EX-99.1 2 a18-18068_1ex99d1.htm EX-99.1

Exhibit 99.1

 Management Discussion & Analysis 2Q18 itau.c l/inve sto r-relati o ns

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Contents Management Discussion & Analysis Page 05 Executive Summary07 Income Statement and Balance Sheet Analysis15 Managerial results - Breakdown by country17 Managerial results - Breakdown for Chile19 Managerial results - Breakdown for Colombia29 Balance Sheet39 Solvency Ratios44 Additional Information45 This report is based on Itaú CorpBanca reviewed financial statements for 2Q’18, 1Q’18 and 2Q’17 prepared in accordance with the Compendium of Accounting Norms of the Superintendency of Banks and Financial Institutions (Superintendencia de Bancos e Instituciones Financieras, or SBIF) pursuant to Chilean Generally Accepted Accounting Principles (Chilean GAAP), which conform with the international standards of accounting and financial reporting issued by the International Accounting Standards Board (IASB) to the extent that there are not specific instructions or regulations to the contrary issued by the SBIF. Solely for the convenience of the reader, U.S. dollar amounts (US$) in this report have been translated from Chilean nominal peso (Ch$) at our own exchange rate as of June 30, 2018 of Ch$653.02 per U.S. dollar. Industry data contained herein has been obtained from the information provided either by the SBIF or the Colombian Superintendency of Finance (Superintendencia Financiera de Colombia, or SF).

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 Management Discussion & Analysis Management Discussion & Analysis

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 Itaú CorpBanca Financial Information The financial information included in this Management Discussion & Analysis Report (“MD&A Report”) is based in our managerial model that we adjust for non-recurring events, for the amortization of intangibles arising from business combination, and for the tax effect of the hedge of our investment in Colombia. At the same time, we adjust the Managerial Income Statement with additional reclassifications of P&L lines in order to provide a better clarity of our performance. Please refer to pages 9 and 10 of this report for further details. Financial Highlights We present below selected managerial financial information and operating information of Itaú CorpBanca for the three months ended June 30, 2018 and 2017, for the three months ended March 31, 2018 and as of June 30, 2018 and 2017. In Ch$ million (except where indicated), end of period 6M17 2Q18 1Q182Q17 6M18 Results Recurring Net Income Net Operating Profit before credit & counterparty losses 1 Net Interest Income 64,924 278,447 215,334 50,15049,519 267,810254,905 197,067187,159 115,074 546,257 412,401 75,857 508,378 367,967 Performance Recurring Return on Tangible Avg. Adjusted assets (RoTAA) 2 3 Recurring Return on Tangible Avg. Equity (RoTAE) 2 4 Risk Index (Loan loss allowances / Total loans ) Non-performing Loans Ratio 90 days overdue (NPL) - Total Non-performing Loans Ratio 90 days overdue (NPL) - Chile Non-performing Loans Ratio 90 days overdue (NPL) - Colombia Coverage Ratio (Loan Losses/NPL 90 days overdue) - Total Efficiency Ratio (Operating expenses / Operating revenues) Risk-Adjusted Efficiency Ratio (RAER) 0.9% 13.7% 3.2% 2.3% 2.1% 2.9% 140.2% 54.0% 74.8% 0.7%0.7% 10.8%10.8% 3.4%3.0% 2.4%1.8% 2.2%1.8% 2.9%2.0% 141.7%162.6% 57.3%59.0% 79.5%77.8% 0.8% 12.3% 3.2% 2.3% 2.1% 2.9% 140.2% 54.0% 74.8% 0.6% 8.4% 3.0% 1.8% 1.8% 2.0% 162.6% 59.0% 77.8% Balance Sheet Total Assets Gross Total Credit Portfolio Total Deposits Loan Portfolio/Total Deposits Equity shareholders Tangible Equity Shareholders 4 29,330,838 21,135,759 14,037,192 150.6% 3,270,559 1,910,726 28,733,49628,961,553 20,613,83521,003,319 14,240,38214,313,150 144.8%146.7% 3,229,5103,235,543 1,871,4801,855,638 Other Total Number of Employees 5 Chile Colombia Branches Chile Colombia ATM – Automated Teller Machines Chile Colombia 9,355 5,822 3,533 363 200 163 640 466 174 9,3749,610 5,8135,958 3,5613,652 371387 202215 169172 644669 470493 174176

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 In Ch$ million (except where indicated), end of period 6M17 2Q18 1Q182Q17 6M18 Highlights Total Shares Outstanding (Thousands) Book Value per share (Ch$) Diluted Recurring Earnings per share (Ch$) Accounting Diluted Earnings per share (Ch$) Diluted Recurring Earnings per ADR (US$) Accounting Diluted Earnings per ADR (US$) Dividend (Ch$ million) Dividend per share (Ch$) Gross Dividend per ADS (US$) Market capitalization (Ch$ billion) Market capitalization (US$ billion) Solvency Ratio - BIS Ratio 6 Shareholders' equity / Total assets Shareholders' equity / Total liabilities 512,406,760 6.383 0.127 0.113 0.291 0.260 n.a. n.a. n.a. 3,272,230 5,011 14.3% 11.2% 12.7% 512,406,760512,406,760 6.3036.314 0.0980.097 0.0830.126 0.2430.218 0.2070.285 22,979n.a. 0.0448n.a. 0.1110n.a. 2,971,9593,029,605 4,9194,563 14.3%14.5% 11.2%11.2% 12.8%12.7% 512,406,760 6.383 0.127 0.113 0.291 0.260 22,979 0.0448 0.1110 3,272,230 5,011 14.3% 11.2% 12.7% 512,406,760 6.314 0.097 0.126 0.218 0.285 618 0.0012 0.0027 3,029,605 4,563 14.5% 11.2% 12.7% Indicators Ch$ exchange rate for US$1.0 COP exchange rate for Ch$1.0 Monetary Policy Interest Rate - Chile 7 Monetary Policy Interest Rate - Colombia 7 Quarterly UF variation Quarterly CPI-Chile Quarterly CPI-Colombia 653.02 0.2232 2.5% 4.3% 0.7% 0.7% 0.9% 604.18663.97 0.21630.2177 2.5%2.5% 4.5%6.3% 0.6%0.7% 0.7%-0.02% 1.6%0.8% 653.02 0.2232 2.5% 4.3% 1.3% 1.4% 2.5% 663.97 0.2177 2.5% 6.3% 1.2% 1.1% 3.4%

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 Net Income and Recurring Net Income Our recurring net income attributable to shareholders totaled Ch$64,924 million in the second quarter of 2018 from an accounting net income of Ch$57,937 million for the period, as a result of the elimination of non-recurring events, which are presented in the table below: Non-Recurring Events Events that we have considered non -recurring and at the same time not part of our business since 2015 (pre and after Merger) are the following: (a) Restructuring costs: One-time integration costs. (b) Transactions costs: Costs related to the closing of the merger between Banco Itaú Chile and CorpBanca, such as investment banks, legal advisors, auditors and other related expenses. (c) Regulatory / merger effects on loan loss provisions: Effects of one-time provisions for loan losses due to new regulatory criteria in 2016 and additional provisions for overlapping customers between Itaú Chile and CorpBanca. (d) SBIF fine: Fine imposed by the SBIF which, as instructed by the regulator, was accounted for as an expense impacting 2015 Net Income and once the Supreme Court ruled in our favor we proceeded to reverse such expense impacting 2017 Net Income. (e) Loan loss provisions adjustments: Reversal of additional loan loss provisions to the regulatory minimum and provisions accounted through Price Purchase Allocation against Goodwill. (f)Amortization of Intangibles generated through business combinations: Amortization of intangibles arising from business combination, such as costumer relationships. (g) Accounting adjustments: Adjustments in light of new internal accounting estimates. (h) Sale / revaluation of investments in companies: Refers to: (i) the sale of the participation in Cifin S.A. in 2015; (ii) the revaluation of our stake in Credi-banco after it was converted into a joint-stock company in 2016, both in Colombia; and (iii) the fiscal effect of the sale of SMU Corp in 2017.

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 Managerial Income Statement For the managerial results, we adjust for non -recurring events (as detailed on the previous page) and for the tax effect of the hedge of our investment in Colombia –originally accounted for as income tax expense on our Net Income and then reclassified as a Net Financial transacti on. For tax purposes, the Chilean Internal Revenue Service (“Servicio de Impuestos Internos” or SII) considers that our investment in Colombia is d enominated in U.S. dollar, which based on the exchange rates of each of the disbursements (not current exchange rates) amounts to US$1,437.51 mi llion. As we have to translate the valuation of this investment from U.S. dollar to Chilean peso in our book each month, the volatility of the exc hange rate generates an impact on the net income attributable to shareholders. In order to limit that effect, management has decided to hedge this ex posure with derivatives to be analyzed along with income tax expenses. In the same context, since January 2018 management has decided to hedge its expos ure to translation of the valuation of its investment in its New York branch (US$165.77 million) with derivatives, also to be analyzed along wit h income tax expenses. According to our strategy, we mitigate the foreign exchange translation risk of the capital invested abroad through financial instruments. As consolida-ted financial statements for Itaú CorpBanca use the Chilean peso as functional currency, foreign currencies are translated to Chilean peso. For our investment in Colombia we have decided to hedge this translation risk effect in our income statement. In the second quarter of 2018, the Chilean peso appreciated 3.17% against the Colombian peso compared with an appreciation of 5.11% in the previous quarter. Approximately 25% of our loan portfolio is denominated in Colombian peso. Together with the tax effect of hedge described above, we include other managerial reclassifications of P&L lines, in order t o provide a better clarity of our performance and a better comparison basis, such as: (i) the adjustment of the fair value hedge positions; the reclassification of foreign exchange hedge positions of US dollars den ominated provi-sions; and the inflation hedge results and term deposits interest rate hedge results; (ii) the reclassification of country -risk provisions; the provisions for assets received in lieu of payment; and provisions and write-off of assets received in lieu of payment; (iii) effects from rating upgrades or downgrades and collaterals valuation on the credit value adjustments (CVA) of derivatives. Our strategy for managing foreign exchange risk of capital invested abroad aims to mitigate, through financial instruments, t he effects of changes in the exchange rate and takes into account the impact of all tax effects. We present below the two relevant currencies variatio n of the Chilean peso: U.S. dollar Ch$ 653.02 +8.1% (2Q18/1Q18) -1.6% (2Q18/2Q17) Colombian peso Ch$ 0.2232 +3.2% (2Q18/1Q18) +2.5% (2Q18/2Q17)

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 Accounting and Managerial Income Statements Reconciliation Accounting Non-recurringTax Effect of HedgeManagerial EventsReclassification Managerial Net operating profit before credit & counterparty losses Net interest income Net fee and commission income Total financial transactions, net Other operating income, net Net provision for credit & counterparty risks Result from loan losses, net Provision for loan losses Recoveries off loan losses written-off as losses CVA (ratings and collaterals effects) Net operating profit Operating expenses Personnel expenses Administrative expenses Depreciation and amortization Impairments Operating income Income from investments in other companies Income before taxes Income tax expense Result from discontinued operations Net income Minority interests 314,744 215,334 43,415 71,291 (15,296) (67,253) (67,253) (80,635) 13,382 - 247,491 (160,644) (69,402) (70,134) (21,108) - 86,847 213 87,060 (28,756) - 58,304 (367) 1,376(28,357)(9,316) - - -(28,357)(16,749) 1,3767,433 -9,316 -1,335 -897 -438 -7,981 1,376(28,357)-10,224--- --10,224 - 11,599(28,357)-- 11,599(28,357)-(3,606)28,357 - 7,994--(1,006) 278,447 215,334 43,415 26,185 (6,487) (57,937) (65,918) (79,738) 13,820 7,981 220,510 (150,420) (69,402) (70,134) (10,884) - 70,089 213 70,302 (4,004) - 66,298 (1,373) Net Income Attributable to Shareholders 57,937 6,987--64,924 In Ch$ million Accounting Non-recurringTax Effect of HedgeManagerial EventsReclassification Managerial Net operating profit before credit & counterparty losses Net interest income Net fee and commission income Total financial transactions, net Other operating income, net Net provision for credit & counterparty risks Result from loan losses, net Provision for loan losses Recoveries off loan losses written-off as losses CVA (ratings and collaterals effects) Net operating profit Operating expenses Personnel expenses Administrative expenses Depreciation and amortization Impairments Operating income Income from investments in other companies Income before taxes Income tax expense Result from discontinued operations Net income Minority interests 253,342 197,067 45,786 16,087 (5,598) (52,487) (52,487) (60,934) 8,447 - 200,855 (164,786) (70,649) (74,154) (19,983) - 36,069 1,273 37,342 5,689 - 43,031 (271) 2,0286,7355,706 - - -6,7351,527 2,0284,178 -(7,035) -(7,387) -(7,789) -402 -352 2,0286,735(1,329) 10,0481,329 -1,329 --10,048 - 12,0756,735-- 12,0756,735-(3,716)(6,735) - 8,359--(969) 267,810 197,067 45,786 24,349 608 (59,522) (59,874) (68,723) 8,849 352 208,288 (153,409) (69,320) (74,154) (9,935) - 54,879 1,273 56,152 (4,762) - 51,390 (1,240) Net Income Attributable to Shareholders 42,760 7,390--50,150 In Ch$ million

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 We present below the managerial income statements with the adjustments described above: 2Q18 1Q18change2Q17change 6M18 Net operating profit before credit & counterparty losses Net interest income Net fee and commission income Net total financial transactions Other operating income, net Net provision for credit & counterparty risks Result from loan losses, net Provision for loan losses Recoveries of loans written-off as losses CVA (ratings and collaterals effects) Net operating profit Operating expenses Personnel expenses Administrative expenses Depreciation and amortization Impairments Operating income Income from investments in other companies Income before taxes Income tax expense Result from discontinued operations Net income Minority interests 278,447 215,334 43,415 26,185 (6,487) (57,937) (65,918) (79,738) 13,820 7,981 220,510 (150,420) (69,402) (70,134) (10,884) - 70,089 213 70,302 (4,004) - 66,298 (1,373) 267,81010,6374.0%254,90523,5429.2% 197,06718,2679.3%187,15928,17515.1% 45,786(2,371)-5.2%40,7982,6176.4% 24,3491,8367.5%27,781(1,596)-5.7% 608(7,095)-(833)(5,654)679.0% (59,522)1,585-2.7%(47,785)(10,152)21.2% (59,874) (6,044)10.1%(68,932)3,014-4.4% (68,723)(11,015)16.0%(82,943)3,205-3.9% 8,8494,97156.2%14,010(190)-1.4% 3527,629 2168.1%21,147(13,167)-62.3% 208,288 12,221 5.9% 207,120 13,390 6.5% (153,409)2,989 -1.9% (150,492)71 0.0% (69,320) (82) 0.1% (69,566)164-0.2% (74,154) 4,020 -5.4% (70,494)360-0.5% (9,935)(949)9.6%(10,431)(453)4.3% ------54,87915,21027.7%56,62813,46123.8% 1,273(1,060)-83.3%952(739)-77.6% 56,15214,15025.2%57,58012,72222.1% (4,762)758-15.9%(5,325)1,320-24.8% ------51,39014,90829.0%52,25514,043 26.9% (1,240)(133)10.8%(2,736) 1,363-49.8% 546,257 412,401 89,201 50,534 (5,879) (117,459) (125,792) (148,461) 22,669 8,333 428,798 (303,830) (138,722) (144,288) (20,820) - 124,968 1,486 126,454 (8,767) - 117,688 (2,613) 508,37837,8797.5% 367,96744,434 12.1% 86,5232,6783.1% 61,993(11,459) -18.5% (8,105)2,226 -27.5% (129,911) 12,452-9.6% (145,592)19,801 -13.6% (166,293)17,832 -10.7% 20,7001,9699.5% 15,681(7,349) -46.9% 378,467 50,331 13.3% (301,219)(2,611)0.9% (135,944)(2,778)2.0% (145,038)750 -0.5% (20,238) (582)2.9% ---77,24847,720 61.8% 1,141345 30.2% 78,38948,065 61.3% (1,158)(7,608) 656.9% ---77,231 40,457 52.4% (1,373)(1,240) 90.3% Net Income Attributable to Shareholders 64,924 50,15014,77529.5%49,51915,40631.1% 115,074 75,85739,217 51.7% 6M17change

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 Results Net income analysis presented below is based on the Managerial Income Statement with the adjustments shown on pages 9 and 10: Recurring Net Income Ch$ 64.9 billion in the 2Q18 Highlights in 2Q18 Ch$ million Highlights in the quarter:  Managerial Recurring Net Income The recurring net income for the second quarter of 2018 amounted to Ch$64,924 million, represen-ting an increase of Ch$14,775 million or 29.5% from the previous quarter and an increase of Ch$15,406 million or 31.1% from the same period of the previous year.  Net Interest Income The main highlight in the quarter when compared to the previous quarter was the Ch$18,267 million or 9.3% increase in net interest margin due to higher inflation and higher volume of interest-earning assets in the quarter.  Cost of Credit and Counterparty Risks The Ch$7,629 million positive impact of CVA adjustments (ratings and collaterals effects) offset the Ch$6.044 million or 10.1% increase in net results from loan losses, resulting in a Ch$1,585 million or 2.7% decrease in net provision for credit and counterparty risks in the quarter.  Operating expenses The Ch$2,989 million or 1.9% decrease in operating expenses driven by lower administrative expenses also contributed to the second quarter of 2018 increase in the recurring net income.  Commissions and Fees Previous positive effects were partly offset by a Ch$2,371 million or 5.2% decrease in financial advisory commissions and fees in the quarter. Return on Average Tangible Equity1 13.7 % Net Operating Profit Before Loan Losses Ch$ 278.4 billion Ch$ million The annualized recurring return on average tangible equity reached 13.7% in the second quarter of 2018, 2.9 percentage points increase when compared to both the previous quarter and the second quarter of 2017. Average tangible shareholders’ equity totaled Ch$1,890.1 billion, a 1.8% increase compared to the previous quarter and a 3.3% increase compared to the second quarter of 2017. Annualized recurring return on average assets ex-goodwill and ex-intangibles from business combination reached 0.9% in the second quarter of 2018, up 20 basis points compared to the previous quarter and up 22 basis points compa-red to the second quarter of 2017. (1) Tangible Equity: Shareholders equity net of goodwill, intangibles from business combination and related deferred tax liabilities. For further details by country see page 40 In the second quarter of 2018, net operating profit before loan losses — representing net interest income, net fee and commission income, net total financial transactions and other operating income, net — totaled Ch$278,447 million, a 4.0% increase from the previous quarter and a Ch$23,542 million or 9.2% increase from the same period of the previous year. The main components of net operating profit before loan losses and other items of income statements are presented ahead. For further details by country see pages 19 and 29

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 Net Interest IncomeEfficiency Ratio and Risk-Adjusted Efficiency Ratio Ch$ 215.3 billion 54.0 % The net interest income for the second quarter of 2018 totaled Ch$215,334 million, an increase of Ch$18,267 million or 9.3% when compared to the previous quarter, mainly due to higher inflation-linked income in Chile and by a marginal improvement in our spreads in Colombia due to the marginal reduction in funding costs as the monetary policy rate continued to decrease. Our net interest margin reached 3.5% in the second quarter of 2018, an increase of 18 basis points when compared to the previous quarter and also an increase of 41 basis points when compared to the same quarter last year. The increase in the current quarter compared to the previous quarter is 3 basis points when excluding inflation-indexation effects. Our net interest margin ex-indexation reached 3.0% in the second quarter of 2018 compared to 2.9% in the first quarter of 2018 and to 2.9% in the second quarter of 2017, respecti-vely. For further details by country see pages 19 and 29 In the second quarter of 2018, the efficiency ratio reached 54.0% an improve-ment of 3.3 and 5.0 percentage points from the previous quarter and the second quarter of 2017, respectively, due to lower administrative expenses and higher net operating profit before loan losses. In the second quarter of 2018, the risk-adjusted efficiency ratio, which also includes the result from loan losses, reached 74.8%, an improvement of 4.7 and 3.0 percentage points from the previous quarter and the second quarter of 2017, respectively. This was primarily due to lower administrative expenses and higher net operating profit before loan losses as described below. For further details by country see pages 26 and 36 Net Commissions and FeesNet Provision for Credit & Counterparty Risks Ch$ 43.4 billion Ch$ million Ch$ 58.0 billion Ch$ million Commissions and fees decreased 5.2% when compared to the previous quarter, mainly due to lower fees from financial advisory fees in Chile, partly offset by higher fees from credit and financial transactions, and asset manage-ment and brokerage in Colombia. Compared to the second quarter of 2017, these revenues increased 6.4%, mainly due to an increase in insurance brokerage and credit and financial transactions fees aligned with our consumer loans expansión in Chile. For further details by country see pages 24 and 34 Provision for credit and counterparty risks net of recoveries of loans written-off decreased 2.7% from the previous quarter, totaling Ch$57,937 million in the second quarter of 2018. This improvement was mainly due to positive CVA adjustments (ratings and collaterals effects) of Ch$7,629 million from the previous quarter. Compared to the second quarter of 2017, cost of credit increased 21.2%, mainly due to a decrease in CVA adjustments effects of Ch$13,167 million or 62.3%. For further details by country see pages 21 and 31

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 Income Statement and Balance Sheet Analysis Management Discussion & Analysis

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 Managerial Results | Breakdown by Country Highlight The financial results of Itaú CorpBanca in Chile include some expenses associated with our Colombian operations. To provide a clear view of the contribution of each operation to the consolidated financial results:  we have reclassified from Chile to Colombia the cost of derivative structures used to hedge the investment and its related tax effects,  as well as the amortization of intangible assets generated by the acquisition of Santander Colombia that were registered in Chile before the Merger. For more details on managerial information, please refer to pages 9, 10 and 11 of this report. 2Q18 Consoli-ChileColombia1 dated Net interest income Net fee and commission income Total financial transactions, net Other operating income, net Net operating profit before credit & counterparty losses Net provision for credit & counterparty risks Net operating profit Operating expenses Operating income Income from investments in other companies Income before taxes Income tax expense Net income 215,334144,13571,807 43,41535,2218,194 26,185 24,1263,051 (6,487)(5,946) (541) 278,447197,53682,511 (57,937)(25,999)(31,938) 220,510171,53750,573 (150,420)(101,012)(49,409) 70,08970,5251,164 213221(8) 70,30270,7461,156 (4,004)(7,421)2,984 66,29863,3254,140 (-) Minority interest Colombia hedge positions cost Net Income Attributable to Shareholders (1,373)18(1,391) --(1,168) 64,92463,3431,581 1Q18 Consoli-ChileColombia1 dated 197,067134,08863,821 45,78639,6296,157 24,34923,3445,183 608821(213) 267,810197,88274,948 (59,522)(30,353)(29,169) 208,288167,52945,779 (153,409) (105,527)(47,883) 54,87962,003(2,104) 1,273251,248 56,15262,028(856) (4,762)(10,637)4,519 51,39051,3913,664 (1,240)(10)(1,230) --(3,665) 50,15051,380(1,231) Change Consoli-ChileColombia1 dated 18,26710,0477,986 (2,371)(4,408)2,037 1,836782(2,132) (7,095)(6,767) (328) 10,637(346)7,563 1,5854,354(2,769) 12,2214,0074,794 2,9894,515(1,526) 15,2108,5223,268 (1,060)196(1,256) 14,1508,7182,012 7583,216(1,535) 14,90811,935477 (133)28(162) 2,497 14,77511,9632,812 2Q17 Consoli-ChileColombia1 dated 187,159132,60355,966 40,79830,76210,036 27,7818,36123,561 (833) 964(1,797) 254,905172,69087,766 (47,785)(16,381)(31,404) 207,120156,30956,362 (150,492)(98,927)(51,565) 56,62857,3824,797 952264688 57,58057,6465,485 (5,325)(9,469)2,729 52,25548,1778,214 (2,736)31(2,768) --(4,136) 49,51948,2081,310 Change Consoli-ChileColombia1 dated 28,175 11,532 15,841 2,617 4,459 (1,842) (1,596) 15,765 (20,510) (5,654) (6,910) 1,256 23,542 24,846 (5,255) (10,152)(9,618)(534) 13,390 15,227 (5,789) 71(2,085)2,156 13,461 13,143 (3,633) (739)(43)(696) 12,722 13,100 (4,329) 1,320 2,048 256 14,043 15,148 (4,073) 1,363(13)1,376 2,968 15,40615,135271 2Q18 Consoli-ChileColombia1 dated Net interest income Net fee and commission income Total financial transactions, net Other operating income, net Net operating profit before credit & counterparty losses Net provision for credit & counterparty risks Net operating profit Operating expenses Operating income Income from investments in other companies Income before taxes Income tax expense Net income 215,334144,13571,807 43,41535,2218,194 26,18524,1263,051 (6,487)(5,946) (541) 278,447197,53682,511 (57,937)(25,999)(31,938) 220,510171,53750,573 (150,420)(101,012)(49,409) 70,08970,5251,164 213221(8) 70,30270,7461,156 (4,004)(7,421)2,984 66,29863,3254,140 (-) Minority interest Colombia hedge positions cost Net Income Attributable to Shareholders (1,373)18(1,391) --(1,168) 64,92463,3431,581

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 Accounting and Managerial Net Income Statement Reconciliation 2Q18 Net Income Attributable to Shareholders (Accounting) 57,166 42,231 61,084 (+) Pro forma consolidation effects - - - Pro Forma Net Income Attributable to Shareholders 57,166 42,231 61,084 (+) Non-recurring events (-) Costs of fiscal and economic hedges of the investment in Colombia (a) (b) 5,009 (1,168) 5,485 (3,665) (17,012) (4,136) Recurring Net Income Attributable to Shareholders (Managerial) 63,343 51,380 48,208 99,397 90,178 - - 99,397 90,178 10,494 (4,833) (17,009) (9,266) 114,724 82,435 1Q182Q176M186M17 1,300 (1,157) - - 1,300 (1,157) 3,883 (4,833) 3,845 (9,266) 350 (6,578) 1Q182Q176M186M17 2Q18 Net Income Attributable to Shareholders (Accounting) 771 529 3,523 (+) Pro forma consolidation effects - - - Pro Forma Net Income Attributable to Shareholders 771 529 3,523 (+) Non-recurring events (+) Costs of fiscal and economic hedges of the investment in Colombia (a) (b) 1,978 (1,168) 1,905 (3,665) 1,923 (4,136) Recurring Net Income Attributable to Shareholders (Managerial) 1,581 (1,231) 1,310 (a) Cost of Investment Hedge: carry cost of the derivatives used for the economic hedge of the investment in Colombia, currently booked in Chile. (b) Cost of Fiscal Hedge: cost of the derivative structure used for the fiscal hedge of the investment in Colombia, currently booked in Chile.

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 Managerial Results | Breakdown for Chile Net Income analysis for Chile presented below is based on the Managerial Income Statement with the adjustments shown on pages 17 and 18: 2Q18 Net interest income Net fee and commission income Total financial transactions, net Other operating income, net Net operating profit before credit & counterparty losses Net provision for credit & counterparty risks Net operating profit Operating expenses Operating income Income from investments in other companies Income before taxes Income tax expense Net income 144,135 35,221 24,126 (5,946) 197,536 (25,999) 171,537 (101,012) 70,525 221 70,746 (7,421) 63,325 134,088 39,629 23,344 821 197,882 (30,353) 167,529 (105,527) 62,003 25 62,028 (10,637) 51,391 Net Income Attributable to Shareholders 63,343 51,380 6M18 278,222 74,850 47,471 (5,125) 395,418 (56,352) 339,066 (206,538) 132,528 246 132,774 (18,057) 114,716 261,910 66,503 29,015 (2,813) 354,615 (60,902) 293,713 (199,736) 93,976 264 94,240 (11,782) 82,458 114,724 82,435 In Ch$ million 1Q18%$2Q17%$ 7.5%10,047132,6038.7%11,532 -11.1%(4,408)30,76214.5%4,459 3.3%7828,361188.6%15,765 6M17%$ 6.2% 16,313 12.6%8,347 63.6% 18,455 -(6,767)964-(6,910) 82.2% (2,312) -0.2%(346)172,69014.4%24,846 11.5% 40,803 -14.3%4,354(16,381)58.7%(9,618) -7.5%4,550 2.4%4,007156,3099.7%15,227 -4.3%4,515(98,927)2.1%(2,085) 15.4% 45,353 3.4% (6,802) 13.7%8,52257,38222.9%13,143 784.0%196264-16.3%(43) 41.0% 38,551 -6.8%(18) 14.1%8,71857,64622.7%13,100 40.9% 38,533 -30.2%3,216(9,469)-21.6%2,048 23.2%11,93548,17731.4%15,148 53.3% (6,275) 39.1% 32,258 23.3%11,96348,20831.4%15,135 39.2% 32,288

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 Net Interest Income In the second quarter of 2018, the Net Interest Income totaled Ch$144,135 million, a 7.5% increase compared to the previous quarter. Compared to the same period of the previous year, the Net Interest Income increased 8.7%. In Ch$ million, end of period 2Q18 1Q18 change 2Q17 change Net Interest Income 144,135 134,088 10,047 7.5% 132,603 11,532 8.7% Interest Income 291,373 279,137 12,236 4.4% 288,194 3,179 1.1% Interest Expense (147,238) (145,049) (2,189) 1.5% (155,592) 8,353 -5.4% Average Interest-Earning Assets 18,686,754 18,409,328 277,426 1.5% 18,332,858 353,896 1.9% Net Interest Margin 3.10% 2.96% 14 bp 2.90% 20 bp Net Interest Margin (ex-inflation indexation) 2.46% 2.51% (5 bp) 2.57% (11 bp) 2Q18 versus 1Q182Q18 versus 2Q17 Our Net Interest Income in the second quarter of 2018 presented an increase of Ch$10,047 million, or 7.5% when compared to the first quarter of 2018. This increase is explained mainly by higher inflation - linked income, as the UF (Unidad de Fomento ), the official inflation - linked unit of account, increased 0.71% in the second quarter of 2018 compared to an increase of 0.63% in the previous quarter, as well as an increase in volumes in our Balance Sheet and a higher accrual period, with one calendar day more when compared to the previous quarter. This was partially offset by a slightly lower interest yield. As a consequence of this increase, our Net Interest Margin presented an increase of 14 basis points to 3.10% in the quarter, or a decrease of 5 basis points to 2.46% when excluding inflation -indexation effects. When compared to the second quarter of 2017, our Net Interest Income improved Ch$11,532 million, or 8.7%. The main drivers for this increase are a higher UF exposure and higher volume of interest -earning assets in the quarter when compared to the same period of the previous year, partly offset by lower interest yield. Our Net Interest Margin presented an increase of 20 basis points to 3.10% when compared to the same quarter of 2017, or a decrease of 11 basis points to 2.46% when excluding inflation -indexation effects. Quarterly change of the Net Interest Income (Ch$ Billion) Yearly change of the Net Interest Income (Ch$ Billion)

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 Credit Quality Net Provision for Credit and Counterparty Risks In the second quarter of 2018, net provision for credit and counterparty risks (provision for loan losses net of recovery of loans written-off and CVA effects) totaled Ch$25,999 million, a 14.3% decrease from the previous quarter, driven by Ch$7,629 million increase in CVA effects driven by a new model and a Ch$4,817 million or 74.6% increase in recoveries from wholesale customers. CVA benefits were offset by an increase of Ch$8,092 million or 21.8% in provision for loan losses driven by corporate clients restructurings. Net provision for credit and counterparty risks for the 6M’18 period de-creased 7.5% compared to the same period of 2017. Net Provision for Loan Losses and Loan Portfolio At the end of the second quarter of 2018, our net provision for loan losses over loan portfolio remained stable at 0.8% compared to the previous quarter and decreased from 0.9% when compared to the second quarter of last year reflecting a more normalized credit quality of our corporate portfolio. Allowance for Loan Losses and Loan Portfolio As of June 30, 2018, our loan portfolio increased 1.9% from March 31, 2018, reaching Ch$16.2 trillion, whereas the allowance for loan losses decreased 1.2% in the quarter, totaling Ch$393.2 billion. The ratio of allowance for loan losses to loan portfolio went from 2.49% as of March 31, 2018 to 2.45% as of June 30, 2018, a decrease of 4 basis points.

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 Delinquency Ratios Non-Performing LoansNPL Ratio (%) by Segments | over 90 days Ch$ million The portfolio of credits 90-day overdue decreased Ch$ 7,503 million or 2.1% in the second quarter of 2018 mainly driven by a Ch$7,524 million or 7.5% decrease in both consumer and mortgage loans NPLs. The commercial portfolio NPLs remained stable despite a Ch$1,963 million or 2.9% increase in the student loans portfolio NPLs which are part of our commercial portfolio. Potential credit losses coming from these arrears are limited since these loans are government guaranteed. The NPLs increased Ch$61,934 million or 21.9% from the same period of the previous year explained by a Ch$57,107 million increase in the student loans portfolio NPLs which are part of our commercial portfolio as aforementioned which require relatively lower provisions than other loans with no government guarantees. NPL Ratio (%) | over 90 days The NPL ratio of credits 90-day overdue decreased from 2.21 % to 2.13% compared to the previous quarter. Compared to the same period of 2017, the ratio increased 37 basis points driven by the aforementioned increased in the student loans NPLs. In the second quarter 2018, the NPL ratio over 90 days for consumer loans went down from 1.77% to 1.50%. The NPL ratio for mortgage loans also went down from 1.95% to 1.81% compared to the previous quarter. The NPL ratio decreased by 4 basis points for commercial loans compared to the previous quarter from 2.37% to 2.33%. When excluding student loans from this portfolio, the commercial ex student loans NPL reached 1.82%, also decreasing 3 basis points compared to the previous quarter. These joint decreases led to a reduction of 8 basis points in our total NPL ratio. Coverage Ratio (%) | 90 days As of June 30, 2018, the 90-day coverage ratio reached 114%, 100 basis points up from the previous quarter driven by the decrease in the consumer loans NPLs. This decrease was partly offset by the increase in the student loans NPLs —a government guaranteed portfolio. The student loans NPLs is equivalent to a 20% of the total NPLs. This portfolio requires relatively lower provisions than other loans with no such guarantees. Compared to June 30, 2017, the total 90-day coverage ratio decreased 12 percentage points reflecting the aforementioned increased in the student loans NPLs.

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 Loan Portfolio Write-Off NPL Creation * Loan portfolio average balance of the two previous quarters. Ch$ billion In the second quarter of 2018, the loan portfolio write-off totaled Ch$37.4 billion, a 16.5% increase compared to the previous quarter. The ratio of written-off operations to loan portfolio average balance reached 0.93%, up 12 basis points compared to the first quarter of 2018. In the second quarter of 2018, NPL Creation reached Ch$29.9 billion down 37.2% compared to the previous period. Recovery of Loans Written-off as Losses NPL Creation Coverage Ch$ million In the second quarter of 2018, income from recovery of loans written-off increased Ch$4,817 million, or 74.6%, from the previous quarter. When compared to second quarter of 2017, the income from recovery of loans written-off increased Ch$854 million, or 8.2%, compared to the same period of the previous year. In the second quarter of 2018, total NPL Creation coverage reached 151%, which means that the provision for loan losses in the quarter was higher than NPL Creation. The trend shown since 2Q16 demonstrates that our portfolio is more concentrated in wholesale loans where we anticipate the provision compared to overdue loans.

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 Commissions and Fees Highlights  In the second quarter of 2018, commissions and fees amounted to Ch$35,221 million, a decrease of 11.1% from the previous quarter mainly driven by lower fees from financial advisory, down Ch$4,386 million, or 62.0% in this quarter. Despite that these fees are normally cyclical, we expect to recover these revenues in the next quarters given our current commercial pipeline.  Compared to the second quarter of 2017, these revenues increased 14.5% mainly due to increases in insurance brokerage fees aligned with our consumer loans expansion, and also credit and financial transactions fees in the period. Total Financial Transactions, net Highlights  In the second quarter of 2018, total financial transactions and foreign exchange profits amounted to Ch$24,126 million, an increase of 3.3% from the previous quarter reflecting a positive effect in the CVA of derivatives driven by positive market behavior. Compared to the second quarter of 2017, these revenues increased 188.6%.

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 Highlights  Operating expenses totaled Ch$101,012 million in the second quarter of 2018, decreasing 4.3% when compared to the first quarter of 2018. This decrease is mostly explained by lower administrative expenses. Personnel ExpensesAdministrative Expenses Personnel expenses totaled Ch$47,305 million in the second quarter of 2018, a 1.9% decrease when compared to the previous quarter due to lower severance costs. In comparison to the second quarter of 2017 there is also an 1.8% decrease in expenses. Number of Employees The total number of employees considering the Itaú CorpBanca New York branch was 5,822 at the end of the second quarter of 2018 compared to 5,813 in the first quarter of 2018 and 5,958 at the end of the second quarter of 2017, a 2.3% reduction in headcount in twelve months. Administrative expenses amounted to Ch$ 46,146 million in the second quarter of 2018, an 8.3% decrease when compared to the previous quarter. This decrease was influenced by lower general administrative expenses. When compared to the second quarter of 2017, there was a 6.5% increase explained by a calendar effect, where the second quarter of 2018 concen-trated several expenses more than in the same quarter of previous year. Depreciation and Amortization Depreciation, amortization and impairment expenses totaled Ch$7,561 million in the second quarter of 2018, a 8.3% increase when compared to the first quarter of 2018, explained by the investment made in development of software and systems which increase the base of intangibles in our ba-lance sheet as well as an increase in fixed assets related to the remodeling of our new headquarters and migrated branches. When compared to the second quarter of 2017, there was a 1.4% increase.

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 Efficiency Ratio and Risk-Adjusted Efficiency Ratio We present the efficiency ratio and the risk -adjusted efficiency ratio, which includes the net provision for credit & counterpar ty risks. Risk-Adjusted Efficiency Ratio = Operating Expenses (Personnel + Administrative + Depreciation & Amortization + Impairment) + Net Provision for Credit & Counterparty Risks Net Interest Income + Net Fee and Commission Income + Total Financial Transactions, net + Other Operating Income, net Efficiency Ratio In the second quarter of 2018, our efficiency ratio reached 51.1%, almost flat compared to the first quarter of 2018. This was mainly due to lower operating expenses of 4.3%, and at the same time lower net operating profit before credit and counterparty losses of 0.2%. When compared to the second quarter of 2017, the efficiency ratio improved 6.2 percentage points, explained by the increase in net operating profit before credit and counterparty losses of 14.4% in the period. Risk-Adjusted Efficiency Ratio The risk-adjusted efficiency ratio, which also includes the result from loan los-ses, reached 64.3% in the second quarter of 2018, an improvement of 4.4 per-centage points compared to the previous quarter, as a result of lower operating expenses and cost of credit of 6.5% in the period. When compared to the second quarter of 2017, the risk-adjusted efficiency ratio improved by 2.5 percentage points due to the improvement in net operating profit before credit and counterparty losses. Net Operating Profit Before Credit & Counterparty Losses Distribution The chart below shows the portions of net operating profit before credit and counterparty losses used to cover operating expe nses and net provision for credit and counterparty risks.

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 Distribution Network Points of Service in ChileAutomated Teller Machines (ATMs) | Chile Our distribution network provides integrated financial services and pro-ducts to our customers through diverse channels, including ATMs, branch offices, mobile banking, internet banking and telephone ban-king. By the end of the second quarter of 2018, the number of ATMs totaled 466 in Chile, a decrease of 30 ATMs or a 6.0% since Legal Day One. Additionally, our customers had access to over 7,680 ATMs in Chile through our agreement with Redbanc. Branches | Chile and New York As of June 30, 2018 we had 200 branches, a decrease of 24 branches or 10.7% since Legal Day One (April 1, 2016) as part of our enhanced branch network strategy meant to create additional savings. According to our integration process, in the fourth quarter of 2016 we started the branch network migration with a pilot test of two offices. As expected, the branch migration was completed by the end of 2017. As a result, the brand composition has changed. By the end of the se-cond quarter of 2018, we operated in Chile 144 branch offices under the “Itaú” brand and 55 branches under the “Banco Condell ” brand —our consumer finance division. Additionally, we have one branch in New York. * H is to r ic a l d a ta inc lu de s “C o rp Ba nc a ” br a nc h es

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 Credit Portfolio Highlight  At the end of the second quarter of 2018, our total consolidated credit portfolio in Chile reached Ch$16.2 trillion, an increase of 1.9% from the previous quarter and of 1.1% from the second quarter of 2017. Credit Portfolio by Products In the table below, the loan portfolio is split into two groups: wholesale lending and retail lending. For a better understan ding of the performance of these portfolios, the main product groups of each segment are presented in the following table: 2Q18 Wholesale lending - Chile Commercial loans Foreign trade loans Leasing and factoring Retail lending - Chile Residential Mortgage loans Consumer loans Consumer installment loans Current account overdrafts Credit card debtors Other loans and receivables 10,798,014 9,400,429 799,908 597,677 5,416,138 3,773,303 1,642,835 1,123,209 197,164 321,850 612 10,605,3521.8%11,159,005-3.2% 9,279,7561.3%9,792,982-4.0% 701,38214.0%772,4723.6% 624,214-4.3%593,5510.7% 5,303,9102.1%4,881,24111.0% 3,703,1971.9%3,488,2908.2% 1,600,7132.6%1,392,95117.9% 1,078,6394.1%909,99023.4% 204,650-3.7%189,4834.1% 316,7601.6%292,68810.0% 664-7.8%790-22.5% TOTAL LOANS 16,214,152 15,909,2621.9%16,040,2461.1% 1Q18change2Q17change Our retail loan portfolio reached Ch$5.42 trillion at the end of the second quarter of 2018, an increase of 2.1% compared to the previous quarter. Consumer loans reached Ch$1.64 trillion, up 2.6% compared the previous quarter and 17.9% compared to the 12-month period. Residential mortgage loans reached Ch$3.77 trillion at the end of the second quarter of 2018, an increase of 1.9% compared to the previous quarter and of 8.2% compared to the 12-month period ended. Wholesale loan portfolio increased 1.8% in the second quarter of 2018, totaling Ch$10.80 trillion showing favorable domestic and international tailwinds that aids a stronger activity start in Chile. Despite this recovery in our growth pace, we are still lagging compared to the market average growth after decreasing our corporate loan book mainly driven by market conditions but also seeking for reductions in our porfolio concentrations in the last quarters. The economic activity recovery (4.7% growth in the first five months of the year vs. -0.1% in the equivalent 2017 period) is promising and consistent with improving labor market data, optimistic private sentiment, low inflation and an expansionary monetary policy. Rising imports of capital goods and wholesale purchases of building materials is consistent with the expected construction and overall recovery. Meanwhile, rising global tensions could impact external demand, curb copper prices and affect chile’s small open economy. Meanwhile, slower growth of wages could limit consumption growth ahead. Strong growth and the recent weakening of the currency mean lower risks for inflation convergence to the target. We believe the central bank would start its monetary policy normalization process at the end of this year (rather than in early 2019 as expected until recently). Next year we still see four rate hikes, taking the policy rate to 3.75% (3.5% previously). Overall, we see growth of 3.8% for 2018, a notable pickup from the 1.5% posted last year, with 2Q’18 growth of around 5% (4.2% in 1Q’18).

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 Managerial Results | Breakdown for Colombia Net Income analysis for Colombia presented below is based on the Managerial Income Statement with the adjustments shown on pa ges 17 and 18: 1Q18%2Q17% In Ch$ million Nominal Currency Exchange Rate Effect¹ Constant Currency Change in Constant Currency Nominal Currency Exchange Rate Effect¹ Constant Currency Change in Constant Currency 8.4%55,96636955,59731.0% 28.3%10,0361159,921-16.3% -43.5%23,56114723,414-86.8% 161.1%(1,797)(22)(1,775)-70.0% 6.1%87,76661087,156-4.0% 5.3%(31,404)(82) (31,322)3.4% 6.6%56,36252855,834-8.1% -0.6%(51,565)(404) (51,160)-2.1% -4,7971244,673-74.0% -6889679--5,4851335,352-77.4% -36.5%2,729372,69212.0% 11.7%8,2141698,044-47.5% 11.8%(2,768)(57)(2,711)-47.7% -68.1%(4,136)-(4,136)-71.8% -1,3101121,19836.4% 2Q18 Exchange NominalRateConstant CurrencyEffect¹Currency Net interest income Net fee and commission income Total financial transactions, net Other operating income, net Net operating profit before loan losses Provision for loan losses Net operating profit Operating expenses Operating income Income from investments in other companies Income before taxes Income tax expense Net income 71,807(1,016)72,823 8,194(106)8,300 3,051(47)3,098 (541) (8) (533) 82,511(1,177)83,688 (31,938)442(32,380) 50,573(736)51,309 (49,409)684(50,093) 1,164(51)1,215 (8)0(8) 1,156(51)1,207 2,984(30)3,014 4,140(81)4,221 63,821(3,340)67,161 6,157(311)6,468 5,183(300)5,483 (213)(9)(204) 74,948(3,960)78,908 (29,169)1,588 (30,757) 45,779(2,372) 48,151 (47,883) 2,522 (50,404) (2,104) 149(2,253) 1,248(40)1,288 (856)109(965) 4,519(225)4,744 3,664(116)3,779 (-) Minority interests (-) Cost of associated hedge positions in Chile Net Income Attributable to Shareholders (1,391)27(1,419) (1,168) -(1,168) 1,581(53)1,634 (1,230)39(1,268) (3,665)-(3,665) (1,231)(77)(1,154) In Ch$ million Nominal Currency Exchange Rate Effect¹ Constant Currency Change in Constant Currency 28.6% -25.5% -79.4% -85.8% -1.5% -8.0% 3.1% -0.3% -76.0% 48% - 6.2% 108.4% 109.4% -47.8% - 6M18 Exchange NominalRateConstant CurrencyEffect¹Currency Net interest income Net fee and commission income Total financial transactions, net Other operating income, net Net operating profit before loan losses Provision for loan losses Net operating profit Operating expenses Operating income Income from investments in other companies Income before taxes Income tax expense Net income 135,628(4,356)139,984 14,351(417)14,768 8,234(348)8,582 (754) (17)(737) 157,459(5,138)162,597 (61,107)2,030(63,137) 96,352(3,108)99,460 (97,291) 3,206 (100,498) (939) 98(1,038) 1,240(40)1,280 30159242 7,504(255)7,758 7,804(196)8,000 109,534667 108,867 20,02019119,829 41,939349 41,590 (5,292)(92)(5,200) 166,2011,116 165,085 (69,009)(355) (68,654) 97,19276196,431 (101,483)(722) (100,761) (4,291)39(4,330) 87715862 (3,414)54(3,468) 7,4521467,307 4,0392003,839 (-) Minority interests (-) Cost of associated hedge positions in Chile Net Income Attributable to Shareholders (2,621)66(2,687) (4,833)-(4,833) 350(130)481 (1,350)(67)(1,283) (9,266)-(9,266) (6,578)133(6,711)

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 Net Interest Income In the second quarter of 2018, the Net Interest Income totaled Ch$72,823 million, an 8.4% increase compared to the previous quarter. Compared to the same period of the previous year, the Net Interest Income increased 31.0%. In Ch$ million, end of period2Q181Q18change2Q17change Net Interest Income 72,823 67,161 5,663 8.4% 55,597 17,227 31.0% Interest Income 138,854 137,257 1,597 1.2% 144,311 (5,457) -3.8% Interest Expense (66,031) (70,096) 4,065 -5.8% (88,715) 22,684 -25.6% Average Interest-Earning Assets6,528,0756,402,241125,8332.0%6,291,013237,062 3.8% Net Interest Margin4.51%4.29%23 bp3.56%95 bp Note: Managerial resul ts for Colombia are expressed i n constant currency i n order to eliminate the impact of the foreign exch ange rate variation, thus all figures from each of the peri ods analyzed were converted i nto Chilean peso at a single forei gn exchange rate: Ch$0.2232 per COP as of June 30, 2018. 2Q18 versus 1Q182Q18 versus 2Q17 Our Net Interest Income in the second quarter of 2018 presented an increase of Ch$5,663 million, or 8.4% when compared to the first quarter of 2018. This increase is explained by a higher volume of interest earning assets and an improvement in our spreads due to the marginal reduction in funding costs as the monetary policy rate continued to decrease, partly offset by a lower accrual period, with one calendar day less when compared to the previous quarter. As a consequence of these effects, our Net Interest Margin presented an increase of 23 basis points to 4.51% in the quarter. When compared to the second quarter of 2017, our Net Interest Income increased Ch$17,227 million, or 31.0%. This is explained by a higher volume of interest earning assets and an improvement in our spreads due to the marginal reduction in funding costs as the monetary policy rate as previously mentioned. As a consequence, our Net Interest Margin presented a 95 basis points increase when compared to the second quarter of 2017. Quarterly change of the Net Interest Income (Ch$ Billion) Yearly change of the Net Interest Income (Ch$ Billion)

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 Credit Quality 2Q18 1Q18change2Q17change 6M18 (34,965) 2,585 (32,380) (33,257)(1,708)5.1%(34,963)(2)0.0% 2,500853.4%3,641(1,056) -29.0% (30,757)(1,623)5.3%(31,322)(1,058)3.4% (68,222) 5,085 (63,137) (73,603)5,381-7.3% 4,9491372.8% (68,654)5,517-8.0% In Ch$ million 6M17change Provision for loan Losses Recoveries of loans written-off as losses Net Provision for Loan Losses Note: The loan portfolio for Colombia is expressed in constant currency in order to eliminate the impact of the foreign excha nge rate variation, thus all figures from each of the periods analyzed were converted into Chilean peso at a single foreign exchange rate of Ch$0.2232 per COP as of June 30 , 2018. In the second quarter of 2018, net provision for loan losses (provision for loan losses net of recovery of loans written-off as losses) totaled Ch$32,380 million, a 5.3% increase from the previous quarter due to an increase in the provision for loan losses. Provision for loan losses increased 5.1% compared to the previous quarter mainly due to higher provision requirements in all segments. The recovery of loans written-off as losses increased by Ch$85 million or 3.4% from the first quarter of 2018. Net Provision for Loan Losses and Loan Portfolio Note: The l oan portfolio for Col ombi a is expressed i n constant currency in order to eliminate the impact of the forei gn exchange rate vari ation, thus all figures from each of the periods analyzed were converted i nto Chilean peso at a single forei gn exchange rate of Ch$0.2232 per COP as of June 30, 2018. Allowance for Loan Losses and Loan Portfolio Note: The l oan portfolio for Col ombi a is expressed i n constant currency in order to eliminate the impact of the foreign exchange rate variation, thus all figures from each of the periods analyzed were converted i nto Chilean peso at a single forei gn exchange rate of Ch$0.2232 per COP as of June 30, 2018. As of June 30, 2018, the loan portfolio increased by 1.4% in constant currency compared to March 31, 2018, reaching Ch$4.92 trillion, whereas the allowance for loan losses decreased 4.1% in the quarter, totaling Ch$289,694 million. The ratio of allowance for loan losses to loan portfolio went down from 6.40% as of March 31, 2018 to 6.02% as of June 30, 2018. At the end of the second quarter of 2018, our provision for loan losses over loan portfolio was 2.7%, an increase of 10 basis points compared to the previous quarter and an increase of 20 basis points compared to the second quarter of last year.

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 Delinquency Ratios Non-Performing LoansNPL Ratio (%) by Segments | over 90 days Ch$ million Note: The l oan portfolio for Col ombi a is expressed i n constant currency in order to eliminate the impact of the foreign exchange rate variation, thus all figures from each of the periods analyzed were converted i nto Chilean peso at a single forei gn exchange rate of Ch$0.2232 per COP as of June 30, 2018. The portfolio of credits 90 days overdue increased 2.2% in the second quarter of 2018 compared to previous quarter and increased 37.3% compared to same period of the previous year, driven by an increase in NPLs of consumer and commercial loans 90 days overdue. NPL Ratio (%) | over 90 days In June 2018, the NPL ratio over 90 days for consumer loans decreased from 2.23% to 2.06%. On the other hand, the NPL ratio for mortgage loans increased by 43 basis points (from 4.12% to 4.55%) from the previous quarter. The NPL ratio decreased by 1 basis point for commercial loans from 2.85% to 2.84% compared to March 31, 2018 reflecting corporate customers more stabilized credit quality. The NPL ratio of credits 90 days overdue increased 2 basis points in the second quarter of 2018 compared to the previous quarter, and reached 2.89% by the end of June 2018. Compared to the same period of 2017, the ratio increased 85 basis points, mainly due to the increase in delinquency rates of mortgage loans. Coverage Ratio (%) | 90 days As of June 30, 2018, the 90-day coverage ratio reached 204%, a decrease of 13 percentage points compared to the previous quarter. On a 12-month comparison, the total 90-day coverage ratio decreased 62 percentage points. It is important to note that we maintain a high coverage for the Colombian loan portfolio given that the regulatory criteria that we have to follow for that portfolio -for consolidation purposes only-is to apply the most conservative provisioning rule between Chile and Colombia.

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 Loan Portfolio Write-Off NPL Creation Ch$ billion * Loan portfolio average balance of the two previous quarters. Note: The l oan portfolio for Col ombi a is expressed i n constant currency in order to eliminate the impact of the foreign exchange rate variation, thus all figures from each of the periods analyzed were converted into Chilean peso at a single forei gn exchange rate of Ch$0.2232 per COP as of June 30, 2018. In the second quarter of 2018, the loan portfolio write-off totaled Ch$48.0 billion, a 99.2% increase compared to the previous quarter. The ratio of written-off operations to loan portfolio average balance reached 3.93%, a 1.92 percentage points increase compared to the first quarter of 2018. Note: The l oan portfolio for Col ombi a is expressed i n constant currency in order to eliminate the impact of the foreign exchange rate variation, thus all figures from each of the periods analyzed were converted i nto Chilean peso at a single forei gn exchange rate of Ch$0.2232 per COP as of June 30, 2018. In the second quarter of 2018, NPL Creation, reached Ch$51.1 billion up 84.5% compared to the previous period. Recovery of Loans Written-off as Losses Ch$ million NPL Creation Coverage Note: The l oan portfolio for Col ombi a is expressed i n constant currency in order to eliminate the impact of the foreign exchange rate variation, thus all figures from each of the periods analyzed were converted i nto Chilean peso at a single forei gn exchange rate of Ch$0.2232 per COP as of June 30, 2018. In this quarter, income from recovery of loans written-off as losses increased Ch$85 million, or 3.4%, from the previous quarter. In the second quarter of 2018, the income from recovery of loans written-off as losses decreased by Ch$1,056 million or 29% compared to the same period of the previous year. In the second quarter of 2018, total NPL Creation coverage reached 63%, down 33 percentage points compared to the previous quarter. This means that the provision for loan losses in the quarter was higher than NPL Crea-tion. The trend shown since 2Q16 reflects that our portfolio is more concen-trated in wholesale loans where we anticipate the provision compared to overdue loans.

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 Commissions and Fees Highlights  In the second quarter of 2018, commissions and fees amounted to Ch$8,300 million, an increase of 28.3% from the previous quarter driven by higher financial advisory fees; asset management and brokerage fees; and credit and financial transactions fees.  Compared to the second quarter of 2017, these revenues decreased 16.3%, driven by a decrease in credit and financial transactions fees. Note: The l oan portfolio for Col ombi a is expressed i n constant currency in order to eliminate the impact of the forei gn excha nge rate variation, thus all fi gures from each of the periods analyzed were converted i nto Chilean peso at a single forei gn exchange rate of Ch$0.2232 per COP as of June 30, 2018. Total Financial Transactions, net Highlights  In the second quarter of 2018, total financial transactions and foreign exchange profits amounted to Ch$3,098 million, a 43.5% decrease from the previous quarter reflecting a depreciation of 4.76% of the Colombian peso against the U.S. dollar impacting foreign exchange swaps and forward derivatives. Compared to the second quarter of 2017, these revenues also decreased 86.8% due to a losses in foreign exchange transactions. Note: The l oan portfolio for Col ombi a is expressed i n constant currency in order to eliminate the impact of the forei gn excha nge rate variation, thus all fi gures from each of the periods analyzed were converted i nto Chilean peso at a single forei gn exchange rate of Ch$0.2232 per COP as of June 30, 2018.

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 Highlights  Operating expenses totaled Ch$50,093 million in the second quarter of 2018, a 0.6% decrease when compared to the first quarter of 2018. This decrease is explained mainly by lower administrative expenses influenced by lower general expenses such us insurance policies.  When compared to the second quarter of 2017, operating expenses decreased 2.1% also due to lower administrative expenses, particularly data processing costs. Note: Managerial resul ts for Colombia are expressed i n constant currency i n order to eliminate the impact of the foreign exch ange rate variation, thus all figures from each of the peri ods analyzed were converted i nto Chilean peso at a single forei gn exchange rate: Ch$0.2232 per COP as of June 30, 2018. Personnel ExpensesAdministrative Expenses Personnel expenses totaled Ch$22,406 million in the second quarter of 2018, a 0.8% increase when compared to the first quarter of 2018 driven by higher performance bonuses provisions partly offset by lower severance costs. When compared to the second quarter of 2017, personnel expenses in-creased 5.4% due to higher severance costs, as well as higher compensa-tion expenses. Number of Employees The total number of employees considering Itaú (Panamá) was 3,533 at the end of the second quarter of 2018 compared to 3,561 in the first quarter of 2018 and 3,652 at the end of the second quarter of 2017, a 3.3% reduction in headcount in a 12-month period ended. Administrative expenses amounted to Ch$24,322 million in the second quarter of 2018, a 3.0% decrease when compared to the previous quarter. This decrease was influenced by lower general expenses such us insurance policies. When compared to the second quarter of 2017, there is a 9.7% decrease, especially due to lower third-party service expense and data processing. Depreciation and Amortization Depreciation and amortization expenses totaled Ch$3,366 million in the second quarter of 2018, an 8.3% increase when compared to the first quar-ter of 2018 and a 13.8% increase when compared to the second quarter of 2017.

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 Efficiency Ratio and Risk-Adjusted Efficiency Ratio We present the efficiency ratio and the risk -adjusted efficiency ratio, which includes the result from loan losses. Note: Managerial resul ts for Colombia are expressed i n constant currency i n order to eliminate the impact of the foreign exchange rate variati on, thus all fi gures from each of the periods analyzed were converted i nto Chil ean peso at a single foreign exchange rate: Ch$0.2232 per COP as of June 30, 2018. Risk-Adjusted Efficiency Ratio = Operating Expenses (Personnel + Administrative + Depreciation & Amortization + Impairment) + Result from Loan Losses Net Interest Income + Net Fee and Commission Income + Total Financial Transactions, net + Other Operating Income, net Efficiency Ratio In the second quarter of 2018, the efficiency ratio reached 59.9%, an improve-ment of 4.0 percentage points when compared to the first quarter of 2018. This trend was mainly due to higher net operating profit before loan losses of 6.1%, and at the same time, lower operating expenses of 0.6%. When compared to the second quarter of 2017, the efficiency ratio deteriorated by 1.2 percentage points, mostly explained by the 4.0% decrease in net opera-ting profit before loan losses. Net Operating Profit Before Loan Losses Distribution Risk-Adjusted Efficiency Ratio The risk-adjusted efficiency ratio, which also includes the result from loan los-ses, reached 98.5% in the second quarter of 2018, an improvement of 4.4 per-centage points compared to the previous quarter, as a result of higher net ope-rating profit before loan losses during the period of 6.1%. When compared to the second quarter of 2017, the risk-adjusted efficiency ratio deteriorated by 3.9 percentage points mainly due to the decrease in net opera-ting profit before loan losses of 4.0% and the increase of provisions for loans loan losses of 3.4% partly compensated by a 2.1% decrease in operating ex-penses. The chart below shows the portions of net operating profit before loan losses used to cover operating expenses and result fro m loan losses.

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 Distribution Network Points of Service in ColombiaAutomated Teller Machines (ATMs) | Colombia Our distribution network provides integrated financial services and pro-ducts to our customers through diverse channels, including ATMs, branch offices, internet banking and telephone banking. By the end of the second quarter of 2018, the number of ATMs totaled 174 in Colombia. Additionally, our customers had access to over 15,700 ATMs in Colombia through Colombia’s financial institutions. Branches | Colombia and Panamá As of June 30, 2018 we had 163 branches, in both Colombia and Pana-ma under the brand “Itaú”. As part of our integration process, in the second quarter of 2017 we have introduced the “Itaú” brand completing the rebranding of the Helm’s branch network in May 2017. As part of our integration process, in the second quarter of 2017 we have introduced the “Itaú ” brand completing the rebranding of the Helm’s branch network in May 2017. Additionally, in the third quarter of 2017 we started the branch network migration with a pilot test. The process has continued with 77% braches migrated by fourth quarter 2017. The branch migration was completed in January 2018, earlier than expected.

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 Credit Portfolio Highlight  Excluding the effect of the foreign exchange variation, at the end of the second quarter of 2018, the Colombian portfolio increased 1.4% and reached Ch$4.9 trillion when compared to the previous quarter and decreased 3.3% during the 12-month period ended. Credit Portfolio by Products In the table below, the loan portfolio is split into two groups: wholesale lending and retail lending. For a better understan ding of the performance of these portfolios, the main product groups of each segment are presented in the following table: 2Q18 Wholesale lending - Colombia Commercial loans Current account overdrafts Leasing and factoring Other loans and receivables Retail lending - Colombia Residential Mortgage loans Housing leasing Other mortgage loans Consumer loans Consumer loans payments Current account overdrafts Credit card debtors Leasing consumer Other loans and receivables 3,356,653 2,848,653 24,672 470,679 12,649 1,564,954 592,355 317,246 275,109 972,599 788,736 3,299 111,049 8,469 61,046 3,267,2902.7%3,438,988-2.4% 2,755,1053.4%2,893,857-1.6% 19,70825.2%23,7104.1% 479,452-1.8%507,693-7.3% 13,025-2.9%13,727-7.9% 1,587,360-1.4%1,649,473-5.1% 574,8523.0%535,15010.7% 310,1602.3%298,4846.3% 264,6923.9%236,66616.2% 1,012,508-3.9%1,114,323-12.7% 821,781-4.0%900,787-12.4% 3,641-9.4%4,237-22.1% 112,138-1.0%120,491-7.8% 9,904-14.5%14,167-40.2% 65,045-6.1%74,640-18.2% TOTAL LOANS 4,921,607 4,854,6501.4%5,088,461-3.3% 1Q18change2Q17change Note: The loan portfolio for Colombia is expressed in constant currency in order to eliminate the impact of the foreign excha nge rate variation, thus all figures from each of the periods analyzed were converted into Chilean peso at a single foreign exchange rate of Ch$0.2232 per COP as of June 30 , 2018. Our retail loan portfolio reached Ch$1.56 trillion at the end of the second quarter of 2018, a decrease of 1.4% compared to the previous quarter. Consumer loans reached Ch$972.6 billion, down 3.9% compared the previous quarter and 12.7% compared to the 12-month period ended. Residential mortgage loans reached Ch$592.4 billion at the end of the second quarter of 2018, an increase of 3.0% compared to the previous quarter and of 10.7% compared to the 12-month period ended. On the other hand, wholesale loan portfolio increased 2.7% in the second quarter of 2018, totaling Ch$3.36 trillion. Recovering industrial production, retail sales and consumer confidence, alongside the evolvement of inflation (which has stabilized slightly above the 3% target), diminished the appeal of additional monetary easing. The central bank will likely maintain a slightly expansionary interest rate for the time being, as it continues to evaluate the activity recovery and inflation outlook. With political uncertainty cleared and oil prices rebounding, confidence levels are recovery with consumers now holding an optimistic outlook following a 27-month pessimistic spell amid the previous oil price collapse and subse-quent economic slowdown. The recovery in the labor market is lagging the confidence and activity rebound. Self-employment is currently the key job creator, so for the consum-ption recovery to persist we need to see some improvement in the labor market dynamics (formal salaried job growth). In the 2Q’18, activity will likely rise around 2.2%-2.5% (2.8% in 1Q’18). For the full year we expect a growth of to 2.5% (from 1.8% in 2017), with risks tilted to the upside. Private consumption is expected to exceed the 1.8% recorded last year, returning to the 2.5% - 3.0% range.

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 Balance Sheet Assets At the end of the second quarter of 2018, our assets totaled Ch$29.3 trillion, an increase of Ch$ 597.3 billion or 2.1% from the previous quarter mainly driven by an increase in our loan portfolio as presented below: Compared to the previous year, total assets increased by Ch$369.3 billion or 1.3% increase. The main changes are presented below: Ch $ b i ll i on Ch $ b i ll i on * ** Total other assets: Cash items in process of collection, investments under resale agreements, financial derivatives contracts , investments in associates and other companies, intangible assets, property, plant and equipment, current taxes, deferred taxes and other assets. Asset Breakdown June 30, 2018 Ch$ 29.3 billion Chile and Colombia The chart below shows the contribution of Chile and Colombia to the total consolidated assets. Ch$ 22.5 billionCh$ 6.8 billion 2.1% (vs. Mar-18) 1.3% (vs. Jun-17) 2.2% (Jun-18 vs. Mar-18) 2.1% (Jun-18 vs. Jun-17) 1.7% (Jun-18 vs. Mar-18) -1.4% (Jun-18 vs. Jun-17) Ch$ billion

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 Liabilities The main changes in liabilitie s a t the end of the se cond quarter of 2018, compared to the previous quarter, are presented in the chart below: Compared to the previous year, the main changes in liabilities are highlighted as follows: Ch $ b i ll i onCh $ b i ll i on * Total other liabilities: Financial derivatives contracts, deposits and other demand liabilities, other financial liabilities, current taxes, deferred taxes, provisions, other liabilities, capital, reserves, valuation adjustment, income for the period, minus: provision for mandatory dividend and non-controlling interest. Tangible Equity Breakdown The chart below shows the calculation of the tangible Shareholders Equity or “Managerial Equity” which we use to determine the Recurring RoTAE. 2Q18 Average Balance (Ch$ billion)

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 Credit Portfolio Highlights  By the end of the second quarter of 2018, our total credit portfolio reached Ch$21.1 trillion, increasing 2.5% from the previous quarter and 0.6% from the same period of the previous year. The increase was led by both higher wholesale and retail loans in Chile and also by an increase in wholesale loans in Colombia.  In constant currency, total loans in Colombia increased 1.4% in the second quarter of 2018 and decrease 3.3% in the 12-month period ended. The increased in 2Q18 was driven by wholesale lending (2.7%) which was partly offset by a 3.9% decrease in consumer loans in the period. (See details on page 38) Loan Portfolio - Breakdown Ch $ b i ll i on As of June 30, 2018, Ch$7,385 billion of our total credit portfolio was denominated in, or indexed to, foreign currencies. This portion increased 6.5% in this quarter, mainly due to the 4.6% nominal increase in our loan portfolio in Colombia which for consolidation purposes is considered a foreign currency.

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 NPL Ratio (90 days overdue) by segment By the end of the second quarter of 2018, our total consolidated NPL ratio for operations 90 days overdue reached 2.30%, a decrease of 6 basis points from the previous quarter and of 47 basis points from the same period of 2017. The NPL ratio decreased by 3 basis points for commercial loans from 2.48% to 2.45% compared to the previous quarter. The NPL ratio for mortgage loans and consumer loans also decreased by 5 basis points from 2.23% to 2.18% and by 23 basis points from 1.94% to 1.71%, respectively, in the quarter. The NPL ratio decreased by 3 basis points for commercial loans from 2.48% to 2.45% compared to the previous quarter. When excluding the student loans, the commercial loans NPL ratio reached 2.08% almost flat compared to first quarter of 2018. Funding Highlights  Total funding, including interbank deposits, amounted to Ch$23.4 trillion by the end of the second quarter of 2018, a 2.1% increase compared to the previous quarter. This trend is consistent with our growth pace in our commercial activity.  Our funding strategy is to optimize all sources of funding in accordance with their costs, their availability, and our general asset and liability management strategy. The funding structure in the period of time analyzed in this report has changed seeking for a longer tenor maturity and diversification.  In this context, Itaú CorpBanca successfully placed US$1,083 million senior bonds in the local market in the last 12-month period, from which 54% was during 2018 (US$588 million). The latter compares with US$955 million and US$1,584 million issuances for full years 2016 and 2017. Bonds issuance strategy is seeking for longer maturity tenor and maintaining comfortable liquidity levels under BIS III standards. In addition, the spreads obtained on these issuances have allowed for an improvement in the cost of funds. The terms of the bonds issued during the last 12-month period are set forth in the chart below. Our strategy of diversification also includes two syndicated loans, one for US$465 million maturing in April 2020 and a US$200 million AB Loan led by IFC (a 5-year tenor for the A Loan and a 3-year tenor for the B Loan, maturing in December 2020 and December 2018, respectively). Bonds in CLP & UF ( expr e ss ed in US D mn)

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 Balance Sheet by Currency Assets | June 30, 2018 Liabilities | June 30, 2018 * Consoli dated data not only consi ders Chile and Col ombi a but also adj ustments rel ated to i ntercompany and mi nori ty sharehol d ers.

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 Solvency Ratios Ratios (%) Minimum Capital RequirementQuarterly Evolution of the Regulatory Capital Ratio Our minimum capital requirements follow the rules disclosed by the SBIF, which implement the Basel I capital requirements stan -dards in Chile. These requirements are expressed as ratios of avai -lable capital - stated by the Referential Equity, or of Total Capital, compo-sed of Tier I Capital and Tier II Capital - and the risk -weighted as-sets, or RWA. Minimum total capital requirement corresponds to 10.0%. Itaú CorpBanca will target a capital ratio based on the greater of 120% of the minimum regulatory capital requirement or the average regulatory capital ratio of the three largest private banks in Chile and Colombia. As of May 31, 2018, the last public information published by the SBIF, the average regulatory capital ratio of the three largest private banks in Chile was 13.3%. At the end of second quarter of 2018 our Regulatory Capital Ratio reached 14.3%, stable compared to the first quarter of 2018. The increase in both core capital -due to higher net income - and subor-dinated bonds -driven by a positive exchange rate (UF and COP) - was offset by the increase in RWA explained by a loan growth in all three segments (commercial, mortgage and consumer) in the period.

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 Additional Information Management Discussion & Analysis

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 Our Shares Itaú CorpBanca capital stock is comprised of 512,406,760,091 common shares traded on the Santiago Stock Exchange (ITAUCORP). Shares are also traded as American Depositary Receipts (“ADR”) on the New York Stock Exchange (ITCB). Corporate Structure Chart Market Capitalization Ch$3.3 trillion|US$5.0 billion Sell-side ratings 271 BuyHoldSell Source: Bloomberg. Average daily traded volumes 12-month ended June 30, 2018 (US$ million) Strengths of our structure  Itaú CorpBanca is controlled by Itaú Unibanco.  Itaú Unibanco and CorpGroup appoint the majority of the board of directors.  Pursuant to the Shareholders Agreement, the directors appointed by Itaú Unibanco and CorpGroup shall vote together as a single block according to Itaú Unibanco recomendation.  Professional and experienced management team. 1-Includes 182,125,023 shares owned by Cía. Inmobiliaria y de Inversiones Saga SpA that are under custody. Performance in the Capital Market Dividends ITAUCORP ITCB Price and Volume(Common shares)(ADR) Ch$US$ Closing Price at 06/29/2018 6.39 14.85 Maximun price in the quarter6.7716.34 Average Price in the quarter6.3515.34 Minimun price in the quarter5.8014.50 Closing Price at 03/29/2018 5.80 14.65 Closing Price at 06/30/2017 5.91 13.31 Change in 2Q'18 10.1% 1.4% Change in LTM 8.0% 11.6% Average daily trading volume LTM (million) 3,239.10 0.53 Average daily trading volume in 2Q'18 (million) 2,666.41 0.17 Itaú CorpBanca paid its annual dividend of Ch$0.04484469 / share in Chile on March 27, 2018. The dividend payout ratio was 40% of 2017 Net Income, equivalent to a dividend yield of 0.76%. For purposes of capital requirements, annual dividends are provisioned at 30%. Dividend policy approved by shareholders in March 2017 in the Annual Shareholders Meeting is to distribute a final dividend of 100% of the annual net income net from the necessary reserves to comply with capital ratios defi-ned as "Optimal Regulatory Capital" in the “Shareholders Agreement” whose terms are part of the "Transaction Agreement" executed on January 29, 2014. The following table shows dividends per share distributed during the past five years: CompanyCharge to Fiscal Year Year paid Net Income (Ch$mn) % Distributed Dividend per Share (Ch$) Shareholder Base and Indicators 2Q18 1Q18 2Q17 Number of outstanding shares (million) 512,406.8 512,406.8 512,406.8 Recurring Diluted Earnings per share in the quarter (Ch$) 0.127 0.098 0.097 Accounting Diluted Earnings per share in the quarter (Ch$) 0.113 0.083 0.126 Recurring Diluted Earnings per ADR in the quarter (US$) 0.291 0.243 0.218 Accounting Diluted Earnings per ADR in the quarter (US$) 0.260 0.207 0.285 Book value per share in the quarter (Ch$) 6.383 6.303 6.314 Price* / Earnings (P/E) 14.12 17.38 11.72 Price*/ Tangible Book Value (P/B) 1.71 1.59 1.63 * Closing price on the last trading day of each period. Banco Itaú Chile2014201585,69331%18,447.50 CorpBanca20142015226,26050%0.33238491 Retained CorpBanca Earnings2015239,860100%0.70472815 Banco Itaú Chile20152016104,33650%36,387.38 CorpBanca20152016201,77150%0.29640983 CorpBanca20152016201,771UF 124,1050.00939188 Itaú CorpBanca201620172,05930%0.001205475 Itaú CorpBanca2017201857,44740%0.044844689

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 Credit Risk Ratings International Credit Risk Rating On a global scale, Itaú CorpBanca is rated by two worldwide recognized agen-cies: Moody´s Investors Service (‘Moody’s’) and Standard & Poor´s Global Ratings (‘Standard & Poor’s’ or ‘S&P’). On June 21, 2018, Moody’s affirmed ‘A3/Prime-2’ ratings taking into conside-ration our conservative risk management, and improving business prospects in Chile (‘Aa3/Negative’) and Colombia (‘Baa2/Negative’), which will support the stabilization of asset quality and profitability following two years of below-peer-average performance. However, our ratings will remain constrained by low capitalization and could face downward pressure if our ongoing retail strategy implementation does not lead to higher profitability and lower dependence on wholesale funding. The Outlook is ‘Stable’ reflecting our conservative risk management and impro-ving business prospects in Chile and Colombia, which will support the stabiliza-tion in asset quality and profitability following two years of below-peer-average performance. Moody´sRating Long term Counterparty Risk Rating (CRR)A2 Local Credit Risk Rating On a national scale, Itaú CorpBanca is rated by Feller Rate Clasificadora de Riesgo Ltda. (‘Feller Rate’) and by Standard & Poor's Global Ratings Chile Clasificadora de Riesgo Ltda. (‘Standard & Poor's Chile’ or ‘S&P Chile’). On April 3, 2018, Feller Rate affirmed local ratings in ‘AA’, reflecting a strong business profile, a strong risk profile, an adequate capital and liquidity posi-tion and a moderate generation capacity. The outlook was confirmed as 'Stable'. Feller RateRating Long-term issuer credit ratingAA Senior unsecured bondsAA Letter of creditAA Long-term depositsAA Subordinated bonds AA-Short-term depositsNivel 1+ Shares1ª Clase Nivel 1 OutlookStable Long-term foreign currency depositsA3 Long-term foreign currency debtA3 Short-term foreign currency deposits Prime-2 Outlook Stable On May 25, 2018, Standard & Poor´s affirmed our ‘BBB+/A-2’ ratings. Our ratings reflect our business scale and market participation in the Chilean finan-cial system. S&P expects our results to gradually improve as our business strategy advances and credit provisioning recedes amid better credit condi-tions expected for 2018--2018 first quarter results already point in that direc-tion. In addition, the bank had a sound regulatory capital level of 14.3% as of March 2018, above its target capital ratio. S&P forecasts that our risk-adjusted capital (RAC) ratio will average 6.0%-6.5% in the next two years. The ratings also reflect that our funding structure and availability are in line with the avera-ge for the industry, which underpin its comfortable liquidity levels. Since the merger, asset and liability management strategy has been to adjust funding costs while looking for a longer tenor maturity and a more diversified funding structure. The Outlook ‘Negative’ over the next 24 months reflects the potential impact on our ratings if S&P revise their Banking Industry Country Risk Assessment (BICRA) on Chile to a weaker category. The revision could occur if lending and property prices increase and pressure economic imbalances, given Chi-le's already weakened external position. The latter led to a downgrade of Chile sovereign rating on July 13, 2017. Standard & Poor´s Rating Long-term issuer credit rating BBB+ Senior unsecured bonds BBB+ Short-term issuer credit rating A-2 Outlook Negative On July 6, 2018, S&P Chile upgraded our long-term issuer credit rating to ‘clAA+’ from ‘clAA’, our senior long-term debt to ‘clAA+’ from ‘clAA’ and our subordinated long-term debt to ‘clAA’ from ‘clAA-’ . At he same time, S&P Chile removed the ‘CreditWatch Developing’ assigned on June 28, 2018 following the release of its new National and Regional Scale Methodology and the sub-sequent recalibration of the correlation for the Chilean National Scale. Our ratings reflect our business scale and market participation in the Chilean financial system. S&P Chile expects our results to gradually improve as our business strategy advances and credit provisioning recedes amid better credit conditions expected for 2018--2018 first quarter results already point in that direction. In addition, the bank had a sound regulatory capital level of 14.3% as of March 2018, above its target capital ratio. S&P Chile forecasts that our risk-adjusted capital (RAC) ratio will average 6.0%-6.5% in the next two years. The ratings also reflect that our funding structure and availability are in line with the average for the industry, which underpin its comfortable liquidity levels. Since the merger, asset and liability management strategy has been to adjust funding costs while looking for a longer tenor maturity and a more diversified funding structure. The Outlook ‘Negative’ over the next 24 months reflects the potential impact on our ratings if S&P revise their Banking Industry Country Risk Assessment (BICRA) on Chile to a weaker category. The revision could occur if lending and property prices increase and pressure economic imbalances, given Chile's already weakened external position. The latter led to a downgrade of Chile sovereign rating on July 13, 2017. Standard & Poor´s Chile Rating Long-term issuer credit rating clAA+ Senior unsecured bonds clAA+ Letter of credit clAA+ Long-term deposits clAA+ Subordinated bonds clAA Short-term deposits clA-1+ Shares1ª Clase Nivel 1 OutlookNegative

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 CAUTION REGARDING FORWARD-LOOKING STATEMENTS Certain statements in this Report may be considered as forward-looking statements. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "expect", "plan", "intend", "forecast", "target", "project", "may", "will", "should", "could", "estimate", "predict" or similar words suggesting future outcomes or language suggesting an outlook. These forward-looking statements include, but are not limited to, statements regarding expected benefits and synergies from the recent merger of Banco Itaú Chile with and into CorpBanca, the integration process of both banks, the expected timing of completion of the transaction, anticipated future financial and operating performance and results, including estimates for growth, as well as risks and benefits of changes in the laws of the countries we operate, including the Tax Reform in Chile. These statements are based on the current expectations of Itaú CorpBanca’s management. There are risks and uncertainties that could cause actual results to differ mate-rially from the forward-looking statements included in this communication. For example, (1) problems that may arise in successfully integrating the businesses of Banco Itaú Chile and CorpBanca, which may result in the combined company not operating as effectively and efficiently as expected; (2) the combined company may be unable to achieve cost-cutting synergies or it may take longer than expected to achieve those synergies; (3) the credit ratings of the combined company or its subsidiaries may be different from what Itaú CorpBanca or its controlling shareholders expect; (4) the business of Itaú CorpBanca may suffer as a result of uncertainty surrounding the merger; (5) the industry may be subject to future regulatory or legislative actions that could adversely affect Itaú CorpBanca; and (6) Itaú CorpBanca may be adversely affected by other economic, business, and/or competitive factors. Forward-looking statements and information are based on current beliefs as well as assumptions made by and information currently available to Itaú CorpBanca’s manage-ment. Although management considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect. By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking statements will not be achieved. We caution readers not to place undue reliance on these statements as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking statements. More information on potential factors that could affect Itaú CorpBanca’s financial results is included from time to time in the “Risk Factors” section of Itaú CorpBanca’s Annual Report on Form 20-F for the fiscal year ended December 31, 2017, filed with the SEC. Furthermore, any forward-looking statement contained in this Report speaks only as of the date hereof and Itaú CorpBanca does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this Report are expressly qualified by this cautionary statement. CONTACT INFORMATION: Gabriel Moura CFO. Itaú CorpBanca Santiago. Chile Phone: (562) 2686-0558 IR@corpbanca.cl Claudia Labbé Head of Investor Relations. Itaú CorpBanca Santiago. Chile Phone: (562) 2660-1751 claudia.labbe@itau.cl Nicolas Bornozis President. Capital Link New York. USA Phone: (212) 661-7566 nbornozis@capitallink.com

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