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Itaú Corpbanca Institutional Investors Presentation March 2019

Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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Page 1: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Itaú Corpbanca

Institutional Investors

Presentation

March 2019

Page 2: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 3: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 2018

2. Perspectives for 2019

Appendix

Page 4: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Macroeconomic Backdrop

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

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

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 4.5 4.5

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

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

Page 5: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 2018

2. Perspectives for 2019

Appendix

Page 6: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

6

Page 7: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 8: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 9: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 10: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

We are key part of Itaú Unibanco’s Internationalization Strategy

Regional footprint & main indicators 2 3

10.2% 2 4.9% 4Market Share

US$ 24.2 bn US$ 6.8 bn Loans 2 US$ 31.0 bn

5,685 5 3,494 6Headcount 2 9,179

202 161 Branches 2 363

US$ 32.8 bn US$ 9.6 bnAssets 2 US$ 42.4 bn

US$ 291 mn US$ 11 mn Recurring Net Income 2018 US$ 302 mn

13.3% 1.9% Recurring RoTAE 2018 7 11.0%

1 Ranking for assets and loans consider Grupo Aval as the combination of Banco de Bogotá, Occidente, Popular, AV Villas; 2 Consolidated information as of December 31, 2018; 3 Figures were converted at an exchange rate of 694.73 CLP/USD; 4 Consolidated information as of November 30, 2018; 5 Includes headcount of our New York branch and since 1Q’18 also from our RepOffices in Lima and Madrid; 6 Includes headcount of Itaú (Panamá); 7 Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities.

Sources: Itaú CorpBanca, SBIF and SFC.

Our Bank | Highlights

10

Page 11: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

(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 4Q’18 MD&As and a R$ 3.8773 / US$ and a Ch$ 694.73 / US$ foreign exchange rates as of 31.12.2018; 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 Dec.18

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

Page 12: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

10.92%

8.85%

5.37%

4.83%

Securities Brokerage

ADRs Holders and Foreign Investors

Local Institutional Investors

Other minority shareholders

US$ 4.8 BnMarket Cap. (Dec. 31, 2018)

Average daily traded volumes 12 months

ended December 31, 2018

Source: Sell-side reports.

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

Buy: 3

Hold: 6

Sell: 0

Sell-side rating:

Price-to-Book1

12

December 31, 2018

Our Bank | Shareholders & Stock Market

3.60

0.49

4.08

Santiago NY Total

(US$ million)

Page 13: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 14: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 2018

2. Perspectives for 2019

Appendix

Page 15: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 16: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

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

Page 17: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 Dec 2018, Ch$ Bn

13.4

7.05

13.8

6.95

Total

6.1 6.5

5.9 6.0

ItaúCorpbanca

AverageTop 3

Interest Rates

26,580

Consumer

Commercial

15,84827,463

Mortgage

29,233

∆ 10 bp

32 bp por mix

Peer-A Peer-B Peer-C

Current rate w/ top 3 mix

Current

Top 3

Top 3 rates w/ current mix

Mix difference explains most es the Yield

gap with the Top 3

100% =2

7.05

7.27

6.95

6.76

55.2%51.2%

64.7%

29.0%32.8%

24.3%

15.8% 16.0%11.0%

65.8%

23.8%

10.4%

17

Page 18: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Portfolio Mix (%)

67.5%

22.8%

9.7%

2017

Retail: 32.5%

Retail: 33.3%

Market Share (Dec.2018)

7.1%

Commercial

Mortgage

Consumer

8.0%

12.2%

Total Loans

10.0%

+22 bp

-26 bp

-71 bp

-43 bp

Share 12-

months

+89 bp

66.7%

22.9%

10.4%

2018

Growth | Portfolio Mix: Increase in Retail Loans 1

18

Page 19: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Loan Growth (YoY ; %) Non-Core Portfolio

in b illion of Chilean pesos

Dec-18Legal Day

OneVar ($) CAGR (%)

CAGR (%)

Financial

System

Commercial (core) 10,975 9,803 1,172 4.2% 6.3%

Commercial (non-core) 225 1,916 (1,691) -54.1% n.a.

Mortgage 3,853 3,289 563 5.9% 9.6%

Consumer 1,751 1,314 437 11.0% 9.1%

Total 16,804 16,323 481 1.1% 7.1%

Total (ex non-core portfolio) 16,579 14,406 2,173 5.2%

9,803 10,975

1,916 225

3,289 3,853

1,314 1,751

16,323 16,804

Legal Day One Dec-18

Commercial (core) Commercial (non-core) Mortgage Consumer

5.5%4.2%

6.0%

13.4%

-10%

-5%

0%

5%

10%

15%

20%

Total Loans Commercial Mortgage Consumer

Growth | Loan Growth Breakdown1

19

Page 20: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Total Funding BreakdownInterest Rates

31,237 19,753

Debt Issued

34,564

Others1

100%34,986

Checking accounts

and deposits

2.8

2.3

3.2

3.0

Total

0.3 0.3

4.9 5.4

Itaú Corpbanca

1.1 1.1

Average Top 3

∆ 76 bp

51 bp por mix

Peer-A Peer-B Peer-C

Top 3 rates w/ current mix

Current rate w/ top 3 mix

Non-interest bearing liabilities are the main

reason for the gap when compared to the

3 players

Time Deposits

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

LTM Dec 2018, Ch$ Bn

Top 3

Current

2.7

3.0

2.3

2.5

14.6% 17.0% 19.1% 20.9%

22.6%22.9% 16.1%

27.1%

33.7%

36.6%

34.5%

39.8%

29.1%23.6%

30.3%

12.2%

Growth | Funding Mix an Opportunity to Increase Profitability1

20

Page 21: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

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

Page 22: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 23: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 24: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 25: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

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

Page 26: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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.50 releases throughout the year, improving functionality, user interface and offers through our digital channels.

26

Page 27: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Increasing transactions

Higher adoption of our App

143more CLIENTS since Jan’17

# sales of retail installment loans

Digital Transformation | Increasing Digital Transactions3

91%

23%

9%

77%

Apr'16 Dec'18

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

27

Page 28: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

7.5%

DEC 2014

7.4%

MAR 2015

7.2%

MAR 2016

7.1%

JUN 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

8.0%

MAR 2018 DEC 2018

7.9%

JUN 2018

8.0%

5.8%

10.4%

1.7%

14.9%

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

Financial System Itaú CorpBanca

SEP 2018

7.9%

28

Page 29: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

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

Page 30: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 31: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 32: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

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

Page 33: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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*

1.04

Capital

Básico1

Subord.

BondMinority

Interest

Patrimonio

Efectivo2

Goodwill

*Data as of December 31, 2018

Source: Itaú Corpbanca consolidated balance sheet

3.32

0.22

3.42

14.7% BIS Ratio3

1.18

33

Capital Generation | Regulatory Capital Composition 5

Page 34: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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).

14.4% 14.7%

11 bp 6 bp 6 bp 4 bp

Sep.18 Capital Basico SubordinatedBonds

RWA Other Dec.18

10.2%

7.8%

-2.4%

+ / -

Regulatory Capital

Ratio (Dec.18)

Other Intangible Assets

/ Net Deferred Taxes

Net effect of changes

in RWA

Estimated Fully Loaded

BIS III Capital

4.5%

3.9%

-0.6%

14.7%

11.1%

34

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

Page 35: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

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

Page 36: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

40.9

(39.6)

(21.5)

7.6

2015 2016 2017 2018

Managerial Net Income NIM

Cost of Credit

Efficiency Ratio

4.0%

3.3%

3.7%

4.4%

2015 2016 2017 2018

45.2%

56.5%

62.4% 60.1%

2015 2016 2017 2018

2.3%

2.9%2.7%

2.0%

2015 2016 2017 2018

In Ch$ Billion

36

Colombia | Results in Colombia6

Page 37: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 2018

2. Perspectives for 2019

Appendix

Page 38: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

Page 39: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 2018

2. Perspectives for 2019

Appendix

Page 40: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

HighlightsFull Year 2018

Consolidated

Ch$ 209.6 bn

Recurring Net Income Recurring RoTE Loans NPL 90 days

Net Interest Income Net Fees and Comissions Cost of Credit Operating Expenses

^241.0%

Chile

Ch$ 202.0 bn ^143.4%

2018 vs. 2017

2018 vs. 2017

2016 2017 2018

61.538.8 209.6

Consolidated

11.0% ^ 7.6p.p.

Chile

13.3% ^ 7.5p.p.

2018 vs. 2017

2018 vs. 2017

2016 2017 2018

3.42.2 11.0

Consolidated

Ch$ 21.5 tn ^ 5.4%

Chile

Ch$ 16.8 tn ^ 5.5%

2018 vs. 2017

2018 vs. 2017

2016 2017 2018

20.421.0 21.5

Consolidated

2.1%

^

0.2p.p.

Chile

1.8%

^

0.3p.p.

2018 vs. 2017

2018 vs. 2017

2016 2017 2018

2.31.7 2.1

Consolidated

Ch$ 847.0 bn ^14.2%

Chile

Ch$ 575.5 bn ^10.3%

2018 vs. 2017

2018 vs. 2017

2016 2017 2018

215.3197.0 226.5

Consolidated

Ch$ 186.1 ^ 4.8%

Chile

Ch$ 154.1 ^ 9.9%

2018 vs. 2017

2018 vs. 2017

2016 2017 2018

43.445.8 49.7

Consolidated

Ch$ 231.3 bn

^

38.9%

Chile

Ch$ 133.0 bn

^

44.4%

2018 vs. 2017

2018 vs. 2017

2016 2017 2018

378.7375.0 231.3

Consolidated

Ch$ 621.8 bn ^ 0.3%

Chile

Ch$ 428.0 bn ^ 2.2%

2018 vs. 2017

2018 vs. 2017

2016 2017 2018

620.0579.1 621.8

40

Page 41: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

2.2%3.4%

11.0%

0.1%0.2%

0.8%

2016 2017 2018

6.2% 5.8%

13.3%

0.4% 0.4%

1.0%

2016 2017 2018

Itaú Corpbanca Itaú Corpbanca Chile

41

About 2018 | Managerial Return on Tangible Equity1

Page 42: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Cost of Credit Coverage

Non Perfoming Loans (90+ days)

70.3 108.2

30.4 26.0 28.6 48.1

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

239.4

133.0

2017 2018

1.8%

2.7%

0.8% 0.6% 0.7%1.2%

1.5%

0.8%

In Ch$ Billion

239,4

133,0

2017 2018

Cost of Credit Risk

108%102% 100%

105%

124% 127%

2.0%

2.1% 2.1%2.2% 2.1% 2.1%

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

NPL90 Coverage Provisions / Loans

Commercial (exStudent Loans) Mortgage Consumer

1.4%

1.8% 1.8% 1.8%1.6%

1.4%

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

2.0% 1.9%1.8%

1.5%

1.8% 1.7%

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

2.4%

2.1%1.9%

1.8% 1.7% 1.7%

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

42

About 2018 | Cost of Credit Risk and Credit Quality1

Page 43: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 March 18, 2019; 2 – As of December 31, 2018.

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

Bonds issued in Chile LTM2

-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

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

Chile Santander BCI Corpbanca Itaú

114

197 197

118

157

118 118

4

118 118

39 43

144

79 96

197

101 79

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

15 bp10 bp

2 bp

11 bp 12 bp 10 bp13 bp

7 bp 8 bp 7 bp 5 bp 5 bp 7 bp5 bp 4 bp

9 bp

2 bp 6 bp

43

About 2018 | Debt Spread Evolution1

Page 44: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

A

A+

BBB+

A+

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

A+ A+

A

A

A

A

A-A-A-

BBB+

BBB BBB

BBB+

44

About 2018 | Rating Upgrades in 2016 Contribute to Further Reduction in Cost of Funds1

Page 45: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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% 3,304 1,421 2,032 43% 31%

Peer-B 100% 3,187 885 2,605 28% 41%

Peer-C 100% 3,407 707 1,801 21% 26%

Estado 100% 1,693 1,151 2,384 68% 70%

Itaú CorpBanca (Chile only) 100% 3,325 1,109 1,349 33% 20%

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.

Source: Quarterly liquidity status report as of December 31, 2018 for each bank available in the corresponding websites.

20%31%

41%26%

70%

Itaú CorpBanca(Chile only)

Peer -A Peer -B Peer-C Estado

139.2%

145.0%

70%

90%

110%

130%

150%

170%

190%

210%

04-2

016

05-2

016

06-2

016

07-2

016

08-2

016

09-2

016

10-2

016

11-2

016

12-2

016

01-2

017

02-2

017

03-2

017

04-2

017

05-2

017

06-2

017

07-2

017

08-2

017

09-2

017

10-2

017

11-2

017

12-2

017

01-2

018

02-2

018

03-2

018

04-2

018

05-2

018

06-2

018

07-2

018

08-2

018

09-2

018

10-2

018

11-2

018

12-2

018

01-2

019

LCR CH Límite LCR

45

About 2018 | Liquidity Risk1

Page 46: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 2018

2. Perspectives for 2019

Appendix

Page 47: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

2016

GDP

Loan Growth

Inflation

Interest Rate

2017 2018 2019 2016 2017 2018 2019

1.3% 1.5%

4.0%3.2%

2.1%1.4%

2.7% 3.3%

5.6%4.5%

10.2% 8-10%12.2%

6.1% 5.8%

8-10%

2.7%

2.3%2.6% 2.6%

5.8%

4.1%3.2% 3.0%

3.50%

2.50% 2.75%3.25%

7.50

4.75%4.25%

4.50%

Perspectives for 2019 | Macroeconomic Outlook2

47

Page 48: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

48

Page 49: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 2018

2. Perspectives for 2019

Appendix

Page 50: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Average Tangible Equity Breakdown

All other Assets: Ch$ 28,057

Ch$ 21,581

Ch $6,476

All other Liabilities: Ch$ 25,897

Ch$ 20,005

Ch$ 5,892

Asociado a Intangibles PPA: Ch$ 40

Minority Interest ex GW and PPA

Intangibles: Ch$ 190

Assets: 29,513

Liabilities: 25,980

Minority Interest: 222

4Q’18 Average Balance (Ch$ Tn)

Managerial Tangible Equity: Ch$ 1,969

Ch$ 1,574

Ch$ 395

Shareholders’ Equity: 3,311

Managerial Tang. Equity:

Recurring Results:

Recurring RoTE:

Ch$ 1,969 Ch$ 1,574 Ch$ 395

Ch$ 43.8 Ch$ 37.1 Ch$ 6.6

÷ ÷ ÷

8.9% 9.4% 6.7%

= = =

Goodwill: Ch$ 1,180

Ch$ 942

Ch$ 237

Intangibles from PPA: Ch$ 276

Ch$ 134

Ch$ 142

Deferred taxes asociated with

intangibles from PPA: Ch$ 83

Ch$ 36

Ch$ 47

Asociated w/ PPA Intangibles: Ch$ 32

GW and PPA Intangibles: Ch$ 1,341

Ch$ 1,041

Ch$ 300

50

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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%. 51

Page 52: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

New Investor Relations Website

Better experience with a more flexible browsing on the homepage

ir.itau.cl

Improving visibility

Broaden access to communication

Optimized responsive design

Email event alert

Featured presentations

Full focus on stakeholders satisfaction

Flexible browsing

Best practices

52

Page 53: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Global Macroeconomic Outlook

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 3.8 3.4 3.3

USA 1.6 2.2 1.8 2.5 2.9 1.6 2.2 2.9 2.1 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 0.9 0.9

GDP Growth (%) - Latam

Brazil 4.0 1.9 3.0 0.5 -3.5 -3.3 1.1 1.1 2.0 2.7

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 6.50 6.50

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 4.50 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 11.6

Chile 7.1 6.4 5.9 6.4 6.2 6.5 6.7 7.0 6.7 6.5

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 6.453

Page 54: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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

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

15.215.915.9

17.5

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

6.7 6.5

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

7.87.1

-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

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Page 55: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Chile | Macroeconomic Outlook

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

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

19.420.2

21.920.8

16.1

13.812.6

9.8

13.214.2

12.6

17.115.6

14.915.716.215.9

13.913.4 13.5

12.5

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

-3.1-2.7 -2.5

-5

-4

-3

-2

-1

0

1

2

3

4

5

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

1.3 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

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Page 56: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

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 56

Page 57: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Colombia | Macroeconomic Outlook

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

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

10.411.111.511.610.2

9.510.110.210.8

9.9 9.6 10.111.4

12.4

15.916.6

15.314.7 15.2 14.6

0

2

4

6

8

10

12

14

16

18

01 06 11 16

-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

-2.2

-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

57

Page 58: Institutional Investors Presentation Mar19 · To be the leading bank in sustainable performance and customer satisfaction 1. Implement a customer satisfaction-oriented culture, that

Itaú Corpbanca

Institutional Investors

Presentation

March 2019