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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The Bank recognized the effect associated with the changes in mortgage loans provisioning in advance, by the end ofand found no material impact on results prepared under Chilean GAAP. Under this program we issued medium term notes in Hong Kong and Japan for approximately U. These translations should not be construed as representations that the Chilean peso amounts actually represent such U. Although we maintain a system of operational controls composed of both trained staff and world-class technological resources, as cjrcular as comprehensive contingency plans and security procedures, there can be no assurances that operational problems, errors, criminal events or terrorist attacks will not occur and that their occurrence will not have a material adverse impact on our circklar of operations, financial condition and the value of our shares and ADSs.

In line with our efforts over the last two years, we continued to develop new remote channels to satisfy consumer demand for modern and fast financial services.

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There has recently been an increased level of attention focused on cyber-attacks against large corporations that include, but are not limited to, obtaining unauthorized access to digital systems for purposes of misappropriating cash, other assets or sensitive information, corrupting data or causing operational disruption.

Duringthe Chilean economy entered into a moderate slowdown by recording a 4. Similarly, we aspire to target lower-income individuals and microbusinesses by promoting payroll-deduction lending and attracting customers previously unattached to any bank through a basic array of services.

Defaults, Dividend Arrearages and Delinquencies.

We are a full service financial institution that provides, directly and indirectly through our subsidiaries, a wide variety of lending and non -lending products and services to all segments of the Chilean financial market, providing our customers with powerful, differentiated and comprehensive value offerings.

In turn, SM-Chile organized a new wholly-owned banking subsidiary named Banco de Chile, to which the former contributed all of its assets and liabilities, other than the Central Bank subordinated debt, to the latter.


In terms of credit risk, inloans related to Mutuos Hipotecariosas well as those financed with Mortgage Bondshad low gross before recoveries credit risk ratios of 0. Our wholesale banking segment serves the needs of corporate customers.

The Central Bank subordinated debt did not have a fixed maturity, and payments were made only to the extent that we earned income before provisions for the subordinated debt.

Regarding funding functions carried out by our Treasury, duringwe continued to develop a funding diversification strategy by conducting important transactions in Ccircular and abroad. Even though the Central Bank is authorized to carry out its transactions at the rates it sets, it generally uses the spot rate for its transactions.

Similarly, the ability to manage potential conflicts of interest has become increasingly important factor for our business given our widespread operations in many economic sectors with diverse third parties. These requirements are related to: The Chilean Ministry of Finance has announced 167 the implementation of Basel III is a priority for the current administration and, therefore, a set of amendments to the General Banking Act will be presented for approval to the Chilean congress.

In order to distinguish between different overdue time periods, the corresponding time. In addition, we provide our customers with continuous online access cirdular their accounts and the possibility of transferring substantial financial assets by electronic means while clrcular goods or withdrawing funds, in Chile and abroad with credit and debit cards issued by us.

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Such an offering would not be possible unless a registration statement under the Securities Act were effective with respect to such rights and common stock or an exemption from the registration requirements thereunder were available.

Also, our total balances of current accounts and demand deposits represented Currently, we cannot assure you that future changes in financial accounting and reporting standards will not substantially affect our results of operations or performance indicators, as we do not know the extent of future standards. We also continued to reinforce our mobile offerings by improving the mass-market appeal of MiPass, originally introduced in The success of our wholesale banking segment is critical to our ability to maintain sustainable growth in revenues, particularly in fee-based income.

Our operations are highly dependent on the Chilean political and social environment, as most of our customers and borrowers do business in Chile. There is no certainty as to when such law could go into effect. Given the constrained business expansion in light of the slowdown in the Chilean economy, duringBanco CrediChile focused on operational efficiency, productivity and cost control.


We selected approximately ideas out of 16, entries in the contest, of which the five most innovative business concepts were rewarded. Through these networks, CrediChile provides its customers with a basic array of financial services including bill payments, deposits, installments loan payments and cash withdrawals. Accordingly, the price of our ADS could be adversely affected by a new financial turmoil in.

Total Secured Other-than-Mortgage Loans. Consequently, we have been focused on optimizing the profitability in this segment by enhancing our cross selling through the generation and enhancement of fee-based services, such as payroll processing, dividend payments and billing services, as well as computer banking services. As a result of our merger with Banco de A. The budget for capital expenditures is in line with our mid-term strategic priorities of improving our efficiency and enhancing customer satisfaction.

Th ese applications enable our customers to carry out diverse banking and payment transactions directly from their mobile phones. Provision for loan losses as a percentage of average loans.

We are constantly striving to diversify our liability structure in terms of sources, types of instruments and markets with the aim of maintaining a competitive cost of funding and svx our liquidity. Furthermore, our reputation is highly aligned with the reputation of the banking industry in which we participate and, therefore, actions by other providers of financial services or the banking industry as a whole could also harm our own reputation.

Accordingly, we strive to continuously improve our relationships clrcular customers by developing commercial strategies aligned with their needs, as well as improving our response time and customer satisfaction indicators. These capital expenditures will be principally financed by cash on hand and long-term debt financing. We also continue to enhance our strategic development capabilities, increase our business scale, develop economies of scope by incorporating circulag financially related businesses, reinforce the productivity of our branch network, enhance our.

Any downgrade in our debt credit ratings could result in higher borrowing costs for us while requiring us to post additional collateral or svz our access to capital markets.

Borrowings from financial institutions.