INDEX

LETTER FROM THE CHAIRMAN...... 2 COMPANY DETAILS...... 5 COMPANY OWNERSHIP...... 6 BOARD OF DIRECTORS ...... 8 CORPBANCA SENIOR MANAGEMENT...... 10 MANAGEMENT AND PERSONNEL...... 11 BUSINESS AND ACTIVITIES ...... 13 MANAGEMENT REPORT ...... 20 INVESTMENT AND FUNDING POLICIES ...... 29 PATENTS AND OTHER RIGHTS...... 29 PRINCIPAL ASSETS...... 30 SUBSIDIARIES AND SUPPORT COMPANIES...... 30 STOCK EXCHANGE TRANSACTIONS...... 34 DIVIDEND POLICY...... 35 REMUNERATION ...... 35 BOARD OF DIRECTORS COMMITTEE ...... 35 MATERIAL EVENTS ...... 36 FINANCIAL STATEMENTS...... 37 STATEMENT OF LIABILITY ...... 67

1 LETTER FROM THE CHAIRMAN

The year 2004 was a period of favorable evolution for CORPBANCA and for the implementation of its business strategy. Maximizing growth while not forgetting the strict commitment maintained on loan quality and expense efficiency, was the central line of this process, as it has been during previous fiscal years. Due to this, CORPBANCA, once again, expanded over industry levels, with a risk level below the banking sector average and as market leader in efficiency ratios. Nevertheless, a new achievement must be added to the above, associated with our view on solvency and the soundness of the institution’s equity, as is reflected by the cost of borrowings that operated in 2004 fiscal year-, which is, by any measure, one of the lowest in the Chilean financial system. Moreover, CORPBANCA investors received a new demonstration of our commitment and transparency when the American Depositary Receipts (ADRs) were listed on the New York Stock Exchange, which were previously maintained as a private placement (144-A).

Loans, net of interbank -, grew by 13.2% in real terms, which is consequent with the Bank’s historical trajectory recorded since its creation. This entailed an expansion of Ch$ 282,820 million and a new growth in the market share, which stands at 6.5% at the end of 2004.

CORPBANCA has continued its expansion towards more profitable operating segments, catering to its customers with innovative products and services. Regarding the Retail Banking Division, consumer loans and housing mortgages grew by more than 34.4% during 2004. This was possible thanks to the significant expansion of mass banking, through Bancondell, as well as to the new record sales figures in mortgage operations, reaching Ch$ 100,952 million, mainly through the form of ”flexible mortgage loans”. The expansion strategy on mortgage operations, with a leading price product, has complemented other products such as current accounts, credit lines for overdrafts, credit and debit cards, as well as others that have enabled to take cross services to the client base level and therefore generating an increase in CORPBANCA’s fee net income.

2 Likewise, the Medium-Sized Company Banking , measured through products such as commercial loans, foreign trade, factoring and leasing, recorded an approximate 14.3% expansion, equal to Ch$ 190,190 million, helped develop new projects in this area, the basis of CORPBANCA´s long term strategy.

Unlike other years, financial investments rose significantly during 2004 as a result of interesting new perspectives in international markets, which translated into an increase of approximately 11.4%, equating to Ch$ 51,683 million. It is important to highlight that the new instruments represent a protection alternative for the high – capital level held by CORPBANCA, in the form of safe investments geared towards well rated companies and governments, protected from fluctuations in interest rates and potential effects that could arise from unexpected volatility in exchange rates.

Loan portfolio quality continued to improve during 2004 (as revealed by the evolution of the past due loan portfolio), representing 0.8% of loans, contrasting with 1.2% as of December 2003. Complementarily, coverage of provisions over past due loans also improved by increasing from 170.8% in 2003 to 211.8% in 2004. However, the most outstanding area refers to the evolution of the risk index, measured as total provisions for loan losses over total loans, which even when incorporating the regulatory changes that elevated the categories of loan classifications used by CORPBANCA from five to eleven, presented a noticeable improvement on passing from 2.1% in 2003 to 1.7% in 2004.

The strong growth experienced in revenues during the last three years, redounded in the extinction, during 2004, of the tributary benefit that was originated, at the time, by the subordinated debt that the institution held with Chilean Central Bank. The constitution of a tax provision, translating real tax rate from 17% to 11.4%, entailed a net income of Ch$ 50,767 million in 2004, similar to the one recorded the previous year. Earnings before taxes in 2004 reached Ch$ 57,279 million, increasing 7.1% when compared to previous year. Likewise, return on equity reached 15.6%, which, before taxes, was17.6%.

CORPBANCA’s expansion program implied an increase in the number of operations within a framework of control and improvement in efficiency levels. In this way, the

3 Institution continued with the adaptation of its organizational structure, by creating, in the commercial area, the Sales Channels Division in order to strengthen the performance of retail and massive banking. Support areas continue centralizing processes and taking better advantage of the recently implemented integrated banking system (IBS). All of the above entailed maintaining the efficiency level in strategic standards, reaching 39.2%. Therefore, once again in 2004, the Bank emerges as one of the most efficient institutions in the financial system and is clearly the most efficient among its peers.

CORPBANCA ended 2004 as one of the banks that enjoys the most solid capital base of the industry, as shown by a 14.5% Basle Index, result of the significant capital increase carried out during 2002 and the capital-raising policy the Institution has maintained.

CORPBANCA’s credit standing presented to the institutional market has permitted it to obtain the investment category (BBB+) granted by important international risk classifiers such as Standard & Poors and Fitch Ratings.

In conclusion, 2004 was a period of continuity in CORPBANCA’s strategic orientation, seeking as always the best relationship between shareholders, employees and clients in a context characterized by an adequate level of profitability, portfolio quality, efficiency and excellence of service.

Carlos Abumohor T. Chairman

4 COMPANY DETAILS

Trading name : CORPBANCA

Domicile : Huérfanos 1072, Santiago

Tax I.D. : 97.023.000-9

Type of Company : Publicly Quoted Bank

Telephone, fax and web-site : (+562) 687-8000; (+562) 672-6729; www.corpbanca.cl

Organization Details : CORPBANCA was constituted by public deed submitted at the notary public office in Concepción of Nicolás Peña on August 7th, 1871. The Supreme Decree allowing its existence was published in the journal El Araucano on Tuesday February 20th, 1872. The latest version was consolidated at an extraordinary shareholders meeting and transcribed to public deed at the Santiago notary public office of Gonzalo de la Cuadra Fabres on May 28th, 1992.

5 COMPANY OWNERSHIP

The twelve main shareholders of CORPBANCA as of December 31, 2004 and their respective weight in the total outstanding shares, which comprise the bank’s capital, are:

SHAREHOLDER SHARES WEIGHT (%) Corp Group Banking S.A. 111,029,019,740 48.93% Cia. Inmobiliaria y de Inversiones Saga S.A. 17,826,423,251 7.86% The Bank of New York 13,626,260,000 6.01% Manufacturas Interamericana S.A. 5,413,342,266 2.39% UCB Bancshares S.A. 4,285,534,265 1.89% Citibank NA por Cta. Terceros Cap. XIV 3,897,905,927 1.72% AFP Habitat S.A. para Fondo Pensión C 2,991,324,715 1.32% Inversiones y Valores S.A. 2,919,740,749 1.29% AFP Provida S.A. para Fondo Pensión C 2,918,220,816 1.29% Inmob. e Inversiones Boquiñeñi Ltda. 2,294,225,537 1.01% Larraín Vial S.A. Corredores de Bolsa 2,263,528,244 1.00% Banchile Corredores de Bolsa S.A. 2,161,928,672 0.95%

As of December 31st, 2004 Corp Group Banking S.A. is the main shareholder of CORPBANCA and owns 48.93% of the outstanding shares comprising the capital base of the Bank. The only individual or legal entity that holds 10% or more of the shares, either directly or indirectly is Mr. Alvaro Saieh B., who owns 33.44% of the share capital.

6 Major Changes in Ownership The following are the major changes of CORPBANCA’s ownership during 2004:

As of 12/31/2003 As of 12/31/2004 Shareholders Tax I.D. N° of Shares Weight N° of Shares Weight UCB Bancshares S.A. 96.885.120-9 0 0.0% 4,285,534,265 1.9% Manufacturas Interamericana S.A. 92.171.000-3 0 0.0% 5,413,342,266 2.4% Banchile Corredores de Bolsa S.A. 96.571.220-8 1,678,179,655 0.7% 2,161,928,672 1.0% AFP Provida S.A. para fondo Pension C 98.000.400-7 2,362,227,984 1.0% 2,918,220,816 1.3% AFP Santa Maria S.A. para fondo Pension C 98.000.000-1 1,360,185,915 0.6% 1,635,649,916 0.7% AFP Cumprum S.A. para fondo Pension C 98.001.000-7 1,426,532,035 0.6% 1,707,362,088 0.8% AFP Habitat S.A. para fondo Pension C 98.000.100-8 2,515,475,545 1.1% 2,991,324,715 1.3% Larrain Vial S.A. Corredores de Bolsa 80.537.000-9 1,951,504,246 0.9% 2,263,528,244 1.0% Citibank NA por cuenta terceros Cap XIV 97.008.000-7 3,642,368,787 1.6% 3,897,905,927 1.7% AFP Habitat S.A. para fondo Tipo B 98.000.100-8 1,453,916,788 1.1% 1,543,698,764 1.3% Corp Corredores de Bolsa S.A. 96.665.450-3 1,909,541,292 0.8% 2,008,472,173 0.9%

7 BOARD OF DIRECTORS

Chairman First Vice-Chairman Carlos Abumohor Touma Álvaro Saieh Bendeck Tax ID: 1.535.896-3 Tax ID: 5.911.895-1 Entrepreneur Business Administrator Universidad de Chile

Second Vice-Chairman Director Jorge Andrés Saieh Guzmán Julio Barriga Silva Tax ID: 8.311.093-7 Tax ID: 3.406.164-5 Business Administrator Agronomist Universidad Gabriela Mistral Universidad de Chile

Director Director Jorge Selume Zaror Carlos Massad Abud Tax ID: 6.064.619-8 Tax ID: 2.639.064-8 Business Administrator Business Administrator Universidad de Chile Universidad de Chile

Director Director Fernando Aguad Dagach René Cortázar Sanz Tax ID: 6.867.306-2 Tax ID: 5.894.548-K Entrepreneur Business Administrator Pontificia Universidad Católica de Chile

Director Director Hernán Somerville Senn Francisco Rosende Ramírez Tax ID: 4.132.185-7 Tax ID: 7.024.063-7 Attorney Business Administrator Universidad de Chile Universidad de Chile

Director Alternate Director Odde Rishmague Rishmague Juan Rafael Gutiérrez Avila Tax ID: 4.366.863-3 Tax ID: 4.176.092-3 Entrepreneur Accountant Auditor

8 BOARD OF DIRECTORS COMMITTEE

Chairman Director Carlos Massad Abud René Cortázar Sanz Tax ID: 2.639.064-8 Tax ID: 5.894.548-K Business Administrator Business Administrator Universidad de Chile Pontificia Universidad Católica de Chile

Director Francisco Rosende Ramírez Tax ID: 7.024.063-7 Business Administrator Universidad de Chile

9 CORPBANCA’s SENIOR MANAGEMENT

General Manager Christian Samsing Stambuk Tax ID: 6.731.190-6 Business Administrator Pontificia Universidad Católica de Chile

Corporate Banking Div. Manager Planning & Development Div. Manager Marcelo Achondo Larenas Camilo Morales Riquelme Tax ID: 6.447.511-8 Tax ID: 8.128.840-2 Business Administrator Business Administrator Universidad de Chile Universidad de Chile

Retail Banking Div. Manager Human Resources Div. Manager Osvaldo Barrientos Valenzuela María Olivia Brito Bahamonde Tax ID: 9.006.525-4 Tax ID: 10.006.501-0 Civil Engineer Business Administrator Universidad de Chile Universidad Gabriela Mistral

Treasury / International Div. Logistics Div. Manager Manager Hernán Santamaría Torres Christian Schiessler García Tax ID: 14.729.406-9 Tax ID: 7.277.278-4 Business Administrator Business Administrator Universidad Autónoma del Caribe, Colombia Universidad Federico Santa María

Sales Channels Div. Manager Information Technology Div. Manager Carlos Aracena Mellado Armando Ariño Joiro Tax ID: 8.746.808-9 Tax ID: 14.726.855-6 Business Adminstrator Civil Engineer Universidad de Santiago Universidad INCCA, Colombia

Legal Services Div. Manager Comptroller Div. Manager Cristián Canales Palacios Julio Henríquez Banto Tax ID: 9.866.273-1 Tax ID: 8.943.341-K Attorney Business Administrator Universidad de Chile Universidad de Santiago de Chile

10 MANAGEMENT AND PERSONNEL

At the head of the Bank is a Board of Directors that provides overall guidelines and frameworks to the General Manager. As of December 31st, 2004, CORPBANCA was structured as follows:

General Manager Christian Samsing

Commercial Areas Support Areas Subsidiaries

Retail Banking Div. Logistics Div. General Manager Manager Manager Corp Corredora de Osvaldo Barrientos Hernán Santamaría Bolsa Carlos Ubeda Information Corporate Banking Technology Div. General Manager Div. Manager Manager Corp Marcelo Achondo Armando Ariño Administradora de Fondos Mutuos Planning & Pedro Silva Treasury and Development Div. International Div. Manager Manager General Manager Camilo Morales Christian Schiessler Corp Corredora de Seguros Roberto Vergara Human Resources Sales Channel Div. Div. Manager General Manager Manager Olivia Brito Carlos Aracena Corp Asesorías Financieras Roberto Baraona Legal Services Div. Manager Cristian Canales

Comptroller Div. Manager Julio Henriquez

Credit Manager Patricio Rojas

Normalization Manager Sergio Tupper

Marketing and Product Manager Enrique Martinez

11 As of December 31st, 2004, CORPBANCA and its subsidiaries have a total staff of 1,963 employees, distributed as follows:

Company Senior Professionals Workers Total Executives and and Administratives Others CORPBANCA 73 696 1061 1830 Corp Administradora General de Fondos S.A. 3 25 20 48 Corp Corredores de Bolsa S.A. 4 27 10 41 Corp Corredores de Seguros S.A. 3 13 25 41 Copr Asesorías Financieras S.A. 2 1 0 3

12 BUSINESS AND ACTIVITIES

Historical Background In mid 1871, a group of neighbors from Concepción led by Aníbal Pinto, who would later become President of Chile, drew up the by-laws of Banco de Concepción. The Bank began business that year, on October 6th, and has continued operating uninterrupted until today, which makes it the oldest bank in Chile. Following nationalization of private sector banking in 1971, the ownership of the Bank changed and came under the control of CORFO. That same year, Banco de Concepción acquired the local interests of Banco Francés and Italiano, which provided the institution presence in Santiago. Later, in 1972, the bank purchased Banco de Chillán and, in 1975, Banco de Valdivia. In November 1975, CORFO sold shares to private sector businessmen who took control of the bank the following year. After a period of growth, in 1980 Banco de Concepción was redefined as a nationwide bank; it changed its name to Banco Concepción and moved its headquarters from Concepción to Santiago. In 1986 the National Mining Corporation (SONAMI) acquired the Bank and took special interest in financing small and medium mining projects, increased its capital and sold its riskier portfolio to the Central Bank. In late 1995, SONAMI sold the majority of its shareholding in the Bank to a group of investors led by Mr. Alvaro Saieh B., through the holding company INFISA (now Corp Group).

Since the acquisition, the new shareholders defined a new strategy; restructuring and repositioning its business in order to compete with Chile’s leading institutions. To promote growth, the controlling group redefined the Bank’s objectives making its target market personal financing and developing products for the middle-income population and small and medium sized companies. In the first quarter of 1997 the shareholders of Banco Concepción reached an agreement with the Chilean Central Bank over extinguishing the subordinated debt that had existed since the early 80’s. As part of the repositioning strategy the bank’s name was changed to CORPBANCA. In 1998, through the acquisition of Corfinsa (consumer loan division of Banco Sudamericano) and Financiera Condell, the bank formed Bancondell initiating its presence in the medium – lower income consumer business (massive banking). The defined strategy has helped CORPBANCA achieve the financial sector’s second

13 strongest loan growth over the past seven years and, in addition, reversing the 1999 losses and achieve an adequate ROE since 2001.

Financial and Economic Environment The Chilean economy consolidated its recovery during 2004, with its principal macroeconomic indicators recording a favorable performance compared to the previous year, which already began to show signs of recovery. Likewise, the solid trends of these factors have enabled different players, including Central Bank of Chile (BCCH), to make optimistic forecasts on the expected evolution for 2005.

Indeed, according to the Central Bank own estimations, economic growth reached 5.8% in 2004, comparable to the 3.3% recorded in 2003. This growth was led by an expansion in domestic demand for the second consecutive year, from a growth of 3.5% in 2003, to 6.8% recorded in 2004, both figures consistent with the National Income evolution.

One particularly important factor of added expenditure is the quality of its composition, which reveals an important increase in investment and in the trade balance position. Investment reached 24.6% of GDP, outpacing 2003, when it reached 21.2%. This situation anticipates interesting expectations in job creation and in turn, a reduction in the unemployment rate, which has already been showing encouraging signs. By year end, this rate fell to 8.8% and the downward trend is expected to continue in the upcoming months. Additionally, real salaries also reflect the effects of the recovery, showing a 0.2% growth in twelve months to November 2004, which anticipates improvements in wages and therefore a favorable outlook for the future performance of internal demand.

Total exports reached US$32 billion, an unprecedented figure in Chilean economic history, increasing, when compared to 2003, 52.1%. This was mainly achieved because of the significant recovery in the prices of the country’s natural resources exports, in particular copper. In fact, average price of the metal reached US$1.30 in 2004, a growth of 49 cents over the previous year, this is a 61%. Imports also rose to a record of US$23 billion, which translated into a US$9 billion trade balance surplus, tripling 2003. One interesting fact is that international economic outlook continues to

14 be as favorable for 2005 as the performance recorded in 2004 when expansion rose to 4.9%.

Prices evolution were also consistent with domestic demand growth over product expansion, whereby the Consumer Price Index rose from 1.4% in 2003 to 2.4% in 2004. This is basically explained by the domestic behavior of the economy, since the tradable component, close to 50% of this index, was affected by the drastic recovery of the Chilean peso, appreciating significantly from Ch$599.4 per dollar at December 2003, to Ch$559.8 by year end 2004, a contraction of around 7.0%.

Even though the Central Bank began to increase interest rates as part of its monetary policy, from 1.75% in January, 2004 to 2.25% at November, 2004, its prevailing economic value cannot yet be considered as one that influences any change in consumption, so that it still equates real values of around 0%. This way, the amount of money circulating in domestic economy increased in 21.1%, while the previous year it only did it by 16.4%, indicating that the movements were consistent with the expansion of added expenditure of the economy.

15 Banking Industry The banking industry showed significant progress in terms of efficiency and profitability, closing the year with a solid financial framework. Among its most noteworthy areas is the recovery of the activity levels, with a strong expansion in total loans, influenced by historically low interest rates and by the incorporation of new clients. Competition has turned harder, due to the starting up of new financial institutions as well as to the opening up of new and more ATM’s, credit cards and the emergence of alternative loans suppliers.

The following table presents the development of financial institutions during the past five years:

Number of Financial Institutions

35

1 30 1

3 4 7 25 N° New 31 30 20 Old 26 25 24 15

10 2000 2001 2002 2003 2004

Includes banks, financial companies, cooperatives and non-banking issuers of credit cards. Excludes subsidiaries and companies that support the line of business.

Source: SBIF

Another major highlight is the solid image achieved by the banking sector, both local and overseas, in terms of solvency, strength and transparency. This was accomplished fundamentally through the modernization of regulations and supervision, improvements in risk portfolio, progress in efficiency levels, historical profitability and good equity indexes. This was also complemented with advanced customer service and modernized payment systems.

16 Among the most important structural changes observed in the industry, is the above average growth of mid-sized banks to the detriment of the so-called “Megabanks”, which have lost market share when compared to positions before mergers. And, as already mentioned, the incorporation of new institutions focused on consumer banking and the rising of non – banking consumer loans suppliers are relevant facts.

During 2004 total loans, net of interbank, increased in 11% in real terms, much more than the 2003 growth of 4%.

This growth was reported mainly in mortgage and consumer loans which jointly recorded an 18.2% real increase. However, business loans also expanded in commercial, foreign trade, contingent, leasing and general-purpose mortgage areas, posting an 8.1% increase, far outpacing the 1% growth of 2003, reflecting this group’s greater interest in obtaining financing at lower rates from the local market.

Retail v/s Corporate Loan Growth

21,0% 18,2% 18,0%

15,0% 13,9%

12,0%

9,0% 7,9% 8,1%

6,0%

3,0% 1,1% 0,0%

-3,0% -1,0% 2002 2003 2004

Retail Corporate

The financial system’s loan quality also showed signs of recovery by virtue of the global economic improvement. Thus, past due loans fell 18.9% when compared to 2003, reaching 1.2% of total loans (1.7% previous year). Moreover, the coverage ratio for provisions over past due portfolio improved and rose from 130.9% in 2003 to 165.3% in 2004.

17 Efficiency ratio deteriorated when compared to 2003. The reason for this is the increase in administrative expenses. Efficiency ratio went from 53.2% in 2003 up to 55.8% at the end of 2004.

On the other hand, total industry reached a net income of Ch$665,176 million, representing an increase of 4.2% over the previous year, a positive figure even though it is lower than the expansion recorded for loan placement. As a result of the improved results obtained and higher equity solvency shown by the sector during 2004, ROE increased from 16.7% in December 2003 to 16.8% in December 2004. ROA, likewise, varied from 1.5% to 1.4%, respectively.

Description of Business and Regulatory Framework Over the last few years, the Banks and Financial Institutions Superintendency has received numerous requests for banking licenses which is further testimony of the sector’s dynamism. A new national bank, Monex, started up in 2003, while Conosur, the only loans and savings company still acting as such, initiated operations as a Bank (subsequently acquired by Banco de Crédito e Inversiones). Meanwhile, in 2004, Penta Bank started up, targeting high income segments, and Banco Paris, mainly oriented towards consumer loans (it must be remembered that Banco Paris acquired Santiago Express’ financial and fixed assets). The trend for niche banks is likely to be further accentuated in view of these events with institutions targeting specific segments or economic activities.

At December 2004, the banking industry was composed of 26 banks – one state- owned, thirteen locally owned and twelve under foreign ownership.

In Chile, banks operate within the regulatory framework of The General Banking Law and The Company Law Nº 18.046, and are regulated by the Central Bank and the Banks and Financial Institutions Superintendency. The following are among the most significant regulatory modifications implemented in 2004:

On January 1st, 2004, the criteria for provisions over loan portfolio was modified, stipulating it must be set up according to the models and methods developed by the same institutions, which must be approved by the company’s Board of Directors.

18 Since 2004 fiscal year, provisions for risk assets must be presented net of income for recovery of charged-off loans.

On the other hand, it is important to emphasize the effort made by the Central Bank to modernize the Chilean financial system’s means of payment which increased the security and efficiency of payment systems by reducing risk in the banking industry, placing our country at the level of the developed economies.

Along these lines, one of the Central Bank’s principal reforms was the implementation of an electronic payment transfer system known as Full Payment in Real Time (LBTR) whereby financial institutions proceed to liquidate their operations in local currency in their current accounts with the Central Bank, allowing to carry out inter-bank and third- party transactions. This system aims to carry out financial institutions’ payments electronically and in real time, thereby eliminating any physical interchange of documents.

19 CORPBANCA’s MANAGEMENT REPORT

In its constant effort to maximize growth, and strongly committed to follow the highest standards on loan quality and efficiency, CORPBANCA management has continued throughout 2004 with the implementation of its strategic program, once again expanding beyond industry levels, with risk index below peer average and a market leading efficiency level.

Levels of Activity CORPBANCA’s total loans – net of interbank – reached Ch$ 2,423,646 million as of December 2004, equivalent to a twelve month 13.2% increase in real terms, outpacing the industry’s performance of 11.0% during the same period, and increasing its market share from 6.4% at year-end 2003 to 6.5% at the close of 2004.

The following table shows the evolution of CORPBANCA’s loan growth during the past six years:

Total loans, net of interbank loans (Ch$ Millions, December 2004)

3.000.000

2.423.646 2.500.000 2.140.826

2.000.000 1.747.080

Ch$ MM 1.513.839 1.500.000 1.340.174 1.178.056

1.000.000

500.000

- 1999 2000 2001 2002 2003 2004

Most dynamic loans, in terms of growth for year 2004 were residential mortgages (58.8%), foreign trade (25.0%), and consumer loans (22.1%). Past due loans, on the other hand, reported a 25.9% decrease as a result of ongoing improvement of credit quality and the strict risk policies CORPBANCA has been applying.

20 Commercial loans reported the portfolio’s largest nominal growth with Ch$ 111,297 million, followed by residential mortgages with Ch$ 65,044 million and by consumer loans with Ch$ 49,410 million. This expansion is mainly explained by the generalized lower interest rates observed in the sector, which generated favorable conditions for borrowing, and CORPBANCA’s actively implemented marketing campaign aimed at positioning the most profitable portfolio products. The following table shows the market share evolution for commercial, consumer and residential mortgages loans during the past five years:

Market Share Evolution (Comercial, Consumer and Housing Loans)

8,0% 7,0% 7,3% 7,0% 7,2% 6,0% 4,8% 5,0% 4,0% 3,0% 2,3% 2,0% 1,1% 1,0% 0,0% 2000 2001 2002 2003 2004 Commercial Consumer Residential

As was mentioned earlier, housing mortgages recorded a 58.8% increase over twelve months, reaching sales of Ch$ 100,952 million by December 2004, far outpacing the 18.7% expansion registered by the overall industry for the same year. CORPBANCA was able to increase its market share in this area, from 1.7% in December 2003 to 2.3% at year-end 2004, which is in accordance with the emphasis the Bank’s strategic framework has placed on this kind of loans.

The strong loan portfolio growth of 13.2% year on year, contrasts with the 8.2% decrease reported for provisions for loan losses, which reflects the improved credit quality measured as provisions for loan losses over total loans, diminishing from 2.1% at year-end 2003 to 1.7% in 2004. This is also associated with an improvement in the loan portfolio composition since past due loans decreased by 25.9%, representing an 0.8% over total loans, figure that must be compared to 1.2% in December 2003. The

21 concentration of mortgage products and corporate agreements translated into a lower risk for retail banking.

The following table shows the evolution of the risk index, measured as provisions for loan losses over total loans, during the past seven years:

Risk Index (Provisions/Total Loans)

3,0%

2,5%

1,9% 2,0% 2,0% 1,7% 1,5% 1,6%

1,0%

0,5%

0,0% 1998 1999 2000 2001 2002 2003 2004

Corpbanca System

The capital increase carried out in late 2002 and the maintenance of the dividend policy has allowed, notwithstanding loan growth, an expansion of financial investments, generating a profitable way of capital assignment. Therefore, investments rose to Ch$ 51,683 million, equating an 11.4% increase over 2003, principally based on lower credit risk securities and adequate measures to control interest rate and currency exchange risks.

Funding In addition to the capitalization on earnings and the Bank’s excellent equity base, the significant growth in productive assets was funded mainly by deposits and borrowings obtained on the domestic and foreign market.

Deposits and other domestic borrowings increased by Ch$ 260,994 million or 11.8%, mainly explained by time and demand deposits that expanded by Ch$ 175,639

22 million, (12.2%), by mortgage bonds which increase by Ch$ 35,417 million (12.4%), and by a reduction of Ch$ 24,610 million (30.1%), in other local borrowings. Foreign borrowings grew by Ch$ 58,894 million (36.2%) given the dynamism of foreign trade and commercial loans in foreign currency.

Added to the above, a noteworthy increase of Ch$ 22,147 million (14.98%) was recorded by holders of checking accounts and other sight accounts, net of settlement. This increase is of great relevance as these liabilities make up an important source of financing that do not generate financial costs.

The combination of the abovementioned growths allowed CORPBANCA to continue expanding at a low financial costs, standing at 3.5% for time and demand deposits in local currency, contrasting with 3.9% in the banking industry.

Figures in MCh$ to December 2004 Dec-04 Dec-03 04 – 03 (MCh$) 04 - 03 (%)

Time and demand deposits 1,612,278 1,436,639 175,639 12.23% Checking Account 130,760 123,467 7,293 5.91% Other sight or demand deposits 129,388 98,527 30,861 31.32% Mortgage Bonds 320,139 284,722 35,417 12.44% Domestic Borrowings 57,286 81,895 (24,610) -30.05% Foreign Borrowings 221,822 162,928 58,894 36.15%

Settlement 89,340 73,333 16,007 21.83% Checking & Sight Accounts, net 170,809 148,661 22,147 14.9%

Performance CORPBANCA’s total net income reached Ch$ 50,767 million as of December 2004, a decrease of Ch$ 609 million when compared to 2003. The main issue that explains this reduction is the higher tax provision that had to be constituted (Ch$ 4,385 million) in order to extinguish the subordinated debt mantained with Central Bank. On the other hand income before taxes grew by Ch$ 3,776 million over 2003, equating 7.1%. The following table shows the Bank’s performance in 2003-2004.

23 Dec-04 Dec-03 04 - 03 (MCh$) 04 - 03 (%) Figures in MCh$ to December 2004 Net Interest margin 111,927 97,991 13,936 14.2% Fees from Services, net 18,854 22,535 (3,681) (16.3%) Gains on Financial Instruments 10,170 11,513 (1,343) (11.7%) Exchange Rate Earnings 1,263 9,205 (7,943) (86.3%) Other Operating Income, net (4,760) (6,738) 1,978 (29.4%) Gross Margin 137,453 134,507 2,947 2.2% Operating Expenses (53,838) (50,855) (2,983) 5.9% Net Margin 83,615 83,652 (37) (0.0%) Provisions (18,119) (26,179) 8,060 (30.8%) Income Attributed to Invest. in other Companies 225 216 9 4.3% Other Non Operating Expenses (1,998) (1,891) (98) 5.2% Price Level Restatement (6,453) (2,294) (4,159) 181.3% Income before Income Taxes 57,279 53,504 3,776 7.1% Income Tax Provisions (6,512) (2,127) (4,385) 206.2% Net Income 50,767 51,377 (609) (1.2%)

Gross margin showed a favorable evolution with an increase of Ch$ 2,947 million. This growth was generated mainly by the expansion of Ch$ 13,936 million in net interest earnings, stemming from important commercial growth, in spite of lower interest rates seen by both the Bank and the financial system.

On the other hand, fee income exhibited a decrease of Ch$ 3,681 million , as a result of both the contract termination with the Instituto de Normalización (INP) which concluded in December 2003, as well as lower fee revenue for the concepts of granting and renegotiating loans.

Net earnings on foreign exchange operations, decreased by Ch$ 7,943 million, due to new hedge requirements in the Bank entailing a lower use of forward contracts as the peso appreciated during 2004.

Although operating expenses increased by 5.9% over the previous year, which is in line with the activity’s growth, CORPBANCA reached an efficiency index of 39.2% at the end of 2004, consolidating its position as one of the most efficient banks within the Chilean banking industry and as the most efficient institution among its peers. As mentioned earlier, in an effort to maximize its efficiency, CORPBANCA has generated economies of scale through client growth, bolstering initiatives such as productivity incentives and variable pay based on performance. The following table shows the evolution of CORPBANCA’s efficiency ratio:

24 Efficiency Evolution of Corpbanca v/s Industry

120,00 % 100,58% 100,00

80,00% 53,47% 60,00% 63,17% 40,00% 39,17% 20,00%

0,00% 1997 1998 1999 2000 2001 2002 2003 2004 Years Corpbanca System

Allowances for loan losses, net of recoveries, diminished in Ch$ 8,060 million (30.8%), in keeping with the Bank’s continued goal to bring portfolio risk under control. Expenses for gross provisions for loan losses over total loan portfolio declined from 1.5% at year-end 2003, to 1.1% for 2004.

CORPBANCA, as well as the industry, enjoyed a favorable trend throughout the year regarding portfolio risk. Nevertheless, for the Bank, a higher concentration in mortgage loans and pacts (for consumer product and others carried out with large companies) entailed a relevant risk reduction in retail banking.

On the other hand, past due loans decreased by 25.9% compared to December 2003, whereby the coverage ratio, measured as provision over past due loans, increased from 170.8% in December 2003 to 211.8% in December 2004.

Finally, provisions for income tax reached Ch$ 6,512 million, stemming from the Bank’s continuous loan expansion, increased productivity, improved efficiency and the sustained growth in the income generating capacity of the Bank, which extinguished, during 2004, the tax benefit created as a result of the subordinated debt maintained with the Central Bank. As a result of this, the bank had to constitute allowances to pay taxes on income, and finally attained a net income of Ch$ 50,767 million for 2004, very similar to the one recorded last year. Nevertheless, comparing income before taxes leads to the conclusion that the Ch$ 57,279 million revenue represents a growth of 7.1% of income generation capacity.

25 Consequently, returns on equity (ROE) varied from 17.4% in December 2003 to 15.6% in December 2004, which is largely explained by the increase in the Bank’s equity base after the capitalization of 50% of net income generated during 2003 (Ch$ 25,062 million) and the effect of the tax provision, therefore, as this effect is corrected, ROE reaches 17.6%.

Credit Risk In 2004 classification of CORPBANCA’s domestic credit risk held firm in debt instruments and shares rating, reflecting its favorable financial and business situation, in terms of solvency, as well as the good performance obtained and the increase in market share, while maintaining the portfolio risk under control.

On the other hand, Standard & Poors assigned a classification of BBB+ to international financing for more than 1 year and an A2 for financing for less than 1 year, while Fitch Ratings granted a classification of BBB+ and F2, respectively. Both classifications are based on the Bank’s market share growth in the competitive Chilean environment, on consistently good quality assets indexes and on solid fundaments of profitability.

INSTRUMENT 1995 Previous Current International Classification Classification Classification (Domestic) (Domestic) Dep. less than 1 year Grade 2 Grade 1+ Grade 1+ A2 F2 Dep. more than 1 year A- AA- AA- BBB+ BBB+ Mortgage Bonds A- AA- AA- Subordinated Bonds BBB A+ A+ Common Shares Grade 2 Grade 2 Grade 2

ADR Issue In November 2004, CORPBANCA took a new and significant step forward in its internationalization process on completing its listing process, allowing it to currently transact American Depositary Receipts (ADR’s) on the New York Stock Exchange. By doing so, the bank culminated a process started in November 2003, when the bank’s shares started trading in the U.S. under Rule 144-A in the OTC market. On that occasion, in order to facilitate the sale of the controlling group’s foreign partners’ 23.3% shareholding, it was decided to place ADRs on the New York Stock Exchange,

26 which took place in November 2003 with the auction of 52,877,267,013 CORPBANCA shares on the Santiago Stock Exchange at a unit price of Ch$2.75 per share of which some 26,438,630,000 shares, equivalent to 5,287,726 American Depositary Shares at a ratio of 5,000 shares per ADS, were placed abroad as ADRs.

In November 2004, the NYSE auctioned 2,701,040 ADRs, each one equivalent to 5,000 CORPBANCA shares on the North American market, representing 5.95% of total ownership. This will improve share liquidity while a series of information requirements will be fulfilled, translating into higher transparency, as well as complying with international accounting principles and corporate governance.

2004 Awards CORPBANCA received numerous prizes and distinctions for its management, during 2004, among them: x Ranked sixth best Latin American bank by América Economía magazine. x Award for Creativity granted by Diario Financiero journal in September, 2004 x Silver Prize for the category Promotions and Sales in the V ACHAP Publicity Festival

Organizational Structure CORPBANCA modified its organizational framework during 2004, creating new business and support areas, setting up the Sales Channel Division and Medium-Sized Company Business departments, Commercial Mortgage and Financial Risk.

The Medium-Sized Company Business department was created in January 2004 under authority of the Commercial Banking Division with the purpose of stepping up the generation of business in the commercial banking platform and achieving the defined service quality standards. This new area is responsible for Leasing and Factoring departments as well as for the development of new liability products (Cash Management) and Foreign Trade, among others.

Along this line, and considering that the placement of mortgage products on the retail market constitutes one of CORPBANCA’s main strategic challenges, the Commercial Mortgage department was set up under the supervision of the Retail Banking Division.

27 Upon achieving the unification of all risk control units within the Comptroller Division, CORPBANCA created, in February 2004, the Financial Risk Management office allowing the Bank to be aligned with the principal international standards applied in the identification of risks inherent to the management of positions at the Bank.

Lastly, the Sales Channel Division was created concentrating, under its supervision, Remote Sales Channel, Contracts and Commercial Mortgage areas.

Management and New Products In July 2004 and once the implementation of the new technological platform IBS was concluded, the development of a new project, MIS, was started up. It is meant to improve management control standards. This system, aims to measure the Bank’s Profitability from the most detailed aspects of the organization (transaction) to the consolidated level (scorecard), and is once again pioneering the Chilean banking industry by integrating the latest technology available for measuring institutional management.

On the other hand, in February 2004, CORPBANCA launched its American Express card, providing clients with access to a wide range of benefits in more than 65,000 commercial establishments in Chile and worldwide.

Risk Factors The risk factors associated with CORPBANCA’s business and the banking industry in general, are mainly four. The first one is inflation, since the economy’s inflation rates are internalized in the commercialization and price determination of the bank products. The second critical risk element, is the exchange rate volatility, a key variable, as it directly impacts revenues derived from the exposure the Bank presents in foreign currency. On the other hand, the economy’s interest rate also constitutes a risk factor, since due to its variations, prices of different products adjust towards the appropriate direction. In this sense, it is interesting to highlight that a relevant proportion of assets and liabilities are subject to market price adjustments. In the case of the majority of the operations, it is due to the repricing period while in others, such as long-term investments, a “mark to market” procedure is used. The fourth factor is the overall economic performance. CORPBANCA and the banking industry as a

28 whole tend to move in the same direction as the country economy does. In other words, in times of deceleration, the projected growth of the banking industry also tends to decrease owing to the elasticity of banking operations. A natural consequence of this evolution is credit risk, which constitutes one of the main evaluation criteria when determining a bank’s financial position.

Currently CORPBANCA enjoys a below average portfolio credit risk in comparison with the financial system. For the purpose of satisfactorily covering the risks mentioned, the present regulation establishes limits or maximum asset liability gap risk, which are an integral part of the policy on exposure maintained by CORPBANCA.

INVESTMENT AND FUNDING POLICIES

As a bank, CORPBANCA is governed by the legal and regulatory restrictions defined by the General Banking Law. Within this framework, CORPBANCA maintains a loan portfolio aimed at financing all types of clients, across all business sectors, adequately combining profitability and risk standards. As an intermediary, CORPBANCA finances itself by seeking an economically profitable mix, privileging the use of funds at the lowest possible cost. Given the importance of financial leverage in financial institutions, one of the Bank’s key concerns is to maintain a satisfactory equity level. Among the investments geared at maintaining a suitable infrastructure for its business plan, CORPBANCA has a dynamic program sustained by a combination of its own resources and rental expenses that have helped the Bank end 2004 as the most efficient banking institution among its peers in Chile.

PATENTS AND OTHER RIGHTS

Each and every trademark the Company uses is duly registered and, therefore, legally protected.

29 PRINCIPAL ASSETS

At December 31, 2004 the principal fixed assets of CORPBANCA were its headquarters building located at Huérfanos 1072, Santiago and 32 branch offices throughout Chile.

SUBSIDIARIES AND SUPPORT COMPANIES

CORPBANCA holds a stake in a number of companies that are divided in Subsidiaries Companies and Trade Support Companies. At year-end 2004, these companies reported to CORPBANCA a net total income of Ch$ 5,607 million, a figure that represents an increase of 49% over the revenues obtained the previous year for the same concept.

Subsidiaries Companies 1. Corp Administradora General de Fondos: The purpose of this company is to administrate mutual funds capital on behalf of its depositors. Investments are undertaken in fixed as well as variable market securities in Chile and overseas. During 2004, the company generated a net income of Ch$ 701 million, a profit of 46.2% over invested capital. At year-end 2004, the company’s fully subscribed and paid-in share capital was Ch$ 1,519 million. CORPBANCA’s holding in the company is 99.996%, an investment equivalent to 0.07% of the Bank’s total assets. Board of Directors: Chairman : Cristián Canales P. (2) Director : Camilo Morales R. (2) Director : Patricio Rojas O. (2) Director : Hernán Santamaría T. (2) General Manager : Pedro Silva Y.

30 2. Corp Corredores de Bolsa: The stock brokerage firm deals in securities for third parties besides administrating its fixed income security portfolio and trading in foreign currency. These activities generated revenues of Ch$ 2,819 million in 2004, translating into 29.9% profitability over invested capital. At year-end 2004, the fully subscribed and paid-in capital of Corp Corredores de Bolsa ascended to Ch$ 9,442 million, while CORPBANCA’s participation in the company reached 99.992%, an investment equivalent to 0.38% of the Bank’ s total assets.

Board of Directors Chairman : Pablo de la Cerda M. (3) Director : Nazir Alberto Selman H. (2) Director (Gen. Manager) : Carlos Ubeda P.

3. Corp Corredores de Seguros: The insurance broker administrates insurance, both of its own clients as well as clients from the Bank. At year-end 2004, this affiliate recorded a net income of 1,784 million, with a fully subscribed and paid-in capital of Ch$ 55 million. CORPBANCA’s holding in the company reached 99.99%, an investment equivalent to a 0.6% of the Bank’s total assets.

Board of Directors Chairman : Maritza Saieh B. Director : Olivia Brito B. (2) Director (Gen. Manager) : Roberto Vergara K.

4. Corp Asesorías Financieras: This Company conducts studies and provides its clients with consultancy on financial and debt re-scheduling. At year-end 2004, Corp Asesorías Financieras exhibited a total net income of Ch$ 125 million, which entailed an 84.2% profitability over invested capital. The fully subscribed and paid-in capital amounted to Ch$ 149 million, while CORPBANCA’s stake reached 99.99%, equivalent to 0.01% of the Bank’s total assets.

31 Board of Directors Chairman : Christian Schiessler G. (2) Vice-Chairman : Christian Samsing S. (1) Director : José Francisco Sánchez F. (2) Director : Cristián Canales P. (2) Director : Héctor Valdés R. General Manager : Roberto Baraona U.

Support Companies1 1. Nexus: This Company processes credit and debit cards at the lowest possible cost. At year-end 2004, the company’s fully subscribed and paid-in capital was Ch$ 3,465 million. CORPBANCA’s holding in Nexus is 12.93% and the investment accounts for 0.02% of the Bank’s total assets. Board of Directors Chairman : Mario Gaete H. Vice- Chairman : Miguel Vargas M. Director : Jeremy Pallant Director : Fernando León S. Director : Hernán Santamaría T. (2) General Manager : Carlos Johnson L.

2. Combanc: The purpose of this company is to lend services for payment compensation and activities complementary to the banking business. At year- end 2004, the fully subscribed and paid-in capital of the company was Ch$ 1.611 million; CORPBANCA’s holding in Combanc was 13.67%, an investment that represents 0.01% of the bank’s total assets.

Board of Directors Chairman : Mario Duque A. Director : Alejandro Alarcón P. Director : Segismundo Schulin-Zenthen S. Director : Joaquín Cortez H.

1Companies in which CORPBANCA held more than 10.0% at December, 31 2004.

32 Director : Héctor Valdez R. Director : Roberto Busto K. Director : Carlos Budnevich L. Director : Patricio Claro G. Director : Andrés Sanfuentes V. General Manager : Felipe Ledermann B.

3. Transbank: This is a banking support company whose partners are the most important banking and financial entities. Its business consists of administrating credit cards (Visa, Mastercard, Magna, American Express and Diners Club) and Redcompra debit cards (Electron and Maestro). Additionally, it administrates Webpay, the Internet shopping services, enabling the safe and secure interchange of information. At year-end 2004, the fully subscribed and paid-in capital of the company was Ch$ 4,202 million; CORPBANCA’s stake in Transbank reached 8.72%, an investment representing 0.01% of the Bank’s total assets.

(1) CORPBANCA General Manager (2) CORPBANCA Manager (3) CORPBANCA’s Chief Legal Counsel 33 STOCK EXCHANGE TRANSACTIONS

CORPBANCA’s shares were transacted on the Santiago Stock Exchange during 2003-2004 as follows: N° Average Stock-exchange Year 2003 Bus Average Volume Closing High Low Quantity P/U capital First quarter 2003 232 1,445,575,707 2,15 2,18 2,1 3,088,136,891 11,24 367,034,139,042 Second quarter 2003 484 2,292,091,176 2,63 2,74 2,4 5,840,844,919 12,61 498,534,598,519 Third quarter 2003 505 1,898,942,348 2,79 2,88 2,6 5,208,733,919 15,00 632,320,556,408 Fourth quarter 2003 1807 26,173,992,996 3,11 3,30 2,8 74,689,429,674 15,48 706,444,257,996

N° Average Stock-exchange Year 2004 Bus Average Volume Closing High Low Quantity P/U capital First quarter 2004 1570 10,947,679,957 3,14 3,21 3,0 34,454,375,694 14,55 712,495,172,412 Second quarter 2004 1018 5,215,106,389 2,97 3,10 2,9 15,406,969,204 13,21 673,920,593,014 Third quarter 2004 1401 4,703,949,655 3,18 3,21 3,0 14,875,841,293 13,92 722,327,908,337 Fourth quarter 2004 1379 4,825,028,916 3,20 3,32 3,1 15,441,130,072 14,05 726,109,729,846

During 2004, the following Bank directors and senior executives transacted the following CORPBANCA shares:

Marcelo Achondo L.

Date of Purchase Date of Sale Quantity Price Investment 10.13.2004 4,239,668 3,27 13,863,714 10.13.2004 673,264 3,24 2,181,375 10.14.2004 793,814 3,17 2,516,390 10.15.2004 2,521,207 3,18 8,017,438 10.15.2004 2,123,779 3,22 6,838,569

Christian Schiesser G.

Date of Purchase Date of Sale Quantity Price Investment 10.01.2004 15,500,500 3,30 51,150,000

Julio Henríquez B.

Date of Purchase Date of Sale Quantity Price Investment 02.10.2004 12,239,721 3,20 39,167,107

34 DIVIDEND POLICY

Dividend policy established by CORPBANCA and accepted at the ordinary shareholders’ meeting, entails disbursing 50% of net income charged to the previous fiscal year. This policy was first enacted in 2002, when disbursements were charged to earnings from fiscal year 2001. For this concept, at the annual shareholders’ meeting held in February 2004, the bank distributed dividends amounting to Ch$ 25,062 million, representing 50% of net income of fiscal year 2003.

The following table shows dividends per share, distributed during the past three years:

Distributed Income Pesos per Share Charged to Year (MCh$) (Ch$ of each year) Fiscal Year 2002 14,221.7 0.083437 2001 2003 17,776.5 0.078342 2002 2004 25,061.8 0.110448 2003

REMUNERATION

At the ordinary shareholders’ meeting held on February 20th, 2004 it was established that members of the Board of Directors would not receive salaries for fiscal year 2004, except for members of the Board of Directors Committee and the Auditing Committee, who received total fees of Ch$ 148 million (Ch$ 13.8 million in 2003).

Total remunerations received by managers and senior executives at CORPBANCA during fiscal year 2004 amounted to Ch$ 1,447 million. Additionally, Bank executives receive bonuses for target accomplishment. The Human Resources Division Manager and the General Manager jointly establish policies determining such bonuses.

BOARD OF DIRECTOR’S COMMITTEE

The Board of Directors Committee at CORPBANCA is composed by Carlos Massad A. who presides over the events, René Cortazar S. and Francisco Rosende R. During 2004, the Board of Directors Committee performed each and every task stipulated in

35 clauses one through five of Article 50 bis of Law 18.046. These essentially includes, checking financial statements of the Bank and of the External Auditors, providing an opinion of them, reviewing material concerning transactions pertaining to Articles 44 and 89 of law and expressing pertinent opinions and issuing reports on such matters, as well as examining Bank executive and senior management pay scales and compensation plans.

MATERIAL EVENTS

During 2004, CORPBANCA informed to the Banks and Financial Institutions Superintendency the following material events:

1. At the ordinary shareholders meeting on February 20th, 2004 the Board of Directors of CORPBANCA was renewed, and the following directors were elected for a period of 3 years:

Full Members: Alvaro Saieh B., Jorge Andrés Saieh G., Carlos Abumohor T., Jorge Selume Z., Fernando Aguad D., Odde Rishmague R., Julio Barriga S., Hernán Somerville S., René Cortazar S., Francisco Rosende R., and Carlos Massad A.

Alternate Member: Juan Rafael Gutiérrez A.

2. On September 28th, 2004 CORPBANCA informed the Security and Exchange Commission (SEC) of the registration of the American Depositary Receipts (ADRs). This is part of the North American listing process so that CORPBANCA can constitute itself into an issuing company of internationally auctioned shares through ADRs. By doing so, the ADR program was modified in accordance with Regulation S, subject to the Securities Act of 1933, in order to include the ADRs in the SEC registry. Moreover, it was informed that every holder of ADRs of Rule 144-A, would be offered to exchange them for those registered with the Security and Exchange Commission.

36 3. On November 2nd, 2004 CORPBANCA informed the end of the established period for holders of American Depositary Shares (ADSs) of Rule 144-A to carry out their corresponding exchange for those ADSs registered with the Securities and Exchange Commission (SEC), thereby ending the process and having exchanged the total amount of ADSs of Rule 144-A. As a consequence of the exchange, the total ADSs registered ascended to 2,701,040 on November 1st, 2004; each one representing 5,000 CORPBANCA shares. This total includes the number of ADSs previously issued under Regulation S, which were also registered with the SEC.

Lastly, the abovementioned ADSs proceeded to be registered on the New York Stock Exchange (NYSE), which became effective on November 1st, 2004. By doing so, CORPBANCA shares can now be transacted on the international stock exchange as ADSs.

FINANCIAL STATEMENTS

37 INDEPENDENT AUDITORS' REPORT

To the Shareholders of CORPBANCA

We have audited the accompanying consolidated balance sheets of CORPBANCA and its Subsidiaries as of December 31, 2004 and 2003, and the related consolidated statements of income and of cash flows for the years then ended. These financial statements (including the related Notes) are the responsibility of the management of CORPBANCA. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in Chile. Those standards require that we plan and perform the audit 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 management of the Bank, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of CORPBANCA and its Subsidiaries at December 31, 2004 and 2003 and the results of their operations and their cash flows for the years then ended in conformity with accounting principles generally accepted in Chile and the rules of the Superintendencia de Bancos e Instituciones Financieras.

As explained in Note 2, starting January 1, 2004, the Bank modified the basis for calculation of the allowance for loan losses. Additionally, the Bank modified the income statement presentation of provisions made and the effects of reserves established and released allowances for loan losses.

The translation of the financial statements into English has been made solely for the convenience of readers outside Chile.

January 14, 2005

38 CORPBANCA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions of Chilean pesos – MCh$)

At December 31, ASSETS 2004 2003 MCh$ MCh$

CASH AND BANKS 158,602.1 118,157.6

LOANS: Commercial loans 1,123,389.3 994,495.7 Foreign trade loans 178,661.7 142,975.5 Consumer loans 286,816.7 223,580.0 Mortgage loans 293,350.4 313,219.7 Lease contracts 179,008.9 157,801.3 Factored receivables 60,117.7 38,172.1 Contingent loans 196,767.4 202,533.9 Other outstanding loans 85,890.9 41,528.5 Past due loans 19,642.9 26,519.3 Total loans 2,423,645.9 2,140,826.0

Less: Allowance for loan losses (41,610.5) (45,308.1) Total loans (net) 2,382,035.4 2,095,517.9

OTHER LOAN OPERATIONS: Interbank loans 20,003.3 4,100.0 Investments under agreements to resell 24,264.5 18,363.9 Total other loan operations 44,267.8 22,463.9

INVESTMENTS: Government securities 88,735.7 78,193.8 Other financial investments 340,135.9 313,183.2 Investments under agreements to repurchase 76,257.2 62,068.7 Assets to be leased 3,311.5 23,729.8 Assets received in lieu of payment or on foreclosure 4,308.2 6,237.5 Other non - financial investments 14.6 2.1 Total investments 512,763.1 483,415.1

OTHER ASSETS 70,536.9 102,922.5

FIXED ASSETS: Bank premises and equipment (net) 31,714.4 32,417.0 Investments in other companies 1,664.4 1,432.9 Total fixed assets 33,378.8 33,849.9

Total assets 3,201,584.1 2,856,326.9

Notes 1 to 18 are an integral part of these consolidated financial statements

39 CORPBANCA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (in millions of Chilean pesos – MCh$)

At December 31, LIABILITIES AND SHAREHOLDERS’ EQUITY 2004 2003 MCh$ MCh$ LIABILITIES

DEPOSITS AND OTHER LIABILITIES: Current accounts 130,760.3 123,467.1 Saving accounts and time deposits 1,612,278.0 1,436,639.1 Other sight and term liabilities 129,388.3 98,527.2 Investments under agreements to repurchase 80,778.8 63,259.0 Mortgage finance on bonds 320,139.3 284,722.2 Contingent liabilities 196,918.1 202,653.9 Total deposits and other liabilities 2,470,262.8 2,209,268.5

BONDS: Bonds - - Subordinated bonds 46,289.8 48,502.2 Total bonds 46,289.8 48,502.2

BORROWINGS FROM CENTRAL BANK AND OTHER FINANCIAL INSTITUTIONS: Chilean Central Bank lines of credit for renegotiations of loans 4.3 36.0 Other Central Bank borrowings 26,103.5 - Borrowings from domestic financial institutions 18,131.5 71,186.4 Foreign borrowings 221,822.3 162,928.2 Other obligations 13,046.2 10,673.0 Total borrowings from financial institutions 279,107.8 244,823.6

OTHER LIABILITIES 29,527.9 6,237.5 Total liabilities 2,825,188.3 2,508,831.8 MINORITY INTEREST - -

SHAREHOLDERS’ EQUITY: Capital and reserves 322,396.5 296,833.5 Other reserves 3,232.0 (715.0) Net income for the year 50,767.3 51,376.6 Total shareholders' equity 376,395.8 347,495.1

Total liabilities and shareholders’ equity 3,201,584.1 2,856,326.9

Notes 1 to 18 are an integral part of these consolidated financial statements

40 CORPBANCA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003 (in millions of Chilean pesos – MCh$) 2004 2003 MCh$ MCh$ OPERATING REVENUE Interest revenue 190,820.2 159,302.3 Gains from trading activities 21,261.5 21,974.1 Fees and other services income 22,046.9 25,804.0 Foreign exchange transactions gain (net) 1,262.5 9,205.4 Other operating income 3,451.8 2,961.5 Total operating revenue 238,842.9 219,247.3

Less: Interest expense (78,893.6) (61,311.6) Losses from trading (11,091.6) (10,461.1) Fees and other services expenses (3,192.6) (3,268.7) Other operating expenses (8,212.0) (9,699.3) Gross operating margin 137,453.1 134,506.6 Personnel salaries and expenses (33,172.9) (31,399.5) Administrative and other expenses (15,883.0) (14,100.2) Depreciation and amortization (4,782.0) (5,354.8) Net operating margin 83,615.2 83,652.1 Provisions for assets at risk (18,119.4) (26,179.2) Operating income 65,495.8 57,472.9 OTHER INCOME AND EXPENSES Non-operating income 2,753.5 2,373.9 Non-operating expenses (4,741.9) (4,264.7) Income from investments in other companies 225.0 215.7 Net loss from price-level restatement (6,453.1) (2,294.3) Income before income tax 57,279.3 53,503.5 Income taxes (6,512.0) (2,126.9) Income after income tax 50,767.3 51,376.6 Minority interest - - Net income 50,767.3 51,376.6

Notes 1 to 18 are an integral part of these consolidated financial statements

41 CORPBANCA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2004 AND 2003 (in millions of Chilean pesos – MCh$)

2004 2003 CASH FLOW FROM OPERATING ACTIVITIES: MCh$ MCh$ Net income 50,767.3 51,376.6 Charge (credit) to income not representing cash flow: Depreciation and amortization 4,782.0 5,354.8 Provisions and write-offs of assets at risk 25,655.6 32,611.3 Adjustment to market value of financial investments tradingportfolio 449.1 713.2 Tax provision 6,512.0 2,126.9 Amortization of negative goodwill on investments in companies 1,160.2 1,205.5 Write-off of other assets 1,919.2 1,844.0 Income from investments in companies (225.0) (215.7) Net gain on sale of assets received in payment (440.4) (2,074.0) Loss on sale of fixed assets 19.7 73.0 Net loss from price-level restatement 6,453.1 2,294.3 Other charges that do not require cash (2,593.6) (12,406.6) Net change-interest adjustments and fees and other services accrued on assets and liabilities 1,176.5 (4,255.6) Net cash provided by operating activities 95,635.7 78,647.7 CASH FLOW FROM INVESTING ACTIVITIES: Increase in loans (net) (361,463.4) (393,250.4) (Increase) decrease in other credit operations (net) (22,628.6) 16,463.0 Increase in investments (net) (36,827.1) (191,546.4) Purchase of fixed assets (2,337.8) (4,726.1) Sale of fixed assets 172.7 351.6 Investments in other companies (219.4) - Dividends received from investment in companies 168.2 179.0 Sale of fixed assets received in lieu of payment or in foreclosure 4,511.1 6,886.3 (Increase) decrease in other assets and liabilities (net) 36,668.3 (49,934.2) Net cash used in investing activities (381,956.0) (615,577.2) CASH FLOW FROM FINANCING ACTIVITIES: Increase in current accounts (net) 10,433.4 1,835.6 Increase in deposits and borrowings (net) 207,396.3 314,596.7 Increase (decrease) in other sight or term obligations (net) 33,637.3 (5,607.1) Increase of other liabilities from brokerage of instruments 19,303.0 12,450.3 Increase in borrowings from Chilean Central Bank (short term) 26,429.8 - Increase (decrease) of short-term foreign loans (net) (8,979.4) 37,566.0 Issue of mortgage notes 173,981.2 419,053.8 Redemption of mortgage notes (135,277.1) (326,666.5) Increase (decrease) in other short-term liabilities (53,405.4) 55,458.7 Repayment of Chilean Central Bank borrowings (long-term) (32.0) (504.4) Redemption of bonds (2,272.6) (15,494.5) Loans obtained abroad (long-term) 181,668.3 84,285.7 Repayment of foreign borrowings (long-term) (103,446.1) (48,737.6) Other borrowing (long-term) 8,750.8 5,724.1 Repayment of other borrowings (long-term) (4,367.8) (5,930.4) Dividends paid (25,813.6) (18,457.8) Net cash provided by financing activities 328,006.1 509,572.6 NET POSITIVE (NEGATIVE) CASH FLOW OF THE YEAR 41,685.8 (27,356.9) INFLATION EFFECT ON CASH AND CASH EQUIVALENTS (1,241.3) (134.6) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 40,444.5 (27,491.5) CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 118,157.6 145,649.1 CASH AND CASH EQUIVALENTS AT END OF YEAR 158,602.1 118,157.6

Notes 1 to 18 are an integral part of these consolidated financial statements

42 CORPBANCA AND SUBSIDIARIES

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT DECEMBER 31, 2004 AND 2003 (In millions of Chilean pesos - MCh$)

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Information provided

The financial statements have been prepared in accordance with accounting regulations issued by the Superintendence of Banks and Financial Institutions (hereinafter, the Superintendence). Such regulations agree with accounting principles generally accepted in Chile.

The 2003 figures are restated for the change of 2.5% in the Consumer Price Index (CPI). Certain reclassifications have also been made for purposes of comparison. b. Basis of consolidation

The consolidated group (“the Group”) comprises Corpbanca (“the Bank”) and its subsidiaries listed below:

Ownership 2004 2003 %% Corp Corredores de Bolsa S.A. 100.00 100.00 Corp Administradora de Fondos Mutuos S.A. 100.00 100.00 Corp Asesorías Financieras S.A. 100.00 100.00 Corp Corredores de Seguros S.A. 100.00 100.00

The subsidiaries’ assets and operating income represent 2.8% and 9.4%, respectively, of the total consolidated assets and operating income (2.1% and 5.9% in 2003).

All significant balances and transactions among the group’s companies have been eliminated in consolidation. c. Interest and indexation

The amounts recorded in the balance sheet for loans, investments and liabilities include interest and indexation accrued at year end. However, the Group has taken the conservative position of discontinuing the recognition of interest and indexation on high-risk or past-due loans. d. Price-level restatement

Shareholders' equity, fixed assets, and other non-monetary balances have been price-level restated, considering the changes in the Chilean Consumer Price Index (CPI). The application of price-level restatement results in a net charge to income of MCh$6,453.1 (MCh$2,294.3 in 2003).

The income statement is not price-level restated.

43 e. Foreign currency

Assets and liabilities denominated in foreign currency are stated in Chilean pesos at the exchange rate prevailing at year-end. The December 31, 2004 rate for the US dollar was Ch$559.83 = US$1 (Ch$599.42 = US$1 at December 31, 2003). The net exchange gain of MCh$1,262.5 in 2004 presented in the income statement (MCh$9,205.4 in 2003) includes recognition of effects of changes in the exchange rate of assets and liabilities in foreign currency and income from exchange operations. f. Leasing contracts

Finance leasing operations are leasing contracts including a clause granting the lessee a purchase option on the leased asset at the end of the contract. g. Factoring receivables

Factoring receivables are valued at the amount disbursed to the borrower. The price difference between the amounts disbursed and the actual value of the received is earned and recorded as interest income over the financing period. The grantor is responsible for the payment of loans. h. Financial investments

Investments in financial instruments with a secondary market held by the Bank are presented at market value in accordance with specific instructions of the Superintendence. Such instructions call for the recognition of the adjustments to market value against income for the year, unless permanent investments are involved, in which case, under certain limitations, the aforementioned adjustments can be made directly against equity in “Fluctuations in value of financial investments”. The adjustment resulted in a net charge to income for the year 2004 of MCh$449.1 (MCh$713.2 in 2003) which is included in operating income in "Gains or losses from trading securities". For permanent investments, the adjustment resulted in a net credit of MCh$3,929.6 against equity (net credit in 2003 of MCh$38.5 - historical amount).

Other investments in financial instruments are stated at cost plus accrued interest and indexation. i. Bank premises and equipment

Bank premises and equipment are stated at price-level restated cost and are shown net of accumulated depreciation. Depreciation is calculated using the straight-line method over the useful lives of the assets. j. Goodwill on investments in related companies

Goodwill on investments in related companies and the premium paid for the acquisition of shares, rights, assets and contracts of the Consumer Credit Division of Corfinsa are amortized over a period of ten years. The excess price paid as a result of the recognition of the quality of the portfolio purchased from Financiera Condell S.A. is amortized over six years starting August 1, 1999, following instructions from the Superintendence.

44 k. Provisions for assets at risk

The Bank established all provisions required to cover the risk of loss on assets (Note 6), in accordance with the regulations issued by the Superintendence. Assets are stated net of such provisions or are shown as a deduction in the case of loans. l. Deferred taxes

The effects of deferred taxes arising from temporary differences between tax and book balances are recorded on the accrual basis in accordance with Technical Bulletin Nº 60 of the Chilean Institute of Accountants and its supplements, and with instructions from the Superintendence. According to Technical Bulletin Nº 71 of the Chilean Institute of Accountants, deferred taxes are booked by applying the income tax rate for the year in which the corresponding temporary difference that produced the aforementioned taxes will be reversed. m. Vacation expense

The annual cost of employee vacations and benefits is recorded on the accrual basis. n. Cash and cash equivalents

For purposes of the statement of cash flows, the balance of “cash and banks” has been considered cash and cash equivalents, as per the definition in Chapter 18-1 of the updated Compilation of Regulations for Banks and Finance Companies.

45 2. ACCOUNTING CHANGE

x As established in Circular N° 3,189 and 3,246 of the Chilean Superintendency of Banks, starting January 1°, 2004, the Bank modified the basis for calculation of the allowance for loan losses.

These Circulars provide for a substantial change due to the fact that the provisions must be established by applying evaluation models and methods developed by the banks themselves, models and methods which have to be approved by the Board of Directors of the Bank.

At December 31, 2004 the application of the new models and methods did not have any significant effects on the Bank's income.

x As established in Circular N° 3,246 of the Chilean Superintendency of Banks, starting January 1, 2004, the provisions for asset at risk are presented in the Income Statements net of recoveries of written-off loans. For comparison purposes the Income Statement of 2003 was reclassified.

3 SIGNIFICANT EVENTS

x In an Ordinary Meeting of Shareholders on February 20, 2004, the Board of Directors of CORPBANCA was renewed and the following Directors were elected for a period of 3 years: Directors Alternate Director

Messrs.: Mr.: Carlos Abumohor Touma Juan Rafael Gutiérrez Avila Fernando Aguad Dagach Julio Barriga Silva René Cortázar Sanz Carlos Massad Abud Odde Rishmague Rishmague Francisco Rosende Ramírez Alvaro Saieh Bendeck Jorge Andrés Saieh Guzmán Jorge Selume Zaror Hernán Somerville Senn

x In a meeting of the Board of Directors on March 2, 2004, the following appointments were made in the Board of Directors of CORPBANCA:

President Carlos Abumohor Touma First Vice-president Alvaro Saieh Bendeck Second Vice-president Jorge Andrés Saieh Guzmán

46 x On June 4, 2004, exempt resolution 271 of the Superintendence of Securities and Insurance approved the amended by-laws of the company “Corp Administradora de Fondos Mutuos S.A.”, agreed to in the Extraordinary Meeting of Shareholders held on March 22, 2004, drawn up as a public deed on March 25, 2004 and supplemented by public deed dated April 21, 2004, consisting of a change in the type of administrative company to make it a General Fund Administrator, as provided for in Section XXVII of Law 18.045; and to that end amending the purpose and name of the company, which is now called “Corp Administradora General de Fondos S.A”. x On September 28, 2004, CORPBANCA communicated the following significant event:

Continuing with the listing process in the United States of America for CORPBANCA to be incorporated as a company issuing shares traded in international stock exchanges through American Depositary Receipts (ADRs), such ADRs have been registered with the Securities and Exchange Commission (SEC). To that end, the ADR plan issued according to Regulation S has been amended in accordance with the Securities Act of 1933 of the United States of America, so as to include such ADRs in the aforementioned registration with SEC.

Likewise, each holder of ADRs under Rule 144 A will be offered the possibility of exchanging them for those registered with the Securities and Exchange Commission. x On November 2, 2004, CORPBANCA communicated the following significant event:

The deadline stipulated for holders of American Depositary Shares, ADSs, under Rule 144A to change them for those ADSs registered with the Securities and Exchange Commission (SEC) has expired. Thus, the above process has been completed, with all ADSs under Rule 144A having been exchanged.

As a result of the exchange, the total number of registered ADSs at November 1, 2004 is 2,701,040, each representing 5,000 CORPBANCA shares. This total includes the number of ADSs issued previously under Regulation S, which were also registered with SEC.

Finally, these ADSs have been registered with the New York Stock Exchange (NYSE), coming into effect as of November 1, 2004. Thus, CORPBANCA shares may be traded in international stock exchanges as ADSs.

47 3. RELATED PARTY TRANSACTIONS

According to the provisions of the General Banking Law and instructions from the Superintendence, individuals and companies that are related, directly or indirectly, to the Bank's owners or management are considered related parties. a. Loans to related parties At December 31, 2004 and 2003, loans to related parties are as follows: Past due Collateral Current portfolio portfolio Total pledged (*) 2004 2003 2004 2003 2004 2003 2004 2003 MCh$ MCh$ MCh$ MCh$ MCh$ MCh$ MCh$ MCh$

Operating companies 47,743.0 50,731.3 - - 47,743.0 50,731.3 10,820.9 18,615.3 Investment companies 5,416.1 5,425.4 - - 5,416.1 5,425.4 - - Individuals (**) 235.5 227.6 - - 235.5 227.6 235.5 227.6 Total 53,394.6 56,384.3 - - 53,394.6 56,384.3 11,056.4 18,842.9

(*) Includes only those guarantees that are admitted by Article 84 of the General Banking Law for purposes of establishing the individual credit limits defined by the Law. The guarantees are valued in accordance with instructions from the Superintendence. (**) Includes only those loans to individuals whose outstanding balances are not less than the equivalent of 3,000 inflation index-linked units of account.

48 b. Other transactions with related parties

During 2004 and 2003, the Bank’s transactions with related parties for amounts in excess of 1,000 UF inflation index-linked units of account are as follows:

Balance receivable Effect on income Related party Item (payable) Income Expense MCh$ MCh$ MCh$ 2004: Evaluadora de Antecedentes S.A. Customer evaluation - 6.8 3,125.0 (*)

Recaudaciones y Cobranzas S.A. Rental of offices and collection (8.6) 64.5 1,421.7

Corp Group Interhold S.A. Management advisory services - 29.3 1,277.8

Nexus S.A. Credit card management - - 930.6

Fundación Corpgroup Centro Donations - - 780.0 Cultural

Proveedora de Servicios S.A. Customer evaluation and office rental - 0.8 760.6 (*)

Transbank S.A. Credit card management - - 711.8

Compañía de Seguros Vida Rental of offices 1.9 158.4 - Corp S.A. Insurance brokerage 30.5 236.3 -

Redbanc S.A. Automatic teller machine - - 350.8 administration

Inmobiliaria e Inversiones San Financial advisory services - - 142.7 Francisco Ltda.

Asesorías Santa Josefina Ltda. Advisory and management services - - 135.9

Promoservice S.A. Advertising advisory services - 125.0 -

Sociedad Nacional de Minería Advertising in mining newsletter - - 47.8

Inmobiliaria e Inversiones Economic and financial advisory - - 36.0 Boquiñeni Ltda. services

Corp Legal S.A. Rental of offices and advisory services 1.8 23.8 27.0

Servicios y Consultorías S.A. Services received - - 3.0

(*) Companies related until August, 2004.

49 Balance receivable Effect on income Related party Item (payable) Income Expense MM$ MM$ MM$ 2003: Evaluadora de Antecedentes S.A. Customer evaluation 196.8 9.9 4,384.5

Recaudaciones y Cobranzas S.A. Rental of offices and collection - 53.6 1,450.8

Corp Group Interhold S.A. Management advisory services - 47.3 1,297.9

Nexus S.A. Credit card management - - 844.6

Proveedora de Servicios S.A. Customer evaluation and office rental 30.8 - 784.6

Transbank S.A. Credit card management - - 706.9

Redbanc S.A. Automatic teller machine - - 396.1 administration

Promoservice S.A. Advertising advisory services (38.7) - 304.9

Asesorías Santa Josefina Ltda. Advisory and management services - - 137.0

Inmobiliaria e Inversiones Economic and financial advisory - - Boquiñeni Ltda services 72.1

Consorcio Periodístico de Chile S.A. Advertising services - - 70.8

Corp Legal S.A. Rental of offices and advisories 1.6 18.0 64.2

Sociedad Nacional de Minería Advertising in mining newsletter - - 48.1

Compañía de Seguros Vida Insurance premiums and office rental - 213.2 38.4 Corp S.A. Rewards and allocations 32.0 32.0 - Insurance brokerage 105.3 810.6 - Advisory services rendered - 21.4 -

These transactions were performed under terms normally prevailing in the market at the date of the transaction.

50 5. INVESTMENTS IN OTHER COMPANIES

The balance sheet includes investments in other companies for MCh$1,664.4 (MCh$1,432.9 in 2003), as follows:

Investment Investment Equity in Company Ownership Equity amount income (loss) 2004 2003 2004 2003 2004 2003 2004 2003 %%MCh$ MCh$ MCh$ MCh$ MCh$ MCh$

Transbank S.A. 8.72% 8.72% 4,958.3 4,973.1 432.3 433.6 66.0 66.2 Nexus S.A. 12.90% 12.90% 4,131.2 3,916.6 533.1 505.4 86.0 72.8 Combanc S.A. 13.67% - 1,609.9 - 220.1 - (0.2) - Subtotal 1,185.5 939.0 151.8 139.0

Shares and rights in other companies: Redbanc S.A. 87.0 96.5 19.2 25.1 Sociedad Interbancaria de 48.2 54.6 6.2 6.2 Depósitos de Valores S.A. Share in Bolsa de Comercio de Santiago 278.9 279.4 46.4 45.0 Share in Bolsa Electrónica de Chile 64.8 63.4 1.4 0.4 Subtotal 478.9 493.9 73.2 76.7 Total 1,664.4 1,432.9 225.0 215.7

51 6. ALLOWANCES

Allowances for assets at risk

At December 31, 2004, the Bank and its subsidiaries have accrued allowances to cover estimated losses of MCh$42,504.9 (MCh$46,901.6 in 2003), which correspond to the minimum amount of allowances required by the Superintendence.

During 2003 and 2004, the changes in such allowances were as follows:

Reserves for Assets received in lieu of Loan payment or on Other losses foreclosure assets Total MCh$ MCh$ MCh$ MCh$

Balances, January 1, 2003 37,921.9 52.9 693.3 38,668.1 Application of allowances (19,559.0) (4,488.7) (725.3) (24,773.0) Allowances established 30,696.7 5,270.8 1,103.4 37,070.9 Allowances released (4,856.6) (200.0) (151.7) (5,208.3) Balances, December 31, 2003 44,203.0 635.0 919.7 45,757.7 Price-level restated balances, for comparative purposes 45,308.1 650.9 942.6 46,901.6

Balances, January 1, 2004 44,203.0 635.0 919.7 45,757.7 Application of allowances (21,922.7) (3,935.6) (3,070.8) (28,929.1) Allowances established 27,316.5 3,563.4 2,966.4 33,846.3 Allowances released (7,986.3) - (183.7) (8,170.0) Balances, December 31, 2004 41,610.5 262.8 631.6 42,504.9

Allowances for assets at risk is presented net of recovery of written-off loans for MCh$7,536.2 in 2004 (MCh$6,432.1 in 2003).

In the opinion of the Bank's management, based on the information examined, the allowances established reasonably cover all possible losses that might result from non-recovery of assets.

52 7. SHAREHOLDERS’ EQUITY a. Equity

The movements in the shareholders’ equity accounts during 2004 and 2003 are summarized as follows:

Paid-in Other Net income capital Reserves reserves for the year Total MCh$ MCh$ MCh$ MCh$ MCh$

Balances, January 1, 2003 267,328.2 1,674.6 (736.1) 35,553.0 303,819.7 Net income from prior year - 35,553.0 - (35,553.0) - Dividends paid - (17,776.5) - - (17,776.5) Price – level restatement of capital 2,673.3 141.1 - - 2,814.4 Fluctuation in value of financial investments - - 38.5 - 38.5 Net income – 2003 - - - 50,123.5 50,123.5 Balances, December 31, 2003 270,001.5 19,592.2 (697.6) 50,123.5 339,019.6 Price-level restated balances for comparative purposes 276,751.5 20,082.0 (715.0) 51,376.6 347,495.1

Balances, January 1, 2004 270,001.5 19,592.2 (697.6) 50,123.5 339,019.6 Net income from prior year - 50,123.5 - (50,123.5) - Dividends paid - (25,061.7) - - (25,061.7) Price – level restatement of capital 6,750.0 991.0 - - 7,741.0 Fluctuation in value of financial investments - - 3,929.6 - 3,929.6 Net income – 2004 - - - 50,767.3 50,767.3 Balances, December 31, 2004 276,751.5 45,645.0 3,232.0 50,767.3 376,395.8

Subscribed and paid shares

At December 31, 2004, the paid in capital of the Bank is represented by 226,909,290,577 subscribed and paid ordinary no-par-value shares.

As explained in Note 3, as a result of the exchange, the total number of registered ADS’s at November 1, 2004 is 2,701,040, each representing 5,000 CORPBANCA shares. This total includes the number of ADS’s issued previously under Regulation S.

53 Dividend distribution

The Ordinary General Meeting of Shareholders of CORPBANCA, held on February 25, 2002, stipulated a dividends policy consisting of distributing 50% of distributable profits as of 2002, retaining the remaining 50% in the account “Retained earnings for distribution”, classified in “Other reserves”. As a result of applying this criterion, the Ordinary General Meeting of Shareholders held on February 20, 2004, approved payment of a dividend of MCh$25,061.7 corresponding to 50% of the net income in the 2003 financial year. b. Minimum basic capital and effective equity

According to the General Banking Law, a financial institution’s minimum basic capital may not be less than 3% of its total assets, while the effective equity may not be less than 8% of its risk weighted assets. At each year-end, the situation of the Bank is as follows:

December 31 2004 2003 MCh$ MCh$

Minimum basic capital * 325,628.5 296,118.5 Total assets 3,206,009.6 2,855,052.3 Percentage 10.16% 10.37%

Effective equity ** 372,015.3 335,150.2 Risk weighted assets 2,561,906.2 2,267,536.0 Percentage 14.52% 14.78%

* Represents the paid-in capital and reserves.

** In order to calculate the effective equity, contributions equivalent to goodwill and contributions equivalent to non-consolidated investments in foreign companies must be deducted, and subordinated bonds and allowances for loans at risk must be considered equity, up to certain limits. Total assets and risk weighted assets are calculated based on the consolidated balance sheet of the Bank and its Subsidiaries.

54 8. INVESTMENTS

At December 31, 2004 and 2003, the Consolidated Group’s investments are as follows: a. Financial investments

2004 Adjustment to Type of portfolio market value Permanent Non Against Against Securities * ** permanent Subtotal income equity Total MCh$ MCh$ MCh$ MCh$ MCh$ MCh$

Chilean Central Bank 4,799.8 63,867.6 68,667.4 (137.8) (46.9) 68,482.7 Chilean Treasury or other government entities - 34,781.0 34,781.0 (72.1) - 34,708.9 Local financial institutions 117,298.2 130,502.9 247,801.1 (116.1) 1,608.5 249,293.5 Other local investments 98,600.4 11,528.6 110,129.0 - 1,650.3 111,779.3 Investments abroad 40,844.3 - 40,844.3 - 20.1 40,864.4 Total 261,542.7 240,680.1 502,222.8 (326.0) 3,232.0 505,128.8

2003 Adjustment to Type of portfolio market value Permanent Non Against Against Securities * ** permanent Subtotal income equity Total MCh$ MCh$ MCh$ MCh$ MCh$ MCh$

Chilean Central Bank - 97,560.0 97,560.0 126.3 - 97,686.3 Chilean Treasury or other government entities - 9,891.5 9,891.5 25.9 - 9,917.4 Local financial institutions 134,427.1 108,245.3 242,672.4 (103.8) (417.4) 242,151.2 Other local investments 36,686.4 7,464.5 44,150.9 129.2 265.8 44,545.9 Investments abroad 36,351.7 23,475.0 59,826.7 (118.4) (563.4) 59,144.9 Total 207,465.2 246,636.3 454,101.5 59.2 (715.0) 453,445.7

* Classification according to issuers. Totals of this table include MCh$76,257.2 (MCh$62,068.7 in 2003) for securities sold under repurchase agreements.

** Permanent investments include securities whose adjustment to market value is charged to the “Fluctuation in value of financial investments” account, as described in Note 1h).

55 b. Other investments

2004 2003 MCh$ MCh$

Assets received in lieu of payment or in foreclosure (*) 4,308.2 6,237.5 Other investments and assets for leasing 3,326.1 23,731.9 Total 7,634.3 29,969.4

(*) Assets received in settlement are included net of allowances for MCh$262.8 at December 31, 2004 (MCh$650.9 in 2003). The amount shown on the balance sheet corresponds to the estimated realizable value of these assets taken as a whole.

In addition to assets received in lieu of payment or in foreclosure, there are other assets that were written-off and have not been disposed of. These written-off assets are estimated to realize about MCh$490.0.

9. MATURITIES OF ASSETS AND LIABILITIES

a. Maturities of loans and financial investments

The information below shows loans and investments classified in accordance with the remaining terms until maturity. The balances, which include interest accrued at December 31, 2004 and 2003, are as follows:

At December 31, 2004:

Due after Due after Due 1 year 3 years Due within but within but within after 1 year 3 years 6 years 6 years Total MCh$ MCh$ MCh$ MCh$ MCh$

LOANS (1): Commercial loans and others 886,795.9 299,818.4 284,228.6 261,909.9 1,732,752.8 Mortgage loans 9,366.2 19,452.4 30,821.0 115,775.5 175,415.1 Consumer loans 105,055.8 116,961.5 56,863.1 5,984.3 284,864.7

OTHER LOAN OPERATIONS: Loans to other financial institutions 20,003.3 - - - 20,003.3 Credit arising from trading securities 24,264.4 - - - 24,264.4

FINANCIAL INVESTMENTS: Permanent investment portfolio (2) 23,686.2 44,260.8 88,656.8 104,938.9 261,542.7 Non-permanent investment portfolio (3) 240,354.1 - - - 240,354.1

56 At December 31, 2003:

Due after Due after Due 1 year 3 years Due within but within but within after 1 year 3 years 6 years 6 years Total MCh$ MCh$ MCh$ MCh$ MCh$

LOANS (1): Commercial loans and others 860,080.2 267,774.2 236,428.8 199,722.3 1,564,005.5 Mortgage loans 5,849.3 12,426.1 19,843.2 72,325.6 110,444.2 Consumer loans 85,191.3 98,418.8 31,942.3 5,457.9 221,010.3

OTHER LOAN OPERATIONS: Loans to other financial institutions 4,100.0 - - - 4,100.0 Liabilities arising from trading securities 18,363.9 - - - 18,363.9

FINANCIAL INVESTMENTS: Permanent investment portfolio (2) 16,899.8 39,303.9 51,729.3 99,532.2 207,465.2 Non-permanent investment portfolio (3) 246,695.5 - - - 246,695.5

(1) Includes only those loans outstanding at year-end that mature within the indicated periods. Consequently, contingent loans and loans transferred to the past-due portfolio, as well as delinquent loans that have not been transferred to the past-due portfolio amounting to MCh$14,203.0 (MCh$16,312.8 in 2003) of which MCh$5,723.0 (MCh$11,113.1 in 2003) were delinquent less than 30 days, have been excluded.

(2) Includes notes which make up the permanent investment portfolio as described in note 1h, but does not include adjustments to market value or non-transferable securities.

(3) Includes all other financial investments, with their respective adjustments to market value.

57 b. Maturities of deposits, borrowings and other liabilities

The information detailed below shows deposits, borrowings and other liabilities in accordance with the remaining terms until maturity. Balances include interest accrued at December 31, 2004 and 2003.

At December 31, 2004: Due Due Due after 1 year after 3 years Due within but within but within after 1 year 3 years 6 years 6 years Total MCh$ MCh$ MCh$ MCh$ MCh$

DEPOSITS AND OTHER LIABILITIES (*) - Time and demand deposits 1,590,889.0 5,053.9 53.0 1,132.2 1,597,128.1 - Other term liabilities 162.7 156.9 184.8 678.8 1,183.2 - Liabilities arising from trading securities 85,882.3 - - - 85,882.3 - Mortgage notes 26,233.4 45,321.6 72,189.3 176,395.0 320,139.3

BONDS 5,607.9 9,988.5 12,348.9 18,344.5 46,289.8 BORROWINGS FROM CHILEAN CENTRAL BANK AND OTHER FINANCIAL INSTITUTIONS: - Lines of credit for renegotiations 1.0 1.6 1.7 - 4.3 - Other Chilean Central Bank borrowings 26,103.5 - - - 26,103.5 - Domestic borrowings 18,131.5 - - - 18,131.5 - Foreign borrowings 217,623.6 4,198.7 - - 221,822.3 - Other borrowings 4,369.8 3,187.5 3,854.1 1,634.8 13,046.2

At December 31, 2003:

Due Due Due after 1 year after 3 years Due within but within but within after 1 year 3 years 6 years 6 years Total MCh$ MCh$ MCh$ MCh$ MCh$

DEPOSITS AND OTHER LIABILITIES (*) - Time and demand deposits 1,374,457.4 44,711.1 730.6 1,093.7 1,420,992.8 - Other term liabilities 529.1 239.4 101.5 6.4 876.4 - Liabilities arising from trading securities 63,259.0 - - - 63,259.0 - Mortgage notes 21,025.6 36,353.7 57,765.2 169,577.7 284,722.2

BONDS 2,938.6 5,877.2 8,815.8 30,870.6 48,502.2 BORROWINGS FROM CHILEAN CENTRAL BANK AND OTHER FINANCIAL INSTITUTIONS: - Lines of credit for renegotiations 2.9 6.6 8.7 17.8 36.0 - Other Chilean Central Bank borrowings ------Domestic borrowings 71,186.4 - - - 71,186.4 - Foreign borrowings 162,928.2 - - - 162,928.2 - Other borrowings 5,225.5 1,552.6 2,040.4 1,854.5 10,673.0

(*) Excludes all demand obligations, savings accounts and contingent liabilities.

58 10. FOREIGN CURRENCY POSITION

The balance sheet includes assets and liabilities that are denominated in foreign currency or are indexed to changes in exchange rates. These amounts are summarized below:

Receivable / Payable in: Foreign currency Chilean Pesos * Total 2004 2003 2004 2003 2004 2003 ThUS$ ThUS$ ThUS$ ThUS$ ThUS$ ThUS$

ASSETS: Liquid assets 46,359.2 50,474.8 - - 46,359.2 50,474.8 Loans 594,338.3 463,411.0 23,979.5 21,448.8 618,317.8 484,859.8 Contingent loans 144,085.4 146,030.1 - - 144,085.4 146,030.1 Financial investments: - Domestic 127,099.2 58,104.1 11,153.3 17,150.9 138,252.5 75,255.0 - Foreign 72,958.4 38,159.5 - - 72,958.4 38,159.5 Other assets 274,122.7 318,163.6 - - 274,122.7 318,163.6 Total assets 1,258,963.2 1,074,343.1 35,132.8 38,599.7 1,294,096.0 1,112,942.8

LIABILITIES: Time and demand deposits 338,394.0 446,010.3 1.4 - 338,395.4 446,010.3 Contingent liabilities 144,389.5 146,260.8 - - 144,389.5 146,260.8 Liabilities with domestic banks 2,012.5 2,100.0 - - 2,012.5 2,100.0 Obligations with foreign banks 396,153.1 258,019.7 - 32.1 396,153.1 258,051.8 Other liabilities 384,419.2 260,283.7 4,077.2 - 388,496.4 260,283.7 Total liabilities 1,265,368.3 1,112,674.5 4,078.6 32.1 1,269,446.9 1,112,706.6

* Corresponds to operations denominated in foreign currencies and payable in Chilean pesos or operations that are indexed to changes in the exchange rate.

59 11. TRANSACTIONS INVOLVING DERIVATIVE INSTRUMENTS

Transactions related to derivative products outstanding at December 31, 2004 and 2003 are summarized below:

a. Currency contracts

Notional amounts Number of Up to Over Transactions 3 months 3 months Type of future operations 2004 2003 2004 2003 2004 2003 ThUS$ ThUS$ ThUS$ ThUS$ Domestic market:

- Foreign currency forwards 293 117 278,815 181,311 319,219 283,782

Foreign market

- Foreign currency forwards 28 25 12,335 15,617 21,192 18,023 - Forwards or other interest rate contracts 23 - - - 250,300 -

The amount refers to either the US dollar futures bought or sold, or the equivalent in US dollars of foreign currency futures bought or sold, as applicable. The terms correspond to the duration of the contracts from the transaction date.

b. Contracts on the value of some authorized readjustment index (ARS) and interest rates in Chilean pesos.

Notional amounts Number of Up to Over Transactions 3 months 3 months Type of future operations 2004 2003 2004 2003 2004 2003 MCh$ MCh$ MCh$ MCh$

- Forward in ARS/pesos purchased 1 - - - 3,536.0 -

60 12. CONTINGENCIES, COMMITMENTS AND RESPONSIBILITIES a. Commitments and responsibilities recorded in memorandum accounts:

At December 31, 2004 and 2003, the Bank had recorded the following commitments and responsibilities in memorandum accounts: 2004 2003 MCh$ MCh$

Securities held in custody 549,269.9 504,812.8 Guarantees given by the Bank 277,781.3 222,776.5 Loans approved but not disbursed 133,268.1 85,408.6 Collections from abroad 22,395.4 22,044.8 Local collections 12,414.6 14,217.3

The above summary lists only the more important balances. Contingent loans and liabilities are rendered in the balance sheet. b. Pending lawsuits:

At December 31, 2004 and 2003, there were lawsuits pending against the Bank relating to loans and other matters. In the opinion of the Bank’s legal counsel, these lawsuits should not result in significant losses for the Bank.

The Fifth Criminal Court of Santiago, in the Fraud case N°149913-7, pursuant to criminal complaint in initial stages filed by Banco del Estado de Chile, and to which Corp Corredores de Bolsa S.A. is not a party, a time deposit of MCh$42.8, which Concepción S.A. Corredores de Bolsa S.A. (now Corp Corredores de Bolsa S.A.) had acquired from its original beneficiary, was seized, improperly in the Company’s opinion, as it was considered physical evidence. The aforementioned time deposit is fully provided for in the financial statements of the Company. c. Other liabilities: x CORPBANCA is entitled to transfer obligations arising from deferred customs duties related to the import of assets for lease to its clients. These transfers require authorization from customs authorities. At December 31, 2004, CORPBANCA had transferred to its clients deferred customs duty obligations amounting to MCh$3,091.7 (MCh$3,316.1 in 2003). x At December 31, 2004, leasing contracts signed, but for which assets have not yet been delivered, amounted to MCh$7,863.9 (MCh$39,273.9 in 2003). x Complying with articles 30 and 31 of Law Nº 18,045 (Securities Market Law), Corp Corredores de Bolsa S.A. has furnished a guarantee through Compañía de Seguros de Crédito Continental S.A. for 4,000 inflation index-linked units of account, expiring on April 22, 2005, with the Santiago Stock Exchange being designated custodian of the aforementioned policy. x On June 19, 2004, an Insurance Policy of US$2,500,000 was taken out with Compañía de Seguros Generales Cruz del Sur S.A, in order to cover any possible situations involving employee wrongdoings. This policy, whose direct beneficiary is Corp Corredores de Bolsa S.A. expires on June 19, 2005.

61 x In order to comply with the provisions of article 58 d) of Decree Law N°251, of 1931, specifying that “in order to exercise their activity, Insurance Brokers should comply with the requirement of taking out insurance policies as determined by the Superintendence of Securities and Insurances in order to answer for proper, complete fulfilment of all obligations issuing from their activity, and especially for any damages that they may cause to their insured parties”, the Company has taken out the following policies with Chilena Consolidada Seguros Generales S.A. They come into effect on April 15, 2004 and expire on April 14, 2005.

Policy Insurance Insured amount UF

1825141 Liability 60,000 1825142 Guarantee 500

x On June 19, 2004, the Company took out an insurance policy with Chubb de Chile Compañía de Seguros Generales S.A., in order to cover possible employee wrongdoings for US$2,500,000 and it expires on June 19, 2005. Its direct beneficiary is Corp Administradora de Fondos Mutuos S.A. and a net premium of US$15,960 was paid.

x On January 10, 2004, Corp Administradora General de Fondos S.A. renewed the following Guarantee Insurance Policies for General Fund Administrators in order to guarantee performance of the Administrator’s obligations with regard to the administration of third party funds and indemnity for damages resulting from non-performance thereof, in accordance with article 226 of Law N°18,045. They expire on January 10, 2005.

The details are as follows: Coverage Policy N° Corp Mutual Fund in UF 017427 Financial Banking 10,000 (*) 017428 Europa 10,000 (*) 017551 Eficiencia 10,000 017552 Más Ingreso 10,000 017553 Acciones 10,000 017554 Selecto 10,000 017555 Más Futuro 10,485 017556 Latinoamérica 10,000 017545 Emerging Markets 10,000 017544 Global Markets 10,000 017546 Más Valor 10,000 017547 Oportunidad 41,433 017548 Asia 10,000 017549 Technocom 10,000 017550 Commodities 10,000 017557 USA 10,000 017558 Biotech 10,000 017559 Dólar 10,000

(*) These policies were taken out on December 11, 2003, as a result of start-up of the mutual fund operations particularizad above.

62 The aforementioned policies were taken out with Compañía de Seguros Mapfre Garantías y Crédito S.A.

CORPBANCA is the representative of the beneficiaries of the guarantee on the above Funds.

13. FEES AND INCOME FROM SERVICES

Income and expenses for this item shown on the statements of income correspond to the following:

Commissions earned or paid:

Income Expenses 2004 2003 2004 2003 MCh$ MCh$ MCh$ MCh$

Checking accounts 5,300.8 6,010.4 16.2 26.0 Commissions – agreements - 3,249.2 - - Insurance brokerage 2,785.1 2,468.3 - - Commissions from collection 2,478.3 2,353.9 - - Credit cards 2,034.2 1,575.0 2,174.7 1,778.5 Commissions on credit operations 2,000.7 2,164.0 - - Remuneration and commissions from Mutual funds 2,382.4 1,777.9 - - Letters of credit, guarantees, pledges and other contingent loans 1,606.2 1,761.2 90.8 95.8 Lines of credit 922.7 1,466.3 - - Automatic teller cards 869.2 1,159.8 578.3 706.9 Customer services 468.9 407.4 137.4 173.4 Commissions on sales of mortgages notes 326.2 408.8 12.7 351.0 Collection of documents 290.2 313.7 46.7 22.6 Commissions from stock-exchange operations 213.9 381.4 41.9 33.2 Stock exchange rights 159.9 94.8 45.7 43.0 Factoring operations 110.1 23.3 - - Trust and custody commissions 22.7 24.4 - - Others 75.4 164.2 48.2 38.3 Total 22,046.9 25,804.0 3,192.6 3,268.7

The commissions earned on mortgage instrument operations are included in “Interest and indexation income” in the income statement.

63 14. OTHER OPERATING EXPENSES

Details of other operating expenses are as follows:

2004 2003 MCh$ MCh$ Sales force expenses 6,685.9 5,169.1 Expenses from assets received in payment 678.2 684.3 Credit card operation expenses 332.4 248.6 Expenses from commercial reports 209.2 182.6 Expenses – Agreement 64.3 2,843.8 Leasing contract expenses 23.4 245.7 Others 218.6 325.2 Total 8,212.0 9,699.3

15. NON OPERATING EXPENSES

The details of non-operating expenses are as follows: 2004 2003 MCh$ MCh$

Amortization of goodwill from acquisition of Financiera Condell S.A. 1,054.1 1,076.7 Amortization of goodwill from acquisition of loan portfolio of Corfinsa 1,067.4 1,076.3 Amortization of goodwill on investments in companies 128.8 128.8 Write-off of other-assets 1,919.2 1,844.0 Provision for pending legal proceedings 121.3 (56.3) Others 451.1 195.2 Total 4,741.9 4,264.7

16. INCOME TAXES AND DEFERRED TAXES

a. Income taxes

The provision for first category income tax (current expense) is MCh$5,551.9 (MCh$703.7 in 2003).

b. Deferred taxes

As described in Note 1 l), the Bank applied the accounting criteria of Technical Bulletin Nº 60 of the Chilean Institute of Accountants and its supplements. In accordance with Technical Bulletin N° 71 of the Chilean Institute of Accountants, as of 2001 deferred taxes are accounted for by applying the income tax rate for the year in which the corresponding temporary difference that gave rise to the tax will be reversed.

64 Deferred taxes arising from temporary differences are as follows:

Balances at Balances at January December January December 1, 2004 31, 2004 1, 2003 31, 2003 MCh$ MCh$ MCh$ MCh$ (historical) Debit differences: Tax loss 3,681.3 - 7,705.1 3,773.3 Loan portfolio-overall provision 6,425.5 5,972.8 5,205.5 6,586.1 Unearned price difference 1,772.1 1,735.6 2,075.7 1,816.4 Suspended accrual of interest 455.7 619.4 480.1 467.1 Other provisions 306.4 450.7 359.9 314.1 Others 402.2 951.9 139.1 412.3 Subtotal 13,043.2 9,730.4 15,965.4 13,369.3

Balance complementary accounts (3,687.9) (6.6) (7,711.9) (3,780.1)

Net difference 9,355.3 9,723.8 8,253.5 9,589.2

Credit differences: Fixed asset depreciation (144.3) (174.7) (241.3) (147.9) Deferred and other expenses (2,268.9) (3,762.2) (300.0) (2,325.6) Subtotal (2,413.2) (3,936.9) (541.3) (2,473.5)

Balance complementary accounts 14.0 - 78.5 14.3

Net difference (2,399.2) (3,936.9) (462.8) (2,459.2)

The effect of tax expense during each year is as follows:

Item 2004 2003 MCh$ MCh$

Current tax expense (5,551.9) (703.7) Effect in year due to assets or liabilities from deferred taxes (4,836.5) (4,528.3) Effect in year due to amortization of complementary accounts of assets and liabilities from deferred taxes 3,667.3 3,867.6 Valuation allowance 217.8 (762.1) Other (8.7) (0.4) Total (6,512.0) (2,126.9)

65 17. EXPENSES AND REMUNERATIONS OF DIRECTORS

The Ordinary Meetings of Shareholders held on February 20, 2004 and February 25, 2003 agreed not to pay any remuneration to the Board of Directors, except to members of the Directors Committee and Audit Committee, who earned fees of MCh$148.0 (MCh$13.8 in 2003).

18. SUBSEQUENT EVENTS

From January 1 to January 14, 2005, there have been no subsequent events that would materially affect the financial statements.

Carlos Opazo Lara Christian Samsing Stambuk Accounting Manager General Manager

66 STATEMENT OF LIABILITY

This CORPBANCA Annual Report has been approved by the Directors and General Manager who signed a sworn declaration of responsability as to the veracity of the information contained therein.

Signed copies of theAnnual Report are available to shareholders and may obtained from the institution's head office at Huérfanos 1072, Santiago.

POSITION NAME

Chairman Carlos Abumohor Touma First Vice President Álvaro Saieh Bendeck Second Vice President José Andrés Saieh Guzmán Director Julio Barriga Silva Director Jorge Selume Zaror Director Carlos Massad Abud Director Fernando Aguad Dagach Director René Cortázar Sanz Director Hernán Somerville Senn Director Francisco Rosende Ramírez Director Odde Rishmague Rishmague Alternate Director Juan Rafael Gutiérrez Avila General Manager Christian Samsing Stambuck

67 68