---

---

---

(If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g-3-2(b): 82- ____.)

---

BANCO DE CHILE
REPORT ON FORM 6-K

Attached is an English translation of a Press Release issued by Banco de Chile (“the Bank”) on October 28, 2005, regarding its financial statements for the third quarter ended September 30, 2005.

---

	2005 Third Quarter Results

Santiago, Chile, October 28, 2005 Banco de Chile (NYSE: BCH), a Chilean full service financial institution, market leader in a wide variety of credit and non credit products and services across all segments of the Chilean financial market, today announced results for the third quarter ended September 30, 2005.				FINANCIAL HIGHLIGHTS
				• Net income for 3Q05 reached Ch$ 48,304 million, a 19.4% increase over the same quarter of 2004.  • ROAE of 28.2% for the 3Q05 largely exceeded, once again, the system’s average of 17.0%.  • The Bank’s unconsolidated loan portfolio, net of interbank loans, increased by 12.6% during the last twelve months, allowing a 4 basis point increase in market share.  • The Basle ratio grew from 11.3% in June 2005 to 12.0% at the end of September, 2005 as a result of the capital increase coming from the placement of a 2.5% stake of shares previously purchased by the Bank.

Selected Financial Data		3Q04		2Q05		3Q05		% Change
								3Q05/3Q04
Income Statement (Millions, Chilean pesos)
Net Financial Incom e		91,479		98,839		96,414		5.4%
Incom e from Services		34,738		34,190		35,262		1.5%
Gains on Sales of Financial Instrum ents		(2,329)		4,735		1,236		-
Operating Revenues		123,888		137,764		132,912		7.3%
Provisions for Loan Loss es		(20,063)		(11,045)		(12,518)		(37.6)%
Operating Expenses		(61,718)		(69,699)		(69,435)		12.5%
Net Incom e		40,455		52,937		48,304		19.4%
Earnings per Share (Chilean pesos)
Net incom e per Share		0.61		0.80		0.71		16.4%
Book value per Share		9.98		9.45		10.73		7.5%
Balance Sheet (Millions, Chilean pesos)
Loan Portfolio		6,845,420		7,595,843		7,639,391		11.6%
Total Assets		9,886,904		10,681,947		10,307,599		4.3%
Shareholders ' Equity		662,309		627,655		730,500		10.3%
Profitability
ROAA		1.63%		2.00%		1.86%
ROAE		24.9%		35.3%		28.2%
Net Financial Margin		4.1%		4.2%		4.2%
Efficiency ratio		49.8%		50.6%		52.2%
Asset Quality
Past Due Loans / Total Loans		1.46%		1.09%		0.99%
Allowances / Total Loans		2.45%		1.86%		1.80%
Allowances / Past Due Loans		167.6%		169.6%		181.1%
Capital Adequacy
Total Capital / Risk Adjus ted As sets		12.1%		11.3%		12.0%

---

	2005 Third Quarter Results

Third Quarter 2005 Highlights

The Bank

• Banco de Chile continues to lead the profitability ranking in the Chilean financial sector. After strong nine month results, the Bank has been able to sustain its profitability leadership in the market, reaching the highest ROAE in the Chilean financial system for both the nine-month period and the 3Q05, with ratios of 29.1% and 28.2%, respectively.
  
  
• Loan portfolio growth. As of September 30, 2005 the Bank’s loan portfolio, net of interbank loans, totaled Ch$7,599,725 million, reflecting an annual growth of 11.7%. The Bank reached a market share of 17.78% as of September 30,2005, an increase of approximately 4 basis points from the 17.74% posted as of September 30, 2004.
  
  
• Sale of the shares repurchased during 2004. The Bank increased its capital and reserves by an amount of Ch$57,758 million during 3Q05 as a result of the sale of 2.5% of the Bank’s shares. This sale was made according to the share repurchase program. Consequently, the total capital to risk adjusted assets increased from 11.3% to 12.0%, while basic capital to total assets rose from 5.0% to 5.7%. This capital increase is primarily intended to finance the Bank’s loan growth.
  
  
• Distribution network expansion. In line with the Bank’s focus on strengthening its position in the retail market, 11 new branches were opened during 3Q05, most of them CrediChile branches, in order to increase its geographical coverage. In addition, 26 new ATMs were inaugurated during 3Q05, totaling 1,183 units as of September 2005.
  
  
• Banco de Chile’s New York Branch reached agreements with Regulators and agreed to pay civil money penalty. On October 12, 2005, Banco de Chile’s U.S. Branches agreed to a total payment of a $3 million civil money penalty to resolve allegations related to its compliance with the Bank Secrecy Act and anti-money laundering regulations.
  The agreements were separately entered into with the Office of the Comptroller of the Currency (OCC) and the Financial Crimes Enforcement Network of the United States Department of the Treasury (FinCEN). These actions marked the end of a yearlong process during which the Bank’s officials fully cooperated with regulators. The Bank’s U.S. branches are implementing more strict policies and procedures for anti-money laundering compliance by improving internal controls, strengthening independent audit functions and increasing overall U.S. human resources capabilities.
  
  
• Successful local bond placements. During the 3Q05 the Bank placed a total amount of UF2.67 million (US$88.6 million) in 5-year bonds on the local market, with an average cut-off rate of 2.59%, equivalent to a spread of 90 basis points over the corresponding Chilean Central Bank bonds. The proceeds from the bonds will be used to improve the asset and liability structure and to finance residential mortgage loans.
  
  
• Banco de Chile was the winner of The Banker’s Country Award. The Bank was acknowledged for the second consecutive year as “Bank of the Year 2005” for Chile by “The Banker”, a member of the Financial Times Group. This award recognized the Bank’s overall performance, technological innovation and successful business strategy.
  
  
• Recognition to subsidiaries. Banco de Chile’s Insurance Brokerage subsidiary was awarded Best Company to Work for in Chile. This award is given each year to companies that create a workplace environment that fosters trust, pride and teamwork amongst its employees, according to a survey conducted on some 170 companies, by the Great Place to Work Institute. In addition, the Bank’s Financial Advisory subsidiary was recently named by the Chilean newspaper Diario Financiero and the Deloitte consulting firm, as the Best Chilean M&A (Merger & Acquisition) Bank of Year 2004. This award recognized the subsidiary’s outstanding advisory role in several important deals throughout the evaluated period.
  
  
• Banchile Financial Advisory Subsidiaries closed important deals during the quarter. The Financial Advisory subsidiary completed the successful negotiation and management of a long-term financing arrangement in the amount of UF 1,250,000 with the largest chain of cemeteries in Chile. This financial transaction counted on the important participation of five banks, including Banco de Chile, in a syndicated credit agreement for a 6-year term to restructure the current debt and finance future investments. During this quarter, and representing the seller, the subsidiary also closed the sale of a corporation in the manufacturing sector. It is worth noting that in this operation, Banco de Chile granted additional long- term financing to the buyer.
  
  
• New mutual fund launching. The Banchile Investment Fund subsidiary launched the new “Fondo Mutuo Chile Garantizado”, fund in which the nominal amount invested will be 100% guaranteed, and will provide an estimated return between 60%- 80% of the average monthly valuation of the inter 10 index of the Santiago Stock Exchange (composed by the 10 main local stocks holding ADS programs).
  This new fund confirms the subsidiaries’ focus on delivering innovative financial solutions to its clients.

---

	2005 Third Quarter Results

Financial System Highlights

• The system’s loan portfolio, net of interbank loans, as of September 30, 2005, totaled US$78,372 million, increasing by 12.4% on an annual basis. The annual loan growth continues to be driven by individuals, with important increases of 19.9% and 18.1% in consumer and residential mortgage loans. Loans for factoring and leasing contracts during the twelve-month period also increased considerably. During 3Q05, total loans expanded by 2.5% demonstrating overall growth, with the exceptions of foreign trade and contingent loans which were affected by the decrease in the exchange rate during this quarter. Past-due loans continued to decline and consequently, the past due to total loans ratio dropped to 1.01% in 3Q05 from 1.39% in 3Q04.
  
  
• Net income for the financial system decreased slightly by 2.5% during 3Q05 as compared to the previous quarter, amounting to Ch$204,165 million. This decrease was mainly driven by higher provisions for loan losses which were partially offset by an increase in non-operating income, higher results from subsidiaries and lower income taxes. Consequently, the 3Q05 net income implied a system’s ROAE of 17.0%, down from the 18.1% in 2Q05.
  
  
• Increase in the monetary policy interest rate. During 3Q05 the Central Bank raised its short term reference interest rate by 25 basis points per month, reaching 4.25% in October 2005. This was in line with the Central Bank’s gradual process of monetary normalization and a consequence of the upward trend in inflation. Inflation for 3Q05 was 1.9%, attaining a monthly peak of 1.0% in September, mainly driven by higher costs of fuel and food.

---

Page 3 of 15

	2005 Third Quarter Results

Banco de Chile 2005 Third-Quarter
Consolidated Results

NET INCOME

Net income for the 3Q05 continues to be outstanding, representing the second highest quarterly net income after 2Q05.

The Bank’s 3Q05 net income resulted in an annualized return on average assets (ROAA) and annualized return on average shareholders’ equity (ROAE) of 1.86% and 28.2%, respectively, higher than the 3Q04 comparable figures of 1.63% and 24.9% .

Net income increased by 19.4% to Ch$ 48,304 million in 3Q05 from Ch$40,455 million in 3Q04, mainly reflecting:

• a decrease in provisions for loan losses,
  
• higher benefits related to demand deposits and net assets positions denominated in UF,
  
• increased fee income coming from the Bank’s subsidiaries,
  
• positive gains on financial instruments, and
  
• higher loan volume.

These positive drivers were partially offset by higher level of operating expenses, lower loan spreads, negative repricing effects and losses in the US branches during 3Q05.

The contribution of the Bank’s subsidiaries to the consolidated results amounted to Ch$6,234 million and represents 12.9% of total net income. The slight increase in the subsidiaries’ overall net profits for the current quarter compared to 3Q04 was mainly driven by improved performance of the Bank’s Factoring, Insurance Brokerage and Socofin subsidiaries.

Bank, Subsidiaries and Foreign Branches' Net Income
(in millions of Chilean pesos)		3Q04		2Q05		3Q05		% Change
								3Q05/3Q04
Bank		32,432		47,398		44,834		38.2%
Foreign Branches		1,844		(838)		(2,764)		-
Stock Brokerage		2,891		3,448		2,553		(11.7)%
Gral Adm. of Funds		2,492		2,141		2,491		(0.0)%
Insurance Brokerage		93		95		172		84.9%
Financial Advisory		90		9		101		12.2%
Factoring		437		300		565		29.3%
Securitization		(12)		23		26		-
Promarket		8		16		22		175.0%
Socofin		180		295		251		39.4%
Trade Services		-		50		53		-
Total Net Income		40,455		52,937		48,304		19.4%

The positive contribution made by the Factoring subsidiary in 3Q05, as compared to 3Q04, was a result of the strong expansion of 30.5% in its loan volume and lower provisions for loan losses. Higher revenues posted by the Insurance Brokerage during 3Q05 were closely related to strong sales of insurance products supported by marketing campaigns specifically tailored to cross-sell this product.

Lower results coming from the Stock Brokerage were principally a consequence of a decrease in earnings related to fixed income securities and trading of US dollars and an increase in personnel expenses related to indemnities, effects that were partially offset by higher income from stocks trading and higher fees generated by the investment banking unit.

The General Administrator of Funds continues to generate robust net income, however, the 3Q05 figure remained stable as compared to 3Q04, as higher fee income accounted for in 3Q05 was totally offset by higher payments related to the service agreement between this subsidiary and the Bank, regarding the use of distribution channels. It is worth noting, that this agreement has no impact on the bottom line.

Net income registered in 3Q05 and, to a lesser extent, in 2Q05, was adversely impacted by losses accounted for by the foreign branches as a consequence of extraordinary expenses incurred by the New York branch. This responded to efforts undertaken to comply with the Consent Order agreed with the OCC, which mainly includes legal counsel and advisory expenses.

On the other hand, net income for the 3Q05 decreased by 8.8% compared to the previous quarter’s record level. This decline mainly responded to a decrease in gains on sales of financial instruments and, to a lesser extent, to a drop in the net financial income as the inflation rates dropped.

---

Page 4 of 15

	2005 Third Quarter Results

NET FINANCIAL INCOME

Net financial income increased by 5.4% to Ch$96,414 million in 3Q05 from the Ch$91,479 million in 3Q04, as a result of a 1.9% expansion in average interest earning assets and a slight increase of 14 basis points in net financial margin¹.

Net Financial Income
(in millions of Chilean pesos)		3Q04		2Q05		3Q05		% Change
								3Q05/3Q04
Interest revenue		143,857		193,167		172,367		19.8%
Interest expense		(64,006)		(94,900)		(86,797)		35.6%
Foreign Exchange
transactions, net		11,628		572		10,844		(6.7)%
Ne t Financial Income		91,479		98,839		96,414		5.4%
Avg. Int. earning assets		8,944,516		9,396,076		9,116,425		1.9%
Net Financial Margin1		4.09%		4.21%		4.23%		-

The increase in average interest earning assets was mainly attributed to the 9.8% annual increase in average total loans, principally commercial, residential mortgage loans, consumer and contingent loans, which partially offset the 30.6% decrease in average investments.

The increase in net financial margin from 4.09% in 3Q04 to 4.23% in 3Q05 was mainly explained by:

• the higher inflation rate, measured by the variation of the UF of 1.3% during 3Q05, compared to 1.0% in 3Q04, which implied that during 3Q05 the Bank earned higher interest income on the portion of UF denominated interest earning assets financed by nominal interest bearing liabilities and by non-interest bearing liabilities.
  
  
• A better asset mix reflected in a lower proportion of financial investments and higher proportion of high yield loans, such as consumer loans, leasing and factoring contracts.

However, these positive effects were partially offset by lower loans spreads and the negative repricing effect resulting from the successive increases in the short-term interest rates during 3Q05, as the Bank’s liabilities reprice faster than its assets. During 3Q05, the short- term interest rate was raised by 75 basis points while in 3Q04 this rate was raised only by 25 basis points at the end of that period.

3Q05 net financial income decreased by 2.5% as compared to the previous quarter, mainly as a consequence of lower inflation rate (1.3% during 3Q05 versus 1.7% in 2Q05) and, to a lesser extent, to higher negative repricing effects as the short-term interest rates increased by 75 basis points during 3Q05, as compared to 50 basis points increase during 2Q05.

The Bank continued to achieve a high level of sustainable fee income during 3Q05, totaling Ch$35,262 million, representing increases of 1.5% and 3.1% as compared to the same quarter of 2004 and to the previous quarter, respectively. These increases were primarily due to the growth in commissions coming from our subsidiaries, which significantly improved their contribution to total fee income to a 43.4% in 3Q05, from 34.7% in 3Q04 and 38.7% in 2Q05.

The Stock Brokerage subsidiary continues to show a strong performance through increased volumes of stock transactions. In addition, during 3Q05 an important expansion on accrued fees was also achieved related to its participation in stock offerings and to corporate advisory income coming from its investment banking unit. The better performance of the General Administrator of Funds in terms of fee income has also been favored by the good economic climate in Chile and by its permanent effort to provide excellent and innovative products and services to its customers. Consequently, average funds under management grew by 10.8% and the client base did so by 15.9% during the last twelve months, while both indicators jumped by 5.2% during the quarter. As the insurance related business has become a key fee generating product, special insurance campaigns were launched during 3Q05 thus implying a significant growth in total sales as well as in fee income accounted for by both the Bank and its insurance subsidiary.

---

	2005 Third Quarter Results

The Financial Advisory subsidiary’s higher fee income during 3Q05 was principally related to a syndicated credit arrangement and services provided for the sale of a manufacturing company. Higher factoring commissions were also related to an important business transaction with a corporate client of the infrastructure sector, corresponding to a financing project for the Freeway route.

The decline in net fee income observed in the Bank’s line during 3Q05, as compared to 3Q04, was mainly explained by lower income from assets received in lieu of payment and an increase in fees paid to the sales force and co-branding expenses principally related to credit card campaigns and to the Bank’s strategy in increasing its client base in the retail sector. The lower income coming from these items, accounted for in the fee income line, was partially offset by higher fee income from traditional products such as sight accounts, ATMs and credit lines due to the 22% annual expansion of the ATM network and the increase in the number of current accounts.

The 3.1% increase in fee income during 3Q05 compared to the previous quarter was principally attributable to the Stock Brokerage and the General Administration of Funds. This growth shows the importance of the complimentary operations of the Bank and its subsidiaries, as well as the wide ranging solutions that the Bank is able to deliver to its clients.

Net Incom e from Services, by Com pany
(in millions of Chilean pesos)		3Q04		2Q05		3Q05		% Change
								3Q05/3Q04
Bank		21,844		20,205		19,244		(11.9)%
General Adm. of Funds		5,354		5,889		6,451		20.5%
Financial Advisory		200		91		289		44.5%
Insurance Brokerage		806		1,650		1,738		115.6%
Stock Brokerage		3,229		3,225		4,364		35.2%
Factoring		179		108		187		4.5%
Socofin		2,274		2,130		2,131		(6.3)%
Securization		24		75		90		275.0%
Promarket		-		-		-		-
Foreign Branches		828		765		712		(14.0)%
Trade Services		-		52		56		-
Total Net Incom e from
Services		34,738		34,190		35,262		1.5%

NET GAINS ON SALES OF FINANCIAL INSTRUMENTS

On the third quarter of 2005, gains on sales of financial instruments increased to Ch$1,236 million from a loss of Ch$2,329 million in 3Q04. This loss was mainly related to: (i) the sale of a loan associated to the retail sector which effect at bottom line level was totally offset by the related provision release; and (ii) losses associated to the sale of Central Bank securities as a result of a specific increase in long-term interest rates during September 2004. It is worth mentioning that during 2Q05 long-term interest rates decreased by approximately 50 basis points implying higher mark to market income and therefore explaining higher gains on sales during such quarter.

PROVISIONS

Provisions amounted to Ch$12,518 million in 3Q05, a 38% decrease as compared to the Ch$20,063 million in 3Q04 and a 13.3% increase relative to the Ch$ 11,045 million in the previous quarter. The annual decline in provisions confirms the trend observed since 2004, mainly reflecting the improved asset quality of the wholesale loan portfolio (large and medium size companies) and, to a lesser extent, of the retail segment. Better asset quality is directly related to better economic conditions and expectations fostered by higher aggregate demand led by both investment and consumption. In particular, the higher amount of provisions recorded in 3Q04 were mainly related to the downgrading of certain clients of the construction sector. The slight increase in provisions during 3Q05 compared to the previous quarter was principally related to corporations belonging to the retail and manufacturing sectors. However, over 90% of total provisions were associated to retail banking (individuals and small companies).

Provisions to average loans declined to 0.66% in 3Q05 from 1.16% in 3Q04, as well as the ratio of charge-offs to average loans which reached 0.74% in 3Q05 from 1.02% in 3Q04.

---

	2005 Third Quarter Results

Allow ances and Provisions
(in millions of Chilean pesos)		3Q04		2Q05		3Q05		% Change
								3Q05/3Q04
Allow ances
Allow ances at the beginning of each period		167,228		153,699		140,929		(15.7)%
Price-level restatement		(1,703)		(2,855)		(1,956)		14.9%
Charge-off		(17,582)		(20,960)		(13,935)		(20.7)%
Provisions for loan losses established, net		20,063		11,045		12,518		(37.6)%
Allow ances at the end of each period		168,006		140,929		137,556		(18.1)%
Provisions
Provisions		(20,063)		(11,045)		(12,518)		(37.6)%
Ratios
Allow ances / Total loans		2.45%		1.86%		1.80%
Provisions, net /Avg.Loans		0.43%		0.09%		0.24%
Provisions / Avg. Loans		1.16%		0.58%		0.66%
Charge-offs / Avg. Loans		1.02%		1.11%		0.74%
Recoveries / Avg. Loans		0.74%		0.49%		0.42%

OTHER INCOME AND EXPENSES

Total Other Income and Expenses decreased to Ch$6,750 million in 3Q05 from Ch$8,192 million in 3Q04, mainly as a consequence of lower recoveries of loans previously charged-off. It is worth noting that the 3Q04 figure of non-operating income, net, mainly reflects a one-time provision regarding previous year credit cards related expenses and, lower non-operating income coming from the sale of assets received in lieu of payment.

OPERATING EXPENSES

Total operating expenses reached Ch$69,435 million during 3Q05, an increase of 12.5% compared to 3Q04, principally explained by the 23.8% expansion in administrative expenses and, to a lesser extent, by the 6.2% increase in personnel salaries.

The Ch$5,532 million increase in administrative expenses during 3Q05, as compared to 3Q04, was largely attributable to extraordinary legal counsel and advisory service expenses incurred during 3Q05 by the New York branch and related to the actions taken in order to fully comply with the US regulator requirements. Higher administrative expenses accounted for in the foreign branches amounted to Ch$4,451 million in 3Q05, representing about 80% of the overall increase in this line. To a lesser extent, higher administrative expenses were also fueled by higher computer and technology expenses and to rental and maintenance of fixed assets.

The 6.2% increase in personnel salaries between 3Q05 and 3Q04, is mainly explained by the incorporation of new employees, wage increases, higher performance related compensations, and an increase in indemnities.

The quarterly contraction in operating expenses during 3Q05, compared to the previous period, was largely the result of lower indemnity expenses, as in 2Q05 some adjustments to the organizational structure of the Bank were made, mainly in its commercial areas, in line with its new business model supported by the Neos project. This decrease was partially offset by higher administrative expenses accounted for both in the Bank and in the New York branch.

Operating expenses for the quarter represented 52.2% of operating revenues, thus increasing from 49.8% and 50.6% attained in 3Q04 and 2Q05, respectively, but continued to be lower than the 52.9% reached by the Chilean banking system in the same period.

Operating Expenses
(in millions of Chilean pesos)		3Q04		2Q05		3Q05		% Change
								3Q05/3Q04
Pers onnel salaries and expens es		(34,177)		(40,194)		(36,296)		6.2%
Adm inis trative and other expens es		(23,228)		(25,089)		(28,760)		23.8%
Depreciation and am ortization		(4,313)		(4,416)		(4,379)		1.5%
Total operating expenses		(61,718)		(69,699)		(69,435)		12.5%
Efficiency Ratio*		49.8%		50.6%		52.2%		-
* Operating expenses/Operating revenues

---

	2005 Third Quarter Results

LOSS FROM PRICE- LEVEL RESTATEMENT

Loss from price-level restatement amounted to Ch$4,779 million in 3Q05 as compared to Ch$3,773 million during 3Q04, mainly as a consequence of higher inflation rates used for adjustment purposes: 1.3% in 3Q05 up from 1.0% in 3Q04.

INCOME TAXES

The Bank’s income taxes totaled Ch$4,626 million in 3Q05 as compared to Ch$6,071 million in 3Q04, representing effective income tax rates of 8.7% and 13.0%, respectively, lower than Chile’s 17% statutory corporate tax rate as, by law, the Bank is allowed to deduct the dividend payments to SAOS from its taxable income base.

LOAN PORTFOLIO

The low interest rate environment that continues to prevail in the Chilean economy has allowed for both the Bank and the Chilean financial system to achieve attractive loan growth rates equivalent to approximately two times the GDP growth rate. Accordingly, at the end of September 2005, the Bank reached its highest level in terms of volume, with a total loan portfolio, net of interbank loans, of Ch$7,599,725 million. The sustained loan growth has permitted the Bank to attain an annual loan expansion of 11.7%, also positively impacted by high economic growth and favorable macroeconomic conditions.

Commercial loans, residential mortgage loans, consumer, contingent and lease contracts have peaked during this period. Also, it is important to emphasize that during the year, the Bank achieved robust loan increases of 17.4% in large corporations and healthy growth increases in individuals and medium size companies of 12.4% and 11.5%, respectively.

During 3Q05 the Bank’s highest loan growth was mainly registered in the individual segment and medium sized companies with 3.6% and 4.5%, respectively. Large corporate loans were importantly impacted by the decline in the exchange rate which implied a contraction in foreign trade and contingent loans. During 3Q05, loan growth in the individual segment was mainly led by mortgage loans financed by the Bank’s general borrowings and consumer loans, principally installments credits, from both high income and lower income individuals. It is worth noting that the Bank held its focus on the retail segment, where there is considerable room to expand, particularly in small companies and lower-income individuals. Accordingly, during 3Q05 the Bank has opened 10 new CrediChile branches in order to improve the geographical coverage of this segment.

Loan Portfolio
(in millions of Chilean pesos)		Sep-04		Jun-05		Sep-05		% Change		% Change
								12-months		3Q05/2Q05
Commercial Loans		2,761,746		3,125,140		3,196,016		15.7%		2.3%
Mortgage Loans 1		965,258		722,721		688,379		(28.7)%		(4.8)%
Consumer Loans		697,175		764,688		794,010		13.9%		3.8%
Foreign trade Loans		661,529		710,279		624,033		(5.7)%		(12.1)%
Contingent Loans		522,562		640,460		612,553		17.2%		(4.4)%
Others Outstanding Loans 2		756,436		1,141,835		1,188,281		57.1%		4.1%
Leasing Contracts		338,811		400,004		420,497		24.1%		5.1%
Past-due Loans		100,255		83,075		75,956		(24.2)%		(8.6)%
Total Loans, net		6,803,772		7,588,202		7,599,725		11.7%		0.2%
Interbank Loans		41,648		7,641		39,666		(4.8)%		419.1%
Total Loans		6,845,420		7,595,843		7,639,391		11.6%		0.6%
1 Mortgage loans financed by mortgage bonds.
2 Includes mortgage loans financed by the Bank’s general borrowings and factoring contracts.

---

	2005 Third Quarter Results

Past Due Loans
(in millio ns o f Chilean pesos)		Sep-04		Jun-05		Sep-05		% C hange  12 - months		% C hange  3Q05 / 2Q05
Commercial loans		84,375		66,794		58,963		(30.1)%		(11.7)%
Consumer loans		3,680		3,185		3,567		(3.1)%		12.0%
Residential mortgage loans		12,200		13,096		13,426		10.0%		2.5%
Total Past Due Loans		100,255		83,075		75,956		(24.2)%		(8.6)%

Economic growth maintained its upward trend, positively impacting investment and employment and, consequently, the asset quality indicators. Accordingly, past due loans amounted to Ch$ 75,956 million as of September 2005, an annual and quarterly decline of 24.2% and 8.6%, respectively, mainly coming from commercial loans. As a consequence, the ratio of past due loans, for the quarter ended September 2005, improved to 0.99% from 1.46% in the quarter ended September 2004, and from 1.09% in the previous quarter. The coverage ratio reached 181.1% in 3Q05 from 167.58% in 3Q04 and from 169.64% in 2Q05. It is worth mentioning that the unconsolidated past due loan ratio, as of September 2005 was similar to the system’s average figure of 1.01%, while the Bank’s coverage ratio stood higher than the 168% system's average at the same date.

FUNDING

Total liabilities increased by 3.8% during the last twelve months as a consequence of a 6.8% growth in interest bearing liabilities, which more than offset the 2.0% contraction in non-interest bearing liabilities.

The successive increases in short-term interest rates during 2005 have enhanced the demand for time deposits while, and at the same time, negatively impacted bankers draft volumes. In fact, time deposits registered an annual increase of 16.0%, while bankers drafts decreased by 20.4% during the same period.

It is worth mentioning that the Bank has been expanding the duration of its liabilities mainly due to more attractive long and medium-term interest rates. Accordingly, long-term liabilities such as syndicated credits (accounted for as foreign borrowings), subordinated bonds and other bonds have importantly increased during the last twelve months. The 72.5% annual expansion of other bonds was principally related to a 5 year term bond placement for UF5 million in 2Q05 and to a series of placements of 5- year bonds for a total amount of UF2.67 million, in the local market, during 3Q05. Regarding subordinated bond growth, during 1Q05 the Bank placed a new series of these bonds for a total amount of UF2 million with an annual real rate of 4.34%, maturing in 2023. The higher level of foreign borrowings was influenced by the syndicated credit agreement signed by the Bank in April 2005 for an amount of US$200 million, in order to finance its foreign trade loans booked in Chile, and to expand the New York Branch working capital.

---

	2005 Third Quarter Results

Funding
(in millions of Chilean pesos)		Sep-04		Jun-05		Se p-05		% Change  12 - months		% C hange  3Q05 / 2Q05
Non-interest Bearing Liabilities
Current Accounts		1,338,099		1,519,360		1,426,210		6.6%		(6.1)%
Bankers drafts and Other Deposits		831,929		834,135		662,095		(20.4)%		(20.6)%
Other Liabilities		979,622		1,083,402		999,853		2.1%		(7.7)%
Total		3,149,650		3,436,897		3,088,158		(2.0)%		(10.1)%
Interest Bearing Liabilitie s
Savings & Time Deposits		3,657,154		4,093,543		4,209,867		15.1%		2.8%
Central Bank Borrow ings		2,706		1,608		1,539		(43.1)%		(4.3)%
Repurchase Agreements		465,102		302,021		241,727		(48.0)%		(20.0)%
Mortgage Finance Bonds		934,197		629,617		591,288		(36.7)%		(6.1)%
Subordinated Bonds		275,193		307,286		304,637		10.7%		(0.9)%
Other Bonds		184,406		273,952		318,180		72.5%		16.1%
Borrowings from Domestic Financ. Inst.		49,529		256,171		148,781		200.4%		(41.9)%
Foreign Borrowings		459,016		706,623		622,939		35.7%		(11.8)%
Other Obligations		47,641		46,573		49,982		4.9%		7.3%
Total		6,074,944		6,617,394		6,488,940		6.8%		(1.9)%
Total Liabilities		9,224,594		10,054,291		9,577,098		3.8%		(4.7)%

INVESTMENT PORTFOLIO

As of September 2005, the Bank’s investment portfolio totaled Ch$1,308,926 million, a decrease of 8.9% as compared to June 2005. This was mainly driven by short-term Central Bank securities maintained in order to comply with lower technical reserve requirements² as a consequence of the increase in capital and reserves resulting from the 2.5% sale of the Bank’s stocks. It is important to point out that in a context of expected increase in interest rates, the Bank maintained a shorter duration of its investment portfolio.

At September 30, 2005, the investment portfolio was principally comprised of:

________________________________________

2

Technical reserve applies to demand deposits, checking accounts, or obligations payable on sight, other deposits unconditionally payable immediately or within a term of less than 30 days and time deposits payable within 10 days prior to maturity, to the extent their aggregate amount exceeds 2.5 times the amount of a bank’s capital and reserves.

SHAREHOLDERS’ EQUITY

As of September 30, 2005, the Bank’s Shareholder Equity totaled Ch$730,500 million (US$1,369 million), a 10.3% increase compared to 3Q04. This increase was mainly due to a 12.8% growth in net income during the last twelve months and to the sale of 2.5% of Banco de Chile’s shares, the final stage of its repurchase program, which implied an increase in the capital and reserves line in the amount of Ch$57,758 million. On the other hand, the drop in the adjustment for translation differences³ was primarily a consequence of the 12.1% annual decline in the exchange rate.

At the end of September 2005, on a consolidated basis, Total Capital to Risk-Adjusted Assets (BIS ratio) was 12.0%, and Basic Capital to Total Assets was 5.7%, both well above the minimum requirements of 10% and 3%, respectively, applicable to Banco de Chile.

Shareholders' Equity
(in million of Chilean pesos)				Sep-04		Jun-05		Sep-05		% Change  12-months
Capital and Reserves				532,950		531,258		589,641		10.6%
Accumulated adjustment for translation dif ferences 3				3,925		2,063		(569)		(114.5)%
Unrealized gain (loss) on permanent financial invest. 4				126		27		27		(78.6)%
Net Income				125,308		94,307		141,401		12.8%
Total Share holde rs' Equity				662,309		627,655		730,500		10.3%
________________________________________
3	Represents the effect of the variation in the exchange rate on investments abroad that exceed the restatement of these investments according to the change in the consumer price index.
4	Financial investments traded on a secondary market are shown adjusted to market value, following specific instructions from the Superintendency of Banks and Financial Institutions. These instructions state that such adjustments should be recognized against income, except in the case of the permanent portfolio, when an equity account, “Unrealized gains (losses) on permanent financial investments”, may be directly charged or credited.

---

	2005 Third Quarter Results

BANCO DE CHILE

CONSOLIDATED STATEMENTS OF INCOME (Under Chilean GAAP)

(Expressed in millions of constant Chilean pesos (MCh$) as of September 30, 2005 and m illions of US dollars (MUS$))

		Quarters								% Change				Year ended								% Change
		3Q04		2Q05		3Q05		3Q05		3Q05-3Q04		3Q05-2Q05		Sep.04		Dec.04		Sep.05		Sep.05		Sep.05-Sep. 04
		MCh$		MCh$		MCh$		MUS$						MCh$		MCh$		MCh$		MUS$
Interest revenue and expense
Interest revenue		143,857		193,167		172,367		323.0		19.8 %		(10.8) %		428,827		556,413		476,993		893.8		11.2 %
Interest expense		(64,006)		(94,900)		(86,797)		(162.6)		35.6 %		(8.5) %		(162,043)		(220,058)		(211,173)		(395.7)		30.3 %
Net interest revenue		79,851		98,267		85,570		160.4		7.2 %		(12.9) %		266,784		336,355		265,820		498.1		(0.4) %
Income from services, net
Income from fees and other services		45,033		43,875		48,420		90.7		7.5 %		10.4 %		124,698		170,705		133,776		250.7		7.3 %
Other services expenses		(10,295)		(9,685)		(13,158)		(24.7)		27.8 %		35.9 %		(30,237)		(40,819)		(34,283)		(64.2)		13.4 %
Income from services, net		34,738		34,190		35,262		66.0		1.5 %		3.1 %		94,461		129,886		99,493		186.5		5.3 %
Other operating income, net
Gains on financial instruments, net		(2,329)		4,735		1,236		2.3		n/a		(73.9) %		4,338		(3,227)		7,196		13.5		65.9 %
Foreign exchange transactions, net		11,628		572		10,844		20.3		(6.7) %		1795.8 %		(6,665)		18,084		5,844		11.0		n/a
T otal other operating income, net		9,299		5,307		12,080		22.6		29.9 %		127.6 %		(2,327)		14,857		13,040		24.5		n/a
Operating Revenues		123,888		137,764		132,912		249.0		7.3 %		(3.5) %		358,918		481,098		378,353		709.1		5.4 %
Provision for loan losses		(20,063)		(11,045)		(12,518)		(23.5)		(37.6) %		13.3 %		(54,175)		(75,276)		(36,920)		(69.2)		(31.9) %
Other income and expenses
Recovery of loans previously charged-off		12,714		9,295		7,910		14.8		(37.8) %		(14.9) %		27,370		34,546		25,028		46.9		(8.6) %
Non-operating income		940		2,171		1,967		3.8		109.3 %		(9.4) %		3,501		4,936		5,252		9.8		50.0 %
Non-operating expenses		(5,838)		(3,580)		(3,198)		(5.9)		(45.2) %		(10.7) %		(13,327)		(16,293)		(8,671)		(16.2)		(34.9) %
Participation in earnings of equity investments		376		226		71		0.1		(81.1) %		(68.6) %		554		446		493		0.9		(11.0) %
Total other income and expenses		8,192		8,112		6,750		12.8		(17.6) %		(16.8) %		18,098		23,635		22,102		41.4		22.1 %
Operating expenses
Personnel salaries and expenses		(34,177)		(40,194)		(36,296)		(68.0)		6.2 %		(9.7) %		(99,361)		(139,877)		(110,777)		(207.6)		11.5 %
Administrative and other expenses		(23,228)		(25,089)		(28,760)		(53.9)		23.8 %		14.6 %		(64,472)		(90,494)		(76,523)		(143.4)		18.7 %
Depreciation and amortization		(4,313)		(4,416)		(4,379)		(8.2)		1.5 %		(0.8) %		(12,178)		(16,360)		(12,696)		(23.8)		4.3 %
Total operating expenses		(61,718)		(69,699)		(69,435)		(130.1)		12.5 %		(0.4) %		(176,011)		(246,731)		(199,996)		(374.8)		13.6 %
Loss from price-level restatement		(3,773)		(6,032)		(4,779)		(9.0)		26.7 %		(20.8) %		(5,739)		(7,645)		(6,805)		(12.8)		18.6 %
Minority interest in consolidated subsidiaries		0		0		0		0.0		n/a		n/a		(1)		(1)		0		0.0		n/a
Income before income taxes		46,526		59,100		52,930		99.2		13.8 %		(10.4) %		141,090		175,080		156,734		293.7		11.1 %
Income taxes		(6,071)		(6,163)		(4,626)		(8.7)		(23.8) %		(24.9) %		(15,782)		(18,789)		(15,333)		(28.7)		(2.8) %
Net income		40,455		52,937		48,304		90.5		19.4 %		(8.8) %		125,308		156,291		141,401		265.0		12.8 %

The results have been prepared in accordance with Chilean GAAP on an unaudited, consolidated basis. All figures are expressed in constant Chilean pesos as of September 30, 2005, unless otherwise stated. Therefore, all growth rates are in real terms. All figures expressed in US dollars (except earnings per ADR) were converted using the exchange rate of Ch$533.69 for US$1.00 as of September 30, 2005. Earnings per ADR were calculated considering the nominal net income and, the exchange rate and the number of shares existing at the end of each period.

---

	2005 Third Quarter Results

BANCO DE CHILE

CONSOLIDATED BALANCE SHEETS (Under Chilean GAAP)

(Expressed in millions of constant Chilean pesos (MCh$) as of September 30, 2005 and m illions of US dollars (MUS$))

ASSET S		Dec 03   MCh$		Sep 04   MCh$		Dec 04   MCh$		Jun 05   MCh$		Sep 05   MCh$		Sep-05  MUS$		% C h a n g e
														Sep 05-Sep 04 Sep 05-Dec 04Sep 05-Jun 05
Cash and due from banks
Noninterest bearing		676,024		610,780		552,588		783,645		887,110		1,662.2		45.2%		60.5%		13.2%
Interbank bearing		223,309		129,068		359,402		442,018		86,193		161.5		(33.2% )		(76.0% )		(80.5% )
Total cash and due from banks		899,333		739,848		911,990		1,225,663		973,303		1,823.7		31.6%		6.7%		(20.6%)
Financial investments
Government securities		1,060,357		1,067,590		935,584		822,838		578,513		1,084.0		(45.8% )		(38.2% )		(29.7% )
Investments purchase under agreements to resell		31,131		43,997		26,941		29,991		50,333		94.3		14.4%		86.8%		67.8%
Investment collateral under agreements to repurchase		438,662		453,738		355,514		295,907		243,086		455.5		(46.4% )		(31.6% )		(17.9% )
Other investments		481,223		277,129		327,808		288,308		436,994		818.8		57.7%		33.3%		51.6%
Total financial investments		2,011,373		1,842,454		1,645,847		1,437,044		1,308,926		2,452.6		(29.0%)		(20.5%)		(8.9%)
Loans, Net
Commercial loans		2,773,174		2,761,746		2,936,103		3,125,140		3,196,016		5,988.5		15.7%		8.9%		2.3%
Consumer loans		617,884		697,175		708,455		764,688		794,010		1,487.8		13.9%		12.1%		3.8%
Mortgage loans		1,183,980		965,258		839,559		722,721		688,379		1,289.8		(28.7% )		(18.0% )		(4.8% )
Foreign trade loans		690,931		661,529		613,428		710,279		624,033		1,169.3		(5.7% )		1.7%		(12.1% )
Interbank loans		13,879		41,648		15,563		7,641		39,666		74.3		(4.8% )		154.9%		419.1%
Lease contracts		282,296		338,811		352,105		400,004		420,497		787.9		24.1%		19.4%		5.1%
Other outstanding loans		462,867		756,436		958,671		1,141,835		1,188,281		2,226.5		57.1%		24.0%		4.1%
Past due loans		110,736		100,255		86,717		83,075		75,956		142.3		(24.2% )		(12.4% )		(8.6% )
Contingent loans		429,929		522,562		543,643		640,460		612,553		1,147.8		17.2%		12.7%		(4.4% )
Total loans		6,565,676		6,845,420		7,054,244		7,595,843		7,639,391		14,314.2		11.6%		8.3%		0.6%
Allowances		(188,352)		(168,006)		(157,432)		(140,929)		(137,556)		(257.7)		(18.1% )		(12.6% )		(2.4% )
Total loans, net		6,377,324		6,677,414		6,896,812		7,454,914		7,501,835		14,056.5		12.3%		8.8%		0.6%
Other assets
Assets received in lieu of payment		16,402		16,844		16,517		15,034		13,159		24.7		(21.9% )		(20.3% )		(12.5% )
Bank premises and equipment		134,092		135,559		135,854		138,680		138,147		258.9		1.9%		1.7%		(0.4% )
Investments in other companies		5,559		5,663		5,542		7,134		7,131		13.4		25.9%		28.7%		(0.0% )
Other		264,615		469,122		268,220		403,478		365,098		684.0		(22.2% )		36.1%		(9.5% )
Total other assets		420,668		627,188		426,133		564,326		523,535		981.0		(16.5%)		22.9%		(7.2%)
T otal assets		9,708,698		9,886,904		9,880,782		10,681,947		10,307,599		19,313.8		4.3%		4.3%		(3.5%)

---

	2005 Third Quarter Results

BANCO DE CHILE

CONSOLIDATED BALANCE SHEETS (Under Chilean GAAP)

(Expressed in millions of constant Chilean pesos (MCh$) as of September 30, 2005 and m illions of US dollars (MUS$))

LIABILITIES & SHAREHOLDERS' EQUITY		Dec 03   MCh$		Sep 04   MCh$		Dec 04   MCh$		Jun 05   MCh$		Sep 05   MCh$		Sep-05 MUS$		% C h a n g e
														Sep 05-Sep 04 Sep 05-Dec 04Sep 05-Jun 05
Deposits
Current accounts		1,288,780		1,338,099		1,458,759		1,519,360		1,426,210		2,672.4		6.6%		(2.2% )		(6.1% )
Bankers drafts and other deposits		696,358		831,929		714,215		834,135		662,095		1,240.6		(20.4% )		(7.3% )		(20.6% )
Saving accounts and time deposits		3,592,293		3,657,154		3,751,610		4,093,543		4,209,867		7,888.2		15.1%		12.2%		2.8%
T otal deposits		5,577,431		5,827,182		5,924,584		6,447,038		6,298,172		11,801.2		8.1%		6.3%		(2.3%)
Borrowings
Central Bank borrow ings		29,264		2,706		112,202		1,608		1,539		2.9		(43.1% )		(98.6% )		(4.3% )
Securities sold under agreements to repurchase		447,907		465,102		357,464		302,021		241,727		452.9		(48.0% )		(32.4% )		(20.0% )
Mortgage finance bonds		1,064,769		934,197		807,821		629,617		591,288		1,107.9		(36.7% )		(26.8% )		(6.1% )
Other bonds		3,282		184,406		185,871		273,952		318,180		596.2		72.5%		71.2%		16.1%
Subordinated bonds		284,648		275,193		272,695		307,286		304,637		570.8		10.7%		11.7%		(0.9% )
Borrowings from domestic financial institutions		52,356		49,529		27,033		256,171		148,781		278.8		200.4%		450.4%		(41.9% )
Foreign borrowings		753,580		459,016		609,841		706,623		622,939		1,167.2		35.7%		2.1%		(11.8% )
Other obligations		62,556		47,641		45,923		46,573		49,982		93.7		4.9%		8.8%		7.3%
Total borrowings		2,698,362		2,417,790		2,418,850		2,523,851		2,279,073		4,270.4		(5.7%)		(5.8%)		(9.7%)
Other liabilities
Contingent liabilities		429,956		525,379		544,944		641,000		612,589		1,147.8		16.6%		12.4%		(4.4% )
Other		272,763		454,243		301,681		442,402		387,264		725.7		(14.7% )		28.4%		(12.5% )
Total other liabilities		702,719		979,622		846,625		1,083,402		999,853		1,873.5		2.1%		18.1%		(7.7%)
Minority interest in consolidated subsidiaries		5		1		1		1		1		0.0		0.0%		0.0%		0.0%
Shareholders' equity
Capital and Reserv es		593,153		537,001		534,431		533,348		589,099		1,103.8		9.7%		10.2%		10.5%
Net income for the y ear		137,028		125,308		156,291		94,307		141,401		264.9		12.8%		(9.5% )		49.9%
Total shareholders' equity		730,181		662,309		690,722		627,655		730,500		1,368.7		10.3%		5.8%		16.4%
T otal liabilities & shareholders' equity		9,708,698		9,886,904		9,880,782		10,681,947		10,307,599		19,313.8		4.3%		4.3%		(3.5%)

---

	2005 Third Quarter Results

BANCO DE CHILE

SELECTED CONSOLIDATED FINANCIAL INFORM ATION

		Q u a r t e r s						Y e a r e n d e d
		3Q04		2Q05		3Q05		Sep.04		Dec.04		Sep.05
Earnings per Share
Net income per Share (Ch$) (1)		0.61		0.80		0.71		1.89		2.35		2.08
Net income per ADS (Ch$) (1)		365.68		478.51		425.71		1,132.68		1,412.74		1,246.19
Net income per ADS (US$) (2)		0.60		0.83		0.80		1.87		2.52		2.34
Book value per Share (Ch$) (1)		9.98		9.45		10.73		9.98		10.40		10.73
Shares outstanding (Millions)		66,378		66,378		68,080		66,378		66,378		68,080
Profitability Ratios (3)(4)
Net Interest Margin		3.57%		4.18%		3.75%		4.06%		3.84%		3.93%
Net Financial Margin		4.09%		4.21%		4.23%		3.96%		4.04%		4.01%
Fees / Avg. Interest Earnings Assets		1.55%		1.46%		1.55%		1.44%		1.48%		1.47%
Other Operating Revenues / Avg. Interest Earnings Assets		0.42%		0.23%		0.53%		-0.04%		0.17%		0.19%
Operating Revenues / Avg. Interest Earnings Assets		5.54%		5.86%		5.83%		5.47%		5.49%		5.59%
Return on Average Total Assets		1.63%		2.00%		1.86%		1.70%		1.59%		1.85%
Return on Average Shareholders' Equity		24.94%		35.32%		28.16%		25.25%		23.56%		29.06%
Capital Ratios
Shareholders Equity / Total Assets		6.70%		5.88%		7.09%		6.70%		6.99%		7.09%
Basic Capital / total assets		5.39%		4.96%		5.68%		5.39%		5.37%		5.68%
Basic Capital / Risk-Adjusted Assets		8.04%		7.26%		7.98%		8.04%		7.81%		7.98%
Total Capital / Risk-Adjusted Assets		12.06%		11.32%		11.97%		12.06%		11.67%		11.97%
Credit Quality Ratios
Past Due Loans / Total Loans		1.46%		1.09%		0.99%		1.46%		1.23%		0.99%
Allowance for Loan losses / Past-due loans		167.58%		169.64%		181.10%		167.58%		181.55%		181.10%
Allowance for Loans Losses / Total Loans		2.45%		1.86%		1.80%		2.45%		2.23%		1.80%
Provision for Loan Losses / Avg.Loans (4)		1.16%		0.58%		0.66%		1.07%		1.11%		0.67%
Operating and Productivity Ratios
Operating Expenses / Operating Revenue		49.82%		50.59%		52.24%		49.04%		51.28%		52.86%
Operating Expenses / Average Total Assets (3)		2.49%		2.63%		2.67%		2.39%		2.51%		2.62%
Loans per employee (million Ch$) (1)		738		796		774		738		753		774
Average Balance Sheet Data (1)(3)
Avg. Interest Earnings Assets (million Ch$)		8,944,516		9,396,076		9,116,425		8,756,010		8,766,195		9,024,097
Avg. Assets (million Ch$)		9,924,811		10,593,752		10,406,400		9,821,963		9,831,653		10,183,318
Avg. Shareholders Equity (million Ch$)		648,753		599,436		686,117		661,737		663,475		648,817
Avg. Loans		6,900,001		7,553,711		7,575,615		6,728,992		6,788,921		7,371,841
Avg. Interest Bearing Liabilities (million Ch$)		6,371,175		6,714,586		6,551,617		6,284,092		6,234,038		6,382,499
Other Data
Inflation Rate		0.66%		1.59%		1.91%		2.25%		2.43%		3.76%
Exchange rate (Ch$)		606.96		578.92		533.69		606.96		559.83		533.69
Employees		9,271		9,542		9,896		9,271		9,365		9,896

Notes

(1) These figures were expressed in constant Chilean pesos as of September 30, 2005.

(2) These figures were calculated considering the nominal net income, the shares outstanding and the exchange rates existing at the end of each period.

(3) The ratios were calculated as an average of daily balances.

(4) Annualized data.

---

	2005 Third Quarter Results

CONTACTS:		Jacqueline Barrio
		(56-2) 653 2938
		jbarrio@bancochile.cl
		Rolando Arias
		(56-2) 653 3535
		rarias@bancochile.cl

FORWARD-LOOKING INFORMATION

The information contained herein incorporates by reference statements which constitute ‘‘forward-looking statements,’’ in that they include statements regarding the intent, belief or current expectations of our directors and officers with respect to our future operating performance. Such statements include any forecasts, projections and descriptions of anticipated cost savings or other synergies. You should be aware that any such forward-looking statements are not guarantees of future performance and may involve risks and uncertainties, and that actual results may differ from those set forth in the forward-looking statements as a result of various factors (including, without limitations, the actions of competitors, future global economic conditions, market conditions, foreign exchange rates, and operating and financial risks related to managing growth and integrating acquired businesses), 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.

	Factors that could cause actual results to differ materially and adversely include, but are not limited to:
	•	changes in general economic, business or political or other conditions in Chile or changes in general economic or business conditions in Latin America;
	•	changes in capital markets in general that may affect policies or attitudes toward lending to Chile or Chilean companies;
	•	unexpected developments in certain existing litigation;
	•	increased costs;
	•	unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms; and

You should not place undue reliance on such statements, which speak only as of the date that they were made. Our independent public accountants have not examined or compiled the forward-looking statements and, accordingly, do not provide any assurance with respect to such statements. These cautionary statements should be considered in connection with any written or oral forward-looking statements that we may issue in the future. We do not undertake any obligation to release publicly any revisions to such forward-looking statements after completion of this offering to reflect later events or circumstances or to reflect the occurrence of unanticipated events.

---

Date: October 28, 2005

---