Estados financieros

Agenda Consorcio Financiero S.A.

CONSORCIO FINANCIERO S.A.

January 2019

2

DISCLAIMER

This presentation does not constitute an offer to sell any securities and is not soliciting an offer to buy any securities in any jurisdiction.

The information contained herein is being provided by Consorcio Financiero S.A. (“CFSA” or the "Company") for informational purposes only. This material is only a summary and does not contain all material information concerning the Company.

This presentation contains certain statements and estimates provided by the Company with respect to the anticipated future performance of the Company. Forward-looking statements involve risks and uncertainties that could cause actual results, performance or events to differ materially form those expressed or implied. Therefore, they are subject to change and the Company undertakes no obligation to publicly update or revise any forward looking statements to reflect events or circumstances that may arise after the date or this presentation.

The Company prepares the financial information included in the presentation in accordance with International Financial Reporting Standards (IFRS). Our subsidiaries report to the Comisión para el Mercado Financiero (“CMF”) and/or Superintendencia de Bancos e Instituciones Financieras (“SBIF”) in accordance with accounting principles prescribed by the CMF and SBIF for the chilean insurance and banking institutions, which can differ in some aspect with IFRS standards.

We have included in this presentation certain information reported by the CMF for the Insurance sector or the SBIF for banking sector. All financial information in this presentation regarding our relative market position and financial performance vis-a-vis the financial services and insurance sectors in Chile are based on information obtained from CMF and SBIF statistics.

All the figures, unless otherwise indicated, are denominated in nominal Chilean pesos converted to dollar terms as of September 30, 2018 using an exchange rate of $661.5 per dollar. Consorcio Financiero has consolidated financial statements since December 2012. UF is a Chilean currency unit indexed according to inflation

CFSA Contact Information

Renato Sepúlveda / + 56 2 2230 4001 / renato.sepulveda@consorcio.cl

Tomás Zavala / + 5 2 2230 2497 / tomas.zavala@consorcio.cl

www.consorcio.cl

Chile Macro Environment

The Company

Key Financial Metrics

Exhibits

Agenda

Contents

1

2

3

4

4

Key Economic Highlights 2017

International Reserves (1) (US$ mm) Fiscal Balance (% GDP)

Chile: Macroeconomic environment 1

Population: 17.5 mm

GDP: US$ 277 bn

GDP per Capita, PPP: US$ 24,537

Exports/GDP: 25.0%

Imports/GDP: 22.1%

Investments/GDP: 21.5%

Net Public Debt/GDP: 1.4%

Credit Rating, comparables in the Region

Currency Exchange Rate (CLP / USD)

Monetary policy rate (TPM, %)

Source: Central Bank of Chile, INE, IMF

(1) Monetary and gold reserves expressed each year at its corresponding market value

5 Chile: Macroeconomic environment

Inflation Rate 2019e 2017-23E GDP Growth Unemployment Rate 2019e

1

Inflation Rate

(Central Bank Target 3%)

GDP Growth Unemployment Rate

Chile

Chile vs Peers

Source: Central Bank of Chile, INE, IMF WEO October

Chile Macro Environment

The Company

Key Financial Metrics

Exhibits

Agenda

Contents

1

2

3

4

7 CFSA at a Glance

Leading Financial Services Institution and one of the largest insurance groups in Chile.

Main business lines are banking services, insurance, pensions and savings.

US$17.3 billions in assets under management. US$ 1.5 billions in equity.

Company mostly owned by renowned local economic groups, with a minority participation of IFC.

”Consorcio” is a Top brand in Chile

More than one million customers in insurance and more than 125.000 in banking.

Nationwide presence, with offices from Arica to Punta Arenas

2

Source: Consorcio Financiero. Exchange rate 1 US$ = $661.5 as of Sept. 30, 2018.

USD 17,344 mm USD 1,494 mm USD 168 mm

USD 3,692 mm USD 953 mm USD 124 mm AA estable

Life Premiums

Sep18 LTM

P&C Premiums

Sep18 LTM

Main Figures of Consorcio Financiero S.A.

AA- estable

Net Income

Sep18 LTM

Bank Loans

Sep18

Assets

Sep18

Equity

Sep18

8 CFSA’s subsidiaries

100% 99.91% 100% 100%

Minority

Participation

25.0%

15.0%

Source: CFSA. (1) LTM: last twelve months

5.06%

As of September 2018

Business

Assets

Equity

Rating

Products

Contribution by segment in Chile

Assets

Equity

Net Income Sept-18 LTM (1)

40.14%

2

Consorcio Seguros de Vida

AA+ / AA+

USD 9,100 million

USD 777 million

Annuities Life and Health

Insurance Life Insurance+Savings Voluntary Pension

Savings (APV)

Life Insurance

CN Life Seguros de Vida

Annuities Disability and survival

insurance (SIS)

USD 1,148 million

USD 143 million

AA+ / AA

Life Insurance

Consorcio Seguros Generales

Car Insurance House Insurance Mandatory Insurance

for Personal Accidents (SOAP)

USD 147 million

USD 38 million

AA- / AA-

P&C Insurance

Banco Consorcio

Retail Banking Commercial Banking Brokerage Financing Business

USD 6,635 million

USD 630 million

AA- / AA-

Banking

Bank Insurance

9 CFSA, from an insurance company to a financial services group

2

Source: CFSA. Capital increases and bond issues considering Exchange rate at each year. UF: Inflation adjusted index

1916 1999

2009

2018

1999-2009 Creation of:

Consorcio Corredores de Bolsa SA

(2000)

Consorcio Creditos Hipotecarios (2000)

Consorcio Tarjetas de Credito S.A.

(2004)

Partnership with Compass to create a

Mutual Fund Company (2000)

Company Acquisitions:

Cruz Blanca P&C, now Consorcio

Seguros Generales (1999)

CNA, now CNLife (2002)

Moneda Asset Management S.A.

(Minority Stake) (2007)

2009-2015 CFSA acquire Banco Monex, now Banco

Consorcio (2009).

CFSA and Larrain Vial AGF merge Mutual Funds (2009)

Companies well capitalized to face

growth:

US$ 271 mm CFSA’s capital increase

(2012)

US$ 480 mm subsidiaries’ capital

increase (2012)

CFSA places its first UF 5 mm (US$ 242

mm) bond issue (2013)

Banco Consorcio places its first senior

bond (2011)

• Establishment of Compañía de Seguros la Industrial, now Consorcio Seguros Vida

• Creation of Consorcio Financiero S.A. (CFSA)

2015-2018 CFSA sells its 16.5% of Moneda Asset

Management S.A. (2015)

CFSA enter to the Peruvian Insurance market, with a minority stake of 40.14% in La Positiva Vida (2015) . Part of that stake bought from IFC.

IFC and Calverton subscribe a CFSA capital increase of USD 140 mm (2016)

USD 70 mm capital increase in Consorcio Seguros Vida (2016)

USD 150 mm capital increase in Banco Consorcio (2016-2018)

CFSA places UF 6 mm (US$ 240 mm) bond issues (2017-2018)

10 CFSA, shareholders and management team

Company Shareholders Sales

Sep18 LTM USD mm

Market Cap Dec18

USD mm

Fernández León 3.96% (1) Hurtado Vicuña 5.91% (1) Garcés Silva 2.63% (1)

2,917 2,820

Garcés Silva 10.0% 2,485 3,360

Fernández León 26.23%

Hurtado Vicuña 26.24% 243 806

Other Participa-tions

Shareholders

Chilean families plus IFC

Source: CFSA and Bloomberg. (1) Participation in Entel through Almendral S.A., does not include CFSA’s participation

As of September 2018

Other Main Shareholder´s Investments

Board of Directors

Management Team

2

Name Position Year in Position

MARCOS BÜCHI Chairman 2015

JUAN HURTADO Director 1997

EDUARDO FERNÁNDEZ Director 2018

JOSÉ ANTONIO GARCÉS Director 1999

PEDRO HURTADO Director 2011

HERNÁN BÜCHI Director 1997

SERGIO RESTREPO Director 2016

RAMIRO MENDOZA Director Independent 2016

BONIFACIO BILBAO Director 2017

Name Position Year in

Company/Position

PATRICIO PARODI CEO CFSA 1991/1999

TOMÁS ZAVALA CDO CFSA 2018/2018

CHRISTIAN UNGER CEO CONSORCIO SEGUROS 1989/2017

RENATO SEPULVEDA CFO CONSORCIO SEGUROS 2005/2014

FRANCISCO OSSA CEO BANCO CONSORCIO 2004/2009

MARA FORER CFO BANCO CONSORCIO 2009/2009

FRANCISCO PEREZ CEO CORREDORES DE BOLSA 2016/2016

11 CFSA, corporate governance and regulatory framework 2

Source: CFSA. CMF: Comisión para el Mercado de Valores; SBIF: Superintendencia de Bancos e Instituciones Financieras

Control

Regulatory framework

Internal Auditor Corporate Investment Risk

Insurance

Consorcio Vida

CN Life Consorcio Generales

Board of Directors (9/1) Director´s Committees Executive Committee

Risk Management Strategy Manuals and Procedures

Code of Ethics and Code of Conduct

Regulator: CMF

Insurance Law (DFL 251)

Insurance regulations (e.g. NCG 152,

VAR, TSA, Investment Policies)

Corporate Governance policies

SERNAC (Consumer watchdog)

Internal Auditor

Banking and Brokerage

Regulator: SBIF and CMF

General Banking Law

Corporations Law

Securities Market Law

UAF (Anti Money Laundering)

SERNAC

Strategy and Indicators Manuals and Procedures

Code of Ethics and Code of Conduct

Board of Directors (9/3) Director´s Committees Executive Committee

Banco Corredores de Bolsa

Other (Asset Management)

Executives participate in Boards

Consorcio does not manage third party money

Regulator: CMF

Corporations Law

Securities Market Law

SERNAC

LVCC Compass

Consorcio Financiero

Board of Directors (9 members / 1 independent)

Regulatory Framework Regulator: CMF Securities Market Law (Ley

18,046) Corporations Law (Ley 18,045) Corporate Governance policies

12 CFSA, our strategy

Commercial

Loans

Own Agents

Customer Management

Branches

E-Commerce

Brokers

Retailers

Retail Insurance

Annuities

Individual Life +Voluntary Pension

Savings (APV)

Group Insurance

Disability and Survival (SIS) Travel

Vehicles

House

Wildfire

SOAP Technology Agility

Omnichannel

Big Data, Machine Learning, AI

User Experience

Retail Loans

Mortgage Loans

Finance

Brokerage

Automation, Efficiency and

Velocity

2

13 CFSA, our vision 2

Customer experience

Customer centricity

Digitalization and efficiency

Innovation

Unique client base

Consorcio´s group CRM

Customer-centered

organization

Behavioural segmentation

Campaign automation

Consistent customer

experience

Branch unification focused

on our custumers

Digitalization of sales force

Strong digital channel

Channel integration

Process automatization

Document digitalization

Zero base budget

Direct investment in fintech

and insurtech

Additional business and

services out of the core

Active participation in the start

up community

“We exist to satisfy all our customers´ financial needs, providing the best in-person

and digital experience, sustained on our ability to understand them and personalize

the services we deliver”

14 CFSA, our relationship with the Community 2

Consorcio Foundation was created in 1987 to contribute to the social development of the country.

Since 2001, Consorcio Foundation provides quality education to 1,073 students, from pre-kinder to 12th grade high school, in the Bajos de Mena area of Puente Alto, one of the most vulnerable sectors in Chile.

Education efforts are focused on improving teaching methods and comprehensive education of students as well as incorporate Monte Olivo school as an active part of the community.

Source: Consorcio Financiero’s Annual Report. December 2017

Other Initiatives:

In 2018, Consorcio sponsored the Santa Bernardita’s home for adoption, depending of the San José Foundation, which take care of children up to 3 years old that are in adoption program. Consorcio employees carry out periodic volunteer visits, in addition to the company's financial support.

In 2017, Consorcio made a donation of CLP $ 1,000 mm for the reconstruction of the Enrique Mac Iver High School, destroyed by the wildfires that affected the Santa Olga community. Opened in October 2018 it has capacity for 1,000 students.

Since 2015, in partnership with the Belén Educa Foundation, vocational support tutoring programs have been carried out for 12th grade high school students attending Monte Olivo school and the Foundation’s schools. Additionally, students perform technical professional practices in the Company.

Chile Macro Environment

The Company

Key Financial Metrics

Exhibits

Agenda

Contents

1

2

3

4

16 CFSA, inmerse in high growth industries I

Net Income

USD mm

GDP per capita 2017 (PPP). USD m

Direct Premium

USD mm

Life Insurance Penetration

% GDP, december 2017

Net Income

USD mm

Loans

USD mm

GDP per capita 2017 (PPP). USD m

Loan Bank Penetration

% GDP, december 2017

Lif

e I

nsu

ran

ce

B

an

kin

g

Source: AACh, Swiss Re, OCDE , SBIF, Banco Central de Chile Economist Intelligence Unit and IMF.

3

13.8 45.5 51.8 45.6 44.5 34.7 64.9 25.9 62.5 14.7

45.6 62.5 16.1 15.0 20.6 25.9 14.3 40.3

17

Pension Premiums and participation of Annuities

USD mm

Industry Direct Premium

USD mm

Banco Consorcio vs Peers Market Share by Product

Loans/GDP ≈ 2X Household Debt

% Total, % of net disposable income, 2015

USD m USD mm

Accumulated Pension funds (AUM) of futures retirees by age

Lif

e I

nsu

ran

ce

in

du

str

y

Ba

nk

ing

in

du

str

y

Source: AACh, SBIF, Pensions Superintendency, OCDE.

CFSA, inmerse in high growth industries II 3

18

Company Loans of Comparables

USD mm, Nov-18

CFSA, position in relevant industries

Company Assets

USD mm, Sept-18

Company Equity

USD mm, Sept-18

Consorcio Insurance’s Market Share

(1)

Company Equity

USD mm, Nov-18

Banco Consorcio’s Market Share

Lif

e I

nsu

ran

ce

B

an

kin

g

Source: AACh, SBIF. (1) Consorcio Nacional and CN Life; (2) Corpseguros and Confuturo; *: Considering capital increase made in Nov-18 (USD 80 mm)

3

19

Assets

USD mm

CFSA, main figures evolution

Source: CFSA. (1) ROAE: LTM Net Income / Average Equity; (2) Equity considers USD 140 million capital increase (2016);

(3) % DPR: Dividend paid ratio

% ROAE (1)

% DPR (3)

50.1 52.8 50.1 43.7 50.0 51.0 7.1 17.1 12.5 16.9 21.5 21.9 11.0 17.3

Equity(2)

USD mm

Net Income

USD mm

Dividends distributed by CFSA

USD mm

3

20

Source: CFSA. (1) Debt projection includes a bond issued on Oct-18; (2) Calculated as defined in bond prospects

US$ mm Expiration

Serie B Bond 105 01/04/2034

Serie C Bond 82 15/05/2022

Serie E Bond 79 15/05/2037

Banking Debt 26 20/03/2019

Total 292

CFSA, financial position

Debt as of Sept. 2018 USD mm

Amortization Debt Profile (1)

USD mm

Dividends received from subsidiaries

USD mm

Net Financial Indebtedness (2)

3

21

One of Chile’s top financial institution

Excellent brand positioning Well regulated industries with high growth perspectives.

Prestigious Board and executives

Solid financial position to face industry growth

Sound diversification strategy

Strong corporate governance practices

Highly qualified management Team, with a proven track record of executing successful strategy

CFSA Highlights

Chile Macro Environment

The Company

Key Financial Metrics

Exhibits

Agenda

Contents

1

2

3

4

23 Consorcio Seguros, wide offer of insurance products 4

Market Share 13.5% 3.1% 6.4% 10.6% 17% 0.5%

Individual Life + APV

Direct Premium

Annuities Collective Insurance Others(1) Total

Investments(2) Net Income

Disability and survival

Direct Premium

Source: AACh y CMF. (1) Other includes insurance and retail banking; (2) Consider Financial and Real Estate Investments;

(3) ROAE: LTM Net Income / Average Equity

Equity USD 920 mm

Assets USD 10,248 mm

Employees 1,697

Net Income USD 53 mm

USD mm USD mm USD mm

Business

September 2018 Consorcio Seguros de Vida + CNLife Seguros de Vida

4.3 18.2 10.3 19.7 30.3 30.8 7.9

%ROAE (3)

11.7

USD 420 mm USD 206 mm USD 50 mm USD 53 mm USD 0.4 mm USD 730 mm

24 Consorcio Generales (P&C), focus on customer needs

Market Share

5.5% 12.8% 2.5% 3.3% 2.1% 1.6%

Earthquake Vehicles SOAP(4) Others(1) Total

Fire Insurance

Direct Premium

Source: AACh y CMF. (1) Other includes engineering and theft insurances; (2) Consider Financial and Real Estate Investments; (3) ROAE: LTM Net Income / Average Equity (4) SOAP : Mandatory personal accident insurance

Equity USD 38 mm

Assets USD 147 mm

Employees 308

Net Income USD 4.2 mm

Business

September 2018

Direct Premium Investments(2) Net Income

USD mm USD mm USD mm

Seguros Generales

9.6 4.1 3.1 16.4 12.7 13.9

% ROAE (3)

15.2 5.7

USD 51 mm

4

25 CFSA, in the insurance industry

Source: AACh. (1) Consorcio Nacional and CN Life; (2) Confuturo and Corpseguros ; (3) Liabilities for insurance annuities contracts

Direct Premium Market Share Industry Consorcio

Consorcio, customer focus

Total Insurance Market Share

September 2018

Consorcio, Focus in Annuities and Savings

Industry Consorcio

Life Insurance

P&C Insurance

September 2018

4

26 Banco Consorcio, growth and positive results with strong capitalization

Stock Brokers Commercial Retail Total

Operational Margin LTM

Equity USD 630 mm

Assets USD 6,635 mm

Employees 906

Net Income USD 49 mm

Business

Source: SBIF. (1) ROAE: LTM Net Income / Average Equity

Customers 84,286 42,301 167 1,470 128,224

September 2018

Basilea Index Assets Net Income USD mm USD mm

Finance

11.0 19.0 13.1 14.2 12.1 12.5

%ROAE (1)

10.4 6.7

4

27 CFSA in the banking industry

9

Market Share(3) (November 2018)

2.0% Loans(1)

Commercial 2.6%

Eligible

Capital (4) 2.4%

Assets (5)

2.0%

Retail 0.4%

Property 0.4%

Source: SBIF. FX $677.6 (CLP/USD) at 11/30/18 (1) Excludes interbank Loans; (2) ROAE: LTM Net Income / Average Equity;

(3) Market share does not consider loans of international subs.; (4) Shareholder’s Equity/Total Equity Market ; (5) Total Assets

Bank Equity Total

Loans

Loans Growth.

12M Risk Index

Basilea (Oct-18)

Efficiency ROAE (2)

Itaú Corpbanca 5,204 31,565 2.2% 3.1% 14.4% 55.0% 4.4%

BCI 4,985 43,317 19.6% 1.6% 11.7% 51.3% 17.8%

Banco de Chile 4,835 41,747 10.1% 2.2% 13.8% 43.1% 23.0%

Santander 4,768 44,752 8.6% 2.6% 12.8% 38.3% 24.1%

Scotiabank 2,742 33,106 12.0% 2.1% 10.7% 46.8% 15.7%

Estado 2,520 35,930 3.8% 2.8% 11.0% 54.1% 22.9%

Security 845 7,779 10.1% 1.7% 13.2% 47.6% 17.0%

Bice 808 8,081 13.9% 1.2% 13.7% 50.0% 17.1%

Consorcio 693 3,780 22.1% 1.8% 15.4% 36.2% 12.8%

Falabella 391 2,533 5.6% 4.7% 16.4% 40.2% 29.0%

JP Morgan 349 - - - 86.2% 54.8% 5.8%

Ripley 302 1,278 7.1% 11.3% 17.9% 48.5% 25.0%

BTG 239 664 195.0% 0.8% 24.6% 49.6% 17.3%

Internacional 204 2,239 37.1% 2.0% 10.3% 53.1% 17.6%

China Cons. 187 209 37.8% 1.0% 82.6% 107.9% -1.3%

HSBC 136 310 29.6% 4.1% 18.2% 51.6% 9.2%

MUFG 81 41 15.0% 0.8% 153.8% 348.1% -9.9%

Bank of China 52 - - - 458.0% 100.4% -0.1%

Do Brasil 34 59 30.0% 6.2% 57.8% 141.1% 3.3%

Banking System 29,373 257,392 10.2% 2.4% 12.9% 47.4% 16.6%

Chilean Banking Industry – November 2018 US mm

4

28 Consorcio Corredores de Bolsa (Stock Brokers)

Asset Composition USD mm

Highlights Acquired by Banco Consorcio to Consorcio Financiero in

June-14.

Focus on: stock intermediation and fixed income instruments, pacts and simultaneous trades.

Consorcio Stock Brokers had a Net Income of US$ 8.7 MM at Sept-18 with a ROAE of 13.7% (1)

The Online channel has more than 25,000 active clients.

Own portfolio is invested in Fixed Income instruments.

Net Income and ROAE USD mm

Revenue´s Market Share September 2018

Source: CMF. (1) ROAE: LTM Net Income / Average Equity

11.7 26.1 14.7 19.0 15.9 % ROAE

(1)

15.0 13.7

4

29 CFSA, Selected Financial Statements

Balance Sheet

USD mm 2012 2013 2014 2015 2016 2017 As of

Sep-17 As of

Sep-18

Total Assets 8,292 9,330 11,458 12,732 14,392 15,951 15,531 17,344

Total Liabilities 7,298 8,355 10,408 11,652 13,016 14,391 14,015 15,851

Total Equity 995 975 1,050 1,080 1,377 1,561 1,515 1,494

Total Lialibilities and Equity 8,292 9,330 11,458 12,732 14,392 15,951 15,531 17,344

Income Statement

USD mm 2012 2013 2014 2015 2016 2017 As of

Sep-17 As of

Sep-18

Revenues 1,087 1,278 1,619 1,795 2,174 2,115 1,623 1,392

Cost of Sales -870 -1,079 -1,282 -1,497 -1,665 -1,516 -1,173 -1,147

Gross Profit 217 199 337 299 509 599 449 245

SG&A Expenses -101 -120 -146 -132 -166 -178 -123 -123

Other Expenses -8 -20 -25 -17 -20 -10 -14 -9

Operational Income 108 59 166 149 323 411 312 112

Profits (losses) in Associates 1 5 4 9 9 12 7 9

Exchange Rate Differences -11 26 73 63 -34 -26 -9 56

Gain (Losses) on Net Monetary Possition -2 -7 -57 -66 -45 -28 -19 -49

Profit Before Taxes 96 82 186 155 253 368 291 128

Taxes -10 -12 -13 -21 -46 -53 -44 -28

Net Profit (Losses) 86 70 173 133 207 315 248 100

Source: Consorcio Financiero. FX $661.5 (CLP/USD) at 9/30/18

4

Estados financieros

Agenda Consorcio Financiero S.A.

CONSORCIO FINANCIERO S.A.