72 issued by the Chilean Association of Accountants and Circular No. 1, issued by SVS, recognizing income on an accrual basis. 1, issued by the SVS, recognizing income on an accrual basis. Computer software has been valued as established in Circular No. for adjusting the acquisition CompaniesL shareholdersL equity at fair value, in accordance with Circular No of the SVS and Technical.

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If our judgment, assumptions or models used ccircular valuing these items are inaccurate, there could be a material effect on our results, funding requirements and capital ratios. Treasury and Money Market Operations. This has become increasingly important in the midst of societal changes in Chile and worldwide. Transactions in the course of payment.

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Merger with Banco de A. We believe these elements will be increasingly important in our efforts to maintain high profitability ratios in a changing business environment that is under increasing regulatory focus.

These alliances allow our customers to redeem their credit card points gained through credit card usage to purchase flight tickets or miles at special prices. This breakdown may differ in some extents from breakdowns of our operating income for financial reporting and regulatory purposes. The Formal Exchange Market is composed of banks and other entities so authorized by the Central Bank.

Current accounts are Chilean peso-denominated and the majority bear no interest approximately 0. However, we remained the most profitable bank in Chile in terms of return of return on average capital and reserves and return of average assets for banks with market share in loans above 3.

We offer different types of debit cards to our customers. Net financial operating income. According to our estimates, we remained the largest private bank in Chile until Our growth and profitability depend on the level of economic activity in Chile.

Accordingly, cybersecurity is a material risk for us. Thus, we expect to expand our business and customer base by developing tailored service models, optimizing our branch network, enhancing our presence in the small and medium-size company market and circulr certain lending products that should enable us to consolidate.

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Customers served by this. Defaults, Dividend Arrearages and Delinquencies. Investments in other companies. Our circulat customers also include micro, small and medium sized companies that we serve by providing them with short and long term financing, as well as diverse deposit and cash management solutions.

Based on this strategy, inour stock of credit cards increased by approximately 99, in number of credit cards issued and by 56, in number of credit card accounts opened as compared to Additionally, duringnew doubts about the financial condition of European banks arose.

In this regard, we strived to reinforce this concept across the corporation by embracing new service quality standards and communicating them not only to commercial units but also to back- and middle-office areas. Chilean disclosure requirements for publicly listed companies differ from those in the United States in some significant aspects.

Among these accomplishments, we implemented a paperless system for credit risk committees, a new platform for post-sale support for leasing operations and a pilot project for approving and clearing documentation based on images. The office in Frankfurt was closed inwhen our foreign operations were centralized at the New York branch. During the early s, the Chilean banking industry witnessed intense merger and acquisition activity. We believe that our broad customer base is both an essential driver of our business and a valuable asset that enables us to cross-sell our traditional lending products and services along with non-lending services provided primarily through our subsidiaries, including our securities brokerage, mutual funds management, securitization, financial advisory, insurance brokerage and collection services.

Our business growth, asset quality and profitability may be affected by political and social developments in Chile in ssvs long run. Operating and Financial Review and Prospects. This increase has allowed us to replace non-core deposits coming from institutional and wholesale customers, which are, in general, a less stable source of circullar.

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The CuentaChile Demand Account replaced and improved the former product offered by CrediChile by adding further benefits to its holders. At the same time, we ciecular made an important monetary donation. For this reason, during we strengthened our value offering to sve customers of Banco de Chile and Banco Edwards Citi by. To accomplish this mission, we believe it is essential to attain industry leadership in all businesses and financial areas in which we operate, namely, profitability, efficiency, business scale, customer base, human resources development and corporate social responsibility.

These achievements enabled us to remain the most profitable bank in Chile sva terms of return on average equity and average assets. Consequently, we have been focused on optimizing the profitability in this segment by enhancing our cross selling through the generation circulaf enhancement of fee-based services, such as payroll processing, dividend payments and billing services, as well as computer banking services.

In fact, our issued long-term debt zvs approximately We believe these initiatives are aligned with our strategy 169 the professional development that our team aspires to achieve.

We expect these trends will continue and result in the creation of larger and stronger banking conglomerates offering a wide range of products and services while targeting most of the segments in the Chilean banking market.

Holders of these accounts pay an annual fee, based on the number of withdrawals on the account line of credit and interest on any outstanding balance under the line of credit.

Duringthe Chilean economy entered into a moderate slowdown by recording a 4. Factors that could cause actual results to differ materially and adversely include, but are not limited to: