Banco Santander Chile (BSAC) Risk Analysis

Equity investments in Chile by persons who are not Chilean residents have been subject to exchange control regulations which may restrict the repatriation of the investments and earnings therefrom. In April 2001, the Central Bank eliminated the regulations that affected foreign investors, except that investors are still required to provide the Central Bank with information relating to equity investments and conduct such operations within Chile's Formal Exchange Market. We cannot assure you that exchange control restrictions will not be imposed again in the future, nor can we advise you as to the duration or impact of such restrictions if imposed. Holders of ADSs are entitled to receive dividends on the underlying shares to the same extent as the holders of shares. Dividends received by holders of ADSs will be paid net of foreign currency exchange fees and expenses of the Depositary and will be subject to the Chilean withholding tax, currently imposed at a rate of 35.0% (subject to credits in certain cases). If for any reason, including changes in Chilean law, the Depositary was unable to convert Chilean pesos to U.S. dollars, investors would receive dividends and other distributions, if any, in Chilean pesos. As per the current Depositary Agreement, the foreign exchange rate applied be either (i) a published benchmark rate, or (ii) a rate determined by a third-party local liquidity provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any, apply to such currency on the "Disclosures" page (or successor page) of ADR.com. We cannot assure you that additional Chilean restrictions applicable to holders of our ADSs, the disposition of the shares underlying them or the repatriation of the proceeds from such disposition or the payment of dividends will not be imposed in the future, nor can we advise you as to the duration or impact of such restrictions if imposed.

The prices of securities issued by Chilean companies, including banks, are influenced to varying degrees by economic and market considerations in other countries. We cannot assure you that future developments in or affecting the Chilean economy, including consequences of economic difficulties in other markets, will not materially and adversely affect our business, financial condition or results of operations. A deterioration of the global economic, political, social and financial environment could have a material adverse impact on the financial sector, affecting our operating results, financial position and prospects. We are exposed to risks related to the weakness and volatility of the economic and political situation in Asia, the United States, Europe (including Spain, where Santander Spain, our controlling shareholder, is based), Brazil, Argentina and other nations. Although economic conditions in Europe and the United States may differ significantly from economic conditions in Chile, investors' reactions to developments in these other countries may have an adverse effect on the market value of securities of Chilean issuers. In particular, investor perceptions of the risks associated with our securities may be affected by perception of risk conditions in Spain. In addition, growing protectionism and trade tensions could intensify and negatively impact our customers. The U.S. government has introduced significant changes in trade policies, including the imposition of a 10% baseline "reciprocal" tariffs on most imports and nations (including Chile) and higher country-specific tariffs for certain nations with which it has significant trade imbalances. Additionally, the U.S. has threatened to impose higher sanctions on certain nations in certain circumstances. This has led to certain U.S. trading partners announcing reciprocal tariffs (and other actions) in response, leading to increased protectionism and trade tensions across the world, as well as to a depreciation of the U.S. dollar. The continuation, pause or escalation of tariffs and other trade restrictions, the continued depreciation of the U.S. dollar and other non-trade-related measures or policies of the U.S. government, could further impact international trade relations, investment flows and supply chains significantly, resulting in continued market volatility and a reduction in global growth, intensifying concerns over the global macroeconomic environment, inflation and the potential for a recession. Any of the foregoing could have a material adverse effect on our business, results of operations, financial condition and prospects and any restrictions or limitations to Chilean exports to the United States as a consequence of the factors described above could have a material adverse effect on our business, results of operations, financial condition and prospects. Lastly, recent events in Venezuela, which ultimately led to the removal and arrest of President Nicolas Maduro by the U.S. government, could have significant political and economic consequences in the region. The U.S.'s intervention in Venezuela has faced a lot of criticism worldwide, including from many countries in Latin America, and it is uncertain whether such intervention could lead to the deterioration of the U.S.'s relations with other countries in the region, including Chile. Scenarios of political tensions and instability throughout the world stemming from a variety of factors, such as heightened polarization and political interference, fragmentation and scandals, may lead to shifting and unpredictable outcomes in political elections, legislative and policy-making efforts, social conditions, government stability and the global economy and to a progressive erosion of the rule of law in certain long-standing democracies. Furthermore, increasing public debt levels together with high interest costs may not be sustainable and could lead certain countries to face higher sovereign risk premium and sovereign debt crises. Chile also has considerable economic ties with China and Europe. In 2025, approximately 35.8% of Chile's exports went to China, mainly copper. A slowdown in economic activity in China may affect Chile's GDP and export growth as well as the price of copper, which is Chile's main export. Chile exported approximately 12.7% of total exports to Europe in 2025. Crises and political uncertainties in these economies could also have an adverse effect on Chile, the price of our securities or our business. Approximately 13.5% of Chile's exports in 2025 went to other Latin American nations. We cannot assure you that crises and political uncertainty in other Latin American countries will not have an adverse effect on Chile, the price of our securities or our business. If these, or other nations' economic conditions deteriorate, the economy in Chile, as both a neighboring country and a trading partner, could also be affected and could experience slower growth than in recent years, with possible adverse impact on our borrowers and counterparties. If this were to occur, we would potentially need to increase our allowances for loan losses, thus affecting our financial results, our results of operations and the price of our securities. As of December 31, 2025, the Bank's foreign exposure, including counterparty risk in the derivative instruments' portfolio, was U.S.$1720.00 billion or 2,273.3% of our total assets. There can be no assurance that the effects of a global recession will not negatively impact growth, consumption, unemployment, investment and the price of exports in Chile.

The Ley Sobre Sociedades Anónimas, Ley No. 18,046 and the Reglamento de Sociedades Anónimas, which we refer to collectively as the Chilean Companies Law, and applicable regulations require that whenever we issue new common stock for cash, we grant preemptive rights to all of our shareholders (including holders of ADSs), giving them the right to purchase a sufficient number of shares to maintain their existing ownership percentage. Such an offering would not be possible in the United States unless a registration statement under the U.S. Securities Act of 1933 ("Securities Act"), as amended, was effective with respect to such rights and common stock or an exemption from the registration requirements thereunder were available. Since we are not obligated to make a registration statement available with respect to such rights and the common stock, you may not be able to exercise your preemptive rights in the United States. If a registration statement is not filed or an applicable exemption is not available under U.S. securities law, the Depositary will sell such holders' preemptive rights and distribute the proceeds thereof if a premium can be recognized over the cost of any such sale.