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Banco Santander-Chile Announces Early Tender Date Results Of Its Modified Dutch Auction Tender Offer For Its 5.375% Subordinated Notes Due 2014

SANTIAGO, Chile, May 23, 2013 /PRNewswire/ -- Banco Santander-Chile ( "Santander-Chile") today 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) (the " Notes"), 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  Santander-Chile intends to accept and pay for the Notes validly tendered and not withdrawn by the Early Tender Date on or about May 23, 2013.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 Monday, 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.

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