Ownership

As of December 31, 2017, the Company’s capital is Ch$ 195,224 million (~US$ 318 million) divided into 1,212,129 shares with no par value, fully subscribed and paid. These shares are divided into a Common Series of 294,951 shares; preferential Series A of 32,324 shares and preferential Series B of 884,854 shares. All shares have full political and economic rights.

The Series A shares carry the obligation of being exchanged in full for common shares on March 31, 2018, for: (i) 32,324 Common Series shares if as of December 31, 2017, retained earnings per share is less than Ch$ 177,835 (~US$ 289); (ii) 15,944 Common Series shares if retained earnings per share is equal to or greater than Ch$ 177,835 (~US$ 289) but less than Ch$ 194,002 (~US$ 316); and (iii) one Common Series share if retained earnings per share is equal to or greater than Ch$ 194,002 (~US$ 316).

The Series B shares have the special right of receiving, on a prorated basis, a dividend of up to Ch$ 4,000 million no later than December 31, 2017, if appropriate. This dividend is related to recovering past-due loans from Pescanova S.A. and its related companies. If the amount recovered exceeds US$ 22 million minus Ch$ 4,000 million (~US 0.65 million), the entire excess recovered will be distributed as a special dividend to the Series B shareholders. The recovery of these loans turned out to be higher than the defined threshold, so in line with the agreement, the total sum to be paid out as a dividend was set at Ch$ 1,890,985,282 (~US$ 3.1 million). Accordingly, the Board agreed in a meeting held on October 10, 2017 to pay a dividend of Ch$ 2,137.0591 (~US 3.48) per share.

As indicated in the preceding paragraphs, on December 31, 2017 the preference expired on Series A and B shares, which will be exchanged for ordinary shares at a rate of one to one. Consequently, the share capital is divided into 1,212,129 ordinary shares of the same series, with no par value.

The legal entity that controls the Company, as defined in Title XV of Law No. 18,045, is Inversiones Bancarias S.A. with 643,970 shares, which represents 53.1272% ownership.

Currently, no individuals are direct controllers of the Company.

Inversiones Bancarias S.A. is wholly and jointly owned by Messrs. Ricardo Massu Massu, Chilean National ID No. 6.420.113-1, Eduardo Massu Massu, Chilean National ID No. 4.465.911-5, and Julio Massu Massu, Chilean National ID No. 3.454.690-8, through legal entities engaged in investments.

The controller, Inversiones Bancarias S.A., does not have and has not formalized a joint action agreement with any other shareholder to manage the Company.