BANCO SANTANDER CHILE

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

We have made statements in this Annual Report on Form 20-F that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements appear throughout this report and include statements regarding our intent, belief or current expectations regarding:

•asset growth and alternative sources of funding;

•growth of our fee-based business;

•financing plans;

•impact of competition;

•impact of regulation;

•exposure to market risks including:

◦interest rate risk;

◦foreign exchange risk; and

◦equity price risk;

•projected capital expenditures;

•liquidity;

•trends affecting:

◦our financial condition; and

◦our results of operation.

The sections of this Annual Report which contain forward-looking statements include, without limitation, “Item 3. Key Information—Risk Factors,” “Item 4. Information on the Company—B. Business Overview—Competition,” “Item 5. Operating and Financial Review and Prospects,” “Item 8. Financial Information—A. Consolidated Statements and Other Financial Information—Legal Proceedings,” and “Item 11. Quantitative and Qualitative Disclosures About Market Risk.” Our forward-looking statements also may be identified by words such as “believes,” “expects,” “anticipates,” “projects,” “intends,” “should,” “could,” “may,” “seeks,” “aim,” “combined,” “estimates,” “probability,” “risk,” “VaR,” “target,” “goal,” “objective,” “future” or similar expressions.

You should understand that the following important factors, in addition to those discussed elsewhere in this Annual Report and in the documents which are incorporated by reference, could affect our future results and could cause those results or other outcomes to differ materially from those expressed in our forward-looking statements:

•changes in capital markets in general that may affect policies or attitudes towards lending to Chile or Chilean companies;

•changes in economic conditions;

•the monetary and interest rate policies of Central Bank (as defined below);

•inflation;

•deflation;

•unemployment;

ii

•increases in defaults by our customers and impairment losses;

•decreases in deposits;

•customer loss or revenue loss;

•unanticipated turbulence in interest rates;

•movements in foreign exchange rates;

•movements in equity prices or other rates or prices;

•the effects of non-linear market behavior that cannot be captured by linear statistical models, such as the VaR model we use;

•changes in Chilean and foreign laws and regulations;

•changes in taxes;

•competition, changes in competition and pricing environments;

•our inability to hedge certain risks economically;

•the adequacy of loss allowances;

•technological changes;

•changes in consumer spending and saving habits;

•changes in demographics;

•changes in investment rates;

•increased costs;

•unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms;

•changes in, or failure to comply with, banking regulations;

•acquisitions or restructurings of businesses that may not perform in accordance with our expectations;

•our ability to successfully market and sell additional services to our existing customers;

•disruptions in client service;

•damage to our reputation;

•natural disasters;

•implementation of new technologies;

•the Group’s exposure to operational losses (e.g., failed internal or external processes, people and systems);

•an inaccurate or ineffective client segmentation model; and

•pandemics.

iii

You should not place undue reliance on such statements, which speak only as of the date at which they were made. The forward-looking statements contained in this report speak only as of the date of this Annual Report, and we do not undertake to update any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.