Banco Santander, S.A. acquired Credit Portfolio of Telefónica Chile S.A. and Telefonica Moviles, S.A.

Telefonica Chile SA is a Chile-based company engaged, through its subsidiaries and affiliates, in the telecommunications sector. The Company's range of products and services are marketed under the Movistar brand, which includes mobile and fixed telephony, long-distance calls, pre-paid telephone cards, broadband Internet access, digital television, data transmission and Internet protocol (IP) telephony, among others. As of December 31, 2012, the Company owned five direct and indirect subsidiaries Telefonica Gestion de Servicios Compartidos Chile SA, Telefonica Empresas Chile SA, Telefonica Multimedia Chile Dos SA, Instituto Telefonica Chile SA and Telefonica Larga Distancia SA; as well as a minor stake in Telefonica Chile Servicios Corporativos Ltda.