 Series P COUNTRY-P 7 Granadilla Country Club S.A. GRANADILLA 30 Sociedad Hipódromo Chile S.A. Series A HIPODROMO A 39 Series B HIPODROMO B 1 Instituto de Diagnóstico S.A. Series A INDISA-A 1.000 Series B INDISA-B 1.000 Inmobiliaria Central de Estacionamientos Agustinas S.A. parking 1 Inmobiliaria Cintac S.A. CRAIGHOUSE 1 S.A. Inmobiliaria Sport Francais SPORTFRAN 4 Valparaíso Sporting Club S.A. SPORTING 1 The Grange School S.A. Series A GRANGE-A 2 Series B GRANGE-B 2