Itaú CorpBanca

Itaú CorpBanca Conference Call

Itaú CorpBanca 1

Itaú CorpBanca Representatives

Today’s Presenters

Mr. Maluhy joined Itaú Unibanco in 2002 and became a partner in 2010. Previously, he was CEO of Rede S.A.

(Redecard), a card processing subsidiary and Executive Director at Itaú Unibanco, responsible for the management of

the credit card segment and retail store alliances. Previously, he worked at Itaú BBA, holding leadership positions in

areas such as international, products, operations, treasury, and trading desk. Prior to joining the bank, he worked at J.P.

Morgan Crédit Commercial de France (CCF Brasil), and Lloyds TSB. Mr. Maluhy holds a B.A. in Business Administration

from Fundação Armando Álvares Penteado – FAAP.

Milton Maluhy – Chief Executive Officer

Mr. Moura joined Itaú Unibanco in 2000 and became an associate partner in 2010. He has more than 20 years of

experience in asset management, risk management, finance and M&A. Mr. Moura held the position of Chief Investment

Officer for Itaú’s pension funds, endowments and insurance businesses. He was also Chief Risk Officer for Wealth

Management as well as member of the Board of Directors of different companies in Brazil and abroad. Prior to joining the

bank, he worked at BBVA Asset Management and Itaú Bankers Trust. Mr. Moura holds a M.B.A. from the Wharton

School at the University of Pennsylvania, USA.

Gabriel Moura – Chief Financial Officer

Ms. Labbé has held the position of Head of Investor Relations in CorpBanca since 2011 and has more than 20 years of

experience in the financial industry. Prior to joining CorpBanca, she was Head of Financial Institutions at Feller Rate, a

former local affiliate of Standard & Poor’s.

Claudia Labbé – Head of Investor Relations

Itaú Unibanco Holding 1

Itaú CorpBanca 3

Colombia1

Branches and CSBs: 177

Employees: 3.7

Thousand

Assets: US$ 10.8 Billion Peru2

Rep. Office

Paraguay

Branches and CSBs3 : 37

Employees: 799

Assets: US$ 3.1 Billion

Uruguay (includes OCA)


OCA service sites: 36

Employees: 1.2 Thousand


550 branches

13.7 thousand employees

US$ 55 billion in assets

*As of Dec.31, 2015 - excluding Brazil

Chile




Argentina




• Itaú Unibanco has a US$ 55

billion¹ Market Capitalization,

with shares listed in São Paulo,

New York and Buenos Aires Stock

Markets

• The Bank is present in 19

countries, in the Americas,

Europe and Asia, with over 90

thousand employees, 5

thousand branches and 26

thousand ATMs

• More than 60 million clients

1 – As of Apr/15/2016. Calculated based on the closing price of

the ADR in the NYSE multiplied by the number of outstanding

shares.

Itaú in Latin America*

1 Includes information of the operations of CorpBanca in Panamá; 2 Rep. office in Peru is part of Itaú CorpBanca; 3 CSBs:

Client Service Branches (Puestos de Atención)

Source: Itaú Unibanco: Financial Statements. CorpBanca: Superintendency of Banks and Financial Institutions (SBIF) and

Financial Statements

Itaú Unibanco

Highlights (as of 31/12/2015) (Itaú + CorpBanca pro forma)

Regional Presence

Itaú CorpBanca 4

Latam within Itaú Unibanco

39 104

5%

62%

20%

6%

8%

Itaú ARG

Itaú Corp CHL

Itaú Corp COL

Itaú PRY

Itaú URY

25

323

18

104

Assets

¹ L

oa

ns

¹

US$ Billion Breakdown by Country

5%

64%

21%

5%

5%

Itaú ARG

Itaú Corp CHL

Itaú Corp COL

Itaú PRY

Itaú URY Itaú Latam

w/o CorpBanca Brazil and

Other Countries

Itaú Latam

with CorpBanca

55 323

BEFORE

7% 15%

AFTER

27%

14%

1 – Considering a BRL 3.9048 per 1.00 USD conversion rate, as of Dec/31/2015.

Source: Itaú Unibanco: Financial Statements. CorpBanca: Superintendency of Banks and Financial Institutions (SBIF) and Financial Statements as of December 31, 2015.

Total Latam Assets US$ 55 Bn

Total Latam Loans US$ 38 Bn

82%

85%

Itaú CorpBanca 2

Itaú CorpBanca 6

April 14, 2016

Source: Itaú CorpBanca.

1 Includes 802,125,023 shares owned by Saga that are under custody.

Shareholders Structure after Merger

3rd largest Market Cap among Peers

Note: Figures were converted at an exchange rate of Ch$670.80/US$1 (as of April 14, 2016).

Source: Santiago Stock Exchange.

10.23 9.33

4.62 4.59

1.42

PEER-A PEER-B ITAUCORP PEER-C PEER-D

US

$B

N

ADRs holders and Foreign investors 14.08%

Securities Brokerage 6.74%

Santo Domingo Group 1.92%

Insurance Companies 1.58%

AFPs 0.32%

Other minority shareholders 5.33%

ITAÚ CORPBANCA Total shares: 512,406,760,091(100%)

Itaú Unibanco

33.58%

April, 2016

Shareholders - % Total share capital

#3

Saieh Family1

33.13%

IFC

3.32%

Others

29.97%

Itaú CorpBanca 7

Bo

ard

of

Dir

ec

tors

Strong Corporate Governance

Chairman

Vice Chairman

Jorge Selume Zaror

Fernando Aguad Dagach

Gustavo Arriagada Morales*

Directors

Candido Botelho Bracher

Boris Buvinic Guerovich

Boris Nicolás Abovic Wiegand

Héctor Valdés Ruiz*

Alternate Directors

Camilo Morales Riquelme José Luis Mardones Santander*

(*) Independent Director under Chilean corporate law.

Jorge Andrés Saieh Guzmán

Ricardo Villela Marino

João Lucas Duchene*

Fernando Concha Ureta*

• Itaú Unibanco and CorpGroup appoint the majority of the members of the board of directors

• Pursuant to the Shareholders Agreement, the Directors appointed by Itaú Unibanco and

CorpGroup shall vote together as a single block according to Itaú Unibanco’s recommendation

Itaú CorpBanca 8

Senior Management Structure

BOARD OF DIRECTORS

Itaú CorpBanca Chief Executive Officer

Audit Committee

Milton Maluhy

Wholesale

José Francisco

Sánchez

Retail

Victor Orellana

Treasury

Pedro Silva

Marketing &

Products

Rogério Braga

CRO

José Valencia

CFO

Gabriel Moura

IT & Operations

Luis Rodrigues

Legal &

Compliance

Cristián Canales

Human

Resources

Marcela

Jiménez

CorpBanca Colombia CEO

Jaime Munita

Comptroller

José Manuel Mena

Itaú CorpBanca 9

Itaú CorpBanca at a glance

Commercial 68%

Mortgage 10%

Consumer 22%

4th largest private bank by loans in

Chile

5th largest bank by loans in

Colombia

1 Pro forma financials do not include merger effects; 2 Gross Loans; 3 Includes US$553 million of capital increase in Banco Itaú Chile; 4 For 2014 Net Income considers US$45 million of pre integration

expenses and for 2015 it considers US$50 million of pre-integration expenses and US$30 million of the SBIF fine imposed to CorpBanca.

Note: Figures expressed in USD were converted at CLP 710.32/USD (as of December 31, 2015);

Source: CorpBanca and Banco Itaú Chile financials.

December 2015

Colombia 24%

Consumer

8%

Mortgage

20%

Commercial 72%

Chile 76%

Pro forma Loan Portfolio Breakdown

Dec 31, 14 Dec 31, 15

Total Assets (US$BN) 39.7 41.4

Total Loans2 (US$BN) 28.7 30.5

Total Deposits (US$BN) 23.7 25.1

Equity attributable to shareholders3 (US$BN) 4.0 3.8

Net Income attributable to shareholders4 (US$MN) 439 431

Loan Loss Allowances / Total Loans 2.1% 2.2%

Branches 395 395

ATMs 664 668

Headcount 9,895 10,016

Pro forma1 Consolidated Financial and Operating Highlights

Itaú CorpBanca 10

* Pro forma

1 Company management and filings with local regulatory authorities as of 12.31.2015.

2 Pro forma rankings showing private banks only, based on gross loans as reported to the SBIF and SFC, excluding loans from CorpBanca Colombia. Including loans from Colombia,

Itaú CorpBanca would have a loan market share of 15.2% in Chile.

3 Based on gross loans as reported to the SFC. Peer-A in Colombia includes aggregate gross loans for different banks of the same group.

Market Share by Loans in Chile 1,2 Market Share by Loans in Colombia 1,3

#5

Regional Platform

18% 18% 15%

12%

7% 7% 6% 5%

10%

Peer-

B

Pe

er-

A

Pe

er-

C

ITA

Ú-C

OR

PB

AN

CA

*

Co

rpB

anca

Pe

er-

D

Pe

er-

E

Ita

ú

Oth

ers

#4

28% 23%

14% 11%

6% 5% 3% 3% 2% 2% 4%

Pe

er-

A

Pe

er-

B

Pe

er-

C

Pe

er-

D

Co

rpB

anca

Pe

er-

E

Peer-

F

Pe

er-

G

Pe

er-

H

Pe

er-

I

Oth

ers

Itaú CorpBanca 11

Business Mix

US$ MN as of December 31, 2015

15.5

Avg

Top 3

8.2

15.1

7.5

Total

Current interest rates

w/ Top 3 mix

Top 3

Top 3 interest rate

w/ current mix

Current

8.2 8.0

6.5 6.5

Itaú

CorpBanca

60 54

65 72

25 30

22

20

15 16 13 8

32,518 34,344 22,640 22,130 100% =1

Consumer

Mortgage

Commercial

Mix difference explains most of the Yield gap

with the Top 3

Source: SBIF; CorpBanca; Team Analysis.

1 Yearly average gross loans; 2 Loan interests by segments;

Note: Exchange rate CLP/710.32/USD (as of December 31, 2015).

Peer-A Peer-B Peer-C

Loans breakdown by segment

8.2

8.2

7.6

7.5

Interest rate2 (%)

Itaú CorpBanca 12

Funding Mix

Funding Breakdown

Source: SBIF; CorpBanca; Team Analysis.

Note: Exchange rate CLP/710.32/USD (as of December 31, 2015).

US$ MN as of December 31, 2015

3.4

Avg

Top 3

2.6

3.8

3.5

Total

14 18 21 17

21 20 16 21

36 38 38

50

28 24 25

12

Others

Debt Issued

42,941 37,925

Checking accounts &

Demand Deposits

Time Deposits

31,125 27,541 100% =

0.1 0.1

5.7 6.7

3.5

3.1

2.6

2.9

Itaú

CorpBanca

1.0 1.2

Current

Top 3 interest rate

w/ current mix

Current interest rate

w/ Top 3mix

Top 3

Non-interest bearing liabilities are the main

reason for the gap when compared to the

top 3 players

Peer-A Peer-B Peer-C

Interest rate (%)

Itaú CorpBanca 13

Note: Figures were converted at an exchange rate of 667.08 CLP/USD (as of March 31, 2016).

1 Companies filings with local regulatory authorities as of March 31, 2016.

Company pro forma balance sheet as of 03.31.2016.

Pro forma Financials as of March 31, 2016 (US$ MN)

Banco Itaú Chile 1 CorpBanca 1

PPA & IFRS

consolidation

effects

Pro forma

Assets

Cash and deposits in banks 1,263 2,395 0 3,658

Derivative financial instruments 381 1,475 -16 1,840

Loans Portfolio, net 10,132 21,222 - 31,353

Financial investments 668 3.647 -4 4,312

Intangible assets 79 1,031 1.340 2,450

Goodwill 0 508 1.208 1,717

Customer relationship & Core deposits 0 337 168 505

Others 79 186 -37 228

Other assets 724 1,809 25 2,559

Total Assets 13,248 31,577 1,346 46,171

Liabilities

Deposits 7,193 18,799 -15 25,978

Demand Deposits 1,476 6,386 0 7,862

Time Deposits 5,717 12,413 -15 18,116

Derivative financial instruments 377 1,222 -16 1,583

Debt issued 2,280 4,770 182 7,232

Deferred income taxes 136 202 25 363

Other liabilities 1,479 4,402 -27 5,854

Total Liabilities 11,465 29,395 149 41,009

Non controlling interest 0 462 -37 425

Total Shareholders’ Equity 1,783 1,721 1,233 4,737

Total Liabilities and Shareholders’ Equity 13,248 31,577 1,346 46,171

Itaú CorpBanca 14

Pro forma Capital Levels as of March 31, 2016

Note: Estimated by company management, based pro forma balance sheet as of March 31, 2016.

Includes:

• US$552.99MN of capital increase in Banco Itaú Chile (679.70 CLP / USD)

• Corresponding adjustments from merger effects of the business combination based on company pro forma balance sheet.

1 Core Capital = Tier I Capital = Capital Básico, according to SBIF BIS I definitions; 2 Regulatory Capital = Patrimonio efectivo, according to SBIF BIS I definitions

* Figures were converted at an exchange rate of 667.08 CLP/USD (as of March 31, 2016).

US$ BN*

CorpBanca

BIC

Merger

effects

Regulatory Capital2 Goodwill

4.88

0.43

1.72

Minority Interest

1.78

1.44

1.23

4.74

Core Capital1 Subord. Bond

1.72

Itaú CorpBanca 15

9.5

11.9

13.4 12.6 12.0

13.0

CorpBanca BIC Peer-B Peer-A Peer-C Itaú CorpBanca

(e)

Significant Expected Improvement in Capital Position

Itaú CorpBanca will have a larger capital base to support further growth

Itaú CorpBanca will target a capital ratio based on the greater of 120% of the minimum regulatory capital requirement or the

average regulatory capital ratio of the three largest private banks in Chile and Colombia. After the necessary earnings have

been reserved to comply with this requirement, all excess cash earnings will be distributed to its shareholders

* Pro forma estimated by company management, based on March 31, 2016 pro forma balance sheet, which includes:

a) CorpBanca Tier I capital1 as of March 31, 2016.

b) Banco Itaú Chile (BIC) Tier I capital 1as of March 31, 2016, including US$553MN of capital increase on March 22, 2016 (679.70 CLP / USD).

c) Corresponding adjustments from merger effects of the business combination based on pro forma balance sheet.

1 Tier I Capital = Basic Capital, according to SBIF BIS I definitions; 2 BIS ratio = Patrimonio efectivo / RWA , according to SBIF BIS I definitions

Note: Figures converted to US dollars at a rate of 710.32 CLP/USD (as of December 31, 2015) and 667.08 CLP/USD (as of March 31, 2016), respectively.

Tier I Capital (Core capital)1 BIS Ratio (%)2

Comparative Capital Levels & ratios and Itaú CorpBanca Pro forma

1.7

1.1

3.9 3.8

2.8

4.7*

CorpBanca BIC Peer-A Peer-B Peer-C Itaú CorpBanca(e)

US

$B

N

Dec-15 Mar-16

Mar-16 Dec-15

Chilean Banking Ind. Avg: 12.6%

a)

b)

c)

0.6

1.7

Itaú CorpBanca 16

We estimate these synergies to be fully achieved in 3 years post-merger

We also expect further funding cost improvements and substantial revenue synergies, which are not included in the

cost synergies below

We estimate total one-time integration costs of approximately US$85MN to occur during the first 3 years

1 Denotes low-end and high-end fully phased-in pre-tax synergies from year 3 onward.

Note: Figures converted to US dollars at a rate of 667.08CLP/USD.

Source: Management estimates.

Human

Resources

Relevant synergies related to optimization of

organizational structures US$63MN

1

Administration

Savings derived from a reduction in administrative expenses

Reduction of costs from services rendered by mutual service

providers

US$17MN

2

Information

Technology Relevant savings from scalable IT systems US$18MN

3

Others Savings derived from enhanced branch network US$9MN

4

Indicative Total Fully Phased-in Pre-Tax Synergies Range

Description

Low-End

Pre-Tax Synergies1

High-End

Pre-Tax Synergies1

US$52MN

US$14MN

US$15MN

US$8MN

US$107MN US$88MN

Updated Synergies

Itaú CorpBanca 17

Transaction in Colombia

Contemplated Structure in Colombia

Itaú

CorpBanca

100%

CorpBanca

Colombia

CorpBanca offered to acquire the 33.18%

aggregate minority stakes in CorpBanca

Colombia:

‐ CorpBanca and Helm Co. did not reach an

agreement on the final terms and conditions of the

proposed acquisition

‐ CorpGroup has agreed to sell shares in proposed

transaction (12.36% ownership - US$330MN

aggregate cash offer1 2 )

Itaú CorpBanca will acquire Itaú BBA

Colombia at a price equivalent to its book

value2 3

CorpGroup Helm

Corporation

Other

Minorities

Itaú BBA

Colombia

66.28% 12.36% 20.82% 0.54%

1 This amount accrues interest of Libor + 2.7% per year from August 4, 2015 until the closing date

2 Transaction pending on approvals by regulators

3 Book value of Itaú BBA Colombia = COP 319.2 BN as of December 31, 2015 (equivalent to US$102 million at an exchange rate of COP3,135.17/US$1)

Offer to Acquire Minority Stake in CorpBanca Colombia

Itaú CorpBanca 18

• The legal name of the merged entity is “Itaú CorpBanca”, notwithstanding the commercial

brand is going to be “Itaú”

• The merged entity will benefit from stronger balance sheet structure and capital ratios to

support growth

• In following quarters we will deliver

1. Legal Day One and systems integration

2. Filing first combined financial statements on May 10, 2016 with SBIF

3. Brand and branches integration completed by December 2016

• Our ambition is to be among the 3 largest Banks in Chile in terms of total loans

Going Forward…

19

Thank You

Itaú CorpBanca 20

Cautionary Note

Certain statements in this Presentation may be considered as forward-looking statements. Forward-looking information is often, but not always,

identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "may", "will", "should", "could",

"estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. These forward-looking statements include, but

are not limited to, statements regarding expected benefits and synergies from the recent merger of Banco Itaú Chile with and into CorpBanca, the

integration process of both banks, the expected timing of completion of the transaction, anticipated future financial and operating performance and

results, including estimates for growth, as well as risks and benefits of changes in the laws of the countries we operate, including the Tax Reform in

Chile.

These statements are based on the current expectations of Itaú CorpBanca’s management. There are risks and uncertainties that could cause

actual results to differ materially from the forward-looking statements included in this communication. For example, (1) problems that may arise in

successfully integrating the businesses of Banco Itaú Chile and CorpBanca, which may result in the combined company not operating as effectively

and efficiently as expected; (2) the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to

achieve those synergies; (3) the credit ratings of the combined company or its subsidiaries may be different from what Itaú CorpBanca or its

controlling shareholders expect; (4) the business of Itaú CorpBanca may suffer as a result of uncertainty surrounding the merger; (5) the industry

may be subject to future regulatory or legislative actions that could adversely affect Itaú CorpBanca; and (6) Itaú CorpBanca may be adversely

affected by other economic, business, and/or competitive factors.

Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to Itaú

CorpBanca’s management. Although management considers these assumptions to be reasonable based on information currently available to it,

they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific,

and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved.

We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ

materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements.

More information on potential factors that could affect Itaú CorpBanca’s financial results is included from time to time in the “Risk Factors” section of

Itaú CorpBanca’s (formerly CorpBanca) Annual Report on Form 20-F for the fiscal year ended December 31, 2015, filed with the SEC. Furthermore,

any forward-looking statement contained in this Presentation speaks only as of the date hereof and Itaú CorpBanca does not undertake any

obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or

otherwise. The forward-looking statements contained in this Presentation are expressly qualified by this cautionary statement.

Documents

Itaú CorpBanca