Annual Report

1

ANNUAL REPORT 2011

PERSEVERANTES

COMPROMETIDOS

RESPONSABLES

ORGANIZADOS

VERS

ÁTIL ES

ÍNTEGROS APASIONADOS DINÁMICOS

3

6

Letter from the Chairwoman

10

The Company

10 11 12 13

Company Identification Ownership of the Company Historical Background Branch Network

16

Management

16 17 18

Board of Directors Organization Chart Corporate Governance

22

Macroeconomic Performance

22 24 25

Economic Environment in 2011 Investment Portfolio Real Estate Investments

28

Activities and Business

28 29 30 31 32 32 33 34 35 36 38 40

Commercial Management in 2011 Life Annuities Mass Delivery Insurances Individual Life Insurances Consumer Credit Corporate Insurances Customer Service Business Intelligence Unit Marketing Operations and Technology Comptroller’s Area and Risk Management Administration and Finance

44

Human Resource and Development

54

Corporate Social Responsibility

60

Audited Financial Statements

60 62 64 68 70

Independent Auditors´Report General Balance Sheets Cash Flow Statements Reconciliation of Net Result and Operating Flow Notes to the Financial Statements

Comprometidos = Committed

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Letter from the Chairwoman On behalf of CorpVida’s Board of Directors, I am pleased to present you with CorpVida’s Annual Report and Financial Statements for the financial period January 1 to December 31, 2011.

The year 2011 was marked by the European crisis and by domestic situations that affected the performance of movable asset portfolios across the board. For our part, we ventured in the Latin American fixed income market, diversifying risk while simultaneously obtaining substantial returns.

In addition, the policy concerning investment in movable assets followed by the Company over time enabled buffering during 2011 the effects of current high stock market volatility, thereby confirming the soundness of the decision made during the period of great stock market upsurge.

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Also in the real estate area, the profitability of recently acquired projects was enhanced, with excellent results. Finally, the amendment to General Regulation NCG No. 152 of the Superintendency of Securities and Insurance (SVS), designed to extend the real estate investment limit from 20 percent to 25 percent of total minimum cash reserves and risk capital, opened the possibility of implementing additional investments in this type of asset, thereby consolidating CorpVida’s experience in this area.

As regards products, special mention should be made of our Company’s performance in the Life Annuity business, where we attained a 13.2 percent market share, with sales reaching MUF 7,787. In addition, our Company grew 30 percent in Individual Life Insurances with respect to the same period in the previous year.

Also this year, progress was made in our Corporate Social Responsibility policy, participating in cultural activities, such as the Las Condes Cinema Festival, as well as activities in support of people with cognitive disabilities, among those being volunteer activities in foster homes. Likewise, we have assumed a strong commitment to inclusion, incorporating into our Company Collaborators having disabilities.

In the regulatory area, there were important changes during 2011, among which the enactment by the Superintendency of Securities and Insurance (SVS) of General Regulation NCG No. 309 concerning Corporate Governance Principles and Risk Management and Internal Control Systems deserves to be highlighted. CorpVida has a robust and efficient Corporate Governance, and we are proud to know that our Company is guided by sound and sustainable principles.

Finally, I wish to highlight the work carried out by each one of CorpVida’s Collaborators during 2011, thanking them for their dedication in assisting CorpVida for it to become a great Company.

During these years, we have made decided progress in our consolidation and growth, and I invite you to continue to be part of this great project.

Sincerely, María Catalina Saieh Guzmán Chairwoman

Organizados = Organized

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The Company COMPANY IDENTIFICATION

Our primary mission is based on ensuring the future and tranquility of persons.

Legal Name Compañía de Seguros CorpVida S.A. Legal Address Rosario Norte N° 660 Piso 21, Las Condes, Santiago - Chile Telephone 660 3000 Fax 660 3189 Web Site www.corpvida.cl Tax Number 96.571.890-7 Type of Corporation Closely Held Corporation, subject to special regulations (Law 18,046, Art. 126).

The Incorporation Deed, dated November 14, 1989, was witnessed by the Santiago Notary Public Mr. Victor Manuel Correa Valenzuela. Its existence was approved pursuant to Exempt Resolution No. 190 of the Superintendency of Securities and Insurance on December 13, 1989.

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OWNERSHIP OF THE COMPANY

CorpVida Shareholders CorpGroup Vida Limitada, Tax Number 76,080,631-5, with 453,195 subscribed and paid-up shares, representing 66.5 percent, and Mass Mutual (Chile) Limitada, Tax Number 76,651,100-7, with 228,300 subscribed and paid-up shares, representing 33.5 percent.

Reinsurers Mapfre Re, Hannover Re, RGA Re, Scor*, Swiss Re. * In the case of SCOR, the relation derives from a previous agreement between the Company and Transamerica (a reinsurer acquired by SCOR in August 2011).

Auditors Deloitte Touche Tohmatsu Limitada Clasificadoras de Riesgo Feller Rate Clasificadora de Riesgo Ltda.

ICR Chile Compaùía Clasificadora de Riesgo Ltda.

Seguros Fire (Contents) Theft Electronic Equipment Civil Liability

AA- October 13, 2011 AA November 29, 2011

UF 28.200 UF 28.200 UF 55.200 UF 10.000

Dividend Policy As regards the dividend policy, the Company is governed by Law 18,046, Article 79.

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HISTORICAL BACKGROUND

As a result of the experience and track record attained over more than 20 years of existence, CorpVida has become a company with an outstanding presence in this business.

Inception dates back to 1989, when the corporation Compensa Compañía de Seguros de Vida S.A., the first legal name, was created. In 1995, CorpGroup and the American consortium MassMutual International incorporated Compañía de Seguros Mass Seguros de Vida S.A.; the following year, they acquired Compensa Compañía de Seguros de Vida S.A., whose name was changed to Compañía de Seguros Vida Corp S.A. With the aim of consolidating its market share, Mass Seguros de Vida S.A. merged with Compañía de Seguros Vida Corp S.A. in 2000, whereby the former was dissolved and the latter became one of the soundest life insurance companies in the country.

After the physical merger by mid2006 of the companies that make up the CorpGroup Holding in its modern corporate building, the decision was made to unify their corporate images in order to strengthen the idea that they are part of a single financial group. And thus, on October 1, 2007, the name of the Company was changed to Compañía de Seguros CorpVida S.A. At the end of 2009, CorpGroup formalized the purchase of ING Chile’s life annuity and mortgage loan note assets within the framework of its business expansion and growth strategy, giving rise to the CorpSeguros S.A. insurance company.

The latter was successfully and efficiently incorporated into the Group’s company portfolio, demonstrating the interest of the group in consolidating a leading position in the domestic insurance industry.

CorpVida and CorpSeguros comprise one of the most relevant insurance groups in the country, being ranked in third place in total direct premium, with more than 333,000 customers and 20 branch offices throughout the country and leading the market with more than US$ 7.150 billion in managed assets.

As a result of the experience and track record attained over more than 20 years of existence, CorpVida has become a company with an outstanding presence in this business.

Its main mission is to ensure the future and tranquility of people, a promise that we can make because we rely on the commitment and work of a human team that is highly qualified and motivated to provide customers with excellence in the consulting, the services, and the products that they demand from us.

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BRANCH NETWORK

Customer Service 800 22 08 08 Fax: 353 7059 www.corpvida.cl

SANTIAGO Head Office Rosario Norte 660, Piso 21, Las Condes Santiago Centro Oficinas Comerciales Miraflores 222 Piso 4,5 y 6 Las Condes Rosario Norte 660, Local 101

Rancagua Coronel Santiago Bueras 614, Local 8 Curicó Prat 113 Talca Uno Sur 841, Local 5 Chillán Constitución 492, Of. 302

REGIONS Arica 7 de Junio 268, Of. 820

Concepción Caupolicán 242

Iquique Aníbal Pinto 444

Los Ángeles Colo Colo 411, Of. 405

Antofagasta San Martín 2530

Temuco Manuel Bulnes 645

Calama Ramírez 1841, Of. 201

Valdivia Independencia 521, Of. 307

Copiapó O’Higgins 760, Of. 606

Osorno O’Higgins 485, Of. 308

La Serena Balmaceda 428, Local 1

Puerto Montt Benavente 550, Of. 605 / 606

Viña del Mar Av. Libertad 758

Punta Arenas Roca 975, Local 2

Responsables = Responsible

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Management BOARD OF DIRECTORS

Management as of December 31, 2011

Chairwoman María Catalina Saieh Guzmán Vice Chairman Fernando Siña Gardner Board Members Jorge Andrés Saieh Guzmán Alejandro Ferreiro Yazigi Bruce Stanforth Max Sichel Day Francis T. Luccesi

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ORGANIZATION CHART

Acting Chief Executive Officer Mauricio Fasce Pineda

Commercial Engineer U. de Concepción

Comptroller Enrique Margotta Saavedra

Auditing Accountant U. Tecnológica Metropolitana

Legal Counsel Ximena Kaftanski Arancibia

Attorney U. Adolfo Ibáñez

Commercial Manager Mauricio Fasce Pineda

Commercial Engineer U. de Concepción

Operations and Technology Manager Guillermo Osses García

Civil Engineer U. de Chile

Administration and Finance Manager Álvaro Reyes Bórquez

Civil Engineer U. Católica de Chile

Technical Manager Raúl Ahumada Haddad

Industrial Civil Engineer U. Católica de Chile

Investment Manager Germán Tagle O´Ryan

Commercial Engineer U. Católica de Chile

Human Resource Sub-Manager Daniella Holz Cornejo

Organizational Psychologist U. Central

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CORPORATE GOVERNANCE

CorpVida’s Corporate Governance structure faithfully reflects the spirit of its shareholders. It is based on sustained and effective oversight of the Company’s business, appropriate involvement of several members of the Board of Directors in those critical situations where timely solutions must be triggered, and efficient compliance with the regulatory model.

SHAREHOLDERS

INTERNAL AUDITING BOARD OF DIRECTORS COMPLIANCE

CHIEF EXECUTIVE OFFICER

SENIOR EXECUTIVES

MANAGEMENT COMMITTEES

BOARD MEMBERS COMMITTEES

Technical Investments Auditing Governance Strategic Development Human Capital

Managers CAPA IFRS Quiality Technology Claims Indiviual Life Insurance Bancaseguros y Collective Insurances Life Annuities VPFS Risk Management Prices Efficiency

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Perseverantes = Persevering

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Macroeconomic Performance ECONOMIC ENVIRONMENT IN 2011

The labor market was one of the most dynamic sectors during the year, with the employment rate falling to levels close to 7.0 percent, a better percentage than that prior to the financial crisis.

During 2011, the world economy faced moments of great instability as a result of renewed fears concerning the viability of the euro zone, as a consequence of structural problems such as the over-indebtedness of the economies and growing fiscal deficits increasingly more difficult to finance on the market. The above was compounded by practically zero economic growth (except in Germany) and unemployment rates that, in some countries, exceeded 20 percent, which hindered even more the achievement of an orderly exit from the crisis. Therefore, in the second half of the year, there was concern on the market regarding the soundness of the Spanish and Italian sovereign debt, which added to the already problematic situation in Greece, Ireland and Portugal. Within this complex scenario, Germany and France took the lead to calm the markets with plans focused on greater fiscal discipline and liquidity injections by the European Central Bank (ECB). These economic problems, in turn, had repercussions on a political level, with the Prime Ministers of Italy and Greece losing office, and the implementation of anticipated elections in Spain, which by the end of the year saw a new Prime Minister in office.

The United States did not lag behind in this financial turmoil, and as a result of the incapacity of its political forces to reach an agreement concerning higher debt levels and increasingly growing fiscal deficit, the country lost its AAA risk category (the highest financial creditworthiness category) falling to AA+ as ranked by S&P. Moreover, emerging countries, led by China and India, continued to display significant growth rates, and their demand for raw materials produced a positive impact on Latin American countries. The above occurred within a context of a certain consumer price stability. Notwithstanding the above, towards the end of the year, these economies started to feel the effects of the European crisis; however, internal dynamism is expected to mitigate these higher risk levels and the lower activity levels generated by the developed world.

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Also remarkable were the social movements which started in the Middle East and produced the fall of rulers who had been several years in office.

Economically, these movements do not yet represent an important change, but did have some effects on the price of oil, and these countries are expected to be able to integrate to the world economy in the short term.

In Chile, the GDP growth rate exceeded 6 percent, which represented an increase with respect to the previous year (5.2 percent). Likewise, the labor market was one of the most dynamic sectors during the year, with the employment rate falling to levels close to 7.0 percent, a better percentage than that prior to the financial crisis. Concerning domestic prices, annual inflation attained 4.4 percent, slightly exceeding the Central Bank’s target range. Despite these sound figures on a macroeconomic level, the stock exchange displayed a negative performance, with profitability close to -15 percent in Chilean pesos. Aversion of investors, both local and international, to a worsening of the European crisis and the potential impact it may have on a global level generated important withdrawals from variable income instruments in order to find shelter in safer instruments. The negative impact of the La Polar case on the local market cannot be neglected, because it also led investors to look at the local stock exchange with certain mistrust for fear of other potential scandals.

Finally, as a result of the increased financial uncertainty on a global level, an exchange rate depreciation was observed towards the end of the year, with the Chilean peso/US dollar exchange rate reaching close to CLP$515. As regards the value of the commodities that are relevant for Chile, the copper value stood firmly above US$3 per pound as a result of ongoing demand for this metal from China and a relatively low inventory level. For its part, oil attained close to US$100 the barrel, mainly affected by geopolitical risks in the Middle East.

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INVESTMENT PORTFOLIO

As of December 31, 2011, Compañía de Seguros CorpVida S.A.’s investment portfolio amounted to approximately UF 75,383,316 (equivalent to US$ 3.2 billion).

Investment Portfolio as of December 31 of each year:

Investment Portfolio Government Bonds Bank Bonds Mortgage Bonds Corporate Bonds Owner´s Equity Invested in Fixed Assets Shares Real Estate Mortgage Loan Notes Foreign Assets Others (SIA and others) Total

2007 2008 2009 2010 2011 13,80 % 6,84 % 5,76 % 6,86 % 3,55 % 9,62 % 11,88 % 15,92 % 15,60 % 18,78 % 22,60 % 19,66 % 16,41 % 12,01 % 9,43 % 21,88 % 23,44 % 29,00 % 25,23 % 28,46 % 3.,6 % 3,18 % 4,15 % 5,29 % 4,25 % 1,76 % 12,21 % 2,23 % 9,84 % 2,83 % 100%

2,72 % 15,61 % 5,74 % 8,45 % 2,47 % 100%

5,61 % 10,40 % 5,20 % 5,31 % 2,24 % 100%

5,11 % 16,27 % 4,03 % 4,90 % 4,70 % 100%

3,56 % 15,74 % 3,21 % 8,73 % 4,30 % 100%

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One of the main challenges during 2011 was to appropriately invest the resources obtained from a significant sales level in Life Annuities. The year was not very active in new bond issues on the domestic market, for which investment alternatives abroad had to be sought. This process was highly successful, since it enabled resource investment in a profitable manner and under controlled risks, relieving the pressure on investment in other assets.

Likewise, the year was generally a very volatile and negative year for world stock markets, for which the challenge was to maintain reasonable stock exposure, taking care not to assume excessive risks within an environment that was highly difficult to predict.

Exchange rate movements gave rise to opportunities to obtain additional returns through active hedging management. A policy based on adequate matching of the Company’s assets and liabilities was also followed. Finally and along the same line, the CorpVida’s asset adequacy ratio (AAR) again reached reasonable levels.

As regards real estate investments, these represented 15.74 percent of the investment portfolio. During the year, investments were focused on goods for lease, with the strip center business being the main objective. Additionally, the sale and financing through leasing of the La Dehesa Center commercial area was carried out. This enabled the generation of a profit reaching UF120,000, significantly contributing to CorpVida’s result.

100%

Others (SIA and others)

90%

Foreign Assets

80% Mortgage Loan Notes 70% Real State 60% Shares 50% Owner´s Equity Invested in Fixed Assets

40%

Corporate Bonds

30%

Mortgage Bonds

20%

Bank Bonds

10%

Government Bonds

0% 2007

2008

2009

2010

2011

Versรกtiles = Versatile

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Activities and Business COMMERCIAL MANAGEMENT IN 2011

Significant commercial achievements were consolidated in 2011 in the main business lines managed by CorpVida.

For the second consecutive year, a relevant increase was observed in the Life Annuity market, reaching 18.4 percent. The eagerness to capture the highest share of this vigorous market resulted this year in close competition with other important stakeholders in the business. As a consequence of the above, CorpVida was able to attain a position as the second-largest insurance group in the market, with a 16 percent share measured in terms of new premium captured in 2011 and as the third company in the market in terms of the CorpVida commercial brand. This result was undoubtedly a consequence of effective management of sales channels and ample competitiveness in both the premium and the product target segments.

As regards the life insurance line, the market also displayed relevant growth in direct premium, continuing its expansion, which is mainly accounted for by the product lines in which the Company is involved: VPFS and flexible insurances. Company growth exceeded market growth in 2011, accounted for by the excellent results obtained in terms of growth both through the internal and the external sales channels.

During 2012, it will be relevant to monitor short-term impacts on the VPFS product from regulatory changes affecting its commercial attributes introduced at the end of 2011. Likewise, attention should be paid to the evolution of the incorporation into the sales mix of an insurance that enables taking advantage of the tax benefits derived from article 57 bis of the Income Tax Law. Concerning consumer credit to retirees, the Company obtained significant results in terms of loans, with high growth, exceeding 20 percent. Future challenges are related to the efficient consolidation and growth of a sales structure that is 100 percent focused on this business.

Finally, expectations for 2012 are to further the development of an interesting offer of mass delivery insurances, marketed mainly through the companies in the Group, taking advantage of existing concrete and attractive business opportunities. The excellent results in terms of profitability that may be attained by all parties is also looked forward to.

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LIFE ANNUITIES

The year 2011 was an excellent year for the Life Annuity market, with higher revenue than that for 2010, totaling MUF 58,956. Also during 2011, there was an 8.4 percent increase in average premium on the market, reaching a value of UF 2,420.

For CorpVida, 2011 was a year of growth and consolidation, obtaining a total revenue of MUF 7,787, which represents an 8.5 percent increase with respect to the revenue in 2010 and a 13.2 percent market share, attaining third place among the main companies, with an average premium of UF 2,633.

During this year, CorpVida strengthened the Pension Fund Consultant channel, being able to standardize and implement a unique consulting business model providing a differentiating characteristic on the market. The emphasis was placed on the recruitment of qualified and competitive Consultants.

With the Pension Fund Assistant channel, work was carried out on fidelization and also on a price strategy consistent with channel needs. Expectations for 2012 are for the size of the market to remain at values similar to current ones, with UF 57,000,000, due to the decrease in the Scheduled Retirement rate and the stabilization of the disability market, which underwent a significant increase during previous years.

The challenge for CorpVida during the coming year is to consolidate its leadership in the Life Annuity market, increasing its market share.

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MASS DELIVERY INSURANCES

CorpVida’s total revenue for 2011 was UF 783,500, with revenue from the CorpBanca and Banco Condell title insurance business, with UF 700,000 being outstanding.

As regards Mass Delivery Insurances, 2011 was a year of significant changes in relation to product marketing, which was adapted to new sponsor needs and challenges.

Also outstanding was the consolidation of new strategic alliances such as that between Acoger - Caja de Compensación Los Andes and the company Nuestros Parques, which will be new allies in the search for meeting the challenges for the coming year.

During the next year, the regulatory change that will govern mortgage loan title insurances will become effective, which will imply a great opportunity to expand the business.

Also, the implementation of a new micro-insurance business with the Unimarc group network will be carried out throughout the country. This will be the inception of a large expected alliance with SMU. Together with CorpBanca and Banco Condell, the Company expects to face big growth challenges through insurances associated with credits, creating new products that are simpler and meet customers’ real needs.

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INDIVIDUAL LIFE INSURANCES

During 2011, the Individual Life insurance market grew by 20 percent, and 25 percent excluding Private Life Annuities, in terms of direct premium, a figure much higher than the growth attained in 2010. Within this context, CorpVida recorded a growth exceeding that displayed by the market, increasing its direct premium by 30 percent with respect to 2010, which enabled the Company to attain a 5.3 percent market share in this line. In addition, CorpVida was the second-ranked company in terms of market growth during this period.

As regards new premium (sales), CorpVida also grew close to 30 percent during 2011, with very even development between Santiago (30 percent) and branches (33 percent). Both sales channels displayed over-compliance with their sales budgets. The Internal Channel recorded 24 percent growth, whereas the External Channel attained 69 percent growth with respect to 2010.

From a qualitative point of view, 2011 was marked by the growth and development of the External Channel, where work was carried out on the improvement of the service supply to brokers (free agents and traders) through periodical training sessions, the launching of the dealer career, and the implementation of a new application for managing payment of fees to this channel, to be launched during the first quarter of 2012.

For its part, the Internal Channel focused on three main areas: on the one hand, staff growth, which resulted in a net 30 percent increase in December 2011 and a 17 percent staff increase in 2011 with respect to the previous year, and on the other hand, the implementation of two Management Models in order to improve agent productivity, one referred to sale by needs and the other to Executive activity monitoring.

The above enabled complementing strong staff growth with an 8 percent productivity increase. Finally, the third focus was on the search for improving the Channel’s profitability, for which work was carried out on the desired sales mix. Thanks to the above, the profitability of new line sales increased substantially with respect to sales in 2010.

The main challenges for 2012 are to attain a growth close to 20 percent, to consolidate the management models implemented in 2011, and to maintain the focus on channel profitability in order to increase channel contribution to the line margin.

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CONSUMER CREDITS

For the Company, 2011 was a year of consolidation of the consumer credit line. Consequently, the placement of 5,031 transactions was attained, representing a 21 percent increase with respect to 2010 and also the largest number of transactions placed in any one year since the inception of this product marketing. Out of these transactions, 3,426 were implemented for retirees without outstanding loans.

The total amount placed attained a net record of UF 115,834.

In 2011, the consumer credit market underwent an important change in the mode of operation with the introduction of Universal Credits, a process for which the Company appropriately prepared itself. This enabled the Company to offer customers this type of transactions from the first day of effectiveness of the relevant law.

Among the actions undertaken in this line of business, an outstanding aspect was the review of the documentation to be signed by customers in order for these documents to be more customer-friendly.

In addition, changes were also introduced to the format and presentation of communications to bring them closer to customers and to make them more easily understandable for them.

CORPORATE INSURANCES

During 2011, the work carried out during the previous year, which was centered on a review of rates and changes to products, was furthered, with an emphasis on claim risk and business margin. The above enabled the achievement of better results in terms of revenue and claim risk.

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CUSTOMER SERVICE

During 2011, the main focus in the Customer Service area was on the consolidation of the telephone, direct, and remote service technological platforms, by making advances in the construction of management tools and indicators for monitoring the service provided at the different contact points. A team of 15 service executives was formed by the Company for the Call Center and branches in the Metropolitan Region.

The Call Center unit, comprised of five inbound positions, answers calls from multi-company and multiproduct customers. In addition, it has an outbound position for customer welcome calls and other commercial campaigns. This unit answered a monthly average exceeding 4,500 total calls, with a 4 percent actual abandonment rate and a 92.7 percent service level (calls answered within 10 seconds), largely exceeding the goals defined for this year (5 percent and 80 percent respectively).

The main Direct Service unit, located at the Miraflores branch, on the 6th floor, has six positions for catering to multi-company and multi-product customers. Since May 2011, thanks to the consolidation of the Total Pack project, online monitoring of customer services provided and the service and waiting times have been achieved.

Additionally, this platform enables the assessment of abandonment rates and service levels, meeting at the end of the year the goals proposed for this unit (abandonment rate below 5 percent and 84 percent service level).

In December, the second stage of the project was completed, with the installation of new terminals for direct service in Viña del Mar and Concepción.

During the year, the consolidation of the CMR Pivotal service platform was continued in order to optimize management of customer contacts and requests, enabling response time monitoring and segmenting in accordance with the defined service standards.

Along this line, big challenges are ahead for 2012, such as integration with other service systems and the achievement of more collaborative work among the different Pivotal-user management areas in order to ensure compliance with the service commitments assumed with customers.

The year 2011 was an excellent year for the sale of Consumer Credits by the Direct Service executive team, with 101 percent over-compliance with the annual loan goal, placing UF 23,917 in loans to retirees. In this way, an excellent economic financing alternative is integrated into service management, incorporating universal credits as dictated by the regulations.

2011 was characterized by the formalization and incorporation of periodical customer service surveys.

These assessments were carried out by Ipsos, a company specializing in market surveys and quality models. The monitoring of the quality of the service provided by the Call Center and the direct service units enables detection of work areas to be developed during 2012. This adds up to CorpVida’s participation in an annual syndicated survey seeking to provide a benchmark for the insurance industry and its main competitors in relation to customer satisfaction and loyalty.

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BUSINNESS INTELLIGENCE UNIT

The Business Intelligence Unit management in 2011 was focused on projects and initiatives aimed at identifying, increasing the profitability of, and retaining the best customers for the Company, thereby improving the efficiency of the fidelization and communication campaigns conducted by Marketing.

Safeguarding Data Quality in order to maintain updated information on each customer is an ongoing activity for the BIU; this enables profiling, segmentation, and contactability. The work during the year was centered, in conjunction with the commercial and service areas, on establishing procedures for securing data capture and updating sources. This task was essential for increasing contacts associated with retiree portfolios and to direct Consumer Credit campaigns to this segment.

In addition, the BIU contributed during 2011 to the task of increasing the economic value of Individual Life Insurance customer portfolios through the construction of two commercial models: one for capturing new high-value customers and another one for identifying current customers with potential value. Both models were based on the identification of attributes that explain consumption behavior and the cloning of such customer segments. This meant that the sales force had new support tools for providing specific solutions and consulting by customer segment as well as focusing their prospecting efforts, thereby increasing the profitability of the current customer portfolio.

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MARKETING

In order to continue strengthening brand knowledge and communicating the main Company’s business, which is to ensure the future and tranquility of its customers, a new promotional campaign was developed in 2011 under the slogan “The most important business of your life�. Designed by the Dittborn & Unzueta advertising agency, this campaign was outstanding for its direct and rational language, inviting people to take control of their protection and savings needs and encouraging them to make the best business of their lives by contracting the insurances offered by the Company through the Life Insurance, the Voluntary Pension Fund Savings (VPFS), and the Life Annuity lines.

To manage wide dissemination of this campaign, an integral media plan was implemented between June and December, using different media: radios, written press, magazines, digital media, public ways, subway, and branches.

The advertising effectiveness survey carried out by Ipsos showed important progress in brand remembrance with respect to previous years.

During the exhibition of the campaign, important increases in the visits to our website www.corpvida.cl were attained, as a result of an effective design of graphical items and the exploitation of a digital media plan.

The customer Communication Plan relied on the support of an agency specializing in contents, which worked on the design and attractiveness of periodical communications for providing customers with information that is attractive, relevant, and timely, through news concerning economic and financial topics, products, and other general Company aspects.

During the course of 2011, the Fidelization Plan for premium Individual Life Insurance customers was furthered in Santiago and in regions. The annual program contemplated different invitations and presents of high valuation, with an excellent reception and evaluation from benefited customers and sales channels.

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OPERATIONS AND TECHNOLOGY

OPERATIONS Concerning Traditional Insurances and Pension Fund Insurances, the Company worked intensively during 2011 on the implementation of regulatory changes relating to International Financial Reporting Standards (IFRS).

As regards Traditional Insurances, CorpVida analyzed and implemented regulatory changes in line with the new Capital Market law, which mainly affects VPFS products. In addition, the Company worked on the compliance aspects associated with the resolutions issued by the Self-Regulation Council of the Chilean Insurance Company Association, aimed at providing and ensuring a quality service to life insurance beneficiaries by appropriately managing compensation payments.

Likewise, the Company optimized life insurance premium revenue channels, incorporating electronic transfers through the Company’s portal. This new payment mode facilitated management and expedited the service required by our customers.

CorpVida worked jointly with the insurance broker Corredora de Seguros CorpBanca in order to consolidate the mass delivery insurance sales channel. Consequently, the marketing of new products such as Full Capital and Full Education was started during the last quarter, participating in Bank Condell’s Protected Schooling campaign. Moreover, joint coordination was also achieved with title insurance management.

As for Life Annuities, within the regulatory area, the Company implemented a 7 percent change in the fiscal health allowance to retirees (Law 20,531), which included changes affecting pension fund payment channels as well as coordination with the different supervisory entities that regulate the Life Annuity product. CorpVida also continued the process aimed at automation of the fiscal benefits from the Assistance Pension Fund Contribution, the PostRetirement Benefit, and the Government Guarantee, expediting monitoring and processes with regulatory agencies.

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In addition, the Company completed the economic and operational-systemic feasibility study for the implementation of a computer platform for managing Life Annuity policies. This platform will enable optimization of operation response times and the delivery of a better service to internal and external customers. On an operational level, this enables improvement of the timeliness and quality of the service to Life Annuity brokers and the implementation of new fee payment modes.

The Help Desk for internal Life Annuity and Individual Life Insurance customers (Customer Service and Delivery) was consolidated as a formal communication channel, issuing timely and high-quality responses in 95 percent of cases.

TECHNOLOGY During 2011, the Technology Management area was restructured, being divided into two: in the first place, a Systems Development Sub-Management, whose main responsibility is to construct and maintain computer applications in support of the business, and secondly, a subdivision consisting of a Technological Platform SubManagement, in charge of the data, communications, and personal computer equipment center. Additionally, the Development Sub-Management was subdivided by business area, consistent with the Company’s organization structure.

The Systems Development Sub-Management was mainly focused on the search for methodologies enhancing the life cycle of data processing projects, emphasizing activities

consisting of the follow-up, monitoring, and publication of the information delivered to the rest of the Company.

In turn, as part of the continuity process, projects related to new regulations were developed, such as the health benefit to retirees, the capital market reform (affecting VPFS products), and changes associated with IFRS regulations, among others.

As for the Technological Platform Sub-Management, two areas were structured: User Support and Technological Infrastructure, strengthening the platform supporting the Company’s business. Along the same line, a significant number of work stations were refurbished, and a new follow-up, monitoring, and operation contract for the infrastructure and technology supporting the different business processes was executed.

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COMPTROLLER´S OFFICE AND RISK MANAGEMENT

From the control and risk perspective, the Company concentrated its efforts in 2011 on furthering the “Risk Management” project planned for the period, based on the strategic objectives defined by the Corporate Governance.

Based on the above and in order to specifically visualize risk factor behavior, the Company’s risk families were formed during the year, within the framework of the main business pillars. Based on this new grouping, the annual updating of the organization’s Strategic Risk Map and associated factors was developed.

For their part, Auditing and Internal Control matters were also subject to a change dynamics during the year. This was in addition to the determination and approval by the Auditing Committee of the development of an Auditing qualification model starting in 2011 from a perspective of riskbased supervision. This implied the introduction of important modifications concerning the organization’s operation and culture.

The year 2011 was characterized by important amendments and new regulations issued by the Superintendency of Securities and Insurances as well as other regulatory agencies, all of which imply the generation of permanent work projects and initiatives aimed at timely response to the demands arising from relevant regulatory matters.

39

40

ADMINISTRATION AND FINANCE MANAGEMENT

During 2011, the Company decided to create the Administration and Finance Management unit with the purpose of integrating several information generation and control functions under a single unit that could take advantage of the synergies arising among the different areas that make up this Management unit.

In this way, the new Management was comprised of the following areas:

RISK This Area is responsible for the correct identification of the credit risks associated with each of the instruments and counterparties where the Company is evaluating investments. For this, it relies on management specializing in identifying the credit risks associated with Financial, Corporate, and Real Estate counterparties as well as the risks associated with the individuals to whom the Company provides financing for mortgage loan notes and consumer loans. This Area is responsible for follow-up on the Company’s investment portfolio credit quality, proposing the actions to be followed in face of a weakening on the part of any of the counterparties. In turn and in relation to individual credit risks, the area is responsible for prejudicial and judicial collection in cases of default as well as for proposing to Senior Management and the Board of Directors the Investment Policies that are fit to shareholders’ risk tolerance so as to operate under a framework of action that is well-known and accepted by the entire Organization.

MANAGEMENT CONTROL AND FINANCIAL TRANSACTION MONITORING This Area is responsible for follow-up on the result of each one of the Company’s Business Units as well as follow-up on the Company’s expenses.

For this, it generates business, investment, and expense budgets for each one of CorpVida’s Management areas and carries out monthly followup on compliance in these areas, investigating the causes accounting for potential diversions so that Management areas, the Chief Executive Officer, and the Board of Directors have timely, correct, and precise information for strategic decision-making. Additionally, the area is responsible for appropriate monitoring of investment limits, both regulatory and concerning internal policy in relation to the different types of financial instruments and counterparties as well as the different regulatory indices to be complied with by the Company.

41

ACCOUNTING This Area is responsible for the generation of the Company’s financial statements under current accounting principles for the insurance industry, complemented by the regulations issued by the Superintendency of Securities and Insurances. Within these functions, it must propose to the senior management the accounting criteria to be applied by the Company pursuant to current regulations, providing advice on potential associated impacts. Finally, it is responsible for the Company’s tax management, which not only includes the taxes that affect the Company, but also the tax certification of the different products affecting customers.

TREASURY This Area manages Company payments through the different means and counterparts. Additionally, it is in charge of collections, performing the respective reconciliations with originating payments and collection units.

ADMINISTRATION This Area is responsible for asset and service management through bidding and/or quotation processes in order to obtain maximum efficiency in terms of costs, quality, and reliability of acquired assets and the services provided by the different suppliers. Within this context, it is responsible for adequate management of supplier payments. In addition, it is also in charge of the implementation of maintenance programs for the Company’s physical infrastructure.

The main challenges to be faced by this Management area in 2012 are as follows: - Successfully implement convergence of accounting reports under the IFRS, following the instructions issued by the regulatory agency (SVS).

- Implement a follow-up model for the development of the Company’s strategic initiatives through which updated information may be obtained for decision-making.

- Implement initiatives oriented to efficiency and improve the monitoring environment for several processes where Management participates in the provision of services to the rest of the Company.

- Maintain an investment portfolio with a limited credit risk level consistent with the Company’s obligations and profitability objectives.

Ă?ntegros = Reputable

44

Human Reasources and Development PEOPLE AND DEVELOPMENT

At CorpVida, People and Development caters to 617 Collaborators, of which 69 percent are women and 31 percent are men.

The goal of the People and Development area is to provide the best services to its internal customers as well as to become a strategic business partner able to understand and drive growth and continuity from the perspective of people management. Year after year, the challenge is to ensure the highest quality of service to Collaborators, together with promoting in each of them a sense of pride and belonging as well as promoting the Company’s culture.

The area has a corporate nature and is comprised of four sub-areas (Recruitment and Selection; Service to Individuals and Compensations; Training and Internal Communications; and Corporate Benefits), in addition to the Risk Prevention area. At CorpVida, People and Development caters to 617 Collaborators, of which 69 percent are women and 31 percent are men.

The specific objectives of this area are: - To attract, develop, and retain highly competent Collaborators, aligned with the Company’s corporate values of commitment, integrity, austerity, loyalty, responsibility, achievement, efficiency, flexibility, and quality.

- To develop opportunities enabling leadership management as a valueadding strategy for people and the business as well as the sharing of a common vision concerning leadership style.

- To provide our Collaborators with the tools appropriate for optimum performance, consistent with medium and long-term organizational goals.

- To develop and maintain competitive remuneration systems through incentive schemes aligned with the Company’s goals and different business areas and compensation models consistent with the requirements of the corresponding position and the market.

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RECRUITMENT AND SELECTION

The goal of the Recruitment and Selection area is to bring to vacant positions at our Company highly qualified professionals with large development potential, whose characteristics are consistent with our Corporate Values and specific job profile, so as to contribute to CorpVida’s achievement strategy and scope.

The main objectives this year were to support the different areas of the Company, especially the Commercial area, where emphasis was on increasing the sales force. Ongoing promotion through internal contests was also carried out, and some job profiles were redefined.

In addition, 149 Collaborator jobs were offered in 2011, and approximately 70 selection processes were developed. A total of 400 applicants participated in evaluation processes for administrative positions on a national level. In the Commercial area, specifically in the sales force, approximately 470 applicants were involved (considering the Metropolitan Region and Regions), the goal for the year being to maintain 250 Sales Executives throughout the country. Finally, 371 hires were verified for administrative positions and the sales force. The turnover rate in the commercial area was 8 percent.

The challenges for this area during the following period are to continue supporting the different areas of the Company in the Selection processes required by internal customers and to manage the hiring of new Collaborators. Likewise, maintaining and increasing the recruitment sources and collaborating in the growth of the Company’s sales force are among the objectives for the year.

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SERVICE TO INDIVIDUALS AND COMPENSATIONS

The Service to Individuals and Compensations area focused in 2011 on consolidating the use of the Oracle tool, increasing its efficiency and reducing the response times associated with agreement issuance and payroll accounting processes among others, always maintaining the focus on service quality.

For its part, the Compensations area supported the achievement of the Company’s strategic objectives through efficient management of human resources. The above, under two fundamental pillars, Internal Equity and External Competitiveness, being thus enabled to attract, retain, and develop Collaborators.

This year, there were three important milestones within the work carried out by this area.

In the first place, the definition of the actual contribution of each position to the business results with respect to knowledge, decision-making, and responsibilities, enabling the determination of the weight or level of each one within the organization. In the second place, a comparison of remunerations with the market, for which we participated in a working group related to the insurance industry with the participation of the 14 most important companies in this segment. The third phase consisted of defining remuneration tiers enabling us to be competitive in relation to the market but also fair with respect to the internal situation.

The work carried out during 2011 managed to set the bases for ongoing development of motivating compensation systems that encourage behaviors supporting the achievement of the objectives established for the coming years.

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48

TRAINING AND INTERNAL COMMUNICATIONS

TRAINING During 2011, this Area continued to support the development of Collaborators so as to favor professional growth and, together with this, facilitate result achievement and compliance with the Company’s goals.

The area focused on four main axes: - Training - Recognition - Climate - Performance Concerning actions in Training, a total of 164 speeches, courses, and workshops were delivered, with an attendance of 1,835 persons and a total of 27,527 professional development and training hours. Among these actions, the training sessions delivered by the School of Insurances were noteworthy, having a favorable reception from Collaborators, who participated in more than 30 courses per semester.

Note should be taken of the redesign of the Basic Induction Workshop, which is addressed to Insurance and Investment Executives (ESI), who obtained both a global view of the Company and the basic commercial management tools enabling the provision of quality service to customers.

Also important were visits to branches during 2011, which included training and updating in areas such as APV and Taxation and covered all the branches throughout the country.

For its part, the Training Department also played a key role in facilitating communications within the commercial management area, making available and providing training in the use of the videoconference system. The immediacy of this tool was key to timely management of processes such as commercial meetings, speeches, training sessions, interviews, etc.

As regards the Recognition axis, the procedures and protocols associated with Corporate Recognitions at the Company (“Vive la Calidad” or Embrace Quality, “Desempeño” or Performance, and “Vive Nuestros Valores” or Embrace Our Values) were reviewed, with the objective being for them to be carried out in a more participatory and transparent way.

In the Work Climate area, the Climate assessment process during 2011 was carried out through a survey implemented every year by the Great Place to Work Institute. The purpose of this survey is to obtain information concerning the existing environment at the Company and the way in which Collaborators experience corporate values and integrate them into daily behaviors so as to be able to review those aspects that enable construction of a better place to work. In 2011, the purpose was not to compete with other companies, but to carry out an internal assessment. During 2012, the results

49

will be analyzed, and work will be carried out on action plans oriented to breaching gaps and strengthening positive aspects.

During the Performance Evaluation process, several modifications were introduced. On the one hand, new corporate and leadership competences were defined, which are aligned with the requirements of the business, and on the other hand, a new technological platform was developed, enabling a simpler and more fluid process for managers performing evaluations and for the Human Resources department, through more timely and specific result-based management.

Finally, it is important to mention that the Training and Communications Area actively participated during 2011 in the organization of all aspects of the Company’s Strategic Planning, which this time contemplated the participation of a wider group of leaders who, based on a shared and participatory vision, undertook to define the action plans for the period 2012 – 2014, thereby aligning culture, management, and goals with a longterm perspective.

INTERNAL COMMUNICATIONS The goal of this area is to strengthen the Company’s corporate culture through the generation of two-directional written and audiovisual communication channels and the implementation and performance of actions aimed at reinforcing the relationship with Collaborators, promoting integration, participation, and recognition.

During 2011, the internal communications plan was focused on strengthening communications addressed to Branch Collaborators, both through the daily bulletin board system and through the different means of communication.

A new newsletter distribution system was implemented, facilitating newsletter segmentation by target group, personalization, and follow-up (who and how many people read a specific e-mail) while also enabling the preparation of a ranking of the most widely read messages.

Work was undertaken over the period in re-designing the Intranet and performing migration to the Sharepoint platform. The design and format of the platform were restructured, and the contents were updated using a more user-friendly language. Migration is in its final phase for the platform to be launched in 2012.

During the second semester, some means of communication were re-designed for them to be more attractive and appropriate for Collaborators.

The challenges for the area in 2012 are to strategically support the business, to promote the Company’s culture, and to encourage a sense of pride and belonging. Also, a specific goal proposed for this period is to achieve Management appropriation of their roles as communicators.

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CORPORATE BENEFITS

Furthering its performance in previous years, the main objective of this Area is to develop initiatives oriented to improving the quality of life of Collaborators, becoming a significantly contributing element to the Company’s value offer.

In 2011, the provision of different benefits to Collaborators was furthered, and additionally, two new benefits were created: “free afternoon on the day of your birthday” and “progressive maternal return”.

The challenge for 2012 is to create a technological platform that may be accessed by Collaborators to obtain all information concerning Human Resources, especially their benefits and agreements both in Santiago and in regions.

An important benefit for Collaborators is the Plan for a Healthy Life program, which gains in consolidation more strongly year after year.

During the period under review, different sports activities were carried out: swimming, a tennis tournament, futbolito, Pilates, aerobic dancing, the Insurance Olympics, etc.

Special mention should be made of the football selection, which obtained the second place in the inter-company championship organized by CORDEP. For 2012, plans are for a dedicated full-time trainer to be hired for the team.

The same as in the previous period, the Entertaining Winter Vacation program was implemented together with the art foundation Fundación CorpArtes. This included the development of a special program for Collaborators’ children, consisting of several visits to the companies pertaining to the holding Group.

Also carried out were traditional Company activities, such as: Independence Day, the Celebration of the Company Anniversary, Secretary Day, among others.

In addition, a present was delivered to Collaborators on occasions such as Women’s Day, Mother’s Day and Father’s Day.

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RISK PREVENTION AREA

The goal of the Risk Prevention area is to develop all activities in a way committed to risk management, with the purpose of protecting the health and physical integrity of all Collaborators, while also assuming the commitment to facilitate actions designed to identify, control, and/or mitigate any risks that may cause injuries or professional illnesses to Collaborators, contractors’ personnel, and customers as well as damages to property and facilities.

The work carried out by the area in 2011 was based on the preventive program previously designed by the department. The purpose of this program was to disseminate preventive knowledge and practices among all Collaborators in order to minimize labor risks through training in self-care, thereby generating awareness about occupational safety and health. The result of this work was reflected in the maintenance of the Company’s claim risk indicators below the average for the industry, with a total contribution of 0.95 percent.

In addition, an important recognition was obtained from the Chilean Safety Association (ACHS) for ongoing search for excellence in Risk Prevention and Occupational Safety management.

Dinรกmicos = Dynamic

54

Corporate Social Responsibility We have the support of CorpGroup, one of the largest diversified holding companies in our country, giving us security pledge with our customers and their families.

CorpVida is part of one of the most renowned and prestigious financial groups in the country, and during its more than 20 years of existence, it has reconciled growth and profitability goals not neglecting the different needs of the relevant groups of interest co-existing in the society in which it is immersed.

The scope of our business is closely linked to the wellbeing of people, and CorpVida’s mission is to protect and ensure their tranquility and standard of living. Undoubtedly, progress in the construction of a solid CSR policy is an ongoing objective for the creation of a corporate value transcending over time.

During 2011, the Company continued to progress in the development of a business vision linked to social responsibility and corporate sustainability through the implementation of a program incorporating the concerns of the main interest groups: shareholders, customers, Collaborators, suppliers, and the community as a whole.

COLLABORATORS The close to 620 Collaborators are the main engine driving our Company’s compliance with defined objectives, and their strong commitment enables them to project the organization’s principles and values.

The Company has implemented an important benefit policy aimed at improving the quality of life for Collaborators. These benefits include, among others, complementary health insurance, collective life insurance, catastrophic insurance, education scholarships, agreements, vaccination programs, uniforms, and assistance loans.

As part of the same objective, CorpVida promotes a Plan for a Healthy Life, which comprises sports, recreational, social, and cultural activities, so as to generate links among Collaborators in the different areas.

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To hire people conforming to the organization profile, a rigorous selection and recruitment process is followed, emphasizing non-discrimination and obtaining a high female participation rate in the payroll. Today, 69 percent of Collaborators are females.

To determine the salary structure, an internal equal opportunity concept is followed, defined as the relation between the remuneration established for the position and its relative importance and external competitiveness, which is the value that the market assigns to an equivalent position or job, for which annual studies are carried out by specialized companies.

CorpVida strives for designing training programs enabling Collaborators to grow and develop together with the organization. Consequently, the average training hours provided to each of them were increased, attaining 38 man-hours during 2011.

The Performance Evaluation Program measures the growth and development of all Collaborators and has become a great tool to achieve improvements and synergies within work teams and in each one’s duties.

Finally, Collaborator safety is essential, for which reason different tools have been designed to prevent the risks associated with the workplace and the personal life of each of them through organizations such as the Chilean Safety Association (ACHS) and Fire Departments. The Company provides permanent training in and advice on Risk Prevention.

SUPPLIERS The supply of financial products of excellence implies a commitment by all the persons involved in the process.

For this reason, CorpVida strives to deal with reputable suppliers, both in terms of quality of their service and integrity in their actions, to ensure that the quality of the products and services provided to customers is maintained at all times and under any circumstances.

Within this context, the Company has abided by the procedures and standards of the financial group to which we belong for the selection and evaluation of external suppliers, taking advantage of the maximum synergies in the areas of contract management and term negotiation.

Likewise, those critical suppliers that are closely linked to the operation, such as reinsurers and external auditors, have been selected based on their proven efficiency and probity, supporting the commitment to transparency and quality on all management levels.

COMMUNITY CorpVida’s commitment to society spans the cultural and social spheres. Along this line, through artistic demonstrations and the inclusion of people with cognitive disabilities, concrete actions seeking a positive impact on the community are generated.

Within the first of these two spheres, CorpVida actively supports the art foundation Fundación CorpArtes in the implementation of the Las Condes Cinema Festival, to which customers and Collaborators are invited.

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The future implementation of a corporate cultural center will enable CorpVida to continue strengthening its commitment to the dissemination of culture to the community and groups of interest.

In the area of cognitive disability, the Company supports the work carried out by Fundación Descúbreme, a non-profit institution created in 2010 and officially launched in May 2011, whose purpose is to expand knowledge about the problems that affect thousands of people suffering some kind of disability, together with promoting, facilitating, and supporting real inclusion of persons suffering this condition, particularly in the school, labor, and social areas.

With this purpose, the Company actively participated in two mass Family Runs in the cities of Concepción and Santiago for the benefit of the aforementioned foundation, and Collaborators enthusiastically joined volunteer activities in foster homes and participated in specific activities in this area, such as the celebration of a “Christmas with Sense”.

During 2011, support to the Foundation “Seguir Creciendo” (“Always Growing”) was furthered through the sale of products developed by disabled children.

The Company also participated in a survey among Collaborators with the aim of assessing the way in which disability affects the members of their families.

The results of this study, carried out with the support of Foundation Descúbreme, will be disclosed during 2012.

Finally, CorpVida has adhered to the inclusion issue, recruiting Collaborators with disabilities.

ENVIRONMENTAL PERFORMANCE The Company’s offices are located in the corporate building, where a diagnostic study was implemented during last year by Fundación Chile concerning the actions, technologies, and attitudes necessary to mitigate environmental impact and to assess the results and achievements from these actions on an ongoing basis. Likewise, during the year the carbon footprint in the corporate building was measured for the first time.

The Company received the E-Waste 2011 award presented by the institution Recycla Chile and the Ministry of the Environment as an acknowledgment for the work undertaken in electronic waste recycling and the treatment of out-of service equipment.

COSTUMERS AND CONSUMERS The Company’s daily effort is focused on providing quality products and services to customers. Within this context, a commitment to cultivating an ethical, transparent, and responsible relationship with them so as to generate long-term links is assumed.

In 2011, the organization participated for the first time in the annual satisfaction and loyalty survey Servitest, carried out by the specialist company Ipsos. This survey assesses and compares the satisfaction perception of the different customers of the main competitors in the industry at the different points of contact. The Company maintained its average results with respect to net general satisfaction on the market. The comparison with the different companies will enable the Company to work on the weakest services or processes and to highlight in its communications others assessed as very satisfactory, such as net satisfaction with the services offered by Insurance and Investment Executives.

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Concerning information, it is very important for the Company to maintain timely and fluid communication with its customers. For this reason, and in line with environmental care, the Company consolidated in 2011 a communication plan comprising mass e-mailing, largely replacing physical communications and emphasizing remote means of communication, thereby reducing the environmental impact.

The aim of this plan is for customers to be always informed in relation to their products, offering them appropriate solutions to their needs and to current economic and financial contingencies, and providing them relevant economic data both domestic and from the different global markets, among other things.

Apasionados = Impassioned

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Audited Financial Statements INDEPENDENT AUDITOR´S REPORT

To the Shareholders of Compañía de Seguros CorpVida S.A. We have audited the general balance sheets of Compañía de Seguros CorpVida S.A. as of December 31, 2011 and 2010 and the related income and cash flow statements for the years then ended. The preparation of these financial statements (including the related notes) is the responsibility of Compañía de Seguros CorpVida S.A.’s Management. Our responsibility is to express an opinion on these financial statements based on our audits. Note 30 has not been reviewed by us; therefore, it is not covered by this report.

We conducted our audits in accordance with generally accepted auditing standards in Chile. Those standards require that we plan and perform our auditing work to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Company’s Management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

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In our opinion, the aforementioned financial statements fairly present, in all material respects, the financial position of Compañía de Seguros CorpVida S.A. as of December 31, 2011 and 2010 and the results of its operations and cash flow for the years then ended, in conformity with generally accepted accounting principles in Chile and the regulations of the Superintendency of Securities and Insurance.

As mentioned in Note 28 of the Financial Statements, as of January 1, 2012, Compañía de Seguros CorpVida S.A. will adopt the new accounting policies established by the Superintendency of Securities and Insurance.

February 17, 2012

Juan an a n Carlos Jara Ja ara M.

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GENERAL BALANCE SHEETS as of December 31 (figures in thousands of Chilean pesos) ASSETS Investments Financial Investments Real Estate and Similar Investments

2011 1.692.692.147 1.425.410.076 267.282.071

2010 1.545.475.123 1.294.243.550 251.231.573

2.499.864

2.191.786

386.910

409.757

Other Assets

31.147.784

31.291.018

Total Assets

1.726.726.705

1.579.367.684

2011 1.562.640.909 825.657 81.180.988 1.480.634.264

2010 1.404.822.879 897.630 63.799.441 1.340.125.808

Insured Debtors from Premiums Debtors from Reinsurance

LIABILITIES Minimum Cash Reserves Ongoing Risk Reserve for Unexpired Claims Claims From Reinsurance Other Reserves Obligations with Financial Inst.

Short-Term Long-Term

30.945.559 30.945.559

Other Liabilities

14.771.785

18.715.149

118.368.452

155.829.656

1.726.726.705

1.579.367.684

Net Worth Total Liabilities and Net Worth

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INCOME STATEMENTS for accounting periods ended December 31, (figures in thousands of Chilean pesos) 2011 213.818.803 231.127.834 (17.309.031)

2010 190.105.868 206.350.130 (16.244.261)

(293.502.367) (254.731.860) (13.438.383) (25.332.124)

(272.447.158) (240.743.161) (11.274.873) (20.429.125)

57.326.695 67.315 (1.745.032)

135.068.629 (584.947) (5.554.078)

(24.034.586)

46.588.314

Result Before Tax Tax

(24.034.586) 2.780.503

46.588.314 (2.016.352)

(Loss) Profit for the Period

(21.254.083)

44.571.962

Operating Income Retained Premium, Net Adjustment on Ongoing Risk Reserve and Reserve for Unexpired Claims Operating Costs Cost of Claims Brokerage Cost Administration Cost Return on Investment Other Income and Expenses Adjustment for Currency Devaluation and Exchange Difference Operating Result Non Operating Result

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CASH FLOW STATEMENT For the period 01.01.2011 to 12.31.2011 (Figures in thousands of Chilean pesos) TOTAL NET FLOW FOR THE PERIOD Part I Net Flow Generated by Operating Activities Net Technical Operating Flow Premium Flow Direct Premium Accepted Premium Assigned Premium Income and Claim Flow Income and Claim Payment Income and Claim Reimbursements Revenue from Reinsured Claims Brokerage Flow Commissions from Direct Insurance Commissions from Accepted Reinsurance Commissions from Assigned Reinsurance

93.762.116 101.699.761 231.289.837 232.210.572 (920.735) (116.438.445) (121.393.678) 4.955.233 (13.151.631) (13.165.954) 14.323

Others

0

Net Flow of Financial and Real Estate Investments

20.850.137

Financial Investment Flow Fixed-Income Instruments Variable-Income Instruments Foreign Investments

12.372.252 4.254.112 8.576.253 (458.113)

Real Estate Investment Flow

9.005.968

Others from Financial and Real Estate Investments

-

Flow of Financial Risk Hedging Transactions

(528.083)

Administrative Expenses

(26.740.564)

Medical Expenses Net Non Technical Operating Flow Taxes Others

(50.389) (1.996.829) (1.996.829) -

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TOTAL NET FLOW FOR THE PERIOD Part II Net Flow Generated by Investment Activities Net Flow Generated by Financial Investment Trading Net Flow of Fixed-Income Instruments Net Flow of Variable-Income Instruments Net Flow of Foreign Investments

(138.977.795) (117.002.109) (14.956.169) (43.082.052) (58.963.888)

Net Flow Generated by Real Estate Investment Trading

(21.975.686)

Net Flow from Other Inc. and Exp. From Invest. Activities

0

Net Flow Generated by Financing Activities Dividends Loans Loans with Related Companies Covenants Capital Others Total Net Positive (Negative) Flow for the Period Inflation Effect on Cash and Cash Equivalents Exchange Rate Difference Effect on Cash and Cash Equivalents Net Variation of Cash and Cash Equivalents

16.338.429 (12.086.100) 29.884.143 (1.461.559) 1.996 (51) (28.877.250) (461.389) 603.184 (28.735.455)

Initial Balance of Cash and Cash Equivalents

42.823.465

End Balance of Cash and Cash Equivalents

14.088.010

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CASH FLOW STATEMENT For the period 01.01.2010 to 12.31.2010 (Figures in thousands of Chilean pesos) TOTAL NET FLOW FOR THE PERIOD 2010 Part I Net Flow Generated by Operating Activities Net Technical Operating Flow Premium Flow Direct Premium Accepted Premium Assigned Premium Income and Claim Flow Income and Claim Payment Income and Claim Reimbursements Revenue from Reinsured Claims

98.176.712 85.483.149 206.910.872 207.225.977 (315.105) (112.459.212) (117.538.092) 5.078.880

Brokerage Flow Commissions from Direct Insurance Commissions from Accepted Reinsurance Commissions from Assigned Reinsurance

(8.968.511) (8.993.438) 24.927

Others Net Flow of Financial and Real Estate Investments Financial Investment Flow Fixed-Income Instruments Variable-Income Instruments Foreign Investments

37.324.181 27.945.704 4.340.662 23.053.885 551.157

Real Estate Investment Flow

8.190.452

Others from Financial and Real Estate Investments

-

Flow of Financial Risk Hedging Transactions

1.188.025

Administrative Expenses

(20.341.849)

Medical Expenses Net Non Technical Operating Flow Taxes Others

(37.233) (4.251.536) (4.251.536) -

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TOTAL NET FLOW FOR THE PERIOD 2010 Part II Net Flow Generated by Investment Activities Net Flow Generated by Financial Investment Trading Net Flow of Fixed-Income Instruments Net Flow of Variable-Income Instruments Net Flow of Foreign Investments

(46.206.209) (46.931.547) (69.415.713) 67.253.088 (44.768.922)

Net Flow Generated by Real Estate Investment Trading

725.338

Net Flow from Other Inc. and Exp. From Invest. Activities

0

Net Flow Generated by Financing Activities Dividends Loans Loans with Related Companies Covenants Capital Others Total Net Positive Flow for the Period Inflation Effect on Cash and Cash Equivalents Exchange Rate Difference Effect on Cash and Cash Equivalents

(11.162.793) (2.604.025) (8.558.768) 40.807.710 (247.610) (42.316)

Net Variation of Cash and Cash Equivalents

40.517.784

Initial Balance of Cash and Cash Equivalents

2.305.686

End Balance of Cash and Cash Equivalents

42.823.470

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RECONCILIATION OF NET RESULT AND OPERATING FLOW For the period 01.01.2011 to 12.31.2011 2011 Profit for the Period Result from Asset Sale (Profit) Loss from Fixed-Asset Sale (Profit) from Investment Sale Loss from Investment Sale (Profit) Loss from Other Asset Sale Debits (Credits) to Results which Do Not Represent Cash Flows Depreciation Amortization Asset Write-Offs and Provisions Minimum Cash Reserve Adjustment (Profit) Accrued on Investments in Related Companies Loss Accrued on Investments in Related Companies Provision for Income Tax Adjustment for Currency Devaluation Exchange Rate Differences Other (Credits) to Results which Do Not Represent Flow Other Debits to Results which Do Not Represent Flow (Increase) Decrease in Assets Investments Debtors from Premiums Debtors from Reinsurance Fees from Financial Risk Hedging Transactions Other Assets Increase (Decrease) In Liabilities Minimum Cash Reserves Obligations with Financial Institutions Debts with Brokers Other Liabilities Total Net Flow Generated by Operating Activities

(21.254.083) (8.424.924) (3.445.486) (6.814.397) 1.834.959 46.158.680 1.411.440 612.140 (176.848) 17.309.031 (2.780.503) 1.396.116 348.916 (30.890) 28.069.278 (31.560.943) (17.369.042) (3.018.660) (50.160) (528.083) (10.594.998) 108.843.386 138.243.722 166.728 286.752 (29.853.816) 93.762.116

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RECONCILIATION OF NET RESULT AND OPERATING FLOW For the period 01.01.2010 to 12.31.2010 2010 Profit for the Period Result from Asset Sale (Profit) Loss from Fixed-Asset Sale (Profit) from Investment Sale Loss from Investment Sale (Profit) Loss from Other Asset Sale Debits (Credits) to Results which Do Not Represent Cash Flows Depreciation Amortization Asset Write-Offs and Provisions Minimum Cash Reserve Adjustment (Profit) Accrued on Investments in Related Companies Loss Accrued on Investments in Related Companies Provision for Income Tax Adjustment for Currency Devaluation Exchange Rate Differences Other (Credits) to Results which Do Not Represent Flow Other Debits to Results which Do Not Represent Flow (Increase) Decrease in Assets Investments Debtors from Premiums Debtors from Reinsurance Fees from Financial Risk Hedging Transactions Other Assets Increase (Decrease) in Liabilities Minimum Cash Reserves Obligations with Financial Institutions Debts with Brokers Other Liabilities Total Net Flow Generated by Operating Activities

44.571.962 (38.463.962) (2.880.609) (35.911.151) 327.798 (4.146.265) 1.066.576 595.025 331.568 16.244.262 2.016.352 3.191.638 2.362.440 (30.006.281) 52.155 (62.711.189) (50.810.738) (3.807.365) 625.466 1.188.025 (9.906.577) 158.926.166 128.246.959 33.514 2.306.365 28.339.328 98.176.712

70

NOTES TO THE FINANCIAL STATEMENTS

NOTE 1 INCORPORATION, MANAGEMENT, AND BACKGROUND OF THE COMPANY The Company was incorporated on November 14, 1989, governed by the provisions of Law No. 18,046 and D.F.L. No. 251. Its existence was authorized by the Superintendency of Securities and Insurance in accordance with Exempt Resolution No. 190 dated December 13, 1989.

Name: Compañía de Seguros CorpVida S.A. Insurance Group: Second Life Insurance Group Management: Mauricio Fasce Pineda Legal Agent Mauricio Fasce Pineda Chief Executive Officer Álvaro Reyes Bórquez Risk Manager Shareholders Name Mass Mutual (Chile) Limitada.

CorpGroup Vida Limitada.

Total Shares

Number of Paid-Up Shares 2011 228.300 453.195 681.495

Rating Firms Rating Entity Feller-Rate Clasificadora de Riesgo Ltda.

ICR Compañía Clasificadora de Riesgo Ltda.

External Auditors: Deloitte

Rating 2011 AA AA

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NOTE 2 ACCOUNTING POLICIES APPLIED A. Financial Statement Preparation Guidelines The financial statements have been prepared in accordance with the standards issued by the Superintendency of Securities and Insurance as well as generally accepted accounting principles in Chile.

B. Period Covered by the Financial Statements The financial statements cover the twelve-month period from January 1 to December 31, 2011 and 2010.

C. Adjustment for Currency Devaluation These financial statements have been adjusted for currency devaluation to take into account the effects of the variation in the currency’s purchasing power during the accounting period. To this end, the Consumer Price Index (CPI) variation (3.9% and 2.5% in 2011 and 2010, respectively) and the Unidad de Fomento (UF, inflation-indexed currency) variation ($22,294.03 and $21,455.55 in 2011 and 2010, respectively) have been considered.

D. Basis for Currency Translation Assets and liabilities in US dollars are presented at the exchange rate effective at the end of each accounting period ($519.2 and $468.01 per US$1 observed dollar in 2011 and 2010, respectively).

E. Financial Investment Appreciation E.1. FIXED-INCOME INSTRUMENTS E.1.1. Fixed-Income Instruments Fixed-income instruments issued by the Government, corporations, and financial institutions are valued at their present value calculated according to the same discount rate used to determine the price of the instrument at the time of purchase.

E.1.2. Foreign Fixed-Income Instruments Investments in foreign fixed-income instruments are valued according to fixedincome instrument valuation instructions abroad, as stated in Circular No. 1,360 of the Superintendency of Securities and Insurance and amendments thereto.

E.1.3. Variable-Interest Rate Instruments The internal rate of return implicit in the purchase of these instruments shall be the discount rate that equalizes the Company’s purchase cost with the capital amortization flows stipulated in the issuance conditions thereof. In addition, the variable interest on these instruments shall be accrued on a linear basis, credited to profit based on the interest rate determined for each period in accordance with the conditions stated for each of these instruments.

72

E.2. VARIABLE-INCOME INSTRUMENTS E.2.1. Registered Shares Subject to Annual Adjustment Registered shares whose annual adjusted turnover is higher than 25% are valued at the average weighted price of the transactions performed during the 10 stock exchange trading days prior to financial statement closing date where an amount equal to or higher than UF 150 has been traded, pursuant to the valuation instructions stated in No. 1, Title I of Circular No. 1,360 and subsequent amendments thereto.

E.2.2. Registered Shares Not Subject to Annual Adjustment Shares not meeting the annual adjustment requirement are valued at the lowest value among the cost adjusted for currency devaluation, the book value, and the stock exchange trading value, if applicable, pursuant to the valuation instructions stated in No. 2, Title I of Circular No. 1,360 and amendments thereto.

E.2.3. Foreign Company Shares Subject to Annual Adjustment Foreign company shares meeting the annual adjustment requirements set in General Regulation No. 152, dated December 2002, and subsequent amendments thereto are valued at their stock exchange trading value.

The stock exchange trading value is the closing price actually paid for the shares on the last stock exchange trading day prior to financial statement closing date on the stock exchange where the stocks were purchased.

E.2.4. Investment Funds Investment fund installments with an annual adjusted turnover equal to or higher than 20% are valued at the average weighted price of the transactions performed during the 10 stock exchange trading days prior to financial statement closing date, where an amount equal to or higher than UF 150 has been traded.

Investment fund installments which do not comply with the above condition are valued at the installment book value based on the Fund’s latest financial statements.

E.2.5. Mutual Funds Mutual fund installments are valued at the installment redemption value on the financial statement closing date.

E.2.6. Foreign Mutual Funds and Foreign Investment Funds Installments of funds set up abroad are valued at the installment closing price on the last stock exchange trading day of the financial statement closing month.

E.3. INSTRUMENTS BACKING UP THE FUND VALUE RESERVE Investments backing up the Fund Value reserve are valued according to the Valuation Guidelines contained in Circular No. 1,360 of the Superintendency of Securities and Insurance, as amended by Circular No. 1,626 dated October 21, 2002 of the Superintendency of Securities and Insurance.

E.4. SALES UNDER REPURCHASE AGREEMENT Assets subject to this agreement are classified under item “Other Assets” and valued according to Circular No. 1,360 of the Superintendency of Securities and Insurance. There is also a liability under item “Other Liabilities” in the amount agreed upon at the purchase of said instruments.

E.5. LOANS Consumer loans are valued according to the valuation instructions contained in General Regulation No. 208 and No. 247 of the Superintendency of Securities and Insurance, and the net balance of this account is shown under the heading “Financial Investments”.

F. Provision for Uncollectible Mortgage Loan Notes and Consumer Credits The Company determines its provisions pursuant to Circular No. 1,360 and General Regulation No. 208 and subsequent amendments thereto.

G. Real estate and Similar Investment Valuation G.1. REAL ESTATE DELIVERED UNDER LEASING Real estate leasing contracts are recorded at their present value according to the provisions of Technical Bulletin No. 22 of the Chilean Association of Accountants.

Investment in real estate leasing contracts are presented at whichever value is lower among the contracts’ residual value, the monetarily adjusted cost less cumulative depreciation, and the property market value.

G.2. REAL ESTATE Real estate is presented at whichever value is lower between the monetarily adjusted cost net of cumulative depreciation and the assessed value of said property.

G.3. FURNITURE, EQUIPMENT, AND OTHERS Fixed assets have been valued at their monetarily adjusted cost and are presented net of cumulative depreciation.

Depreciation has been calculated based on the present discounted cost using the straight-line depreciation method over the useful lives of the related assets.

73

G.4. REMODELING The remodeling costs of leased properties are recorded under a separate account and are written off throughout the useful lives of the improvement or the duration of the lease contract, whichever is less, with a maximum fiveyear term.

H. Minimum Cash Reserves Minimum cash reserves are classified and determined according to the prevailing instructions of the Superintendency of Securities and Insurance, which are summarized as follows: H.1. RESERVE FOR PAYABLE CLAIMS The reserve for payable claims includes the following items: Reserve for Settled Claims The reserve for settled claims is the present value of future payments to insured parties or beneficiaries and is presented net of adjustments resulting from the application of Circular No. 1,512 of the Superintendency of Securities and Insurance and subsequent amendments, determining the valuation of liabilities in relation to their hedging over time, as described in Note 2.K. Reserve for Claims in the Process of Being Settled On the financial statement closing date, there are claims in the process of being settled whose reserve has been set up based on the total number of claims at the end of the accounting period.

Reserve for Losses Which Have Occurred but Have Not Been Reported This is an estimate of the net cost of losses which, on the financial statement closing date, have occurred but have not been reported to the Company. Their value was estimated based on the number of expected claims for damages multiplied by the average capital of the risks involved.

H.2. RESERVE FOR ONGOING RISK This reserve has been set up to cover insurance policies subscribed for a period less than or equal to one year and is the net unearned premium, depending on the method of payment of the premium, according to the instructions issued by the Superintendency of Securities and Insurance.

H.3. RESERVE FOR UNEXPIRED CLAIMS This reserve is equivalent to the present value of the future payments to be generated by policies less the present value of future premiums. The present value of both components is calculated based on the relevant tables of mortality, morbidity, etc., and a maximum annual interest

of 3% in real terms, as stated in Circular No. 33 of the Superintendency of Securities and Insurance.

H.4. RESERVE FOR LIFE INSURANCES WITH A SINGLE INVESTMENT ACCOUNT The Company sets up a reserve for the risk coverage cost and a fund value reserve according to the instructions of General Regulation No. 132 and amendments thereto contained in General Regulation No. 149 of the Superintendency of Securities and Insurance.

I. Provision for Vacations The Company set up a provision for staff vacations, according to the regulations contained in Technical Bulletin No. 47 of the Chilean Association of Accountants.

J. Income Tax The first-category income tax is determined based on the net taxable income calculated for tax purposes.

K. Deferred Taxes The Company recognizes deferred taxes in its accounting according to the instructions issued by the Superintendency of Securities and Insurance in Circular No. 1,466 and in the manner stated in Technical Bulletin No. 60 of the Chilean Association of Accountants and supplements thereto.

L. Hedging The Company has valued minimum cash reserves using the hedging regulations contained in Circular No. 1,512 of the Superintendency of Securities and Insurance and amendments thereto.

According to said regulations, to the extent that the future flows of the fixed-income instrument portfolio and minimum cash reserves generated by the life annuity portfolio are matched over time, future flows of eligible minimum cash reserves are discounted at a rate closer to the average profitability of long-term government financial instruments.

The differences arising from the application of this regulation and general liability valuation regulations generate adjustments on the financial statement closing date whose effects are presented as part of the net worth on the “Reserve for Hedging� account.

As of September 2005, the Company applies the amendments to Circular No. 1,512 through Circular No. 1,731, General Regulation No. 178, and Official Circular No. 302 of the Superintendency of Securities and Insurance, incorporating mortality tables (RV-2004) with improvement factors to all insurance policies effective

74

as of calculation date and discounting flows without considering a safety factor.

As of February 2008, the Company applies the B-2006 and MI-2006 mortality tables established in General Regulation No. 207, whose progressiveness was regulated

by Circular No. 1,857 and No. 1,874.

Through General Regulation No. 274, the Superintendency of Securities and Insurance established B-2006 and MI-2006 mortality tables, whose gradual application to Minimum Financial Cash Reserve calculation for policies with effective date prior to July 1, 2010, was regulated through Circular No. 1968. During September, the Company has integrally carried out the recognition of tables RV-2009.

M. Reserve for Hedging Gaps The Company sets up a hedging gap reserve in accordance with General Regulation No. 132 and its amendments contained in General Regulation No. 149 of the Superintendency of Securities and Insurance on account of the risk taken by it as a result of term, interest rate, currency, and instrument type gaps between the Fund Value reserve and the investments backing up this reserve for those insurances with an associated investment account in favor of the insured party.

N. Financial Risk Hedging Transactions The Company maintains outstanding forward and swap contracts to hedge the financial risks that may affect the investment portfolio in terms of currencies, rates, stock, and stock price indices, and these are valued pursuant to General Regulation No. 200 of the Superintendency of Securities and Insurance, issued on August 7, 2006, and the subsequent amendment thereto.

The net balance of these transactions is shown in the General Balance Sheet under the headings “Other Liabilities” for 2011 and “Financial Investments” for 2010.

O. Cash Equivalent Assets These are short-term investments made as part of the customary management of cash surpluses that may be converted into known amounts of cash, where there is the intention to perform said conversion within no more than 90 days and where there is a minimum risk of significant loss in value.

In order to prepare the cash flow statement in accordance with the provisions of Technical Bulletin No. 50 of the Chilean Association of Accountants, the Company has considered as cash equivalents those investments made in fixed-income mutual fund installments and as cash the cash in hand and at banks accounts. At the end of each accounting period, the latter have the following composition:

Cash in Hand and at Banks (*) Domestic Mutual Funds Foreign Mutual Funds Total

2011 M$ 2.031.710 12.056.300 14.088.010

2010 M$ 1.941.916 39.889.930 991.624 42.823.470

(*) This cash balance does not include the balance allotted to dedicated portfolio.

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NOTE 3 ACCOUNTING CHANGES As of December 31, 2011, the Company has made no accounting changes in relation to 2010 that need to be disclosed at the close of these financial statements.

NOTE 4 ADJUSTMENT FOR CURRENCY DEVALUATION The application of the adjustment for currency devaluation mechanism described in Note 2.c. and the exchange rate difference described in Note 2.d. gave rise to a net debit to results of M$1,745,032 in 2011 and M$ 5,554,078 in 2010, as specified below:

2011 (Debits)/Credits M$

2010 (Debits)/Credits M$

53.715.685

27.112.429

4.770.887

2.872.227

634.640

(275.416)

Total Asset Adjustment for Currency Devaluation

59.121.212

29.709.240

Minimum Cash Reserves (Adjustments)

(55.468.904)

(31.821.189)

(5.463.133)

(2.913.188)

(227.332)

(33.451)

(61.159.369)

(34.767.828)

(2.038.157)

(5.058.588)

293.125

(495.490)

(1.745.032)

(5.554.078)

Financial Investments (Adjustments) Fixed Assets Others

Net Worth Others Total Liability Adjustment for Currency Devaluation Adjustment of Balance Sheet Accounts for Curr. Dev. Adjustment of Profit And Loss Accounts for Curr. Dev., Net Net Debit to Results

76

NOTE 5 INVESTMENTS A. According to current legal provisions, total investments of M$ 1,692,692,147 and M$ 1,545,475,123

in 2011 and 2010 respectively, are presented at the close of each accounting period, distributed as follows:

2011

2010 Partial M$

Investments Financial Investments Debt Securities Issued and Guaranteed by the Government and the Central Bank Single Instruments Serial Instruments Debt Securities Issued by the Banking and Financial System Single Instruments Serial Instruments Debt Securities Issued by Corporations Registered with the SSI Single Instruments Serial Instruments Shares and Other Securities Shares of Corporations Shares of Closely Held Corporations Investment Fund Installments Mutual Fund Installments

Total M$ 1.692.692.147 1.425.410.076 102.928.625

102.928.625

Partial M$

133.927.145 475.764.711

64.543.451 411.221.260

423.908.806 21.349.885 402.558.921

464.353.520

464.353.520

385.386.441

385.386.441 122.946.720

56.698.773 2.610.586 51.573.671 12.063.690

Mortgage Loan Notes

Total M$ 1.545.475.123 1.294.243.550 133.927.145

128.564.373 57.365.388 2.490.051 28.785.123 39.923.811

53.859.307

61.556.274

Foreign Investments Advances to Policy Holders Cash in Hand and at Banks

182.939.156 1.032.188 2.100.516

130.810.341 959.381 2.060.469

Other Financial Investments Loans Real Estate and Similar Investments

14.309.517 5.175.816 267.282.071

21.916.273 5.154.047 251.231.573

Urban Real Estate Residential Non Residential Non Urban Real Estate

264.336.124 132.170.188 132.165.936

248.210.116 115.341.675 132.868.441 -

Computer Equipment

404.459

465.917

Furniture and Machinery

883.020

843.925

-

-

1.658.468

1.711.615

Vehicles Other Real Estate Investments

77

B. The difference between the par and purchase values of fixed-income investments is written off during the instrument validity period.

At the close of the accounting periods, the floor price to be written off was as follows: 2011 M$ 1.389.231.413 1.422.297.402 33.065.989

Present Value of Portfolio Par Value of Portfolio Floor Price to be Written Off

2010 M$ 1.223.327.943 1.242.756.044 19.428.101

C. Stock portfolio adjusted cost values have been adjusted as follows:

Registered Shares Subject to Annual Adjust.

Shares of Closely-Held Corporations Shares Issued by Foreign Corp Shares Issued by Foreign Corp. - Dedicated Port.

Total

2011 Adjusted Cost Value M$ 33.608.974

2010 Final Value Adjusted Cost Value M$ M$ 56.698.773 18.730.321

Share Provision M$ 23.089.799

5.660.629

(3.050.043)

2.610.586

697.281 27.208.293

(153.315) (1.963.589)

67.175.177

17.922.852

Share Provision M$ 38.635.067

Final Value

5.659.120

(3.169.069)

2.490.051

543.966 25.244.704

17.531.337 20.371.351

552.754 5.541.180

18.084.091 25.912.531

85.098.029

62.292.129

41.559.932

103.852.061

Final Value

2010 Adjusted Cost Value

M$ 51.573.671 5.050.650 11.352

M$ 18.861.865 5.213.882 119.508

Adjustment to Install.

Book Value M$ 9.923.258 3.461.831 117.490

Final Value

M$ 44.990.143 3.432.374 3.989

Adjustment to Install.

Book Value M$ 6.583.528 1.618.276 7.363

48.426.506

8.209.167

56.635.673

24.195.255

13.502.579

37.697.834

M$ 57.365.388

D. Investment fund installments at the close of the financial statements have been adjusted as follows:

2011 Adjusted Cost Value

Domestic Investment Funds Foreign Investment Funds Investment Funds Established Abroad Total

M$ 28.785.123 8.675.713 236.998

78

E. Mutual fund installments at the close of the accounting period have been adjusted as follows: 2011 Adjusted Cost Value

Domestic Mutual Funds Foreign Mutual Funds Total

M$ 12.056.300 2.788.849 14.845.149

Adjustment to Install.

Book Value M$ 7.390 (109.626) (102.236)

2010 Final Value Adjusted Cost Value M$ 12.063.690 2.679.223 14.742.913

M$ 39.909.029 1.468.577 41.377.606

Adjustment to Install.

Book Value M$ 14.782 259.735 274.517

Final Value

M$ 39.923.811 1.728.312 41.652.123

F. The detail of the investments that back up the Fund Value Reserve, valued as stated in Note 2.E.3, as of December 31, 2011 and 2010, is as follows: 2011 INVESTMENTS ASSOCIATED WITH VPFS Instrument Recognition Bonuses Subtotal Recognition Bonuses Mortgage Bonds

Issuer INP

Nominal 571.303.886

Amount (M$) 29.363.075 29.363.075

ATLA BBVA BICE BOST CHI CHILE DES EST SANT SAPC

10 9.710 4.090 34.570 48.440 10.520 300 23.110 4.710 5.290

76 164.984 45.959 399.997 102.692 56.172 2.746 8.655 39.837 89.331 910.449

ACWI ECH EEM EPP EWJ IEV ILF IYW LQD SPIDER

23.911 388.063 50.668 38.305 20.398 9.057 241.987 1.887 106 15.217

523.523 11.627.544 998.081 774.238 96.481 158.659 5.348.480 62.605 6.261 991.533 20.587.405

Subtotal Mortgage Bonds Foreign Shares

Subtotal Foreign Shares Banks Subtotal Banks TOTAL VPFS

40.270 40.270 50.901.199

79

2011 INVESTMENTS ASSOCIATED WITH OTHER INSURANCES WITH SIA Instrument Recognition Bonuses Subtotal Recognition Bonuses

Emisor INP

Nominales 280.542.247

Monto (M$) 12.866.037 12.866.037

Security Bonds Subtotal Security Bonds

TRANSA

19.000

299.732 299.732

Mortgage Bonds

BBVA BCI BICE BOST CHI CHILE EDW EST

5.880 5.800 20.000 45.740 2.930 7.090 2.270 5.160

61.999 4.635 202.258 501.008 11.343 21.426 1.488 19.964 824.121

ACWI ECH EEM EPP EWJ IEV ILF IYW LQD SPIDER

1.189 89.243 10.664 8.344 6.114 4.886 62.504 50 4 1.238

26.033 2.673.991 210.064 168.653 28.919 85.592 1.381.485 1.659 236 80.667 4.657.299

Subtotal Mortgage Bonds Foreign Shares

Subtotal Foreign Shares Banks Subtotal Banks

28.536 28.536

TOTAL SIA

18.675.725

OVERALL TOTAL ASSOCIATED INVEST.

69.576.924

80

2010 INVESTMENTS ASSOCIATED WITH VPFS Instrument Recognition Bonuses Subtotal Recognition Bonuses Mortgage Bonds

Emisor INP

Nominales 328.488.689

Monto (M$) 17.546.834 17.546.834

ATLA BBVA BCI BICE BOS BOST CHI CHILE DES EST SANT SAPC SUD

80 8.740 160 4.980 550 41.210 51.880 10.930 540 14.410 6.490 6.680 40

730 162.370 121 65.752 273 565.490 272.314 85.868 5.701 47.448 53.062 119.609 112 1.378.850

ACWI ECH EEM EPP EWJ IEV ILF IYW LQD SPIDER

22.176 281400 49.684 39.587 19.279 11.504 219.149 208 92 16.529

504.769 10.892.005 1.151.005 904.350 102.277 219.731 5.739.533 6.511 4.851 1.010.707 20.535.739

Subtotal Mortgage Bonds Foreign Shares

Subtotal Foreign Shares Banks Subtotal Banks TOTAL VPFS

48.573 48.573 39.509.996

81

2010 INVESTMENTS ASSOCIATED WITH OTHER INSURANCES WITH SIA Instrument Recognition Bonuses Subtotal Recognition Bonuses

Emisor INP

Nominales 261.594.558

Monto (M$) 11.059.210 11.059.210

Security Bonds Subtotal Security Bonds

TRANSA

19.000

343.561

Mortgage Bonds

ATLA BBVA BCI BCO BHIF BICE BOS BOST CHAS CHI CHILE EDW EST SANT SANT-CHIL STG SUD

1.940 5.880 8.520 120 1.290 20.000 1.230 63.720 30 2.930 7.270 4.430 35.110 35.740 7.120 11.230 6.500

977 73.451 28.507 60 844 241.214 644 616.724 16 20.132 43.694 9.721 70.792 53.157 11.380 3.684 7.744 1.182.741

ACWI ECH EEM EPP EWJ IEV ILF IYW LQD SPIDER

924 79.189 11.334 8.196 4.771 3.996 63.826 50 17 1.065

21.032 3.065.128 262.569 187.234 25.311 76.325 1.671.609 1.566 897 65.121 5.376.792

Subtotal Mortgage Bonds Foreign Shares

Subtotal Foreign Shares Banks Subtotal Banks

69.980 69.980

TOTAL SIA

18.032.283

OVERALL TOTAL ASSOCIATED INVEST.

57.542.279

82

G. Fixed assets are valued as specified in Note 2.f. and correspond to non-residential urban real estate delivered under financial leases, urban residential real estate, furniture, office equipment, computer equipment, and telephone equipment.

H. As of December 2011, the Company has an investment in Empresas La Polar S.A. consisting of 12,430,876 shares, which valued at the average weighted price on that date amounts to M$ 3,798,378, representing 5% of the ownership of the issuing company’s capital. The adjusted purchase cost of this investment amounted to M$10,876,039, generating a provision for Lesser Value of M$ 7,077,660 on the financial statement closing date.

NOTE 6 OTHER ASSETS The breakdown of other assets is as follows:

Credit Against the Treasury Materials in Warehouse Personnel Debts Related Debtors Prepaid Expenses Other Financial Investments Provision for Other Financial Investment Write-Off Accounts Receivable on Sale of Real Estate Other Accounts Receivable Lease and Bid Guarantees Remodeling Deferred Taxes Prepayment on Real Estate Purchase Commitment Current Account Contribution Other Assets Total

2011 M$ 1.388.220 41.365 283.040 7.176.323 26.948 305.889 977.125 763.753 952.420 9.830.462 8.799.655 602.584 31.147.784

2010 M$ 246.118 70.430 183.411 5.092.986 29.475 2.751.629 (2.751.629) 1.347.106 548.480 130.354 1.031.750 10.852.617 7.858.040 3.900.250 31.291.017

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NOTE 7 MINIMUM CASH RESERVES A. On December 31, 2011 and 2010, the Company set up the following minimum cash reserves:

Reserve for Ongoing Risk Reserve for Unexpired Claims Life Insurances with a Single Investment Account Reserve for Payable Claims Total

2011 M$ 825.657 11.869.473 69.311.515 1.480.634.264 1.562.640.909

2010 M$ 897.630 6.792.767 57.006.674 1.340.125.808 1.404.822.879

2011 M$ 1.464.384.638 13.763.246 222.367 307.177 1.739.186 217.650 1.480.634.264

2010 M$ 1.326.278.861 12.063.527 181.187 192.836 1.183.657 225.740 1.340.125.808

B. The item reserve for payable claims is broken down as follows:

Pension Fund Life Annuities Private Life Annuities Payable Pensions Claims Settled But Not Paid Claims in the Process of Being Settled Losses Occurred But Not Reported Total

C. As stated in Notes 2.G and 2.K, minimum cash reserves are calculated by applying hedging instructions; at the close of both accounting periods, these were as follows:

Minimum Financial Cash Reserve

2011 Private Pension Life Fund Life Annuities Annuities M$ M$ 13.763.244 1.464.384.638

M$ 1.478.147.882

2010 Private Pension Total Life Fund Life Annuities Annuities M$ M$ M$ 12.063.526 1.326.278.861 1.338.342.387

Base Minimum Cash Reserve Reserve for Hedging Gaps

13.835.576 (72.332)

1.476.061.210 1.489.896.786 (11.676.572) (11.748.904)

12.127.312 1.342.084.456 1.354.211.768 (63.786) (15.805.595) (15.869.381)

Total

84

D. Based on Official Letter No. 6907, Reserves for payable Life Annuities are as follows:

Payable Pension Fund Life Annuities Uncollected Pensions Expired Checks Uncollected Checks Unpaid Expired Guaranteed Annuities Others Total Reserves for Payable Life Annuities

Amount 2011 M$ 1.464.384.638 131.167 6.662 9.611 74.927 1.464.607.005

Amount 2010 M$ 1.326.278.861 110.784 3.184 4.450 62.769 1.326.460.048

NOTE 8 INCOME TAX The Company has not set up a provision for firstcategory income tax since there is a negative cumulative net taxable income at the close of each year, amounting to M$ 28,506,900 in 2011 and M$ 44,744,355 in 2010.

A single tax provision has been set up during the accounting periods according to the regulations of article No. 21 of the Income Tax Law, amounting to M$ 18,319 in 2011 and M$ 12,763 in 2010.

On December 31 of each year, undistributed tax losses were broken down as follows: F.U.T. Negative Balance

Amount M$ 2011

2010

(25.376.168)

(49.410.753)

-

-

Credits for Shareholders First-Category Credits F.U.N.T.

Amount M$ 2011

2010

Non Income Earnings

-

14.862.486

Tax Exempt Income

-

309.028

The Company’s monthly provisional payments (P.P.M.) have been suspended in accordance with current regulations because it has cumulative first-category tax losses.

During March 2011, the Company proceeded to dividend distribution. This implied total rebate of the F.U.N.T., in accordance with Resolution No. 2154 dated 07/24/1991 of the Internal Revenue Service.

85

NOTE 9 DEFERRED TAXES According to instructions from the Superintendency of Securities and Insurance issued through Circular No. 1,466, the Company recognizes deferred taxes in its accounting in the manner stipulated in Technical Bulletin No. 60 of the Chilean Association of Accountants and supplements thereto.

Law No. 20,455, “Amending several pieces of legislation to obtain resources for financing the country’s reconstruction”, was enacted on July 29, 2010 and published in the Official Gazette on July 31, 2010.

Among other aspects, this law sets a transitory income tax rate increase to 20% and 18.5% for business years 2011 and 2012, respectively, returning to 17% in 2013.

The breakdown of accumulated asset and liability balances on account of deferred taxes as of December 31, 2011 is as follows:

Item Temporary Differences Provision for Recognition Bonus Provision for Vacations Provision for Overdue Premium Provision for Commission Advance Write-Off Provision for Consumer Credit Write-Off Provision for Real Estate Write-Off Provision for Account Receivable Write-Off Provision for Incentive Bonus Provision for Foreign Mutual Funds Provision for Domestic Stock Portfolio Provision for Employee Overdraft Write-Off Provision for Mortgage Loan Note Div. Write-Off Difference from Tax and Financial Leasing Tax Loss Financial Adjustment to Investment Funds Real Estate Remodeling and Software Amortization Future Contracts, Forwards and Swaps Market Adjustment – Dedicated Portfolio Total Supplementary Accounts Overall Total

Balances as of December 31, 2011 Assets from Deferred Taxes Liabilities from Deferred Taxes Short Term Long Term Short Term Long Term M$ M$ M$ M$ 7.205 101.036 222.164 39.639 36.186 31.822 21.899 263.673 18.913 21.873 59.896

50.435 -

1.684.102 -

-

194.140 -

3.300.376 4.846.173 -

284.037

1.136.148

275.851 67.836 1.362.133 1.362.133

271.345 8.468.329

115.868 2.084.007 2.084.007

347.603 1.483.751 1.483.751

8.468.329

86

The breakdown of accumulated asset and liability balances on account of deferred taxes as of December 31, 2009 is as follows:

Item Temporary Differences Provision for Recognition Bonus Provision for Vacations Provision for Overdue Premium Foreign Investment Provision and Write-Off Provision for Commission Advance Write-Off Provision for Consumer Credit Write-Off Provision for Real Estate Write-Off Provision for Account Receivable Write-Off Provision for Incentive Bonus Provision for Foreign Mutual Funds Provision for Domestic Stock Portfolio Provision for Employee Overdraft Write-Off Provision for Mortgage Loan Note Div. Write-Off Difference from Tax and Financial Leasing Tax Loss Difference from Financial Tax Depreciation Financial Adjustment to Investment Funds Real Estate Remodeling and Software Amortization Future Contracts, Forwards And Swaps Asset/Liability Provision for Sales Agreements Market Adjustment – Dedicated Portfolio Total Supplementary Accounts Overall Total

Balances As Of December 31, 2010 Assets From Deferred Taxes Liabilities From Deferred Taxes Short Term Long Term Short Term Long Term M$ M$ M$ M$ 8.750 100.815 283.382 842.289 44.524 39.245 36.591 12.814 360.318 24.569 57.456

61.254 -

58.723 1.727.843 -

-

140.040 -

2.380.665 7.606.541 -

482.709 128.406

1.930.834 385.216

1.950.793

10.048.460 (1.146.636) 8.901.824

1.512.067 198.374 4.108.122

793.497 3.109.547

4.108.122

3.109.547

1.950.793

The breakdown of the income statement Income Tax account as of December 31, 2011 and 2010 is as follows: Breakdown Current Tax Expenditure (Single Tax Provision Art.21 ITL) Adjustment to Tax Expenditure of Previous Account Period Effect on Assets or Liabilities from Current Deferred Taxes Tax Benefit from Tax Losses Effect from Amortization of Deferred Asset and Liability Supplementary Accounts Effect on Assets or Liabilities from Deferred Taxes Due to Changes in Valuation Position Other Debits or Credits to the Account Total

31.12.2011 M$ (18.319) 4.135.453 (2.474.848) 1.103.595

31.12.2010 M$ (12.763) (2.071.151) 109.869 -

-

-

34.622 2.780.503

(42.307) (2.016.352)

87

NOTE 10 OTHER LIABILITIES The breakdown of other liabilities is as follows: 31.12.2011 M$ 2.345.887 2.310.504 2.022 1.466.088 159.518 370.095 3.567.758 2.019.961 1.038.866 1.491.086 14.771.785

Invoices and Accounts Payable Accounts Payable with Related Companies Fees Payable Social Security Withholdings Payable Withheld Taxes Payable Premiums Payable Deferred Taxes Personnel Debts Provisions and Other Accounts Payable Derivative Obligations Total

31.12.2010 M$ 2.946.951 2.366.313 10.498 1.429.118 347.286 420.243 7.217.669 2.330.957 1.646.114 18.715.149

NOTE 11 PATRIMONIO A. The turnover of net worth accounts during accounting periods 2011 and 2010 is shown below: 2011

Paid-Up Capital Markup in Sale of Own Shares Reserve for Hedging Reserve for Sia Gap Cumulative Losses Profit for the Period Net Worth

2010

Paid-Up Capital Markup in Sale of Own Shares Reserve for Hedging Reserve for Sia Gap Cumulative Losses Profit for the Period Net Worth

Balances as of 01.01.11 Historical M$ 122.597.219 385.160 15.273.706 (11.711) (31.162.859) 42.898.905 149.980.420

Distribution Dividend of Previous Distribution Acc. Period Result M$ M$ 42.898.905 (11.700.000) (42.898.905) 0 (11.700.000)

Revaluation

Balances As Of 01.01.10 Historical

Distribution Of Previous Acc. Period Result M$ 18.867.974 (18.867.974) 0

Adjustments

M$ 119.607.042 375.768 22.573.497 (49.270.742) 18.867.974 112.153.539

Revaluation

M$ 2.990.177 9.392 564.360 (760.091) 2.803.838

M$ 4.781.291 15.020 595.675 (457) 71.604 5.463.133

Adjustment

Balances as of 31.12.2011

M$ M$ 127.378.510 400.180 (4.120.477) 11.748.904 (541) (12.709) 107.650 (21.254.083) (21.254.083) (25.375.101) 118.368.452

Balances As Of 31.12.2010

M$ M$ 122.597.219 385.160 (7.864.151) 15.273.706 (11.711) (11.711) (31.162.859) 42.898.905 42.898.905 35.023.043 149.980.420

Balances As Of 31.12.2010 Discounted M$ 127.378.510 400.180 15.869.381 (12.168) (32.378.209) 44.571.962 155.829.656

88

B. Paid-up capital.

According to the provisions of Law No. 18,046, revaluation of paid-up capital has been incorporated to it, divided into 681,495 no-par-value shares.

C. Statutory capital decrease During accounting period 2002, no payment of subscribed shares was received, corresponding to the issue of October 20, 1999, approved by the Superintendency of Securities and Insurance through Resolution No. 388 dated December 7, 1999. The balance of 97,878 subscribed shares should have been paid up by the legal deadline, which was due on October 19, 2002.

Dated November 18, 2002, the lawful decrease of the Company’s statutory capital was certified through a public instrument and pursuant to the provisions of Law No. 18,046, Article No. 11, and Decree Law No. 587, Article No. 33, corresponding to 97,878 payment shares that, although subscribed, were not paid within the three-year term provided for by the Law. It was also recorded that the number of shares into which the equity was broken down had decreased from 779,373 shares to 681,495 shares, which were fully subscribed and paid up.

D. Dividend Distribution At an Ordinary Shareholder Meeting held on March 18, 2011, where the Annual Report and the Balance Sheet for the 2010 accounting period were approved, the decision was made to revoke the current Board of Directors, appointing a replacement until the next legal period. In addition, a dividend distribution to shareholders was agreed amounting to M$ 11,700,000 for the payment of a Definitive dividend of $ 17,168.1377 per share charged to the profits for fiscal year 2010.

89

NOTE 12 HEDGING As a result of the application of Circular No. 1,512 of the Superintendency of Securities and Insurance and amendments thereto, in accordance with Note 2.k, the year’s effect on the reserve for hedging was a charge to net worth of M$ 4,120,477 in 2011 and a charge to net worth of M$ 8,170,852 in 2010. The balances of the reserve for hedging at the close of each accounting period are as follows:

Minimum Financial Cash Reserve Base Minimum Cash Reserve Reserve for Hedging

The balance of the “Pension Fund” reserve for hedging as of December 31, 2011 and 2010 is M$11,676,572 and M$15,805,595 respectively.

The reserve for hedged life annuities, discounted at a 3% annual rate, amounted to M$ 1,545,845.986 in 2011 and M$ 1,416,778.909 in 2010.

The minimum financial cash reserve for pension fund life annuities as of December 31, 2011 amounts to M$ 1,464,384,638.

Through General Regulation No. 172, the Superintendency of Securities and Insurance established RV-2004 mortality tables, whose gradual application to minimum financial cash reserve calculation for policies with effective date prior to March 9, 2005 was regulated through General Regulation No.178.

Subsequently, through General Regulation No. 207, the Superintendency of Securities and Insurance established MI-2006 and B-2006 mortality tables, whose gradual application to the calculation of the minimum financial cash reserve for policies effective prior to February 1, 2008 was regulated through Circulars No. 1,857 and No. 1,874.

2011 M$ 1.478.147.882 1.489.896.786 11.748.904

2010 M$ 1.338.342.387 1.354.211.768 15.869.381

Later on, through General Regulation No. 274, the Superintendency of Securities and Insurance established the RV-2009 mortality tables, whose application to the calculation of the minimum financial cash reserve for policies effective prior to July 1, 2010 was regulated through Circular No. 1976. On September 30, 2010, the accounting recognition of RV-2009 tables was integrally carried out.

For the application of tables MI2006 and B2006, the Company’s Board of Directors has decided to gradually recognize the higher financial reserve derived from the new tables in accordance with the aforementioned regulations.

Additionally, on June 30, 2010 and September 30, 2010, Compañía de Seguros CorpVida S.A has integrally carried out the accounting recognition of RV-2004 and RV-2009 tables, respectively.

90

On December 31, 2011, pursuant to the provisions contained in Official Letter No. 6,907 issued on May 5, 2010 by the Superintendency of Securities and Insurance, the Company’s situation in respect of the “Pension Fund Reserve” is as follows: 2011

RTF 85-85-85

RTF 2004-85-85

RTFs 2004-85-85

RV 2004 Unrecognized Difference

1

2

3

4

-

-

Policies Effective Prior to September 9, 2005

692.973.704

Policies Effective from September 9, 2005 to January 31, 2008

193.733.562

Policies Effective Starting on February 1, 2008 (9) Total

-

(1)

RTF 85-85-85

(2)

RTF 2004-85-85

(3)

RTFs 2004-85-85

(4) (5)

Diferencia por Reconocer RV-2004 RTF 2004-2006-2006

(6)

RTFs 2004-2006-2006

(7)

Diferencia por Reconocer B-2006 y MI-2006 RTF 2009-2006-2006

(8) (9) (10)

886.707.266

Financial minimum cash reserve calculated based on RV 85, B 85, and MI 85 mortality tables and hedging indexes calculated with liability flows from those tables as of closing date and using a 0.8 safety factor.

Financial minimum cash reserve calculated based on RV 2004, B 85, and MI 85 mortality tables and hedging indexes calculated with liability flows from those tables as of closing date.

Financial minimum cash reserve calculated according to the gradual recognition procedure contained in number XI of Circular No. 1,512. When the Company has completed the recognition of RV 2004 tables, the values shown in columns (2) and (3) will be equal.

Difference between columns (2) and (3).

Financial minimum cash reserve calculated based on RV 2004, B 2006, and MI 2006 mortality tables and hedging indexes calculated with liability flows from those tables as of closing date.

The Company made the decision to recognize B 2006 and MI 2006 tables according to Circular No. 1874. Financial minimum cash reserve calculated according to the alternative recognition procedure contained in Circular No. 187, i.e., by means of annual installments payable on a quarterly basis.

Difference between columns (5) and (6).

Financial minimum cash reserve calculated based on RV 2009, B 2006, and MI 2006 mortality tables and hedging indexes calculated with liability flows from those tables as of closing date.

Difference between columns (8) and (5).

Diferencia por Reconocer RV-2009 For insurance policies effective as of February 1, 2008, values should only be reported in column RTF 2009-2006-2006.

91

RTF 2004-2006-2006

RTFs 2004-2006-2006

B-2006 y MI-2006 Unrecognized Difference

RTF 2009-2006-2006

Total Unrecognized Difference

5

6

7

8

9

743.962.550

703.022.024

40.940.526

747.327.617

3.365.067

205.017.113

195.957.200

9.059.913

205.409.055

391.942

560.903.278 948.979.663

898.979.224

50.000.439

1.513.639.950

3.757.009

Columns (1), (3), and (4) are omitted because in 2011 the Company integrally recognized tables RV-2004 Recognition of MI 2006 and B 2006 tables (1) (2) (3) (4) (5)

Amount of annual installment referred to in letter b) of Circular No. 1,874.

Value of quarterly installment Installment number Value of all the installments recognized at the close of the financial statements Average equivalent cost rate implicit in the calculation of base minimum cash reserves in the Company’s total life annuity portfolio effective as of January 31,2008

M$ 2.357.764 M$ 589.441 Year 4, quarter 2 M$ 13.017.085 3,8949 %

92

In relation to the above, the Company’s situation in 2010 was as follows: 2010

RTF 85-85-85

RTF 2004-85-85

RTFs 2004-85-85

RV 2004 Unrecognized Difference

1

2

3

4

-

-

Policies Effective Prior to September 9, 2005

722.126.811

Policies Effective from September 9, 2005 to January 31, 2008

199.379.074

Policies Effective Starting on February 1, 2008 (9) Total

-

921.505.885

Recognition of MI 2006 and B 2006 tables (1) (2) (3) (4) (5)

Amount of annual installment referred to in letter b) of Circular Nº 1.874.

Value of quarterly installment Installment number Value of all the installments recognized at the close of the financial statements Average equivalent cost rate implicit in the calculation of base minimum cash reserves in the Company’s total life annuity portfolio effective as of January 31,2008

M$ 2.357.582 M$ 589.396 Year 3, Quarter 2 M$ 10.659.319 3,8949%

93

RTF 2004-2006-2006

RTFs B-2006 and MI-2006 2004-2006-2006 Unrecognized Difference

RTF 2009-2006-2006

Total Unrecognized Difference

5

6

7

8

9

773.905.349

730.898.017

43.007.332

777.350.900

3.445.551

210.525.063

201.267.187

9.257.875

210.935.547

410.484

390.257.622 984.430.412

932.165.204

52.265.207

1.378.544.069

3.856.035

94

NOTE 13 RESERVE FOR HEDGING GAPS FOR INSURANCES WITH A SINGLE INVESTMENT ACCOUNT For financial statement reporting purposes, as of December 31, 2011 and 2010 the Company used the reserve-for-hedging-gap calculation methodology stated in General Regulation No. 132, dated March 13, 2002 and subsequent amendments contained in General Regulation No. 149 dated October 21, 2002, of the Superintendency of Securities and Insurance.

Balances as of December 31, 2011 and 2010 are as follows: 2011

Life Insurances with Voluntary Pension Fund Saving (VPFS) Other Life Insurances with a Single Investment Account (SIA) Total

2010

Life Insurances with Voluntary Pension Fund Saving (VPFS) Other Life Insurances with A Single Investment Account (SIA) Total

Total Liability Amount

Fund Value Reserve

M$ 50.742.450

M$ 50.742.450

Reserve for Hedging Gap SIA Insurances M$ -

18.569.065

18.569.065

12.709

69.311.515

69.311.515

12.709

Total Liability Amount

Fund Value Reserve

M$ 39.406.398

M$ 39.406.398

Reserve for Hedging Gap SIA Insurances M$ -

17.600.276

17.600.276

12.168

57.006.674

57.006.674

12.168

95

NOTE 14 CONTINGENCIES, COMMITMENTS, AND INDIRECT LIABILITIES B. Instrument sales under repurchase agreement At the close of each accounting period, the Company does not record any instrument sale transactions under repurchase agreement.

At the close of each accounting period, the Company records no contingencies that have not been reported in the financial statements.

A. Instrument purchases under resale agreement At the close of each accounting period, the Company does not record any instrument purchase transactions under resale agreement.

FORWARD 2011 Part I Name and Line of Business

Purchases Hedging Banco BBVA Banco de Chile JP Morgan & CO Banco de Chile JP Morgan Chase Bank N.A JP Morgan & CO Barclays Bank Plc JP Morgan Chase Bank N.A Banco BBVA Banco BBVA Investment JP Morgan Chase Bank N.A Total Purchases Sales Hedging Banco BBVA Banco BBVA Banco BBVA Banco BBVA JP Morgan Chase Bank N JP Morgan Chase Bank N JP Morgan Chase Bank N HSBC Bank Chile JP Morgan Chase Bank N JP Morgan Chase Bank N Banco de Chile Banco de Chile Banco de Chile

C. Financial risk hedging transactions The net balance of forward and swap contracts is shown in 2011 and 2010.

Nationality

Nominal

Assets Involved

Transaction Date

Maturity Date

Market Value Reasonable of Assets Value of Frw Involved on Contract On Reporting Date Reporting Date M$ M$

Chilean Chilean USA Chilean Chilean USA USA Chilean Chilean Chilean

2.000.000 5.000.000 5.000.000 2.000.000 3.000.000 3.000.000 2.000.000 3.000.000 5.000.000 5.000.000

US$ US$ US$ US$ US$ US$ US$ US$ US$ US$

01.12.2011 13.12.2011 13.12.2011 16.12.2011 20.12.2011 19.12.2011 19.12.2011 23.12.2011 26.12.2011 28.12.2011

03.01.2012 12.01.2012 13.01.2012 16.01.2012 20.01.2012 19.01.2012 23.01.2012 12.01.2012 20.01.2012 27.01.2012

1.038.400 2.596.000 2.596.000 1.038.400 1.557.600 1.557.600 1.038.400 1.557.600 2.596.000 2.596.000

6.003 10.708 10.117 (1.426) (7.634) (11.848) (7.168) (9.234) (12.973) (23.278)

Chilean

1.000.000 36.000.000

US$

22.12.2011

20.01.2012

519.200 18.691.200

(3.496) (50.229)

Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean

3.000.000 3.000.000 4.000.000 4.000.000 3.000.000 3.000.000 3.000.000 3.000.000 2.000.000 3.000.000 2.000.000 3.000.000 3.000.000

US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$

18.05.2011 19.05.2011 01.12.2011 01.12.2011 05.12.2011 05.12.2011 05.12.2011 06.12.2011 07.12.2011 07.12.2011 07.12.2011 12.12.2011 12.12.2011

10.06.2013 10.06.2013 04.01.2012 05.01.2012 03.01.2012 04.01.2012 05.01.2012 09.01.2012 11.01.2012 11.01.2012 11.01.2012 13.01.2012 16.01.2012

1.557.600 1.557.600 2.076.800 2.076.800 1.557.600 1.557.600 1.557.600 1.557.600 1.038.400 1.557.600 1.038.400 1.557.600 1.557.600

(108.984) (112.850) (12.481) (12.321) (12.426) (12.300) (12.180) (14.247) (15.888) (25.632) (16.688) (20.757) (20.540)

96

FORWARD 2011 Part II Name and Line of Business

Sales (continuaci贸n) Banco de Chile Banco de Chile Banco de Chile Banco de Chile Banco Santander HSBC Bank Chile Banco BBVA JP Morgan Chase Bank N HSBC Bank Chile Banco de Chile Banco BBVA Banco de Chile JP Morgan & CO Investment HSBC Bank Chile Total Sales

Reasonable Market Value Value of Frw of Assets Contract On Involved on Reporting Date Reporting Date M$ M$

Nationality

Nominal

Assets Involved

Transaction Date

Maturity Date

Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean USA

2.000.000 2.000.000 1.000.000 1.000.000 1.000.000 2.000.000 4.000.000 1.000.000 2.000.000 3.000.000 5.000.000 2.000.000 5.000.000

US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$

13.12.2011 13.12.2011 13.12.2011 14.12.2011 13.12.2011 14.12.2011 15.12.2011 15.12.2011 21.12.2011 21.12.2011 21.12.2011 22.12.2011 27.12.2011

17.01.2012 17.01.2012 17.01.2012 18.01.2012 17.01.2012 18.01.2012 18.01.2012 18.01.2012 23.01.2012 23.02.2012 20.01.2012 27.01.2012 30.01.2012

1.038.400 1.038.400 519.200 519.200 519.200 1.038.400 2.076.800 519.200 1.038.400 1.557.600 2.596.000 1.038.400 2.596.000

(4.613) (4.913) (1.357) 962 (2.306) 2.384 11.282 1.571 11.213 14.069 27.661 4.136 23.006

Chilean

1.000.000 71.000.000

US$

21.12.2011

20.01.2012

519.200 36.863.200

5.832 (308.367)

97

FORWARD 2010 Name and Line of Business

Purchases Hedging Hedging 1512 Investment HSBC Bank Chile Total Purchases Sales Hedging Banco de Chile Banco de Chile Banco de Chile HSBC Bank Chile Banco de Chile Banco de Chile Banco BBVA Banco BBVA HSBC Bank Chile HSBC Bank Chile Banco BBVA Banco de Chile Banco BBVA Banco BBVA Banco de Chile Banco BBVA Banco BBVA Cobertura 1512 Inversi贸n Banco de Chile Total Ventas

Reasonable Market Value Value of Frw of Assets Contract On Involved on Reporting Date Reporting Date M$ M$

Nationality

Nominal

Assets Involved

Transaction Date

Maturity Date

Chilean

4.000.000 4.000.000

US$ US$

07.12.2010

05.01.2011

1.945.050 1.945.050

(40.875) (40.875)

Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean Chilean

5.000.000 5.000.000 2.500.000 2.000.000 5.000.000 5.000.000 5.500.000 2.000.000 2.000.000 2.000.000 2.000.000 5.000.000 4.000.000 3.500.000 5.000.000 3.000.000 4.500.000

US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$ US$

07.10.2010 13.10.2010 03.11.2010 03.11.2010 04.11.2010 30.11.2010 09.12.2010 10.12.2010 10.12.2010 13.12.2010 14.12.2010 16.12.2010 17.12.2010 21.12.2010 21.12.2010 22.12.2010 29.12.2010

05.01.2011 11.01.2011 03.11.2011 03.11.2011 04.11.2011 04.01.2011 10.01.2011 11.01.2011 12.01.2011 13.01.2011 14.01.2011 17.01.2011 18.01.2011 24.01.2011 20.01.2011 25.01.2011 28.01.2011

2.431.312 2.431.312 1.215.656 972.525 2.431.312 2.431.312 2.674.443 972.525 972.525 972.525 972.525 2.431.312 1.945.050 1.701.918 2.431.312 1.458.786 2.188.180

79.511 42.084 (64.701) (51.388) (164.986) 105.655 49.705 14.287 14.489 12.509 13.856 31.879 21.537 5.154 10.731 9.729 6.433

Chilean

4.000.000 67.000.000

US$

21.12.2011

20.01.2012

1.945.050 32.579.580

72.669 209.153

98

SWAPS 2011 Part I Name and Line Of Business

Hedging Hedging 1512 Credit Suisse First Boston Banco Santander Credit Suisse First Boston Deutsche Bank London Deutsche Bank London Deutsche Bank London Banco Santander Banco Santander Credit Suisse First Boston Credit Suisse First Boston Deutsche Bank London Credit Suisse First Boston Banco BBVA Chile Banco BBVA Chile Banco BBVA Chile Credit Suisse First Boston Goldman Sachs Goldman Sachs Goldman Sachs Deutsche Bank London Deutsche Bank London Deutsche Bank London Goldman Sachs Goldman Sachs Deutsche Bank London Deutsche Bank London Goldman Sachs Deutsche Bank London Deutsche Bank London Goldman Sachs Credit Suisse First Boston HSBC Bank USA N.A Deutsche Bank London J.P Morgan & CO J.P Morgan & CO. Banco de Chile HSBC Bank USA N.A HSBC Bank USA N.A Deutsche Bank London J.P Morgan & CO. J.P Morgan & CO. J.P Morgan & CO. J.P Morgan & CO. HSBC Bank USA N.A. Banco BBVA Chile

Nationality

England Chilean England England England England Chilean Chilean England England England England Chilean Chilean Chilean England USA USA USA England England England USA USA England England USA England England USA England Chilean England USA USA Chilean USA USA England USA USA USA USA USA Chilean

Nominal Long Position

Nominal - Transaction Short Date Position

UF-$

US$-UF

59.362 58.839 108.849 53.234 26.617 26.617 104.695 26.174 64.842 25.937 12.961 77.761 26.104 26.113 13.057 77.033 25.540 25.540 25.540 126.366 12.637 25.273 51.519 12.880 49.334 49.334 74.778 49.504 49.504 98.863 98.407 45.500 34.235 46.322 46.664 94.441 23.678 47.356 11.622 23.241 23.241 23.241 11.576 69.590 81.876

2.000.000 2.200.000 4.000.000 2.000.000 1.000.000 1.000.000 4.000.000 1.000.000 2.500.000 1.000.000 500.000 3.000.000 1.000.000 1.000.000 500.000 3.000.000 1.000.000 1.000.000 1.000.000 5.000.000 500.000 1.000.000 2.000.000 500.000 2.000.000 2.000.000 3.000.000 2.000.000 2.000.000 4.000.000 4.000.000 2.000.000 1.500.000 2.000.000 2.000.000 4.000.000 1.000.000 2.000.000 500.000 1.000.000 1.000.000 1.000.000 500.000 3.000.000 3.500.000

Maturity Date

Present Value Long Position

M$

09.03.2006 19.05.2009 28.05.2009 15.09.2009 15.09.2009 15.09.2009 22.10.2009 22.10.2009 23.10.2009 23.10.2009 28.10.2009 03.11.2009 26.05.2010 25.05.2010 25.05.2010 26.05.2010 02.06.2010 02.06.2010 02.06.2010 17.06.2010 17.06.2010 17.06.2010 13.07.2010 13.07.2010 22.07.2010 22.07.2010 28.07.2010 02.08.2010 02.08.2010 11.08.2010 10.08.2010 22.11.2010 24.11.2010 29.11.2010 29.11.2010 07.01.2011 10.01.2011 10-01-2011 13.01.2011 12.01.2011 12.01.2011 12.01.2011 13.01.2011 13.01.2011 21.01.2011

15.12.2014 09.06.2017 01.04.2019 23.04.2019 23.04.2019 23.04.2019 29.07.2019 29.07.2019 30.07.2019 30.07.2019 23.07.2019 18.01.2018 18.01.2018 30.09.2019 30.09.2019 15.04.2020 26.04.2022 26.04.2022 26.04.2022 15.04.2020 15.04.2020 15.04.2020 20.01.2020 20.01.2020 22.04.2020 22.04.2020 22.04.2020 22.04.2020 22.04.2020 19.01.2021 19.01.2021 22.01.2021 30.09.2019 01.02.2021 20.01.2020 19.01.2021 15.01.2021 15-01-2021 15.01.2021 15.01.2021 15.01.2021 15.01.2021 20.01.2021 20.01.2021 22.01.2021

1.323.411 1.311.760 2.426.680 1.186.811 593.405 593.405 2.334.066 583.516 1.445.580 578.232 288.962 1.733.614 581.962 582.171 291.086 1.717.386 569.379 569.379 569.379 2.817.216 281.722 563.443 1.148.564 287.141 1.099.852 1.099.852 1.667.104 1.103.639 1.103.639 2.204.058 2.193.892 1.014.373 763.227 1.032.707 1.040.324 2.105.462 527.876 1.055.752 259.105 518.125 518.125 518.125 258.073 1.551.434 1.825.344

Present Reasonable Value of Value Swap Short Position Contract on Reporting Date M$ M$

1.041.689 1.146.562 2.116.390 1.056.354 528.177 528.177 2.139.090 534.773 1.334.463 533.785 268.109 1.607.752 535.917 527.940 263.970 1.577.506 525.803 525.803 525.803 2.629.177 262.918 525.835 1.070.301 267.575 1.052.424 1.052.424 1.578.636 1.052.424 1.052.424 2.132.089 2.132.089 1.064.360 791.909 1.062.873 1.070.301 2.132.089 532.468 1.064.937 266.234 532.468 532.468 532.468 265.891 1.595.346 1.862.630

281.722 165.198 310.290 130.457 65.228 65.228 194.976 48.743 111.117 44.447 20.853 125.862 46.045 54.231 27.116 139.880 43.576 43.576 43.576 188.039 18.804 37.608 78.263 19.566 47.428 47.428 88.468 51.215 51.215 71.969 61.803 (49.987) (28.682) (30.166) (29.977) (26.627) (4.592) (9.185) (7.129) (14.343) (14.343) (14.343) (7.818) (43.912) (37.286)

99

SWAPS 2011 Part II Name and Line Of Business

Banco BBVA Chile Banco BBVA Chile Banco BBVA Chile Banco BBVA Chile Banco de Chile Banco BBVA Chile J.P Morgan & CO. J.P Morgan & CO. Banco Santander Banco BBVA Chile Banco BBVA Chile J.P Morgan & CO. Banco BBVA Chile Banco BBVA Chile HSBC Bank USA N.A Credit Suisse First Boston Banco BBVA Chile Banco de Chile Banco Santander Banco Santander Barclays Bank PLC Banco BBVA Chile J.P Morgan & CO. J.P Morgan & CO. J.P Morgan & CO. J.P Morgan & CO. Deutsche Bank London Barclays Bank PLC Barclays Bank PLC Banco Santander Barclays Bank PLC HSBC Bank USA N.A. Banco Santander Barclays Bank PLC J.P Morgan & CO. J.P Morgan & CO. Barclays Bank PLC HSBC Bank USA N.A HSBC Bank USA N.A Barclays Bank PLC Barclays Bank PLC Barclays Bank PLC Deutsche Bank London Deutsche Bank London Deutsche Bank London Morgan Stanley Morgan Stanley

Nationality

Chilean Chilean Chilean Chilean Chilean Chilean USA USA Chilean Chilean Chilean USA Chilean Chilean USA England Chilean Chilean Chilean Chilean USA Chilean USA USA USA USA England USA USA Chilean USA USA Chilean USA USA USA USA USA USA USA USA USA England England England USA USA

Nominal Long Position

UF-$ 57.049 66.671 45.034 11.259 15.476 108.346 86.468 32.426 62.754 65.226 65.759 21.166 21.862 21.862 43.753 87.217 75.849 42.830 42.899 25.981 21.378 42.872 19.132 10.629 42.456 35.918 42.680 21.064 64.458 21.482 54.266 32.030 67.598 11.408 46.215 57.770 96.254 63.616 46.605 23.757 116.676 47.166 70.952 34.754 23.201 45.420 46.711

Nominal - Transaction Short Date Position

US$-UF 2.500.000 3.000.000 2.000.000 500.000 958.166 5.000.000 4.000.000 1.500.000 3.000.000 3.000.000 3.000.000 1.000.000 1.000.000 1.000.000 2.000.000 4.050.000 3.520.000 2.000.000 2.000.000 1.200.000 1.000.000 2.000.000 900.000 500.000 2.000.000 1.692.000 2.000.000 1.000.000 3.000.000 1.000.000 2.500.000 1.500.000 3.000.000 500.000 2.000.000 2.500.000 4.100.000 2.730.000 2.000.000 1.000.000 5.000.000 2.000.000 3.043.000 1.500.000 1.000.000 2.000.000 2.000.000

01.02.2011 18.02.2011 25.02.2011 25.02.2011 16.03.2011 25.05.2011 26.05.2011 26.05.2011 16.06.2011 11.07.2011 13.07.2011 13.07.2011 25.07.2011 25.07.2011 12.08.2011 11.08.2011 17.08.2011 19.08.2011 19.08.2011 19.08.2011 26.08.2011 29.08.2011 31.08.2011 31.08.2011 31.08.2011 31.08.2011 31.08.2011 02.09.2011 09.09.2011 08.09.2011 13.09.2011 08.09.2011 20.09.2011 21.09.2011 27.09.2011 27.09.2011 28.09.2011 28.09.2011 28.09.2011 28.09.2011 28.09.2011 28.09.2011 18.10.2011 18.10.2011 18.10.2011 26.10.2011 26.10.2011

Maturity Date

15.01.2021 21.01.2020 21.01.2020 21.01.2020 16.06.2022 03.06.2021 18.05.2021 18.05.2021 15.12.2026 11.02.2016 15.08.2014 03.06.2021 15.08.2014 15.08.2014 14.01.2016 18.05.2021 06.11.2019 03.06.2021 03.06.2021 06.11.2019 03.06.2021 20.10.2017 18.11.2020 18.11.2020 09.06.2017 09.06.2017 06.11.2019 18.11.2020 16.09.2020 30.03.2015 03.06.2021 16.09.2020 06.04.2015 03.06.2021 16.08.2021 16.08.2021 16.09.2020 18.11.2020 18.11.2020 16.09.2020 16.09.2020 18.11.2020 06.11.2019 18.11.2020 18.11.2020 18.11.2020 23.07.2019

Present Value Long Position

M$ 1.271.856 1.486.373 1.003.993 250.998 345.013 2.415.463 1.927.720 722.898 1.399.034 1.454.150 1.466.028 471.884 487.391 487.391 975.442 1.944.418 1.690.983 954.853 956.395 579.232 476.594 955.790 426.520 236.956 946.515 800.751 951.504 469.596 1.437.020 478.928 1.209.809 714.072 1.507.041 254.339 1.030.329 1.287.922 2.145.887 1.418.257 1.039.016 529.637 2.601.177 1.051.511 1.581.807 774.814 517.241 1.012.585 1.041.371

Present Reasonable Value of Value Swap Short Position Contract on Reporting Date M$ M$ 1.331.171 (59.315) 1.598.464 (112.091) 1.065.643 (61.650) 266.411 (15.413) 458.169 (113.156) 2.607.696 (192.233) 2.090.597 (162.877) 783.974 (61.076) 1.510.643 (111.609) 1.588.905 (134.755) 1.611.928 (145.900) 521.539 (49.655) 537.309 (49.918) 537.309 (49.918) 1.072.669 (97.227) 2.116.729 (172.311) 1.851.156 (160.173) 1.045.298 (90.445) 1.043.078 (86.683) 631.076 (51.844) 521.539 (44.945) 1.052.834 (97.044) 470.278 (43.758) 261.266 (24.310) 1.042.329 (95.814) 881.811 (81.060) 1.051.793 (100.289) 522.531 (52.935) 1.581.568 (144.548) 529.286 (50.358) 1.303.848 (94.039) 790.784 (76.712) 1.573.872 (66.831) 260.770 (6.431) 1.052.068 (21.739) 1.315.085 (27.163) 2.161.476 (15.589) 1.426.510 (8.253) 1.045.062 (6.046) 527.189 2.448 2.635.946 (34.769) 1.045.062 6.449 1.600.303 (18.496) 783.797 (8.983) 532.821 (15.580) 1.040.255 (27.670) 1.072.435 (31.064)

100

SWAPS 2011 Part III Name and Line Of Business

Morgan Stanley Morgan Stanley Banco BBVA Chile Banco BBVA Chile Morgan Stanley Morgan Stanley HSBC Bank USA N.A. HSBC Bank USA N.A. Barclays Bank PLC Banco de Chile J.P Morgan & CO. J.P Morgan & CO. J.P Morgan & CO. Investment Banco Santander Total SWAPS 2010 Part I Name and Line Of Business

Hedging Hedging 1512 Citibank Credit Suisse First Boston Banco Santander Banco Santander Banco Santander Banco Santander Credit Suisse First Boston Deutsche Bank London Deutsche Bank London Deutsche Bank London Deutsche Bank London Deutsche Bank London Banco Santander Banco Santander Credit Suisse First Boston Credit Suisse First Boston Credit Suisse First Boston Credit Suisse First Boston Credit Suisse First Boston Credit Suisse First Boston Credit Suisse First Boston

Nationality Nominal Long Position

Nominal - Transaction Short Date Position

Maturity Date

Present Value Long Position

UF-$ 93.371 45.592 58.096 116.192 90.066 67.550 61.761 157.121 48.063 115.861 115.884 93.718 46.859

US$-UF 4.000.000 2.000.000 2.500.000 5.000.000 4.000.000 3.000.000 2.000.000 5.000.000 2.000.000 5.000.000 5.000.000 4.000.000 2.000.000

26.10.2011 26.10.2011 07.11.2011 07.11.2011 04.11.2011 04.11.2011 09.12.2011 09.12.2011 19.12.2011 13.12.2011 13.12.2011 19.12.2011 19.12.2011

23.07.2019 18.11.2020 29.07.2019 29.07.2019 10.11.2021 10.11.2021 05.08.2016 05.08.2016 29.07.2019 17.01.2017 15.01.2017 10.11.2021 10.11.2021

Chilean 2.217.992.719

UF100.000

21.07.2011

09.07.2012

2.217.993 123.994.214

Nominal - Transaction Short Date Position

Maturity Date

Present Value Long Position

USA USA Chilean Chilean USA USA USA USA USA Chilean USA USA USA

Nationality

Chilean England Chilean Chilean Chilean Chilean England England England England England England Chilean Chilean England England England England England England England

Nominal Long Position

UF

US$

86.785 59.362 14.696 53.490 53.490 58.839 108.849 26.617 53.234 27.055 54.110 26.617 104.695 26.174 25.937 64.842 25.650 25.650 25.650 25.650 76.879

3.000.000 2.000.000 500.000 2.000.000 2.000.000 2.200.000 4.000.000 1.000.000 2.000.000 1.000.000 2.000.000 1.000.000 4.000.000 1.000.000 1.000.000 2.500.000 1.000.000 1.000.000 1.000.000 1.000.000 3.000.000

M$ 2.081.617 1.016.422 1.295.198 2.590.396 2.007.935 1.505.951 1.376.898 3.502.851 1.071.520 2.583.007 2.583.529 2.089.357 1.044.678

M$

12.12.2005 09.03.2006 23.12.2008 19.05.2010 19.05.2010 19.05.2010 28.05.2010 15.09.2010 15.09.2010 15.09.2010 15.09.2010 15.09.2010 22.10.2010 22.10.2010 23.10.2010 23.10.2010 26.10.2010 26.10.2010 26.10.2010 26.10.2010 27.10.2010

15.01.2015 15.12.2014 15.04.2016 09.06.2017 09.06.2017 09.06.2017 01.04.2019 23.04.2019 23.04.2019 25.02.2020 25.02.2020 23.04.2019 29.07.2019 29.07.2019 30.07.2019 30.07.2019 15.05.2018 15.05.2018 15.05.2018 15.05.2018 15.04.2016

1.934.632 1.323.317 327.615 1.192.417 1.192.417 1.311.659 2.426.493 593.359 1.186.720 603.123 1.206.245 593.359 2.333.887 583.471 578.188 1.445.469 571.791 571.791 571.791 571.791 1.713.811

Present Reasonable Value of Value Swap Short Position Contract on Reporting Date M$ M$ 2.144.870 (63.253) 1.045.062 (28.640) 1.338.903 (43.705) 2.677.806 (87.410) 2.094.364 (86.429) 1.570.773 (64.822) 1.355.912 20.986 3.450.251 52.600 1.071.122 398 2.600.225 (17.218) 2.600.225 (16.696) 2.080.919 8.438 1.040.460 4.218 2.270.709 125.126.704

(52.716) (1.132.490)

Present Reasonable Value Value of Short Swap Position Contract on Reporting Date M$ M$

1.496.883 975.605 246.201 976.205 976.205 1.073.825 1.982.128 494.670 989.340 505.542 1.011.084 494.670 2.003.388 500.847 499.922 1.249.806 489.897 489.897 489.897 489.897 1.477.211

437.749 347.712 81.414 216.212 216.212 237.834 444.365 98.689 197.380 97.581 195.161 98.689 330.499 82.624 78.266 195.663 81.894 81.894 81.894 81.894 236.600

101

SWAPS 2010 Part II Name and Line Of Business

Deutsche Bank London Credit Suisse First Boston Banco Bilbao Vizcaya AR Banco Bilbao Vizcaya AR Banco Bilbao Vizcaya AR Credit Suisse First Boston Goldman Sachs Goldman Sachs Goldman Sachs Deutsche Bank London Deutsche Bank London Deutsche Bank London Goldman Sachs Goldman Sachs Deutsche Bank London Deutsche Bank London Goldman Sachs Deutsche Bank London Deutsche Bank London Credit Suisse First Boston Goldman Sachs HSBC Banc Chile Deutsche Bank London J.P. Morgan Chase & Co. J.P. Morgan Chase & Co. Investment Banco Santander Banco Santander Deutsche Bank London Deutsche Bank London Total

Nationality

Nominal Long Position

Nominal - Transaction Short Date Position

England England Chilean Chilean Chilean England USA USA USA England England England USA USA England England USA England England England USA Chilean England USA USA

12.961 77.761 13.057 26.113 26.104 77.033 25.540 25.540 25.540 126.366 12.636 25.273 51.519 12.880 49.334 49.334 74.778 49.504 49.504 98.407 99.863 45.154 34.235 45.967 46.664

500.000 3.000.000 500.000 1.000.000 1.000.000 3.000.000 1.000.000 1.000.000 1.000.000 5.000.000 500.000 1.000.000 2.000.000 500.000 2.000.000 2.000.000 3.000.000 2.000.000 2.000.000 4.000.000 4.000.000 2.000.000 1.500.000 2.000.000 2.000.000

Chilean Chilean England England

58.725 81.145 200.131 199.558

2.000.000 3.000.000 200.000 200.000

D. Syndicated Loan On December 31, 2011, Corpvida participated in a Syndicated Loan for an amount equivalent to M$ 14,309,517, which is included under code 5.11.16.00, “Other Financial Investments”. On December 31, 2010, this amounted to M$ 14,355,936.

E. Indirect liabilities At the close of each accounting period, the Company does not have any indirect liabilities

Maturity Date

Present Value Long Position

28.10.2010 03.11.2010 25.05.2010 25.05.2010 26.05.2010 26.05.2010 02.06.2010 02.06.2010 02.06.2010 17.06.2010 17.06.2010 17.06.2010 13.07.2010 13.07.2010 22.07.2010 22.07.2010 28-07-2010 02.08.2010 02.08.2010 10.08.2010 11.08.2010 22.11.2010 24.11.2010 29.11.2010 29.11.2010

23.07.2019 18.01.2018 30.09.2019 30.09.2019 18.01.2018 15.04.2020 26.04.2022 26.04.2022 26.04.2022 15.04.2020 15.04.2020 15.04.2020 20.01.2020 20.01.2020 22.04.2020 22.04.2020 22-04-2020 22.04.2020 22.04.2020 19.01.2021 19.01.2021 22.01.2021 30.09.2019 01.02.2021 21.01.2020

288.940 1.733.481 291.063 582.127 581.917 1.717.254 569.336 569.336 569.336 2.817.000 281.700 563.400 1.148.476 287.119 1.099.767 1.099.767 1.666.976 1.103.554 1.103.554 2.193.723 2.203.888 1.006.578 763.168 1.024.721 1.040.245

23.12.2008 17.06.2009 24.09.2010 08.11.2010

20.04.2015 14.06.2016 09.09.2011 09.11.2011

Present Reasonable Value of Value Swap Short Position Contract on Reporting Date 251.100 37.840 1.505.758 227.723 247.224 43.839 494.448 87.679 501.919 79.998 1.477.431 239.823 492.447 76.889 492.447 76.889 492.447 76.889 2.462.384 354.616 246.239 35.461 492.477 70.923 1.002.401 146.075 250.601 36.518 985.660 114.107 985.660 114.107 1.478.489 188.487 985.660 117.894 985.660 117.894 1.996.831 196.892 1.996.831 207.057 987.440 19.138 741.671 21.497 986.214 38.507 1.002.401 37.844

1.305.932 969.182 1.809.739 1.509.063 4.467.893 4.439.937 4.468.020 4.426.154 61.191.356 53.799.296

336.750 300.676 27.956 41.866 7.392.060

F. Other Contingencies On the financial statement closing date, the Company has not yet performed the property registration of plot No. 24 Fundo La Villana, also called ML B24, at the Santiago Property Registry as a result of a precautionary measure to which this property, sold to the Company

by Inmobiliaria Valle Grande Ltda., is subjected. This property is reported as not representing minimum cash reserves, for an amount of M$180,276 in 2011 and M$160,635 in 2010 and is presented under the heading “Real Estate and Similar Investments”.

102

NOTE 15 COMPLIANCE WITH INVESTMENT AND INDEBTEDNESS REGULATIONS On financial statement closing date, the Company had an investment surplus representing minimum cash reserves and risk capital, as shown below:

Obligation to Invest Minimum Cash Reserves and Risk Capital Investments Representing Minimum Cash Reserves and Risk Capital Surplus of Investments Representing Minimum Cash Reserves and Risk Capital Net Worth Indebtedness (Times) Total Financiero

The Company’s obligation to invest includes minimum cash reserves plus the creditworthiness margin.

2011 M$ 1.641.811.620

2010 M$ 1.476.064.945

1.657.535.380

1.534.644.270

15.723.760

58.579.325

116.323.312

153.508.391

13,32 0,39

8,96 0,12

103

NOTE 16 UNREALIZED INVESTMENTS On financial statement closing date, the Company details those items not considered realized investments in accordance with Circular No. 1,570 of the Superintendency of Securities and Insurance.

2011 Unrealized Assets

Computer Software Software Use Licenses Others Intangible Assets Premium on Excess Loss Total

2010 Unrealized Assets

Computer Software Software Use Licenses Others Intangible Assets Premium on Excess Loss Total

Fecu Account

5.11.25.00.00 5.14.42.00.00 5.14.42.00.00 5.13.30.00.00

Fecu Account

5.11.25.00.00 5.14.42.00.00 5.14.42.00.00 5.13.30.00.00

Initial Assets Starting Date (M$) 2.223.087 140.721 286.447 213.303 2.863.558

Initial Assets Starting Date (M$) 2.127.747 142.029 357.045 56.607 2.683.428

Asset Amortization Amortization Balance for the Period Term (M$) (M$) (Months) 1.658.468 160.712 36 56.566 34.646 36 108.465 221.641 578.338 12 2.045.140 773.696

Asset Amortization Amortization Balance for the Period Term (M$) (M$) (Months) 1.711.615 151.682 36 90.410 33.877 36 297.618 221.622 643.403 12 2.321.265 828.962

104

NOTE 17 LEASING TRANSACTIONS A. At the close of the accounting periods, the Company maintains the following leasing contracts, through which urban real estate is leased under a purchase option.

According to current accounting standards, Note 2.f.1., the Company records the present value of lease installments and the purchase option under assets.

2011 Part I Leaseholder

Recaud. y Cob. 2 Recaud. y Cob. 1 Com. Vitacura Inmob. Austral y Atlántico La Casa de Piedra S.A. Fundación Montesol Marco Acevedo Centro de Conv. Santiago 1 Casa Riesco Inmob. Desarr. Of. Calama Inmob. Desarr. Of. Andes Tronwell Serv. Alim. Bravísimo Ltda. 2 Inmobiliaria A & P Casa Riesco III Proulx Proulx Tobalaba ABC Comercial San Jorge Transwarrant Undurraga Simonetti Simonetti Const.

Aulen Simonetti Inmobiliaria S.A. Siena Sunrise Radices II Sindelen Hites El Vergel Juan XXIII Manquehue 4

Contract Date

Nominal Value

Install. Value

Purchase Option Value

28.09.1998 17.06.1997 30.10.2002 23.05.2001 10.07.2001 27.09.2001 14.01.2002 05.11.2001 05.02.2004 19.02.2004 13.05.2004 05.01.2005 05.07.2005 05.10.2005 05.01.2006 10.01.2006 10.03.2006 05.06.2006 05.06.2006 05.06.2006 05.09.2006 05.09.2006 05.09.2006 05.09.2006 05.09.2006 05.09.2006 05.10.2006 05.01.2007 11.01.2007 03.04.2007 26.06.2007 17.07.2007 31.12.2007

UF 1.343,00 33.725,99 27.207,63 42.302,71 305.619,12 343.939,87 3.317,00 62.069,91 136.338,25 660.580,34 206.616,00 86.641,70 40.000,00 6.490,00 131.924,28 30.791,00 61.390,00 125.000,00 40.106,22 157.874,16 15.135,76 13.327,92 97.525,38 14.914,34 12.934,21 14.827,64 24.495,39 133.488,00 290.000,00 226.830,25 44.000,00 135.000,00 210.024,38

UF 14,22 316,18 200,00 403,50 2.476,00 3.359,59 35,74 668,86 1.327,30 5.144,01 1.719,05 623,00 276,43 59,06 314,16 142,66 284,44 841,78 85,04 984,03 100,50 88,19 645,31 98,69 85,58 98,11 229,94 593,40 2.384,28 1.392,93 345,49 1.316,79 1.799,28

UF 14,22 316,18 200,00 6.908,34 2.476,00 3.359,59 35,74 668,86 1.327,30 5.144,01 1.719,05 623,00 276,43 59,06 472,22 225,89 450,37 841,78 85,04 984,03 100,50 88,19 645,31 98,69 85,58 98,11 229,94 593,40 2.384,28 1.392,93 345,49 1.316,79 1.799,28

105

Actual Interest Rate

12,00 9,60 8,32 7,20 9,10 8,00 8,20 7,76 7,59 8,33 6,29 6,22 5,70 4,88 5,96 5,70 5,70 5,40 5,40 5,52 5,18 5,18 5,18 5,18 5,18 5,18 5,50 5,20 5,74 5,62 5,00 6,17 6,40

Term Payment Period (Years)

20 20 30 15 21 20 12 20 18 24 19 20 20 12 20 20 20 20 20 25 20 20 20 20 20 20 12 20 15 25 15 12 20

Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly

Adj. Unit

U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F. U.F.

Interest Receivable

Present Value

M$ 99.787 7.885 573.500 125.188 2.216.590 6.962.409 22.307 542.600 1.115.644 9.905.132 1.441.749 656.324 302.162 11.921 1.364.265 260.458 529.984 986.745 434.087 1.943.058 117.316 103.304 755.912 115.600 100.252 114.928 66.446 1.235.304 1.474.811 2.937.781 212.001 524.837 2.349.425

M$ 365.389 18.112 541.192 496.601 4.748.151 7.186.561 43.493 1.213.807 2.639.379 12.572.864 3.699.543 1.524.352 708.525 81.302 2.668.697 590.621 1.186.949 2.297.403 775.272 3.190.431 280.114 246.657 1.804.880 276.016 239.370 274.412 359.041 2.592.906 4.956.965 4.608.362 758.543 2.149.047 4.156.665

Advanced Purchase Option (Yes/No) Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes Yes No Yes

106

2011 Part II Leaseholder

Inconac Chilexpress Inmob. Manquehue Oriente Casa Riesco 4 SR Inmobiliaria SR Santa Rosa SR Cisternas SR Grecia SR Portales SR Cordillera SR Club Hípico SR Chillán SR Concepción Juan XXIII 2 SR Com Castro Inmob R CC La Portada SR Tocopilla Aconcagua Inmob. Parque Chicureo Brisas Norte Rentas Latinoamericanas Subtotal Write-off Provision Total

2010 Part I Leaseholder

Contract Date

Nominal Value

Install. Value

Purchase Option Value

07.01.2008 27.03.2008 04.05.2001 10.10.2008 27.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 02.02.2009 26.05.2009 10.06.2009 09.10.2009 23.03.2010 30.06.2010 27.07.2011 27.07.2011 21.12.2011

UF 83.077,95 130.000,00 111.665,00 70.000,00 8.251,00 28.811,00 20.815,00 42.555,00 58.008,00 237.700,00 116.141,00 125.074,00 229.770,00 83.855,00 14.940,00 980.000,00 169.142,17 41.913,00 10.920,67 90.538,00 89.462,00 302.250,00 6.780.669,24

UF 1.069,41 841,07 372,92 1.606,71 53,19 191,11 138,07 282,28 384,78 1.576,71 770,39 829,64 1.524,11 576,53 99,02 6.441,10 1.747,25 290,10 45,37 1.132,00 1.118,00 1.842,77

UF 1.069,41 841,07 372,92 1.606,71 53,19 191,11 138,07 282,28 384,78 1.576,71 770,39 829,64 1.524,11 576,53 99,02 6.441,10 1.747,25 290,10 45,37 1.132,00 1.118,00 1.842,77

6.780.669,24

Contract Date

Nominal Value

Install. Value

Purchase Option Value

Recaud. y Cob. 2

28.09.1998

UF 1.343,00

UF 14,22

UF 14,22

Recaud. y Cob. 1 Com. Vitacura Dimacofi S.A. Inmob. Austral y Atlántico La Casa de Piedra S.A. Fundación Montesol Marco Acevedo Centro de Conv. Santiago 1 Casa Riesco Inmob. Desarr. Of. Calama Inmob. Desarr. Of. Andes Tronwell Serv. Alim. Bravísimo

17.06.1997 30.10.2002 19.12.2000 23.05.2001 10.07.2001 27.09.2001 14.01.2002 05.11.2001 05.02.2004 19.02.2004 13.05.2004 05.01.2005 05.07.2005

33.725,99 27.207,63 56.419,00 42.302,71 305.619,12 343.939,87 3.317,00 62.069,91 136.338,25 660.580,34 206.616,00 86.641,70 40.000,00

316,18 200,00 476,82 403,50 2.476,00 3.359,59 35,74 668,86 1.327,30 5.144,01 1.719,05 623,00 276,43

316,18 200,00 476,82 6.908,34 2.476,00 3.359,59 35,74 668,86 1.327,30 5.144,01 1.719,05 623,00 276,43

107

Actual Interest Rate

10,95 4,90 7,65 6,00 4,85 5,21 5,21 5,21 5,21 5,21 5,21 5,21 5,21 5,48 5,17 5,10 7,50 5,72 4,99 5,00 5,00 5,40

Actual Interest Rate

Term Payment Period (Years)

11 20 20 18 20 20 20 20 20 20 20 20 20 20 20 20 12 20 8 5 5 25

Adj. Unit

Monthly Monthly Monthly Quarterly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Quarterly Quarterly Monthly

UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF

Term Payment Period (Years)

Adj. Unit

Interest Receivable

Present Value

M$ 563.327 1.127.829 946.126 667.729 78.006 294.454 212.733 434.920 592.853 2.429.339 1.186.983 1.278.280 2.348.293 858.104 154.656 10.080.664 1.342.983 527.632 35.794 411.475 406.587 5.125.422 70.713.901

M$ 1.415.556 2.547.403 2.445.458 1.409.834 167.448 587.499 424.449 867.760 1.182.869 4.847.056 2.368.287 2.550.444 4.685.351 1.699.718 306.733 20.218.504 3.331.412 888.742 244.082 2.061.128 2.036.643 6.747.497 132.285.495 (119.559) 132.165.936

Interest Receivable

Present Value

M$ 414.017

Advanced Purchase Option (Yes/No) SI

19.764 550.793 874.215 559.108 5.027.227 7.324.153 45.448 1.281.435 2.800.255 12.931.092 3.925.412 1.599.447 742.110

SI SI SI SI SI SI SI SI SI SI NO SI SI

12,00

20

Monthly

UF

M$ 135.706

9,60 8,32 8,45 7,20 9,10 8,00 8,20 7,76 7,59 8,33 6,29 6,22 5,70

20 30 20 15 21 20 12 20 18 24 19 20 20

Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly

UF UF UF UF UF UF UF UF UF UF UF UF UF

10.035 617.316 401.519 170.657 2.599.198 7.500.117 25.312 630.950 1.312.074 10.921.275 1.686.407 747.724 342.446

Advanced Purchase Option (Yes/No) No Yes Yes Yes No No No No No No No No No Yes Yes Yes Yes Yes Yes No No

108

2010 Part II Leaseholder

Inmobiliaria A & P Casa Riesco III Proulx Proulx Tobalaba ABC Comercial San Jorge Transwarrant Undurraga Simonetti Simonetti Const.

Aulen Simonetti Inmobiliaria S.A. Siena Sunrise Radices II Sindelen Hites El Vergel Juan XXIII Manquehue 4 Inconac Chilexpress Inmob. Manquehue Oriente Casa Riesco 4 SR Inmobiliaria SR Santa Rosa SR Cisternas SR Grecia SR Portales SR Cordillera SR Club Hípico SR Chillán SR Concepción Juan XXIII-2 SR Com Castro Inmob R CC La Portada SR Tocopilla Chamisero Aconcagua San Luis Manquehue Des Subtotal Write-off provision Total

Contract Date

Nominal Value

Install. Value

Purchase Option Value

05.10.2005 05.01.2006 10.01.2006 10.03.2006 05.06.2006 05.06.2006 05.06.2006 05.09.2006 05.09.2006 05.09.2006 05.09.2006 05.09.2006 05.09.2006 05.10.2006 05.01.2007 11.01.2007 03.04.2007 26.06.2007 17.07.2007 31.12.2007 07.01.2008 27.03.2008 04.05.2001 10.10.2008 27.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 16.02.2009 02.02.2009 26.05.2009 10.06.2009 09.10.2009 23.03.2010 30.06.2010 30.06.2010 30.06.2010 30.06.2010

UF 6.490,00 131.924,28 30.791,00 61.390,00 125.000,00 40.106,22 157.874,16 15.135,76 13.327,92 97.525,38 14.914,34 12.934,21 14.827,64 24.495,39 133.488,00 290.000,00 226.830,25 44.000,00 135.000,00 210.024,38 83.077,95 130.000,00 111.665,60 70.000,00 8.251,00 28.811,00 20.815,00 42.555,00 58.008,00 237.700,00 116.141,00 125.074,00 229.770,00 83.855,00 14.940,00 980.000,00 169.142,17 41.913,00 43.735,32 10.920,67 180.000,00 98.094,00 6.676.668,16

UF 59,06 314,16 142,66 284,44 841,78 85,04 984,03 100,50 88,19 645,31 98,69 85,58 98,11 229,94 593,40 2.384,28 1.392,93 345,49 1.316,79 1.799,28 1.069,41 841,07 372,92 1.606,71 53,19 191,11 138,07 282,28 384,78 1.576,71 770,39 829,64 1.524,11 576,53 99,02 6.441,10 1.747.25 290,10 2.624,12 45,37 2.250,00 2.942,82

UF 59,06 472,22 225,89 450,37 841,78 85,04 984,03 100,50 88,19 645,31 98,69 85,58 98,11 229,94 593,40 2.384,28 1.392,93 345,49 1.316,79 1.799,28 1.069,41 841,07 372,92 1.606,71 53,19 191,11 138,07 282,28 384,78 1.576,71 770,39 829,64 1.524,11 576,53 99,02 6.441,10 1.747.25 290,10 2.624,12 45,37 2.250,00 2.942,82

6.676.668,16

109

Actual Interest Rate

4,88 5,96 5,70 5,70 5,40 5,40 5,52 5,18 5,18 5,18 5,18 5,18 5,18 5,50 5,20 5,74 5,62 5,00 6,17 6,40 10,95 4,90 7,65 6,00 4,85 5,21 5,21 5,21 5,21 5,21 5,21 5,21 5,21 5,48 5,17 5,10 7,50 5,72 6,00 4,99 5,00 6,00

Term Payment Period (Years)

12 20 20 20 20 20 25 20 20 20 20 20 20 12 20 15 25 15 12 20 11 20 20 18 20 20 20 20 20 20 20 20 20 20 20 20 12 20 5 96 32 16

Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Quarterly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Monthly Anual Monthly Quarterly Bi-annual

Adj. Unit

UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF UF

Interest Receivable

Present Value

M$ 16.086 1.535.674 293.953 597.247 1.109.794 486.767 2.115.791 131.728 115.994 848.767 129.800 112.567 129.046 85.718 1.382.392 1.753.254 3.187.330 250.525 660.264 2.605.808 716.539 1.252.546 1.128.991 750.994 86.110 324.799 234.656 479.740 653.948 2.679.689 1.309.305 1.410.010 2.590.291 950.206 170.442 11.102.947 1.591.245 577.965 73.725 47.879 1.026.753 198.131 74.006.152 0 0

M$ 92.929 2.779.972 617.488 1.240.032 2.399.282 805.895 3.280.539 292.463 257.531 1.884.451 288.185 249.923 286.509 401.249 2.699.308 5.315.841 4.730.854 812.365 2.365.667 4.304.261 1.548.268 2.647.398 2.504.034 1.469.677 173.552 608.210 439.412 898.351 1.224.569 5.017.928 2.451.776 2.640.356 4.850.524 1.761.647 317.402 20.916.935 3.550.194 915.906 959.734 244.112 4.089.333 534.960 132.963.498 (95.057) 132.868.441

Advanced Purchase Option (Yes/No) SI SI SI SI SI SI SI SI SI SI SI SI SI SI SI SI SI SI NO SI NO SI SI SI NO NO NO NO NO NO NO NO NO SI SI SI SI SI SI SI SI SI

110

B. Appraisal of real estate under leasing 2011 Part I Real Estate Leaseholder

Address

City

Recaud. y Cob. (2) Com. Vitacura Ltda.

Recaud. y Cob. Inmob. Des. Oficinas Calama Inmob. Austral y Atlántico La Casa de Piedra S.A. Fundación Montesol Casa Riesco 3A Casa Riesco 2A Marco Acevedo Inmob. Desarrollo Of. Andes Tronwell S.A. Serv. Alim. Bravissimo Ltda. (2) Inmobiliaria A & P Casa Riesco III A1 Proulx Proulx Tobalaba San Jorge Transwarrant ABC Comercial Undurraga Simonetti Simonetti Const.

Aulen Inv. Tambor Siena (Inv. Simonetti) Sunrise Radices II Sindelen Hites El Vergel Juan XXlll Manquehue 4.A Inconac Chilexpress Casa Riesco 4 Manquehue 2 (ex. Inmob. Manq.)

SR Inmobiliaria SR Santa Rosa SR Cisternas SR Grecia

Huérfanos 578 Guardia Vieja 71, Local 5 Miraflores 350 Nueva Poniente 2892 Eleuterio Ramírez 981 Av. Cañaveral 220 Sitio A4 Av. Paseo P. Andino 5874-5894 Av. El Salto 5000 Av. El Salto 5000 Parcela Lampa Av. Santa Teresa 513 Av. Apoquindo 4499 Pisos 1° al 3° Estado 50 Av. Argentina 501 al 571 Av. Santa Clara S/N Coventry 597-599-601 Av. Tobalaba 4507 Eyzaguirre 702, San Bernardo La Martina 400, Pudahuel Av. Concha y Toro 400-406 Av. Presidente Errázuriz 2.999 Av. Presidente Errázuriz 2.999 Av. Presidente Errázuriz 2.999 Av. Presidente Errázuriz 2.999 Av. Presidente Errázuriz 2.999 Av. Presidente Errázuriz 2.999 Diego de Velásquez 2077 Arturo Prat 826 Vicuña Mackenna 9840 Sazie 2959 Echaurren 570 Luis Alberto Araya S/N, Barrancas Avda Santa Maria 6.350 vs oficinas Agustinas 1480 Avda. José Joaquín Pérez 1376, Pudahuel Av. El Salto 5000 Av. J. Alc. Délano 10410 -Sitio K1 y K2 Lotes tres D2, tres B1, Lampa Santa Rosa y Tome Com. La Granja Av. José Miguel Carrera 9150 Av. Grecia 32, Ñuñoa

Santiago Santiago Santiago Calama Osorno Santiago Santiago Santiago Santiago Santiago Los Andes Santiago Santiago Valparaiso Santiago Santiago Santiago Santiago Santiago Santiago Santiago Santiago Santiago Santiago Santiago Santiago Providencia Concepción La Florida Santiago Limache San Antonio Santiago Santiago Santiago Santiago Santiago Santiago Santiago Santiago Santiago

111

Closing Values Adjusted Accounting Value M$ 552.227 706.807 8.902 13.018.220 867.409 5.743.498 7.350.429 3.279.991 2.389.902 74.220 4.464.785 1.740.161 726.959 141.101 2.913.384 713.835 1.319.030 828.834 3.308.055 2.540.052 342.482 301.048 2.206.740 337.472 322.869 335.509 498.742 3.516.091 6.526.348 4.715.237 922.701 2.821.753 4.826.347 1.657.140 2.785.308 1.543.040 2.478.485 330.915 634.719 459.515 936.289

Appraiser Present Leasing Value M$ 365.389 541.192 18.112 12.572.864 496.601 4.748.151 7.186.561 2.639.379 1.213.807 43.493 3.699.543 1.524.352 708.525 81.302 2.668.697 590.621 1.186.949 775.272 3.190.431 2.297.403 280.114 246.657 1.804.880 276.016 239.370 274.412 359.041 2.592.906 4.956.965 4.608.362 758.543 2.149.047 4.156.665 1.415.556 2.547.403 1.409.834 2.445.458 167.448 587.499 424.449 867.760

Adjusted Selected Appraisal M$ 636.919 493.032 25.418 15.566.427 1.005.723 8.961.547 10.248.231 5.920.960 4.787.465 53.862 4.691.244 2.111.936 826.997 183.547 6.315.364 902.395 1.663.112 1.284.894 5.179.082 2.870.289 348.589 349.637 2.524.108 363.861 361.475 363.883 727.989 4.200.976 6.873.985 5.680.719 950.484 2.882.886 5.986.750 2.698.737 3.312.871 2.132.535 3.226.682 225.530 750.685 996.153 2.010.342

Guillermo Rosselot Alejandro Casas Guillermo Rosselot Gabriel Rodríguez Guillermo Rosselot Guillermo Rosselot Gabriel Rodríguez Gabriel Rodríguez Alejandro Casas Alejandro Casas Alejandro Casas Gabriel Rodríguez Gabriel Rodríguez Alejandro Casas Gabriel Rodríguez Alejandro Casas Alejandro Casas Alejandro Casas Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Alejandro Casas Gabriel Rodríguez Alejandro Casas Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Alejandro Casas Alejandro Casas Alejandro Casas Alejandro Casas Alejandro Casas Gabriel Rodríguez Guillermo Rosselot Alejandro Casas Guillermo Rosselot Alejandro Casas

Date of Appraisal

30.03.2011 28.01.2010 30.03.2011 29.11.2011 24.03.2011 30.03.2011 24.06.2011 24.06.2011 28.06.2011 25.11.2011 28.06.2011 27.01.2011 24.06.2011 29.09.2011 22.03.2010 26.08.2011 26.08.2011 28.06.2011 14.05.2010 14.05.2010 20.10.2010 20.10.2010 20.10.2010 20.10.2010 22.10.2010 20.10.2010 22.10.2010 26.09.2011 20.10.2010 24.06.2011 24.06.2011 29.09.2011 28.12.2011 23.12.2011 28.10.2011 20.09.2010 15.07.2010 09.02.2011 27.01.2011 09.02.2011 28.01.2011

112

2011 Part II Real Estate Leaseholder

Address

City

Av. Portugal 56 (Loc. 9 + Bod. + subt) Lote E-1, Fdo San José de la Florida Lote 1-A, Calle Colón 7.948 Huambali 107 y Av. Collin 866 Chacabuco, Ignacio Serrano y Av. V. Lama Aníbal Pinto 1925 Camino Melipilla 16.130 Campos con Cuevas, Rancagua Lotes 6 al 10 Manz-M, Lotes 1 al 13 Calle Colón, Tocopilla Av. Los Presidentes Lote SO dos Sector San Luis-Santa Filomena Lote Z1A Sector San Luis-Santa Filomena Lote Z1B Centro Com. La Dehesa

Santiago Santiago Talcahuano Chillán Concepción Valdivia Santiago Rancagua Santiago Tocopilla Santiago Colina Colina Santiago

2010 Part I Real Estate Leaseholder

Address

City

Recaud. y Cob. 2

Huérfanos 578

Santiago

Com. Vitacura Ltda.

Guardia Vieja 71, Local 5

Santiago

Recaud. y Cob.

Miraflores 350

Santiago

Inmob. Des. Oficinas Calama

Nueva Poniente 2892

Calama

Dimacofi S.A.

Apoquindo 5511

Santiago

Inmob. Austral y Atlántico

Eleuterio Ramírez 981

Santiago

La Casa de Piedra S.A.

Av. Cañaveral 220 Sitio A4

Osorno

Fundación Montesol

Av. Paseo P. Andino 5874-5894

Santiago

Centro de Conv. Santiago 1

Av. El Salto 5000

Santiago

Casa Riesco

Av. El Salto 5000

Santiago

Marco Acevedo

Parcela Lampa

Santiago

Inmob.Desarrollo Of. Andes

Av. Santa Teresa 513

Los Andes

Tronwell S.A.

Av. Apoquindo 4499 Pisos 1 al 3

Santiago

Serv. Alim. Bravissimo Ltda. (2)

Estado 50

Santiago

Inmobiliaria A & P

Av. Argentina 501 al 571

Valparaíso

Casa Riesco III

Av. Santa Clara S/N

Santiago

Proulx

Coventry 597

Santiago

Proulx Tobalaba

Av.Tobalaba 4.507

Santiago

San Jorge

Eyzaguirre 702, San Bernardo

Santiago

Transwarrant

La Martina 400, Pudahuel

Santiago

SR Portales SR Cordillera SR Club Hípico SR Chillán SR Concepción Juan XXlll-2 SR Castro Inv. e Inmobiliaria R CC S.A. La Portada SR Tocopilla Bodegaje Lotes Peñalolén Inmob. Parque Chicureo Brisas Norte Rentas Latinoamericanas Total

113

Closing Values

Appraiser

Adjusted Accounting Value M$ 1.280.873 5.236.208 2.534.606 2.764.916 5.023.418 1.825.533 370.438 21.166.683 3.729.704 1.212.203 243.897 2.037.805 2.013.597 6.731.863 147.358.295

Present Leasing Value M$ 1.182.869 4.847.056 2.368.287 2.550.444 4.685.351 1.699.718 306.733 20.218.504 3.331.412 888.742 244.082 2.061.128 2.036.643 6.747.497 132.285.495

Closing Values

Adjusted Selected Appraisal M$ 1.616.809 5.967.456 3.551.736 4.131.793 5.798.677 1.874.516 394.096 22.064.847 3.568.427 1.065.967 419.529 4.579.305 3.734.428 7.796.735 187.261.642

Guillermo Rosselot Guillermo Rosselot Alejandro Casas Alejandro Casas Gabriel Rodríguez Guillermo Rosselot Guillermo Rosselot Alejandro Casas Alejandro Casas Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Alejandro Casas

Appraiser

Date of Appraisal

09.02.2011 09.02.2011 28.01.2011 28.01.2011 27.01.2011 09.02.2011 09.02.2011 27.05.2011 28.10.2011 27.12.2011 22.03.2010 14.06.2011 14.06.2011 26.08.2011

Date of Appraisal

Adjusted Accounting Value M$ 565.114

Present Leasing Value M$ 414.017

Adjusted Selected Appraisal M$ 617.163 Gabriel Rodríguez

25.03.2009

713.974

550.793

492.994 Gabriel Rodríguez

28.01.2010

9.937

19.764

23.852 Gabriel Rodríguez

25.03.2009

13.626.132

12.931.092

15.846.739 Gabriel Rodríguez

24.11.2009

1.165.162

874.215

1.282.668 Alejandro Casas

23.03.2009

886.704

559.108

1.116.109 Gabriel Rodríguez

24.03.2009

6.003.726

5.027.227

8.913.739 Guillermo Rosselot

24.03.2009

7.587.342

7.324.153

10.159.567 Alejandro Casas

25.06.2009

3.388.357

2.800.255

5.814.126 Alejandro Casas

23.06.2009

2.389.903

1.281.435

4.678.266 Alejandro Casas

25.06.2009

74.221

45.448

50.113 Alejandro Casas

26.11.2009

4.688.138

3.925.412

4.757.916 Alejandro Casas

25.06.2009

1.809.936

1.599.447

2.137.611 Gabriel Rodríguez

23.01.2009

769.625

742.110

838.324 Gabriel Rodríguez

23.06.2009

148.765

92.929

185.517 Alejandro Casas

21.09.2009

2.989.772

2.779.972

6.314.878 Gabriel Rodríguez

22.03.2010

723.740

617.488

869.847 Alejandro Casas

24.08.2009

1.342.749

1.240.032

1.645.841 Alejandro Casas

24.08.2009

858.827

805.895

1.297.903 Alejandro Casas

25.06.2009

3.429.826

3.280.539

5.178.684 Gabriel Rodríguez

14.05.2010

114

2010 Part II Real Estate Leaseholder

Address

City

ABC Comercial

Av. Concha y Toro 400-406

Santiago

Undurraga

Av. Presidente Errázuriz 2.999

Santiago

Simonetti

Av. Presidente Errázuriz 2.999

Santiago

Simonetti Const Aulen Simonetti Inmobiliaria S.A. Siena

Av. Presidente Errázuriz 2.999 Av. Presidente Errázuriz 2.999 Av. Presidente Errázuriz 2.999 Av. Presidente Errázuriz 2.999

Santiago Santiago Santiago Santiago

Sunrise

Diego de Velásquez 2077 Prov.

Santiago

Radices II

Arturo Prat 826

Concepción

Sindelen

Vicuña Mackenna 9840

La Florida

Hites

Sazié 2959

Santiago

El Vergel

Echaurren 560

Limache

Juan XXIII

Luis Alberto Araya S/N Barranas

San Antonio

Manquehue 4

Av. Sta María 6350 P 1-4-5y3 Pon

Santiago

Inconac

Agustinas 1480

Santiago

Chilexpress

Pudahuel

Santiago

Casrsa Riesco 4

Av. El Salto 5000

Santiago

Manquehue 2 (ex Inmob.manq)

Av. J. Alc. Délano 10410 – Sitio K1

Santiago

SR Inmobiliaria

Lotes tres D2, tres B1, Lampa

Santiago

SR Santa Rosa

Santa Rosa y Tomé, La Granja

Santiago

SR Cisternas

Av. José Miguel Carrera 9150

Santiago

SR Grecia

Av. Grecia 32, Nuñoa

Santiago

SR Portales

Av. Portugal 56 Loc. 9 + Bod. + Subt.

Santiago

SR Cordillera

Lote E-uno, Fdo. Sn. José de La Florida

Santiago

SR Club Hípico

Lote 1-A, Calle Colón 7948

Talcahuano

SR Chillán

Huambali Nº107 y Av.Collin 866

Chillán

SR Concepción

Chacabuco, Ignacio S. Victor Lama

Concepción

Juan XXIII-2

Aníbal Pinto 1925

Valdivia

SR Com Castro

Camino Melipilla 16.130

Santiago

Inmob R CC

Campos con Cuevas

Rancagua

La Portada

Lotes 6 al 10 Manz-M, Lotes 1 al 13

Santiago

SR Tocopilla

Calle Colón, Tocopilla

Tocopilla

Bodegaje Fundo Chamisero

Lotes 1-2-3 A-B Chamisero

Colina

Bodegaje Lotes Peñalolen

Av. Los Presidentes Lote SO dos

Peñalolén

Bodegaje San Luis de Colina

San Luis de Colina

Colina

Bodegaje Rioseco Los Angeles

Rioseco Perry

Los Ángeles

Total

115

Closing Values

Appraiser

Date of Appraisal

Adjusted Accounting Value M$ 2.647.871

Present Leasing Value M$ 2.399.282

Adjusted Selected Appraisal M$ 2.870.121 Gabriel Rodríguez

14.05.2010

360.792

292.463

348.563 Gabriel Rodríguez

20.10.2010

317.171

257.531

349.610 Gabriel Rodríguez

20.10.2010

2.324.717 355.514 340.129 353.447

1.884.451 288.185 249.923 286.509

525.384

401.249

3.557.075

2.523.914 363.833 361.447 363.855

Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez

20.10.2010 20.10.2010 22.10.2010 20.10.2010

727.934 Alejandro Casas

22.10.2010

2.699.308

4.188.615 Gabriel Rodríguez

25.09.2009

6.526.348

5.315.841

6.873.457 Gabriel Rodríguez

20.10.2010

4.762.475

4.730.854

5.734.653 Gabriel Rodríguez

23.06.2009

935.015

812.365

966.015 Gabriel Rodríguez

23.06.2009

2.859.365

2.365.667

2.932.108 Alejandro Casas

21.09.2009

4.890.256

4.304.261

6.011.680 Gabriel Rodríguez

27.12.2009

1.680.326

1.548.268

2.684.329 Gabriel Rodríguez

16.12.2009

2.814.069

2.647.398

3.202.893 Alejandro Casas

02.11.2009

1.543.041

1.469.677

2.132.351 Gabriel Rodríguez

20.09.2010

2.478.485

2.504.034

3.226.434 Gabriel Rodríguez

15.07.2010

330.915

173.552

204.375 Gabriel Rodríguez

29.01.2009

639.015

608.210

731.411 Gabriel Rodríguez

30.01.2009

462.041

439.412

952.328 Alejandro Casas

29.01.2009

942.044

898.351

1.937.135 Alejandro Casas

29.01.2009

1.287.913

1.224.569

1.578.073 Alejandro Casas

29.01.2009

5.272.476

5.017.928

5.892.706 Gabriel Rodríguez

30.01.2009

2.561.186

2.451.776

3.468.016 Alejandro Casas

29.01.2009

2.780.962

2.640.356

3.903.562 Alejandro Casas

29.01.2009

5.070.426

4.850.524

5.691.228 Gabriel Rodríguez

30.01.2009

1.851.826

1.761.647

1.885.150 Guillermo Rosselot

29.01.2009

370.439

317.402

387.887 Gabriel Rodríguez

20.01.2009

21.481.417

20.916.935

22.803.190 Gabriel Rodríguez

30.06.2009

3.729.703

3.550.194

3.791.032 Alejandro Casas

27.10.2009

1.221.721

915.906

1.038.153 Gabriel Rodríguez

18.12.2009

978.445

959.734

1.281.384 Alejandro Casas

27.04.2009

243.897

244.112

419.497 Gabriel Rodríguez

22.03.2010

4.087.666

4.089.333

5.710.087 Gabriel Rodríguez

25.01.2010

2.214.826

534.960

790.888 Gabriel Rodríguez

22.10.2010

147.970.348

132.963.498

180.549.771

116

C. Appraisal of Real Estate 2011 Part I Real Estate Address

Balmaceda 416-440, La Serena El Alfalfal Camino La Vilana, Santiago Providencia 2003 Enrique Foster Sur 39 / Apoquindo 3449 Valparaíso / Quinta y Etchevers Av. Américo Vespucio 2515, Vitacura Campos de Deporte 124-138-156, Nuñoa Emilia Tellez 5557-55775597 (FASA) Ejército 508, Ciudad y Comuna de Puerto Montt Gran Avenida / San Nicolás Comuna de San Miguel Alfredo Silva Carvallo Esq. 3 Poniente (FASA Maipu) Calle Hochstetter 880890, San Martín 01129 Valle Grande Av. La Dehesa N° 1845, lote 2 a1-FB Aníbal Pinto 440, Loc. 2, Comuna de Iquique L/Comercial Edif. Julián Alonso, Manuel Montt 969 Proyecto Antofagasta (Avda. Jaime Guzmán Errázuriz) Av. Santa María 6.350, Santiago Av. Santa María 6.936 6.908 - 6.912 - 6.906 Av. Chicureo, Proyecto Piedra Roja , Lote ML 14 A-4

Closing Values City

Appraiser

Higher or Lower Appraisal Value

Date of appraisal

La Serena

Adjusted Accounting Value M$ 924.422

Adjusted Selected Appraisal M$ 1.599.998 Gabriel Rodríguez

M$ 675.576

14.05.2010

Santiago

6.072.872

8.004.738 Guillermo Rosselot

1.931.866

30.03.2011

Santiago Santiago

183.008 646.694

382.365 Gabriel Rodríguez 989.387 Gabriel Rodríguez

199.357 342.693

14.05.2010 14.05.2010

Viña del Mar

1.057.511

1.076.935 Gabriel Rodríguez

19.424

22.12.2010

Santiago

1.303.238

1.347.005 Alejandro Casas

43.767

12.10.2010

Santiago

786.602

800.088 Alejandro Casas

13.486

26.11.2010

Santiago

688.627

726.273 Alejandro Casas

37.646

28.06.2011

Puerto Montt

413.849

439.616 Gabriel Rodríguez

25.767

22.12.2010

92.710

28.06.2011

Santiago

1.433.985

Santiago

765.359

871.384 Gabriel Rodríguez

106.025

22.03.2010

Temuco

633.693

719.451 Alejandro Casas

85.758

28.12.2011

3.104.102 2.653.725

4.653.522 Alejandro Casas 3.257.626 Alejandro Casas

1.549.420 603.901

28.06.2011 20.12.2010

Iquique

46.911

53.483 Alejandro Casas

6.572

25.02.2011

Temuco

3.041.659

3.960.824 Gabriel Rodríguez

919.165

14.05.2010

Antofagasta

9.100.168

10.126.015 Alejandro Casas

1.025.847

28.12.2011

Santiago

1.745.978

1.963.413 Gabriel Rodríguez

217.435

23.12.2011

Santiago

2.299.059

2.406.596 Gabriel Rodríguez

107.537

29.11.2011

Santiago

8.043.752

8.954.531 Gabriel Rodríguez

910.779

25.01.2010

Santiago La Dehesa

1.526.695 Alejandro Casas

117

2011 Part II Real Estate Address

Pedro de Valdivia 1638 Providencia (Bilbao 2036, 2040) Codovez 571 al 581, La Serena, La Polar Loc. 6 Av. Sta. Maria 6926 Baden Powel 36, Sup. Mayorista.

Av. Miguel Ramírez 1550, (Machali) Obispo Rafael Lira Infanta 42, Graneros, Sup. El Loro A. Jaramillo 152, Sup. El Loro (Nancagua) Arturo Prat 607, Rengo, Sup. El Loro Miraflores 315 y 365 Lote A Sup. El Loro (Chimbarongo) Rancagua S/N, Las Animas Sup. El Loro (San Fernando) España S/N. Sup. El Loro (San Vicente) El Sauce 981, Coquimbo, Sup. Deca Prat 2350 - 2382, Vallenar Sup. Deca (Vallenar) Los Alamos 580, Sup. Deca Nicaragua 1 Sector C. Sup. Deca Zorrilla 770, La Serena Sup. Deca (Zorrilla) Santa María 6940, Vitacura, Sup. Unimarc Av. Los Halcones Norte 1228. Sup. y 4 locales (Larapinta) Volcan Hornopirén 1728, Puerto Montt

Closing Values City

Appraiser

Higher or Lower Appraisal Value

Date of appraisal

Adjusted Selected Appraisal M$ 1.172.153 Alejandro Casas

M$ 164.437

28.12.2011

21.353

26.05.2010

Santiago

Adjusted Accounting Value M$ 1.007.716

La Serena

5.149.725

5.171.078 Alfredo Marín

Santiago Quilpué

127.134 2.710.311

145.870 Gabriel Rodríguez 2.682.150 Alejandro Casas

18.736 (28.161)

16.08.2010 26.11.2010

Rancagua

9.736.068

9.971.005 Alejandro Casas

234.937

25.11.2011

Graneros

805.660

896.443 Gabriel Rodríguez

90.783

22.12.2010

Nancagua

243.221

255.378 Gabriel Rodríguez

12.157

22.12.2010

Rengo

1.729.795

1.876.845 Alejandro Casas

147.050

20.12.2010

Chimbarongo

312.716

338.044 Alejandro Casas

25.328

20.12.2010

San Fernando

491.410

541.188 Alejandro Casas

49.778

20.12.2010

San Vicente

923.210

1.095.618 Alejandro Casas

172.408

20.12.2010

Coquimbo

693.564

774.049 Gabriel Rodríguez

80.485

22.12.2010

335.436 Alejandro Casas

28.177

20.12.2010

Vallenar

307.259

Coquimbo La Serena

2.585.086 2.327.903

2.833.616 Alejandro Casas 2.486.832 Gabriel Rodríguez

248.530 158.929

20.12.2010 22.12.2010

La Serena

5.380.124

5.885.557 Alejandro Casas

505.433

20.12.2010

Santiago

3.092.397

3.523.950 Alejandro Casas

431.553

20.12.2010

92.993

09.02.2011

(5.025)

31.05.2011

Lampa

P. Montt

701.041

1.644.082

794.034 Guillermo Rosselot

1.639.057 Héctor González

118

2011 Part III Real Estate

Closing Values

Address

City

Av. Simpson 499 Vargas esquina Serrano 456, 468, 480 (Mall Leyan) Rosario Norte 615, Las Condes (38 Est. + bod.)

Cerro el Plomo 680 (pisos 14 al 18, 158 estac. y bod.)

Inv. Unidas Loc. 11 Sta. María de Manquehue Sta. Maria Manq. 6930, 6932, 6934 Cerro el Plomo 680. (pisos 7 al 13, 331 estac. y bod.)

Parque Sur Nido de Codorniz Poniente 894 Jaunita Fernandez del Solar 148 Tucapel 452, Dpto. 409 Subtotal Provision for Appraisal Write-off Total Properties Under Construction Avda Chicureo proyecto Piedra Roja Lote ML 14ª Baden Powel 36 Av. Miguel Ramírez 1550 Subtotal Total

Appraiser

Higher or Lower Appraisal Value

Date of appraisal

Valdivia Melipilla

Adjusted Accounting Value M$ 1.438.717 18.326.233

Adjusted Selected Appraisal M$ 1.448.443 Patricia Leal 18.596.833 Alejandro Casas

M$ 9.726 270.600

31.05.2011 28.12.2011

Santiago

276.956

337.019 Alejandro Casas

60.063

26.08.2011

Santiago

8.639.736

9.548.221 Gabriel Rodríguez

908.485

28.12.2011

Santiago

135.247

137.707 Marcelo González

2.460

15.07.2010

Coquimbo

337.129

510.979 Gabriel Rodríguez

173.850

22.12.2010

Santiago

11.931.063

13.427.315 Gabriel Rodríguez

1.496.252

28.12.2011

Santiago Santiago

594.078 44.766

611.079 Gabriel Rodríguez 55.864 Lorena Hernandez

17.001 11.098

16.03.2011 06.05.2009

15.589

7.340

29.11.2010

59.526 126.712.676 (52.450)

22.929 Miguel Rubio Vega 40.262 Gabriel Rodriguez 141.014.899 0

(19.264) 14.302.223 0

24.08.2011

126.660.226 0

141.014.899 0

14.302.223 0

4.756.710

**

0

S/T

18.955 734.297 5.509.962 132.170.188

** ** 0 141.014.899

0 0 0 14.302.223

S/T S/T

Coquimbo Concepción

Santiago Quilpué Rancagua

** No appraisals have been carried out, since as of this date no appraisal obligation is in effect, according to the Superintendency of Securities and Insurance regulations.

119

2010 Part I Real Estate

Closing Values

Address

City

Balmaceda 416 La Villana S/N Providencia 2001 al 2003 Apoquindo 3449 Valparaíso/Quinta y Etchevers Av. Américo Vespucio 2515, Vitacura Campos de Deporte 124, 138, 156 Emilia Tellez 5557, 5577, 5597 Ejercito 508 Gran Avenida con San Nicolás, San Miguel Alfredo Silva Carvallo esq. 3 Poniente Calle Hochstetter 880, 890 San Martin 01129 Valle Grande Avda. La Dehesa 1845 LT DOS A UNO FB Aníbal Pinto 440 Loc. 2 Loc. Comerc. Edif. Julián Alonso Manuel Montt Av.Jaime Guzmán Errázuriz S/N Avenida Santa Maria 6.350 Pisos 2 y 3 Oriente Avda Santa Maria 6.936, 6.908, 6.912, 6.906 Av.Chicureo,proyecto Pedra Roja,Lote ML 14A-4 Pedro de Valdivia 1638 Cordovés 571 al 581, La Polar Av Santa María, Loc. 6 Baden Powel 36 Av. Miguel Ramírez 1550

La Serena Santiago Santiago Santiago Viña del Mar

Adjusted Accounting Value M$ 949.039 6.072.872 203.343 661.589 1.094.401

Appraiser Adjusted Selected Appraisal M$ 1.599.875 7.241.070 382.335 989.311 1.076.853

Gabriel Rodríguez Guillermo Rosselot Gabriel Rodríguez Gabriel Rodríguez Gabriel Rodríguez

Higher or Lower Appraisal Value

Date of appraisal

M$ 650.837 1.168.199 178.993 327.720 (17.548)

27.05.2008 24.03.2009 27.05.2008 27.05.2008 22.12.2010

Santiago

1.308.150

1.346.901 Alejandro Casas

38.753

12.10.2010

Santiago

790.089

800.027 Alejandro Casas

9.938

27.11.2008

Santiago

691.797

723.096 Alejandro Casas

31.299

25.06.2009

416.429 1.439.605

439.582 Alejandro Casas 1.516.524 Alejandro Casas

23.153 76.920

22.12.2010 25.06.2009

Pto. Montt Santiago Santiago

768.977

871.318 Gabriel Rodríguez

102.340

22.03.2010

Temuco

636.172

707.781 Gabriel Rodríguez

71.610

15.12.2009

Santiago La Dehesa

4.481.504 2.670.282

6.560.866 Alejandro Casas 3.257.375 Gabriel Rodriguez

2.079.362 587.092

25.06.2009 20.12.2010

Iquique Temuco

47.676 3.055.919

52.164 Alejandro Casas 3.960.519 Gabriel Rodríguez

4.488 904.600

09.02.2009 26.05.2008

Antofagasta

9.100.169

9.818.071 Alejandro Casas

717.902

31.12.2009

Santiago

1.768.952

1.966.495 Alejandro Casas

197.542

28.12.2009

Santiago

2.338.869

2.402.109 Alejandro Casas

63.240

25.11.2009

Santiago

8.079.563

8.953.842 Gabriel Rodríguez

874.279

25.01.2010

Providencia La Serena

1.012.595 5.197.741

1.151.242 Alejandro Casas 5.170.680 Alfredo Marin

138.647 (27.061)

28.12.2009 26.05.2008

Santiago Quilpué Rancagua

129.335 2.720.938 8.265.648

145.859 Gabriel Rodríguez 2.681.944 Gabriel Rodríguez 8.364.077 Gabriel Rodríguez

16.524 (38.995) 98.429

12.08.2008 26.11.2010 22.12.2010

120

2010 Part II Real Estate

Closing Values

Address

City

Obispo Rafael Lira Infante 42 A. Jaramillo 152 Arturo Prat 607 Miraflores 315 y 365 Lote A Rancagua S/N Las Animas España S/N El Sauce 981 Prat 2350, 2382 Los Alamos Nº 580 Nicaragua 1 Sector C Zorrilla 770 Santa María 6940 Av. Los Halcones Norte (Lampa) Volcán Hornopirén1728 Av.Simpson 499 Av. La Dehesa 1201 Lo Barnechea Vargas esq. Serrano 456, 468, 480, Mall Leyan Rosario Norte N°615 Las Condes 38 est y 1 dod Inv.Unidas Loc.11 Sta. María Manquehue Sta. María Manquehue 6930, 6932, 6934 Av. Acueducto 2409 Nido de Codorniz Poniente 894 Merced 316 a 318 Juanita Fernández del Solar 148

Graneros

Subtotal Provision for Appraisal Write-off Total

Appraiser

Higher or Lower Appraisal Value

Date of appraisal

Adjusted Accounting Value M$ 812.595

Adjusted Selected Appraisal M$ 896.374 Gabriel Rodríguez

M$ 83.780

22.12.2010

Nancagua Rengo Chimbarongo

245.911 1.741.400 312.716

255.358 Gabriel Rodríguez 1.876.701 Gabriel Rodríguez 338.019 Gabriel Rodríguez

9.447 135.301 25.303

22.12.2010 25.06.2009 25.06.2009

San Fernando

491.411

541.145 Gabriel Rodríguez

49.735

25.06.2009

San Vicente Coquimbo Vallenar Coquimbo La Serena La Serena Santiago Santiago

457.905 701.954 310.515 2.619.903 2.339.720 5.417.916 3.121.176 706.105

1.095.534 773.990 335.410 2.833.398 2.486.641 5.885.105 3.523.679 781.903

Gabriel Rodríguez Gabriel Rodríguez Alejandro Casas Alejandro Casas Gabriel Rodríguez Alejandro Casas Alejandro Casas Gabriel Rodríguez

637.629 72.036 24.895 213.495 146.922 467.189 402.503 75.797

25.06.2009 22.12.2010 25.06.2009 25.06.2009 22.12.2010 03.12.2008 03.12.2008 29.01.2010

Pto. Montt Valdivia Santiago

799.302 418.493 6.239.519

795.011 Gabriel Rodríguez 578.173 Gabriel Rodríguez 7.206.660 Gabriel Rodríguez

(4.291) 159.681 967.141

09/092010 09.09.2010 12.08.2010

Melipilla

18.547.467

264.439

28.12.2010

Santiago

280.507

337.394 Gabriel Rodríguez

56.887

12.08.2010

Santiago

137.589

137.697 Alejandro Casas

107

15.07.2010

Coquimbo

342.967

510.940 Gabriel Rodríguez

167.973

22.12.2010

Peñalolen Santiago

77.257 44.766

102.549 Gabriel Rodríguez 55.860 Lorena Hernandez

25.292 11.094

22.03.2010 06.05.2010

Santiago Coquimbo

23.635 15.589

15.466 7.339

23.09.2010 29.11.2010

18.811.906 Victor Kaiser

39.101 Alejandro Casas 22.928 Miguel Rubio Vega 0 0 110.107.972 122.401.392 (87.894) 0

0 12.293.423 0

110.020.078 122.401.392

12.293.423

121

2010 Part III Real Estate Address

Properties Under Construction Volcán Hornopirén 1728 Av. Simpson 499 Av. Chicureo Proyecto Piedra Roja Lote ML 14ª Baden Powel 36 Av. Miguel Ramírez 1550 Subtotal Total

Closing Values City

Puerto Montt Valdivia Santiago Quilpué Rancagua

Appraiser

Higher or Lower Appraisal Value

Date of appraisal

Adjusted Accounting Value M$ 0

Adjusted Selected Appraisal M$ 0

M$ 0

786.289 823.018 2.194.913

0 0 0

0 0 0

S/T S/T S/T

9.404 0 1.507.973 0 5.321.597 0 115.341.675 122.401.392

0 0 0 12.293.423

S/T S/T

122

NOTE 18 TRANSACTIONS WITH RELATED ENTITIES A. Transactions with related companies during the 2011 and 2010 accounting periods were as follows: Part I

2011

2010 M$

M$

Amount Traded

Effect on Results (Debits) Credits

Amount Traded

Effect on Results (Debits) Credits

Contributions

366.945.227

-

375.379.859

-

Redemptions

(369.112.822)

130.439

(361.403.772)

33.982

126.263.056

-

(204.033.455)

30.409.230

(16.460)

211.216.693

-

Investment Purchases

-

15.262.511

-

Investment Sales

-

(4.102.254)

-

(3.038)

2.300

(2.300)

(15.336)

15.346

(15.346)

Claims Paid

(2.168.807)

342.391

(342.391)

Provision on Collection Expense and Preferential Use

(2.434.902)

2.599.125

(2.599.125)

Payment of Collection Expense and Preferential Use

-

3.134.755

-

7.643.710

(7.643.710)

2.439.900

(2.439.900)

188.219

(188.219)

159.849

(159.849)

5.298

(5.298)

-

-

12.430.933

-

-

-

Entity: CorpCapital Adm. Gral. de Fondos S.A. Tax N°: 96,513,630-4 Relationship: Same Holding Company

Entity: CorpCapital Corredores de Bolsa S.A. Tax N°: 96,665,450-3 Relationship: Same Holding Company Investment Purchases Investment Sales Entity: CorpBanca Tax N°: 97,023,000-9 Relationship: Indirect Holding Company

Administration Fee on Mortgage Loan Notes Office Leases

Entity: CorpBanca Corredores de Seguros S.A. Tax N°: 78,809,780-8 Relationship: Same Holding Company Commissions Paid Entity: CorpGroup Interhold S.A. Tax N°: 96,758,830-K Relationship: Indirect Holding Company Financial Consulting Fees Entity: SMU Corp. S.A. Tax N°: 76,086,272-K Relationship: Same Parent Holding Company Payment of Collection Expense and Preferential Use Leases

123

Part II

2011

2010 M$

M$

Amount Traded

Effect on Results (Debits) Credits

Amount Traded

Effect on Results (Debits) Credits

Interest on Leasing Contract

-

-

(40.572)

40.572

Installments Received

-

-

(71.500)

-

75.461

(75.461)

68.266

(68.266)

Office Leases

678.373

(678.373)

409.097

(409.097)

Reserve Fund

24.710

-

25.674

-

Investment Purchases

28.069.975

-

-

-

Interest on Leasing Contract

(1.020.518)

1.020.518

(1.053.924)

1.053.924

Installments Received

(1.723.003)

-

(1.721.945)

-

1.716.915

-

454.366

-

-

-

(1.757.780)

-

889.779

889.779

(970.184)

970.184

732.383

(732.383)

764.669

(764.669)

Capital Contributions

1.044.004

-

893.772

-

Capital Contribution Refund

(1.071.148)

-

(767.636)

-

-

-

-

41.057

(427.606)

427.606

-

-

-

-

913.729

-

(94.042)

94.042

(60.687)

60.687

(928.281)

928.281

(959.195)

959.195

(1.564.694)

-

(1.563.915)

-

Entity: Inmobiliaria Edificio Corp Group S.A. Tax N°: 99,522,360-0 Relationship: Same Parent Holding Company

Shared Expenses

Entity: Inmobiliaria R CC S.A. Tax N°: 76,049,574-3 Relationship: Same Parent Holding Company

Entity: Soc. de Inv. Inmobiliarias Seguras S.A. Tax N°: 76,039,786-5 Relationship: Associated Company Contributions Current Account Assignment Contributions Entity: Cia. de Seguros Corpseguros S.A. Tax N°: 76,058,352-9 Relationship: Same Parent Holding Company Service Contract Entity: Corp Activos Inmobiliarios S.A. Tax N°: 76,058,352-9 Relationship: Indirect Holding Company Real Estate Consulting Fees

Entity: Desarrollos Inmob. y Const. Valle Grande S.A. Tax N°: 76,928,290-4 Relationship: Associated Company Property Sale Entity: Empresas La Polar S.A. Tax N°: 96,874,030-K Relationship: Same Parent Holding Company Leases Entity: SR Inmobiliaria S.A. Tax N°: 76,002,124-5 Relationship: Same Parent Holding Company Investment Purchases Leases Interest on Leasing Contract Installments Received

124

B. Balances with Related Entities At the close of the 2011 and 2010 accounting periods, balances with related entities were as follows: 2011 Entity

Item

CorpBanca Soc. de Inv. Inmobiliarias Seguras S.A. Corp Activos Inmobiliarios S.A. Cia. de Seguros CorpSeguros S.A. Inmobiliaria CorpGroup CorpBanca Corredores de Seguros S.A. SMU Corp. S.A.

Collection Expenses Current Account Balance Current Account Balance Service Contract Reserve Fund Fees Leases

2010 Entity

Item

CorpBanca Soc. de Inv. Inmobiliarias Seguras S.A. Corp Activos Inmobiliarios S.A. Cia. de Seguros CorpSeguros S.A. Inmobiliaria CorpGroup

Collection expenses Current Account Balance Current Account Balance Current Account Balance Current Account Balance

Amount M$ (1.197.813) 6.544.608 530.026 76.979 24.710 (1.107.393) (5.298)

Amount M$ (2.366.313) 4.769.230 297.720 362 25.674

NOTE 19 TRANSACTIONS WITH PENSION FUND MANAGEMENT FIRMS A. The detail of balances with Pension Fund management firms is as follows: Additional contribution and individual accounts receivable: 2011 Entity

Direct Premium M$

A.F.P. Capital S.A. (Ex AFP Bansander S.A.) Total 2010 Entity A.F.P. Capital S.A. (Ex AFP Bansander S.A.) Total

B. On September 30, 2010, the final settlement of the Disability and Survival Agreement between AFP Summa Bansander and CorpVida was performed, generating a credit balance in favor of the pension fund management

Debit Balance M$ -

-

-

-

Direct Premium M$

Debit Balance M$ 104,326

-

104,326

-

firm in the amount of UF 25,212.70, which was recorded in accordance with current Superintendency of Securities and Insurance regulations.

125

NOTE 20 MAJORITY SHAREHOLDER STOCK TRANSACTIONS During the 2011 and 2010 accounting periods, majority shareholders performed no stock transactions.

NOTE 21 OUTSTANDING REINSURANCE POLICIES As of December 31 of each accounting period, the Company records the following reinsurance movements: 2011 Name

SSI Registration Country Nยบ

Assigned Premium

Non Proportional Reinsurance

Total Reinsurance

M$

M$

M$

Reinsurers Subtotal Domestic Suiza

R-105

Switzerland

71.545

Mapfre RE

R-101

Spain

14.502

Munchener

R-183

Germany

71.545 208.671

7.208

223.173 7.208

RGA RE

R-210

USA

Hannover

R-187

Germany

Partner RE

R-256

USA

-

-

Transamerica

R-032

USA

123.741

123.741

Subtotal Foreign

74.678 563

292.237

74.678 369.667

578.338

370.230

870.575

Total Domestic Rreinsurance Total Foreign Rreinsurance Overall Total

292.237

578.338

870.575

292.237

578.338

870.575

Assigned Premium

Non Proportional Reinsurance

Total Reinsurance

M$

M$

M$

70.369

-

70.369

-

285.959

285.959

7.863

120.606

128.469

2010 Name

SSI Registration Country Nยบ

Reinsurers Subtotal Domestic Suiza

R-105

Switzerland

Mapfre RE

R-101

Spain

Munchener

R-183

Germany

RGA RE

R-210

USA

76.279

-

76.279

Transamerica

R-032

USA

1.053

166.615

167.668

Hannover

R-187

Germany

-

70.223

70.223

Partner RE

R-256

USA

141.604

-

141.604

297.168

643.403

940.571

297.168

643.403

940.571

297.168

643.403

940.571

Subtotal Foreign Total Domestic Rreinsurance Total Foreign Rreinsurance Overall Total

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NOTE 22 OBLIGATIONS WITH FINANCIAL INSTITUTIONS On December 31, 2011, the detail of obligations with financial institutions is as follows: 2011 Institution

Type of Currency

Interest Rate

Maturity

Loan Amount

Balance M$

Banco de Chile

Pesos Chilenos

0,6099%

02.01.2012

4.299.158

4.302.655

Banco CorpBanca

UF

4,0400%

28.03.2012

204.454,84

4.605.252

Consorcio

UF

4,0300%

30.09.2012

310.000,00

6.980.952

Banco Bice

Pesos Chilenos

0,6300%

14.12.2012

15.000.000

15.056.700

Total

On December 31, 2010, the Company did not record any obligations with financial institutions.

NOTE 23 PENALTIES 2011 On December 31, 2011, no penalties have been imposed by the Superintendency of Securities and Insurance or any other regulatory authorities on the Company, its Board members, managers, or any other person reporting to it.

2010 Through Exempt Resolution No. 064 dated January 19, 2010, the Superintendency of Securities and Insurance applied a censorship penalty to the Company on the grounds of it being part, among other actors, of the system that guarantees and is accountable for the proper functioning of the SCOMP System, which did not operate on a normal basis during several hours on August 3 and 4, 2009.

NOTE 24 BOARD MEMBER REMUNERATION During the accounting periods under review, Board members have received no remuneration for performing their duties.

30.945.559

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NOTE 25 REINVESTMENT RATE AND ASSET ADEQUACY ANALYSIS In accordance with the provisions contained in General Regulation No. 209 of the Superintendency of Securities and Insurance, the Company has performed an asset adequacy analysis, rendering the following Reinvestment Rate:

Full Application (*) This corresponds to the reinvestment IRR, which equalizes the net present value of asset and liability flows to cero.

The Company has performed an adequacy analysis of its assets with respect to its liabilities, considering asset flows adjusted based on credit risk (default) and prepayment risk and liability flows adjusted based on operating expenses and reinsurer default or non-compliance risk. For this purpose, the Company has determined whether asset flows are adequate for liability payment, considering a future real annual interest rate of 3%, and has calculated the reinvestment rate that effectively equalizes the net present value of asset and liability flows to cero, which rate is reported on this note.

On December 31, the Company has integrally applied the instructions contained in General Regulation No. 209, considering the total liability flows determined using mortality tables RV-2004, RV-2006, and MI-2006, and for asset incorporation, 60% of the net worth proportional to minimum cash reserves subject to the asset adequacy test.

Reinvestment Rate 2011 (%) (*) 2,32%

Reinvestment Rate 2010 (%) (*) 2,03%

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NOTE 26 CASH FLOW STATEMENT At the close of each accounting period and pursuant to Circular No. 1,465 of the Superintendency of Securities and Insurance, the following Cash Flow Statement accounts are detailed: A. Taxes (7.31.51.00) Item

2011

2010

M$

M$

258.671

2.614.363

1.393.746

1.356.107

10% Fee Withholding Tax

295.982

296.677

VPFS Withdrawal Withholding Tax

183.906

158.124

Additional Tax on Foreign Remittances

37.809

43.096

Stamp Duty Tax

14.859

11.995

(188.144)

(228.826)

1.996.829

4.251.536

2011

2010

M$

M$

Capital Outlay Install. Value Adjustment

-

3.959.414

Foreign Share Stock Exchange Adjustment

-

4.126.110

26.506

29.487

4.384

-

M.L.N. Default Provision Adjustment

-

25.858

Stock Exchange Adjustment

-

21.533.637

Mutual Fund Install. Stock Exchange Adjustment

-

294.827

Accrued Interest on Forward Transactions

-

36.948

30.890

30.006.281

2011

2010

M$

M$

-

18.989

262.697

-

VAT Single Workers Tax

Income Tax Refund Total

B. Other credits to results not representing cash flow (8.33.50.00) Item

Structured Note Install. Value Adjustment Provision for Real Estate Appraisal

Total

C. Other debits to results not representing cash flow (8.33.55.00) Item Provision for Real Estate Appraisal Accrued Interest on Forward Transactions M.L.N. Default Provision Adjustment

47.974

-

Leasing Default Dividend Adjustment

14.346

33.166

8.140.132

-

14.372.609

-

4.861.762

-

369.758

-

28.069.278

52.155

Foreign Share Stock Exchange Adjustment Stock Exchange Adjustment Capital Outlay Install. Value Adjustment Mutual Fund Install. Stock Exchange Adjustment Total

129

NOTE 27 RELEVANT EVENTS 2011 A. At an Ordinary Shareholder Meeting held on March 18, 2011, the annual report and financial statements for the 2010 accounting period were approved. It was agreed not to remunerate Board members for their duties. Deloitte were appointed as external auditors for the 2011 accounting period. At the same meeting, the decision was made to revoke the current Board of Directors and appoint the following persons: Regular Members Álvaro Saieh Bendeck Jorge Andrés Saieh Guzmán María Catalina Saieh Guzmán Alejandro Ferreiro Yazigi Max Sichel Day Rodney J. Dillman Bruce Stanforth Alternate Members Maritza Saieh Bendeck Pilar Dañobeitía Estades Ignacio González Martínez Miguel Angel Poduje Sapiain Alvaro Caviedes Barahona José Tomás Errázuriz Grez Carlos Ducci González B. At an Ordinary Shareholder Meeting held on March 18, 2011, the decision was made to distribute dividends charged to the profits for fiscal year 2010 for a total amount of M$ 11,700,000.

C. At an Extraordinary Shareholder Meeting held on May 24, 2011, the unanimous decision was made to revoke the current Board of Directors and proceed to total renovation of its members, appointing the following persons: Directores Titulares Álvaro Saieh Bendeck Jorge Andrés Saieh Guzmán María Catalina Saieh Guzmán Alejandro Ferreiro Yazigi Max Sichel Day Francis T. Lucchesi Bruce Stanforth

Directores Suplentes Maritza Saieh Bendeck Pilar Dañobeitía Estades Ignacio González Martínez Miguel Angel Poduje Sapiain Álvaro Caviedes Barahona José Tomás Errázuriz Grez Carlos Ducci González D. At an Extraordinary Shareholder Meeting held on September 9, 2011, the unanimous decision was made to revoke the current Board of Directors and proceed to total renovation of its members, appointing the following persons: Regular Members Álvaro Saieh Bendeck Jorge Andrés Saieh Guzmán Fernando Siña Gardner Alejandro Ferreiro Yazigi Max Sichel Day Francis T. Lucchesi Bruce Stanforth Alternate Members Maritza Saieh Bendeck Pilar Dañobeitía Estades Ignacio González Martínez Miguel Angel Poduje Sapiain Álvaro Caviedes Barahona José Tomás Errázuriz Grez Carlos Ducci González E. On September 1, 2011 and pursuant to Circular No. 991 and Circular Letter No. 382 of the Superintendency of Securities and Insurance, the fact that, as of August 31, 2011, the Technical Manager, Mr. César Galdames Díaz was no longer employed at the Company was informed as an Essential Event.

F. At an Extraordinary Shareholder Meeting held on September 09, 2011, the Board of Directors appointed Mr. Mauricio Fasce Pineda as Acting Chief Executive Officer to hold the position until the date on which the Board of Directors would proceed to the appointment of the new Chief Executive Officer of the Company given the resignation of Mr. Fernando Siña Gardner, former Chief Executive Officer, and his appointment as Board member.

130

G. On December 22, 2011 and pursuant to Circular No. 991 of the Superintendency of Securities and Insurance, the fact that, as of January 23, 2012, Mr. Christian Abello Prieto assumed the position as Chief Executive Officer of the Company was informed as an Essential Event.

NOTA 30 SUMMARY OF GENERAL MANAGEMENT POLICIES A. General Management Policies Investment Policy

H. During 2011, the Superintendency of Securities and Insurance issued new accounting standards for valuation, reporting, and disclosure on the financial statements of Insurance Companies. The application of such standards became effective as of January 1, 2012, and the first financial statements to be submitted to this Agency will be those for the period ended on March 31, 2012.

I. As of December 31, 2011, the Company records no other relevant events that may significantly affect these financial statements.

The purpose of the Investment Policy defined by Compañía de Seguros Vida Corp S.A. is to maximize profitability, while maintaining at all times a high portfolio safety level by means of a permanent search for investment alternatives that enable a risk-return combination ensuring an adequate compensation to shareholders under the provisions set by Decree Law No. 251 of 1931.

In order to meet this objective, the Company relies on Investment Committees that define general investment guidelines.

2010 A. At an Ordinary Shareholder Meeting held on April 30, 2010, the annual report and financial statements for the 2009 accounting period were approved. It was agreed not to remunerate Board members for their duties.

Deloitte were appointed as external auditors for the 2010 accounting period.

NOTE 28 SUBSEQUENT EVENTS During the period from January 1, 2012 and the date of issuance of these financial statements (February 17, 2012), no subsequent events have occurred that may significantly affect said statements.

NOTE 29 ADOPTION OF NEW ACCOUNTING STANDARDS

Likewise, there is a diversification policy by instrument for transactions performed in Chile and abroad, both regarding fixed and variable-income instruments, with limits or restrictions regarding each of them as to market, currency, counterparty, liquidity, and other risks, as the case may be. There are also specific limits and restrictions on real estate investments.

Policy Regarding Derivative Product Use and Financial Risk Management The fundamental objective of the policy regarding derivative products is to use derivative products aimed at covering financial risks as well as performing investment transactions enabling the Company to increase the profitability of and diversify the investment portfolio.

Likewise, the financial risk policy is aimed at maintaining associated risks (market, liquidity, reinvestment, credit, and operating risks) within previously defined levels.

Internal Control Policy

During 2011, the Superintendency of Securities and Insurance issued new accounting standards for valuation, reporting, and disclosure on the financial statements of Insurance Companies. The application of such standards became effective as of January 1, 2012, and the first financial statements to be submitted to this Agency will be those for the period ended on March 31, 2012. As a consequence of the above, changes may arise affecting the net worth and the determination of the results for future accounting years.

This policy is designed to protect the Company’s assets in relation to security, accuracy, and information system reliability as well as ensure strict compliance with existing external and internal regulations.

B. Grado de Cumplimiento In general terms, just as in previous years, during 2011 the Company undertook and framed its operations within General Regulation No. 130 dated January 30, 2002.

131