Corporate

Presentation
1Q 2024

May 2024

1
Disclaimer
This material has been prepared by Banco del Estado de Chile (the “Bank”) and it does not
constitute an offering memorandum in whole or in part.

This material is published solely for informational purposes and is not to be construed as a
solicitation or an offer to buy or sell any securities or related financial instruments. Likewise, it does
not give and should not be treated as giving investment advice. No representation or
guarantee, either express or implied, is provided in relation to the accuracy, completeness or
reliability of the information contained herein. Any opinions expressed in this material are subject
to change without notice and the Bank are under no obligation to update or keep the
information contained herein current. In addition, the institutions mentioned in this material, their
affiliates, agents, directors (or members of their directive board), partners and employees may
make purchases and/or sales as principal or may act as market makers in connection with
securities issued by the Bank and provide investment banking, financing or other services to the
Bank. The Bank, and their respective affiliates, agents, directors (or members of their directive
board), partners and employees accept no liability whatsoever for any loss or damage of any
kind arising out of the use of all or any part of this material.

This presentation may contain statements that are forward-looking within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
Forward-looking statements involve inherent risks and uncertainties. We caution you that a
number of important factors could cause actual results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in these forward-looking
statements, and may adversely affect the estimates and assumptions on which these forward-
looking statements are based, many of which are beyond our control. You are cautioned not to
place undue reliance on these forward-looking statements. Comparisons of results for current
and any prior periods are not intended to express any future trends or indications of future
performance and should only be viewed as historical data.

Furthermore, you should consult with your own legal, regulatory, tax, business, investment,
financial and accounting advisers to the extent that you deem it necessary, and make your own
investment, hedging and trading decision (including decisions regarding the suitability of any
transaction) based upon your own judgment and advice from such advisers as you deem
necessary and not upon any view expressed in this material.

Figures have been translated using the Exchange Rate for Accounting Purposes of Ch$980.3 = US$1.00 as of March 31, 2024.
 Agenda

1 Economic Outlook

2 The Chilean Banking System

3 Overview of BancoEstado

4 Financial Highlights

5 Final Remarks
Economic outlook
Chilean economy supported by recent sectorial results

Economic growth in Chile1 Global GDP1

(GDP, %YoY) (% YoY)
11.3%
11.3

8.4

5.9
5.8 5.2
4.7 4.4 4.1
3.4
2.1% 2.2 3.0 2.5 2.2 2.0 2.5
1.9 2.1 2.0 1.7 2.4
0.2% 1.4 1.4
0.4 0.2 0.5

-2.2

-6.1% -6.1 -6.1

2020 2021 2022 2023 2024f 2025f 2026f 2020 2021 2022 2023 2024f 2025f 2026f

USA Eurozone China Chile

1- (f): forecast
Source: Central Bank of Chile.
4
Economic outlook
Market expectations suggest that the start of interest rate cuts in the U.S. will be postponed,
as the Federal Reserve has shown an inflation expectations more cautious position

Inflation (CPI)1 Monetary Policy Rate1

(%YoY) (%)

USA Apr-24 4Q 2024

12%
14 Eurozone 12.25%
United Kingdom 10.75%
12 10%
Chile

10 8%
9.00% 8.70%
8
6% 6.50%
6 5.50% 5.50%
5.25% 5.00%
4% 5.00% 4.50% 4.85%
4 4.65% 4.35%
4.32% 4.25%
4.00%
2% 4.00%
2 3.25% 3.45%

0 0%
Chile U.S. Euro U.K. Australia New Canada China Brazil Colombia
-2 zone Zealand
March-20 March-21 March-22 March-23 March-24

1- Source: Bloomberg & BancoEstado.

5
Economic outlook
In Chile, the expectation is that inflation will converge to the 3% target over the
two-year monetary policy horizon
Inflation1 Monetary Policy Rate1
(%YoY) (%)

Exchange rate & Copper price1 Labour market1

(CLP/USD monthly average and USD/pound) (million & percentage)

6
1- Source: Central Bank of Chile.
Economic outlook
The public sector has also supported the economic adjustment

Central government effective balance1 Central government gross debt2

(% of GDP) (% of GDP)

Private savings Government savings External savings

National savings Gross fixed capital formation Current account
1.1
30
24
-0.4 18
-1.2
-2.3 -1.9
12
6
0
-7.3 -7.7 -6
-12
2020 2021 2022 2023 2024f 2025f 2026f
2020 2021 2022 2023 2024f 2025f 2026f

Central government effective balance3

(% of GDP)

2023 2024f 2025f 2026f

Total public treasury assets 5.0 3.8 3.5 3.3
Total gross debt 39.8 41.2 41.5 41.2
Net financial position -34.7 -37.4 -37.9 -37.9

1- Source: Ministry of Finance of Chile.

2- Source: Ministry of Finance of Chile, Public Financial Report (PFR).
3- Source: OECD, Ministry of Finance & Budget Office. 7
 Agenda

1 Economic Outlook

2 The Chilean Banking System

3 Overview of BancoEstado

4 Financial Highlights

5 Final Remarks
The Chilean banking system
Indicators show the strength and efficiency of the financial system

Loans1 Return on average equity (RoAE)2

(US$ billion) (%)
11.0% 10.0% 3.9% 2.4% Pre-tax After-tax
2.2% 10. 0%

24.8%
0.0 %

280 285 290 21.9%

262 264 20.3% 20.8%

84 92 97
81 88 21.1%
33 30 34 34 16.6%
30 7.7% 15.4% 15.4%

163 151 159 159 146

5.6%

2020 2021 2022 2023 1Q24 2020 2021 2022 2023 1Q24
Commercial Consumer Mortgage % growth total loans

Efficiency2 & NPL Capital adecuacy ratio3

(%) (% RWA)
Efficiency NPL
16.2% 16.1%
57.1%

45.3% 43.6% 44.6% 15.6%

40.6%

14.8%
14.7%
2.1% 2.2%
1.6% 1.7%
1.3%

2020 2021 2022 2023 1Q24 2020 2021 2022 2023 1Q24
1- Amounts in US$ bn were translated at the respective exchange rate for accounting purposes for each year.
2- The results information is presented on accumulative basis for the twelve months ended December 31, 2020, 2021, 2022 and 2023. And the three months ended March 31, 2024. 9
3- The ratio has been calculated based on two methodologies: the old methodology from 2019 to 2020, and the new methodology starting from 2021. For 1Q24, the ratio is as of February 2024.
Source: CMF.
The Chilean banking system
BancoEstado's solid business position within the financial system1
Market share of total loans Market share of mortgage loans
(%) (%)

Market share of leading banks in Chile by total assets' value

(%)

Santander 19.7%

Estado 15.6%

Chile 15.0%

BCI 14.2% Market share of time deposits Market share of demand deposits
(%) (%)

Scotiabank 12.5%

Itaú 9.2%

Others 13.7%

1- Information as of March 31, 2024. Market share excludes foreign subsidiaries and branches (BCI, Itaú Chile and BTG Pactual banks).
Source: CMF & BancoEstado. 10
 Agenda

1 Economic Outlook

2 The Chilean Banking System

3 Overview of BancoEstado

4 Financial Highlights

5 Final Remarks
Overview of BancoEstado
Committed to sustainable progress of Chile and its inhabitants

We create innovative, sustainable and inclusive financial solutions for the progress
of all individuals and their communities

$ $
100% state-owned entity
supported by the republic of Chile The largest financial
Universal bank and the most Highest rated bank and named Sustainable development and
since 1855, playing a strategic institution in Chile in terms of
relevant actor in financial as the safest bank in Latam by pillar of green development in
role in Chile and one of the oldest number of customers and
inclusion in Chile, with strong Global Finance since 2010 to Chile
banks in the country geographic coverage
financial indicators date
12
Overview of BancoEstado
Corporate governance
• BancoEstado is a state-owned financial institution, operating as an autonomous entity governed by its organic law
• The bank is prohibited by the Chilean constitution from direct lending to the Chilean government or any state-owned companies

Board of Directors

Daniel Hojman T.
Chairman
Verónica Kunze N. Pablo A. Zamora.
Tamara Agnic M. Elena Serrano P.
Edith Signé R. Jaime Soto F.
Enrique Román G.

Executive Committee

Daniel Hojman T.
Chairman
Óscar González N. Verónica Kunze N.

Chief Executive Officer General Attorney Comptroller Compliance Officer

Óscar González N. Pablo Lagos P. Victoria Martínez O. Pablo Mayorga V.

Divisional Area Managements

13
Overview of BancoEstado
Facilitating financial inclusion and supporting economic development
Business highlights1
Number of products or customers & market coverage (%)

Total number of debit cards 14.7 million 53%

Number of clients with savings

accounts
13.6 million clients 95%

Number of mortage loan

1 st debtors
419 thousand 34%

Ranking Number of microenterprise

clients
1.0 million clients 50%

Number of clients using Internet

banking (Web)
14.6 million 58%

Number of clients with

voluntary pension savings
451 thousand 63%

1- Information on debit cards, savings accounts, mortgage loan debtors, internet banking as of February 29, 2024. Information on microenterprise and
voluntary pension savings as of March 31, 2024.
Source: CMF & BancoEstado. 14
Overview of BancoEstado
Strategic pillars 2022-2026

Development of a sustainable business model in support of the company´s strategy

1 2 3 4 5
Digital Sustainable New way of
Innovative
New Internal transformation development and communicating
financial
Alliance for a distinctive pillar of Chile’s green and connecting
ecosystem
client experience development with audiences

15
Overview of BancoEstado
Stepping up its coverage and financial inclusion1
Active CuentaRut debit cards Microfinance
Clients (million) and usage (%) Number of clients (thousands) MICROEMPRESAS

Clients Usage 989 1,006

92% 879
90% 90% 89% 830
16. 0
87% 775
85%
14. 0

14.2 14.6 14.7

13.6
12. 0

13.0
75%

10. 0

65%

8.0

6.0
55%

4.0

45%

2.0

0.0 35%

2020 2021 2022 2023 1Q24 2020 2021 2022 2023 1Q24

Correspondent banking network Acquiring network

(units) points (thousands)

40,621 41,798 51.7

Mpos SuperCA 46.2
35,930
31,405 33,000
4.5

155 159
137
74

2020 2021 2022 2023 1Q24 2021 2022 2023 1Q24

1- Source: BancoEstado. 16
Overview of BancoEstado
Improving quality of life through a wide array of digital channel offerings

The BancoEstado App BancoEstado represented 57.9% Number of transactions

reached a total of 11.2 of total internet clients2 over the increased by 1.5%
million clients1 banking system and 45.0% in compared to 2023
number of visits to the web3

Internet banking2 Internet & App clients Transactions by channel4

clients market share (%) (million) monthly average (million)

Others; 8.0%
Internet App
Santander; Branches and others CajaVecina Digitals RedCompra Series5
14.9% 14.0 14.6

11.3 11.2 914 928

11.0
1,000 1,000

BChile; 10.2 900 900

8.3 8.3 8.9 800

671 721 800

8.5% BancoEstado;
7.3 700 700

57.9% 600
479 600

BCI; 500 500

5.5%
400
683 684 400

300
491 525 300

200
334 200

Falabella; 100 100

5.2%
- -

2020 2021 2022 2023 1Q24 2020 2021 2022 2023 1Q24

1- Number of customers using the bank's APP at the close of March 31, 2024, either for information or for a financial transaction.
2- Number of clients with passwords that have accessed BancoEstado's website, as of February 2024.
3- Number of visits to the web as of February 2024.
4- Digitals: Electronic Funds Transfer(EFT), Web, App.
Source: CMF & BancoEstado. 17
Overview of BancoEstado
International ratings
Moody's S&P
Rating scale Rating scale

Long-term Short-term Long-term Short-term

Highly strong Aaa AAA

Aa1 AA+ A-1+
Prime-1
Very strong Aa2 AA
Aa3 AA- A-1
Investment
grade A1 A+

Strong A2 Prime-2 A A-2

A3 A-
Baa1 BBB+
Sufficient Baa2 Prime-3 BBB A-3
Baa3 BBB-

Outlook 1 Stable Negative

1- Information as of September 2023 for Moody’s and April 2024 for Standard & Poor’s.
Source: BancoEstado.

18
 Agenda

1 Economic Outlook

2 The Chilean Banking System

3 Overview of BancoEstado

4 Financial Highlights

5 Final Remarks
 Financial Highlights
Positive financial performance supports public banking guideline
Financial Highlights
1Q24 vs. 1Q23 change1

Total Assets Deposits3 After-tax RoAE NPL Coverage Ratio Consumer

including additional provisions

US$60.5 bn US$35.5 bn 27.8% 4.1% 5.4times

+5.3% +6.1% -16.1pp +82bp -249pp

2nd Position2 1st Position2 2nd of its peers4 Pre-pandemic levels 1st Position

Net Income A.T. BIS Ratio LCR Efficiency Ratio Coverage Ratio Mortgage
Op expenses / total op income including additional provisions

US$116.5 mn 13.7% 201.4% 45.7% 0.7times

-26.9% +10bp -169.5pp +10.1pp -19.9pp

5th Position increasing Strong position increasing 1st Position

1- Amounts in US$ bn were translated at the exchange rate for accounting purposes on March 31, 2024.
2- Excludes foreign subsidiaries and branches (BCI, Itaú Chile and BTG Pactual banks).
3- Funding from clients.
4- Peers: Banco de Chile, Santander, BCI, Itaú and Scotiabank. 20
Source: CMF & BancoEstado.
Financial Highlights
Balance-sheet structure
Balance structure
% of total assets

27.5% 30.0%
Commercial loans Time deposits and other time liabilities

Mortgage loans 25.2%

25.2% Deposit and other demand liabilities

Consumer loans 3.8%

Deferred taxes 9.8% 15.2% Issued debt instruments

Debt instruments at fair value 13.3%

8.5% Interbank borrowings
3.2% Financial liabilities for trading at fair value
Financial assets for trading at fair value 5.7% 2.4% Issued regulatory capital instruments
Financial debt instruments at amortized cost 1.7% Provisions for credit risk
6.8% 8.1%
Cash and equivalent Other
3.1%
Other 4.7% 5.7% Equity

Assets US$ 60.5bn Liabilities and equity

1- Information as of March 31, 2024. 21
Source: BancoEstado.
Financial Highlights
Balance-sheet breakdown
Debt financial instruments issued by currency

Commercial Paper USD; 3.5%

Colombian Peso; 1.0%
Hong Kong Dollar; 1.9%
Australian Dollar; 5.3%

Swiss Franc; 5.9%

Euro; 3.6%

Yen; 6.9% UF; 61.0%

US Dollar; 10.8%

22
1- Information as of March 31, 2024.
Source: BancoEstado.
Financial Highlights
Capitalization is improving according to Basel III
20. 00%

16. 00%

18. 00%

14.16%
14. 00%

13.91%
16. 00%

13.73%
12. 00%
14. 00%

12. 00%

4.65% 4.49% 4.28% AT11 + Tier2

10. 00%

10. 00%

Law #21,384 (2021) supporting BancoEstado to

8.0 0%

Capital
8.0 0%

comply with the requirements of Basel III

6.0 0%

adequacy ratio
6.0 0%

9.26% 9.67% 9.45% CET 1 4.0 0%

%RWA 4.0 0%

2.0 0%

2.0 0%

Capitalization of US$1.5 billion

To be carried out by December 31, 2025. US$500 million have
0.0 0% 0.0 0%

already been capitalized. Dec-22 Dec-23 Mar-24

12.63%
12.13%
Additional source of financing (AT1s) 0.38% Pillar 2
Legal adjustment to allow BancoEstado to issue hybrid capital 10.50% 0.19%
0.50% CC buffer
instruments (i.e., perpetual bonds) under the same conditions as 0.50%
0.0% 1.50% AT1
other banks that operate in Chile. 1.50%
1.50%
2.00% 2.00% Tier 2
Government guarantee in the amount of deferred tax assets 2.00%
The regulation deducts the deferred tax assets from the capital. 1.25% Systemic buffer Basel III
Regulatory 0.94%
Since BancoEstado is subject to a tax surcharge, the government 0.63%
guarantees that fraction of the deferred taxes so that they are not Requirements 1.88% 2.50% 2.50% Conservation buffer
deducted.

Government obligation to fund deferred tax assets surcharge whenever

regulatory capital minimums are not met. 4.50% 4.50% 4.50% CET 1 Regulatory Threshold

Dec-23 Dec-24 Dec-25

1- For December 2022. 23
Source: BancoEstado.
Financial Highlights
Diversified portfolio supported with collateral1

US$ 17.5 bn 33%

Commercial of credit to SME is
loan portfolio collateralized

Loan portfolio by type Commercial loan portfolio by economic activity3

(%) (%)
Others; 8.4% Retail; 13.6%
Agriculture; 6.9%
Interbank
Financial services; 7.1% Construction; 13.7%
loans; 2.7%
SME; 2
Commercial; 30.6% Industry; 7.1%
Mortgage;
42.1% 47.8% Corporate &
others; 69.4%
Consumer; Student loans; 6.8%
Transport; 12.9%
7.3%

Social services; 7.5%

Wholesale trade; 7.4% Business & real estate services; 8.6%

1- Information as of March 31, 2024.

2- SME: micro, small and medium-sized enterprises.
3- Social services includes social and community services, personal services, public administration, defense and police. Others includes electricity, gas, water and mining.
24
Source: BancoEstado.
Financial Highlights
Supporting micro, small and medium enterprises

FOGAPE:
26k operations UF 7 million
62% FOGAPE loans
of the Banking system

FOGAPE loan portfolio market share1 FOGAPE loans by segment1

(%) Number of operations / System (%) Amount of financing (UF)

Medium;
Others; 28.0%
38.4% Small;
BancoEstado;
61.6% 72.0%

1- Information as of March 31, 2024.

Source: BancoEstado. 25
Financial Highlights
Leading access to mortgage loans

1 2 25%
st in number of nd of mortgage
in amount granted
debtors loan stock
with
34% 18.5% government
of the financial system1 of the financial system2 guarantee

Mortgage loans portfolio

clients and stock (US$ bn)3
437,735 427,286 415,474 417,912 420,718

16.9 15.4
14.8 15.4
13.7

12.8
11.2 11.7 11.6
10.4

3.6 3.3 3.7 4.1 3.8

2020 2021 2022 2023 1Q24

Stock with Governmental Guarantee (US$ bn) Stock without Governmental Guarantee (US$ bn) Number of Clients
1- As of February 29, 2024.
2- Excludes foreign subsidiaries and branches (BCI, Itaú Chile and BTG Pactual banks).
3- Amounts in US$ bn were translated at the respective exchange rate for accounting purposes for each year.
26
Source: CMF & BancoEstado.
 Financial Highlights
BancoEstado’s financial performance
Net income2
Operating income1 (US$ million)
(US$ million)2 4,000 .0

4,500 .0

1,557.7
1,600 .0
1,379.2
1,400 .0

3,500 .0
4,000 .0

1,200 .0

3,448.2 802.9 833.6

1,000 .0

725.1
3,297.3 800.0

3,500 .0

3,000 .0 600.0
438.9 446.9
283.9 217.0 239.7
116.5
400.0

208.5 200.0

3,000 .0
-

522.5 552.7 2,500 .0

2020 2021 2022 2023 1Q24

2,500 .0

2,168.4 Net income before taxes Net income after taxes

2,138.6 2,000 .0

2,000 .0
200.3 172.7 Return on average assets & Return on average equity
Pre-tax & After-tax (%)
479.7 534.7 1,500 .0

1,500 .0
47.4%
50. 00%

42.9%
2,611.6
7.0 0%

2,566.3 45. 00%

1,000 .0
40. 00% 6.0 0%

31.9%
1,000 .0

675.8 35. 00%

28.6% 27.8% 5.0 0%

1,488.4 1,431.2
30. 00%

66.0 500.0
25. 00%

17.8% 20.0% 4.0 0%

500.0

15.6% 13.5%
162.1
20. 00% 3.0 0%

15. 00%

7.7% 1.3% 1.1%

2.0 0%

- 447.7 -
10. 00%

0.7% 2.1% 2.4% 0.8%

5.0 0%
0.3% 1.3% 1.6%
1.0 0%

2020 2021 2022 2023 1Q24 0.0 0%

0.7% 0.0 0%

2020 2021 2022 2023 1Q24

Net income from interest, inflation indexation & other Net commission income Net financial results
Pre-tax return on avg. assets (RoAA) After-tax return on avg. assets (RoAA)
Pre-tax return on avg. equity (RoAE) After-tax return on avg. equity (RoAE)

1– Operating income: net interest income + inflation-indexed net income + net commission income + net financial results + income from investment in other companies + results of non-current assets + net other operating income (expenses). 27
2 –Amounts in US$ million were translated at the respective exchange rate for accounting purposes for each year.
Source: BancoEstado.
Financial Highlights
BancoEstado’s NPL rises following the banking system trends
Non-performing loans
% of total loans
Total loans1 Consumer

System BancoEstado System BancoEstado

4.5%
4.0% 4.1% 4.2%

2.8% 3.0% 2.9%

2.0%
1.4% 1.5% 2.9% 2.9%
2.1% 2.2% 2.5%
1.6% 1.7%
1.3% 1.1% 1.1%
2020 2021 2022 2023 1Q24 2020 2021 2022 2023 1Q24
Commercial Mortgage

System BancoEstado System BancoEstado

4.2% 4.1% 4.1% 4.2%
4.0%
3.2%
2.9% 2.8%
2.1%
1.5%
2.2% 2.3%
1.7% 1.7% 1.9%
1.7% 1.5%
1.4% 1.4%
1.1%

2020 2021 2022 2023 1Q24 2020 2021 2022 2023 1Q24

(1) For total loans include loans and advances to banks. 28

Source: CMF.
Sustainability Highlights
BancoEstado’s commitment to sustainability

BancoEstado is the first Chilean bank and the first world’s public bank
committed to Race to Zero
0% 100%
Direct emissions

Race to Zero
Banking Alliance
2019 2023 2030 2050
Base year Neutral greenhouse gas 0% TonCO2-eq
measured data (GHG) emissions for 2030 Financed emissions

Climate change in the process of decision-making

7,575,267 Focus on being leaders in
Ton CO2-eq promoting an economic Development of a sustainable business model
0.5% Direct ecosystem in the country
99.5% Financed Voluntary commitment for net-zero emissions by 2050
Enhance green and sustainable finance

29
Sustainability Highlights
Sustainbility bond framework
Elegibility criteria
SOCIAL CATEGORIES GREEN CATEGORIES

BancoEstado’s Sustainable Bonds

JPY’26 USD’26 CLP’22 JPY’25 CLF’29

WOMEN MICROFINANCE SOCIAL WOMEN GREEN
BOND BOND BOND BOND BOND
JPY25bn USD100mm CLP50bn JPY10bn CLF1mm
Issued: Jun-16 Issued: Oct-16 Issued: Apr-18 Issued: Sep-20 Issued: Nov-23
2017 2019 2021 2024

2016 2018 USD’29 2020 JPY’31

2023 CLF’29
AUD’27
WOMEN MICROFINANCE WOMEN GREEN
BOND BOND BOND BOND
JPY10bn CLF1mm
AUD110mm USD100mm
Issued: May-19 Issued: Jul-21 Issued: Apr-24
Issued: Apr-17

30
 Agenda

1 Economic Outlook

2 The Chilean Banking System

3 Overview of BancoEstado

4 Financial Highlights

5 Final Remarks
Final Remarks
Key investment considerations

Chile is a successful and dynamic open BancoEstado maintains a high level of

BancoEstado has demonstrated a sustained
economy, with strong economic fundamentals.
4 track record of growth and solid financial 8 liquidity, as well as a well-diversified loan

1 In 2023, the macroeconomic imbalances

observed in the past have diminished due to a
performance.
portfolio supported by stable and low-cost
funding sources.
strong monetary and internal spending Chile’s banking system is resilient, highly
adjustment.
5 competitive and ranked among the soundest
in the world. 9
Sustainable development and pillar of green
development in Chile is included in
Presence in the international debt capital BancoEstado´s strategy.
2 markets since 1994. MTN program since BancoEstado has a well-defined growth
January 2012.
6 strategy with service quality and credit risk
well-managed.
BancoEstado is the first Chilean bank that in
2021 signed the Race to Zero Agreement, a
BancoEstado is fully owned by the Republic of BancoEstado has a sound balance sheet
10 global initiative promoted by the Change
3 Chile, reflecting strong support and sharing
7 structure and has been improving its capital
Program United Nations Climate. Committed
to the goal of zero emissions financed by 2050.
same international credit ratings. position in line with Basel III.

32
Thanks

33