Began a joint venture with Metlife Inc., which purchased 49.9%

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1 Highlights FIRST HALF SECOND HALF Standard & Poor s boosted BancoEstado s rating in foreign Began a joint venture with Metlife Inc., which purchased 49.9% Celebrated along with thousands of customers and their families currency from A- to A, leaving BancoEstado with the best risk of BancoEstado Corredores de Seguros, a BancoEstado subsidiary. the 100,000th micro-business customer in a mega-event in the rating in Latin America. BancoEstado and D&S, owner of the Lider supermarket chain, National Stadium. The bank successfully issued UF1.7 million (US$ 53 million) formed a joint venture to work together and provide customers The guarantee fund for small businesses auctioned off UF3.2 in securitized bonds. with new opportunities. million (US$ 99 million) in financial resources. In total, funds Launched its new website portal, which is easy and quick to use, with more services and better security. Awarded the Pablo Neruda Ibero-American poetry prize to the Mexican, José Emilio Pacheco, along with Chile s National Council for Culture and the Arts (Consejo Nacional de la Cultura y las Artes), through the National Council for Books and Reading (Consejo Nacional del Libro y la Lectura). Started the process of opening a branch in New York. Started its major mortgage campaign Hipotecazo, offering financing of up to 100% for mortgages starting at UF 800 (US$ 25 million), with historically low rates. Launched five new funds for investing in domestic debt instruments through its subsidiary, BancoEstado S.A. Administradora General de Fondos. auctioned off in 2004 reached UF12.8 million (US$ 396 million), the largest amount in the bank s history. The newspaper El Mercurio identified the bank s website as essential to companies giving it the top score, along with two other Chilean financial institutions. Started flexible investment financing, which makes it easier for small businesses to purchase fixed assets. Supported restoration of part of Valparaiso, declared a UNESCO world heritage site, providing credit for remodeling and repairs of buildings in its historic sector. To support micro- and small business customers, created a telephone commercial platform that allows them to get preapproval and process credit in 72 hours. Organized a special Christmas credit campaign at low interest rates, despite the increase in basic rate determined by the Central Bank. Launched a new credit program for almost 10,000 members of the Chilean association of open-air fairs and farmers markets (Asociación Chilena de Organizaciones de Ferias Libres, ASOF). The President of Chile accepted the resignation of Marco Colodro H. as Vice-Chairman and Director of BancoEstado s Board of Directors and appointed his replacement, Jorge Marshall R. More than 300 representatives of large businesses participated in the 9th annual meeting on corporate banking, organized by BancoEstado. Annual Report BancoEstado 2004 Signed an agreement with the national women s ministry (Servicio Nacional de la Mujer, SERNAM) to provide credit to women heading small and micro-businesses. Represented by its Chairman, Jaime Estévez, and its Manager of Administration, Luis Alberto Soto, BancoEstado was represented at the World Summit Pact, organized by the United Nations in New York. Launched Creer, Crear y Crecer (To Believe, Create and Grow), a book inspired by the visit from Muhammad Yunus in 2003, along with the Caja de Compensación Los Andes and Revista Held the Fifth BancoEstado Seminar for Journalists, on trends in modern banking, attended by more than 70 members of the press. Sponsored the avant premiere of the film Machuca, the top Chilean film by audience in Presented the ranching export credit, along with the agricultural ministry. In late December, the President of Chile appointed Jaime Estévez V. as Minister of Public Works, Transportation and Telecommunications, and the former minister, Javier Etcheberry C., became BancoEstado Chairman. Etcheberry assumed his new post on 13 January Desafío. 14

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3 BancoEstado Management. Annual Report BancoEstado 2004 A Bank at its Clients service 16

4 competitive creating future services 17

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6 BANCOESTADO AND GROWTH Close to you we are a competitive bank. Bancoestado has an active participation in all of the markets and it is characterized for being a modern institution having the most efficient and confident financial instruments. 19