Banco Santander-Chile announced that, as of 5:00 p.m., New York City time, on May 22, 2012 (the 'Early Tender Date'), it had received valid tenders of $45,556,000 aggregate principal amount of its 5.375% Subordinated Notes due 2014 (CUSIP Nos. P1506AAB3; 05965XAC3), pursuant to Santander-Chile's previously announced cash tender offer for the Notes (the 'Offer'). On May 9, 2013, Santander-Chile commenced the Offer for up to $75.0 million aggregate principal amount (as such amount may be further increased in Santander-Chile's sole discretion) of Notes at a purchase price per $1,000 principal amount of Notes determined in accordance with the procedures of a 'modified Dutch Auction,' as more fully described in the Offer to Purchase, dated May 9, 2013, as supplemented by the Supplement to the Offer to Purchase dated May 14, 2013 (and as it may be further amended or supplemented from time to time, the 'Offer to Purchase'), and in the related letter of transmittal. Holders who validly tendered (and did not withdraw) their Notes on or prior to the Early Tender Date, and whose Notes are purchased pursuant to the Offer, will be entitled to receive the 'Total Consideration' payable under the Offer of $1,065 per $1,000 principal amount of Notes, which includes an 'Early Tender Payment' of $30.00 for each $1,000 principal amount of Notes. In addition, holders will receive accrued and unpaid interest on all Notes tendered and accepted for payment in the Offer from the last interest payment date up to, but not including, the early settlement date for the Notes. Santander-Chile intends to accept and pay for the Notes validly tendered and not withdrawn by the Early Tender Date on or about May 23, 2013. Holders of Notes who have not already tendered their Notes may do so at any time on or prior to 12:00 midnight, New York City time, on June 6, 2013, unless the Offer is extended or earlier terminated by Santander-Chile. However, any such tender will not be entitled to receive the Early Tender Payment. Withdrawal rights for the Tender Offer have expired and have not been extended. The terms and conditions of the Offer are described in the Offer to Purchase and remain unchanged. Subject to applicable law, Santander-Chile may further amend, modify or terminate the Offer at any time in its sole discretion.

Banco Santander-Chile reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, net interest income was CLP 246,481 million against CLP 266,072 million a year ago. Core revenue was CLP 310,735 million against CLP 334,763 million a year ago. Operating income was CLP 95,200 million against CLP 137,792 million a year ago. Income before tax was CLP 95,682 million against CLP 138,239 million a year ago. Net income attributable to shareholders was CLP 80,879 million or CLP 0.43 per share against CLP 118,355 million or CLP 0.63 per share a year ago. Return on average equity was 15.0% compared to 23.3% reported a year ago. Return on average assets was 1.3% compared to 1.9% reported a year ago. For the quarter, the company reported impairment charges of CLP 27 million against CLP 54 million a year ago.

Banco Santander-Chile announced that it has commenced a cash tender offer (the Offer) for up to $75.0 million aggregate principal amount (as such amount may be increased in Santander-Chile's sole discretion, the Tender Cap) of its outstanding 5.375% Subordinated Notes due 2014 (the Notes). The 'Total Consideration' per $1,000 principal amount of Notes payable to holders who validly tender (and do not withdraw) their Notes on or prior to the Early Tender Date will be equal to a Clearing Price to be determined pursuant to a 'modified Dutch Auction' procedure. Each holder that tenders Notes in the Offer will specify a 'Bid Price,' within the range under 'Total Consideration (Acceptable Bid Price Range)', which represents the minimum consideration such holder is willing to receive for those Notes. Holders who tender Notes without specifying a Bid Price will be deemed to have specified $1,045 per $1,000 principal amount of Notes. The Total Consideration payable under the Offer, and the Bid Price specified by holders of Notes electing to participate, includes an 'Early Tender Payment' of $30.00 for each $1,000 principal amount of Notes. Holders will only be eligible to receive the Early Tender Payment for Notes that such holders have validly tendered (and not withdrawn) at or prior to 5:00 p.m., New York City time, on May 22, 2013, unless extended by Santander-Chile (the 'Early Tender Date'). The Offer is scheduled to expire at 12:00 midnight, New York City time, on June 6, 2013, unless extended or earlier terminated by Santander-Chile (the Expiration Date). The Clearing Price will be determined based on the Bid Price of all tendered Notes, in order of lowest to high Bid Price. The Clearing Price will be the single lowest Bid Price so specified that will enable Santander-Chile to purchase an aggregate amount of Notes equal to the Tender Cap. Santander-Chile may, but is not obligated to, elect, following the Early Tender Date and prior to the Expiration Date, to accept Notes validly tendered (and not withdrawn) at or prior to the Early Tender Date, provided that all conditions to the Offer have been satisfied or waived by Santander-Chile (the date of such acceptance, the Early Acceptance Date). Notes accepted on the Early Acceptance Date may be settled on such date or promptly thereafter (the Early Settlement Date). If the company elect to exercise the Early Settlement Right and accept for purchase Notes in an aggregate principal amount equal to the Tender Cap and the company do not elect to increase the Tender Cap, then the company will not accept for purchase any Note tendered after the Early Tender Date, irrespective of the Bid Price offered for such Note. The Final Settlement Date with respect to the Offer is the date that Santander-Chile settles all Notes not previously settled on the Early Settlement Date, if any, which is currently expected to be one business day following the Expiration Date. If the aggregate amount of Notes validly tendered (and not withdrawn) on or prior to the Expiration Date with a Bid Price equal to or below the Clearing Price exceeds the Tender Cap, then, subject to the terms and conditions of the Offer, Santander-Chile will accept for purchase, first, all Notes validly tendered (and not withdrawn) with a Bid Price less than the Clearing Price, and thereafter, Notes validly tendered (and not withdrawn) with a Bid Price equal to the Clearing Price on a prorated basis. In addition, holders will receive accrued and unpaid interest (and any additional amounts payable in respect thereof pursuant to the terms of the Indenture governing the Notes) on all Notes tendered and accepted for payment in the Offer from the last interest payment date up to, but not including, the Early Settlement Date or the Final Settlement Date, as applicable.