<SEC-DOCUMENT>0001019155-15-000280.txt : 20150727
<SEC-HEADER>0001019155-15-000280.hdr.sgml : 20150727
<ACCEPTANCE-DATETIME>20150727173058
ACCESSION NUMBER:		0001019155-15-000280
CONFORMED SUBMISSION TYPE:	F-6
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20150727
DATE AS OF CHANGE:		20150727

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANCO SANTANDER CHILE
		CENTRAL INDEX KEY:			0001027552
		STANDARD INDUSTRIAL CLASSIFICATION:	COMMERCIAL BANKS, NEC [6029]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		F-6
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-205890
		FILM NUMBER:		151007853

	BUSINESS ADDRESS:	
		STREET 1:		BANDERA 140, PISO 19
		CITY:			SANTIAGO CHILE
		STATE:			F3
		BUSINESS PHONE:		562-320-8284

	MAIL ADDRESS:	
		STREET 1:		BANDERA 140, PISO 19
		STREET 2:		-
		CITY:			SANTIAGO CHILE
		STATE:			F3

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK SANTIAGO
		DATE OF NAME CHANGE:	19970630

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF SANTIAGO
		DATE OF NAME CHANGE:	19961125

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BANK OF NEW YORK / ADR DIVISION
		CENTRAL INDEX KEY:			0001201935
		STANDARD INDUSTRIAL CLASSIFICATION:	UNKNOWN SIC - 8880 [8880]
		IRS NUMBER:				135160382
		STATE OF INCORPORATION:			NY

	FILING VALUES:
		FORM TYPE:		F-6

	BUSINESS ADDRESS:	
		STREET 1:		AMERICAN DEPOSITARY RECEIPTS DIVISION
		STREET 2:		101 BARCLAY STREET - 22WEST
		CITY:			NYC
		STATE:			NY
		ZIP:			10286
		BUSINESS PHONE:		212-815-4601

	MAIL ADDRESS:	
		STREET 1:		ATTN: THERESA BOTROS - 15EAST
		STREET 2:		101 BARCLAY STREET
		CITY:			NYC
		STATE:			NY
		ZIP:			10286

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BANK OF NEW YORK/ADR DIVISION
		DATE OF NAME CHANGE:	20021028
</SEC-HEADER>
<DOCUMENT>
<TYPE>F-6
<SEQUENCE>1
<FILENAME>bana125873f6.htm
<DESCRIPTION>FORM F-6
<TEXT>
<HTML>
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     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">As filed with the Securities and Exchange Commission
on July 27, 2015</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 4in">Registration No. 333-</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________________</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_____________________</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM F-6</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">REGISTRATION STATEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">under</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE SECURITIES ACT OF 1933</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">For American Depositary Shares</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">of</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BANCO SANTANDER CHILE</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of issuer of deposited securities
as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">N/A</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Translation of issuer's name into English)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">CHILE</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Jurisdiction of incorporation or organization
of issuer)</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>THE BANK OF NEW YORK MELLON</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Exact name of depositary as specified in its
charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">One Wall Street, New York, New York 10286</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 495-1784</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of depositary's principal executive offices)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>_______________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>The Bank of New York Mellon</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ADR Division</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>One Wall Street, 11th Floor</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10286</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 495-1784</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Address, including zip code, and telephone number,
including area code, of agent for service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Copies to:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Brian D. Obergfell, Esq.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Emmet, Marvin &amp; Martin, LLP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>120 Broadway</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>New York, New York 10271</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(212) 238-3032</B></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">It is proposed that this filing become effective
under Rule 466</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] immediately upon filing</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">[ ] on (Date) at (Time).</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">If a separate registration statement has been
filed to register the deposited shares, check the following box. [ ]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CALCULATION OF REGISTRATION FEE</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 6pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 27%; border: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Title of each class </B></FONT><BR>
<FONT STYLE="font-size: 6pt"><B>of Securities to be registered</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Amount to be registered</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Proposed </B></FONT><BR>
<FONT STYLE="font-size: 6pt"><B>maximum aggregate price per unit <SUP>(1)(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Proposed </B></FONT><BR>
<FONT STYLE="font-size: 6pt"><B>maximum&nbsp;&nbsp;aggregate offering price <SUP>(1)(2)</SUP></B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>Amount of registration fee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: justify"><FONT STYLE="font-size: 6pt"><B>American Depositary Shares, each American Depositary Share representing Common <FONT STYLE="font-family: Times New Roman, Times, Serif">Shares of Banco Santander Chile.</FONT></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>100,000,000 American Depositary Shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>$5.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>$5,000,000</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 4.8pt; padding-left: 4.8pt; text-align: center"><FONT STYLE="font-size: 6pt"><B>$581.00</B></FONT></TD></TR>
</TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt"><SUP>1</SUP></TD><TD STYLE="text-align: justify">For the purpose of this table only the term &quot;unit&quot; is defined as 100 American Depositary
Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 27.35pt"><SUP>2</SUP></TD><TD STYLE="text-align: justify">The maximum aggregate offering price is calculated pursuant to Rule 457(k).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in"><B>The registrant
hereby amends this registration statement on such date or dates as may be necessary to delay its effective date until the registrant
shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in
accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such date
as the Commission, acting pursuant to said Section 8(a) may determine.</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">The prospectus
consists of the proposed Form of American Depositary Receipt included as Exhibit A to the Form of Deposit Agreement filed as Exhibit
1 to this Registration Statement which is incorporated herein by reference.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">PART I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">INFORMATION REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 6pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 10%; text-align: left; font-size: 10pt"><FONT STYLE="font-size: 10pt">Item -1.</FONT></TD>
    <TD STYLE="width: 90%; padding-left: 0.5in; text-align: center; font-size: 10pt"><FONT STYLE="font-size: 10pt"><U>Description of Securities to be Registered</U></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Cross Reference Sheet</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify"><B>Item Number and Caption</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 56.9pt 0 0; text-align: justify"><B>Location in Form of Receipt Filed
        Herewith as Prospectus</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.5in; text-align: justify; text-indent: -0.25in">1.&#9;Name
        and address of depositary</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.25in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Introductory Article</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.5in; text-align: justify; text-indent: -0.25in">2.&#9;Title
        of American Depositary Receipts and identity of deposited securities</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0.25in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Face of Receipt, top center</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify; text-indent: 0.5in">Terms of Deposit:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 44.1pt 0 0; text-align: justify; text-indent: 0.5in">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(i)&nbsp;&nbsp;&nbsp;The amount of deposited securities represented by one unit of American Depositary Receipts</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Face of Receipt, upper right corner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(ii)&nbsp;&nbsp;&nbsp;The procedure for voting, if any, the deposited securities</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 15, 16 and 18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(iii)&nbsp;&nbsp;&nbsp;The collection and distribution of dividends</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 4, 12, 13, 15 and 18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(iv)&nbsp;&nbsp;The transmission of notices, reports and proxy soliciting material</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 11, 15, 16 and 18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(v)&nbsp;&nbsp;&nbsp;The sale or exercise of rights</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 13, 14, 15 and 18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(vi)&nbsp;&nbsp;The deposit or sale of securities resulting from dividends, splits or plans of reorganization</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 12, 13, 15, 17 and 18</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(vii)&nbsp;&nbsp;Amendment, extension or termination of the deposit agreement</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 20 and 21</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(viii)&nbsp;&nbsp;Rights of holders of Receipts to inspect the transfer books of the depositary and the list of holders of Receipts</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Article number 11</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(ix)&nbsp;&nbsp;Restrictions upon the right to deposit or withdraw the underlying securities</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 2, 3, 4, 5, 6, 8 and 22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-right: 0.5in; padding-left: 0.5in; text-align: justify"><FONT STYLE="font-size: 10pt">(x)&nbsp;&nbsp;&nbsp;Limitation upon the liability of the depositary</FONT></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles number 14, 18, 21 and 22</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding: 0.05in 5.75pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify; text-indent: -0.25in">3.&#9;Fees and
        Charges</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0.5in; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-top: 0.05in; padding-right: 5.75pt; padding-left: 5.75pt; text-align: justify"><FONT STYLE="font-size: 10pt">Articles 7 and 8</FONT></TD></TR>
<TR>
    <TD STYLE="padding-bottom: 12pt; width: 1%; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: left"><FONT STYLE="font-size: 10pt">Item - 2.</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 42%; text-align: left"><FONT STYLE="font-size: 10pt"><U>Available Information</U></FONT></TD>
    <TD STYLE="vertical-align: top; width: 8%; padding-right: 5.4pt; padding-left: 0.5in; text-align: left; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 39%; padding-right: 5.4pt; padding-left: 0.5in; text-align: left; font-size: 12pt">&nbsp;</TD></TR>
<TR>
    <TD STYLE="padding-bottom: 12pt; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-size: 10pt">Public reports furnished by issuer</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; font-size: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Article number 11</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PART II</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INFORMATION NOT REQUIRED IN PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 3.&#9;<U>Exhibits</U></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">a.</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of Deposit Agreement dated as of ____________, 2015, among Banco Santander Chile, The Bank of New York Mellon as Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder. - Filed herewith as Exhibit 1.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">b.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of letter agreement among Banco Santander Chile and The Bank of New York Mellon relating to pre-release activities. &ndash; Filed herewith as Exhibit 2.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">c.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Every material contract relating to the deposited securities between the Depositary and the issuer of the deposited securities in effect at any time within the last three years. &ndash; Not Applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">d.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities to be registered. &ndash; Filed herewith as Exhibit 4.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">e.</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Certification under Rule 466. - Not Applicable.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Item - 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: 0.25in"><U>Undertakings</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">The Depositary hereby undertakes to make available at the principal office of the Depositary in the United States, for inspection by holders of the ADSs, any reports and communications received from the issuer of the deposited securities which are both (1) received by the Depositary as the holder of the deposited securities, and (2) made generally available to the holders of the underlying securities by the issuer.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="width: 92%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">If the amounts of fees charged are not disclosed in the prospectus, the Depositary undertakes to prepare a separate document stating the amount of any fee charged and describing the service for which it is charged and to deliver promptly a copy of such fee schedule without charge to anyone upon request. The Depositary undertakes to notify each registered holder of an ADS thirty days before any change in the fee schedule.</FONT></TD></TR>
</TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>SIGNATURES</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, the registrant certifies that it has reasonable grounds to believe that all the requirements
for filing on Form F-6 are met and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of New York, State of New York, on July 27, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in; text-align: justify">Legal entity created by the agreement
for the issuance of American Depositary Shares for shares of common stock, of Banco Santander Chile.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">By:&#9;The Bank of New York Mellon,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left; text-indent: 0.5in">As Depositary</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">By: <U>/s/ Slawomir Soltowski</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Name: Slawomir Soltowski</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3.5in; text-align: justify">Title: Managing Director</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, Banco Santander Chile<B> </B>has caused this Registration Statement to be signed on
its behalf by the undersigned thereunto duly authorized, in the City of Santiago, Republic of Chile on July 27, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3in"><B>BANCO SANTANDER
CHILE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">By: <U>/s/ Claudio Melandri</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Name: Claudio Melandri</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">Title: Chief Executive Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Each person whose
signature appears below hereby constitutes and appoints Claudio Melandri and Miguel Mata, and each of them severally, his true
and lawful attorney-in-fact with power of substitution and resubstitution to sign in his name, place and stead in any and all capacities
the Registration Statement and any and all amendments thereto (including post-effective amendments) and any documents in connection
therewith, and to file the same with the Securities and Exchange Commission, granting unto each of said attorneys full power to
act with or without the other, and full power and authority to do and perform, in his name and on his behalf, every act whatsoever
which such attorneys, or any one of them, may deem necessary or desirable to be done in connection therewith as fully and to all
intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact, or any
of them, or their substitute or substitutes, may lawfully do or cause to be done by virtue hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.75in">Pursuant to the
requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities
indicated on July 27, 2015.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Signatures</U></B></FONT></TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 45%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"><B><U>Title</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Vittorio Corbo </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Chairman and Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Felipe Contreras</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Felipe Contreras</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Chief Accounting Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Claudio Melandri</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Miguel Mata</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Chief Financial Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Claudio Melandri</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Claudio Melandri</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Oscar von Chrismar </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Roberto M&eacute;ndez </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Roberto M&eacute;ndez </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Juan Pedro Santa Maria </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Juan Pedro Santa Maria </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt"></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Marco Colodro </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Mauricio Larra&iacute;n </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Mauricio Larra&iacute;n</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ V&iacute;ctor Arbul&uacute; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: V&iacute;ctor Arbul&uacute; </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Luc&iacute;a Santa Cruz </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Luc&iacute;a Santa Cruz </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Lisandro Serrano </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Lisandro Serrano </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Orlando Poblete </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Orlando Poblete </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/ Roberto Zahler </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Name: Roberto Zahler </FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Director</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">/s/
    Donald J. Puglisi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt">&#9;Name: Donald J.
    Puglisi</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Authorized U.S. Representative</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Title: Managing Director of Puglisi &amp; Associates</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.75in">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INDEX TO EXHIBITS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Exhibit</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>Number</U>&#9;<U>Exhibit</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">1</FONT></TD>
    <TD STYLE="width: 85%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of Deposit Agreement dated as of ____________, 2015, among Banco Santander Chile, The Bank of New York Mellon as Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Form of letter agreement among Banco Santander Chile and The Bank of New York Mellon relating to pre-release activities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Opinion of Emmet, Marvin &amp; Martin, LLP, counsel for the Depositary, as to legality of the securities to be registered.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">&nbsp;</TD></TR>
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<DOCUMENT>
<TYPE>EX-1
<SEQUENCE>2
<FILENAME>bancochiledepnrec.htm
<DESCRIPTION>FORM OF DEPOSIT AGREEMENT
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 78pt; text-align: center">===============================================================</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">BANCO SANTANDER CHILE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">AND</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center; text-indent: 3.5in">As Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">AND</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">OWNERS AND HOLDERS OF AMERICAN DEPOSITARY
SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">Amended and Restated Deposit Agreement</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 78pt; text-align: center">______________, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">===============================================================</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0; text-align: justify; text-indent: -0.5in">ARTICLE 1.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>DEFINITIONS&#9;1</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.1.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>American
Depositary Shares.&#9;2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.2.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Central
Bank; Chile&#9;2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.3.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Commission.&#9;2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.4.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Company.&#9;2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.5.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Custodian.&#9;2</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.6.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Delisting
Event.&#9;3</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.7.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Deliver;
Surrender.&#9;3</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.8.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Deposit
Agreement.&#9;3</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.9.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Depositary;
Depositary&rsquo;s Office.&#9;4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.10.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Deposited
Securities.&#9;4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.11.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Disseminate.&#9;4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.12.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Dollars
and Pesos.&#9;4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.13.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>DTC.&#9;4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.14.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Foreign
Exchange Contract.&#9;4</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.15.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Foreign
Registrar.&#9;5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.16.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Holder.&#9;5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.17.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Insolvency
Event.&#9;5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.18.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Owner.&#9;5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.19.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Receipts.&#9;5</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.20.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Registrar.&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.21.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Replacement.&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.22.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Restricted
Securities.&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.23.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Securities
Act of 1933.&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.24.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Shares.&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.25.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>SVS&#9;6</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.26.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>SWIFT.&#9;7</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 1.27.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Termination
Option Event.&#9;7</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0 1.5in; text-align: justify; text-indent: -1.5in">ARTICLE
2.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>FORM OF RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND
SURRENDER OF AMERICAN DEPOSITARY SHARES&#9;7</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.1.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Form
of Receipts; Registration and Transferability of American Depositary Shares.&#9;7</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 2.2.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Deposit
of Shares.&#9;8</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 2.3.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Delivery
of American Depositary Shares.&#9;9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.4.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Registration
of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated and Uncertificated
American Depositary Shares.&#9;9</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.5.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Surrender
of American Depositary Shares and Withdrawal of Deposited Securities.&#9;10</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.6.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Limitations
on Delivery, Transfer and Surrender of American Depositary Shares.&#9;12</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 2.7.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Lost
Receipts, etc.&#9;13</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.8.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Cancellation
and Destruction of Surrendered Receipts.&#9;13</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 2.9.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Pre-Release
of American Depositary Shares.&#9;13</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 2.10.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>DTC
Direct Registration System and Profile Modification System.&#9;14</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0 1.5in; text-align: justify; text-indent: -1.5in">ARTICLE
3.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>CERTAIN OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY
SHARES&#9;15</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 3.1.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Filing
Proofs, Certificates and Other Information.&#9;15</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 3.2.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Liability
of Owner for Taxes.&#9;15</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 3.3.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Warranties
on Deposit of Shares.&#9;16</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 3.4.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Compliance
with Chilean Law&#9;16</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 3.5.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Disclosure
of Interests.&#9;17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0; text-align: justify; text-indent: -0.5in">ARTICLE 4.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>THE
DEPOSITED SECURITIES&#9;17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.1.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Cash
Distributions.&#9;17</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.2.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Distributions
Other Than Cash, Shares or Rights.&#9;18</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.3.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Distributions
in Shares.&#9;19</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.4.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Rights.&#9;20</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.5.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Conversion
of Foreign Currency.&#9;21</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.6.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Fixing
of Record Date.&#9;22</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.7.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Voting
of Deposited Shares.&#9;23</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 4.8.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Tender
and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.&#9;24</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.9.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Reports.&#9;26</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.10.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Lists
of Owners.&#9;26</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 4.11.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Withholding.&#9;26</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0 1.5in; text-align: justify; text-indent: -1.5in">ARTICLE
5.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY&#9;27</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.1.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Maintenance
of Office and Transfer Books by the Depositary.&#9;27</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 5.2.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Prevention
or Delay in Performance by the Depositary or the Company.&#9;27</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.3.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Obligations
of the Depositary and the Company.&#9;28</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.4.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Resignation
and Removal of the Depositary.&#9;29</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.5.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>The
Custodians.&#9;30</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.6.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Notices
and Reports.&#9;30</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.7.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Distribution
of Additional Shares, Rights, etc.&#9;31</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.8.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Indemnification.&#9;31</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.9.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Charges
of Depositary.&#9;33</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.10.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Retention
of Depositary Documents.&#9;34</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 5.11.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Exclusivity.&#9;34</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0; text-align: justify; text-indent: -0.5in">ARTICLE 6.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>AMENDMENT
AND TERMINATION&#9;35</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 6.1.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Amendment.&#9;35</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 6.2.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Termination.&#9;35</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 24pt 0.5in 0; text-align: justify; text-indent: -0.5in">ARTICLE 7.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>MISCELLANEOUS&#9;36</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 7.1.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Counterparts;
Signatures.&#9;36</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 7.2.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>No
Third Party Beneficiaries.&#9;37</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 7.3.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Severability.&#9;37</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 7.4.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Owners
and Holders as Parties; Binding Effect.&#9;37</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 7.5.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Notices.&#9;37</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 2in; text-align: justify; text-indent: -1.5in">SECTION 7.6.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Appointment
of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.&#9;38</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 7.7.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Waiver
of Immunities.&#9;39</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">SECTION 7.8.<FONT STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&#9;</FONT>Governing
Law.&#9;39</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0.5in 0 1in; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">AMENDED AND RESTATED DEPOSIT AGREEMENT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">AMENDED AND RESTATED
DEPOSIT AGREEMENT dated as of __________, 2015 among BANCO SANTANDER CHILE, a company incorporated under the laws of Chile (herein
called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called the Depositary), and all Owners
and Holders (each as hereinafter defined) from time to time of American Depositary Shares issued hereunder.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">W I T N E S S E T H:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Company
and JPMorgan Chase Bank, N.A. entered into a deposit agreement dated as of October 22, 2012 (the &quot;Prior Deposit Agreement&quot;);</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Company
has removed JPMorgan Chase Bank, N.A. as depositary under the Prior Deposit Agreement and has appointed the Depositary as successor
depositary under the Prior Deposit Agreement, and the Depositary has accepted that appointment;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Company
and the Depositary now wish to amend and restate the Prior Deposit Agreement pursuant to Section 13 of the Prior Deposit Agreement
in the form of this Amended and Restated Deposit Agreement; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the Company
desires to provide, as set forth in this Amended and Restated Deposit Agreement, for the deposit of Shares (as hereinafter defined)
of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) under this Amended and Restated
Deposit Agreement, for the creation of American Depositary Shares representing the Shares so deposited and for the execution and
delivery of American Depositary Receipts evidencing the American Depositary Shares; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">WHEREAS, the American
Depositary Receipts are to be substantially in the form of Exhibit A annexed to this Deposit Agreement, with appropriate insertions,
modifications and omissions, as set forth in this Amended and Restated Deposit Agreement;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">NOW, THEREFORE, in
consideration of the premises, it is agreed by and between the parties hereto that the Prior Deposit Agreement is hereby amended
and restated as follows:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>DEFINITIONS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>American
Depositary Shares</U>&rdquo; shall mean the securities created under this Deposit Agreement representing rights with respect to
the Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities.
The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act of
1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit
Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and
uncertificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Each American Depositary
Share shall represent the number of Shares specified in Exhibit A to this Deposit Agreement, <U>except that</U>, if there is a
distribution upon Deposited Securities covered by Section 4.3, a change in Deposited Securities covered by Section 4.8 with respect
to which additional American Depositary Shares are not delivered or a sale of Deposited Securities under Section 3.2 or 4.8, each
American Depositary Share shall thereafter represent the amount of Shares or other Deposited Securities that are then on deposit
per American Depositary Share after giving effect to that distribution, change or sale.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Central Bank; Chile.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &quot;Central
Bank&quot; shall mean Banco Central de Chile and its successors. &quot;Chile&quot; means the Republic of Chile.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Commission.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Commission</U>&rdquo;
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Company.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Company</U>&rdquo;
shall mean Banco Santander Chile, a company incorporated under the laws of Chile, and its successors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Custodian.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Custodian</U>&rdquo;
shall mean Banco Santander Chile, as custodian for the Depositary in Santiago for the purposes of this Deposit Agreement, and any
other firm or corporation the Depositary appoints under Section 5.5 as a substitute or additional custodian under this Deposit
Agreement, and shall also mean all of them collectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delisting Event.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">A &ldquo;<U>Delisting
Event</U>&rdquo; occurs if the American Depositary Shares are delisted from a securities exchange on which the American Depositary
Shares were listed and the Company has not listed or applied to list the American Depositary Shares on any other securities exchange.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deliver; Surrender.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;The term &ldquo;<U>deliver</U>&rdquo;,
or its noun form, when used with respect to Shares or other Deposited Securities, shall mean (i) book-entry transfer of those Shares
or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of
such securities designated by the person entitled to that delivery or (ii) physical transfer of certificates evidencing those Shares
or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to,
the person entitled to that delivery.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;The term &ldquo;<U>deliver</U>&rdquo;,
or its noun form, when used with respect to American Depositary Shares, shall mean (i) registration of those American Depositary
Shares on the books of the Depositary in the name of DTC or its nominee and book-entry transfer of those American Depositary Shares
to an account at DTC designated by the person entitled to that delivery, (ii) registration of those American Depositary Shares
not evidenced by a Receipt on the books of the Depositary in the name requested by the person entitled to that delivery and mailing
to that person of a statement confirming that registration or (iii) if requested by the person entitled to that delivery, execution
and delivery at the Depositary&rsquo;s Office to the person entitled to that delivery of one or more Receipts evidencing those
American Depositary Shares registered in the name requested by that person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;The term &ldquo;<U>surrender</U>&rdquo;,
when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares
to the DTC account of the Depositary, (ii) delivery to the Depositary at its Office of an instruction to surrender American Depositary
Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Office of one or more Receipts evidencing American
Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit Agreement.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Deposit
Agreement</U>&rdquo; shall mean this Amended and Restated Deposit Agreement, as it may be amended from time to time in accordance
with the provisions of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Depositary; Depositary&rsquo;s Office.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Depositary</U>&rdquo;
shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary under this Deposit Agreement.
The term &ldquo;<U>Office</U>&rdquo;, when used with respect to the Depositary, shall mean the office at which its depositary receipts
business is administered, which, at the date of this Deposit Agreement, is located at 101 Barclay Street, New York, New York 10286.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Deposited
Securities</U>&rdquo; as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement,
including without limitation, Shares that have not been successfully delivered upon surrender of American Depositary Shares, and
any and all other securities, property and cash received by the Depositary or the Custodian in respect of Deposited Securities
and at that time held under this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disseminate.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Disseminate</U>,&rdquo;
when referring to a notice or other information to be sent by the Depositary to Owners, shall mean (i) sending that information
to Owners in paper form by mail or another means or (ii) with the consent of Owners, another procedure that has the effect of making
the information available to Owners, which may include (A) sending the information by electronic mail or electronic messaging or
(B) sending in paper form or by electronic mail or messaging a statement that the information is available and may be accessed
by the Owner on an Internet website and that it will be sent in paper form upon request by the Owner, when that information is
so available and is sent in paper form as promptly as practicable upon request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.12.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Dollars and Pesos.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Dollars</U>&rdquo;
shall mean United States dollars. The term &quot;Pesos&quot; shall mean the lawful currency of Chile.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.13.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>DTC.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>DTC</U>&rdquo;
shall mean The Depository Trust Company or its successor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.14.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Exchange Contract.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The term &quot;Foreign Exchange
Contract&quot; shall mean the &quot;Chapter XXVI Agreement&quot; among the Central Bank, The Depositary and the Company, entered
into under Article 47 of the Constitutional Organic Law of the Central Bank and the provisions of Chapter XXVI of the ex-Compendium
of Foreign Exchange Regulations of the Central Bank.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.15.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Foreign Registrar.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Foreign
Registrar</U>&rdquo; shall mean the entity that carries out the duties of registrar for the Shares and any other agent of the Company
for the transfer and registration of Shares, including, without limitation, any securities depository for the Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.16.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Holder.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Holder</U>&rdquo;
shall mean any person holding a Receipt or a security entitlement or other interest in a Receipt or in American Depositary Shares,
whether for its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary
Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.17.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Insolvency Event.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">An &ldquo;<U>Insolvency
Event</U>&rdquo; occurs if the Company institutes proceedings to be adjudicated as bankrupt or insolvent, consents to the institution
of bankruptcy or insolvency proceedings against it, files a petition or answer or consent seeking reorganization or relief under
any applicable law in respect of bankruptcy or insolvency, consents to the filing of any petition of that kind or to the appointment
of a receiver, liquidator, assignee, trustee, custodian or sequestrator (or other similar official) of it or any substantial part
of its property or makes an assignment for the benefit of creditors, or if information becomes publicly available indicating that
unsecured claims against the Company are not expected to be paid.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.18.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Owner.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Owner</U>&rdquo;
shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for that
purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.19.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Receipts</U>&rdquo;
shall mean the American Depositary Receipts issued under this Deposit Agreement evidencing certificated American Depositary Shares,
as the same may be amended from time to time in accordance with the provisions of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.20.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registrar.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Registrar</U>&rdquo;
shall mean any corporation or other entity that is appointed by the Depositary to register American Depositary Shares and transfers
of American Depositary Shares as provided in this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.21.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Replacement.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Replacement</U>&rdquo;
shall have the meaning assigned to it in Section 4.8.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.22.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Restricted Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Restricted
Securities</U>&rdquo; shall mean Shares that (i) are &ldquo;restricted securities,&rdquo; as defined in Rule 144 under the Securities
Act of 1933, except for Shares that could be resold in reliance on Rule 144 without any conditions, (ii) are beneficially owned
by an officer, director (or person performing similar functions) or other affiliate of the Company, (iii) otherwise would require
registration under the Securities Act of 1933 in connection with the public offer and sale thereof in the United States or (iv)
are subject to other restrictions on sale or deposit under the laws of Chile, a shareholder agreement or the articles of incorporation
or similar document of the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.23.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Securities Act of 1933.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Securities
Act of 1933</U>&rdquo; shall mean the United States Securities Act of 1933, as from time to time amended.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.24.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Shares</U>&rdquo;
shall mean common shares of the Company that are validly issued and outstanding, fully paid and nonassessable and that were not
issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; <U>provided</U>,
<U>however</U>, that, if there shall occur any change in nominal or par value, a split-up or consolidation or any other reclassification
or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company,
the term &ldquo;Shares&rdquo; shall thereafter also mean the successor securities resulting from such change in nominal value,
split-up or consolidation or such other reclassification or such exchange or conversion.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.25.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>SVS.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">The term &quot;SVS&quot;
shall mean the Superintendencia de Valores y Seguros of Chile.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.26.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>SWIFT.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>SWIFT</U>&rdquo;
shall mean the financial messaging network operated by the Society for Worldwide Interbank Financial Telecommunication, or its
successor.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 1.27.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination Option Event.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The term &ldquo;<U>Termination
Option Event</U>&rdquo; shall mean an event of a kind defined as such in Section 4.1, 4.2 or 4.8.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 74.8pt">ARTICLE</TD><TD STYLE="text-align: justify">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>FORM OF RECEIPTS,
DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Form of Receipts; Registration and Transferability of American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Definitive Receipts
shall be substantially in the form set forth in Exhibit A to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as permitted under this Deposit Agreement. No Receipt shall be entitled to any benefits under this Deposit Agreement
or be valid or obligatory for any purpose, unless that Receipt has been (i) executed by the Depositary by the manual signature
of a duly authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the
Depositary and countersigned by the manual signature of a duly authorized signatory of the Depositary or the Registrar or a co-registrar.
The Depositary shall maintain books on which (x) each Receipt so executed and delivered as provided in this Deposit Agreement and
each transfer of that Receipt and (y) all American Depositary Shares delivered as provided in this Deposit Agreement and all registrations
of transfer of American Depositary Shares, shall be registered. A Receipt bearing the facsimile signature of a person that was
at any time a proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, even
if that person was not a proper officer of the Depositary on the date of issuance of that Receipt.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Receipts and statements
confirming registration of American Depositary Shares may have incorporated in or attached to them such legends or recitals or
modifications not inconsistent with the provisions of this Deposit Agreement as may be required by the Depositary or required to
comply with any applicable law or regulations thereunder or with the rules and regulations of any securities exchange upon which
American Depositary Shares may be listed or to conform with any usage with respect thereto, or to indicate any special limitations
or restrictions to which any particular Receipts and American Depositary Shares are subject by reason of the date of issuance of
the underlying Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">American Depositary
Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied by proper instruments of transfer, shall be
transferable as certificated registered securities under the laws of the State of New York. American Depositary Shares not evidenced
by Receipts shall be transferable as uncertificated registered securities under the laws of the State of New York. The Depositary
and the Company, notwithstanding any notice to the contrary, may treat the Owner of American Depositary Shares as the absolute
owner thereof for the purpose of determining the person entitled to distribution of dividends or other distributions or to any
notice provided for in this Deposit Agreement and for all other purposes, and neither the Depositary nor the Company shall have
any obligation or be subject to any liability under this Deposit Agreement to any Holder of American Depositary Shares (but only
to the Owner of those American Depositary Shares).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Deposit of Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the terms
and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited under this Deposit Agreement
by delivery thereof to any Custodian, accompanied by any appropriate instruments or instructions for transfer, or endorsement,
in form satisfactory to the Custodian.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As conditions of accepting
Shares for deposit, the Depositary may require (i) any certification required by the Depositary or the Custodian in accordance
with the provisions of this Deposit Agreement, (ii) a written order directing the Depositary to deliver to, or upon the written
order of, the person or persons stated in that order American Depositary Shares representing those deposited Shares, (iii) evidence
satisfactory to the Depositary that those Shares have been re-registered in the books of the Company or the Foreign Registrar in
the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian, (iv) evidence satisfactory to the Depositary
that the deposit has been authorized by the Central Bank (unless and until the Company provides the Depositary with evidence satisfactory
to it that such authorization is no longer necessary), and that the conditions for such authorization, as set forth in the Foreign
Exchange Contract, have been satisfied, (v) an agreement or assignment, or other instrument satisfactory to the Depositary, that
provides for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other
property, that any person in whose name those Shares are or have been recorded may thereafter receive upon or in respect of those
Shares, or, in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request and
risk and expense of a person proposing to deposit Shares, and for the account of that person, the Depositary may receive certificates
for Shares to be deposited, together with the other instruments specified in this Section, for the purpose of forwarding those
Share certificates to the Custodian for deposit under this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
instruct each Custodian that, upon each delivery to a Custodian of a certificate or certificates for Shares to be deposited under
this Deposit Agreement, together with the other documents specified in this Section, that Custodian shall, as soon as transfer
and recordation can be accomplished, present that certificate or those certificates to the Company or the Foreign Registrar, if
applicable, for transfer and recordation of the Shares being deposited in the name of the Depositary or its nominee or that Custodian
or its nominee.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Deposited Securities
shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or
places as the Depositary shall determine.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Delivery of American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
instruct each Custodian that, upon receipt by that Custodian of any deposit pursuant to Section 2.2, together with the other documents
or evidence required under that Section, that Custodian shall notify the Depositary of that deposit and the person or persons to
whom or upon whose written order American Depositary Shares are deliverable in respect thereof. Upon receiving a notice of a deposit
from a Custodian, or upon the receipt of Shares or evidence of the right to receive Shares by the Depositary, the Depositary, subject
to the terms and conditions of this Deposit Agreement, shall deliver, to or upon the order of the person or persons entitled thereto,
the number of American Depositary Shares issuable in respect of that deposit, but only upon payment to the Depositary of the fees
and expenses of the Depositary for the delivery of those American Depositary Shares as provided in Section 5.9, and of all taxes
and governmental charges and fees payable in connection with that deposit and the transfer of the deposited Shares. <U>However</U>,
the Depositary shall deliver only whole numbers of American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated
and Uncertificated American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer
books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary
Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii)
in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance
of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped as may be required
by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the Depositary shall
deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting
a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number
of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, upon
surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares,
shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming that
the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper
instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10) from the
Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall
cancel those uncertificated American Depositary Shares and register and deliver to the Owner a Receipt evidencing the same number
of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
appoint one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and
combinations and split-ups of Receipts at designated transfer offices on behalf of the Depositary. The Depositary shall require
each co-transfer agent that it appoints under this Section 2.4 to give notice in writing to the Depositary accepting such appointment
and agreeing to be bound by the applicable terms of this Deposit Agreement. In carrying out its functions, a co-transfer agent
may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled to American
Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Surrender of American Depositary Shares and Withdrawal of Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon surrender at
the Depositary&rsquo;s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented
thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 and
payment of all taxes and governmental charges payable in connection with that surrender and withdrawal of the Deposited Securities,
and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary Shares shall be entitled
to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by that Owner, of the amount
of Deposited Securities at the time represented by those American Depositary Shares, <U>but not</U> any money or other property
as to which a record date for distribution to Owners has passed. That delivery shall be made, as provided in this Section, without
unreasonable delay. Simultaneously with the delivery of Deposited Securities to the Owner or its designee, the Custodian, pursuant
to the Foreign Exchange Contract, will issue or cause to be issued to the Owner or such designee a certificate which states that
the Deposited Securities have been transferred to the Owner or its designee by the Depositary and that the Depositary waives in
favor of the Owner or its designee the right of access to the formal foreign exchange market relating to such withdrawn Deposited
Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As a condition of
accepting a surrender of American Depositary Shares for the purpose of withdrawal of Deposited Securities, the Depositary may require
(i) that each surrendered Receipt be properly endorsed in blank or accompanied by proper instruments of transfer in blank and (ii)
that the surrendering Owner execute and deliver to the Depositary a written order directing the Depositary to cause the Deposited
Securities being withdrawn to be delivered to or upon the written order of a person or persons designated in that order.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Thereupon, the Depositary
shall direct the Custodian to deliver, subject to Sections 2.6, 3.1 and 3.2, the other terms and conditions of this Deposit Agreement
and local market rules and practices, to the surrendering Owner or to or upon the written order of the person or persons designated
in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented by the surrendered American
Depositary Shares, and the Depositary may charge the surrendering Owner a fee and its expenses for giving that direction.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the request, risk
and expense of an Owner surrendering American Depositary Shares for withdrawal of Deposited Securities, and for the account of
that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising, and forward a certificate
or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities represented by the surrendered
American Depositary Shares to the Depositary for delivery at the Depositary&rsquo;s Office or to another address specified in the
order received from the surrendering Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Custodian shall deliver Shares, by physical delivery, book entry or otherwise (other than to the Company or its agent as
contemplated by Section 4.8), or otherwise permit Shares to be withdrawn from the facility created thereby, except upon the surrender
of American Depositary Shares or in connection with a sale permitted under Section 3.2, 4.3, 4.11, or 6.2 of this Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Limitations on Delivery, Transfer and Surrender of American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">As a condition precedent
to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination of any Receipt
or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares
or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced
by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees as provided in this Deposit Agreement, may require the production of proof satisfactory to it as to the
identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish consistent
with the provisions of this Deposit Agreement, including, without limitation, this Section 2.6.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The delivery of American
Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the registration
of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding
American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary are closed,
or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because
of any requirement of law or of any government or governmental body or commission, or under any provision of this Deposit Agreement,
or for any other reason. Notwithstanding anything to the contrary in this Deposit Agreement, the surrender of outstanding American
Depositary Shares and withdrawal of Deposited Securities may not be suspended, subject only to (i) temporary delays caused by closing
of the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit of Shares in connection
with voting at a shareholders&rsquo; meeting, or the payment of dividends, (ii) the payment of fees, taxes and similar charges,
and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary Shares or to
the withdrawal of the Deposited Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
not knowingly accept for deposit under this Deposit Agreement any Shares that, at the time of deposit, are Restricted Securities.
The Depositary shall use reasonable efforts to comply with written instructions of the Company not to accept for deposit hereunder
any Shares identified in such instructions at such times and under such circumstances as may reasonably be specified in such instructions
in order to facilitate the Company&rsquo;s compliance with the securities laws of the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lost Receipts, etc.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If a Receipt is mutilated,
destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by that Receipt in
uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange and substitution
for such mutilated Receipt, upon surrender and cancellation of that mutilated Receipt, or in lieu of and in substitution for that
destroyed, lost or stolen Receipt. <U>However</U>, before the Depositary will deliver American Depositary Shares in uncertificated
form or execute and deliver a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner must (a) file with
the Depositary (i) a request for that replacement before the Depositary has notice that the Receipt has been acquired by a bona
fide purchaser and (ii) a sufficient indemnity bond and (b) satisfy any other reasonable requirements imposed by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cancellation and Destruction of Surrendered Receipts.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
cancel all Receipts surrendered to it and is authorized to destroy Receipts so cancelled.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Pre-Release of American Depositary Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Notwithstanding Section
2.3, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 (a &ldquo;Pre-Release&rdquo;).
The Depositary may, pursuant to Section 2.5, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released,
whether or not that surrender is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary
Shares have been Pre-Released. The Depositary may in its discretion receive American Depositary Shares in lieu of Shares in satisfaction
of a Pre-Release. Each Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American
Depositary Shares or Shares are to be delivered, that such person, or its customer, (i) owns the Shares or American Depositary
Shares to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or American Depositary
Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take
any action with respect to such Shares or American Depositary Shares, as the case may be, that is inconsistent with the transfer
of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or American Depositary Shares,
as the case may be), other than in satisfaction of such Pre Release, (b) at all times fully collateralized with cash or such other
collateral as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days&rsquo;
notice, and (d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American
Depositary Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American
Depositary Shares outstanding; <U>provided</U>, <U>however</U>, that the Depositary reserves the right to change or disregard that
limit from time to time as it deems appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
retain for its own account any compensation received by it in connection with Pre-Release.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 2.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>DTC Direct Registration System and Profile Modification System.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;Notwithstanding
the provisions of Section 2.4, the parties acknowledge that DTC&rsquo;s Direct Registration System (&ldquo;<U>DRS</U>&rdquo;) and
Profile Modification System (&ldquo;<U>Profile</U>&rdquo;) apply to the American Depositary Shares upon acceptance thereof to DRS
by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated securities
and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature of DRS
that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary to
register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares to
the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register that
transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;In connection
with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming to
be acting on behalf of an Owner in requesting a registration of transfer and delivery as described in paragraph (a) above has the
actual authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance
of doubt, the provisions of Sections 5.3 and 5.8 apply to the matters arising from the use of the DRS/Profile. The parties agree
that the Depositary&rsquo;s reliance on and compliance with instructions received by the Depositary through the DRS/Profile system
and otherwise in accordance with this Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 74.8pt">ARTICLE</TD><TD STYLE="text-align: justify">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp; </FONT>CERTAIN OBLIGATIONS
OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Filing Proofs, Certificates and Other Information.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company
or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares,
the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until
that proof or other information is filed or those certificates are executed or those representations and warranties are made. The
Depositary shall provide to the Company, as promptly as practicable, upon the Company&rsquo;s written request, copies of any such
proofs of citizenship or residence, exchange control approval, or such information relating to the registration on the books of
the Company or the Foreign Registrar referred to above that it receives, to the extent that disclosure is permitted under applicable
law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Liability of Owner for Taxes.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any tax or other
governmental charge shall become payable by the Custodian or the Depositary with respect to or in connection with any American
Depositary Shares or any Deposited Securities represented by any American Depositary Shares or in connection with a transaction
to which Section 4.8 applies, that tax or other governmental charge shall be payable by the Owner of those American Depositary
Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary Shares or any withdrawal
of Deposited Securities represented by those American Depositary Shares until that payment is made, and may withhold any dividends
or other distributions or the proceeds thereof, or may sell for the account of the Owner any part or all of the Deposited Securities
represented by those American Depositary Shares and apply those dividends or other distributions or the net proceeds of any sale
of that kind in payment of that tax or other governmental charge <U>but</U>, even after a sale of that kind, the Owner of those
American Depositary Shares shall remain liable for any deficiency. The Depositary shall distribute any net proceeds of a sale made
under this Section that are not used to pay taxes or governmental charges to the Owners entitled to them in accordance with Section
4.1. If the number of Shares represented by each American Depositary Share decreases as a result of a sale of Deposited Securities
under this Section, the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis
for a lesser number of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing
fractions of American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to
them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Warranties on Deposit of Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Every person depositing
Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that those Shares and each certificate therefor,
if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights
of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every
depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All
representations and warranties deemed made under this Section shall survive the deposit of Shares and delivery of American Depositary
Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Compliance with Chilean Law.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Pursuant to a Circular Letter
of the SVS dated February 12, 1998, Owners of American Depositary Shares are deemed, for certain purposes of Chilean law, to be
treated as owners of Deposited Securities. Accordingly, Owners shall, as a matter of Chilean law, be obligated to comply with the
requirements of Articles 12 and 54 and Title XV of Law 18,045 of Chile, as may be amended and/or supplemented from time to time.
Article 12 requires, among other things, that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a) owners who directly or
indirectly own, or that as a result of any direct or indirect acquisition of American Depositary Shares and/or Shares end up owning,
directly or indirectly, 10% or more of the total share capital of the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) directors, liquidators,
senior managers and managers of the Company who directly or indirectly own any number of American Depositary Shares and/or Shares;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">report to the SVS and the
stock exchanges in Chile on which the Shares are listed, any acquisition or sale of American Depositary Shares, Shares and/or financial
derivatives thereof, no later than on the day immediately following the day on which the relevant acquisition or sale has been
deemed effective; provided that Owners of a majority stake in the total share capital of the Company shall also report if they
intend to acquire a controlling interest in the Company or if the acquisition merely corresponds to a financial investment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Article 54 requires, among
other things, that any Owner intending to directly or indirectly acquire control of the Company, irrespective of the means of acquisition
of the relevant Receipts and/or Shares and whether any such acquisition is carried out through the primary or secondary market,
shall disclose such intention by (a) delivering a written notice to the controlling entities of the Company, the entities controlled
by the Company, the SVS and the stock exchanges in Chile on which the Shares are listed, and (b) publishing a highlighted notice
in two newspapers in Chile and on the Company's website, if any; in either case, not less than 10 business days prior to the date
on which the relevant actions that will grant control of the Company shall have been deemed effective, disclosing the price and
principal terms of any such acquisition.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">For purposes of this Section
3.4, the terms &quot;control,&quot; &quot;controlling&quot; and &quot;controlled,&quot; and other similar terms, shall be construed
in accordance with Title XV of Law 18,045, as it may be amended and/or supplemented from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 3.5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Disclosure of Interests.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">When required in order
to comply with applicable laws and regulations or the articles of incorporation or similar document of the Company, the Company
may from time to time request&nbsp;each Owner&nbsp;and Holder to provide to the Depositary information relating to: (a) the capacity
in which it holds&nbsp;American Depositary Shares,&nbsp;(b) the identity of any Holders or other&nbsp;persons or entities&nbsp;then
or previously interested in those American Depositary Shares and the nature of those interests and&nbsp;(c)&nbsp;any other matter
where disclosure of such matter is required for that compliance.&nbsp;&nbsp; Each Owner and Holder agrees to provide all information
known to it in response to a request made pursuant to this Section.&nbsp; Each Holder&nbsp;consents to the disclosure by the Owner
or any other Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive to
a request made pursuant to this Section relating to&nbsp;that Holder that is known to that Owner or other Holder.&nbsp; The Depositary
agrees to use reasonable efforts, at the&nbsp;Company's expense,&nbsp;to comply with written instructions from the Company requesting
that the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses
it receives in response to that request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE DEPOSITED SECURITIES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Cash Distributions.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
receives any cash dividend or other cash distribution on Deposited Securities, the Depositary shall, subject to the provisions
of Section 4.5, convert that dividend or other distribution into Dollars and distribute the amount thus received (net of the fees
and expenses of the Depositary as provided in Section&nbsp;5.9) to the Owners entitled thereto, in proportion to the number of
American Depositary Shares representing those Deposited Securities held by them respectively; <U>provided</U>, <U>however</U>,
that if the Custodian or the Depositary shall be required to withhold and does withhold from that cash dividend or other cash distribution
an amount on account of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares
representing those Deposited Securities shall be reduced accordingly. <U>However</U>, the Depositary will not pay any Owner a fraction
of one cent, but will round each Owner&rsquo;s entitlement to the nearest whole cent.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company or its
agent will remit to the appropriate governmental agency in each applicable jurisdiction all amounts withheld and owing to such
agency. The Depositary will forward to the Company or its agent such information from its records as the Company may reasonably
request to enable the Company or its agent to file necessary reports with governmental agencies. Each Owner and Holder agrees to
indemnify the Company, the Depositary, the Custodian and their respective directors, officers, employees, agents and affiliates
for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If a cash distribution
would represent a return of all or substantially all the value of the Deposited Securities underlying American Depositary Shares,
the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct the fee for surrender
of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares) as a condition of making
that cash distribution. A distribution of that kind shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions Other Than Cash, Shares or Rights.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Subject to the provisions
of Sections 4.11 and 5.9, whenever the Depositary receives any distribution other than a distribution described in Section 4.1,
4.3 or 4.4 on Deposited Securities (but not in exchange for or in conversion or in lieu of Deposited Securities), the Depositary
shall, as promptly as practicable, cause the securities or property received by it to be distributed to the Owners entitled thereto,
after deduction or upon payment of any fees and expenses of the Depositary and any taxes or other governmental charges, in proportion
to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in any manner that
the Depositary deems equitable and practicable for accomplishing that distribution (which may be a distribution of depositary shares
representing the securities received); <U>provided</U>, <U>however</U>, that if in the opinion of the Depositary such distribution
cannot be made proportionately among the Owners entitled thereto, or if for any other reason (including, but not limited to, any
requirement that the Company or the Depositary withhold an amount on account of taxes or other governmental charges or that securities
received must be registered under the Securities Act of 1933 in order to be distributed to Owners or Holders) the Depositary deems
such distribution not to be lawful and feasible, the Depositary may adopt such other method as it may deem equitable and practicable
for the purpose of effecting such distribution, including, but not limited to, the public or private sale of the securities or
property thus received, or any part thereof, and distribution of the net proceeds of any such sale (net of the fees and expenses
of the Depositary as provided in Section 5.9) to the Owners entitled thereto, all in the manner and subject to the conditions set
forth in Section 4.1. The Depositary may withhold any distribution of securities under this Section 4.2 if it has not received
satisfactory assurances from the Company that the distribution does not require registration under the Securities Act of 1933.
The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute under
this Section 4.2 that is sufficient to pay its fees and expenses in respect of that distribution.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If a distribution
under this Section 4.2 would represent a return of all or substantially all the value of the Deposited Securities underlying American
Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of or deduct
the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary Shares)
as a condition of making that distribution. A distribution of that kind shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distributions in Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
receives any distribution on Deposited Securities consisting of a dividend in, or free distribution of, Shares, the Depositary
may deliver to the Owners entitled thereto, in proportion to the number of American Depositary Shares representing those Deposited
Securities held by them respectively, an aggregate number of American Depositary Shares representing the amount of Shares received
as that dividend or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit
of Shares and issuance of American Depositary Shares, including withholding of any tax or governmental charge as provided in Section
4.11 and payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public
or private sale, an amount of the Shares received (or American Depositary Shares representing those Shares) sufficient to pay its
fees and expenses in respect of that distribution). In lieu of delivering fractional American Depositary Shares, the Depositary
may sell the amount of Shares represented by the aggregate of those fractions (or American Depositary Shares representing those
Shares) and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If and to the
extent that additional American Depositary Shares are not delivered and Shares or American Depositary Shares are not sold, each
American Depositary Share shall thenceforth also represent the additional Shares distributed on the Deposited Securities represented
thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Company declares
a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities
or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary shall consult
with the Company to the extent practicable as to the action to be taken, if any, and may make that right of election available
for exercise by Owners in any manner the Depositary reasonably considers to be lawful and practical. As a condition of making a
distribution election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing
so does not require registration of any securities under the Securities Act of 1933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Rights.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;If rights are
granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and the
Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of rights.
The Depositary shall, to the extent reasonably deemed by it to be lawful and practical, and on the conditions set forth in paragraphs
(b), (c) or (d) below, as applicable, (i) if requested in writing by the Company, grant to all or certain Owners rights to instruct
the Depositary to purchase the securities to which the rights relate and deliver those securities or American Depositary Shares
representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or to the order of
certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale to Owners entitled
to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii) above, the Depositary
shall permit the rights to lapse unexercised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;If the Depositary
will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions and
procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified
and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon
the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The
purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased
Shares under this Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver
or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary will not act
under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act
of 1933 or the Depositary has received an opinion of United States counsel that is reasonably satisfactory to it to the effect
that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;If the Depositary
will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable
to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and
(ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary
will deliver those rights as requested by that Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&#9;If the Depositary
will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number of American
Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were
sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&#9;Payment or
deduction of the fees of the Depositary as provided in Section 5.9 and payment or deduction of the expenses of the Depositary and
any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment of cash proceeds
under this Section 4.4.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(f)&#9;The Depositary
shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise
rights on behalf of Owners in general or any Owner in particular, or to sell rights.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Conversion of Foreign Currency.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
or the Custodian receives pesos or other foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the
judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall, subject to the Foreign Exchange Contract and any other requirements of Chilean law or regulation
in effect from time to time, convert or cause to be converted by sale or in any other manner that it may determine that foreign
currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made upon
an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date
of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred
by the Depositary as provided in Section&nbsp;5.9.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
exercise its rights under the Foreign Exchange Contract as and to the extent appropriate in order to effect such conversions and
distributions, and is authorized to give such certifications, and enter into such agreements and arrangements as may be necessary
or convenient thereunder or in connection therewith, provided, however, that the Depositary shall not be obligated to incur any
material expense in connection therewith or to take any such action at its own risk.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If a conversion of
foreign currency or the repatriation or distribution of Dollars can be effected only with some approval or license of any government
or agency thereof, other than the Foreign Exchange Contract and the approvals contemplated thereby, the Depositary may, but will
not be required to, file an application for that approval or license (in its own name as agent or on behalf of the Owners, or in
the name of the Owners), provided, that it shall have no obligation to make such an application unless it receives satisfactory
indemnity with respect to the costs and risks of any such application.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable
basis into Dollars transferable to the United States, or if the Foreign Exchange Contract shall cease to be in effect or the rights
of the Depositary thereunder shall be restricted or suspended, or if approval or license of any government or agency thereof that
is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as determined
by the Depositary (for whatever reason, including failure of the Depositary to receive satisfactory indemnity for the costs and
risks of obtaining such approval or license), the Depositary may (a) as to that portion of the foreign currency that is convertible
into Dollars, make such conversion and, if permitted by applicable law, transfer such Dollars to the United States for distribution
to Owners in accordance with the first paragraph of this Section 4.5 and (b) as to the nonconvertible balance, if any, (i) if requested
in writing by an Owner, distribute or cause the Custodian to distribute the foreign currency received by the Depositary or Custodian
to such Owner and (ii) the Depositary shall hold or shall cause the Custodian to hold any amounts of nonconvertible foreign currency
not distributed pursuant to the immediate preceding subclause (i) uninvested and without liability for interest thereon for the
respective accounts of, the Owners entitled to receive the same.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as
an agent, fiduciary or broker on behalf of any other person and earns revenue, including, without limitation, fees and spreads
that it will retain for its own account. The spread is the difference between the exchange rate assigned to the currency conversion
made under this Deposit Agreement and the rate that the Depositary or its affiliate receives in an offsetting foreign currency
trade. The Depositary makes no representation that the exchange rate used or obtained in any currency conversion will be the most
favorable rate that could be obtained at the time or as to the method by which that rate will be determined, subject to its obligations
under Section 5.3.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Fixing of Record Date.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever a cash dividend,
cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities are
issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in accordance
with Section 4.4) or the Depositary receives notice that a distribution or issuance of that kind will be made, or whenever the
Depositary receives notice that a meeting of holders of Shares will be held in respect of which the Company has requested the Depositary
to send a notice under Section 4.7, or whenever the Depositary will assess a fee or charge against the Owners, or whenever the
Depositary causes a change in the number of Shares that are represented by each American Depositary Share, or whenever the Depositary
otherwise finds it necessary or convenient, the Depositary shall fix a record date, which shall be the same as, or as near as practicable
to, any corresponding record date set by the Company with respect to Shares, (a) for the determination of the Owners (i) who shall
be entitled to receive the benefit of that dividend or other distribution or those rights, (ii) who shall be entitled to give instructions
for the exercise of voting rights at that meeting or (iii) who shall be responsible for that fee or charge or (iv) for any other
purpose for which the record date was set, or (b) on or after which each American Depositary Share will represent the changed number
of Shares. Subject to the provisions of Sections 4.1 through 4.5 and to the other terms and conditions of this Deposit Agreement,
the Owners on a record date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with
respect to that dividend or other distribution or those rights or the net proceeds of sale thereof in proportion to the number
of American Depositary Shares held by them respectively, to give voting instructions or to act in respect of the other matter for
which that record date was fixed, or be responsible for that fee or charge, as the case may be.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Voting of Deposited Shares.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;Upon receipt
of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by the
Company, the Depositary shall, as soon as practicable thereafter, Disseminate&nbsp;to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (a)&nbsp;the information contained in the notice of meeting received
by the Depositary, (b)&nbsp;a statement that the Owners as of the close of business on a specified record date will be entitled,
subject to any applicable provision of Chilean law and of the articles of incorporation or similar documents of the Company, to
instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective
American Depositary Shares&nbsp;(c) a statement as to the manner in which those instructions may be given and (d) the last date
on which the Depositary will accept instructions (the &ldquo;<U>Instruction Cutoff Date</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;Upon the written
request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by the Depositary,
as of that record date, received on or before any&nbsp;Instruction&nbsp;Cutoff&nbsp;Date established by the Depositary, the Depositary
may, and if the Depositary sent a notice under the preceding paragraph shall, subject to any applicable provision of Chilean law
and of the articles of incorporation or similar documents of the Company, endeavor, in so far as practicable, to vote or cause
to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the instructions
set forth in that request. Except in accordance with Section 4.7(c) below, the Depositary shall not vote or attempt to exercise
the right to vote that attaches to the deposited Shares other than in accordance with instructions given by Owners and received
by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;If (i) the
Company has requested the Depositary to send a notice under paragraph (a) above and has provided the Depositary at least 30 days'
prior notice of any such meeting and the details concerning the matters to be voted upon and (ii) no instructions are received
by the Depositary from an Owner to vote with respect to a matter and an amount of American Depositary Shares of that Owner on or
before the date established by the Depositary for such purpose, the Depositary shall deem that Owner to have instructed the Depositary
to give a discretionary proxy to a person designated by the Company with respect to that matter and the amount of Deposited Securities
represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated
by the Company to vote that amount of Deposited Securities as to that matter, except that no such instruction shall be deemed given
and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the
Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not
wish such proxy given, (y) substantial opposition from holders of Shares exists to the manner in which such Deposited Securities
would be voted with respect to such matter or (z) such matter materially and adversely affects the rights of holders of Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&#9;There can be
no assurance that Owners generally or any Owner&nbsp;in particular will receive the notice described in paragraph (a) above in
time&nbsp;to&nbsp;enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&#9;If the Company
will request the Depositary to Disseminate a notice under&nbsp;paragraph (a) above, the Company shall give the Depositary notice
of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares
in connection with the meeting as far in advance of the meeting date as practicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Tender and Exchange Offers; Redemption, Replacement or Cancellation of Deposited Securities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;The Depositary
shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made
to holders of Deposited Securities (a &ldquo;<U>Voluntary Offer</U>&rdquo;), except when instructed in writing to do so by an Owner
surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;If the Depositary
receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction
that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a &ldquo;<U>Redemption</U>&rdquo;),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that
Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called
American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption
and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be
entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 and (iii) distribute the money
received upon that Redemption to the Owners entitled to it upon surrender by them of called American Depositary Shares in accordance
with Section 2.5 (and, for the avoidance of doubt, Owners shall not be entitled to receive that money under Section 4.1). If the
Redemption affects less than all the Deposited Securities, the Depositary shall call for surrender a corresponding portion of the
outstanding American Depositary Shares and only those American Depositary Shares will automatically be converted into a right to
receive the net proceeds of the Redemption. The Depositary shall allocate the American Depositary Shares converted under the preceding
sentence among the Owners pro-rata to their respective holdings of American Depositary Shares immediately prior to the Redemption,
<U>except that</U> the allocations may be adjusted so that no fraction of a converted American Depositary Share is allocated to
any Owner. A Redemption of all or substantially all of the Deposited Securities shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;If the Depositary
is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification of the
Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a
holder of Deposited Securities and as a result securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a &ldquo;<U>Replacement</U>&rdquo;), then (i) the Depositary shall, if required
surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under this
Deposit Agreement, the new securities or other property delivered to it in that Replacement. <U>However</U>, the Depositary may
elect to sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold
those new Deposited Securities under this Deposit Agreement because those new Deposited Securities may not be distributed to Owners
without registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on
such terms as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement
shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&#9;In the case
of a Replacement where the new Deposited Securities will continue to be held under this Deposit Agreement, the Depositary may call
for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities
and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented
by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American
Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary Shares and may sell American
Depositary Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute
the net proceeds of that sale to the Owners entitled to them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(e)&#9;If there are
no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or the
Deposited Securities with respect to American Depositary Shares have become apparently worthless, the Depositary may call for surrender
of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a <U>Termination
Option Event</U> occurs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Reports.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
make available for inspection by Owners at its Office any reports and communications, including any proxy solicitation material,
received from the Company which are both (a)&nbsp;received by the Depositary as the holder of the Deposited Securities and (b)&nbsp;made
generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports and communications,
including any proxy soliciting material to which this Section applies, to the Depositary in English, to the extent those materials
are required to be translated into English pursuant to any regulations of the Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Lists of Owners.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon written request
by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses
and American Depositary Share holdings of all Owners.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 4.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Withholding.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is
subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public
or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts
and manner the Depositary deems necessary and practicable to pay those taxes or charges, and the Depositary shall distribute the
net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number
of American Depositary Shares held by them respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>THE DEPOSITARY, THE CUSTODIANS AND THE COMPANY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Maintenance of Office and Transfer Books by the Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Until termination
of this Deposit Agreement in accordance with its terms, the Depositary shall maintain facilities for the execution and delivery,
registration, registration of transfers and surrender of American Depositary Shares in accordance with the provisions of this Deposit
Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
keep books for the registration of American Depositary Shares, which shall be open for inspection by the Owners at the Depositary&rsquo;s
Office during regular business hours, <U>provided</U> that such inspection is not for the purpose of communicating with Owners
in the interest of a business or object other than the business of the Company or a matter related to this Deposit Agreement or
the American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
close the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its
duties under this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If any American Depositary
Shares are listed on one or more stock exchanges, the Depositary shall act as Registrar or appoint a Registrar or one or more co-registrars
for registry of those American Depositary Shares in accordance with any requirements of that exchange or those exchanges.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">At the written request
of the Company, the Company shall have the right to (i) at all reasonable times inspect transfer and registration records of the
Depositary or its agent and take copies thereof and (ii) require the Depositary or its agent, the Registrar and any co-transfer
agents or co-registrars to supply copies, as promptly as practicable, of such portions of such records as the Company may request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Prevention or Delay in Performance by the Depositary or the Company.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any
Owner or Holder (i) if by reason of any provision of any present or future law or regulation of the United States or any other
country, or of any governmental or regulatory authority (including any action that may constitute a breach by the Central Bank
of its obligations under the Foreign Exchange Contract) or stock exchange, or by reason of any provision, present or future, of
the articles of incorporation or similar document of the Company, or by reason of any provision of any securities issued or distributed
by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances
beyond its control, the Depositary or the Company is prevented from, forbidden to or delayed in, or could be subject to any civil
or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that, by the terms
of this Deposit Agreement or the Foreign Exchange Contract or the Deposited Securities, it is provided shall be done or performed,
(ii) by reason of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement (including any
determination by the Depositary to take, or not take, any action that this Deposit Agreement provides the Depositary may take),
(iii) for the inability of any Owner or Holder to benefit from any distribution, offering, right or other benefit that is made
available to holders of Deposited Securities but is not, under the terms of this Deposit Agreement, made available to Owners or
Holders, or (iv) for any special, consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where,
by the terms of a distribution to which Section&nbsp;4.1, 4.2 or 4.3 applies, or an offering to which Section&nbsp;4.4 applies,
or for any other reason, that distribution or offering may not be made available to Owners, and the Depositary may not dispose
of that distribution or offering on behalf of Owners and make the net proceeds available to Owners, then the Depositary shall not
make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Obligations of the Depositary and the Company.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Company
nor any of its directors, officers, employees, agents or affiliates assumes any obligation or shall be subject to any liability
under this Deposit Agreement to any Owner or Holder, except that the Company agrees to perform its obligations specifically set
forth in this Deposit Agreement without negligence or bad faith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without
limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to
perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect
of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Each of the Depositary
and the Company may rely, and shall be protected in relying upon, any written notice, request, direction or other document believed
by it to be genuine and to have been signed or presented by the proper party or parties.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Neither the Depositary
nor the Company shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent
to give such advice or information.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of
the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that
in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence
or bad faith while it acted as Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of American Depositary Shares or Deposited Securities or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In the absence of
bad faith on its part, the Depositary shall not be responsible for any failure to carry out any instructions to vote any of the
Deposited Securities, or for the manner in which any such vote is cast or the effect of any such vote.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary shall
have no duty to make any determination or provide any information as to the tax status of the Company or any liability for any
tax consequences that may be incurred by Owners or Holders as a result of owning or holding American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">No disclaimer of liability
under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Resignation and Removal of the Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
at any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, to become effective
upon the appointment of a successor depositary and its acceptance of that appointment as provided in this Section. The effect of
resignation if a successor depositary is not appointed is provided for in Section 6.2.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
at any time be removed by the Company by 90 days&rsquo; prior written notice of that removal, to become effective upon the later
of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance
of its appointment as provided in this Section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Depositary
resigns or is removed, the Company shall use its best efforts to appoint a successor depositary, which shall be a bank or trust
company having an office in the Borough of Manhattan, The City of New York. Every successor depositary shall execute and deliver
to the Company an instrument in writing accepting its appointment under this Deposit Agreement and a new &quot;Chapter XXVI Agreement&quot;
among the Central Bank, the Company and such successor depositary. If the Depositary receives notice from the Company that a successor
depositary has been appointed following its resignation or removal, the Depositary, upon payment of all sums due it from the Company,
shall deliver to its successor a register listing all the Owners and their respective holdings of outstanding American Depositary
Shares and shall deliver the Deposited Securities to or to the order of its successor. When the Depositary has taken the actions
specified in the preceding sentence (i) the successor shall become the Depositary and shall have all the rights and shall assume
all the duties of the Depositary under this Deposit Agreement and (ii) the predecessor depositary shall cease to be the Depositary
and shall be discharged and released from all obligations under this Deposit Agreement, except for its duties under Section 5.8
with respect to the time before that discharge. A successor Depositary shall notify the Owners of its appointment as soon as practical
after assuming the duties of Depositary. The Depositary agrees that it will, after the appointment of any successor depositary,
continue to cooperate with the Company and such successor depositary to arrange for the execution of an amendment to or a replacement
of the Foreign Exchange Contract.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any corporation or
other entity into or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the
execution or filing of any document or any further act.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>The Custodians.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Custodian shall
be subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. The Depositary
in its discretion may at any time appoint a substitute or additional custodian or custodians, each of which shall thereafter be
one of the Custodians under this Deposit Agreement. If the Depositary receives notice that a Custodian is resigning and, upon the
effectiveness of that resignation there would be no Custodian acting under this Deposit Agreement, the Depositary shall, as promptly
as practicable after receiving that notice, appoint a substitute custodian or custodians, each of which shall thereafter be a Custodian
under this Deposit Agreement. The Depositary shall require any Custodian that resigns or is removed to deliver all Deposited Securities
held by it to another Custodian.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices and Reports.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">On or before the first
date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares, or of any adjourned meeting
of those holders, or of the taking of any action in respect of any cash or other distributions or the granting of any rights, the
Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in English but otherwise in the form
given or to be given to holders of Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company will arrange
for the translation into English, if not already in English, to the extent required pursuant to any regulations of the Commission,
and the prompt transmittal by the Company to the Depositary and the Custodian of all notices and any other reports and communications
which are made generally available by the Company to holders of its Shares. If requested in writing by the Company, the Depositary
will Disseminate, at the Company&rsquo;s expense, those notices, reports and communications to all Owners or otherwise make them
available to Owners in a manner that the Company specifies as substantially equivalent to the manner in which those communications
are made available to holders of Shares and compliant with the requirements of any securities exchange on which the American Depositary
Shares are listed. The Company will timely provide the Depositary with the quantity of such notices, reports, and communications,
as requested by the Depositary from time to time, in order for the Depositary to effect that Dissemination.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company represents
that as of the date of this Deposit Agreement, the statements in Article 11 of the Receipt with respect to the Company&rsquo;s
obligation to file periodic reports under the United States Securities Exchange Act of 1934, as amended, are true and correct.
The Company agrees to promptly notify the Depositary upon becoming aware of any change in the truth of any of those statements.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Distribution of Additional Shares, Rights, etc.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If the Company or
any affiliate of the Company determines to make any issuance or distribution of (1)&nbsp;additional Shares, (2)&nbsp;rights to
subscribe for Shares, (3)&nbsp;securities convertible into Shares, or (4)&nbsp;rights to subscribe for such securities (each a
&ldquo;<U>Distribution</U>&rdquo;), the Company shall notify the Depositary in writing in English as promptly as practicable and
in any event before the Distribution starts and, if requested in writing by the Depositary, the Company shall promptly furnish
to the Depositary either (i) evidence satisfactory to the Depositary that the Distribution is registered under the Securities Act
of 1933 or (ii) a written opinion from U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating
that the Distribution does not require, or, if made in the United States, would not require, registration under the Securities
Act of 1933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
with the Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company
will at any time deposit any Shares that, at the time of deposit, are Restricted Securities.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Indemnification.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company agrees
to indemnify the Depositary, its directors, officers, employees, agents and affiliates and each Custodian against, and hold each
of them harmless from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing
or collecting such indemnity and the fees and expenses of counsel) that may arise out of or in connection with (a) any registration
with the Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States except
to the extent the liability or expense arises out of information relating to the Depositary or the Custodian (other than the Company),
as applicable, furnished in writing to the Company by the Depositary expressly for use in any registration statement, proxy statement,
prospectus or offering memorandum (or private placement memorandum) relating to the Shares and that has not been materially changed
or altered by the Company (it being understood that, as of the date of this Deposit Agreement, the Depositary has not furnished
any information of that kind), or (b) acts performed or omitted, pursuant to the provisions of or in connection with this Deposit
Agreement, the American Depositary Shares or the Foreign Exchange Contract, as the same may be amended, modified or supplemented
from time to time, (i) by either the Depositary or a Custodian or their respective directors, officers, employees, agents and affiliates,
except for any liability or expense arising out of the negligence or bad faith of either of them, or (ii) by the Company or any
of its directors, officers, employees, agents and affiliates.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The indemnities contained
in the preceding paragraph shall not extend to any liability or expense which arises solely and exclusively out of a Pre-Release
(as defined in Section 2.9) of American Depositary Shares in accordance with Section 2.9 and which would not otherwise have arisen
had such American Depositary Shares not been the subject of a Pre-Release pursuant to Section 2.9; provided, however, that the
indemnities provided in the preceding paragraph shall apply to any such liability or expense (i) to the extent that such liability
or expense would have arisen had such American Depositary Shares not been the subject of a Pre-Release, or (ii) which may arise
out of any misstatement or alleged misstatement or omission or alleged omission in any registration statement, proxy statement,
prospectus (or placement memorandum), or preliminary prospectus (or preliminary placement memorandum) relating to the offer or
sale of American Depositary Shares, except to the extent any such liability or expense arises out of (i) information relating to
the Depositary or any Custodian (other than the Company), as applicable, furnished in writing and not materially changed or altered
by the Company expressly for use in any of the foregoing documents, or, (ii) if such information is provided, the failure to state
a material fact necessary to make the information provided not misleading.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary agrees
to indemnify the Company, its directors, officers, employees, agents and affiliates and hold them harmless from any liability or
expense (including but not limited to any fees and expenses incurred in seeking, enforcing or collecting such indemnity and the
reasonable fees and expenses of counsel) that may arise out of acts performed or omitted by the Depositary or any Custodian or
their respective directors, officers, employees, agents and affiliates due to their negligence or bad faith.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">If an action, proceeding
(including, but not limited to, any governmental investigation), claim or dispute (collectively, an &quot;Action&quot;) in respect
of which indemnity may be sought by either party is brought or asserted against the other party, the party seeking indemnification
(the &quot;Indemnitee&quot;) shall promptly (and in no event more than ten (10) days after receipt of notice of such Action) notify
the party obligated to provide such indemnification (the &quot;Indemnitor&quot;) of such Action. The failure of the Indemnitee
to so notify the Indemnitor shall not impair the Indemnitee's ability to seek indemnification from the Indemnitor (but only for
costs, expenses and liabilities incurred after such notice) unless such failure adversely affects the Indemnitor's ability to adequately
oppose or defend such Action. Upon receipt of such notice from the Indemnitee, the Indemnitor shall be entitled to participate
in such Action and, to the extent that it shall so desire and provided no conflict of interest exists as specified in subparagraph
(b) below or there are no other defenses available to Indemnitee as specified in subparagraph (d) below, to assume the defense
thereof with counsel reasonably satisfactory to the Indemnitee (in which case all attorney's fees and expenses shall be borne by
the Indemnitor and the Indemnitor shall in good faith defend the Indemnitee). The Indemnitee shall have the right to employ separate
counsel in any such Action and to participate in the defense thereof, but the fees and expenses of such counsel shall be borne
by the Indemnitee unless (a) the Indemnitor agrees in writing to pay such fees and expenses, (b) the Indemnitee shall have reasonably
and in good faith concluded that there is a conflict of interest between the Indemnitor and the Indemnitee in the conduct of the
defense of such action, (c) the Indemnitor fails, within ten (10) days prior to the date the first response or appearance is required
to be made in such Action, to assume the defense of such Action with counsel reasonably satisfactory to the Indemnitee or (d) there
are legal defenses available to Indemnitee that are different from or are in addition to those available to the Indemnitor. No
compromise or settlement of such Action may be effected by either party without the other party's consent unless (i) there is no
finding or admission of any violation of law by the other party and no effect on any other claims that may be made against such
other party and (ii) the sole relief provided is monetary damages that are paid in full by the party seeking the settlement and
for which that party is not asserting a right to be reimbursed by the other party. Neither party shall have any liability with
respect to any compromise or settlement effected without its consent, which shall not be unreasonably withheld. The Indemnitor
shall have no obligation to indemnify and hold harmless the Indemnitee from any loss, expense or liability incurred by the Indemnitee
as a result of a default judgment entered against the Indemnitee unless such judgment was entered after the Indemnitor agreed,
in writing, to assume the defense of such Action.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Charges of Depositary.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company will not
be obligated to pay the fees and charges specified in this Section 5.9 except to the extent the Company is a depositor of Shares
or an Owner. The following charges shall be incurred by any party depositing or withdrawing Shares or by any party surrendering
American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation, issuance pursuant to
a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary Shares or Deposited
Securities or a delivery of American Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other
governmental charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares
generally on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of
the Depositary or its nominee or the Custodian or its nominee on the making of deposits or withdrawals hereunder, (3) such cable
(including SWIFT) and facsimile transmission fees and expenses as are expressly provided in this Deposit Agreement, (4) such expenses
as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5, (5) a fee of $5.00 or less per
100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant to Section 2.3, 4.3
or 4.4 and the surrender of American Depositary Shares pursuant to Section 2.5 or 6.2, (6) a fee of $.05 or less per American Depositary
Share (or portion thereof) for any cash distribution made pursuant to this Deposit Agreement, including, but not limited to Sections
4.1 through 4.4 and Section 4.8, (7) a fee for the distribution of securities pursuant to Section 4.2 or of rights pursuant to
Section 4.4 (where the Depositary will not exercise or sell those rights on behalf of Owners), such fee being in an amount equal
to the fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result
of the deposit of such securities under this Deposit Agreement (for purposes of this item 7 treating all such securities as if
they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition to any fee charged
under item 6 above, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary services,
which will be payable as provided in item 9 below, and (9) any other charges payable by the Depositary or the Custodian, any of
the Depositary's or Custodian&rsquo;s agents or the agents of the Depositary's or Custodian&rsquo;s agents, in connection with
the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners as of the date or dates set
by the Depositary in accordance with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing those
Owners for those charges or by deducting those charges from one or more cash dividends or other cash distributions).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary may
collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed,
to Owners that are obligated to pay those fees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary, subject
to Section 2.9, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.10.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Retention of Depositary Documents.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Depositary is
authorized to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the
times permitted by the laws or regulations governing the Depositary unless the Company requests that such papers be retained for
a longer period or turned over to the Company or to a successor depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 5.11.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Exclusivity.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Without prejudice
to the Company&rsquo;s rights under Section 5.4, the Company agrees not to appoint any other depositary for issuance of depositary
shares, depositary receipts or any similar securities or instruments so long as The Bank of New York Mellon is acting as Depositary
under this Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>AMENDMENT AND TERMINATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 6.1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Amendment.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company
and the Depositary without the consent of Owners or Holders in any respect that they may deem necessary or desirable. Any amendment
that would impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable, telex
or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any substantial existing
right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration of 30 days
after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares. Every Owner and Holder,
at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary Shares or any interest
therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby. Upon the effectiveness
of an amendment to the form of Receipt, including a change in the number of Shares represented by each American Depositary Share,
the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call for surrender of
American Depositary Shares to effect that change of ratio. In no event shall any amendment impair the right of the Owner to surrender
American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except in order to comply with
mandatory provisions of applicable law.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 6.2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Termination.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(a)&#9;The Company
may initiate termination of this Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of this
Deposit Agreement if (i) at any time 90 days shall have expired after the Depositary delivered to the Company a written resignation
notice and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4, (ii) an Insolvency
Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will occur. If
termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners of all
American Depositary Shares then outstanding setting a date for termination (the &ldquo;<U>Termination Date</U>&rdquo;), which shall
be at least 120 days after the date of that notice, and this Deposit Agreement shall terminate on that Termination Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(b)&#9;After the Termination
Date, the Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary
under Sections 5.8 and 5.9.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(c)&#9;At any time
after the Termination Date, the Depositary may sell the Deposited Securities then held under this Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without
liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those
Owners will become general creditors of the Depositary with respect to those net proceeds. After making that sale, the Depositary
shall be discharged from all obligations under this Deposit Agreement, <U>except</U> (i) to account for the net proceeds and other
cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for
the account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement
and any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 and (iii) to act as provided in
the paragraph (d) below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">(d)&#9;After the Termination
Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities (that have
not been sold), may sell rights and other property as provided in this Deposit Agreement and shall deliver Deposited Securities
(or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the fee of the
Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American Depositary
Shares in accordance with the terms and conditions of this Deposit Agreement and any applicable taxes or governmental charges).
After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares. After the
Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of withdrawal
of Deposited Securities (that have not been sold) if in its judgment the requested withdrawal would interfere with its efforts
to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited Securities
until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers of American
Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the Owners and need
not give any further notices or perform any further acts under this Deposit Agreement except as provided in this Section.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.25in; text-align: justify; text-indent: 0in">ARTICLE 7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>MISCELLANEOUS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Counterparts; Signatures.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of those counterparts shall constitute
one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be
open to inspection by any Owner or Holder during regular business hours.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any manual signature
on this Deposit Agreement that is faxed, scanned or photocopied, and any electronic signature valid under the Electronic Signatures
in Global and National Commerce Act, 15 U.S.C. &sect; 7001, <I>et. seq</I>., shall for all purposes have the same validity, legal
effect and admissibility in evidence as an original manual signature, and the parties hereby waive any objection to the contrary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>No Third Party Beneficiaries.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
is for the exclusive benefit of the parties and shall not be deemed to give any legal or equitable right, remedy or claim whatsoever
to any other person.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Severability.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">In case any one or
more of the provisions contained in this Deposit Agreement or in a Receipt should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained in this Deposit Agreement or that
Receipt shall in no way be affected, prejudiced or disturbed thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Owners and Holders as Parties; Binding Effect.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Owners and Holders
from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions of this Deposit
Agreement and of the Receipts by acceptance of American Depositary Shares or any interest therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Notices.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Company shall be in writing and shall be deemed to have been duly given if personally delivered or sent by domestic
first class or international air mail or air courier or sent by facsimile transmission or email attaching a pdf or similar bit-mapped
image of a signed writing, <U>provided</U> that receipt of the facsimile transmission or email has been confirmed by the recipient,
addressed to Banco Santander Chile, Bandera 140 Santiago, Chile, Attention: Robert Moreno, or any other place to which the Company
may have transferred its principal office with notice to the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Any and all notices
to be given to the Depositary shall be in writing and shall be deemed to have been duly given if in English and personally delivered
or sent by first class domestic or international air mail or air courier or sent by facsimile transmission or email attaching a
pdf or similar bit-mapped image of a signed writing, addressed to The Bank of New York Mellon, 101 Barclay Street, New&nbsp;York,
New&nbsp;York 10286, Attention: Depositary Receipt Administration, or any other place to which the Depositary may have transferred
its Office with notice to the Company.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Delivery of a notice
to the Company or Depositary by mail or air courier shall be deemed effected when deposited, postage prepaid, in a post-office
letter box or received by an air courier service. Delivery of a notice to the Company or Depositary sent by facsimile transmission
or email shall be deemed effected when the recipient acknowledges receipt of that notice.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">A notice to be given
to an Owner shall be deemed to have been duly given when Disseminated to that Owner. Dissemination in paper form will be effective
when personally delivered or sent by first class domestic or international air mail or air courier, addressed to that Owner at
the address of that Owner as it appears on the transfer books for American Depositary Shares of the Depositary, or, if that Owner
has filed with the Depositary a written request that notices intended for that Owner be mailed to some other address, at the address
designated in that request. Dissemination in electronic form will be effective when sent in the manner consented to by the Owner
to the electronic address most recently provided by the Owner for that purpose.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Appointment of Agent for Service of Process; Submission to Jurisdiction; Jury Trial Waiver.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Company hereby
(i) designates and appoints the person named in Exhibit A to this Deposit Agreement, located in the State of New York, as the Company's
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Deposit Agreement (a &ldquo;Proceeding&rdquo;), (ii) consents
and submits to the jurisdiction of any state or federal court in the State of New York in which any Proceeding may be instituted
and (iii) agrees that service of process upon said authorized agent shall be deemed in every respect effective service of process
upon the Company in any Proceeding. The Company agrees to deliver to the Depositary, upon the execution and delivery of this Deposit
Agreement, a written acceptance by the above-named agent of its appointment as process agent. The Company further agrees to take
any and all action, including the filing of any and all such documents and instruments, as may be necessary to continue that designation
and appointment in full force and effect, or to appoint and maintain the appointment of another process agent located in the United
States as required above, and to deliver to the Depositary a written acceptance by that agent of that appointment, for so long
as any American Depositary Shares or Receipts remain outstanding or this Deposit Agreement remains in force. In the event the Company
fails to maintain the designation and appointment of a process agent in the United States in full force and effect, the Company
hereby waives personal service of process upon it and consents that a service of process in connection with a Proceeding may be
made by certified or registered mail, return receipt requested, directed to the Company at its address last specified for notices
under this Deposit Agreement, and service so made shall be deemed completed five (5) days after the same shall have been so mailed.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">EACH PARTY TO THIS
DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR
THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING,
WITHOUT LIMITATION, ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Waiver of Immunities.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">To the extent that
the Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it,
any right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of
any relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from
attachment upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other
legal process or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings
may at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection
with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Deposit Agreement, the Company, to
the fullest extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any immunity
of that kind and consents to relief and enforcement as provided above.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">SECTION 7.8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><U>Governing Law.</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">This Deposit Agreement
and the Receipts shall be interpreted in accordance with and all rights hereunder and thereunder and provisions hereof and thereof
shall be governed by the laws of the State of New York, except with respect to its authorization and execution by the Company,
which shall be governed by the laws of Chile.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF,
BANCO SANTANDER CHILE and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year first set
forth above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any
interest therein.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify; text-indent: 215.05pt">BANCO SANTANDER
CHILE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 215.05pt">By:______________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 215.05pt">Name:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 42pt; text-align: justify; text-indent: 215.05pt">Title:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 215.05pt">THE BANK OF NEW YORK
MELLON,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.5in; text-align: justify; text-indent: 215.05pt">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 215.05pt">By:______________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 215.05pt">Name:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 215.05pt">Title:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 215.05pt">&nbsp;</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt; text-align: center">EXHIBIT A</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: justify">(Each American Depositary Share represents</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 30pt 3in; text-align: justify">four hundred (400) deposited Shares)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">AMERICAN DEPOSITARY RECEIPT</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FOR COMMON SHARES OF</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">BANCO SANTANDER CHILE</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">(INCORPORATED UNDER THE LAWS OF THE REPUBLIC
OF CHILE)</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 1in">The Owner of this
Receipt is advised that the rights to convert into Dollars the Pesos received in connection with Deposited Securities and remit
abroad dividends and other payments are contingent upon the satisfaction of the terms and conditions set forth in the Foreign Exchange
Contract referred to herein. Shares withdrawn from the facility may only be redeposited into the facility subject to the satisfaction
of certain conditions. Further, access to the formal currency market is not automatic under the Foreign Exchange Contract but requires
the approval of the Central Bank of Chile the (&ldquo;Central Bank&rdquo;) (which will be deemed to have been given seven banking
days after a request has been made therefor). In addition, while under current Chilean law the Foreign Exchange Contract cannot
be amended unilaterally by the Chilean Government, additional restrictions on the benefits of the Foreign Exchange Contract could
be imposed by the Chilean Government. Transferees of withdrawn shares are not entitled to the rights set forth in the Foreign Exchange
Contract.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">The Bank of New York
Mellon, as depositary (hereinafter called the &ldquo;Depositary&rdquo;), hereby certifies that_________________________________________,
or registered assigns IS THE OWNER OF _____________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: center">AMERICAN DEPOSITARY SHARES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0.25in; text-align: justify">representing deposited common shares
(herein called &ldquo;Shares&rdquo;) of Banco Santander Chile, incorporated under the laws of Chile (herein called the &ldquo;<U>Company</U>&rdquo;).
At the date hereof, each American Depositary Share represents four hundred (400) Shares deposited or subject to deposit under the
Deposit Agreement (as such term is hereinafter defined) with a custodian for the Depositary (herein called the &ldquo;<U>Custodian</U>&rdquo;)
that, as of the date of the Deposit Agreement, was Banco Santander Chile located in Santiago. The Depositary's Office is located
at a different address than its principal executive office. Its Office is located at 101 Barclay Street, New York, N.Y. 10286,
and its principal executive office is located at One Wall Street, New York, N.Y. 10286.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE DEPOSITARY'S OFFICE ADDRESS IS</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">101 BARCLAY STREET, NEW YORK, N.Y. 10286</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">1.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;THE DEPOSIT AGREEMENT.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This American Depositary
Receipt is one of an issue (herein called &ldquo;<U>Receipts</U>&rdquo;), all issued and to be issued upon the terms and conditions
set forth in the Amended and Restated Deposit Agreement dated as of __________, 2015 (herein called the &ldquo;<U>Deposit Agreement</U>&rdquo;)
among the Company, the Depositary, and all Owners and Holders from time to time of American Depositary Shares issued thereunder,
each of whom by accepting American Depositary Shares agrees to become a party thereto and become bound by all the terms and conditions
thereof. The Deposit Agreement sets forth the rights of Owners and Holders and the rights and duties of the Depositary in respect
of the Shares deposited thereunder and any and all other securities, property and cash from time to time received in respect of
those Shares and held thereunder (those Shares, securities, property, and cash are herein called &ldquo;<U>Deposited Securities</U>&rdquo;).
Copies of the Deposit Agreement are on file at the Depositary's Office in New York City and at the office of the Custodian.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made <I>(except for the text in italics, which
provides additional information not contained in the Deposit Agreement)</I>. Capitalized terms defined in the Deposit Agreement
and not defined herein shall have the meanings set forth in the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">2.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Upon surrender at
the Depositary&rsquo;s Office of American Depositary Shares for the purpose of withdrawal of the Deposited Securities represented
thereby and payment of the fee of the Depositary for the surrender of American Depositary Shares as provided in Section 5.9 of
the Deposit Agreement and payment of all taxes and governmental charges payable in connection with that surrender and withdrawal
of the Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary
Shares shall be entitled to delivery (to the extent delivery can then be lawfully and practicably made), to or as instructed by
that Owner, of the amount of Deposited Securities at the time represented by those American Depositary Shares, <U>but not</U> any
money or other property as to which a record date for distribution to Owners has passed. The Depositary shall direct the Custodian
with respect to delivery of Deposited Securities and may charge the surrendering Owner a fee and its expenses for doing so. That
delivery will be made, at the office of the Custodian, <U>except that</U>, at the request, risk and expense of the surrendering
Owner, and for the account of that Owner, the Depositary shall direct the Custodian to forward any cash or other property comprising,
and forward a certificate or certificates, if applicable, and other proper documents of title, if any, for, the Deposited Securities
represented by the surrendered American Depositary Shares to the Depositary for delivery at the Depositary&rsquo;s Office or to
another address specified in the order received from the surrendering Owner. Simultaneously with the delivery of Deposited Securities
to the Owner or its designee, the Custodian, pursuant to the Foreign Exchange Contract, will issue or cause to be issued to the
Owner or such designee a certificate which states that the Deposited Securities have been transferred to the Owner or its designee
by the Depositary and that the Depositary waives in favor of the Owner or its designee the right of access to the formal foreign
exchange market relating to such withdrawn Deposited Securities. Neither the Depositary nor the Custodian shall deliver Shares,
by physical delivery, book entry or otherwise (other than to the Company or its agent as contemplated by Section 4.8 of the Deposit
Agreement), or otherwise permit Shares to be withdrawn from the facility created thereby, except upon the surrender of American
Depositary Shares or in connection with a sale permitted under Section 3.2, 4.3, 4.11, or 6.2 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in"><I>For purposes of
tax rulings No. 324 and No. 3,708 dated January 29, 1990 and October 1, 1999, respectively, issued by the Chilean Internal Revenue
Service regarding certain tax matters relating to American Depositary Shares and American Depositary Receipts, the acquisition
value of any Share or other Deposited Security upon its withdrawal by an Owner upon surrender of the corresponding Receipt shall
be the highest reported sales price of such Share or other Deposited Security on the Bolsa de Comercio de Santiago (the &quot;Santiago
Stock Exchange&quot;) on the day on which the transfer of such Share or other Deposited Security from the Depositary to such Owner
is recorded on the books of the Foreign Registrar. Notwithstanding the foregoing, in the event that such Share or Deposited Security
is sold by such Owner on a Chilean stock exchange on the same day on which the transfer is recorded on the books of the Foreign
Registrar or within the two business days prior to the date on which the sale is recorded on those books, the acquisition price
of such Share or Deposited Security shares shall be the price registered in the invoice issued by the stockbroker that participated
in the sale. In the event that the Shares or other Deposited Securities are not then traded on the Santiago Stock Exchange, such
value shall be the highest reported sales price on the principal stock exchange or other organized securities market in Chile on
which such Shares or other Deposited Securities are then traded. In the event that no such sales price is reported on the day on
which such transfer is recorded on the books of the Foreign Registrar, such value shall be deemed to be the highest sale price
reported on the last day on which such sales price was reported, provided, that if such day is more than 30 days prior to the date
of such transfer, such price shall be increased by the percentage increase over the corresponding period in the Chilean consumer
price index as reported by the pertinent governmental authority of Chile.</I></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">3.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;REGISTRATION OF TRANSFER OF AMERICAN DEPOSITARY SHARES; COMBINATION AND SPLIT-UP OF RECEIPTS; INTERCHANGE OF CERTIFICATED
AND UNCERTIFICATED AMERICAN DEPOSITARY SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary,
subject to the terms and conditions of the Deposit Agreement, shall register a transfer of American Depositary Shares on its transfer
books upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American Depositary
Shares, by the Owner or by a duly authorized attorney, properly endorsed or accompanied by proper instruments of transfer or (ii)
in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including, for the avoidance
of doubt, instructions through DRS and Profile as provided in Section 2.10 of that Agreement), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United States of America. Upon registration of a transfer, the
Depositary shall deliver the transferred American Depositary Shares to or upon the order of the person entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary,
subject to the terms and conditions of the Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of
effecting a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized
number of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt
or Receipts surrendered.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary,
upon surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary
Shares, shall cancel the Receipt evidencing those certificated American Depositary Shares and send the Owner a statement confirming
that the Owner is the owner of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a
proper instruction (including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of
the Deposit Agreement) from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated
American Depositary Shares, shall cancel those uncertificated American Depositary Shares and register and deliver to the Owner
a Receipt evidencing the same number of certificated American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As a condition precedent
to the delivery, registration of transfer, or surrender of any American Depositary Shares or split-up or combination of any Receipt
or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar may require payment from the depositor of
the Shares or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares
not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer
or registration fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn)
and payment of any applicable fees as provided in the Deposit Agreement, may require the production of proof satisfactory to it
as to the identity and genuineness of any signature and may also require compliance with any regulations the Depositary may establish
consistent with the provisions of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The delivery of
American Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the
registration of transfer of American Depositary Shares in particular instances may be refused, or the registration of transfer
of outstanding American Depositary Shares generally may be suspended, during any period when the transfer books of the Depositary
are closed, or if any such action is deemed necessary or advisable by the Depositary or the Company at any time or from time to
time because of any requirement of law or of any government or governmental body or commission, or under any provision of the Deposit
Agreement, or for any other reason. Notwithstanding anything to the contrary in the Deposit Agreement or this Receipt, the surrender
of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only to (i) temporary
delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable, or the deposit
of Shares in connection with voting at a shareholders&rsquo; meeting, or the payment of dividends, (ii) the payment of fees, taxes
and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to the American Depositary
Shares or to the withdrawal of the Deposited Securities. The Depositary shall not knowingly accept for deposit under the Deposit
Agreement any Shares that, at the time of deposit, are Restricted Securities. The Depositary shall use reasonable efforts to comply
with written instructions of the Company not to accept for deposit hereunder any Shares identified in such instructions at such
times and under such circumstances as may reasonably be specified in such instructions in order to facilitate the Company&rsquo;s
compliance with the securities laws of the United States.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">4.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;LIABILITY OF OWNER FOR TAXES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any tax or other
governmental charge shall become payable with respect to or in connection with any American Depositary Shares or any Deposited
Securities represented by any American Depositary Shares or in connection with a transaction to which Section 4.8 of the Deposit
Agreement applies, that tax or other governmental charge shall be payable by the Owner to the Depositary. The Depositary may refuse
to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by those American
Depositary Shares until that payment is made, and may withhold any dividends or other distributions or the proceeds thereof, or
may sell for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares,
and may apply those dividends or other distributions or the net proceeds of any sale of that kind in payment of that tax or other
governmental charge but, even after a sale of that kind, the Owner shall remain liable for any deficiency. The Depositary shall
distribute any net proceeds of a sale made under Section 3.2 of the Deposit Agreement that are not used to pay taxes or governmental
charges to the Owners entitled to them in accordance with Section 4.1 of the Deposit Agreement. If the number of Shares represented
by each American Depositary Share decreases as a result of a sale of Deposited Securities under Section 3.2 of the Deposit Agreement,
the Depositary may call for surrender of the American Depositary Shares to be exchanged on a mandatory basis for a lesser number
of American Depositary Shares and may sell American Depositary Shares to the extent necessary to avoid distributing fractions of
American Depositary Shares in that exchange and distribute the net proceeds of that sale to the Owners entitled to them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">5.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;WARRANTIES ON DEPOSIT OF SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Every person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant, that those Shares and each certificate therefor,
if applicable, are validly issued, fully paid and nonassessable and were not issued in violation of any preemptive or similar rights
of the holders of outstanding securities of the Company and that the person making that deposit is duly authorized so to do. Every
depositing person shall also be deemed to represent that the Shares, at the time of deposit, are not Restricted Securities. All
representations and warranties deemed made under Section 3.3 of the Deposit Agreement shall survive the deposit of Shares and delivery
of American Depositary Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">6.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company
or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares,
the distribution of any dividend or other distribution or of the proceeds thereof or the delivery of any Deposited Securities until
that proof or other information is filed or those certificates are executed or those representations and warranties are made. The
Depositary shall provide to the Company, as promptly as practicable, upon the Company&rsquo;s written request, copies of any such
proofs of citizenship or residence, exchange control approval, or such information relating to the registration on the books of
the Company or the Foreign Registrar referred to above that it receives, to the extent that disclosure is permitted under applicable
law. As conditions of accepting Shares for deposit, the Depositary may require (i) any certification required by the Depositary
or the Custodian in accordance with the provisions of the Deposit Agreement, (ii) a written order directing the Depositary to deliver
to, or upon the written order of, the person or persons stated in that order, the number of American Depositary Shares representing
those Deposited Shares (iii) evidence satisfactory to the Depositary that those Shares have been re-registered in the books of
the Company or the Foreign Registrar in the name of the Depositary, a Custodian or a nominee of the Depositary or a Custodian,
(iv) evidence satisfactory to the Depositary the deposit has been authorized by the Central Bank (unless and until the Company
provides the Depositary with evidence satisfactory to it that such authorization is no longer necessary), and that the conditions
for such authorization, as set forth in the Foreign Exchange Contract, have been satisfied and (v) an agreement or assignment,
or other instrument satisfactory to the Depositary, that provides for the prompt transfer to the Custodian of any dividend, or
right to subscribe for additional Shares or to receive other property, that any person in whose name those Shares are or have been
recorded may thereafter receive upon or in respect of those Shares, or, in lieu thereof, such agreement of indemnity or other agreement
as shall be satisfactory to the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">7.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;CHARGES OF DEPOSITARY.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company will
not be obligated to pay the fees and charges specified in Section 5.9 of the Deposit Agreement except to the extent the Company
is a depositor of Shares or an Owner. The following charges shall be incurred by any party depositing or withdrawing Shares or
by any party surrendering American Depositary Shares or to whom American Depositary Shares are issued (including, without limitation,
issuance pursuant to a stock dividend or stock split declared by the Company or an exchange of stock regarding the American Depositary
Shares or Deposited Securities or a delivery of American Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or
by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration fees as may from time to time be in effect
for the registration of transfers of Shares generally on the Share register of the Company or Foreign Registrar and applicable
to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian or its nominee on the making of deposits
or withdrawals hereunder, (3) such cable (including SWIFT) and facsimile transmission fees and expenses as are expressly provided
in the Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign currency pursuant to
Section 4.5 of the Deposit Agreement, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the
delivery of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American
Depositary Shares pursuant to Section 2.5 or 6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share
(or portion thereof) for any cash distribution made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1
through 4.4 and 4.8 of the Deposit Agreement, (7) a fee for the distribution of securities pursuant to Section 4.2 of the Deposit
Agreement or of rights pursuant to Section 4.4 of that Agreement (where the Depositary will not exercise or sell those rights on
behalf of Owners), such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares referred
to above which would have been charged as a result of the deposit of such securities under the Deposit Agreement (for purposes
of this item 7 treating all such securities as if they were Shares) but which securities are instead distributed by the Depositary
to Owners, (8) in addition to any fee charged under item 6, a fee of $.05 or less per American Depositary Share (or portion thereof)
per annum for depositary services, which will be payable as provided in item 9 below, and (9) any other charges payable by the
Depositary or the Custodian, any of the Depositary's or Custodian&rsquo;s agents or the agents of the Depositary's or Custodian&rsquo;s
agents, in connection with the servicing of Shares or other Deposited Securities (which charges shall be assessed against Owners
as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall be payable at the
sole discretion of the Depositary by billing those Owners for those charges or by deducting those charges from one or more cash
dividends or other cash distributions).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
collect any of its fees by deduction from any cash distribution payable, or by selling a portion of any securities to be distributed,
to Owners that are obligated to pay those fees.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary,
subject to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary
Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">From time to time,
the Depositary may make payments to the Company to reimburse the Company for costs and expenses generally arising out of establishment
and maintenance of the American Depositary Shares program, waive fees and expenses for services provided by the Depositary or share
revenue from the fees collected from Owners or Holders. In performing its duties under the Deposit Agreement, the Depositary may
use brokers, dealers or other service providers that are affiliates of the Depositary and that may earn or share fees and commissions.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">8.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;PRE-RELEASE OF AMERICAN DEPOSITARY SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding
Section 2.3 of the Deposit Agreement, the Depositary may deliver American Depositary Shares prior to the receipt of Shares pursuant
to Section 2.2 of the Deposit Agreement (a &ldquo;Pre-Release&rdquo;). The Depositary may, pursuant to Section 2.5 of the Deposit
Agreement, deliver Shares upon the surrender of American Depositary Shares that have been Pre-Released, whether or not that surrender
is prior to the termination of that Pre-Release or the Depositary knows that those American Depositary Shares have been Pre-Released.
The Depositary may in its discretion receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each
Pre-Release must be (a) preceded or accompanied by a written representation from the person to whom American Depositary Shares
or Shares are to be delivered, that such person, or its customer, (i) owns the Shares or American Depositary Shares to be remitted,
as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or American Depositary Shares, as the
case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and (iii) will not take any action with
respect to such Shares or American Depositary Shares, as the case may be, that is inconsistent with the transfer of beneficial
ownership (including, without the consent of the Depositary, disposing of such Shares or American Depositary Shares, as the case
may be), other than in satisfaction of such Pre Release, (b) at all times fully collateralized with cash or such other collateral
as the Depositary deems appropriate, (c) terminable by the Depositary on not more than five (5) business days&rsquo; notice, and
(d) subject to all indemnities and credit regulations that the Depositary deems appropriate. The number of American Depositary
Shares outstanding at any time as a result of Pre-Release will not normally exceed thirty percent (30%) of all American Depositary
Shares outstanding; <U>provided</U>, <U>however</U>, that the Depositary reserves the right to change or disregard that limit from
time to time as it deems appropriate.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
retain for its own account any compensation received by it in connection with Pre-Release.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 15.9pt; text-align: justify; text-indent: -15.9pt">9.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>&#9;TITLE TO AMERICAN DEPOSITARY SHARES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">It is a condition
of the American Depositary Shares, and every successive Owner and Holder of American Depositary Shares, by accepting or holding
the same consents and agrees that American Depositary Shares evidenced by a Receipt, when the Receipt is properly endorsed or accompanied
by proper instruments of transfer, shall be transferable as certificated registered securities under the laws of the State of New
York, and that American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered securities
under the laws of the State of New York. The Depositary and the Company, notwithstanding any notice to the contrary, may treat
the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution
of dividends or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither
the Depositary nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder
of American Depositary Shares, but only to the Owner.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">10.</TD><TD STYLE="text-align: justify">VALIDITY OF RECEIPT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed
by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or the Registrar or a co-registrar.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">11.</TD><TD STYLE="text-align: justify">REPORTS; INSPECTION OF TRANSFER BOOKS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission's EDGAR system
or at public reference facilities maintained by the Commission in Washington, D.C.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
make available for inspection by Owners at its Office any reports, notices and other communications, including any proxy soliciting
material, received from the Company which are both (a)&nbsp;received by the Depositary as the holder of the Deposited Securities
and (b)&nbsp;made generally available to the holders of those Deposited Securities by the Company. The Company shall furnish reports
and communications, including any proxy soliciting material to which Section 4.9 of the Deposit Agreement applies, to the Depositary
in English, to the extent such materials are required to be translated into English pursuant to any regulations of the Commission.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary will
keep books for the registration of American Depositary Shares and transfers of American Depositary Shares, which shall be open
for inspection by the Owners at the Depositary&rsquo;s Office during regular business hours, <U>provided</U> that such inspection
shall not be for the purpose of communicating with Owners in the interest of a business or object other than the business of the
Company or a matter related to the Deposit Agreement or the American Depositary Shares.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">12.</TD><TD STYLE="text-align: justify">DIVIDENDS AND DISTRIBUTIONS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 1in">Whenever the Depositary
receives any cash dividend or other cash distribution on Deposited Securities, the Depositary will, if at the time of receipt thereof
any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into Dollars
transferable to the United States, and subject to the Deposit Agreement, convert that dividend or other cash distribution into
Dollars and distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article&nbsp;7 hereof
and Section&nbsp;5.9 of the Deposit Agreement) to the Owners entitled thereto; <U>provided</U>, <U>however</U>, that if the Custodian
or the Depositary is required to withhold and does withhold from that cash dividend or other cash distribution an amount on account
of taxes or other governmental charges, the amount distributed to the Owners of the American Depositary Shares representing those
Deposited Securities shall be reduced accordingly. If a cash distribution would represent a return of all or substantially all
the value of the Deposited Securities underlying American Depositary Shares, the Depositary may require surrender of those American
Depositary Shares and may require payment of or deduct the fee for surrender of American Depositary Shares (whether or not it is
also requiring surrender of American Depositary Shares) as a condition of making that cash distribution. A distribution of that
kind shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Subject to the provisions
of Section&nbsp;4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution
described in Section&nbsp;4.1, 4.3 or 4.4 of the Deposit Agreement on Deposited Securities (but not in exchange for or in conversion
or in lieu of Deposited Securities), the Depositary will, as promptly as practicable, cause the securities or property received
by it to be distributed to the Owners entitled thereto, after deduction or upon payment of any fees and expenses of the Depositary
and any taxes or other governmental charges, in any manner that the Depositary deems equitable and practicable for accomplishing
that distribution (which may be a distribution of depositary shares representing the securities received); <U>provided</U>, <U>however</U>,
that if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners of Receipts entitled
thereto, or if for any other reason the Depositary deems such distribution not to be lawful and feasible, the Depositary may adopt
such other method as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited
to, the public or private sale of the securities or property thus received, or any part thereof, and distribution of the net proceeds
of any such sale (net of the fees and expenses of the Depositary as provided in Article&nbsp;7 hereof and Section&nbsp;5.9 of the
Deposit Agreement) to the Owners entitled thereto all in the manner and subject to the conditions set forth in Section 4.1 of the
Deposit Agreement. The Depositary may withhold any distribution of securities under Section 4.2 of the Deposit Agreement if it
has not received satisfactory assurances from the Company that the distribution does not require registration under the Securities
Act of 1933. The Depositary may sell, by public or private sale, an amount of securities or other property it would otherwise distribute
under this Article that is sufficient to pay its fees and expenses in respect of that distribution. If a distribution under Section
4.2 of the Deposit Agreement would represent a return of all of substantially all the value of the Deposited Securities underlying
American Depositary Shares, the Depositary may require surrender of those American Depositary Shares and may require payment of
or deduct the fee for surrender of American Depositary Shares (whether or not it is also requiring surrender of American Depositary
Shares) as a condition of making that distribution. A distribution of that kind shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
receives any distribution consisting of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners
entitled thereto, an aggregate number of American Depositary Shares representing the amount of Shares received as that dividend
or free distribution, subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and issuance
of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of
the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9
of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received (or American Depositary
Shares representing those Shares) sufficient to pay its fees and expenses in respect of that distribution). In lieu of delivering
fractional American Depositary Shares, the Depositary may sell the amount of Shares represented by the aggregate of those fractions
(or American Depositary Shares representing those Shares) and distribute the net proceeds, all in the manner and subject to the
conditions described in Section 4.1of the Deposit Agreement. If and to the extent that additional American Depositary Shares are
not delivered and Shares or American Depositary Shares are not sold, each American Depositary Share shall thenceforth also represent
the additional Shares distributed on the Deposited Securities represented thereby.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Company declares
a distribution in which holders of Deposited Securities have a right to elect whether to receive cash, Shares or other securities
or a combination of those things, or a right to elect to have a distribution sold on their behalf, the Depositary shall consult
with the Company to the extent practicable as to the action to be taken, if any, and may make that right of election available
for exercise by Owners any manner the Depositary reasonably considers to be lawful and practical. As a condition of making a distribution
election right available to Owners, the Depositary may require satisfactory assurances from the Company that doing so does not
require registration of any securities under the Securities Act of 1933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Depositary
determines that any distribution received or to be made by the Depositary (including Shares and rights to subscribe therefor) is
subject to any tax or other governmental charge that the Depositary is obligated to withhold, the Depositary may sell, by public
or private sale, all or a portion of the distributed property (including Shares and rights to subscribe therefor) in the amounts
and manner the Depositary deems necessary and practicable to pay any those taxes or charges, and the Depositary shall distribute
the net proceeds of that sale, after deduction of those taxes or charges, to the Owners entitled thereto in proportion to the number
of American Depositary Shares held by them respectively.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Owner and Holder
agrees to indemnify the Company, the Depositary, the Custodian and their respective directors, officers employees, agents and affiliates
for, and hold each of them harmless against, any claim by any governmental authority with respect to taxes, additions to tax, penalties
or interest arising out of any refund of taxes, reduced withholding at source or other tax benefit received by it.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">13.</TD><TD STYLE="text-align: justify">RIGHTS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;If rights
are granted to the Depositary in respect of deposited Shares to purchase additional Shares or other securities, the Company and
the Depositary shall endeavor to consult as to the actions, if any, the Depositary should take in connection with that grant of
rights. The Depositary shall, to the extent reasonably deemed by it to be lawful and practical, and on the conditions set forth
in paragraphs (b), (c) or (d) below, as applicable, (i) if requested in writing by the Company, grant to all or certain Owners
rights to instruct the Depositary to purchase the securities to which the rights relate and deliver those securities or American
Depositary Shares representing those securities to Owners, (ii) if requested in writing by the Company, deliver the rights to or
to the order of certain Owners, or (iii) sell the rights to the extent practicable and distribute the net proceeds of that sale
to Owners entitled to those proceeds. To the extent rights are not exercised, delivered or disposed of under (i), (ii) or (iii)
above, the Depositary shall permit the rights to lapse unexercised.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;If the Depositary
will act under (a)(i) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions and
procedures applicable to the particular offering. Upon instruction from an applicable Owner in the form the Depositary specified
and upon payment by that Owner to the Depositary of an amount equal to the purchase price of the securities to be received upon
the exercise of the rights, the Depositary shall, on behalf of that Owner, exercise the rights and purchase the securities. The
purchased securities shall be delivered to, or as instructed by, the Depositary. The Depositary shall (i) deposit the purchased
Shares under the Deposit Agreement and deliver American Depositary Shares representing those Shares to that Owner or (ii) deliver
or cause the purchased Shares or other securities to be delivered to or to the order of that Owner. The Depositary will not act
under (a)(i) above unless the offer and sale of the securities to which the rights relate are registered under the Securities Act
of 1933 or the Depositary has received an opinion of United States counsel that is reasonably satisfactory to it to the effect
that those securities may be sold and delivered to the applicable Owners without registration under the Securities Act of 1933.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;If the Depositary
will act under (a)(ii) above, the Company and the Depositary will enter into a separate agreement setting forth the conditions
and procedures applicable to the particular offering. Upon (i) the request of an applicable Owner to deliver the rights allocable
to the American Depositary Shares of that Owner to an account specified by that Owner to which the rights can be delivered and
(ii) receipt of such documents as the Company and the Depositary agreed to require to comply with applicable law, the Depositary
will deliver those rights as requested by that Owner.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;If the Depositary
will act under (a)(iii) above, the Depositary will use reasonable efforts to sell the rights in proportion to the number of American
Depositary Shares held by the applicable Owners and pay the net proceeds to the Owners otherwise entitled to the rights that were
sold, upon an averaged or other practical basis without regard to any distinctions among such Owners because of exchange restrictions
or the date of delivery of any American Depositary Shares or otherwise.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&#9;Payment or
deduction of the fees of the Depositary as provided in Section 5.9 of the Deposit Agreement and payment or deduction of the expenses
of the Depositary and any applicable taxes or other governmental charges shall be conditions of any delivery of securities or payment
of cash proceeds under Section 4.4 of that Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(f)&#9;The Depositary
shall not be responsible for any failure to determine that it may be lawful or feasible to make rights available to or exercise
rights on behalf of Owners in general or any Owner in particular , or to sell rights.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">14.</TD><TD STYLE="text-align: justify">CONVERSION OF FOREIGN CURRENCY.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever the Depositary
or the Custodian receives pesos or other foreign currency, by way of dividends or other distributions or the net proceeds from
the sale of securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the
judgment of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United
States, the Depositary shall, subject to the Foreign Exchange Contract and any other requirements of Chilean law or regulation
in effect from time to time, convert or cause to be converted by sale or in any other manner that it may determine that foreign
currency into Dollars, and those Dollars shall be distributed to the Owners entitled thereto. A cash distribution may be made upon
an averaged or other practicable basis without regard to any distinctions among Owners based on exchange restrictions, the date
of delivery of any American Depositary Shares or otherwise and shall be net of any expenses of conversion into Dollars incurred
by the Depositary as provided in Section&nbsp;5.9 of the Deposit Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary shall
exercise its rights under the Foreign Exchange Contract as and to the extent appropriate in order to effect such conversions and
distributions, and is authorized to give such certifications, and enter into such agreements and arrangements as may be necessary
or convenient thereunder or in connection therewith, provided, however, that the Depositary shall not be obligated to incur any
material expense in connection therewith or to take any such action at its own risk.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a conversion
of foreign currency or the repatriation or distribution of Dollars can be effected only with some approval or license of any government
or agency thereof, other than the Foreign Exchange Contract and the approvals contemplated thereby, the Depositary may, but will
not be required to, file an application for that approval or license (in its own name as agent or on behalf of the Owners, or in
the name of the Owners), provided, that it shall have no obligation to make such an application unless it receives satisfactory
indemnity with respect to the costs and risks of any such application.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Depositary
determines that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable
basis into Dollars transferable to the United States, or if the Foreign Exchange Contract shall cease to be in effect or the rights
of the Depositary thereunder shall be restricted or suspended, or if any approval or license of any government or agency thereof
that is required for such conversion is not filed or sought by the Depositary or is not obtained within a reasonable period as
determined by the Depositary (for whatever reason, including failure of the Depositary to receive satisfactory indemnity for the
costs and risks of obtaining such approval or license), the Depositary may (a) as to that portion of the foreign currency that
is convertible into Dollars, make such conversion and, if permitted by applicable law, transfer such Dollars to the United States
for distribution to Owners in accordance with the first paragraph of Section 4.5 of the Deposit Agreement and (b) as to the nonconvertible
balance, if any, (i) if requested in writing by an Owner, distribute or cause the Custodian to distribute the foreign currency
received by the Depositary or Custodian to such Owner and (ii) the Depositary shall hold or shall cause the Custodian to hold any
amounts of nonconvertible foreign currency not distributed pursuant to the immediate preceding subclause (i) uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled to receive the same.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If any conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make that conversion and distribution in Dollars to the extent practicable and permissible to the Owners
entitled thereto and may distribute the balance of the foreign currency received by the Depositary to, or hold that balance uninvested
and without liability for interest thereon for the account of, the Owners entitled thereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
convert currency itself or through any of its affiliates and, in those cases, acts as principal for its own account and not as
an agent, fiduciary or broker on behalf of any other person and earns revenue, including, without limitation, fees and spreads
that it will retain for its own account. The spread is the difference between the exchange rate assigned to the currency conversion
made under this Deposit Agreement and the rate that the Depositary or its affiliate receives in an offsetting foreign currency
trade. The Depositary makes no representation that the exchange rate used or obtained in any currency conversion will be the most
favorable rate that could be obtained at the time or as to the method by which that rate will be determined, subject to its obligations
under Section 5.3 of the Deposit Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">15.</TD><TD STYLE="text-align: justify">RECORD DATES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Whenever a cash
dividend, cash distribution or any other distribution is made on Deposited Securities or rights to purchase Shares or other securities
are issued with respect to Deposited Securities (which rights will be delivered to or exercised or sold on behalf of Owners in
accordance with Section 4.4 of the Deposit Agreement) or the Depositary receives notice that a distribution or issuance of that
kind will be made, or whenever the Depositary receives notice that a meeting of holders of Shares will be held in respect of which
the Company has requested the Depositary to send a notice under Section 4.7 of the Deposit Agreement, or whenever the Depositary
will assess a fee or charge against the Owners, or whenever the Depositary causes a change in the number of Shares that are represented
by each American Depositary Share, or whenever the Depositary otherwise finds it necessary or convenient, the Depositary shall
fix a record date, which shall be the same as, or as near as practicable to, any corresponding record date set by the Company with
respect to Shares, (a) for the determination of the Owners (i) who shall be entitled to receive the benefit of that dividend or
other distribution or those rights, (ii) who shall be entitled to give instructions for the exercise of voting rights at that meeting,
(iii) who shall be responsible for that fee or charge or (iv) for any other purpose for which the record date was set, or (b) on
or after which each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections
4.1 through 4.5 of the Deposit Agreement and to the other terms and conditions of the Deposit Agreement, the Owners on a record
date fixed by the Depositary shall be entitled to receive the amount distributable by the Depositary with respect to that dividend
or other distribution or those rights or the net proceeds of sale thereof in proportion to the number of American Depositary Shares
held by them respectively, to give voting instructions or to act in respect of the other matter for which that record date was
fixed, or be responsible for that fee or charge, as the case may be.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">16.</TD><TD STYLE="text-align: justify">VOTING OF DEPOSITED SHARES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;Upon receipt
of notice of any meeting of holders of Shares at which holders of Shares will be entitled to vote, if requested in writing by the
Company, the Depositary shall, as soon as practicable thereafter, Disseminate&nbsp;to the Owners a notice, the form of which shall
be in the sole discretion of the Depositary, that shall contain (a)&nbsp;the information contained in the notice of meeting received
by the Depositary, (b)&nbsp;a statement that the Owners as of the close of business on a specified record date will be entitled,
subject to any applicable provision of Chilean law and of the articles of incorporation or similar documents of the Company, to
instruct the Depositary as to the exercise of the voting rights pertaining to the amount of Shares represented by their respective
American Depositary Shares&nbsp;(c) a statement as to the manner in which those instructions may be given and (d) the last date
on which the Depositary will accept instructions (the &ldquo;<U>Instruction Cutoff Date</U>&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;Upon the
written request of an Owner of American Depositary Shares, as of the date of the request or, if a record date was specified by
the Depositary, as of that record date, received on or before any&nbsp;Instruction&nbsp;Cutoff&nbsp;Date established by the Depositary,
the Depositary may, and if the Depositary sent a notice under the preceding paragraph shall, subject to any applicable provision
of Chilean law and of the articles of incorporation or similar documents of the Company, endeavor, in so far as practicable, to
vote or cause to be voted the amount of deposited Shares represented by those American Depositary Shares in accordance with the
instructions set forth in that request. Except in accordance with Section 4.7(c) of the Deposit Agreement, the Depositary shall
not vote or attempt to exercise the right to vote that attaches to the deposited Shares other than in accordance with instructions
given by Owners and received by the Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;If (i) the
Company has requested the Depositary to send a notice under paragraph (a) above and has provided the Depositary at least 30 days'
prior notice of any such meeting and the details concerning the matters to be voted upon and (ii) no instructions are received
by the Depositary from an Owner to vote with respect to a matter and an amount of American Depositary Shares of that Owner on or
before the date established by the Depositary for such purpose, the Depositary shall deem that Owner to have instructed the Depositary
to give a discretionary proxy to a person designated by the Company with respect to that matter and the amount of Deposited Securities
represented by that amount of American Depositary Shares and the Depositary shall give a discretionary proxy to a person designated
by the Company to vote that amount of Deposited Securities as to that matter, except that no such instruction shall be deemed given
and no such discretionary proxy shall be given with respect to any matter as to which the Company informs the Depositary (and the
Company agrees to provide such information as promptly as practicable in writing, if applicable) that (x) the Company does not
wish such proxy given, (y) substantial opposition from holders of Shares exists to the manner in which such Deposited Securities
would be voted with respect to such matter or (z) such matter materially and adversely affects the rights of holders of Shares.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;There can
be no assurance that Owners generally or any Owner&nbsp;in particular will receive the notice described in paragraph (a) above
in time&nbsp;to&nbsp;enable Owners to give instructions to the Depositary prior to the Instruction Cutoff Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&#9;If the Company
will request the Depositary to Disseminate a notice under&nbsp;paragraph (a) above, the Company shall give the Depositary notice
of the meeting, details concerning the matters to be voted upon and copies of materials to be made available to holders of Shares
in connection with the meeting as far in advance of the meeting date as practicable.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">17.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>TENDER AND EXCHANGE OFFERS; REDEMPTION, REPLACEMENT OR CANCELLATION OF DEPOSITED SECURITIES.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;The Depositary
shall not tender any Deposited Securities in response to any voluntary cash tender offer, exchange offer or similar offer made
to holders of Deposited Securities (a &ldquo;<U>Voluntary Offer</U>&rdquo;), except when instructed in writing to do so by an Owner
surrendering American Depositary Shares and subject to any conditions or procedures the Depositary may require.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;If the Depositary
receives a written notice that Deposited Securities have been redeemed for cash or otherwise purchased for cash in a transaction
that is mandatory and binding on the Depositary as a holder of those Deposited Securities (a &ldquo;<U>Redemption</U>&rdquo;),
the Depositary, at the expense of the Company, shall (i) if required, surrender Deposited Securities that have been redeemed to
the issuer of those securities or its agent on the redemption date, (ii) Disseminate a notice to Owners (A) notifying them of that
Redemption, (B) calling for surrender of a corresponding number of American Depositary Shares and (C) notifying them that the called
American Depositary Shares have been converted into a right only to receive the money received by the Depositary upon that Redemption
and those net proceeds shall be the Deposited Securities to which Owners of those converted American Depositary Shares shall be
entitled upon surrenders of those American Depositary Shares in accordance with Section 2.5 or 6.2 of the Deposit Agreement and
(iii) distribute the money received upon that Redemption to the Owners entitled to it upon surrender by them of called American
Depositary Shares in accordance with Section 2.5 of that Agreement (and, for the avoidance of doubt, Owners shall not be entitled
to receive that money under Section 4.1 of that Agreement). If the Redemption affects less than all the Deposited Securities, the
Depositary shall call for surrender a corresponding portion of the outstanding American Depositary Shares and only those American
Depositary Shares will automatically be converted into a right to receive the net proceeds of the Redemption. The Depositary shall
allocate the American Depositary Shares converted under the preceding sentence among the Owners pro-rata to their respective holdings
of American Depositary Shares immediately prior to the Redemption, <U>except that</U> the allocations may be adjusted so that no
fraction of a converted American Depositary Share is allocated to any Owner. A Redemption of all or substantially all of the Deposited
Securities shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;If the Depositary
is notified of or there occurs any change in nominal value or any subdivision, combination or any other reclassification of the
Deposited Securities or any recapitalization, reorganization, sale of assets substantially as an entirety, merger or consolidation
affecting the issuer of the Deposited Securities or to which it is a party that is mandatory and binding on the Depositary as a
holder of Deposited Securities and as a result securities or other property have been or will be delivered in exchange, conversion,
replacement or in lieu of, Deposited Securities (a &ldquo;<U>Replacement</U>&rdquo;), then (i) the Depositary shall, if required
surrender the old Deposited Securities affected by that Replacement of Shares and hold, as new Deposited Securities under the Deposit
Agreement, the new securities or other property delivered to it in that Replacement. <U>However</U>, the Depositary may elect to
sell those new Deposited Securities if in the opinion of the Depositary it is not lawful or not practical for it to hold those
new Deposited Securities under the Deposit Agreement because those new Deposited Securities may not be distributed to Owners without
registration under the Securities Act of 1933 or for any other reason, at public or private sale, at such places and on such terms
as it deems proper and proceed as if those new Deposited Securities had been Redeemed under paragraph (b) above. A Replacement
shall be a <U>Termination Option Event</U>.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;In the case
of a Replacement where the new Deposited Securities will continue to be held under the Deposit Agreement, the Depositary may call
for the surrender of outstanding Receipts to be exchanged for new Receipts specifically describing the new Deposited Securities
and the number of those new Deposited Securities represented by each American Depositary Share. If the number of Shares represented
by each American Depositary Share decreases as a result of a Replacement, the Depositary may call for surrender of the American
Depositary Shares to be exchanged on a mandatory basis for a lesser number of American Depositary and may sell American Depositary
Shares to the extent necessary to avoid distributing fractions of American Depositary Shares in that exchange and distribute the
net proceeds of that sale to the Owners entitled to them.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(e)&#9;If there
are no Deposited Securities with respect to American Depositary Shares, including if the Deposited Securities are cancelled, or
the Deposited Securities with respect to American Depositary Shares become apparently worthless, the Depositary may call for surrender
of those American Depositary Shares or may cancel those American Depositary Shares, upon notice to Owners, and a <U>Termination
Option Event</U> occurs.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">18.</TD><TD STYLE="text-align: justify">LIABILITY OF THE COMPANY AND DEPOSITARY.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Depositary
nor the Company nor any of their respective directors, officers, employees, agents or affiliates shall incur any liability to any
Owner or Holder, (i) if by reason of any provision of any present or future law or regulation of the United States or any other
country, or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of
the articles of incorporation or any similar document of the Company, or by reason of any provision of any securities issued or
distributed by the Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other
circumstances beyond its control, the Depositary or the Company is prevented from, forbidden to or delayed in, or could be subject
to any civil or criminal penalty on account of doing or performing and therefore does not do or perform, any act or thing that,
by the terms of the Deposit Agreement or Deposited Securities, it is provided shall be done or performed, (ii) by reason of any
exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement (including any determination by the Depositary
to take, or not take, any action that the Deposit Agreement provides the Depositary may take), (iii) for the inability of any Owner
or Holder to benefit from any distribution, offering, right or other benefit that is made available to holders of Deposited Securities
but is not, under the terms of the Deposit Agreement, made available to Owners or Holders, or (iv) for any special, consequential
or punitive damages for any breach of the terms of the Deposit Agreement. Where, by the terms of a distribution to which Section&nbsp;4.1,
4.2 or 4.3 of the Deposit Agreement applies, or an offering to which Section&nbsp;4.4 of the Deposit Agreement applies, or for
any other reason, that distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose
of that distribution or offering on behalf of such Owners and make the net proceeds available to Owners, then the Depositary shall
not make that distribution or offering available to Owners, and shall allow any rights, if applicable, to lapse.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither the Company
nor the Depositary nor any of their respective directors, officers, employees, agents or affiliates assumes any obligation or shall
be subject to any liability under the Deposit Agreement to Owners or Holders, except that they agree to perform their obligations
specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be subject to any liability
with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company shall be under any obligation
to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited Securities or in respect of
the American Depositary Shares, on behalf of any Owner or Holder or other person. Each of the Depositary and the Company may rely,
and shall be protected in relying upon, any written notice, request, direction or other document believed by it to be genuine and
to have been signed or presented by the proper party or parties. Neither the Depositary nor the Company shall be liable for any
action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting
Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to be competent to give such advice or
information. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection
with a previous act or omission of the Depositary or in connection with a matter arising wholly after the removal or resignation
of the Depositary, provided that in connection with the issue out of which such potential liability arises, the Depositary performed
its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall not be liable for the acts or
omissions of any securities depository, clearing agency or settlement system in connection with or arising out of book-entry settlement
of American Depositary Shares or Deposited Securities or otherwise. In the absence of bad faith on its part, the Depositary shall
not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities or for the manner in which
any such vote is cast or the effect of any such vote. Each of the Depositary and the Company may rely, and shall be protected in
acting upon, any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented
by the proper party or parties. The Depositary shall have no duty to make any determination or provide any information as to the
tax status of the Company or any liability for any tax consequences that may be incurred by Owners or Holders as a result of owning
or holding American Depositary Shares. No disclaimer of liability under the Securities Act of 1933 is intended by any provision
of the Deposit Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">19.</TD><TD STYLE="text-align: justify">RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Depositary may
at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company,
to become effective upon the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit
Agreement. The Depositary may at any time be removed by the Company by 90 days&rsquo; prior written notice of that removal, to
become effective upon the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of
a successor depositary and its acceptance of its appointment as provided in the Deposit Agreement. The Depositary in its discretion
may at any time appoint a substitute or additional custodian or custodians.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">20.</TD><TD STYLE="text-align: justify">AMENDMENT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The form of the
Receipts and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the
Company and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable.
Any amendment that would shall impose or increase any fees or charges (other than taxes and other governmental charges, registration
fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that would otherwise prejudice any
substantial existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the
expiration of 30 days after notice of that amendment has been Disseminated to the Owners of outstanding American Depositary Shares.
Every Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold American Depositary
Shares or any interest therein, to consent and agree to that amendment and to be bound by the Deposit Agreement as amended thereby.
Upon the effectiveness of an amendment to the form of Receipt, including a change in the number of Shares represented by each American
Depositary Share, the Depositary may call for surrender of Receipts to be replaced with new Receipts in the amended form or call
for surrender of American Depositary Shares to effect that change of ratio. In no event shall any amendment impair the right of
the Owner to surrender American Depositary Shares and receive delivery of the Deposited Securities represented thereby, except
in order to comply with mandatory provisions of applicable law.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">21.</TD><TD STYLE="text-align: justify">TERMINATION OF DEPOSIT AGREEMENT.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;The Company
may initiate termination of the Deposit Agreement by notice to the Depositary. The Depositary may initiate termination of the Deposit
Agreement if (i) at any time 90 days shall have expired after the Depositary delivered to the Company a written resignation notice
and a successor depositary has not been appointed and accepted its appointment as provided in Section 5.4 of that Agreement, (ii)
an Insolvency Event or Delisting Event occurs with respect to the Company or (iii) a Termination Option Event has occurred or will
occur. If termination of this Deposit Agreement is initiated, the Depositary shall Disseminate a notice of termination to the Owners
of all American Depositary Shares then outstanding setting a date for termination (the &ldquo;<U>Termination Date</U>&rdquo;),
which shall be at least 120 days after the date of that notice, and the Deposit Agreement shall terminate on that Termination Date.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;After the
Termination Date, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to
the Depositary under Sections 5.8 and 5.9 of that Agreement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(c)&#9;At any time
after the Termination Date, the Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter
hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder, unsegregated and without
liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that remain outstanding, and those
Owners will become general creditors of the Depositary with respect to those net proceeds. After making that sale, the Depositary
shall be discharged from all obligations under the Deposit Agreement, except (i) to account for the net proceeds and other cash
(after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the
account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and
any applicable taxes or governmental charges) and (ii) for its obligations under Section 5.8 of that Agreement and (iii) to act
as provided in the paragraph (d) below.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(d)&#9;After the
Termination Date, the Depositary shall continue to receive dividends and other distributions pertaining to Deposited Securities
(that have not been sold), may sell rights and other property as provided in the Deposit Agreement and shall deliver Deposited
Securities (or sale proceeds) upon surrender of American Depositary Shares (after payment or upon deduction, in each case, of the
fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner of those American
Depositary Shares in accordance with the terms and conditions of the Deposit Agreement and any applicable taxes or governmental
charges). After the Termination Date, the Depositary shall not accept deposits of Shares or deliver American Depositary Shares.
After the Termination Date, (i) the Depositary may refuse to accept surrenders of American Depositary Shares for the purpose of
withdrawal of Deposited Securities (that have not been sold) if in its judgment the requested withdrawal would interfere with its
efforts to sell the Deposited Securities, (ii) the Depositary will not be required to deliver cash proceeds of the sale of Deposited
Securities until all Deposited Securities have been sold and (iii) the Depositary may discontinue the registration of transfers
of American Depositary Shares and suspend the distribution of dividends and other distributions on Deposited Securities to the
Owners and need not give any further notices or perform any further acts under the Deposit Agreement except as provided in Section
6.2 of that Agreement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">22.</TD><TD STYLE="text-align: justify">DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(a)&#9;Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that DTC&rsquo;s Direct Registration System (&ldquo;<U>DRS</U>&rdquo;)
and Profile Modification System (&ldquo;<U>Profile</U>&rdquo;) apply to the American Depositary Shares upon acceptance thereof
to DRS by DTC. DRS is the system administered by DTC that facilitates interchange between registered holding of uncertificated
securities and holding of security entitlements in those securities through DTC and a DTC participant. Profile is a required feature
of DRS that allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares, to direct the Depositary
to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary Shares
to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
that transfer.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">(b)&#9;In connection
with DRS/Profile, the parties acknowledge that the Depositary will not determine whether the DTC participant that is claiming to
be acting on behalf of an Owner in requesting registration of transfer and delivery described in paragraph (a) above has the actual
authority to act on behalf of that Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance
of doubt, the provisions of Sections 5.3 and 5.8 of the Deposit Agreement apply to the matters arising from the use of the DRS/Profile.
The parties agree that the Depositary&rsquo;s reliance on and compliance with instructions received by the Depositary through the
DRS/Profile system and otherwise in accordance with the Deposit Agreement, shall not constitute negligence or bad faith on the
part of the Depositary.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">23.</TD><TD STYLE="text-align: justify">APPOINTMENT OF AGENT FOR SERVICE OF PROCESS; SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER
OF IMMUNITIES.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Company has
(i) appointed CT Corporation System, 111 8<SUP>th</SUP> Avenue, New York, NY 10011, located in the State of New York, as the Company's
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of
any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that
service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in
any such suit or proceeding.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">EACH PARTY TO THE
DEPOSIT AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR
THE DEPOSITARY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY
SHARES OR THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF,
INCLUDING WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To the extent that
the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving
of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with
respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 15.9pt">24.</TD><TD STYLE="text-align: justify">DISCLOSURE OF INTERESTS.</TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">When required in
order to comply with applicable laws and regulations or the articles of incorporation or similar document of the Company, the Company
may from time to time request&nbsp;each Owner&nbsp;and Holder to provide to the Depositary information relating to: (a) the capacity
in which it holds&nbsp;American Depositary Shares,&nbsp;(b) the identity of any Holders or other&nbsp;persons or entities&nbsp;then
or previously interested in those American Depositary Shares and the nature of those interests and&nbsp;(c)&nbsp;any other matter
where disclosure of such matter is required for that compliance.&nbsp;&nbsp; Each Owner and Holder agrees to provide all information
known to it in response to a request made pursuant to this Section.&nbsp; Each Holder&nbsp;consents to the disclosure by the Owner
or other Holder through which it holds American Depositary Shares, directly or indirectly, of all information responsive to a request
made pursuant to this Section relating to&nbsp;that Holder that is known to that Owner or other Holder.&nbsp; The Depositary agrees
to use reasonable efforts, at the&nbsp;Company's expense,&nbsp;to comply with written instructions from the Company requesting
that the Depositary forward any request authorized under this Section to the Owners and to forward to the Company any responses
it receives in response to that request.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify; text-indent: -0.5in">25.<FONT STYLE="font: 7pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>COMPLIANCE WITH CHILEAN LAW</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Pursuant to a Circular Letter
of the SVS dated February 12, 1998, Owners of American Depositary Shares are deemed, for certain purposes of Chilean law, to be
treated as owners of Deposited Securities. Accordingly, Owners shall, as a matter of Chilean law, be obligated to comply with the
requirements of Articles 12 and 54 and Title XV of Law 18,045 of Chile, as may be amended and/or supplemented from time to time.
Article 12 requires, among other things, that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(a) owners who directly or
indirectly own, or that as a result of any direct or indirect acquisition of American Depositary Shares and/or Shares end up owning,
directly or indirectly, 10% or more of the total share capital of the Company; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">(b) directors, liquidators,
senior managers and managers of the Company who directly or indirectly own any number of American Depositary Shares and/or Shares;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">report to the SVS and the
stock exchanges in Chile on which the Shares are listed, any acquisition or sale of American Depositary Shares, Shares and/or financial
derivatives thereof, no later than on the day immediately following the day on which the relevant acquisition or sale has been
deemed effective; provided that Owners of a majority stake in the total share capital of the Company shall also report if they
intend to acquire a controlling interest in the Company or if the acquisition merely corresponds to a financial investment.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">Article 54 requires, among
other things, that any Owner intending to directly or indirectly acquire control of the Company, irrespective of the means of acquisition
of the relevant Receipts and/or Shares and whether any such acquisition is carried out through the primary or secondary market,
shall disclose such intention by (a) delivering a written notice to the controlling entities of the Company, the entities controlled
by the Company, the SVS and the stock exchanges in Chile on which the Shares are listed, and (b) publishing a highlighted notice
in two newspapers in Chile and on the Company's website, if any; in either case, not less than 10 business days prior to the date
on which the relevant actions that will grant control of the Company shall have been deemed effective, disclosing the price and
principal terms of any such acquisition.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 1in">For purposes of Section 3.4
of the Deposit Agreement, the terms &quot;control,&quot; &quot;controlling&quot; and &quot;controlled,&quot; and other similar
terms, shall be construed in accordance with Title XV of Law 18,045, as it may be amended and/or supplemented from time to time.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



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<FILENAME>bancochileprerel.htm
<DESCRIPTION>FORM OF PRE-RELEASE SIDE LETTER
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">THE BANK OF NEW YORK MELLON</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">Depositary Receipts</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">101 Barclay Street, 22<SUP>nd</SUP> Floor</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">New York, New York 10286</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3.5in">______________,
2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Banco Santander Chile</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Bandera 140</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Santiago, Chile</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; border: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">Re:</TD>
    <TD STYLE="width: 93%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">Deposit Agreement dated as of ___________, 2015 (the &quot;Deposit Agreement&quot;) among Banco Santander Chile (the &quot;Company&quot;), The Bank of New York Mellon, as Depositary (the &quot;Depositary&quot;), and the Owners and Holders from time to time of American Depositary Shares issued thereunder.</TD></TR>
</TABLE>
<P STYLE="font: 12pt/200% Times New Roman, Times, Serif; margin: 12pt 0 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the Deposit
Agreement. Capitalized terms defined in the Deposit Agreement and not otherwise defined herein are used herein as defined in the
Deposit Agreement.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We hereby confirm
that we shall not deliver Shares (other than to the Company or its agent as contemplated by Section 4.8 of the Deposit Agreement)
prior to the receipt and cancellation by us of American Depositary Shares, or otherwise permit Shares to be withdrawn from the
facility, except upon the surrender of American Depositary Shares or in connection with a sale permitted under Section 3.2, 4.3,
4.11 or 6.2 of the Deposit Agreement. We hereby agree that, without the prior consent of the Company, (i) we will not (a) Pre-Release
American Depositary Shares or (b) permit any Pre-Release to remain outstanding at any time, except pursuant to agreements, covenants,
representations or warranties substantively to the effect of Sections 3(a), 3(e), 4, 7(a) and 14 of the ADR Pre-Release Agreement
attached hereto (or, in lieu of Section 14, we will indemnify the Company to the same extent that the counterparty to a Pre-Release
would be required by said Section 14 to indemnify the Company).</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We confirm that we
currently do not, and do not intend to, make any Pre-Release to any person until such person has undergone the Depositary's standard
credit review process.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If, after the date
hereof, the Depositary's ADR Department is advised by counsel that there has occurred a material change in the U.S. federal income
tax law (including judicial and administrative interpretations thereof) regarding the treatment of Pre-Release, we agree to notify
the Company promptly of such change and to advise the Company as to the changes, if any, that we intend to make, or have made,
to the Pre-Release procedures then being followed by us as a result of such change in the tax law. We will in good faith consult
with the Company and consider all suggestions, without any obligation on our part to change our Pre-Release procedures.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We will indemnify
and hold harmless the Company and each Owner from time to time of American Depositary Shares against all losses, claims, damages,
liabilities and expense (including reasonable attorneys' fees) based upon a breach by the Depositary of any agreement of the Depositary
set forth in this letter.</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">If any action or claim
shall be brought against the Company in respect of which indemnity may be sought pursuant to the preceding paragraph or the second
paragraph of this letter, the Company shall notify the Depositary in writing of such action or claim giving reasonable details
thereof. The Depositary shall have the option of assuming the defense thereof, with counsel satisfactory to the Company (who shall
not, except with the consent of the Company, be counsel to the Depositary in connection with such action or claim), and, after
notice from the Depositary to the Company of its election so to assume the defense thereof, the Depositary shall not be liable
to the Company or any other indemnified party for any legal expenses of other counsel or any other expenses, in each case subsequently
incurred by the Company or any other indemnified party, in connection with the defense thereof other than reasonable costs of investigation.
No compromise or settlement of such action or proceeding may be effected by either party without the other party's consent (which
shall not be unreasonably withheld) unless (i) there is no finding or admission of any violation of law and no effect on any other
claims that may be made against such other party and (ii) the sole relief provided is monetary damages that are paid in full by
the party seeking such compromise or settlement.</P>


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<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 12pt/150% Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3in">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 3in">THE BANK OF NEW YORK MELLON,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: justify; text-indent: 3in">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 3in">By: __________________________</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



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<FILENAME>bancochileopin.htm
<DESCRIPTION>OPINION OF DEPOSITARY'S COUNSEL
<TEXT>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: left">Writer&rsquo;s Direct Dial</P>
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: left"><FONT STYLE="font-variant: small-caps; text-transform: uppercase">&nbsp;</FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 48%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>EXHIBIT 4</U></B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 17pt; font-variant: small-caps">Emmet,
        Marvin &amp; Martin,</FONT><FONT STYLE="font-variant: small-caps"> </FONT><FONT STYLE="font-size: 14pt">LLP</FONT></P>
        <P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps">Counsellors
        at Law</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">120 Broadway</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.5pt">New York,
        New York 10271</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 238-3000</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center">(212) 653-1760</P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center">_____</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 238-3100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Fax: (212) 653-1730</P>
        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 1pt">http://www.emmetmarvin.com</FONT></P></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">177
        Madison Avenue</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">Morristown,
        New Jersey 07960</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 1pt; text-align: center"><FONT STYLE="font-variant: small-caps">(973)
        538-5600</FONT></P>
        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt; text-align: center"><FONT STYLE="font-variant: small-caps">Fax:
        (973) 538-6448<BR>
        <BR>
        </FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">July 27, 2015</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 3in; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Bank of New York Mellon,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">as Depositary</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">101 Barclay Street</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">New York, New York, 10286</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font: 12pt Times New Roman, Times, Serif; text-align: left">Re:</TD>
    <TD STYLE="width: 90%; border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">American Depositary Shares representing Common Shares of Banco Santander Chile</TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in">We refer to the registration
statement to be filed on Form F-6 under the Securities Act of 1933 (the &quot;Registration Statement&quot;) by the legal entity
created by the agreement (the &quot;Deposit Agreement&quot;) for issuance of American Depositary Shares (&quot;ADSs&quot;), which
may be evidenced by American Depositary Receipts (&quot;ADRs&quot;), representing common shares of Banco Santander Chile, for which
you propose to act as Depositary.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We are of the opinion
that the ADSs covered by the Registration Statement, when issued in accordance with the terms of the Deposit Agreement, will, when
sold, be legally issued and will entitle the holders thereof to the rights specified in the Deposit Agreement and the ADRs.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This opinion may
be used by you as an exhibit to the Registration Statement.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 12pt 3in; text-align: justify">Very truly yours,</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify"><U>/s/ EMMET, MARVIN &amp; MARTIN,
LLP</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify">EMMET, MARVIN &amp; MARTIN, LLP</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 2pt 0 2pt 3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="margin: 0"></P>

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