Banco Itau Chile · BCS:ITAUCL

Banco Itau Chile — CorpBanca — Merger or Acquisition (January 2014)

15 slides from Banco Itau Chile's merger presentation, January 2014

1. Slide 1: The Merger of Banco Itaú Chile and CorpBanca

   The Merger of Banco Itaú Chile and CorpBanca January 2014

2. Slide 2: Transaction Overview

   2 Transaction Overview CONFIDENTIAL DRAFT Itaú Unibanco, Banco Itaú Chile, CorpBanca and CorpGroup have entered into a definitive agreement on January 29, 2014, involving:  The merger of Banco Itaú Chile and CorpBanca, creating the new “Chilean Bank”  Itaú Unibanco will control the Chilean Bank 

3. Slide 3: Key Transaction Terms

   3 Key Transaction Terms CONFIDENTIAL DRAFT  Merger of Banco Itaú Chile and CorpBanca Overview  Chilean Bank to control CorpBanca’s and Itaú Unibanco’s entities in Colombia  CorpBanca’s current shareholders will own 66.42% of the Chilean Bank Resulting - CorpGroup will own 32.92% and minority shar

4. Slide 4: Transaction Timeline

   4 Transaction Timeline CONFIDENTIAL DRAFT  Following the series of events presented below, approvals for the transaction are expected by the end of 2014 January 29: Announcement & signing of transaction agreement March: Filing Regulatory Approval July / August: Helm merges with CorpBanca Colombia 1

5. Slide 5: Transaction Structure

   5 Transaction Structure CONFIDENTIAL DRAFT Pre-Merger Steps  Itaú Unibanco will inject US$652MM into Banco Itaú  CorpGroup & Affiliates will carve-out a 1.53% stake in Chile CorpBanca Itaú Unibanco CorpBanca Itaú CorpGroup & Minority Unibanco Affiliates Shareholders 100.00% 100.00% 51.10% - 1.53%

6. Slide 6: Transaction Structure (Cont’d)

   6 Transaction Structure (Cont’d) CONFIDENTIAL DRAFT Merger  Merger of Banco Itaú Chile and CorpBanca  Resulting shareholding structure of the Chilean Bank will be: ‐ Itaú Unibanco: 33.58% ‐ CorpGroup & Affiliates: 32.92% ‐ Minority Shareholders: 33.50% Itaú CorpGroup & Unibanco Affiliates 100.00%

7. Slide 7: Corporate Governance

   7 Corporate Governance CONFIDENTIAL DRAFT  Transaction creates a leading platform for future expansion in Latin America, specifically in Chile, Colombia, Peru and Central America  Board of Directors ‐ Chilean Bank will have 11 directors and 2 alternate directors ‐ CorpBanca Colombia will have 9 di

8. Slide 8: Creating a Regional Leader

   8 Creating a Regional Leader Unique opportunity to partner with a leading institution 1  Itaú Unibanco is the largest private financial institution in Brazil and a premier LatAm franchise Unique  The new entity will benefit from the strength of a US$59BN market cap1 partner in its Partnership exis

9. Slide 9: Unique Partnership Opportunity

   9 1 Unique Partnership Opportunity Itaú Unibanco Overview Financial Summary – Itaú Unibanco (Parent)²  Itaú Unibanco is the largest private bank in Highlights (3Q’13) US$BN Brazil and among the largest banks in the Loans $188.7 world by market capitalization with a universal Assets $447.5 product o

10. Slide 10: Unique Partnership Opportunity

    10 1 Unique Partnership Opportunity Itaú Unibanco’s Footprint in Latin America Latin America * Mexico | credit cards Branches and CSBs: 240 Branches: 1 OCA Service Points: 38 Employees: 39 Assets: US$ 43MM ATMs: 566 Employees: 6.2 thousand Colombia | CIB Employees: 42 Assets: US$ 19.9BN (*) Does not

11. Slide 11: Unique Partnership Opportunity

    11 1 Unique Partnership Opportunity Banco Itaú Chile Overview Financial Summary – Banco Itaú Chile² Highlights (3Q’13) US$BN  Banco Itaú Chile entered the Chilean market with the acquisition of BankBoston’s Loans $9.3 operations in 2007 Assets $11.8 ‐ Largest Itaú Unibanco subsidiary outside of Dep

12. Slide 12: Unique Partnership Opportunity

    12 1 Unique Partnership Opportunity CorpBanca Overview Financial Summary – CorpBanca3  Chile’s 4th largest bank with a 7.4% market Highlights (3Q’13) US$BN Loans $23.8 share by total loans1 Assets $31.6 ‐ Distribution network of 295 branches and Deposits $19.4 686 ATMs Shareholders’ Equity $3.2  O

13. Slide 13: Leading Regional Banking Platform

    13 2 Leading Regional Banking Platform Highlights1 Market Share by Loans (Chile)2  Accretive transaction to all shareholders after synergies #4  Significant improvement in capital ratios to 19.1% 19.1% support further growth 13.3% 12.4% (US$BN) CorpBanca Banco Itaú Chile Pro-Forma 7.4% 7.0% 5.0% 4

14. Slide 14: Financially Attractive Transaction

    14 3 Financially Attractive Transaction  We estimate pre-tax cost synergies of approximately US$100MM per year on a fully phased-in basis  We estimate these synergies to fully phase-in 3 years post-merger  We also expect significant funding cost improvements and substantial revenue synergies, whi

15. Slide 15: Key Takeaways

    15 Key Takeaways  This transaction creates the leading banking platform in the Andean Region  The Chilean Bank will benefit from one of the largest and most- successful banks in the world with a US$59BN market cap1, US$32BN in shareholders’ equity and a 17.5% BIS ratio  The Chilean Bank will have

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