Bond Kommunalbanken 1.125% ( XS2401731158 ) in USD

Issuer	Kommunalbanken
Market price	100 % ▲
Country	Norway
ISIN code	XS2401731158 ( in USD )
Interest rate	1.125% per year ( payment 2 times a year)
Maturity	26/10/2026
Prospectus brochure in PDF format
Minimal amount	200 000 USD
Total amount	1 250 000 000 USD
Next Coupon	26/10/2026 ( In 78 days )
Detailed description	Kommunalbanken is a Norwegian state-owned bank primarily providing financing to municipalities and county councils. The Bond issued by Kommunalbanken ( Norway ) , in USD, with the ISIN code XS2401731158, pays a coupon of 1.125% per year. The coupons are paid 2 times per year and the Bond maturity is 26/10/2026

TABLE OF CONTENTS

Page
Page

0 D Q D J H P H Q W ¶ V ' L V F X V
of V L R Q D Q G $ Q D O
Responsibility Statemen
t
................................
............... iii
Financial Condition and Results of Operations
......... 70
Important Notices
................................
...........................
iv
Quantitative and Qualitative Disclosures About
Notice to Prospective Investors in Ch ile
........................
vi
Market Risk................................
.............................
108
Notification under Section 309b of the Securities
The Chilean Banki
ng Industry ................................
.... 122
and Futures Act (Chapter 289) of Singap ore
..............vi
Business ................................
................................
...... 129
Prohibition of Sales to Retail Investors In The
Selected Statistical Informatio
n
................................
.. 142
United Kingdom ................................
.........................
vi
Regulation and Supervision
................................
........ 185
Additional Notice to Investors in the United
Managemen t................................
...............................
210
Kingdom ................................
................................
... vii
Principal Shareholder s
................................
................ 219
Prohibition of Sales to EEA and UK Retail
Related Party Transaction
s
................................
......... 220
Investors ................................
................................
... vii
Description of the Notes
................................
............. 225
MIFID II Product Governance / Target Mark et
........... vii
Form of Final Terms
................................
...................
262
UK MIFIR Product Governance/Target Market
........... vii
Taxation ................................
................................
...... 270
Ratings................................
................................
......... viii
Certain ERISA Consideration
s
................................
... 283
Available Information ................................
................. viii
Special Provisions Relating to Foreign Currency
Certain Terms and Conventio ns
................................
.....ix
Notes ................................
................................
....... 284
Enforcement of Civil Liabilities
................................
...... x
Book-Entry Clearance System
s
................................
.. 287
Cautionary Disclosur
e Regarding Forward
-
Plan of Distribution ................................
....................
290
Looking Statements
................................
....................
xi
Transfer and Selling Restri
ctions ................................
292
General Description of the Progra
m
................................
1
Legal Matters ................................
..............................
302
Risk Factors
................................
................................
..... 3
Independent Auditor s
................................
................. 303
Overview of the Program
................................
.............. 43
General Informat
ion ................................
...................
304
Use of Proceed s
................................
.............................
48
Clearing System s
................................
........................
305
Presentation of Financial and Other Informatio
n
.......... 49
Documents on Displa y
................................
................ 305
Overview of the Bank
................................
....................
51
Annex A ² Significant Differences Between Chilea
n
Capitalization ................................
................................
60
GAAP and IFRS ................................
..................
A-1
Exchange Rate s
................................
.............................
61
Annex B² Significant Departures
from International
Exchange Controls
................................
........................
62
Standards
on Auditing ................................
......... B-1
City National Bank of Florida
................................
....... 63
Index to Consolidated Financial Stateme nts
................ F-1
______________________
_

i

RESPONSIBILITY STATEMENT
The Issuer with its registered office in Santiago, Chile i
o s
lels
y responsible for the information given in this
Prospectus and in any Final Terms for each Series or Tranche of Notes issued under the Program. The Issuer hereby
declares that to the best of its knowledge and belief, having taken all reasonable
o ca
en r
se
ur te that such is the case, the
information contained in this Prospectus and in any Final Terms for each Series or Tranche of Notes issued under the
Program is in accordance with the facts and contains no omission likely to affect its i mport.
iii

I MPORTA NT NOTICES
Copies of Final Terms (as defined below) will be available from the registered office of the Issuer and the
specified office set out below of each of the Paying Agents (as defined below) (save that a Final Terms relating to a Note
which is neither admitted to trading on a regulated market in the
EEA or in the UK nor offered in the EEA or in the UK in
circumstances where a prospectus is required to be published u
th nd
e er
Pr
ospectus
Regulation, including as it forms part of
UK domestic law by virtu
e of the EUWA, will only be available for inspection by a holder of such Note and such holder
must produce evidence satisfactory to the relevant Issuer and the relevant Paying Agent as to its holding of Notes and
identity).
This Prospectus should be read
an d understood in conjunction with any supplement hereto. Full information on
the Issuer and any Notes issued under the Program is only available on the basis of the combination of this Prospectus
(including any supplement) and the relevant Final Ter
ms.
No person is or has been authorized to give any information or to make any representations, other than those
contained in this Prospectus, in connection with the Program or the issue and sale of the Notes and, if given or made, such
information or represent
ations must not be relied upon as
h
aving been authorized by Bci.
Neither the delivery of this
Prospectus nor any sale made hereunder shall, under any circumstances, create any implication that the information herein
is correct as of any time subsequen t to
the date hereof
.
Neither this Prospectus nor any other information supplied in connection with the Program or any Notes (i) is
intended to provide the basis of any credit or other evaluation or (ii) should be considered as a recommendation by the
Issuer or any of the Dealers that any recipient of this Prospectus or any recipient of any other information supplied in
connection with the Program or any Notes should purchase any Notes. Each investor contemplating purchasing any Notes
should make its own indep
endent investigation of the financial condition and affairs, and its own appraisal of the
creditworthiness, of the Issuer. Neither this Prospectus nor any other information supplied in connection with the Program
or the issue of any Notes constitutes a
f n
f o
er or invitation by or on behalf of either Issuer or any of the Dealers to subscribe
for or to purchase any Notes in any jurisdiction to any person to whom it is unlawful to make the offer or solicitation in
such jurisdiction.
This Prospectus is valid for twelve months upon its date of approval
. This Prospectus has been approved
on
June 9, 2021 and will expire on June 9, 2022. This Prospectus and any supplement thereto as well as any Final
Terms reflect the status as of their respective dates of issue.

Neither the delivery of this Prospectus nor the offering,
sale or delivery of any Notes shall in any circumstances imply that the information contained in the related
documents is accurate and complete subsequent to the date hereof or that there has been
no adverse change in the
financial condition of the Issuer since such date or that any other information supplied in connection with the
Program is correct at any time subsequent to the date on which it is supplied or, if different, the date indicated in t
he
document containing the same.

For so long as any Notes remain outstanding, the Issuer will, in the event of any significant new factor,
material mistake or inaccuracy relating to information included in this Prospectus that is capable of affecting the
assessment of any Notes,
prepare a supplement to this Prospectus or publish a new
p rospectus for use in connection
with any subsequent issue of Notes.
The obligation to supplement this Prospectus in the event of any significant new
factor, material mistake or inaccuracy relating to information included in this Prospectus shall expire when this
Prospectus is no longer valid .
The Notes in
bearer form are subject to U.S. tax law requirements and may not be offered, sold or delivered within
the United States or
its possessions or to United States persons, except in certain transactions permitted by United States
Treasury Regulations. Terms used in this paragraph have the meanings given to them by the U.S. Internal Revenue Code
and the regulations promulgated th
r e
eunder.
This Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Notes in any
jurisdiction to any person to whom it is unlawful to make the offer or solicitation in such jurisdiction. The distribu
f tion o
this Prospe
ctus and the offer or sale of Notes may be restricted by law in certain jurisdictions. The Issuer and the Dealers
do not represent that this Prospectus may be lawfully distributed, or that any Notes may be lawfully offered, in compliance
with any applicab
le registration or other requirements in any such jurisdiction, or pursuant to an exemption available
thereunder, or assume any responsibility for facilitating any such distribution or offering. In particular, no action
enh
as be
taken by the Issuer or th
e
Dealers which would permit a public offering of any Notes in any jurisdiction other th
a an
iv

Member State of the EEA or the UK or distribution of this document in any jurisdiction where action for that purpose is
required. Accordingly, no Notes may be orffe
ed or sold, directly or indirectly, and neither this Prospectus nor any
advertisement or other offering material may be distributed or published in any jurisdiction, except under circumstances
that will result in compliance with any applicable laws and
g r
u e
lations. Persons into whose possession this Prospectus or
any Notes may come must inform themselves about, and observe, any such restrictions on the distribution of this
Prospectus and the offering and sale of Notes. In particular, there are restrict
ns onio
the distribution of this Prospectus and
the offer or sale of Notes in the United States, the EEA (and, in particular, without limitation, in Luxembourg, Fran
y ce, Ital
and the Netherlands), the UK, Australia, Brazil, Chile, Dubai, Hong Kong, Japan
ru,, Pe
Singapore and Switzerland (see
³Transfer and Selling Restriction´s
, Q P D N L Q J D Q L Q Y H V W P H Q W G H F L V L R Q
L Q Y H V W R U
the Issuer and the terms of the Notes being offered, including the merits and risks involved. o The
tes h N
ave not been
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commission or other regulatory authority in the United States, nor have the foregoing authorities approved this P
s rospectu
or confirmed the accuracy or the adequacy of the information contained in this Prospectus. Any representation to the
contrary is unlawful.

In particular, Notes have not been and will not be registered under the
Securities Act, and may not be offered or
sold in the United States or to, or for the account or benefit of, U.S. persons unless the Notes are registered under the
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Neither this Prospectus nor any Final Terms may be used for the purpose of an offer or solicitation by anyone in
any jurisdiction in which such
offer or solicitation is not authorized or to any person to whom it is unlawful to make such
an offer or solicitation .
Neither this Prospectus nor any Final Terms should be considered as a recommendation or a statement of an
opinion (or a report of either otf
hose things) by Bci, the Dealers or any of them that any recipient of this Prospectus or any
Final Terms should subscribe for or purchase any Notes. Each recipient of this Prospectus or any Final Terms shall be
taken to have made its own appraisal of th
coe
ndition (financial or otherwise) of the Issu er.
None of the Dealers or the Issuer makes any representation to any purchaser of the Notes regarding the legality of
its investment under
any applicable laws. Any purchaser of the Notes should be able to
r b
th ea
e economic risk of an
investment in the Notes for an indefinite period of tim
e.
The Dealers have not separately verified the information contained herein. Accordingly, no representation,
warranty or undertaking,
express
or implied, is made and no resp
onsibility is accepted by the Dealers as to the accuracy or
completeness of the information contained in this Prospectus or any other information provided by the Issuer. The Dealers
do not accept any liability in relation to the information contained
h in
is tProspectus or any other information provided by
the Issuer in connection with the Progra
m.
U.S. Information
This Prospectus is being submitted on a confidential basis in the United States to a limited number of QIBs (as
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consideration of the purchase of the Notes being offered hereby. Its use for any other purpose in the United States is not
authorized. It may not be copied or reproduced in wh
e o
or l in part nor may it be distributed or any of its contents disclosed
to anyone other than the prospective investors to whom it is originally subm
itted.
Registered Notes may be offered or sold within the United States only to QIBs in transactions ex
fro em
m pt
registration under the Securities Act. Each U.S. purchaser of Registered Notes is hereby notified that the offer an
d sale of
any Registered Notes to it may be made in reliance upon the exemption from the registration requirements of the Securities
Act provided by Rule 144A.
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deemed,
by its acceptance
or purchase of any such Legended Notes, to have made certain representations and agreements
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Interest and/or other amounts payable under the Notes may be calculated by reference to certain reference rates.
Any such reference rate may constitute
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such reference rate does constitute such a benchmark, the relevant Final Terms will indicate whether or not the benchmark
is provided by an administrator included in the regis
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of administrators and benchmarks established and maintained by the
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the administrator of a particular benchmark is not
required to appear in the register of administrators and benchmarks at the date of the relevant Final Terms. The r
n egistratio
status of any administrator under the BMR is a matter of public record
san
av d,
e where required by applicable law, the
Issuer does not intend to update the relevant Final Terms to reflect any change in the registration status of the ad
or. ministrat
Amounts payable under the Notes may be calculated by reference to the London I
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Limited and the European Money Markets Institute, respecti,v
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other reference rates described in this Prospec
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of the date of this Prospectus, the European Money Markets Institute does not appear on the register of administrators and
benchmarks established and maintained by the European Securities and Markets Authority pursuant to article 36 of the
BMR.
As far as the Bank si aware, the transitional provisions in Article 51 of the BMR apply, such that ICE Benchmark
Administration Limited and the European Money Markets Institute are not currently required to obtain authorization or
registration (or, if located outside the Euro
pean Union, recognition, endorsement or equivalen
ce).
Any websites hyperlinks included in this Prospectus are for information purposes only and do not form part of this
Prospectus .
NOTICE TO PROSPECTIVE I NVESTORS IN CHILE
The Notes will not be registered n i the securities registry r (
egistro de valores
) of the Financial Market
Commission (Comisión para el Mercado Financiero ³
CMF ´
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to the supervision
of the CMF as unregistered securities, we are not required to
clo d
s is
e public information about the
Notes in Chile.
Accordingly, the Notes cannot and will not be publicly offered to persons in Chile. T
N h
o e
tes may only be offered in Chile
L Q
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³Chilean securities market law´
7
NKRHW H V P D \ E H S U L Y D W H O \ R I I H U H G L Q & K L O H W R F H
(such as banks, pension funds and insurance companies) which are required to comply with sp
s ec
tr ific
ictio r
n e
s relating to
the purchase of the
Notes.
NOTIFICATION UNDER SECTION 309B OF THE SECURITIES AND FUTURES ACT
(CHAPTER 289) OF SINGAPORE
Unless otherwise stated in the Final Terms, in connection with Section 309B of the Securities and Futures Act
(Ch D S W H U
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classification of the Notes as
prescribed capital markets products (as defined in the CMP Regulations 2018) and Excluded
Investment Products (as defined in MAS Notice SFA
- 0
N 4
12: Notice on the Sale of Investment Products and MAS Notice
FAA-N16: Notice on Recommendations on Investmen
r t P
oducts).
PROHIBITION OF SALES TO RETAIL I NVESTORS I N THE UNITED K INGDOM
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise
made available to any retail investor in the UK. For these
urp p
oses, a retail investor means a person who is one (or more)
of: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domest
b ic
y law
virtue of the EUWA; or (ii) a customer within the meaning of th
p e
rovisions of the FSMA and any rules or regulations
made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional
client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it f o
prm
ar s
t of domestic law by virtue of
the EUWA. Consequently no key information document required by Regulation (EU) No 1286/2014 as it forms part of
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them available to retail investors in the UK has been prepared and therefore offering or selling the Notes or otherwise
vi

making them available to any retail investor in the UK may be unlawful under the UK PRIIPs Regu
lation.
ADDITIONAL NOTICE TO I NVESTORS IN THE UNITED K INGDOM
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or inducement to engage in investment activity (within the meaning of Section 21 of
FS th
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issue or sale of any Notes m
ay otherwise lawfully be communicated or caused to be communicated (all such persons
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not be acted on or relied on by persons who
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not relevant persons. Any investment or investment activity to which this
Prospectus relates is available in the UK only to relevant persons and will be engaged in only with relevan t persons.
PROHIBITION OF SALES TO EEA AND UK RETAIL I NVESTORS
The Notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or
otherwise made available to any retail investor in th
E e
E
A. For these purposes, a retail investor means a person who is one
(or more) of: (i) a retail
client as defined in point (11) of Article 4(1) of
MiFID II or (ii) a customer within the meaning of
the Insurance Distribution Directiv,e
where that customer would not qualify as a professional client as defined in point (10)
of Article 4(1) of MiFID II. Consequently
, no key information document required by Regulation (EU) No 1286/2014 (as
D P H Q G H G
PRII W
Ps K H
Regul ³ation ´
I R U R I I H U L Q J R U V H O O L Q J W K H 1 R W H V R U R W K H U Z L V
in the EEA has been prepared and thereforfe
er of
ing or selling the Notes or otherwise making them available to any retail
investor in the EEA may be unlawful under the PRIIPs Regulatio

n.
MIFID II PRODUCT GOVERNANCE / TARGET M ARKET
The Final Terms in respect of any Notes
may include a legend entitled³ 0 L ) , ' , , 3 U R G X F W * R Y H U Q D Q F H ´
outline the target market assessment in respect of the Notes and which channels for distribution of the Notes are
appropriate. Any person subject to MiFID II subsequently offering, selling or recommending the
No
D tes
di ³stributor ´
should take into consideration the target market assessment; however, a distributor subjec
MiFI t to
D II is responsible for
undertaking its own target market assessment in respect of the Notes (by either adopting or refining the rtar
k g
et et ma
assessment) and determining appropriate distribution chan
nels.
A determination will be made in relation to each issue about whether, for the purpose of the MiFID Product
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subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither the Arranger nor the Dealers nor
any of their respective affiliates will be a manufacturer for the purpose of the MIFID Product Gover
n
R a
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les.
UK MIFIR PRODUCT GOVERNANCE/TARGET M ARK ET
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outline the target market assessment in respect of the Notes and which channels for dis
n trib
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the Notes are
appropriate. Any person subsequently offering, selling or recommending the Notes
dist(a "
ributor ") should take into
consideration the target market assessment; however, a distributor subject to the FCA Handbook Product Intervention and
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target market assessment in respect of the Notes (by either adopting or refining the target market assessment) and
determining appropriate distrib
ution channels.

A determination will be made in relation to each issue about whether, for the purpose of the UK MiFIR Product
Governance Rules, any Dealer subscribing for any Notes is a manufacturer in respect of such Notes, but otherwise neither
the Arranger nor the Dealers nor any of their respective affiliates will be a manufacturer for the purpose of the UK MIFIR
Product Governance Rules.

vii

RATINGS
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G W H
D U
Q
long-term foreign issuer credit rating to the Ban
k.
0 R R G \ ¶ V D Q G 6 W D Q G D U G
3 R R U ¶ V D U H Q R W L Q F R
g U
is S
ter R
ed U
in D W
accoH
rd G
an L
ce Q W K H
with the Regulation (EC) No. 1060/2009 of the European Parliament and of the Council of 16 September 2009 on credit
rating agencies, amended by Regulation (EC) No. 513/2011, Directive 2011/61/EU and Regulation (EU) No. 462/2013 (the
³CRA Regulation ´
Q R U K D Y H W K H U D W L Q J V J L Y H Q E \ W K H V H D J H Q F L H V E H H Q H Q
the European Union and registered under the CRA Regulation. The European Securities and Markets Authority publishes
on its website (www.
esma.europa.eu) a list of credit rating agencies registered in accordance with the CRA Regulation.
That list is updated within five working days following the adoption of a decision under Article 16, 17 or 20 of the CRA
Regulation. The European Commiss
n io
shall publish that updated list in the Official Journal of the European Union within
30 days following such update.

The rating of a certain Series or Tranche of Notes to be issued under the Program may be specified in the
applicable Final Terms. Wheth er
or not each credit rating applied for in relation to a relevant Series or Tranche of Notes
will be issued by a credit rating agency established in the European Union and registered under the CRA Regulation will be
disclosed clearly and prominently in the
Final Terms.
A rating is not a recommendation to buy, sell or hold Notes issued under the Program and may be subject to
suspension, reduction or withdrawal at any time by the assigning rating agency. A suspension, reduction or withdrawal of
the rating ass
igned to the Bank may adversely affect the market price of the Notes issued under the P
rogram.
AVAILABLE I NFORMATION
To permit compliance with Rule 144A in connection with any resales or other transfers of Notes that are
³restricted securities´ Z L W K L
m Q
ean W
ing K
o H
f the Securities Act, the Issuer has undertaken in the Dealer Agreement dated
- X O \
W
Dea K
ler H
Ag ³
reement´
W R I X U Q L V K
X S R Q W K H U H T X H V W R I D K R O G H U R
therein, to such holder or to a prospective p
hurc
aser designated by him, the information required to be delivered under Rule
144A(d)(4) under the Securities Act if, at the time of the request, the Issuer is neither a reporting company under Sec
3
tion 1
or 15(d) of the U.S. Securities Exchange Act of 1934D V
D P H Q G
E H
x G
chang W
e K
ActH
´
³Q R U
H [ H P S W
I U R P
U H S
pursuant to Rule 12g-3
2(b) thereunder .
viii

CERTAIN TERMS AND CONVENTIONS
General
8 Q O H V V R W K H U Z L V H L Q G L F D W H G R U W K H F R Q W H [ W R W K H U Z L V H U H T X
³ R X U ´
³ R X U V ´
³ X V ´
R U
V L P L O D U
W H U P V
U H I H U
W R
% D Q F R
G H
& U p G L W R
consolidated subsidiaries. We conduct our Chilean commercial banking activities through Bci and vario
-b u
a s
n n
k o
in n
g
activities through subs
L G L D U L H V
6 H H ³ % X V L Q H V V ´ ³ & L W \ 1 D W L R Q D O % D Q N R I ) O R
National Bank of Florida and its subsidiaries, unless the context otherwise req
uires.
Currency Presentation
, Q W K L V 3 U R V S H F W X V
U H I H U
D H
U Q
V ´F H
D V
Q W
G
R
³ G ³ 8
R 6
O O ´
D ³
U 8
V ´ 6D G
U R
H O O
W R 8 Q L W H G 6 W D W
³ & K L O H D Q S H V R V ´
³ S H V R V ´ R U ³ & K ´ D U H W R & K L O H D Q S H V R V
U H I H U H Q F H
are to the Japanese Yen
.
5 H I H U H Q F H V W R
Un ³
id 8
ad ) ´
es d D
e U
FoH W
mento
. R
The UF is an inflation
-indexed Chilean monetary unit with a
value in Chilean pesos that is adjusted daily to reflect changes in the official consumer price index
In o
s f th
titu e
to Nacional
de Estadísticas W K H ³
Chilean National Institute of Statistics´
h 7
e UF is revalued in monthly cycles. Each day in the
period beginning on the tenth day of the current month through the ninth day of the succeeding month, the nominal peso
value of the UF is indexed up (or down
in the event of deflation) in order to refle
ct a proportionate amount of the change in
the Chilean consumer price index during the prior calendar month. As of December 3
8,1
,
2 2
0 0
1 1
9 and 2020, the value of
the UF was
Ch$27,546.22, Ch$28,309.94
and Ch$29,070.33, respectively.

This Prospectus contain
s translations of certain Chilean peso amounts into U.S. dollars at specified rates solely for
the convenience of the reader. These translations should not be construed as representations that the Chilean peso amounts
actually represent such U.S. dollar
m a
ounts or could be converted into U.S. dollars at the rates indicated, at any particular
rate or at all.

Unless otherwise indicated, the exchange rate used in converting Chilean pesos into U.S. dollars for amounts
presented as of and for the years ended
ec D
ember 31, 201
8, 2019 and 2020, as the case may be, were based on the observed
exchange rate (
dólar observado
) reported by the Central Bank of Chile
B (
anco Central de Chile
) for December 31, 201
8,
which was Ch$
694.77 per US$1.00, December 31, 20
9, 1
which was Ch$748.74 per US$1.00 and December 31, 2
2 0
0,
which was Ch$710.9 5
per US$1.00, respectively
.
The rates reported by the Central Bank of Chile for December 31,
8 , 20
2 1
0 9 and 2020 are based upon the
observed exchange rate which it publishes on the fir
ust b
iness day following the respective date. The Federal Reserve
Bank of New York W KFH
RB ³
NY ´ G R H V Q R W U H S R U W D Q R R Q E X \ L Q J U D W H I R U S H V R V
information regarding rates of exchang
e.
ix

ENFORCEMENT OF CIVIL L IABILITIES
We are an open stock corporation
s
o(ciedad anónima abiert)a
organized under the laws of Chile and are licensed
as a commercial bank by the CMF. Substantially all of our directors and officers and certain experts named herein reside
outside the United States
(principally in Chile). A substantial portion of our assets and the assets of these persons are
located outside the United States. As a result, it may not be possible for investors to effect service of process within the
United States upon us or such rp
s e
ons or to enforce against us or them in U.S. courts judgments predicated upon the civil
liability provisions of the laws of jurisdictions other than Chile, including any judgments predicated upon the civtil
y l iabili
provisions of the federal securities
a l
ws of the United States.

We have been advised by our external Chilean counsel that no treaty exists between the United States and Chile
for the reciprocal enforcement of foreign judgments. Chilean courts would enforce judgments rendered by U.S.
y courts b
virtue of the legal principles of reciprocity and comity, subject to review in Chile of any such U.S. judgment in order to
ascertain whether certain basic principles of due process and public policy have been respected, without retrial o r review of
the merits of the subject matter. If a U.S. court grants a final judgment, enforceability of this judgment in Chile will be
subject to obtaining the relevant
exequatur (i.e., recognition and enforcement of the foreign judgment) according to Chilean
civil procedure law in force at that time and satisfying certain legal requirements. Currently, the most important of these
requirements are:

x
the existence of reciprocity, absent which the foreign judgment may not be enforced in Chile;
x
the absence of any conflict
between the foreign judgment and Chilean law (excluding for this purpose the
laws of civil procedure) and public polic y;
x
the absence of a conflicting judgment by a Chilean court relating to the same parties and arising from the
same facts and circumstance
; s
x
W K H R E V H U Y D Q F H R I D O O D S S O L F D E O H O D Z V W R V H U Y H S U R F H V V
defense; and

x
the absence of any further means for appeal or review of the judgment in the jurisdiction where judgment was
rendered.
We have bee
n advised by our external Chilean counsel that there is doubt as to the enforceability, in original
actions in Chilean courts, of liabilities predicated solely on the U.S. federal securities laws and as to the enfor
i ce
n ability
Chilean courts of judgments
o f U.S. courts obtained in actions predicated upon the civil liability provisions of the U.S.
federal securities laws
.
x

CAUTIONARY DISCLOSURE REGARDING FORWARD-L OOKING STATEMENTS
We have made statements in this Prospectus that constitute fo
- rw
lo ar
oki d
ng statements within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. These statements appear throughout this Prospectus. Examples of
such forward-looking statements include:

x
statements of our plans, objectives or goals, including
o
s th
e related to anticipated trends, competition or
regulation;
x
statements about our future economic performance and that of Chile or other countries in which we
operate;
x
statements about our exposure to market risks, including interest rate risks, for
x ei
chgn
an e
ge risk and equity
price risk; and
x
statements of assumptions underlying such statem
ents.
The sections of this Prospectus that contain forw
- ar
O d
R R N L Q J
V W D W H P H Q W V
L Q F O X G H
Z L W K
) D F W R U V ´
³ 2 Y H U Y L H Z R I W K H
% Du Q
ss N
io ´
n D
andQ
G
Anal ³
ys0
is D
o Q
f D
Fin J
a H
n P H
cial CQ
onW
d ¶
itio V
n a '
n L
d V
R F
esults of
2 S H U D W L R Q V ´ : R U G V V X F K D V ³ E H O L H Y H V ´ ³ H [ S H F W V ´ ³ D Q W L F L S D W H V ´
³ D L P ´
³ F R P E L Q H G ´
³ H V W L P D W H V ´
³ S U R E D
E E
M L
H O
F L
W W
L \
Y ´
H ´ ³ U³ L
I V
X N
W X´U ³HW
´ D U
R J
U H W
V L ´
P L ³
O D U
intended to identify forward
-looking statements but are not the exclusive means of identifying such statements. These
statements may relate to (i) our asset growth and financing plans, (ii) trends affec
urti
n
fi g
n o
ancial condition or results of
operations
, and (iii) the impact of competition and regulations, but are not limited to such topics. Fo
- rw
loo ar
k d
ing
statements are not guarantees of future performance and involve risks and uncertainties, and
es ac
ult tu
s al
m r
ay differ
materially and adversely from those described in such forwar
-loo d
king statements included in this Prospectus as a result of
various factors (including, without limitation, the actions of competitors, future global economic conditions
k ,
et mar
conditions, foreign exchange rates and operating and financial risks), many of which are beyond our control. The
occurrence of any such factors not currently expected by us would significantly alter the results set forth in these
statements .
You should understand that the following important factors, in addition to those discussed elsewhere in this
Prospectus, could affect our future results and could cause those results or other outcomes to differ materially and
y adversel
from those expressed in our
o rfward-looking statements
:
x
the pandemic of the coronavirus disease 2019 (COVI
- D
19) caused by the 2019 novel coronavirus (SAR
-
S
CoV-2) has had and
is currently having an indeterminable adverse impact on the world econ
omy;
x
changes in capital market conditio n
i s
n general that may affect policies or attitudes towards lending to Chile
or Chilean companies
;
x
changes in general economic, legal, business, political or other conditions in Chile or elsewhere in Latin
America or in the United States
;
x
the monetary and
niterest rate policies of the Central Bank of Ch ile;
x
unanticipated movements or volatility in interest rates, foreign exchange rates, equity prices or other rates or
prices;
x
changes in, or our failure to comply with, Chilean and foreign laws and regulatio
, in n
cl s
uding banking
regulations and capital requiremen
ts;
x
changes in taxes;

x
changes in competition and pricing environme nts;
x
credit and other lending risks, including an increase in defaults on our loan por
tfolio;
xi