Chile. First Half July 30, 2015

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Chile

First Half 2015

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Disclaimer

Banco Santander Chile caution that this presentation contains forward looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business development and economic performance. While these forward looking statements represent our judgment and future expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental and regulatory trends; (2) movements in local and international securities markets, currency exchange rates, and interest rates; (3) competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our customers, obligors and counterparties. The risk factors and other key factors that we have indicated in our past and future filings and reports, including those with the Securities and Exchange Commission of the United States of America, could adversely affect our business and financial performance.

Note: the information contained in this presentation is not audited. Nevertheless, the consolidated accounts are prepared on the basis of generally accepted accounting principles. All figures presented are in nominal terms. Historical figures are not adjusted by inflation. Historical figures have been restated in accordance with the new accounting standards adopted by Chilean banks in 2009. Please note that this information is provided for comparative purposes only and that this restatement may undergo further changes during the year and, therefore, historical figures, including financial ratios, presented in this report may not be entirely comparable to future figures presented by the Bank.

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Agenda

■ Macro-economic environment and financial system

■ Strategy and business

■ Results

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Macro-economic environment

Economic growth is expected to gradually rebound in 2015-16

Annual GDP Growth (%, real)

Average exchange (Ch$ / EUR$)

Inflation (annual change UF, %)

Central Bank monetary policy (%)

632 724 757 690 680

2012 2013 2014 2015 (e) 2016 (e)

Source: Central Bank of Chile and Santander estimates

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Higher growth of internal demand and exports should boost growth

12.2

0.4 _-6.1 _-1.6 1.3

2012 2013 2014 2015 (e) 2016 (e)

Export growth (YoY growth, %)

Investment (YoY growth, %)

Source: Central Bank of Chile and Santander estimates

1.1 4.3 0.7 1.2 2.6 2012 2013 2014 2015 (e) 2016 (e)

Macro-economic environment

Internal Demand (YoY growth, %)

6.9 3.4 -0.6 1.7 2.4 2012 2013 2014 2015 (e) 2016 (e) 6.5 _6.0 _6.4 6.7 7.0 2012 2013 2014 2015 (e) 2016 (e)

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Financial system: Loan and deposit growth

Financial system with stable growth rate trends

Constant EUR bn



Stable loan growth rate in 2015



Growth of consumption and

non-copper export sectors drives loan

growth



High levels of liquidity in the local

market drives growth of customer

funds

Total loans

Total customer funds*

159 163 169 170 174 J'14 S'14 D'14 M'15 My'15 YoY (%) 9.7% 10.3% 10.6% 9.4% 10.0% YoY (%) 188 197 205 208 212 J'14 S'14 D'14 M'14 My'14

Source: Superintendency of Banks of Chile

* Includes demand deposits, time deposits and mutual funds

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Agenda

■ Macro-economic environment and financial system

■ Strategy and business

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Our Franchise

1. As of May 2015 or latest available figures using the period-end exchange rate. Excludes Corpbanca Colombia 2. Market share of clients with checking accounts. Source: Superintendency of Banks of Chile

Santander Chile is the nation’s leading bank

Business and Results

Gross Loans 34.1bn. 10.4%

Deposits 24.2bn. 15.1%

Consolidated profit 366mn. -9.1%

Attributable profit 259mn. -7.1%

Network and Customers

Clients 3.6 mn. 22.7%2 Branches 479 20.1% ATMs 1,604 20.6% Market Share1 Loans 19.4% Deposits 17.6% Checking accounts 22.6% Bank credit cards 18.5%

EUR constant 1H’15 Var. YoY

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High income

loan growth

Positive loan growth in high

income individuals

Commercial focus / strategy

High income loans (EUR bn.)

Individuals:

Cross-sold

clients

Individual client base growing

with greater client loyalty

Total cross-sold clients1_(ths.)

1. Cross-sold & transactional: Clients with checking account plus 2-4 products depending on the segment and with intense usage measured according to an internal point system

Jun-14 Jun-15 288 331 Jun-14 Jun-15 7.3 8.6 +18%

SMEs:

Cross-sold clients

SME client base growing

with greater client loyalty

Total cross-sold clients1_(ths.)

Jun-14 Jun-15

29

34

+15%

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Loan performance

30,900 31,383 32,173 33,209 34,111 J'14 S'14 D'14 M'15 J'15

Total gross loans

Loan growth focused on segments with highest risk adjusted return

Constant EUR million*

10.4%

2.7%

* At period end rate as of June 2015. ** Total loans includes amounts not reflected by segments and are gross of loan loss provisions

Jun’15 YoY (%) QoQ (%)

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Total deposits

Strong growth of core deposits

21,024 22,517

24,088 25,056 24,203

J'14 S'14 D'14 M'15 J'15

Jun’15 YoY (%) QoQ (%)

Demand 9,244 29.0 3.8 Time 14,959 7.9 -7.4

Total deposits 24,203 15.1 -3.4

Mutual funds 5,786 13.1 5.6

* At period end rate as of June 2015

15.1%

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Agenda

■ Macro-economic environment and financial system

■ Strategy and business

■ Results

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13 13 1.9 1.9 _1.9 2.1 2.3 1.5 _1.4 _1.4 1.6 1.7 2Q14 3Q14 4Q14 1Q15 2Q15 Total Deposits Total Loans

Net Interest Income and Spreads

Total net interest income

QoQ rise in NII is due to higher inflation. Client spreads remain stable

Loan spreads, %

Deposit spreads, %

3.9 _3.9 3.7 3.7 3.6 3.6 3.5 _3.5 3.5 3.3 2Q14 3Q14 4Q14 1Q15 2Q15 Retail Banking Retail Banking

Inflation (%) 1.8% 0.6% 1.9% -0.02% 1.5% 491 428 531 404 492 2Q14 3Q14 4Q14 1Q15 2Q15

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14 14 86 92 93 88 94 2Q14 3Q14 4Q14 1Q15 2Q15

Net Fees

Recovery in fee growth in line with rise in cross-selling

1H15 1H14 YoY(%) QoQ(%) Cards 45 43 5.0 5.9 Bancassurance 34 32 5.5 30.2 Cash Management 24 26 -8.1 -3.6 FFII 25 20 22.1 9.8 Foreign trade 16 15 5.7 -22.3 Checking accts 7 8 -5.7 -8.7 Brokerage 8 6 17.7 -15.4 Others 24 24 1.7 31.5 Total 183 175 4.5 7.3

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15 15 605 558 657 562 625 2Q14 3Q14 4Q14 1Q15 2Q15

Gross income

Gross income up 11.2% QoQ due to business growth and higher inflation

1H15 1H14 YoY(%) QoQ(%)

Net Interest Income 896 936 -4.4 21.7

Net Fees 183 175 4.5 7.3

Subtotal 1,078 1,111 -3.0 19.1

Other1 ₁₀₉ ₇₅ _46.4 _-44.2

Gross income 1,188 1,186 0.2 11.2

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16 16 231 239 244 238 256 2Q14 3Q14 4Q14 1Q15 2Q15 Efficiency ratio (with amortisations) 41.6% 37.9% +3.7pp Number of branches 479 481 -0.4% Number of employees 12,276 11,971 2.5%

Operating expenses

QoQ rise in costs due to seasonal effects and costs indexed to local inflation

1H15 1H14 YoY(%) QoQ(%) General admin. expenses 451 412 9.3 8.5 Depreciation and amortization 43 38 14.9 0.6 Operating expenses 494 450 9.7 7.8

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17 17 129 144 168 134 ₁₂₄ 2Q14 3Q14 4Q14 1Q15 2Q15

Cost of credit & asset quality improving

1H15 1H14 YoY(%) QoQ(%)

Net Operating Income 694 736 -5.7 13.6

LLPs -258 -256 0.7 -7.0

Net op. income

after LLPs 436 480 -9.1 28.1 1.8% 1.7% 1.8% 1.7% 1.7% Cost of credit Net loan-loss provisions

LLPs and Cost of credit

Net operating income after loan-loss provisions

(LLPs)

NPL Coverage ratio 52% 52% NPL ratio 5.7% 5.9%

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18 18 145 102 175 111 148 2Q14 3Q14 4Q14 1Q15 2Q15

Attributable profit

Net income rises 39.7% QoQ due to business growth,

higher inflation rate and lower quarterly tax rate

1H15 1H14 YoY(%) QoQ(%)

Profit before taxes 439 470 -6.4 22.5 Tax on profit -74 -67 9.4 -35.7

Net income 366 402 -9.1 39.7

Attributable profit 259 279 -7.1 34.2

Effective tax rate 16.8% 14.4%

Attributable profit

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 Economic growth of 2.2% in 2015 and 2.6% in 2016, up from 1.9% in 2014  Inflation expectations increased to 4.0% for 2015

 Loan growth should remain stable at 8-9% in 2015

 Bank results stronger in 2Q15 due to higher inflation and stable asset quality indicators

Market

Environment

&

Financial

System

Strategy

&

Business

Results

Conclusions

 Loan growth focused on segments with highest risk adjusted return  Strong growth of core deposits

 Client base / cross-selling growing at a healthy pace

 QoQ Gross income and profits positively affected by business growth and higher inflation

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Agenda

■ Macro-economic environment and financial system

■ Strategy and business

■ Results

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