Investor Presentation. March

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1 Investor Presentation March 2014

2 Presenters Alberto Schilling Chief Executive Officer (47, married (23), 3 children) Mr. Schilling has served in various positions at BICE prior to becoming CEO, including, Credit Analyst and Account Executive (Corporations), Vice President of Structured Finance, Director of Investment Banking (BICE Chileconsult Asesorías Financieras S.A) and Head of Corporate Banking. Between 1995 and 1997 worked in NM Rothschild & Sons Ltd. in London. Mr. Schilling is currently on the boards or executive committees of BICE Inversiones Administradora General de Fondos S.A., Securitizadora BICE S.A., BICE Inversiones Corredores de Bolsa S.A., BICE Corredores de Seguros Ltda., BICE Factoring S.A., BICE Chileconsult Asesorías Financieras S.A., BICE Asset Management, BICE Carteras S.A. Aside from his involvement in BICE, he is a member of the boards of Corporación Chileno-Alemana de Beneficencia (Chilean-German non-profit organization), Clínica Alemana SpA (3 Clinics in Chile), and Chairman of Hogares Alemanes and Hogares Alemanes Osorno (3 elderly homes). Has been a board member of Club Deportivo Manquehue (Sport Club) and Cámara Chileno-Alemana de Comercio (Chilean-German Chamber of Commerce). Mr. Schilling holds a degree in Business Administration from Universidad de Chile; he attended the Advanced Management Program at Harvard Business School in Rodrigo Álvarez Chief Financial Officer (51, married (28), 4 children) Mr. Alvarez has been the CFO at BICE for 10 years, prior to which held various positions including at Bancard S.A. and Citibank in Chile, where he held the positions of FX Trader, FX Professional Head, FX Unit Head and Research Head, and eventually Country Treasurer and Head of the Sales and Trading Business from 1998 to Mr. Alvarez is a Board member of BICE Vida Compañía de Seguros S.A., where he sits on the Financial Investment Committee and the Real Estate Investment Committee. He is also a member of the executive committee of BICE Chileconsult Asesorías Financieras S.A. and a former member of the Boards of Securitizadora BICE S.A. and BICE Inversiones Corredores de Bolsa S.A. Aside from his involvement in BICE, he is a member of the board of OPTE, a non-profit organization with the purpose of improving the education of children in a vulnerable social situation. Mr. Alvarez holds a degree in Civil Industrial Engineering from the Catholic University of Chile and a Master of Science Degree in Engineering. He attended the Financial Management Program at Stanford University in 1995 and the Advanced Management Program at Harvard Business School in

3 Section 1 Investor Highlights

4 Investment Highlights Strong bank in the Emerging Markets highest rated country Solid brand recognition and a key part of Chile s prestigious Matte Group Strong, consistent asset quality Conservative risk policies resulting in stability throughout economic cycles Experienced management team 4

5 Section 2 Chilean Macroeconomic Highlights

6 Chile s Strong and Stable Macroeconomic Fundamentals GDP Growth and GDP per Capita Unemployment 7.0% 6.0% 5.0% $12,771 $14,561 $15,424 $16,019 $16,641 $18,000 $16, % 7.2% 6.5% 6.2% 6.5% 4.0% 3.0% $14, % 1.0% 0.0% 5.8% 5.9% 5.6% 4.2% 4.0% E $12,000 $10, E Annual Inflation Central Bank Reference Rate 4.4% 3.0% 3.0% 2.8% 3.30% 5.30% 5.00% 4.50% 4.00% 1.5% E Year End E Source: Central Bank of Chile 6

7 Chile s Prudent Financial and Monetary Policies Gross Government Debt to GDP Ratios Throughout the Region* Fiscal Deficits Throughout the Region* 60% 0.5% 29% 32% -0.5% 12% 18% -2.0% -2.3% Chile Peru Mexico Colombia Brazil * For the year 2013 Central Bank Reserves (USDmn) -3.2% Peru Chile Colombia Mexico Brazil * Financial balance of the central government vs. GDP for the year 2013 Central Government Investments (USDmn) $41,979 $ $41,088 $20,881 $22,754 $25,373 $27,864 $14,706 $16,557 $17,563 Source: Central Bank of Chile, Moody s 7

8 Chile s Superior Credit Rating, Low Sovereign Risk, and Stable FX Switzerland Australia Singapore USA Japan Chile China Highest Sovereign Rating in the Emerging Markets AA Mexico Colombia Brazil Peru Chile Low Sovereign Risk 5-year CDS +188bps +122bps +119bps +89bps bps 50 Jan-12 May-12 Sep-12 Jan-13 May-13 Sep-13 Jan-14 Stable FX Peru CLP629 Mexico Colombia Brazil S&P Rating Developed Markets Emerging Markets BBB- BBB BBB+ A- A A+ AA- AA AA+ AAA CLP534 CLP524 CLP521 CLP496 CLP508 CLP468 CLP Source: Bloomberg 8

9 Mar-09 May-09 Jul-09 Sep-09 Nov-09 Jan-10 Mar-10 May-10 Jul-10 Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11 Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Chile s Well-Capitalized, Profitable Financial System Banking System ROE (%) Banking System Loan Growth (Q-o-Q) 18.0% 18.6% 17.5% 14.7% 14.9% 10% 6% 9.8% 8.3% 6.1% 2% 3.8% 3.2% 1.1% 3.1% Average Growth 2.4% -2% -3.7% -1.6% -6% -5.7% Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 High Capital Ratios Across the System Declining NPL Ratio Across the System Tier I Tier II 3.1% 3.3% 12.9% 3.0% 14.3% 14.1% 13.9% 13.3% 13.0% 3.5% 4.0% 3.9% 3.3% 3.3% 2.8% 3.1% 2.9% 2.9% 2.9% 2.7% 2.9% 2.8% 2.7% 2.6% 2.6% 2.4% 9.9% 10.87% 10.12% 10.0% 10.0% 9.7% 2.3% 2.2% 2.2% 2.2% 2.2% 2.1% 2008 Source: Superintendence of Banks and Financial Institutions; Ministry of Finance of Chile; Central Bank of Chile 9

10 Section 3 Banco BICE Overview

11 Banco BICE Overview Santiago Founded in 1979 Controlled by the Matte Group Subsidiary of BICECORP Main business areas: Corporate Banking SME Banking Retail Banking Asset Mgmt., Wealth Mgmt. & Inv. Bkg. Treasury Key Metrics All figures except ratios expressed in USDmn Balance Sheet Total Assets 6,811 8,028 8,140 Loan Portfolio 4,740 5,902 6,145 Deposits (demand and time) 4,268 5,046 5,203 Shareholders Equity Income Statement Net Interest Income Net Fee Income Capitalization Total Capitalization 11.2% 12.9% 12.6% Profiltability ROA 1.19% 1.19% 1.20% ROE 17.1% 16.0% 15.9% Efficiency 51.4% 50.0% 48.6% Revenue by Business Segment as of 2013 Corporate Structure Treasury 15% Subsidiaries 17% Corporate & MSE Banking 47% 96.23% Matte Group 99.97% 100% Total Assets: 8,140mn Life Insurance Company Total Assets: 4,325mn Retail Banking 21% 11

12 BICECORP s History Grupo Matte acquires NM Rothschild & Sons Ltd s participation in BICECORP Creation of Crediautos Creation of BICECORP Association with NM Rothschild & Sons Ltd. in Investment Banking Services Creation of Banco BICE IPO in Chile Creation of Allianz BICE Compañía Seguros de Vida S.A. Acquisition of 50% of Allianz BICE Cía. de Seguros de Vida S.A. acquires Compañía de Seguros de Vida La Construcción S.A. merges with Sociedad Renta Urbana S.A. Joint venture for financing of Mercedes Benz Buses, Trucks and Cars in Chile

13 Key position in Chile s Prestigious Matte Group The Matte Group is among the most prestigious names in the Chilean economy, with a range of businesses in the Forestry, Energy, Telecom, Ports, Building Materials and Financial Services sectors, among other investments. Sector Financial Services Forestry Telecom Energy Other Investments Description Sales 2012 LTM EBITDA 2012 LTM One of the most important financial holding companies in Chile USD1.2bn USD1.3bn (Net Income) USD0.2bn USD0.2bn Diversified pulp, paper, and other forestry products USD5.0bn USD5.0bn USD1.0bn USD1.0bn Leading Chilean Telecom company USD3.0bn USD3.1bn USD1.1bn USD1.0bn 2 nd largest electricity generator in Chile USD1.4bn USD1.7bn USD0.3bn USD0.4bn Market Cap (current) USD1.4bn USD5.3bn USD2.7bn USD4.0bn Energy, Forestry, Conglomerate ~11% ownership USD17.1bn Mkt. Cap Container Port Terminals ~71% ownership USD0.2bn Mkt. Cap Building materials Joint venture with Saint Gobain ~46% ownership USD0.3bn Mkt. Cap Ownership of the Group ~96% ~55% ~18% (controlled through a shareholder agreement) ~49% Processor of Molybdenum ~10% ownership USD1.9bn Mkt. Cap 13

14 Corporate, SME, and Retail Banking Corporate Banking SME Banking Retail Banking Client Description Corporate clients with Sales > USD35 million Corporate clients with Sales > USD1.2 million and < USD35 million High-end retail and private banking clients Number of Clients Number of Banking Officers 2,757 9,164 54,554 (*) Percentage of Total Loan Portfolio 51% 28% 21% Corporate (~750 clients, 17% of total BICE loan portfolio) Agribusiness (~750 clients, 7% of total BICE loan portfolio) Private Banking (~5,000 clients, 5% of total BICE loan portfolio) Client Types Financial (~550 clients, 6% of total BICE loan portfolio) Industrial and Services (~800 clients, 11% of total BICE loan portfolio) Middle Market (~8,500 clients, 21% of total BICE loan portfolio) Retail Banking (~50,000 clients, 16% of total BICE loan portfolio) Real Estate & Construction (~650 clients, 17% of total BICE loan portfolio) (*) Number of current accounts. 14

15 Credit Policies and Procedures All transactions that involve Credit Risk require a previously approved credit line. All credit lines must be approved by a Credit Committee. All credit approvals are granted on a unanimous basis. Credit Committee structure (limits without collateral): Subgerente (VP) < US$ 80,000 Gerente (SVP) < US$ 400,000 Gerente División (EVP) < US$ 600,000 Head of Risk < US$ 1,600,000 Daily sessions CEO < US$ 2,000,000 1 Board Member < USD 4,000,000 2 Board Members < Legal Lending Limit Credit Committee < Legal Lending Limit Weekly session Current Legal Lending Limit for one client, without collateral: USD 85,700,000. Approximately 90% of the credit lines currently in place have been approved by at least one board member. Lines for individual clients are analyzed taking into consideration their related companies, when applicable. 15

16 Asset Management, Wealth Management and Investment Banking Fund Management Brokerage Wealth Management Fund Distribution Corporate Finance ~USD2.6bn in AUM 37 different funds (30 Mutual Funds and 7 Investment, Real Estate and closed end funds) Brokerage services include equities, fixed income, FX, and international instruments 3.7% market share of total equity and investment fund trade volumes on the Santiago Stock Exchange One of the three largest players in the Chilean financial sector. ~USD3bn in AUM Custody of local instruments is done through Banco BICE and for international instruments through Pershing LLC, a subsidiary of Bank of New York Mellon Currently manages ~USD1.2bn in Goldman Sachs funds, USD40mn in Van Eck ETFs and USD400mn in TIAA Cref funds Distribution agreements with M&A advisory ECM / DCM Privatizations and public concessions Restructuring Valuations (fairness opinions), general advisory BICE Inversiones Assets Under Management (USDmn) Fund Management Fund Distribution Wealth Management Custody $6,027 $6,288 $7,046 $7,976 $4,669 $2,002 $2,927 $3,085 $2,911 $3,358 $3,

17 Experienced Management Team and Board Executive Position Years at BICE Years in the Industry Alberto Schilling R. Chief Executive Officer Rodrigo Álvarez S. Chief Financial & International Officer Joaquín Izcue E. Head of Corporate Banking Daniel Troncoso C. Head of SME Banking 9 35 José Pedro Balmaceda M. Head of Retail Banking Pedro Robles E. Head of Operations & Technology Máximo Latorre E. Head of BICE Inversiones Carlos Klapp S. Chief International and Foreign Trade Officer José Luis Arbildúa A. Head of Credit Risk Board Member Position Years of Experience Bernardo Matte Larraín Chairman 30 Juan Eduardo Correa García 1 Vice-Chairman 18 Kathleen Barclay Collins Director 35 Patricio Claro Grez Director 40 Juan Carlos Eyzaguirre Echenique Director 26 Bernardo Fontaine Talavera Director 27 José Miguel Irarrázaval Elizalde Director 32 Eliodoro Matte Capdevila Director 11 René Lehuedé Fuenzalida Director 35 1 CEO of BICECORP 17

18 Section 4 Financial Highlights

19 Total Assets and Loan Portfolio Total Assets (USDmn) Evolution of Loan Portfolio (USDmn) $8,028 $8,140 Corporate SME Retail $6,631 $6,799 $5,375 $5,837 $6,811 $4,163 $827 $1,285 $4,593 $947 $1,332 $5,212 $1,002 $1,509 $1,295 $1,431 $1,802 $1,872 $2,052 $2,313 $2,701 $3,534 $3,497 Note: Portfolio includes contingent loans Loan Portfolio by Currency Loan Portfolio by Type Commercial Loans by Economic Sector US Dollar 21% UF 43% Leasing 8% Foreign Trade 7% Mortgage 12% Consumer 3% Manufacturing 7% Utilities 8% Transport and Communications Retail 5% 7% Consumer 3% Real Estate and Construction 18% Financial 18% Chilean Peso 36% Commercial 70% Agriculture and Fishing 10% Mortgage 10% Services 14% 19

20 Asset Quality Past Due Loans / Total Loans Provisions / Total Loans 1.2% 1.13% 2.5% 2.0% 2.04% 2.16% 0.8% 0.76% 1.5% 1.44% 1.43% 1.49% 0.4% 0.34% 0.27% 1.0% 0.28% 0.5% 0.0% 0.0% Write-Offs / Total Loans Provisions / Past Due Loans 0.5% 8x 7.0x 0.4% 0.40% 6x 5.6x 6.9x 0.3% 0.2% 0.1% 0.12% 0.23% 0.10% 0.06% 4x 2x 1.8x 2.9x 0.0% x 20

21 Deposit Base Evolution of Funding Base Breakdown of Largest Depositors Time Deposits Sight Deposits Local Bonds Shareholders' Equity Other International Repurchase Agreements Subordinated Debt $8,028 $8,140 $6,811 $5,375 $5,837 Depositer E 2% Depositer G Depositer F 1% 2% Depositer D 3% Depositer C 3% Prof. market through BICE Inversiones Corredores de Bolsa 37% Depositer H 1% Depositer I 1% BICE Vida Compania de Seguros 1% Prof. market though BICE Agente de Valores 49% Loans to Deposits Ratio Cost of Funding vs. System (Local Currency CD Rates as of 2013) % BICE BCI Chile Santander System Average % % % 5.30% Tenor in months Note: Includes only Time Deposits 21

22 Treasury Investment Portfolio Investments by Type Investments by Currency Domestic Chilean Banks 47% Other* 4% Total Investment Portfolio Value US$ 736 million % Investment Grade Assets (local rating) Chilean Central Bank and Chilean Government 49% CLP and UF (Inflation Indexed CLP) 100% * Other includes investments in Mutual Funds. Cash and Equivalents (USDmn) $926 $430 $541 $442 $285 22

23 Financial Performance (cont d) Net Interest Income (USDmn) Net Fee Income (USDmn) $96 $114 $109 $125 $129 $50 $65 $60 $64 $61 Net Income (USDmn) Efficiency Ratio $71 $87 $81 $96 $ % 50.0% 47.3% 47.9% 48.6% 23

24 Financial Performance and Capitalization Shareholders Equity (USDmn) Shareholders' Equity Dividend Payout Ratio 50% 50% 50% $409 $481 $472 $600 $617 30% 30% 75% 50% 25% % Capitalization Ratio Tier I Tier II 13.0% 12.7% 3.2% 3.0% 11.2% 2.6% 12.9% 12.6% 3.9% 3.6% 9.8% 9.7% 8.6% 9.0% 9.0% 24

25 BICE s Superior Performance vs. the Chilean Banking System 25.0% ROE BICE Corpbanca Security BBVA Itaú (Boston) Scotiabank 20.0% Period Average 15.0% BICE 17.8% Corpbanca 14.5% 10.0% Security 13.8% BBVA 11.1% 5.0% Itau 10.6% Scotia 7.0% 0.0% -5.0% ROE vs. the Chilean Banking System ROA vs. the Chilean Banking System Banco BICE System Average Banco BICE System Average 18.0% 18.6% 17.5% 1.5% 1.5% 17.4% 18.0% 17.1% 16.0% 15.9% 1.3% 1.4% 14.7% 14.9% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% Source: Superintendence of Banks and Financial Institutions 25

26 Thank You

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