2020 Impairment Test Gabriel Moura Chief Executive Officer Claudia - PowerPoint PPT Presentation

Con onfer feren ence ce Call ll and nd Webcast 2020 Impairment Test Gabriel Moura Chief Executive Officer Claudia Labbé Head of Investor Relations July July 10 10 th th , 2020 , 2020 1

Business combination Initiatives taken by the Chilean government A reverse acquisition in accordance to IFRS 3 Accountin Accoun ting g im impact pact at LD1 at LD1 In In acc ccorda ordance to nce to IFRS IFRS 3, 3, USD Bi D Bi Goodw Go odwill ill and and intangibl intangibles es business c business com ombina binations tions are are Goodwill constituted constit uted at at share share pri price ce 1,5 ac acco count unted ed for for using the using the Intangibles 0,3 of of CLP CLP 5.8 5.80 4.2 4.2 4.2 4.2 Activos 2,4 2,4 with no with no imp impac act t on on 2.4 2.4 Netos “acquisition method” earnings, li earnings, liquidit quidity and and Valor de Activos Netos Valor de Ba Basel sel III III ca capit pital al Patrimonio Mercado In Legal Day 1, Corpbanca was  valued at market prices as of March/16 Accountin Accoun ting g im impact pact pos post-LD1 LD1 The difference between the  market price and the net asset Intangible assets (e.g., trademark, customer relationships) are amortized value was recognized in the  balance sheet as intangible Intangibles and goodwill are tested for impairment  assets due to business combination and goodwill , increasing equity value Imp Impair airment ment losses losses are are rec ecog ognized nized in in th the e income income statement statement 2

Impairment Test Price and Multiples Price Behavior Market Cap (Ch$ mn) 3,471 3,320 3,272 8 3,087 4.00 3,057 3,074 3,028 2,969 2,969 2,972 2,899 2,879 2,879 2,867 2,829 2,234 6.77 Share price 7 3.50 1,993 6.48 (Ch$) 6.39 1,538 6.02 6.00 5.80 5.80 5.97 1,211 1,137 1,137 5.91 5.80 6 5.60 5.80 5.66 953 3.00 5.62 5.62 5.52 5 2.50 4.36 3.89 4 2.00 P/TBV 1.78 1.71 1.70 1.66 1.67 1.63 1.62 1.60 1.59 1.58 1.56 1.56 1.53 3.00 1.41 3 1.34 1.50 P/BV 1.27 2.22 .22 1.12 2.36 2.22 1.05 1.00 1.00 1.00 0.96 0.96 0.94 0.93 0.92 0.92 0.90 0.91 0.90 1.86 0.86 2 0.83 1.00 0.77 0.67 0.63 0.59 0.59 0.59 0.49 0.46 0.37 0.35 0.35 1 0.50 0.29 0 - Mar.16 Jun.16 Sep.16 Dec.16 Mar.17 Jun.17 Sep.17 Dec.17 Mar.18 Jun.18 Sep.18 Dec.18 Mar.19 Jun.19 Sep.19 Dec.19 Ene.20 Feb.20 Mar.20 Abr.20 May.20 Jun.20 3

Impairment Test Macro projections pre & post COVID-19 GDP (%) Monetary Policy Rate (%) 4.5 4.0 4.0 3.2 3.2 2.5 1.2 2.8 3.2 2.7 4.0 3.2 1.9 3.5 1.8 the eco the econo nomic mic ou outloo tlook h k has as 1.3 Cum umul ulative  2.0 chan ch anged, ged, del delayi aying ng RoTE RoTE 5. 5.3% 0.5 1.0 -7.0 7.0 co conver nvergen gence ce 2020E 2021E 2022E 2023E 2024E 2020E 2021E 2022E 2023E 2024E  Lower GDP over time due to sharp slowdown and uncertain recovery of GDP (%) Monetary Policy Rate (%) economic activity  Lower interest rates 4.5 4.5 3.3 4.5 4.5 3.5 4.5  Slower credit portfolio growth and 3.1 3.3 4.3 higher cost of credit 3.0 4.5 4.5 3.1 3.4 3.2 3.5  Slower fee revenue growth Cum umul ulative  2.0 2.0 .0 8. 8.0% 0% -6.0 2020E 2021E 2022E 2023E 2024E 2020E 2021E 2022E 2023E 2024E Pre-COVID Post-COVID 4

Impairment Test Impacts Assets Impairment Impact on Earnings CLP CLP Bi Bi USD USD Bi Bi CLP mn CLP mn USD mn USD mn % CLP mn CLP mn USD mn USD mn Goodwill 940.8 40.8 1.14 1. 14 448,273 448,2 73 545. 54 5.5 47. 7.6% (448 (448,273) 73) (54 545.5) 5.5) Chile 97.5 7.5 0.12 0. 12 0 0. 0.0 Intangibles from BC 0 0. 0.0 0.0% 0% Chi 1,038 1, 038.3 1. 1.26 26 (448 (448,273) 73) (54 (545. 5.5) 5) Sub total Chile 448,2 448,273 73 545. 54 5.5 Colombia Goodwill 242 42.2 0. 0.29 29 242 42,223 29 294.7 100. 10 0.0% 0% (24 (246,663) 3) (300.1 (300.1) Colombi 113. 11 3.9 0. 0.14 14 (69,08 (6 088) (8 (84.1) 1) Intangibles from BC 11 113, 3,910 10 13 138.6 100. 10 0.0% 0% 356.1 356 0. 0.43 (315,751) (315, 751) (38 (384.2) 2) Sub total Colombia 356 356,133 133 433. 33.3 dated Consolidated Goodwill 1, 1,183.0 183.0 1.44 1. 690, 0,49 496 840. 0.2 58.9% 58 (6 (694, 4,936 36) (8 (845. 5.6) 211 11.4 0. 0.26 26 (6 (69,08 088) (8 (84.1) 1) Consoli Intangibles from BC 113, 11 3,910 10 13 138.6 53. 53.3% 3% 1,39 1, 394. 4.4 1.70 1. 70 (764,02 (764 024) 4) (929 (929.7) 7) Total 804, 04,406 406 978 78.8 (US$ 930 mn) NO impact NO impact NO impact impact on non-recurring on BIS III capital on liquidity on market & credit risk net income 5

Impairment Test Conclusions We have recognized accounting adjustments to goodwill and intangible assets to reflect the new economic outlook This non-recurring earnings charge has no impact on liquidity nor on the risk profile of the bank This event does not impact capital ratios under BIS III standards This event does not impact the bank’s strategy and operations nor its capacity to pay dividends from 2021 onwards 5 Managerial recurring net income for June/20 was CLP 14.5 Bi 6

Con onfer feren ence ce Call ll and nd Webcast 2020 Impairment Test Gabriel Moura Chief Executive Officer Claudia Labbé Head of Investor Relations July July 10 10 th th , 2020 , 2020 7