# EDGAR Filing Document

**Accession Number:** 0000019957
**File Stem:** 0001104659-25-066167
**Filing Date:** 2025-7
**Character Count:** 289185
**Document Hash:** fee907c052b294d3b1ba72e5c8b5b0e8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-066167.hdr.sgml**: 20250707

**ACCESSION NUMBER**: 0001104659-25-066167

**CONFORMED SUBMISSION TYPE**: 18-K/A

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20231231

**FILED AS OF DATE**: 20250707

**DATE AS OF CHANGE**: 20250707

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REPUBLIC OF CHILE
- **CENTRAL INDEX KEY:** 0000019957
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-02574
- **FILM NUMBER:** 251108777

**BUSINESS ADDRESS:**
- **STREET 1:** MINISTRY OF FINANCE
- **STREET 2:** TEATINOS 120
- **CITY:** SANTIAGO CHILE
- **STATE:** F3
- **ZIP:** 00000

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHILE REPUBLIC OF
- **DATE OF NAME CHANGE:** 20000101

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 18–K/A**

**For Foreign Governments and Political Subdivisions Thereof**

**AMENDMENT No. 8**

**to**

**ANNUAL REPORT**

**of**

**REPUBLIC OF CHILE**

**(Name of Registrant)**

**Date of end of last fiscal year: December 31, 2023**

**SECURITIES REGISTERED\*<br> (As of the close of the fiscal year)**

---

| | | |
|:---|:---|:---|
| **Title of Issue** | **Amount as to Which Registration<br> is Effective** | **Names of Exchanges on Which<br> Registered** |
| N/A | N/A | N/A |

---

Name and address of person authorized to receive notices<br> and communications from the Securities and Exchange Commission:<br> **Alejandro A. Gordano, Esq.<br> Allen Overy Shearman Sterling US LLP<br> 599 Lexington Avenue, New York, NY 10022**

\* The Registrant is filing this annual report on a voluntary basis.

**Explanatory Note**

This amendment to the Republic of Chile's (the "Republic" or "Chile") Annual Report on Form 18–K for the fiscal year ended December 31, 2023 (the "Annual Report") comprises:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Pages numbered 1 to 3 consecutively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The following exhibits:

[Exhibit 1:](tm2519820d1_ex1.htm) [Conformed copy of the Dealer Manager Agreement, dated June 24, 2025, between the Republic, Crédit Agricole Corporate and Investment Bank, Merrill Lynch International, and Société Générale.](tm2519820d1_ex1.htm)

---

| | |
|:---|:---|
| [Exhibit 2:](tm2519820d1_ex2.htm) | [Form of €111,014,928 3.800% Notes due 2035 No. 002.](tm2519820d1_ex2.htm) |

---

---

| | |
|:---|:---|
| [Exhibit 3:](tm2519820d1_ex3.htm) | [Post-Effective Legality Opinion of Allen Overy Shearman Sterling US LLP for the offer to exchange eligible securities for its €1,300,000,000 3.800% Notes due 2035.](tm2519820d1_ex3.htm) |

---

---

| | |
|:---|:---|
| [Exhibit 4:](tm2519820d1_ex4.htm) | [Post-Effective Legality Opinion of Morales & Besa Ltda. for the offer to exchange eligible securities for its €1,300,000,000 3.800% Notes due 2035.](tm2519820d1_ex4.htm) |

---

This amendment to the Annual Report is filed subject to the Instructions for Form 18–K for Foreign Governments and Political Subdivisions thereof.

**Signature**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant, the Republic of Chile, has duly caused this amendment to the Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Santiago, Chile, on the 7th day of July, 2025.

---

| | |
|:---|:---|
| REPUBLIC OF CHILE | REPUBLIC OF CHILE |
| By: | /s/ Mario Marcel Cullell |
| Mario Marcel Cullell | Mario Marcel Cullell |
| Minister of Finance | Minister of Finance |
| Republic of Chile | Republic of Chile |

---

## Ex-1

**Exhibit 1**

**DEALER MANAGER AGREEMENT**

June 24, 2025

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Société Générale<br> 29, boulevard Haussmann

75009 Paris

France

Ladies and Gentlemen:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Offer</u>. The Republic of Chile (the "<u>Republic</u>") plans to make an invitation (the "<u>Offer</u>") to holders of certain outstanding notes of the Republic as set forth on Schedule I hereto (collectively, the "<u>Eligible Notes</u>") to submit offers to exchange Eligible Notes for the Republic's New Notes listed on Schedule II hereto (the "<u>New Notes</u>") on the terms and subject to the conditions set forth in this agreement (this "<u>Agreement</u>") and the Prospectus Supplement (as defined in Section 8(a) below). The New Notes will be issued pursuant to an indenture, dated as of December 12, 2014 (the "<u>Base Indenture</u>") between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended by the first supplemental indenture, dated as of May 27, 2015 (the "<u>First Supplemental Indenture</u>" and, together with the Base Indenture, the "<u>Indenture</u>") a copy of which was filed on May 5, 2015 with the Securities and Exchange Commission (the "<u>Commission</u>") as an exhibit to a post-effective amendment to registration statement No. 333-183920, under Schedule B ("<u>Schedule B</u>") of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"). In addition, the Republic is offering and plans to sell the New Notes pursuant to an underwriting agreement expected to be dated on or about June 24, 2025, among the Republic and the underwriters named therein (the "<u>New Notes Underwriting Agreement</u>"). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Prospectus Supplement.

The Base Prospectus (as defined in Section 8(a) below) together with the Prospectus Supplement in the form in which it shall be first filed with the Commission pursuant to Rule 424(b) under the Securities Act ("<u>Rule 424(b)</u>") is hereinafter referred to as the "<u>Prospectus;</u>" and any reference to any amendment or supplement to the Base Prospectus, Prospectus Supplement or Prospectus shall be deemed to refer to and include any annual reports on Form 18-K and any amendments to such Form 18-K on Form 18-K/A (including all exhibits thereto) (collectively, a "<u>Form 18-K</u>") filed with the Commission after the date hereof, under the United States Securities Exchange Act of 1934 (the "<u>Exchange Act</u>") and incorporated by reference in the Prospectus. For purposes of this agreement (i) the Prospectus, as amended and supplemented as of the Expiration Date, (ii) any Issuer Free Writing Prospectus to be filed with the Commission relating to the Offer prior to the Settlement Date, (iii) any press release to be issued by the Republic relating to the Offer prior to the Settlement Date, and (iv) any other Free Writing Prospectus that the parties hereto shall hereafter expressly agree in writing to treat as part of this Disclosure Package, taken as a whole, used on or before the Expiration Date, are hereinafter referred to as the "<u>Disclosure Package</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appointment as Dealer Managers</u>. The Republic hereby appoints you as exclusive Dealer Managers (the "<u>Dealer Managers</u>") in connection with the Offer, and authorizes you to act as such on its behalf in the jurisdictions identified in Schedule III hereto, in accordance with this Agreement and the Prospectus. Subject to the terms of this Agreement and the Prospectus and compliance with applicable law, you agree to (1) advise the Republic with respect to the terms and timing of the Offer and assist the Republic in preparing any Prospectus, (2) use your reasonable best efforts to solicit tenders of Eligible Notes pursuant to the Offer (the "<u>Tenders</u>"), (3) communicate with brokers, dealers, commercial banks, trust companies and holders of the Eligible Notes (the "<u>Holders</u>") with respect to the Offer and (4) perform the duties assigned to you in the Prospectus.

The Republic acknowledges that, in the course of providing their services hereunder, the Dealer Managers may retain the services of one or more of their respective global affiliates to perform certain services to be performed by the Dealer Managers hereunder, including the jurisdictions in Schedule III hereto, in which case each Dealer Manager shall be responsible for the performance of its affiliates, which are entitled to the benefits and subject to the obligations of the Dealer Managers under this Agreement, as applicable. No Dealer Manager shall be liable for any failure to perform services in jurisdictions where such Dealer Manager does not have an affiliate licensed to perform the services of a Dealer Manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>No Liability for Acts of Dealers, Commercial Banks and Trust Companies</u>. Neither the Dealer Managers nor any of their respective affiliates shall have any liability (in tort, contract or otherwise) to the Republic or any other person asserting claims on behalf of or in right of the Republic for any act or omission on the part of any broker or dealer in securities (each, a "<u>Dealer</u>") (other than yourselves) or any commercial bank or trust company that solicits Tenders, and neither you nor any of your affiliates shall have any liability (in tort, contract or otherwise) to the Republic or any other person asserting claims on behalf of or in right of the Republic for any losses, claims, damages, expenses or liabilities arising in connection with the solicitation of Tenders pursuant to the Offer or as a result of either your engagement or any matter referred to in this Agreement, except for any such losses, claims, damages, expenses or liabilities incurred by the Republic or any other person asserting claims on behalf of or in right of the Republic that are attributable to the Dealer Managers' or any of their respective affiliates' bad faith, gross negligence or willful misconduct in performing the services that are the subject of this Agreement. In soliciting or obtaining Tenders, you, as Dealer Managers, shall act as independent contractors, and no Dealer, commercial bank or trust company is to be deemed to be acting as your agent or the agent of the Republic, or a partner, joint venturer, or a member of a syndicate with the Republic, and neither you, as Dealer Managers nor any of your respective affiliates, shall be deemed an agent of the Republic, any Dealer, commercial bank or trust company or any other person. The Dealer Managers (i) shall not be liable to each other or the Republic for any act or omission of the other in connection with or related to the Offer, or any act or omission on the part of any Dealer, commercial bank or trust company or any other person; (ii) shall not be under any duty or obligation to make any determination regarding the validity of the Tenders to the other; (iii) are not providing accounting, tax or legal advice; and (iv) may conclusively rely upon any statement made by or notice, direction, certificate, affidavit, statement or other paper, document or communication provided by the other in connection with the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>The Prospectus</u>. (a) Subject to applicable law, the Republic authorizes you to use, and agrees to furnish you with as many copies as you may reasonably request of, the Prospectus, any issuer free writing prospectuses as defined in Rule 433 under the Securities Act relating to the Offer (each, an "<u>Issuer Free Writing Prospectus</u>"), if any, to be filed with the Commission prior to the Settlement Date, any other free writing prospectus as defined in Rule 405 under the Securities Act relating to the Offer (each, a "<u>Free Writing Prospectus</u>") that the parties hereto shall hereafter agree in writing to treat as part of the Prospectus. Subject to applicable law, the Republic shall instruct the Information and Exchange Agent (as defined herein) to make available (or distribute through any means as mutually agreed with the Dealer Managers) to each registered Holder of any Eligible Notes, as soon as practicable, copies of the Prospectus and any amendments and supplements thereto. Thereafter, to the extent practicable until the Expiration Date, the Republic shall use its best efforts to cause copies of such materials to be made available (or distributed through any means as mutually agreed with the Dealer Managers) to each person who becomes a Holder of record of any Eligible Note, upon request by such Holder, in each case subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic shall not amend or supplement the Prospectus, or file, use or publish any such amendment or supplement or other offering materials for use in connection with the Offer or the results of the Offer, or refer to the Dealer Managers in any such material (except in each case for any announcements or notices required by applicable law, rules or regulations), without the Dealer Managers' prior written consent, which consent shall not be unreasonably withheld. You shall not prepare or approve any other material for use with any third party in connection with the Offer, without the Republic's consent, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic will advise you promptly of (i) the occurrence after the date hereof of any event which could cause the Republic to withdraw or terminate the Offer or would permit the Republic to exercise the right not to exchange or purchase the Eligible Notes tendered pursuant to the Offer or not to issue the New Notes, (ii) any requirement after the date hereof to amend or supplement any Prospectus, (iii) the issuance after the date hereof of any communication, comment or order by the Commission or any National Governmental Agency (and, if in writing, will furnish a copy thereof) which is relevant to the Offer and (iv) any other information relating to the Offer which you may from time to time reasonably request in the performance of your duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Republic agrees (i) to advise you, promptly after it receives notice thereof, of the issuance by the Commission of any stop order or of any order preventing or suspending the use of any Prospectus or any amendment or supplement thereto, of the suspension of the qualification of the New Notes for offering or delivery in any jurisdiction, of the initiation or threatening of any proceeding for any such purpose, or of any request by the Commission for amending or supplementing of the Registration Statement (as defined below), the Base Prospectus or the Prospectus Supplement or any amendment or supplement thereto or for additional information; and, in the event of the issuance of any stop order or of any order preventing or suspending the use of any Prospectus or any amendment or supplement thereto or suspending any such qualification, to promptly use its best efforts to obtain the withdrawal of such order; and (ii) promptly from time to time prior to the Expiration Date, and, if required in your reasonable judgment, after the Expiration Date, to take such action as you may reasonably request to qualify the Offer and the New Notes for offering and delivery under the Blue Sky or investment laws of such jurisdictions in the United States as you may reasonably request and to comply with such laws so as to permit the continuance of the Offer and delivery and dealings in the New Notes in such jurisdictions for as long as may be necessary to complete the Offer, <u>provided</u> that in connection therewith the Republic shall not be required to file a general consent to service of process in any jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Republic agrees, if the delivery of a prospectus is required by law at any time prior to the expiration of 120 days after the time of issue of the Prospectus in connection with the Offer and if any event relating to or affecting the Republic, or of which the Republic is advised in writing by the Dealer Managers, shall occur, which should be set forth in a supplement to or an amendment of the Prospectus in order to make the statements set forth in the Prospectus, in the light of the circumstances under which they were made, not misleading, or if it is necessary to amend the Prospectus to comply with the Securities Act, the Republic will forthwith at its expense prepare (subject to the Dealer Managers' prior written consent pursuant to Section 4(b)) and furnish to the Dealer Managers and the dealers named by any of the Dealer Managers a reasonable number of copies of a supplement to or supplements or an amendment or amendments of the Prospectus which will supplement or amend the Prospectus so that as supplemented or amended it will comply with the Securities Act and will not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading. In case any Dealer Manager or dealer is required to deliver a prospectus after the expiration of 120 days after the time of issue of the Prospectus, the Republic, upon the request of such Dealer Manager or dealer, will furnish to such Dealer Manager or dealer, a reasonable quantity of a supplemented or amended Prospectus, or supplements to or amendments of the Prospectus, complying with Section 10(a) of the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation</u>. (a) In consideration of services provided hereunder as Dealer Managers, the Republic shall pay the Dealer Managers a fee in euros equal to 0.040% of the aggregate principal amount of New Notes issued pursuant to the Offer. For the avoidance of doubt, if no New Notes are issued pursuant to the Offer, no fee will be due or payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All fees payable to the Dealer Managers hereunder shall be payable by the Republic to the Dealer Managers in euros in same-day funds through a money transfer to an account or accounts to be designated in writing by the Dealer Managers, and free and clear of any and all withholding or other similar taxes imposed by the Republic and without withholding or deduction for, or on account of, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld, assessed by or within the Republic or any authority therein or thereof having power to tax; if any such taxes are payable, the fees payable hereunder shall be increased so that the amount paid shall be equal to the amount that would have been payable had such taxes not been applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Expenses</u>. (a) The Dealer Managers agree to pay, or reimburse the Republic for, the costs and expenses incurred in connection with the Offer and the issuance and delivery of the New Notes, including but not limited to: (i) the costs of printing the Registration Statement, the Prospectus Supplement and the Disclosure Package, (ii) the costs of distributing the Registration Statement, the Prospectus Supplement and the Disclosure Package, (iii) the initial, up-front fees and expenses of the Trustee, and any paying agent (including related fees and expenses of any counsel for such parties), (iv) all expenses and fees incurred in connection with the clearance of the New Notes for book-entry transfer through DTC, Euroclear and Clearstream Luxembourg, (v) the fees and expenses incurred in listing the New Notes on the International Securities Market (the "ISM") of the London Stock Exchange (the "Stock Exchange") and admitting the New Notes for trading thereon, (vi) the fee payable to the Commission in connection with the initial filing of the Registration Statements with the Commission, (vii) the fees and expenses of Chilean and United States counsel to the Republic in connection with the issuance of the New Notes (subject to any agreed caps), (viii) any fees and expenses of the Financial Industry Regulatory Authority, Inc. or the fees and expenses of qualifying the New Notes under any applicable securities laws of the several jurisdictions as provided for in Section ‎6(g) and preparing, printing and distributing a Blue Sky memorandum (including related fees and expenses of counsel), (ix) all roadshow expenses (x) the fees and expenses of Chilean and United States counsel to the Dealer Managers in connection with the Offer and the issuance of the New Notes, (xi) the fees and expenses of any second party opinion provider or any expenses associated with the Republic's sustainability-linked framework, (xii) the fees payable to the Information and Exchange Agent in connection with the Offer and (xiii) its own out-of-pocket expenses. The Republic agrees to pay, or reimburse the Dealer Managers for, costs and expenses (including, without limitation, all those set forth in clauses <u>(i)</u> through (xii) above, but excluding all those set forth in clause (xiii) above) incurred in connection with the Offer and the issuance of the New Notes to the extent the sum of all expenses payable by the Dealer Managers pursuant to clauses (i) to (xii) above, when taken together with all the expenses payable by the Dealer Managers pursuant to the New Notes Underwriting Agreement, exceed U.S.$200,000, *provided, however,* that if this Agreement is terminated pursuant to Section 12 hereof, the Republic agrees to pay all reasonable and documented costs and expenses incurred in connection with the preparation of the Offer and to pay, or reimburse, the Dealer Managers for all of their reasonable and documented costs and expenses related to the transaction, including without limitation, the fees and expenses of Chilean and United States counsel. Notwithstanding the above, the Republic agrees to pay its own out-of-pocket expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses incurred in connection with the Offer shall be payable by the Republic to the Dealer Managers at a date to be agreed upon by the parties hereto in euros in same-day funds through a money transfer to an account or accounts to be designated in writing by the Dealer Managers, and free and clear of any and all withholding or other similar taxes imposed by the Republic and without withholding or deduction for, or on account of, any taxes, duties, assessments or governmental charges of whatever nature imposed, levied, collected, withheld, or assessed by or within the Republic or any authority therein or thereof having power to tax; if any such taxes are payable, the expenses payable hereunder shall be increased so that the amount paid shall be equal to the amount that would have been payable had such taxes not been applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Agents; Securityholder Lists.</u> (a) Global Bondholder Services Corporation has been appointed to serve as Information and Exchange Agent (the "<u>Information and Exchange Agent</u>") in connection with the Offer. You are authorized to communicate directly with the Information and Exchange Agent (and any other information agent, exchange agent or depositary designated or retained by the Republic) with respect to matters relating to the Offer. Any fees and expenses payable to the Information and Exchange Agent shall be borne by the Republic, as indicated in Section 6(a) hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic agrees to furnish to you, to the extent the same is available to the Republic, or to instruct the trustee or registrars for the Eligible Notes to furnish to you, cards or lists or copies thereof showing the names and addresses of, and principal amounts of Eligible Notes held by, the registered holders of such Eligible Notes as of a recent date, and shall include a provision in its agreement with the Information and Exchange Agent to inform you orally and in writing of any such other information as you may reasonably request in connection with your services hereunder. You agree to use such information only in connection with the Offer and not to furnish such information to any other person except in connection with the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations, Warranties and Covenants of the Republic</u>. The Republic represents, warrants and covenants to you that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As of the date the Offer is commenced (the "<u>Commencement Date</u>"), as of the time and date the Offer expires (the "<u>Expiration Date</u>") and as of the date the New Notes are issued and settled (the "<u>Settlement Date</u>"), the Republic meets the requirements for use of Schedule B under the Securities Act. The Republic has filed with the Commission a registration statement under Schedule B (No. 333-262548) covering the registration of the New Notes under the Securities Act and including the related base prospectus (in the form most recently filed with the Commission or prior to the date hereof, the "<u>Base Prospectus</u>") and any documents included by reference therein. Such registration statement has been declared effective by the Commission, as amended as of the date of this Agreement. Such registration statement, as amended as of the date hereof, together with the Base Prospectus constituting a part thereof, any prospectus supplement relating to the New Notes and all documents incorporated by reference thereto, meet the requirements set forth in Commission Release No. 33-6424 (the "<u>Release</u>") and Schedule B. The Republic proposes to file with the Commission, pursuant to Rule 424(b), a supplement to the Base Prospectus (the "<u>Prospectus Supplement</u>") relating to the Offer and has previously advised you of all other information (financial, statistical and other), if any, with respect to the Republic to be set forth therein. Such registration statement (including the Base Prospectus and any documents incorporated by reference in such registration statement), as amended as of the date hereof, including the exhibits thereto and all documents incorporated by reference in the Base Prospectus contained therein, if any, each as amended, at the date and time it became effective (the "<u>Effective Time</u>"), are hereinafter referred to as the "<u>Registration Statement</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Prior to the Settlement Date, the Republic will not file any amendment to the Registration Statement or any amendment or supplement to the Prospectus that shall not have previously been furnished to the Dealer Managers or of which the Dealer Managers shall not previously have been advised or to which the Dealer Managers shall have reasonably objected in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As of the Commencement Date, the Expiration Date and the Settlement Date, the Registration Statement and the Prospectus, in each case, as amended or supplemented, complied and will comply in all material respects with the applicable requirements of the Securities Act and the rules and regulations of the Commission thereunder. The (i) Registration Statement, as amended as of the Effective Time and the date hereof, on the date of any filing pursuant to Rule 424(b) and on the Settlement Date, did not contain or will not contain, as applicable, an untrue statement of a material fact or omit or will not omit, as applicable, to state a material fact required to be stated therein or necessary to make the statements therein not misleading and (ii) Prospectus Supplement, on the date it is first filed in accordance with Rule 424(b), on the date of any amendment or supplement thereto and on the Settlement Date, will not contain an untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; *provided*, *however*, that the Republic makes no representations or warranties with respect to any statements or omissions contained herein, in the Registration Statement or the Prospectus Supplement made in reliance upon and in conformity with the information furnished in writing to the Republic by the Dealer Managers, expressly for use in the Registration Statement or the Prospectus Supplement, which information is limited to the names, contact information and addresses of the Dealer Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Disclosure Package complies and (as amended or supplemented, if amended or supplemented) will comply in all material respects with all applicable requirements of the United States federal securities laws and the laws of those jurisdictions set forth in Schedule III in which you are authorized to make offers pursuant to this Agreement, and the Disclosure Package (as amended or supplemented, if amended or supplemented), including any information incorporated by reference therein, as of the Commencement Date, the Expiration Date and the Settlement Date, does not contain and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading; <u>provided</u>, however, that this representation and warranty shall not apply to any statements or omissions made in reliance upon and in conformity with information furnished in writing to the Republic by you expressly for use in the Prospectus, which information is limited to the names, contact information and addresses of the Dealer Managers.

Since the respective dates as of which information is given in the Disclosure Package, there has not been, any material change, or any event that would reasonably be expected to result in a prospective material change, in the financial, economic or fiscal condition of the Republic, or in the ability of the Republic to perform its obligations under this Agreement, otherwise than as set forth in or contemplated in the Disclosure Package or additional material or any amendment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The documents, if any, incorporated by reference in the Disclosure Package and the Prospectus Supplement, when they became effective or were filed with the Commission, as the case may be (or, if any amendment with respect to any such document was filed, when such amendment was filed), complied in all material respects with the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder, and none of such documents contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading; and any further documents so filed and incorporated by reference in the Disclosure Package and the Prospectus Supplement or any further amendment or supplement thereto when such documents become effective or are filed with the Commission, as the case may be, will conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and regulations of the Commission thereunder and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading; provided that the Republic makes no representations or warranties with respect to any statements or omissions contained in the Disclosure Package or the Prospectus Supplement made in reliance upon and in conformity with information furnished in writing to the Republic by the Dealer Managers, expressly for use in the Disclosure Package or the Final Prospectus, it being understood and agreed that the only information furnished by the Dealer Managers is set forth in <u>Sections 11(a) and 11(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Republic confirms that it will make or cause to be made an application, on behalf of the Republic, for the New Notes to be admitted to trading on the ISM.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) [***Reserved***]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Republic has, or had, as the case may be, full power and authority to execute and deliver each of this Agreement, the Indenture and the New Notes (collectively, the "<u>Agreements</u>") and all other documents and instruments to be executed and delivered by the Republic hereunder and thereunder (including the Authorization contemplated thereunder), to incur the obligations to be incurred by it as provided herein or therein, and to perform and observe the provisions hereof and thereof on its part to be performed or observed and to issue and deliver the New Notes in exchange for Eligible Notes and to perform the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The filing of the Registration Statement and the issuance and delivery of the New Notes and the execution and delivery of this Agreement, the Indenture and the New Notes by the Republic and all other documents to be executed and delivered by the Republic hereunder (including the Authorization contemplated thereunder) have been duly authorized and have been or will be duly executed and delivered by the Republic, and this Agreement constitutes the valid and legally binding agreement of the Republic, enforceable against the Republic in accordance with its terms, subject, as to Section 11 of this Agreement, to any limitations imposed by the securities laws of any applicable jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The New Notes have been duly authorized, and, when issued, authenticated and delivered pursuant to the Offer and the Indenture, will have been duly executed, issued and delivered and will constitute valid and legally binding obligations of the Republic entitled to the benefits of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Indenture has been duly authorized and executed by the Republic and constitutes a valid and legally binding obligation of the Republic, enforceable against the Republic in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The New Notes will conform to the descriptions thereof contained in the Prospectus, as amended and supplemented with respect to the Offer, and taken as a whole the statements made under the captions "<u>Description of the Securities</u>" and "<u>Description of the New Notes</u>" in the Base Prospectus, the Prospectus Supplement and the Free Writing Prospectuses included in Schedule IV of the New Notes Underwriting Agreement, respectively, insofar as they purport to summarize the terms of the New Notes, constitute accurate, complete and fair summaries of such terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) No consent, approval, authorization, order, registration or qualification of or with any court, government or governmental agency or body or any third party is required to be taken, fulfilled, performed or obtained in Chile or in the jurisdictions set forth in Schedule III (including, without limitation, the obtaining of any consent, approval or license or the making of any filing or registration) for the execution and delivery of this Agreement and the New Notes by the Republic, or for the issue, exchange, delivery and performance of the New Notes as contemplated herein and in the Registration Statement, the consummation of the other transactions contemplated by the Agreements and the compliance by the Republic with the terms of the Agreements, or for the validity or enforceability of the Agreements, against the Republic, except for the authorizations contained in Article 3 of Law No. 21,722, published in the Official Gazette of December 13, 2024 (the "***2025 Budget Law***") and in Supreme Decree No. 1,822, dated December 17, 2024, published in the Official Gazette of January 6, 2025 of the Ministry of Finance of the Republic (the "***Supreme Decree***"), approving, among other things, the issuance of the New Notes, the terms of the Offer and the execution and delivery of this Agreement, which have been duly obtained and are in full force and effect on the Commencement Date and will be in full force and effect on the Settlement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The Republic is not in default in the payment of principal, interest or any other amount owing on any obligation in respect of external indebtedness for money borrowed, and the Republic has not received any notice of default or acceleration with respect to any obligation in respect of external indebtedness for money borrowed, in each case or in the aggregate, which would have a material adverse effect on the financial, economic or fiscal condition of the Republic or its ability to perform its obligations under this Agreement, the Offer, the Indenture, or the New Notes or which is otherwise material to the rights of the Holders. The execution, delivery and performance of this Agreement and the Indenture, the issuance and delivery of the New Notes, and the consummation of the other transactions contemplated hereunder and thereunder (and compliance with the terms hereof and thereof) do not and will not (i) conflict with or result in a breach of any provision of the Constitution of the Republic, any provision of any treaty, convention, statute, law, regulation, decree, judgment, order of any government, governmental body or court, domestic or foreign court order or similar authority binding upon the Republic, (ii) conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any fiscal agency agreement, trust deed, mortgage or other agreement to which the Republic or any National Governmental Agency is a party or by which any of them or any of their respective properties or assets are bound or (iii) result in the creation of any lien or encumbrance upon such properties or assets, except, in each case, for those violations and defaults which individually and, in the aggregate, are not material to the Republic when taken as a whole. As used herein, the term "<u>National Governmental Agency</u>" means any ministry, department, agency, or autonomous regulatory authority of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) When duly issued and authenticated, the New Notes will constitute direct, general, unconditional and unsubordinated external indebtedness of the Republic for which the full faith and credit of the Republic will have been pledged; when issued, the New Notes will rank without any preference among themselves and equally with all other unsubordinated external indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the New Notes ratably with payments being made under any other external indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Other than as set forth in the Registration Statement, the Disclosure Package or the Prospectus, there are no pending or, to the best knowledge of the Republic after due inquiry, threatened actions or proceedings (foreign or domestic) against or affecting the Republic or any National Governmental Agency which, if determined adversely to the Republic or any such National Governmental Agency, would, individually or in the aggregate, have a material adverse effect on the financial condition or revenues and expenditures of the Republic or would materially adversely affect the ability of the Republic to perform its obligations under the Offer or the Agreements, or which are otherwise material in the context of the issue of the New Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) There is no tax, duty, levy, impost, deduction, governmental charge or withholding imposed by the Republic or any political subdivision or taxing authority thereof or therein by virtue of the execution, delivery, performance or enforcement of the Agreements (except for court clerk and consular fees in connection with enforcement proceedings) or to ensure the legality, enforceability, validity or admissibility into evidence of the Agreements or of any other document to be furnished thereunder, and it is not necessary that the Agreements or the New Notes be submitted to, filed or recorded with any court or other authority in the Republic to ensure such legality, validity, enforceability or admissibility into evidence (except for their translation into Spanish for their submission to court in Chile).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) This Agreement is in proper form under the laws of the Republic for its enforcement in the courts of Chile, and in any such legal action, such courts would recognize and give effect to the respective provisions of this Agreement, including Section 14(a) and, accordingly, apply its governing law, and Section 14(b) and, accordingly, enforce any final and conclusive judgment made by a New York court. However, for its enforceability and admissibility in evidence in the Republic, this Agreement would need to be translated into Spanish, unless executed in Spanish by all the parties hereto. This procedure could be carried out in relation to any document issued or executed in a language other than Spanish at any time prior to such document being admitted as evidence in a proceeding held in Chilean courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) Other than as permitted by Regulation M under the Securities Exchange Act of 1934, as amended, neither the Republic nor any person acting on its behalf has taken, directly or indirectly, any action which might reasonably be expected to cause or result in stabilization of the price of any security of the Republic to facilitate the Offer or the exchange or resale of the New Notes; <u>provided</u>, <u>however</u>, that no representation or warranty is given by the Republic with respect to any of your actions as Dealer Managers or underwriters under the New Notes Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) The execution, delivery and performance of the Agreements and the other documents referred to therein, and the exchange of the New Notes and the performance of the terms thereof by the Republic, constitute private and commercial acts rather than public or governmental acts. Under the laws of the Republic, except as described in the Registration Statement, the Disclosure Package or the Prospectus, neither the Republic nor any of its property has any immunity (i) from jurisdiction of any court, (ii) from set-off or any legal process in the courts of the Republic other than attachment prior to judgment and attachment in aid of execution or (iii) from set-off or any legal process in any court other than a court of the Republic (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise); *provided, however*, that the Republic is not permitted under the laws of the Republic to waive its immunity with respect to any attachment (prior to judgment or in aid of execution or otherwise) with respect to properties of the Republic located in Chile; or the movable and immovable property of the Republic which is destined for diplomatic or consular missions or to the residence of the head of such missions or for military purposes, including any such property which is property of a military character or under the control of a military authority or defense agency, or the rights or property of the Chilean Central Bank (Banco Central de Chile) abroad. The waiver of immunity by the Republic contained in Section 14 hereof, Section 9.7(e) of the Indenture and to be included in the terms and conditions of the New Notes, and the indemnification and contribution provisions contained in Section 11 hereof, do not conflict with Chilean law or public policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u) It is not necessary under the laws of the Republic that the Dealer Managers be licensed, qualified or entitled to carry on business in the Republic by reason of the execution, delivery, performance or enforcement of this Agreement, and the Dealer Managers will not be deemed resident, domiciled, to be carrying on business or subject to taxation in the Republic solely by reason of the execution, delivery, performance outside the Republic or enforcement of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) No event has occurred and is continuing or circumstance arisen which, had the New Notes already been issued, would (with the giving of notice and/or the passage of time) constitute an Event of Default under the New Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w) Under currently existing Chilean law, Section 5 of this Agreement is legal, valid and binding, and no Chilean taxes, duties or other charges imposed by the Republic shall apply in connection thereto other than the taxes, if any, that might apply to the fees set forth under the New Notes Underwriting Agreement. The Dealer Managers are not subject to any taxes, duties or other charges imposed by the Republic or any political subdivision or taxing authority thereof or therein with respect to payments received by the Dealer Managers under Section 6 of this Agreement on account of excess reimbursement of expenses, *provided* that the payments to the Dealer Managers meet the guidelines issued on the matter by the *Servicio de Impuestos Internos* (SII), the Chilean Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Each of this Agreement, the Indenture and the New Notes is in proper form under the laws of the Republic for the enforcement of a final and conclusive judgment in the courts of Chile, and in the legal action of such courts, such courts (i) would recognize and give effect to the respective provisions of this Agreement, the Indenture and the New Notes that such documents be governed by the laws of the State of New York and (ii) would accordingly enforce the final and conclusive judgment made by a New York court. However, for its enforceability and admissibility in evidence in the Republic, each such document would need to be duly translated into Spanish, unless executed in Spanish by all the parties thereto. This procedure could be carried out in relation to any document issued or executed in a language other than Spanish at any time prior to such document being admitted as evidence in a proceeding held in Chilean courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(y) It is not necessary under the laws of the Republic that the Dealer Managers be licensed, qualified or entitled to carry on business in the Republic by reason of the execution, delivery, performance or enforcement of any of the Agreement and the Dealer Managers will not be deemed resident, domiciled, to be carrying on business or subject to taxation in the Republic solely by reason of the execution, delivery, performance outside the Republic or enforcement of the Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(z) There has been no public announcement by Fitch Ratings Limited ("<u>Fitch Ratings</u>"), Moody's Investors Service, Inc. ("<u>Moody's</u>") or Standard & Poor's Ratings Service ("<u>Standard & Poor's</u>") that the ratings accorded to the Republic's debt securities in effect on the date hereof are under, or will be under, surveillance or review; and the Republic has not been informed by either Fitch Ratings, Moody's or Standard & Poor's that any of them intends or is contemplating any downgrading in any rating accorded to the Republic's debt securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(aa) Unless each of the conditions set forth in Section 10 below to be satisfied on the Expiration Date shall have been satisfied or waived, the Republic will not announce the acceptance of any Tender without giving prior notice to the Dealer Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(bb) The Republic will notify the Dealer Managers promptly if at any time prior to the Settlement Date anything occurs which renders or may render untrue or incorrect in any material respect any of the representations and warranties contained in this Section 8 and will forthwith take such steps as the Dealer Managers may reasonably require to remedy and/or publicize the fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cc) The statements with respect to matters of Chilean law set forth in the Prospectus are correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(dd) The Republic is a member of, and is eligible to use the general resources of the International Monetary Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ee) The Republic has made or will make any arrangements necessary to be made by it to permit settlement to occur through the clearing systems contemplated by the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Issuer Free Writing Prospectuses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Republic agrees that unless it obtains the prior consent of the Dealer Managers, which consent shall not be unreasonably withheld, it has not made and will not make any offers relating to the New Notes that would constitute an Issuer Free Writing Prospectus or that would otherwise constitute a "free writing prospectus" (as defined in Rule 405 under the Securities Act) required to be filed by the Republic with the Commission or retained by the Republic under Rule 433 under the Securities Act; provided that the prior consent of the Dealer Managers shall be deemed to have been given in respect of the Issuer Free Writing Prospectus included in Schedule IV hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the Offer, each Dealer Manager, severally and not jointly, represents and covenants with the Republic that, unless such Dealer Manager has obtained or will obtain, as the case may be, the prior consent of the Republic, which consent shall not be unreasonably withheld, such Dealer Manager has not and will not use any Issuer Free Writing Prospectuses or any free writing prospectus required to be filed by the Republic with the Commission or retained by the Republic under Rule 433 under the Securities Act; provided, that the prior consent of the Republic shall be deemed to have been given in respect of the Issuer Free Writing Prospectus included in Schedule IV hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Conditions Precedent</u>. The Dealer Managers shall, by notice to the Republic (and in the case of paragraph (m) below, only after consultation with the Republic), be entitled to withdraw as Dealer Managers in connection with the Offer at any time if any of the conditions set forth in this Section 10 is not met, has not been satisfied or waived by the Dealer Managers and cannot be satisfied on or before the Expiration Date, or the Settlement Date, as applicable, and the obligations of the Dealer Managers hereunder shall at all times be subject, in their discretion, to the conditions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All representations and warranties and other statements of the Republic contained herein are now, and at all times during the Offer and until the Settlement Date will be, true and correct in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic at all times during the Offer shall have performed all of its respective obligations hereunder theretofore required to have been performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No stop order suspending the effectiveness of the Registration Statement or any part thereof shall be in effect on the Commencement Date, the Expiration Date and the Settlement Date and no proceedings for that purpose shall be pending before, or threatened by, the Commission on the Commencement Date, the Expiration Date, and the Settlement Date and the Dealer Managers shall have received, on each of the Commencement Date and the Settlement Date, certificates dated, respectively, the Commencement Date and the Settlement Date and signed by a duly authorized officer of the Republic to the effect that no such stop order is in effect and that no proceedings for such purpose are pending before or, to the knowledge of the Republic, threatened by the Commission; and all requests for additional information on the part of the Commission shall have been complied with to your reasonable satisfaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On each of the Commencement Date and the Settlement Date, Cleary Gottlieb Steen & Hamilton LLP, your United States counsel, shall have furnished to you, as Dealer Managers, such written opinions and letter, dated the respective date of delivery thereof, with respect to the validity of the Agreements, the Registration Statement, the Disclosure Package and the Prospectus and such other related matters as you may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters, in substantially the form of Annex I. In rendering their opinions, Cleary Gottlieb Steen & Hamilton LLP may rely as to all matters of Chilean law upon the opinions referred to in paragraphs (e) and (f) of this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) On each of the Commencement Date and the Settlement Date, Garrigues Chile Limitada, your special Chilean counsel, shall have furnished to you, as Dealer Managers, such written opinions and letter, dated the respective date of delivery thereof, with respect to the validity of the Agreements, the Registration Statement and the Prospectus and such other related matters as you may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters, in substantially the form of Annex II. In rendering such opinion, such counsel may rely as to all matters of United States Federal and New York law upon the opinion of Cleary Gottlieb Steen & Hamilton LLP referred to in paragraph (d) of this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) On each of the Commencement Date and the Settlement Date, Morales & Besa Abogados Limitada, special Chilean counsel to the Republic, shall have furnished to you their written opinions and letter, dated the respective date of delivery thereof in substantially the form of Annex III attached hereto. In rendering such opinion, such counsel may state that his opinion is limited to matters of Chilean law and may rely as to all matters of United States federal and New York law upon the opinion of Allen Overy Shearman Sterling US LLP referred to in paragraph (g) of this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On each of the Commencement Date and the Settlement Date, Allen Overy Shearman Sterling US LLP United States counsel for the Republic, shall have furnished to you their written opinions and letter, dated the respective date of delivery thereof in substantially the form of Annex IV attached hereto. In rendering such opinions, such counsel may state that their opinions are limited to the federal laws of the United States and the laws of the State of New York and may rely as to all matters of Chilean law upon the opinions of Morales & Besa Abogados Limitada, referred to in paragraph (f) of this Section 10.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) On or prior to the Settlement Date, there will have been delivered to you as Dealer Managers (i) certified copies of the Decree, together with a certified English translation thereof, and (ii) certified copies, together with certified English translations thereof, of all approvals, authorizations, consents and orders required for the issuance and exchange of the New Notes and the execution of this Agreement and the Decree, and all such approvals, authorizations, consents and orders shall be in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) On each of the Commencement Date and the Settlement Date, there will have been delivered to you as Dealer Managers certificates of duly authorized officials of the Republic, dated the Commencement Date and the Settlement Date, respectively, to the following effect (x) the representations and warranties of the Republic in this Agreement are true and correct in all material respects with the same effect as though such representations and warranties had been made at and as of the respective date of such certificate (other than such representations and warranties which are made as of a specified date or which are already qualified as to materiality, in which case such representations and warranties are true and correct), (y) the Republic has complied with all agreements and satisfied all conditions on its part to be performed or satisfied at or prior to the respective date of such certificate and (z) no proceeding has been initiated, or to the best of his or her knowledge, threatened, to restrain or enjoin the Offer or the issuance or delivery of the New Notes by the Republic pursuant to the Offer or in any manner to question the laws, proceedings, directives, resolutions, approvals, consents or orders under which the Offer will be effected or pursuant to which the New Notes will be issued or to question the validity of the Offer or the New Notes and none of said laws, proceedings, directives, resolutions, approvals, consents or orders has been repealed, revoked or rescinded in whole or in part.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) There shall not have occurred any downgrading, nor shall any notice have been given of any intended or potential downgrading or of any review for a possible change that does not indicate the direction of the possible change, in the rating accorded to any of the debt securities of the Republic by any "nationally recognized statistical rating organization," as such term is defined in Section 3(a)(62) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) On or prior to the Settlement Date, there shall have been delivered to you as Dealer Managers, in form and substance satisfactory to you, certificates of duly authorized officials of the Republic as to the authority, incumbency and specimen signatures of the persons who have executed or will execute this Agreement, the New Notes and the other instruments and documents to be executed and delivered hereunder and thereunder by the Republic as the case may be, and such other documents, opinions and certificates as you or your counsel may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Subsequent to the execution and delivery of this Agreement and on or prior to the Commencement Date or the Settlement Date there shall not have occurred any of the following: (i) in the opinion of the Dealer Managers, a change in Chilean, United States or international financial, political or economic conditions as would in the Dealer Managers' reasonable judgment be likely to prejudice materially the success of the Offer; (ii) a suspension or material limitation of trading in (a) securities generally on the Stock Exchange or (b) the debt securities of the Republic in the United States; (iii) a major disruption in the settlement or clearance of debt securities services in the United States and such event shall continue until at least the business day preceding the Settlement Date; or (iv) a banking moratorium declared by either federal or New York state or Chilean authorities and any such event shall make it impractical to proceed with the Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Republic shall have furnished to the Dealer Managers on the Settlement Date such further information, certificates and documents and agreements as the Dealer Managers may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) On the Settlement Date, the Republic shall tender the New Notes for Delivery.

The Dealer Managers may waive at their sole discretion and upon terms as they deem appropriate any of the conditions set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Indemnification</u>. (a) The Republic agrees that it will indemnify and hold harmless each Dealer Manager and each of its respective affiliates, and individually each of their respective directors, officers, agents, employees and controlling persons, from and against any and all losses, liabilities, costs, claims, actions, demands, damages, expenses (including reasonable attorneys' fees and expenses) which any of them may incur, as incurred, or which may be made against any of them, insofar as such losses, liabilities, costs, claims, actions, demands, damages or expenses (A) (i) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading or (ii) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Disclosure Package or in the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, or (B) arise out of or are based upon or asserted against such Dealer Manager in connection with its acting as a Dealer Manager in connection with the Offer, or (C) are caused by any breach by the Republic of any representation or warranty or failure to comply with any of the covenants or the agreements contained herein, or (D) to which any such indemnified person may become subject as a result of any indemnity extended by such indemnified person under the agreement to engage Global Bondholder Services Corporation as Information and Exchange Agent, and agrees to reimburse each such indemnified party, as incurred, for any documented legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability or action; *provided, however*, that the Republic will not be liable in any such case to the extent that any such loss, claim, damage or liability (A) arises out of or is based upon any such untrue statement or alleged untrue statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to the Republic by or on behalf of such Dealer Manager specifically for inclusion therein, which information is limited to the names, contact information and addresses of the Dealer Managers, or (B) are finally judicially determined by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Dealer Manager, severally and not jointly, agrees to indemnify and hold harmless the Republic and each of its officials who sign the Registration statement, against any and all losses, liabilities, claims, damages and expenses (as incurred, including reasonable attorneys' fees and expenses) to which any of them may become subject, insofar as such losses, liabilities, costs, claims, actions, demands, damages or expenses are caused by any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement as originally filed or in any amendment thereof, in the Disclosure Package, in the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that the untrue statement or alleged untrue statement or omission or alleged omission was made in reliance upon or in conformity with written information furnished to the Republic by or on behalf of the Dealer Managers specifically for inclusion therein, which information is limited to the names, contact information and addresses of the Dealer Managers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If any action, proceeding (including any governmental investigation), claim or demand shall be brought or asserted against an indemnified party in respect of which indemnity is to be sought against the indemnifying party under this Section 11, the indemnified party shall promptly notify the indemnifying party in writing of the claim or the commencement of that action; *provided, however*, that the failure to notify the indemnifying party shall not relieve such indemnifying party from any liability which it may have under this Section 11; and, *provided, further*, that the failure to notify the indemnifying party shall not relieve it from any liability which it may have to an indemnified party otherwise than under this Section 11. The indemnifying party, upon request of such indemnified party, shall retain counsel reasonably satisfactory to such indemnified party (who shall not be counsel to the indemnifying party) to represent such indemnified party and any others the indemnifying party may designate in such proceeding and shall pay the fees and expenses of such counsel related to such proceeding. In such proceeding, the indemnified party shall have the right to retain counsel of its own choice to represent it in connection with such action, claim or demand, but the fees and expenses of such counsel shall be at the expense of such indemnified party unless (i) the indemnifying party and indemnified party shall have mutually agreed to the contrary, (ii) the indemnifying party has failed within a reasonable time to retain counsel reasonably satisfactory to the indemnified party, (iii) the named parties in any such proceeding (including any impleaded parties) include both the indemnifying party and the indemnified party and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them, or (iv) the counsel selected by the indemnifying party has a conflict of interest, in each of which cases the fees and expenses of counsel will be at the expense of the indemnifying parties or party. It is understood that the indemnifying party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all indemnified parties and that all such fees and expenses shall be reimbursed as they are incurred. With respect to any indemnification claim under Section 11(b) hereof, any such firm shall be designated in writing by the Dealer Managers. The indemnifying party shall not be liable for any settlement of any proceeding effected without its written consent (such consent not to be unreasonably withheld), but if settled with such consent or if there shall be a final judgment for the plaintiff, the indemnifying party agrees to indemnify any indemnified party from and against any loss or liability by reason of such settlement or judgment. The indemnifying party shall not, without the written consent (such consent not to be unreasonably withheld) of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all liability or claims that are the subject matter of such proceeding and (y) does not include a statement as to, or an admission of, fault, culpability or a failure to act by or on behalf of any indemnified party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If the indemnification provided for in this Section 11 is unavailable or insufficient to hold harmless an indemnified party under Section 11(b) or 10(c) hereof, then each indemnifying party shall, in lieu of indemnifying such indemnified party, contribute to the amount paid or payable by such indemnified party as a result of such loss, claim, damage or liability, or action in respect thereof, (i) in such proportion as shall be appropriate to reflect the relative benefits received by the Republic on the one hand and the Dealer Managers on the other from the Offer or (ii) if the allocation provided by clause (i) above is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) above but also the relative fault of the Republic on the one hand and the Dealer Managers on the other with respect to the statements or omissions that resulted in such loss, claim, damage or liability, or action in respect thereof, as well as any other relevant equitable considerations. The relative benefits received by the Republic on the one hand and the Dealer Managers on the other with respect to the Offer shall be deemed to be in the same proportion as (i) the sum of the aggregate New Notes and any other additional consideration paid by the Republic in consideration for the Tenders bears to (ii) the amount of the fee actually received by the Dealer Manager from the Republic in connection with its engagement hereunder. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to the Republic or information supplied by the Republic on the one hand or the Dealer Managers on the other, the intent of the parties and their relative knowledge, access to information and opportunity to correct or prevent such untrue statement or omission. The Republic and the Dealer Managers agree that it would not be just and equitable if contributions pursuant to this Section 11(d) were to be determined by pro rata allocation (even if the Dealer Managers were treated as one entity for such purpose) or by any other method of allocation that does not take into account the equitable considerations referred to herein. The amount paid or payable by an indemnified party as a result of the loss, claim, damage or liability, or action in respect thereof, referred to above in this Section 11(d) shall be deemed to include, for purposes of this Section 11(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending or preparing to defend any such action or claim or any investigation or proceeding by any governmental agency or body, commenced or threatened, or any claim whatsoever based upon any such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 11(d), each person, if any, who controls a Dealer Manager within the meaning of Section 15 of the Securities Act of 1933, as amended or Section 20 of the Exchange Act, shall have the same rights to contribution as such Dealer Manager and each official of the Republic who signs the Registration Statement shall have the same rights to contribution as the Republic. The Dealer Managers' obligations to contribute as provided in this Section 11(d) are several in proportion to their respective purchase obligations and not joint. Notwithstanding anything to the contrary in this Section 11(d), in no event shall a Dealer Manager be required to contribute any amounts in excess of the amount actually paid by the Republic to the Dealer Manager pursuant to Section 5 hereof, *provided*, *however*, that the liability hereunder is limited to the aggregate total compensation under the New Notes Underwriting Agreement and this Agreement and for the avoidance of doubt there is no duplication between the liability hereunder and the liability under the New Notes Underwriting Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The reimbursement, indemnity and contribution obligations under this Section 11 shall be in addition to any liability that any indemnifying party may otherwise have and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Republic, each Dealer Manager, any affiliate of a Dealer Manager, and any partner, director, officer, agent, employee or controlling person of a Dealer Manager or any such affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Termination and Survival of Certain Provisions</u>. (a) This Agreement may be terminated (i) by you (A) upon a withdrawal by you as Dealer Managers under the terms hereof or (B) if the Republic determines to terminate or withdraw the Offer prior to consummation thereof or (ii) by the Republic if it determines to terminate or withdraw the Offer prior to consummation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The indemnity and contribution agreements contained in Section 11 hereof, the expense reimbursement agreements contained in Section 6 hereof, the fee agreement contained in Section 5 hereof (to the extent that the transactions contemplated hereby have been consummated) and the representations and warranties of the Republic set forth in Section 8 hereof shall remain operative and in full force and effect regardless of (i) any failure to commence, or the withdrawal, rescission, termination or consummation of, the Offer or the termination or assignment of this Agreement, (ii) any investigation made by or on behalf of any indemnified party and (iii) the completion of your services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Notices.</u> All notices and other communications required or permitted to be given under this Agreement shall be in writing and shall be deemed to have been duly given if delivered personally or sent by mail or facsimile transmission, to the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If to you:

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis

CS 70052 92 547 Montrouge Cedex

France

E-mail: <u>DCM-Legal@ca-cib.com</u>

Attention: DCM-Legal Department

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Tel: +44 (0)20 7995 3966

E-mail: dcm_london@bofa.com

Attention: Syndicate Desk

Société Générale

Immeuble Basalte

17 Cours Valmy

CS50318

92972 Paris La Défense Cedex

France

Attention: Liability Management

Telephone: +33 (0)1 42 13 32 16

Email: liability.management@sgcib.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If to the Republic:

c/o Republic of Chile

Consul General

Consulate General of Chile

600 Third Avenue #2808

New York, New York 10016

United States of America

cc: The Ministry of Finance

Undersecretary of Finance (*Subsecretario de Hacienda*)

Teatinos 120, piso 12

Santiago

Chile

Postal Code 8340487

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Governing Law; Consent to Jurisdiction; Waiver of Sovereign Immunities.</u> (a) This Agreement, and any claim, controversy or dispute relating to or arising out of this Agreement, shall be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic hereby irrevocably submits to the jurisdiction of any New York state or federal court sitting in the Borough of Manhattan, City of New York, and any appellate court, in any action or proceeding arising out of or relating to this Agreement, and the Republic hereby irrevocably agrees that all claims in respect of such action or proceeding may be heard and determined in such New York state or federal court. The Republic hereby irrevocably agrees that a final judgment in any such suit, action or proceeding brought in any such court shall be conclusive and binding upon the Republic and, to the fullest extent permitted by law, may be enforced in the competent courts of the Republic, subject to the fulfillment of the requirements for the enforcement of foreign judgments of Chilean law. The Republic hereby irrevocably appoints the person acting as or discharging the function of the Consul General of Chile in the city of New York (the "<u>Process Agent</u>"), with an office on the Commencement Date at 600 Third Avenue, #2808, New York, New York 10016 as its agent to receive on behalf of itself and its property service of copies of the summons and complaint and any other process which may be served in any such action or proceeding. Such service may be made by mailing or delivering a copy of such process to the Republic, as the case may be, in care of the Process Agent at the address specified above for the Process Agent and the Republic hereby irrevocably authorizes and directs the Process Agent to accept such service on its behalf. As an alternative method of service, the Republic also irrevocably consents to the service of any and all process in any such action or proceeding in such New York state or federal court sitting in New York City by the mailing of copies of such process to itself at its address specified in Section 13 hereof. The prior two sentences notwithstanding, service of process by means of mail may not serve as valid notice under Chilean law for a complaint or judicial action commenced against the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Nothing in this Section 14 shall affect the right of any Dealer Manager to serve legal process in any other manner permitted by law or affect the right of such Dealer Manager to bring any action or proceeding against the Republic or its property in the courts of other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent that the Republic has or hereafter may acquire or have attributed to it any immunity under any law (other than the laws of the Republic) from jurisdiction of any court or from any legal process (whether through sovereign immunity, service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) with respect to itself or its property, the Republic hereby irrevocably waives such immunity in respect of its obligations under this Agreement, except for actions arising out of or based on the U.S. federal securities laws or any state securities laws; *provided*, *however*, that the above exception shall not in any way limit the ability of the Dealer Managers to exercise the rights to indemnification and contribution from the Republic set forth in Section 11 hereof. To the extent that the Republic has or hereafter may have any immunity under the laws of the Republic (i) from jurisdiction of any court, (ii) from any legal process in the courts of the Republic, or (iii) from any legal process in any court other than a court of the Republic, whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise, with respect to itself or its property, the Republic hereby irrevocably waives such immunity to the fullest extent permitted by the laws of the Republic, in respect of its obligations under this Agreement, except for actions arising out of or based on the U.S. federal securities laws or any state securities laws; *provided, however*, that the above exception shall not in any way limit the ability of the Dealer Managers to exercise the rights to indemnification and contribution from the Republic set forth in Section 11 hereof. In addition, the Republic irrevocably waives, to the fullest extent permitted by law, any objection to any suit, action or proceeding, that may be brought in connection with this Agreement, including such actions, suits or proceedings relating to securities laws of the United States or any state thereof, in such courts whether on the grounds of venue, residence or domicile or on the grounds that any such action or proceeding has been brought in an inconvenient forum. However, the Republic will not waive immunity from attachment prior to judgment and attachment in aid of execution under Chilean law with respect to property of the Republic located in Chile and with respect to its movable and immovable property which is destined for diplomatic and consular missions and for the residence of the head of such missions or to military purposes, including any such property which is property of a military character or under the control of a military authority or defense agency, or the rights or property of the Chilean Central Bank abroad since such waiver is not permitted under the laws of Chile. The Republic reserves the right to plead sovereign immunity under the U.S. Foreign Sovereign Immunities Act of 1976 with respect to any action brought against it under U.S. federal securities laws or any state securities laws. Without limiting the generality of the foregoing, the Republic agrees that the waivers set forth in this subsection (c) shall have the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the United States and are intended to be irrevocable for purposes of such Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Republic hereby irrevocably waives, to the fullest extent permitted by law, any requirement or other provision of law, rule, regulation or practice which requires or otherwise establishes as a condition to the institution, prosecution or completion of any action or proceeding (including appeals) arising out of or relating to this Agreement, the posting of any bond or the furnishing, directly or indirectly, of any other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Any action arising out of or based on this Agreement may be instituted by each Dealer Manager in any competent court in the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Judgment Currency</u>. In respect of any judgment or order given or made for any amount due hereunder that is expressed and paid in a currency (the "Judgment Currency") other than euros, the Republic's obligations will be discharged only to the extent that the Dealer Managers may purchase euros with the Judgment Currency. If the Dealer Managers cannot purchase euros in the amount originally to be paid, the Republic agrees to pay the difference. The Dealer Managers, however, agree that, if the amount of the euros purchased exceeds the amount originally to be paid to the Dealer Managers, the Dealer Managers will reimburse the excess to the Republic. The Dealer Managers, however, will not be obligated to make this reimbursement if the Republic is currently in default of its obligations under this Agreement. The foregoing indemnity shall constitute a separate and independent obligation of the Republic and shall continue in full force and effect notwithstanding any such judgment or order as aforesaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Severability.</u> If any provision hereof shall be determined to be invalid, illegal or unenforceable in any respect, such determination shall not affect any other provision hereof, which shall remain in full force and effect so long as the economic or legal substance of the Offer and the agreements contained herein are not affected in any manner adverse to any party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Counterparts.</u> This Agreement may be executed in one or more separate counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Agreement by email or facsimile telecopier shall be as effective as delivery of a manually executed counterpart thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Binding Effect</u>. This Agreement, including any right to indemnity or contribution hereunder, shall inure to the benefit of and be binding upon the parties hereto and the controlling persons referred to in Section 11 hereof and their respective successors and no other person shall have any right or obligation hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Entire Agreement.</u> This Agreement constitutes the entire agreement among the parties hereto with respect to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Absence of Fiduciary Relationship</u>. The Republic acknowledges and agrees that: (a) the Dealer Managers have been retained pursuant to this Agreement solely to act as Dealer Managers in connection with the Offer and that no fiduciary, advisory or agency relationship between the Dealer Managers, on the one hand, and the Republic, on the other hand, has been created in respect of this Agreement, irrespective of whether the Dealer Managers have advised or are advising the Republic on other matters; (b) the Republic has been advised that the Dealer Managers and their respective affiliates are engaged in a broad range of transactions which may involve interests that differ from those of the Republic and that the Dealer Managers have no obligation pursuant to this Agreement to disclose such interests and transactions to the Republic by virtue of any fiduciary, advisory or agency relationship; and (c) the Republic waives, to the fullest extent permitted by law, any claims it may have against the Dealer Managers pursuant to this Agreement for breach of fiduciary duty or alleged breach of fiduciary duty and agrees that the Dealer Managers shall have no liability (whether direct or indirect) to the Republic in respect of such a fiduciary duty claim on behalf of or in right of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Recognition of the U.S. Special Resolution Regimes</u>. (a) In the event that any Dealer Manager that is a Covered Entity becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Dealer Manager of this Agreement, and any interest and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event that any Dealer Manager that is a Covered Entity or a BHC Act Affiliate of such Dealer Manager becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that may be exercised against such Dealer Manager are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of this Section 21, the following terms shall have the respective meanings set out below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. "***BHC Act Affiliate***" has the meaning assigned to the term "affiliate" in, and shall be interpreted in accordance with, 12 U.S.C. § 1841(k).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. "***Covered Entity***" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. "***Default Right***" has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. "***U.S. Special Resolution Regime***" means each of (i) the Federal Deposit Insurance Act and the regulations promulgated thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Bail-in Acknowledgment</u>. (a) For purposes of this Section 22, the definitions of certain terms are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "  ***Bail-in Legislation***" means in relation to a member state of the European Economic Area
 which has implemented, or which at any time implements, the BRRD, the relevant implementing
 law, regulation, rule or requirement as described in the EU Bail-in Legislation Schedule
 from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "  ***Bail-in Powers***" means any Write-down and Conversion Powers as defined in relation to
 the relevant Bail-in Legislation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "  ***BRRD*** "
 means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit
 institutions and investment firms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) "  ***EU Bail-in Legislation Schedule***" means the document described as such, then in
 effect, and published by the Loan Market Association (or any successor person) from time
 to time at http://www.lma.eu.com/;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) "  ***BRRD Liability***" has the same meaning as in such laws, regulations, rules or
 requirements implementing the BRRD under the applicable Bail-in Legislation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) "  ***Relevant Resolution Authority***" means the resolution authority with the ability to exercise
 any Bail-in Powers in relation to the Underwriters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other term of this Agreement or any other agreements, arrangements, or understanding between the Underwriters and Chile, Chile acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the effect of the
 exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability
 of the Underwriters to Chile under this agreement, that (without limitation) may include
 and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the reduction of all, or a portion, of the BRRD Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the conversion of all, or a portion, of the BRRD Liability into shares, other securities or other obligations of the Underwriters or another person (and the issue to or conferral on Chile of such shares, securities or obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the cancellation of the BRRD Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the variation
 of the terms of this Agreement, as deemed necessary by the Relevant Resolution Authority,
 to give effect to the exercise of Bail-in Powers by the Relevant Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>UK Bail-In Acknowledgement</u>. (a) For purposes of this Section 23, the definitions of certain terms are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "  ***UK Bail-in Legislation***" means Part I of the UK Banking Act 2009 and any other
 law or regulation applicable in the UK relating to the resolution of unsound or failing banks,
 investment firms or other financial institutions or their affiliates (otherwise than through
 liquidation, administration or other insolvency proceedings);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) "  ***UK Bail-in Liability***" means a liability in respect of which the UK Bail-in Powers
 may be exercised; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "  ***UK Bail-in Powers***" means the powers under the UK Bail-In Legislation to cancel,
 transfer or dilute shares issued by a person that is a bank or investment firm or affiliate
 of a bank or investment firm, to cancel, reduce, modify or change the form of a liability
 of such a person or any contract or instrument under which that liability arises, to convert
 all or part of that liability into shares, securities or obligations of that person or any
 other person, to provide that any such contract or instrument is to have effect as if a right
 had been exercised under it or to suspend any obligation in respect of that liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding any other term of this Agreement or any other agreements, arrangements, or understanding between the Dealer Managers and Chile, Chile acknowledges, accepts, and agrees to be bound by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the effect of the
 exercise of UK Bail-in Powers by the relevant UK resolution authority in relation to any
 UK Bail-in Liability of the Underwriters to Chile under this agreement, that (without limitation)
 may include and result in any of the following, or some combination thereof:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the reduction of all, or a portion, of the UK Bail-in Liability or outstanding amounts due thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the conversion of all, or a portion, of the UK Bail-in Liability into shares, other securities or other obligations of the Underwriters or another person (and the issue to or conferral on Chile of such shares, securities or obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the cancellation of the UK Bail-in Liability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the amendment or alteration of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment for a temporary period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the variation
 of the terms of this Agreement, as deemed necessary by the relevant UK resolution authority,
 to give effect to the exercise of UK Bail-in Powers by the relevant UK resolution authority.

[*SIGNATURE PAGE FOLLOWS*]

Please indicate your willingness to act as Dealer Managers on the terms set forth herein and your acceptance of the foregoing provisions by signing in the space provided below for that purpose and returning to us a copy of this Agreement, whereupon this Agreement and your acceptance shall constitute a binding agreement between us.

---

| | | |
|:---|:---|:---|
| Very truly yours, | Very truly yours, | Very truly yours, |
| REPUBLIC OF CHILE | REPUBLIC OF CHILE | REPUBLIC OF CHILE |
| By: | /s/ Mario Marcel Cullell | /s/ Mario Marcel Cullell |
|  | Name: | Mario Marcel Cullell |
|  | Title: | Minister of Finance |

---

Dealer Manager Agreement – Exchange Offer

Accepted as of the date first set forth above:

---

| | | |
|:---|:---|:---|
| CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK | CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK | CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK |
| By: | /s/ Xavier Beurtheret | /s/ Xavier Beurtheret |
|  | Name: | Xavier Beurtheret |
|  | Title: | MD |
| By: | /s/ Michael Guarda | /s/ Michael Guarda |
|  | Name: | Michael Guarda |
|  | Title: | Global head Primary Credit |
| MERRILL LYNCH INTERNATIONAL | MERRILL LYNCH INTERNATIONAL | MERRILL LYNCH INTERNATIONAL |
| By: | /s/ James McNiven-Young | /s/ James McNiven-Young |
|  | Name: | James McNiven-Young |
|  | Title: | Managing Director |
| SOCIÉTÉ GÉNÉRALE | SOCIÉTÉ GÉNÉRALE | SOCIÉTÉ GÉNÉRALE |
| By: | /s/ Michael Shapiro | /s/ Michael Shapiro |
|  | Name: | Michael Shapiro |
|  | Title: | Head of Debt Capital Markets |

---

Dealer Manager Agreement – Exchange Offer

**SCHEDULE I**

**Eligible Notes**

---

| | | |
|:---|:---|:---|
| **Notes** | **ISIN** | **Common<br> Code** |
| 1.750% Notes due 2026 (the "2026 Notes") | XS1346652891 | 134665289 |
| 1.440% Notes due 2029 (the "2029 Notes") | XS1760409042 | 176040904 |

---

S-I

**SCHEDULE I** **I**

**New Notes**

Euro Notes due 2035

S-II

**SCHEDULE III**

**List of Jurisdictions**

**(Pursuant to Section 2 of the Dealer Manager Agreement)**

United States

European Economic Area

Netherlands

Hong Kong

Taiwan

Japan

Singapore

Korea

Peru

Brazil

S-III

**SCHEDULE I** **V**

Issuer Free Writing Prospectus announcing the commencement of the Offer as filed with the Commission on June 24, 2025.

S-IV

**ANNEX I**

**FORM** **S OF OPINIONS AND 10B-5 LETTERS OF CLEARY GOTTLIEB STEEN & HAMILTON LLP**

**<u>Settlement Legal Opinion</u>**

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Société Générale<br> 29, boulevard Haussmann

75009 Paris

France

June [●], 2025

A-I-1

Ladies and Gentlemen:

We have acted as United States counsel to you, as Dealer Managers, in connection with the Republic of Chile's (the "<u>Republic</u>") invitation (the "<u>Offer</u>") to holders of outstanding notes listed in Annex A hereto (collectively, the "<u>Eligible Notes</u>") to submit offers to exchange Eligible Notes for its notes listed in Annex B (collectively, the "<u>New Notes</u>") on the terms and subject to the conditions set forth in the Dealer Manager Agreement dated as of June [·], 2025 (the "<u>Dealer Manager Agreement</u>") among the Republic and you, as the Dealer Managers under the Dealer Manager Agreement, and the Prospectus Supplement (as defined below). The New Notes are to be issued pursuant to a registration statement (No. 333-262548), initially filed with the Securities and Exchange Commission (the "<u>Commission</u>") under Schedule B of the Securities Act of 1933, as amended (the "<u>Securities Act</u>") and pursuant to an indenture, dated as of December 12, 2014 (the "<u>Base Indenture</u>"), between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended by the first supplemental indenture, dated as of May 27, 2015 (the "<u>First Supplemental Indenture</u>" and, together with the Base Indenture, the "<u>Indenture</u>"). Registration statement No. 333-262548, as amended as of its most recent effective date, June [·], 2025, the date on which the most recent Form 18-K was filed as an amendment thereto, insofar as it relates to the New Notes (as determined for purposes of Rule 430B(f)(2) or Rule 462(b), as applicable, under the Securities Act), including the documents incorporated by reference therein, is herein called the "<u>Registration Statement</u>"; the related prospectus dated February 22, 2022, filed with the Commission under the Securities Act, including the documents incorporated by reference therein, is herein called the "<u>Base Prospectus</u>"; and the related prospectus supplement dated June [·], 2025, as filed with the Commission pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein, is herein called the "<u>Prospectus Supplement</u>." This letter is furnished pursuant to [Section 10(d)] of the Dealer Manager Agreement.

In arriving at the opinions expressed below, we have reviewed the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an executed copy of the Dealer Manager Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Registration Statement and the documents listed in Schedule I hereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Prospectus Supplement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) a copy of the New Notes in global form as executed by the Republic and authenticated by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) a copy of the Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the documents delivered to you by the Republic at the date hereof pursuant to the Dealer Manager Agreement.

In addition, we have reviewed the originals or copies certified or otherwise identified to our satisfaction of all such other documents and other certificates of public officials and representatives of the Republic and such other persons, and we have made such investigations of law, as we have deemed appropriate as a basis for the opinions expressed below.

A-I-2

In rendering the opinions expressed below, we have assumed the authenticity of all documents submitted to us as originals and the conformity to the originals of all documents submitted to us as copies. In addition, we have assumed and have not verified (i) that all agreements and documents we have examined have been duly authorized, executed and delivered pursuant to Chilean law, (ii) that each party has full power, authority and legal right to enter into such agreement or to issue such document, and to perform its obligations thereunder, (iii) that all signatures on all such agreements and documents are genuine, (iv) the accuracy as to factual matters of each document we have reviewed (including, without limitation, the accuracy of the representations and warranties of the Republic in the Dealer Manager Agreement), and (v) the compliance with the covenants in the Dealer Manager Agreement and with the procedures and restrictions described in the Prospectus Supplement with respect to the conduct of the Offer.

Based on the foregoing, and subject to the further assumptions and qualifications set forth below, it is our opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Dealer Manager Agreement has been duly executed and delivered by the Republic under the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Indenture has been duly executed and delivered by Chile under the law of the State of New York and is a valid, binding and enforceable agreement of Chile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The New Notes have been duly executed and delivered by Chile under the law of the State of New York, and, assuming their due authentication in accordance with the terms of the Indenture and delivery in exchange for Eligible Bonds in the manner contemplated in the Prospectus Supplement, the New Notes are valid, binding and enforceable obligations of Chile, entitled to the benefits of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The statements under the headings "Description of the Securities" in the Base Prospectus and "Description of the New Notes" in the Prospectus Supplement, insofar as such statements purport to summarize certain provisions of the New Notes and the Indenture, provide a fair summary of such provisions.

Insofar as the foregoing opinions relate to the validity, binding effect or enforceability of any agreement or obligation of the Republic, (i) we have assumed that the Republic and each other party to such agreement or obligation has satisfied those legal requirements that are applicable to it to the extent necessary to make such agreement or obligation enforceable against it (except that no such assumption is made as to the Republic regarding matters of the federal law of the United States of America or the law of the State of New York that in our experience normally would be applicable in relation to transactions of the type contemplated by the Dealer Manager Agreement and the Indenture), (ii) such opinions are subject to applicable bankruptcy, insolvency and similar laws affecting creditors' rights generally and to general principles of equity and (iii) such opinions are subject to the effect of judicial application of foreign laws or foreign governmental actions affecting creditors' rights.

A-I-3

We note that the enforceability of the waiver of immunities by the Republic set forth in [Section 14(d)] of the Dealer Managers Agreement, Section 9.7(e) of the Indenture, and [Paragraph 17(e)] of the terms and conditions of the New Notes, is subject to the limitations imposed by the Foreign Sovereign Immunities Act of 1976. We express no opinion as to the enforceability of any such waiver of immunity to the extent that it purports to apply to any immunity to which Chile may become entitled after the date thereof.

We also note that the designation in [Section 14(b)] of the Dealer Managers Agreement, Section 9.7(b) of the Indenture and [Paragraph 17(b)] of the terms and conditions of the New Notes of the U.S. federal courts sitting in the Borough of Manhattan, The City of New York, as the venue for actions or proceedings relating to the Indenture and the New Notes is (notwithstanding the waiver in [Section 14(d)] of the Dealer Managers Agreement, Section 9.7(e) of the Indenture and [Paragraph 17(e)] of the terms and conditions of the New Notes) subject to the power of such courts to transfer actions pursuant to 28 U.S.C. §1404(a) or to dismiss such actions or proceedings on the grounds that such federal court is an inconvenient forum for such action or proceeding.

In addition, we note that by statute New York provides that a judgment or decree rendered in a currency other than the currency of the United States shall be converted into U.S. dollars at the rate of exchange prevailing on the date of entry of the judgment or decree. There is no corresponding federal statute and no controlling federal court decision on this issue. Accordingly, we express no opinion as to whether a federal court would award a judgment in a currency other than U.S. dollars or, if it did so, whether it would order conversion of the judgment into U.S. dollars.

We express no opinion as to the enforceability of Paragraph 18 of the terms and conditions of the New Notes relating to currency indemnity.

With respect to [Section 14(b)] of the Dealer Managers Agreement and Section 9.7(b) of the Indenture and [paragraph 17(b)] of the New Notes, we express no opinion as to the subject matter jurisdiction of any United States federal court to adjudicate any action relating to the Dealer Manager Agreement, the Indenture or the New Notes where jurisdiction based on diversity of citizenship under 28 U.S.C. §1332 does not exist.

The foregoing opinions are limited to the federal law of the United States of America and the law of the State of New York.

A-I-4

We are furnishing this opinion letter to you, as Dealer Managers, solely for your benefit in your capacity as Dealer Managers in connection with the Offer. This opinion letter is not to be relied on by or furnished to any other person or used, circulated, quoted or otherwise referred to for any other purpose. The opinions expressed herein are rendered on and as of the date hereof, and we assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the opinions expressed herein. Notwithstanding the foregoing, you may furnish a copy of this opinion letter (with notice to us, which shall be given before furnishing such copy, when practicable) (a) if required by any applicable law or regulation, (b) to any regulatory authority having jurisdiction over you if required by such authority, or (c) in connection with any actual or threatened claim against you relating to the Offer if required to assist you in establishing defenses under applicable securities laws, it being understood and agreed that we assume no duty or liability whatsoever to any person furnished this letter in accordance with this sentence and that any such person is not entitled to rely on this letter in any manner as a result of being furnished this letter or for any other reason.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| CLEARY GOTTLIEB STEEN & HAMILTON LLP | CLEARY GOTTLIEB STEEN & HAMILTON LLP |
| By: |  |
|  | Jorge U. Juantorena, a Partner |

---

A-I-5

**<u>Settlement Disclosure Letter:</u>**

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Société Générale<br> 29, boulevard Haussmann

75009 Paris

France

June [·], 2025

Ladies and Gentlemen,

We have acted as United States counsel to you, as Dealer Managers, in connection with the Republic of Chile's (the "<u>Republic</u>") invitation (the "<u>Offer</u>") to holders of outstanding notes listed in Annex A hereto (collectively, the "<u>Eligible Notes</u>") to submit offers to exchange Eligible Notes for its notes listed in Annex B (collectively, the "<u>New Notes</u>") on the terms and subject to the conditions set forth in the Dealer Manager Agreement dated as of June [·], 2025 (the "<u>Dealer Manager Agreement</u>") among the Republic and you, as the Dealer Managers under the Dealer Manager Agreement, and the Prospectus Supplement (as defined below). The New Notes are to be issued pursuant to a registration statement (No. 333-262548), initially filed with the Securities and Exchange Commission (the "<u>Commission</u>") under Schedule B of the Securities Act of 1933, as amended (the "<u>Securities Act</u>") and pursuant to an indenture, dated as of December 12, 2014, between the Republic and The Bank of New York Mellon, as trustee, as amended by the first supplemental indenture, dated as of May 27, 2015. Registration statement No. 333-262548, as amended as of its most recent effective date, June [·], 2025, the date on which the most recent Form 18-K was filed as an amendment thereto, insofar as it relates to the New Notes (as determined for purposes of Rule 430B(f)(2) or Rule 462(b), as applicable, under the Securities Act), including the documents incorporated by reference therein, is herein called the "<u>Registration Statement</u>"; the related prospectus dated February 22, 2022, filed with the Commission under the Securities Act, including the documents incorporated by reference therein, is herein called the "<u>Base Prospectus</u>"; and the related prospectus supplement dated June [·], 2025, as filed with the Commission pursuant to Rule 424(b) under the Securities Act, including the documents incorporated by reference therein, is herein called the "<u>Prospectus Supplement</u>." The Base Prospectus and the Prospectus Supplement together are herein called the "<u>Offer Prospectus</u>." This letter is furnished pursuant to [Section 10(d)] of the Dealer Manager Agreement.

A-I-6

Because the primary purpose of our professional engagement was not to establish or confirm factual matters or financial, accounting or statistical information, and because many determinations involved in the preparation of the Registration Statement, the Offer Prospectus and the documents listed in Schedule I hereto are of a wholly or partially non-legal character or relate to legal matters outside the scope of our opinion letter to you of even date herewith, we are not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the statement contained in the Registration Statement, the Offer Prospectus and the documents listed in Schedule I hereto (except to the extent expressly set forth in numbered paragraph 4 of our opinion letter to you of even date herewith) and we make no representation that we have independently verified the accuracy, completeness or fairness of such statement (except as aforesaid). We also are not passing upon and do not assume any responsibility for ascertaining whether or when the Offer Prospectus was conveyed to any person for purposes of Rule 159 under the Securities Act. We note that certain portions of the Registration Statement and the Offer Prospectus have been included therein on the authority of officials of Chile, and that we are not experts within the meaning of the Securities Act with respect to any portion of the Registration Statement and the Offer Prospectus, including, without limitation, the financial, accounting or statistical data included therein.

However, in the course of our acting as United States counsel to you, as Dealer Managers, in connection with Chile's preparation of the Registration Statement, the Offer Prospectus and the documents listed in Schedule I hereto (but excluding the documents incorporated by reference in each of them), we participated in telephone conversations with officials of the Republic, representatives of the Republic's New York and Chilean counsel, your representatives and representatives of your Chilean counsel, during which telephone conversations the contents of the Registration Statement, the Offer Prospectus and the documents listed in Schedule I hereto and related matters were discussed, and we reviewed the documents incorporated by reference in each of the Registration Statement and the Offer Prospectus and certain records and documents furnished to us by Chile.

Based on our participation in such telephone conversations and our review of such documents as described above, our understanding of the U.S. federal securities laws and the experience we have gained in our practice thereunder, we advise you that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registration Statement (except the financial, accounting and statistical data included therein, as to which we express no view, and Exhibit 99.C to the Republic's Annual Report on Form 18-K for the Fiscal Year ended December 31, 2023 (the "Annual Report"), as to which we express no view), as of their most recent effective date, June [·], 2025, and the Offer Prospectus, as of the date thereof (except as aforesaid), appear on its face to be appropriately responsive in all material respects to the requirements of the Securities Act and the applicable rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No information has come to our attention that causes us to believe that the Registration Statement (except the financial, accounting and statistical data included therein, as to which we express no view, and Exhibit 99.C to the Annual Report, as to which we express no view), as of their most recent effective date, June [·], 2025, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statement therein not misleading.

A-I-7

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No information has come to our attention that causes us to believe that the Offer Prospectus, considered together with the documents listed in Schedule I hereto (except the financial, accounting and statistical data included therein, as to which we express no view, and Exhibit 99.C to the Annual Report, as to which we express no view) as of the date thereof or hereof, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statement therein, in the light of the circumstances under which they were made, not misleading.

We are furnishing this letter to you, as Dealer Managers, solely for your benefit in your capacity as Dealer Managers in connection with the Offer. This letter is not to be relied on by or furnished to any other person or used, circulated, quoted or otherwise referred to for any other purpose. We assume no obligation to advise you or any other person, or to make any investigations, as to any legal developments or factual matters arising subsequent to the date hereof that might affect the views expressed herein. Notwithstanding the foregoing, you may furnish a copy of this letter (with notice to us, which shall be given before furnishing such copy, when practicable) (a) if required by any applicable law or regulation, (b) to any regulatory authority having jurisdiction over you if required by such authority, or (c) in connection with any actual or threatened claim against you relating to the Offer if required to assist you in establishing defenses under applicable securities laws, it being understood and agreed that we assume no duty or liability whatsoever to any person furnished this letter in accordance with this sentence and that any such person is not entitled to rely on this letter in any manner as a result of being furnished this letter or for any other reason.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| CLEARY GOTTLIEB STEEN & HAMILTON LLP | CLEARY GOTTLIEB STEEN & HAMILTON LLP |
| By: |  |
|  | Jorge U. Juantorena, a Partner |

---

A-I-8

**ANNEX I** **I**

**FORM** **S OF OPINIONS AND 10B-5 LETTERS OF GARRIGUES CHILE LIMITADA**

**<u>Settlement Legal Opinion:</u>**

Santiago (Chile), [✹], 2025

To each of the addressees listed in

<u>Schedule</u> 1 hereto

Ladies and Gentlemen:

This opinion is delivered to you pursuant to Section 10(e) of the Dealer Manager Agreement dated as of [✹], 2025 (the "**Dealer Manager Agreement**") among the Republic of Chile (the "**Republic**") and Merrill Lynch International, Crédit Agricole Corporate and Investment Bank and Société Générale, relating to the offer to holders of the outstanding notes listed on Schedule 2 thereto (collectively, the "**Eligible Notes**") to submit offers to exchange Eligible Notes for the Republic's New Notes listed on Schedule 3 hereto (the "**New Notes**") which Notes are to be issued pursuant to an indenture, dated as of December 12, 2014 (the "**Base Indenture**") between the Republic and The Bank of New York Mellon, as trustee (the "**Trustee**"), as amended by the first supplemental indenture, dated as of May 27, 2015 (the "**First Supplemental Indenture**" and, together with the Base Indenture, the "**Indenture**"), on the terms set forth in the Dealer Manager Agreement (collectively, the "**Offer Materials**"). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Dealer Manager Agreement.

We have acted as Chilean counsel to the Dealer Managers in connection with the Dealer Manager Agreement. In connection with this opinion, we have examined:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an executed copy of the Dealer Manager Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the New Notes;

1. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the registration statement on Schedule B (No. 333-262548) initially filed by the Republic under the
Securities Act of 1933, as amended (the "**Securities Act**") with the Securities and Exchange Commission (the "**Commission** ")
on February 4, 2022, (such registration statement, including the documents and information deemed to be a part thereof at the time
of effectiveness pursuant to Rule 424(b) under the Securities Act, and the documents incorporated by reference therein, respectively,
hereinafter referred to as the "**Registration Statement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the base prospectus, dated February 22, 2022, included as part of the Registration Statement (the
base prospectus being hereinafter referred to as the "**Base Prospectus** ");

A-II-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the prospectus supplement, dated [ ✹ ],
2025, relating to the Notes (the "**Prospectus Supplement**") (the Base Prospectus, as supplemented by the Prospectus Supplement,
in the form it was filed with the Commission pursuant to Rule 424(b) under the Securities Act, including the documents incorporated
by reference therein, being hereinafter collectively referred to as the "**Final Prospectus** ", and collectively with the
Eligible Notes, the New Notes, the Dealer Manager Agreement and the Registration Statement, the "**Offer Materials** ")

2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the Political Constitution of the Republic (*Constitución Política de la República de Chile*) dated 1980, as amended (the "**Constitution** ");

3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Decree Law No. 1,263 (*Decreto Ley Nº 1.263*) as of 1975, as amended, providing for the
rules of financial administration and governance of the Republic (the "**Government Financial Administration Act** ");

4. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Decree Law No. 2,349 (*Decreto Ley Nº 2.349*) as of 1978, as amended, on sovereign immunity
of the Chilean State (the "**Sovereign Immunity Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Article 3 of Law No, 21,722 (*Ley N° 21.722*) published in the Official Gazette on December 13,
2024, authorizing the President of the Republic to incur public indebtedness locally and abroad (the "**2025 Budget Law** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Supreme Decree No. 1,822 (*Decreto Supremo N° 1.822*) dated December 17, 2024 of the
Ministry of Finance of the Republic and published in the Official Gazette on January 6, 2025 (the "**Supreme Decree** ");

and such other documents, agreements and instruments and such treaties, laws, rules, decrees and the like as we have deemed necessary as a basis for the opinions hereinafter expressed.

As used herein, "**Disclosure Package**" means the Base Prospectus, the Prospectus Supplement, any press release to be issued by the Republic relating to the Offer and the issuer free writing prospectuses identified on Schedule IV to the Dealer Manager Agreement, if any.

We have assumed for purposes of this opinion: (i) that the Dealer Manager Agreement has been executed and delivered by the Dealer Managers and that each such party has adequate power, authority and legal right to enter into the Agreement and to perform its obligations under the Dealer Manager Agreement; (ii) the authenticity of all documents examined by us (and the completeness of, and conformity to, the originals of any copies thereof submitted to us) and the genuineness of all signatures; (iii) that the Dealer Manager Agreement has not been terminated pursuant to Section 12 thereof by the Dealer Managers; (iv) that the execution, delivery and performance of the Dealer Manager Agreement and the other documents and instruments provided for by the Dealer Manager Agreement and the consummation of the transactions contemplated thereby, do not and will not contravene or breach, or result in a default under, or require any consent of any person under, any agreement or other document or instrument to which any of the parties to any thereof (other than the Republic) is a party or by which it is bound, and (v) that the Dealer Manager Agreement and any other documents referred to in our opinion and executed by the Republic, which are stated to be governed by and construed in accordance with New York Law, based on the opinions contained herein, will have been duly authorized, executed and delivered pursuant to New York Law.

A-II-2

Also in rendering this opinion we have relied, without independent investigation, (i) to the extent this opinion involves any matter of United States Federal and New York law, upon the opinion of Cleary Gottlieb Steen & Hamilton LLP your special U.S. counsel, dated as of even date herewith, rendered pursuant to Section 10 (d) of the Dealer Manager Agreement, and (ii) as to matters of fact, to the extent we have deemed proper, on certificates of officers of the Republic and certificates or other written statements of Chilean officials having custody of relevant documents.

Based upon the foregoing, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Republic has full power and authority to execute and deliver the Dealer Manager Agreement, the Indenture, the New Notes and all other documents and instruments to be executed and delivered by the Republic thereunder, to incur the obligations to be incurred by it as provided therein and to perform and observe the provisions thereof on its part to be performed or observed and to issue and deliver the New Notes and to perform the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The acquisition of Eligible Notes for New Notes and the execution and delivery of the Dealer Manager Agreement the Indenture and the issuance of the New Notes by the Republic and all other documents and instruments to be executed and delivered by the Republic thereunder and the performance of its obligations thereunder have been duly authorized by the Republic, and the Dealer Manager Agreement and the Indenture has been duly executed and delivered on behalf of the Republic and constitutes the legal, valid and binding obligation of the Republic, enforceable against the Republic in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The New Notes, when duly (i) executed by (x) the representative of the Republic designated in accordance with the Supreme Decree and (y) the Treasurer General of the Republic (*Tesorero General de la República*) (or his/her representative designated in accordance with the Supreme Decree), (ii) authenticated ("*refrendados*") by the Comptroller General of the Republic (*Contralor General de la República*) (or his/her representative designated in accordance with the Supreme Decree) and, based on our understanding that the Indenture (which is governed by New York law) so requires, authenticated by the Trustee in accordance with the Indenture, and (iii) delivered and paid for in accordance with the Underwriting Agreement, will be legal, valid and binding obligations of the Republic enforceable against the Republic in accordance with the terms thereof and entitled to the benefits of the Indenture

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The execution, delivery and performance of the Dealer Manager Agreement and the consummation of the transactions contemplated by the Dealer Manager Agreement (and compliance by the Republic with the terms thereof) do not and will not (i) conflict with or result in a breach of the Constitution, the Government Financial Administration Act, the Sovereign Immunity Act, the 2025 Budget Law, the Supreme Decree or any other constitutional provision, any provision of any treaty, convention, statute, law, regulation, decree, judgment, order of any government, governmental body or court, domestic or foreign court order or similar authority binding upon the Republic, (ii) conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any fiscal agency agreement, trust deed, mortgage or other agreement to which the Republic or any National Governmental Agency is a party or by which any of them or any of their respective properties or assets are bound or (iii) result in the creation of any lien or encumbrance upon such properties or assets.

A-II-3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No consent, approval, authorization, order, registration or qualification of or with any court, government or governmental agency or body or any third party is required to be taken, fulfilled, performed or obtained in the Republic (including, without limitation, the obtaining of any consent, approval or license or the making of any filing or registration) for the execution, delivery and performance of the Dealer Manager Agreement by the Republic or for the issue, sale, delivery and performance of the New Notes as contemplated therein and in the Registration Statement, the Disclosure Package and the Final Prospectus, the consummation of the other transactions contemplated by the Dealer Manager Agreement and the compliance by the Republic with the terms of the Dealer Manager Agreement, as the case may be, or for the legality, enforceability, validity or admissibility into evidence of the Dealer Manager Agreement (including the New Notes) against the Republic except for the authorization contained in the 2025 Budget Law and in the Supreme Decree, all of which are in full force have been duly obtained and are in full force and effect on the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. To the best of our knowledge after due inquiry, other than as set forth in the Offer Materials and the Disclosure Package, including any documents incorporated by reference therein, there are no pending or, threatened, actions or proceedings (foreign or domestic) against or affecting the Republic or any National Governmental Agency which, if determined adversely to the Republic or any such National Governmental Agency, would reasonably be expected individually or in the aggregate to have a materially adverse effect on the financial condition or revenues and expenditures of the Republic or would materially adversely affect the ability of the Republic to perform its obligations under the Dealer Manager Agreement or which are otherwise material in the context of the issuance of the New Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. When duly executed and authenticated as described in (d) above, the New Notes will be the direct, unconditional and unsecured obligations of the Republic, the full faith and credit of the Republic will have been pledged for the due and punctual payment of the principal of, interest on, and any Additional Amounts or other amounts required to be paid with respect to, the New Notes, and the performance of the obligations therein contained; the New Notes will rank *pari passu* in priority of payment, in right of security and in all other respects with all other External Indebtedness (as defined in the Terms and Conditions of the New Notes) with respect to the Republic now or hereafter outstanding (except to the extent any such other External Indebtedness ranks above such obligations solely by reason of Liens (as defined in the Terms and Conditions of the New Notes)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The execution, delivery and performance of the Dealer Manager Agreement, the Indenture and the other documents referred to therein and the issuance and sale of the Notes and the performance of the terms thereof by the Republic, constitute private and commercial acts rather than public or governmental acts. Under the laws of the Republic, except as described in the Offer Materials and the Disclosure Package, neither the Republic nor any of its property has any immunity (i) from jurisdiction of any court, (ii) from set-off or any legal process in the courts of the Republic other than attachment prior to judgment and attachment in aid of execution or (iii) from set-off or any legal process in any court other than a court of the Republic (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise); provided, however, that no attachment is possible with respect to properties of the Republic located in Chile, and provided, further, that with respect to the movable and immovable property of the Republic used for diplomatic and consular missions, including the residence of the head of such missions, or for military purposes (including any property of military character or under the control of a military authority or defense agency) or the rights or property of the Chilean Central Bank, the waiver of immunity by the Republic is prohibited by the laws of the Republic. The waiver of immunity, waiver of inconvenient forum and appointment of process agent by the Republic contained in Section 14 of the Dealer Manager Agreement and Section 9.7(b) of the Indenture, the consent by the Republic to the jurisdiction of the courts specified in such Section and the provisions in the Dealer Manager Agreement and Section 9.7(a) of the Indenture that the law of the State of New York shall govern the Dealer Manager Agreement and the Indenture are irrevocably binding on the Republic.

A-II-4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Each of the Dealer Manager Agreement and the Indenture is in proper form under the laws of the Republic for the enforcement thereof in the courts of Chile, and in the legal action of such courts, such courts (i) would recognize and give effect to the respective provisions of the Dealer Manager Agreement, the Indenture and the New Notes that such documents be governed by the laws of the State of New York and (ii) would accordingly apply New York law. However, for its enforceability and admissibility in evidence in the Republic, each such document would need to be translated into Spanish.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Except as referred to in paragraph 11 herein below, there is no tax, duty, levy, impost, deduction, governmental charge or withholding imposed by the Republic or any political subdivision or taxing authority thereof or therein by virtue of the execution, delivery, performance or enforcement of the Dealer Manager Agreement (except for court clerk and consular fees in connection with enforcement proceedings) or to ensure the legality, enforceability, validity or admissibility into evidence of the Dealer Manager Agreement or of any other document to be furnished thereunder and neither is it necessary that the Dealer Manager Agreement be submitted to, filed or recorded with any court or other authority in the Republic to ensure such legality, validity, enforceability or admissibility into evidence (except for a translation into Spanish of the Dealer Manager Agreement and/or the Notes performed by a translator appointed by a competent Chilean court, which is required in order to bring an action thereon in the courts of Chile).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Dealer Managers are not subject to any taxes, duties or other governmental charges imposed by the Republic or by any political subdivisions or taxing authority thereof or therein with respect to payments received by the Dealer Manager, as contemplated in the Dealer Manager Agreement except for payments of fees, if any, compensations and reimbursement of costs contemplated in the Dealer Manager Agreement, made to persons domiciled or residing outside of Chile which are (or may be, in the case of reimbursement of costs) subject to a withholding tax at a rate of up to 35% on payments of fees, compensations and, in certain cases, reimbursements of costs contemplated in the Agreement, except for: (a) payments on account of commissions, if any, and reimbursement of expenses, as long as such payments qualify as commissions and reimbursements of expenses according to the Chilean Commercial Code and the Chilean Income Tax Law, in accordance with the guidelines issued on the matter by the Servicio de Impuestos Internos (the Chilean Internal Revenue Service); (b) the payment is deemed to be made under a technical assistance service, in which case it will be subject to a 15% withholding tax, (or a 20% withholding tax if the beneficiary is incorporated, domiciled or resident in a country with a preferential tax regime pursuant to Article 41 H of the Chilean Income Tax Law); or (c) certain payments made to persons resident in a jurisdiction with which Chile has entered into an Organization for Economic Co-operation and Development (OECD) model convention to avoid double taxation, which may be made free of Chilean withholding tax.

A-II-5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. It is not necessary under the laws of the Republic that the Dealer Managers be licensed, qualified or entitled to carry on business in the Republic by reason of the execution, delivery, performance or enforcement of the Dealer Manager Agreement, and the Dealer Managers will not be deemed resident, domiciled, to be carrying on business or subject to taxation in the Republic solely by reason of the execution, delivery, performance outside the Republic or enforcement of the Dealer Manager Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. All statements in the Offer Materials with respect to the laws of the Republic are true and correct as of the date hereof (insofar as such statements constitute a summary of the documents or matters referred to therein taken as a whole, fairly summarize the provisions of Chilean law therein described) and the information stated in the Offer Materials with regard to the Republic has been included on the authority of the Republic and it is duly authorized to do so under the laws of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. The laws of the Republic do not require any statute or regulation or legal or governmental proceeding, or any contract or document of the Republic of any character, to be described in the Offer Materials, other than such statutes, regulations and proceedings that have been described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. A final, valid and conclusive judgment for the payment of a fixed or readily calculable sum of money against the Republic (a "**Monetary Judgment**") rendered by any New York State or federal court sitting in the City of New York having jurisdiction under its laws, over the Republic, in an action arising out of or relating to the Dealer Manager Agreement, the Indenture and the New Notes, would be recognized and enforced against the Republic by the courts of Chile without re-examination or review of the merits of the cause of action in respect of which the original Monetary Judgment was given nor re-litigation of the matters adjudicated upon nor payment of any stamp, registration or similar tax or duty except for court and consular fees and other charges incurred in connection with enforcement proceedings and legalization of exequatur or rogatory documents; provided that the following conditions are met (the existence or nonexistence of which would be determined by the Supreme Court of Chile):

5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. if there exists a treaty as to the enforcement of judgments between Chile and the United States,
such treaty will be applied. As at the date hereof no such treaty currently exists between Chile and the United States;

6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. if there is no treaty, the Monetary Judgment will be enforced if there is reciprocity as to the
enforcement of judgments (i.e., a United States court would enforce a comparable judgment of a Chilean court under comparable circumstances);

7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. if it can be proved that there is no reciprocity the Monetary Judgment cannot be enforced in Chile;

A-II-6

8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If reciprocity cannot be proved, the judgment will be enforced if it has not been rendered by default
within the meaning of Chilean law, that is if valid service of process was made upon the parties to the action unless the defendant was
able to prove that due to other reasons it was prevented from assuming its defense. However, under Chilean law, service of process by
means of mailing copies to the Republic will not be deemed effective to cause proper service of process and, consequently, any judgment
rendered in a legal proceeding in which process was served by means of mailing copies may be then effectively contested by the Republic
in Chile; and

9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. in any event, the judgment shall not be contrary to the public policy of the Republic of Chile,
and shall not affect in any way properties located in Chile, which are, as a matter of Chilean law, subject exclusively to the jurisdiction
of Chilean courts. In this regard, other than as discussed in our qualification at the end of this opinion, we are not aware of any public
policy that would affect the enforcement in Chile of a judgment in respect of the Dealer Manager Agreement, the Indenture and the New
Notes.

Upon compliance with the above, the courts in the Republic will enforce a final and conclusive Monetary Judgment rendered by a New York State or Federal court sitting in The City of New York having jurisdiction, under its laws, over the Republic, in an action arising out of the Dealer Manager Agreement, the Indenture and the New Notes, in accordance with the procedure contemplated by the Chilean Code of Civil Procedure for the enforcement of foreign judgments. To enforce such Monetary Judgment in Chile rendered in relation to the Dealer Manager Agreement, the New Notes or the Eligible Notes against the Republic, the judgment must be presented to the Supreme Court of Chile, in duly legalized form and translated into the Spanish language by a translator appointed by a competent Chilean court. Said Court will hear whatever presentation the Republic wishes to make, which hearing will be limited to aspects relating to such enforcement and not to substantive issues resolved in the Monetary Judgment. The Supreme Court will also hear the Supreme Court Prosecutor ("*Fiscal Judicial*") as to such limited aspects, and, with only this background, the Supreme Court will declare whether or not the Monetary Judgment should be enforced. If the Supreme Court orders the Republic to perform any payment obligation, the facts must be made known to the President of the Republic so that he/she may issue a supreme decree ordering enforcement of such Monetary Judgment within a 60-day period. The President of the Republic is prohibited by express mandate of the Constitution from exercising judicial functions as well as from reviewing the basis for and the contents of the court's decision.

We express no opinion as to the enforceability in Chile of a foreign judgment against the Republic that is not a Monetary Judgment or that has been obtained in any court other than the New York State or Federal courts sitting in the City of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. The Registration Statement, the Disclosure Package and the Final Prospectus, with respect to or involving the Constitution, the Government Financial Administration Act, the Sovereign Immunity Act, the 2025 Budget Law and any other laws, statutes and regulations of or pertaining to the Republic or Chilean law are true and correct as of the date hereof and fairly present the information purported to be shown and the information provided by the Republic in the Registration Statement, the Disclosure Package and the Final Prospectus with respect to itself has been provided by the authorized officials of the Republic on behalf of the Republic.

A-II-7

10. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. All statements in the Registration Statement, the Disclosure Package and the Final Prospectus with respect to or involving the Constitution, the Government Financial Administration Act, the Sovereign Immunity Act, the 2025 Budget Law, the Supreme Decree and any other laws, statutes and regulations of or pertaining to the Republic or Chilean law are true and correct as of the date hereof and fairly present the information purported to be shown; and the information provided by the Republic in the Registration Statement, the Disclosure Package and the Final Prospectus with respect to itself has been provided by the Republic or any National Government Agency in compliance with the laws and regulations applicable thereto as in effect on the date hereof.

11. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. The statements in the Base Prospectus, under the captions "Taxation – Chilean Taxation" and "Description of the Securities," and in the Prospectus Supplement under the caption "Description of the Notes," insofar as such statements constitute a summary of the documents or matters referred to therein taken as a whole, fairly summarize the provisions of Chilean law therein described.

12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. The laws of the Republic do not require any statute or regulation or legal or governmental proceeding or any contract or document of the Republic of any character, to be described in the Registration Statement, the Disclosure Package or the Final Prospectus, other than such statutes, regulations, and proceedings that have been described therein.

13. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. The New Notes and all payments thereon will be free and exempt from any and all taxes, duties or other charges of whatsoever nature of the Republic, except (as set forth in the Registration Statement, the Disclosure Package and the Final Prospectus), for the withholding currently assessed on payments of interest to bondholders that are not residents of the Republic and except to the extent that such New Notes or payments will be held or received by persons who are subject to tax for reasons other than the mere holding of such New Notes or receiving payments thereon.

14. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. The Dealer Managers are not subject to any taxes, duties or other governmental charges imposed by the Republic or by any political subdivisions or taxing authority thereof or therein with respect to any payments received by any of the Dealer Managers on account of commissions and reimbursement of expenses, as long as such payments qualify as commissions and reimbursements of expenses according to the Chilean Commercial Code and the Chilean Income Tax Law, in accordance with the guidelines issued on the matter by the *Servicio de Impuestos Internos* (the Chilean Internal Revenue Service).

In connection with our opinion at paragraphs 2, 3, 9 and 15 e. above referring to the validity, binding nature and enforceability in Chile and potential conflict with Chilean law or public policy of the indemnification and contribution provisions contained in Section 11 of the Dealer Manager Agreement, we wish to express that a Chilean court would not find such provisions to be violative of principles of Chilean public policy unless their actual application in a particular case to determine the amount of an indemnification or contribution due by an indemnifying party would, in the judgment of the court, result in a recovery by the indemnified party so arbitrary and unreasonable as to be considered contrary to basic and fundamental principles of the Chilean legal system.

This opinion is subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally.

A-II-8

The opinions expressed herein are limited to questions arising under the laws of the Republic. This opinion letter is furnished to you in your capacity as Dealer Managers and, with respect Merrill Lynch International, Crédit Agricole Corporate and Investment Bank and Société Générale, under the Dealer Manager Agreement, and is solely for your benefit as such. This opinion letter is not to be used, circulated, quoted or otherwise referred to for any other purpose. Notwithstanding the foregoing, you may furnish a copy of this opinion letter (with notice to us, which shall be given before furnishing such copy, when practicable) (a) if required by any applicable law or regulation, (b) to any regulatory authority having jurisdiction over you if required by such authority or (c) in connection with any actual or threatened claim against you relating to the Dealer Manager Agreement if required to assist you in establishing defenses under applicable securities laws, it being understood and agreed that we assume no duty or liability whatsoever to any person furnished this letter in accordance with this sentence and that any such person is not entitled to rely on this letter in any manner as a result of being furnished this letter or for any other reason.

This opinion letter speaks only as of the date hereof. Accordingly, any person relying on this opinion letter at any time after the date of this opinion letter should seek advice of its counsel as to the proper application of this opinion letter at such time.

---

| |
|:---|
| Very truly yours, |
| **GARRIGUES CHILE LIMITADA** |
| By: |
| [✹], a Partner |

---

A-II-9

**<u>Settlement Disclosure Letter:</u>**

Santiago (Chile), [✹], 2025

To each of the addressees listed in

<u>Schedule</u> 1 hereto

Ladies and Gentlemen,

This opinion is delivered to you pursuant to Section 10(e) of the Dealer Manager Agreement dated as of [✹], 2025 (the "**Dealer Manager Agreement**") among the Republic of Chile (the "**Republic**") and Merrill Lynch International, Crédit Agricole Corporate and Investment Bank and Société Générale, relating to the offer to holders of the outstanding notes listed on Schedule 2 thereto (collectively, the "**Eligible Notes**") to submit offers to exchange Eligible Notes for the Republic's New Notes listed on Schedule 3 hereto (the "**New Notes**") which Notes are to be issued pursuant to an indenture, dated as of December 12, 2014 (the "**Base Indenture**") between the Republic and The Bank of New York Mellon, as trustee (the "**Trustee**"), as amended by the first supplemental indenture, dated as of May 27, 2015 (the "**First Supplemental Indenture**" and, together with the Base Indenture, the "**Indenture**"), on the terms set forth in the Dealer Manager Agreement (collectively, the "**Offer Materials**"). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Dealer Manager Agreement.

Because the primary purpose of our professional engagement was not to establish or confirm factual matters or financial accounting or statistical information, and because many determinations involved in the preparation of the Registration Statement, the Disclosure Package and the Prospectus Supplement are of a wholly or partially non-legal character or relate to legal matters outside the scope of our opinion letter to you of even date herewith, we are not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Registration Statement, the Disclosure Package and the Prospectus Supplement (except to the extent expressly set forth in letter (o) of our opinion letter to you of even date herewith) and we make no representation that we have independently verified the accuracy, completeness or fairness of such statements (except as aforesaid). Without limiting the foregoing, we assume no responsibility for, and have not independently verified, the accuracy, completeness or fairness of the financial, accounting and statistical data included in the Registration Statement, the Disclosure Package and the Prospectus Supplement, and we have not examined the financial, accounting or statistical records from which such data or information is derived. We note that certain portions of the Registration Statement, the Disclosure Package and the Prospectus Supplement have been included therein on the authority of officials of the Republic, and that we are not experts within the meaning of the Securities Act with respect to any portion of the Registration Statement, the Disclosure Package or the Prospectus Supplement, including, without limitation, the financial, accounting or statistical data included therein.

A-II-10

However, in the course of our acting as special Chilean counsel to the Dealer Managers in connection with the preparation of the Registration Statement, the Disclosure Package and the Prospectus Supplement, we participated in conferences and telephone conversations with officials of the Republic, your representatives, representatives of your New York counsel, and representatives of New York and Chilean counsel to the Republic, during which the contents of the Registration Statement, the Disclosure Package and the Prospectus Supplement and related matters were discussed, and we reviewed certain other documents furnished to us by the Republic.

Based on our participation in such conferences and conversations, our review of such documents as described above according to our limited and non-expert understanding of the United States of America federal securities laws and limited experience we have gained in our practice thereunder, we advise you that:

(a) No information has come to our attention that causes us to believe that the Registration Statement (except
the financial, accounting and statistical data included therein, as to which we express no view), as of the date of the Dealer Manager
Agreement, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary
to make the statements therein not misleading.

(b) No information has come to our attention that causes us to believe that the Disclosure Package (except
the financial, accounting and statistical data included therein, as to which we express no view), as of the date thereof or hereof, contained
an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading.

(c) No information has come to our attention that causes us to believe that the Prospectus Supplement (except
the financial, accounting and statistical data included therein, as to which we express no view), as of the date thereof or hereof, contained
or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading.

The opinions expressed herein are limited to questions arising under the laws of the Republic. We provide this opinion letter to you in our capacity as special Chilean counsel to the Dealer Managers. Furthermore, this opinion letter is furnished to you in your capacity as Dealer Managers under the Dealer Manager Agreement, and is solely for your benefit as such. This opinion letter is not to be used, circulated, quoted or otherwise referred to for any other purpose without, in each instance, our prior written consent. Notwithstanding the foregoing, you may furnish a copy of this opinion letter (with notice to us, which shall be given before furnishing such copy, when practicable) (a) if required by any applicable law or regulation, (b) to any regulatory authority having jurisdiction over you if required by such authority or (c) in connection with any actual or threatened claim against you relating to the exchange of Eligible Notes for the New Notes if required to assist you in establishing defenses under applicable securities laws, it being understood and agreed that we assume no duty or liability whatsoever to any person furnished this letter in accordance with this sentence and that any such person is not entitled to rely on this letter in any manner as a result of being furnished this letter or for any other reason.

A-II-11

This opinion letter speaks only as of the date hereof. Accordingly, any person relying on this opinion letter at any time after the date of this opinion letter should seek advice of its counsel as to the proper application of this opinion letter at such time.

---

| |
|:---|
| Very truly yours, |
| **Garrigues Chile Limitada** |
| By: |

---

[✹], a Partner

A-II-12

**ANNEX I** **II**

**FORM** **S OF OPINIONS AND 10B-5 LETTERS OF MORALES & BESA ABOGADOS LIMITADA**

**<u>Settlement Legal Opinion:</u>**

Santiago, Chile, [·], 2025

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Société Générale

29, boulevard Haussmann

75009 Paris

France

as the Dealer Managers

named in the Dealer Manager Agreement

referred to below

Re.: **Dealer Manager Agreement**

Ladies and Gentlemen:

This opinion is delivered to you pursuant to <u>Section 10(f)</u> of the Dealer Manager Agreement dated as of [·], 2025 (the "**Dealer Manager Agreement**" or the "**Agreement**") among the Republic of Chile (the "**Republic**") and Crédit Agricole Corporate and Investment Bank, Merrill Lynch International and Société Générale, as the Dealer Managers named in the Dealer Manager Agreement, relating to the offer to holders of certain outstanding notes of the Republic listed on Schedule I thereto (collectively, the "**Eligible Notes**") to submit offers to exchange Eligible Notes for the Republic's New Notes listed on Schedule II thereto (the "**New Notes**") on the terms and subject to the conditions set forth in the Dealer Manager Agreement and the Invitation Materials (as defined below) (the "**Offer**"). The New Notes are to be issued pursuant to an indenture, dated as of December 12, 2014, (the "**Base Indenture**") between the Republic and The Bank of New York Mellon, as trustee (the "**Trustee**"), as amended by the first supplemental indenture, dated as of May 27, 2015 (the "**First Supplemental Indenture**" and, together with the Base Indenture, the "**Indenture**"). The Offer has been made by way of a base prospectus dated February 22, 2022, including the documents incorporated therein by reference (the "**Base Prospectus**"), as supplemented by the prospectus supplement dated [·], 2025 (the "**Prospectus Supplement**" and, together with the Base Prospectus, the "**Invitation Materials**").

A-III-1

Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Dealer Manager Agreement.

This opinion is delivered to you as of the [Commencement/Settlement] Date as such term is defined and used in the Dealer Manager Agreement.

We have acted as Chilean counsel to the Republic in connection with the Agreement and the Offer. In connection with this opinion, we have examined:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) an executed copy of the Dealer Manager Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) the registration statement on Schedule B (No. 333-262548) initially filed by the Republic under the
Securities Act of 1933, as amended (the "**Securities Act**") with the Securities and Exchange Commission on February 4,
2022 (such registration statement, including the documents and information deemed to be a part thereof at the time of effectiveness pursuant
to Rule 430B(f) and Rule 462(b) under the Securities Act, respectively, and the documents incorporated by reference
therein, respectively, hereinafter referred to collectively as the "**Registration Statement** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) the Invitation Materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) the Political Constitution of the Republic (*Constitución Política de la República de Chile*) dated 1980, as amended (the "**Constitution** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Decree Law No. 1,263 (*Decreto Ley Nº 1.263*) as of 1975, as amended, providing for
the rules of financial administration and governance of the Republic (the "**Government Financial Administration Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) Decree Law No. 2,349 (*Decreto Ley Nº 2.349*) as of 1978, as amended, on sovereign
immunity of the Chilean State (the "**Sovereign Immunity Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) Article 3 of Law No. 21,722 (*Ley Nº 21.640*), published in the Official Gazette on
December 13, 2024 (the "**2025 Budget Law** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) Supreme Decree No. 1,822 (*Decreto Supremo N° 1.822*) dated December 17, 2024, of the
Ministry of Finance of the Republic and published in the Official Gazette on January 6, 2025, as amended (the "**Supreme Decree** ");
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) such other documents, agreements and instruments and such treaties, laws, rules, decrees and the like
as we have deemed necessary as a basis for the opinions hereinafter expressed.

A-III-2

We have assumed for purposes of this opinion that: (i) the Dealer Manager Agreement, has been executed and delivered by the Dealer Managers and that each such parties have adequate power, authority and legal right to enter into the Agreement and to perform their obligations under the Agreement; (ii) the authenticity of all documents examined by us (and the completeness of, and conformity to, the originals of any copies thereof submitted to us) and the genuineness of all signatures; (iii) the Dealer Manager Agreement has not been terminated pursuant to <u>Section 12</u> thereof by the Dealer Managers; (iv) the execution, delivery and performance of the Dealer Manager Agreement and the other documents and instruments provided for by the Dealer Manager Agreement and the consummation of the transactions contemplated thereby, do not and will not contravene or breach, or result in a default under, or require any consent of any person under, any agreement or other document or instrument to which any of the parties to any thereof (other than the Republic) is a party or by which it is bound, and (v) the Dealer Manager Agreement and any other documents referred to in our opinion and executed by the Republic, which are stated to be governed by and construed in accordance with New York law, based on the opinions contained herein, will have been duly authorized, executed and delivered pursuant to New York law.

Also in rendering this opinion we have relied, without independent investigation, (i) to the extent this opinion involves any matter of United States Federal and New York law, upon the opinion of Allen Overy Shearman Sterling US LLP, special U.S. counsel to the Republic, dated as of even date herewith, rendered pursuant to <u>Section 10(f)</u> of the Dealer Manager Agreement, and (ii) as to matters of fact, to the extent we have deemed proper, on certificates of officers of the Republic and certificates or other written statements of Chilean officials having custody of relevant documents.

Based upon the foregoing, we are of the opinion that:

The Republic has full power and authority to execute and deliver the Dealer Manager Agreement, and the Indenture [and the New Notes] and all other documents and instruments to be executed and delivered by the Republic thereunder, to incur the obligations to be incurred by it as provided therein and to perform and observe the provisions thereof on its part to be performed or observed [and to issue and exchange the New Notes and to perform the terms thereof].

The [issuance and] exchange of the New Notes for the Eligible Notes and the execution and delivery of the Dealer Manager Agreement, and the Indenture [and the New Notes] by the Republic and all other documents to be executed and delivered by the Republic thereunder and the performance of its obligations thereunder have been duly authorized by the Republic, and each of the Dealer Manager Agreement and the Indenture constitutes a legal, valid and binding obligation of the Republic, enforceable against the Republic in accordance with its terms.

A-III-3

[The New Notes, when duly (A) executed by (i) the representative of the Republic designated in accordance with the Supreme Decree, and (ii) the acting Treasurer General of the Republic (*Tesorero General de la República*), (B) authenticated ("*refrendados*") by the Comptroller General of the Republic (*Contralor General de la República*) (or his/her representative designated in accordance with the Supreme Decree) and, based on our understanding that the Indenture (which is governed by New York law) so requires, authenticated by the Trustee in accordance with the Indenture, and (C) delivered pursuant to the Offer and the Indenture, will be legal, valid and binding obligations of the Republic, enforceable against the Republic in accordance with the terms thereof and entitled to the benefits of the Indenture].

The execution, delivery and performance of the Dealer Manager Agreement, the Indenture, [the issuance, exchange and delivery of the New Notes] and the consummation of the transactions contemplated by the Dealer Manager Agreement (and compliance with the terms thereof) do not and will not (i) conflict with or result in a breach of the Constitution, the Government Financial Administration Act, the Sovereign Immunity Act, Article 3 of the 2025 Budget Law, the Supreme Decree or any other constitutional provision, any provision of any treaty, convention, statute, law, regulation, decree, judgment, order of any government, governmental body or court, domestic or foreign court order or similar authority binding upon the Republic, (ii) conflict with or result in a breach of any of the terms or provisions of, or constitute a default under, any fiscal agency agreement, trust deed, mortgage or other agreement to which the Republic or any National Governmental Agency is a party or by which any of them or any of their respective properties or assets are bound or (iii) result in the creation of any lien or encumbrance upon such properties or assets.

No consent, approval, authorization, order, registration or qualification of or with any court, government or governmental agency or body or any third party is required to be taken, fulfilled, performed or obtained by the Republic (including, without limitation, the obtaining of any consent, approval or license or the making of any filing or registration) for the execution and delivery of the Dealer Manager Agreement [and the New Notes, or for the issue, exchange, delivery and performance of the New Notes as contemplated therein and in the Registration Statement], the consummation of the other transactions contemplated by the Dealer Manager Agreement and the compliance by the Republic with the terms of the Dealer Manager Agreement, or for the validity or enforceability of the Dealer Manager Agreement against the Republic except for the authorization contained in the 2025 Budget Law and in the Supreme Decree, all of which are in full force and effect on the date hereof.

[When duly issued, executed and authenticated as described in (3) above, the New Notes will be the direct, unconditional and unsecured obligations of the Republic; the full faith and credit of the Republic will have been pledged for the due and punctual payment of the principal of, interest on and any Additional Amounts or other amounts required to be paid with respect to, the Notes and the performance of the obligations therein contained; when issued, the Notes will rank pari passu in priority of payment, in right of security and in all other respects with all other External Indebtedness (as defined in the Terms and Conditions of the New Notes) with respect to the Republic now or hereafter outstanding (except to the extent any such other External Indebtedness ranks above such obligations solely by reason of Liens (as defined in the Terms and Conditions of the New Notes)).]

To the best of our knowledge after due inquiry, other than as set forth in the Registration Statement, the Disclosure Package or the Invitation Materials including any documents incorporated by reference therein, there are no pending or, threatened, actions or proceedings (foreign or domestic) against or affecting the Republic or any National Governmental Agency which, if determined adversely to the Republic or any such National Governmental Agency, would reasonably be expected individually or in the aggregate to have a materially adverse effect on the financial condition or revenues and expenditures of the Republic or would materially adversely affect the ability of the Republic to perform its obligations under the Dealer Manager Agreement, and the Indenture [and the New Notes].

A-III-4

The execution, delivery and performance of the Dealer Manager Agreement, the Indenture, and the other documents referred to therein, [and the exchange of the New Notes and the performance of the terms thereof by the Republic], constitute private and commercial acts rather than public or governmental acts. Under the laws of the Republic, except as described in the Registrations Statement, the Disclosure Package or the Invitation Materials, neither the Republic nor any of its property has any immunity (i) from jurisdiction of any court, (ii) from set-off or any legal process in the courts of the Republic other than attachment prior to judgment and attachment in aid of execution or (iii) from set-off or any legal process in any court other than a court of the Republic (whether through service or notice, attachment prior to judgment, attachment in aid of execution or otherwise); *provided, however*, that no attachment is possible with respect to properties of the Republic located in Chile, and *provided, further*, that with respect to the movable and immovable property of the Republic used for diplomatic and consular missions, including the residence of the head of such missions, or for military purposes (including any property of military character or under the control of a military authority or defense agency), or the rights or property of the Chilean Central Bank abroad, the waiver of immunity by the Republic is prohibited by the laws of the Republic. The waiver of immunity, waiver of inconvenient forum and appointment of process agent by the Republic contained in <u>Section 14</u> of the Dealer Manager Agreement, the consent by the Republic to the jurisdiction of the courts specified in such Section and the provisions in the Dealer Manager Agreement that the law of the State of New York shall govern the Dealer Manager Agreement are irrevocably binding on the Republic.

The Dealer Manager Agreement is in proper form under the laws of the Republic for the enforcement thereof in the courts of Chile, and in the legal action of such courts, such courts (i) would recognize and give effect to the respective provisions of the Dealer Manager Agreement that such document be governed by the laws of the State of New York and (ii) would accordingly apply New York law. However, for its enforceability and admissibility in evidence in the Republic, the Dealer Manager Agreement will need to be translated into Spanish.

Except as referred to in paragraph [11] herein below, there is no tax, duty, levy, impost, deduction, governmental charge or withholding imposed by the Republic or any political subdivision or taxing authority thereof or therein by virtue of the execution, delivery, performance or enforcement of the Dealer Manager Agreement (except for clerk fees in connection with enforcement proceedings) or to ensure the legality, enforceability, validity or admissibility into evidence of the Dealer Manager Agreement or of any other document to be furnished thereunder and neither is it necessary that the Dealer Manager Agreement be submitted to, filed or recorded with any court or other authority in the Republic to ensure such legality, validity, enforceability or admissibility into evidence (except for its translation into Spanish for submission to the courts of Chile).

A-III-5

Section 5 of the Dealer Manager Agreement providing that the Dealer Managers acknowledge that the Republic shall pay the Dealer Managers a fee in euros equal to [·]% of the aggregate principal amount of New Notes issued pursuant to the Offer, is legal, valid and binding, and no Chilean taxes shall apply in connection thereto other than the taxes, if any, that may apply to the fees set forth under the New Notes Underwriting Agreement. With respect to Section 6(a) of the Dealer Manager Agreement, providing that the Republic agrees to pay, or reimburse the Dealer Managers for, the costs and expenses incurred in connection with the Offer and the issuance and sale of the New Notes, such payments on account of reimbursement of expenses will not be subject to taxes, duties or other governmental charges imposed by the Republic or by any political subdivisions or taxing authority thereof or therein, provided that the reimbursement of expenses meet the guidelines issued by the *Servicio de Impuestos Internos* (SII), the Chilean internal revenue service. With respect to the gross up provision in Section 6 (b) of the Dealer Manager Agreement, such provision is legally valid, binding and enforceable in accordance with its terms.

It is not necessary under the laws of the Republic that the Dealer Managers be licensed, qualified or entitled to carry on business in the Republic by reason of the execution, delivery, performance or enforcement of the Agreement, and the Dealer Managers will not be deemed resident, domiciled, to be carrying on business or subject to taxation in the Republic solely by reason of the execution, delivery, performance outside the Republic or enforcement of the Agreement.

All statements in the Invitation Materials with respect to the laws of the Republic are true and correct as of the date hereof (insofar as such statements constitute a summary of the documents or matters referred to therein taken as a whole, fairly summarize the provisions of Chilean law therein described) and the information stated in the Invitation Materials with regard to the Republic has been included on the authority of the Republic and it is duly authorized to do so under the laws of the Republic.

The laws of the Republic do not require any statute or regulation or legal or governmental proceeding, or any contract or document of the Republic of any character, to be described in the Invitation Materials, other than such statutes, regulations and proceedings that have been described therein.

A final, valid and conclusive judgment for the payment of a fixed or readily calculable sum of money against the Republic rendered by any New York State or federal court sitting in the City of New York having jurisdiction under its laws, in an action arising out of or relating to the Dealer Manager Agreement, and the Indenture [or the New Notes, as the case may be,] would be recognized and enforced against the Republic by the courts of Chile without re-examination or review of the merits of the cause of action in respect of which the original judgment was given nor re-litigation of the matters adjudicated upon nor payment of any stamp, registration or similar tax or duty except for court and consular fees and other charges incurred in connection with enforcement proceedings and legalization of exequatur or rogatory documents; provided that the following conditions are met (the existence or non-existence of which would be determined by the Supreme Court of Chile):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. if there exists a treaty as to the enforcement of judgments between Chile and the United States, such
treaty will be applied. As at the date hereof no such treaty currently exists between Chile and the United States;

A-III-6

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. if there is no treaty, the judgment will be enforced if there is reciprocity as to the enforcement of
judgments (i.e., a United States court would enforce a comparable judgment of a Chilean court under comparable circumstances);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. if it can be proved that there is no reciprocity the judgment cannot be enforced in Chile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. if reciprocity cannot be proved, the judgment will be enforced if it has not been rendered by default
within the meaning of Chilean law, that is if valid service of process was made upon the parties to the action unless the defendant was
able to prove that due to other reasons it was prevented from assuming its defense. However, under Chilean law, service of process by
means of mailing copies to the Republic will not be deemed effective to cause proper service of process and, consequently, any judgment
rendered in a legal proceeding in which process was served by means of mailing copies may be then effectively contested by the Republic
in Chile; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. in any event, the judgment shall not be contrary to the public policy of the Republic of Chile and shall
not affect in any way properties located in Chile, which are, as a matter of Chilean law, subject exclusively to the jurisdiction of Chilean
courts. In this regard, other than as discussed in our qualification at the end of this opinion, we are not aware of any public policy
that would affect the enforcement in Chile of a judgment in respect of the Dealer Manager Agreement.

Upon compliance with the above, the courts in the Republic will enforce a final and conclusive judgment rendered by a New York State or Federal court sitting in The City of New York having jurisdiction, under its laws, over the Republic, in an action arising out of the Dealer Manager Agreement, and the Indenture or the New Notes, as the case may be, in accordance with the procedure contemplated by the Chilean Code of Civil Procedure for the enforcement of foreign judgments. To enforce such judgment in Chile rendered in relation to the Agreement or the New Notes against the Republic, the judgment must be presented to the Supreme Court of Chile, in duly legalised form (by the Chilean Consul in New York) and translated into the Spanish language and previously authenticated by the judicial authority of the relevant jurisdiction stating that the judgment was validly rendered and is binding on the parties in accordance with the laws of such jurisdiction. Said Court will hear whatever presentation the Republic wishes to make, which hearing will be limited to aspects relating to such enforcement and not to substantive issues resolved in the judgment. The Supreme Court will also hear the Supreme Court Prosecutor ("*Fiscal Judicial*") as to such limited aspects, and, with only this background, the Supreme Court will declare whether the judgment should be enforced. If the Supreme Court orders the Republic to perform any payment obligation, the facts must be made known to the President of the Republic so that he may issue a supreme decree ordering enforcement of such judgment within a 60-day period. The President of the Republic is prohibited by express mandate of the Constitution from exercising judicial functions as well as from reviewing the basis for and the contents of the court's decision.

A-III-7

We express no opinion as to the enforceability in Chile of a foreign judgment against the Republic that is not a judgment for the payment of a fixed or readily calculable sum of money against the Republic or that has been obtained in any court other than the New York State or Federal courts sitting in the City of New York.

In connection with our opinion at paragraphs [2, 4, 8 and 15 e)] above referring to the validity, binding nature and enforceability in Chile and potential conflict with Chilean law or public policy of the indemnification and contribution provisions contained in <u>Section 11</u> of the Agreement, we wish to express that a Chilean court would not find such provisions to be violative of principles of Chilean public policy unless their actual application in a particular case to determine the amount of an indemnification or contribution due by an indemnifying party would, in the judgment of the court, result in a recovery by the indemnified party so arbitrary and unreasonable as to be considered contrary to basic and fundamental principles of the Chilean legal system.

This opinion is subject to the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally.

The opinions expressed herein are limited to questions arising under the laws of the Republic. This opinion letter is furnished to you in your capacity as Dealer Managers under the Dealer Manager Agreement and is solely for your benefit as such. This opinion letter is not to be used, circulated, quoted or otherwise referred to for any other purpose. Notwithstanding the foregoing, you may furnish a copy of this opinion letter (with notice to us, which shall be given before furnishing such copy, when practicable) (a) if required by any applicable law or regulation, (b) to any regulatory authority having jurisdiction over you if required by such authority or (c) in connection with any actual or threatened claim against you relating to the Offer if required to assist you in establishing defences under applicable securities laws, it being understood and agreed that we assume no duty or liability whatsoever to any person furnished this letter in accordance with this sentence and that any such person is not entitled to rely on this letter in any manner as a result of being furnished this letter or for any other reason.

This opinion letter speaks only as of the date hereof. Accordingly, any person relying on this opinion letter at any time after the date of this opinion letter should seek advice of its counsel as to the proper application of this opinion letter at such time.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **MORALES & BESA LTDA.** | **MORALES & BESA LTDA.** |
| By: | [·], a Partner |

---

A-III-8

**<u>Settlement Disclosure Letter:</u>**

Santiago, Chile, [·], 2025

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Société Générale

29, boulevard Haussmann

75009 Paris

France

as the Dealer Managers<br> named in the Dealer Manager Agreement<br> referred to below

Re.: <u>Dealer Manager Agreement Reliance Letter on [Commencement/</u> <u>Settlement]</u>

Ladies and Gentlemen:

This opinion is delivered to you pursuant to <u>Section [10(f)]</u> of the Dealer Manager Agreement dated as of [·], 2025 (the "**Dealer Manager Agreement**" or the "**Agreement**") among the Republic of Chile (the "**Republic**") and Crédit Agricole Corporate and Investment Bank, Merrill Lynch International and Société Générale, as the Dealer Managers named in the Dealer Manager Agreement, relating to the offer to holders of certain outstanding notes of the Republic listed on [Schedule I] thereto (collectively, the "**Eligible Notes**") to submit offers to exchange Eligible Notes for the Republic's New Notes listed on [Schedule II] thereto (the "**New Notes**") on the terms and subject to the conditions set forth in the Dealer Manager Agreement and the Disclosure Package (as defined below) (the "**Exchange Offer**"). The New Notes are to be issued pursuant to an indenture, dated as of December 12, 2014, (the "**Base Indenture**") between the Republic and The Bank of New York Mellon, as trustee (the "**Trustee**"), as amended by the first supplemental indenture, dated as of May 27, 2015 (the "**First Supplemental Indenture**" and, together with the Base Indenture, the "**Indenture**"). The Exchange Offer is being made by way of a base prospectus dated February 22, 2022, including the documents incorporated therein by reference (the "**Base Prospectus**"), as supplemented by the prospectus supplement dated [·], 2025 (The "**Prospectus Supplement**" and, together with the Base Prospectus, the "**Prospectus**"). The Prospectus together with the free writing prospectuses related to the Exchange Offer filed with the Commission pursuant to Rule 433 under the Securities Act (the "**Free Writing Prospectus**"), is herein referred to as the "**Disclosure Package**":

A-III-9

Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Dealer Manager Agreement.

This letter is delivered to you as of the [Commencement/Settlement] Date as such term is defined and used in the Dealer Manager Agreement.

Because the primary purpose of our professional engagement was not to establish or confirm factual matters or financial accounting or statistical information, and because many determinations involved in the preparation of the Disclosure Package are of a wholly or partially non-legal character or relate to legal matters outside the scope of our opinion letter to you of even date herewith, we are not passing upon and do not assume any responsibility for the accuracy, completeness or fairness of the statements contained in the Disclosure Package (except to the extent expressly set forth in letter (o) of our opinion letter to you of even date herewith) and we make no representation that we have independently verified the accuracy, completeness or fairness of such statements (except as aforesaid). Without limiting the foregoing, we assume no responsibility for, and have not independently verified, the accuracy, completeness or fairness of the financial, accounting and statistical data included in the Disclosure Package, and we have not examined the financial, accounting or statistical records from which such data or information is derived. We note that certain portions of the Disclosure Package have been included therein on the authority of officials of the Republic, and that we are not experts within the meaning of the Securities Act with respect to any portion of the Disclosure Package including, without limitation, the financial, accounting or statistical data included therein.

However, in the course of our acting as special Chilean counsel to the Republic in connection with the preparation of the Disclosure Package, we participated in conferences and telephone conversations with officials of the Republic, representatives of the Dealer Managers and representatives of New York and Chilean counsel to the Dealer Managers, during which the contents of the Disclosure Package and related matters were discussed, and we reviewed certain other documents furnished to us by the Republic.

Based on our participation in such conferences and conversations, our review of such documents as described above, according to our limited and non-expert understanding of the United States of America federal securities laws and limited experience we have gained in our practice hereunder, we advise you that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No information has come to our attention that causes us to believe that the Disclosure Package (except the financial, accounting and statistical data included therein, as to which we express no view), as of the date of the Dealer Manager Agreement, contained an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein not misleading.

A-III-10

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No information has come to our attention that causes us to believe that the Disclosure Package (except the financial, accounting and statistical data included therein, as to which we express no view), as of the [Commencement/Settlement] Date, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No information has come to our attention that causes us to believe that the Disclosure Package (except the financial, accounting and statistical data included therein, as to which we express no view), as of the date thereof or hereof, contained or contains an untrue statement of a material fact or omitted or omits to state a material fact necessary to make the statements therein, in light of the circumstances under which they were made, not misleading.

The opinions expressed herein are limited to questions arising under the laws of the Republic. We provide this opinion letter to you in our capacity as special Chilean counsel to the Republic. Furthermore, this opinion letter is furnished to you in your capacity as Dealer Managers under the Dealer Manager Agreement and is solely for your benefit as such. This opinion letter is not to be used, circulated, quoted or otherwise referred to for any other purpose, without, in each instance, our prior written consent. Notwithstanding the foregoing, you may furnish a copy of this opinion letter (with notice to us, which shall be given before furnishing such copy, when practicable) (a) if required by any applicable law or regulation, (b) to any regulatory authority having jurisdiction over you if required by such authority or (c) in connection with any actual or threatened claim against you relating to the issue of the Notes if required to assist you in establishing defenses under applicable securities laws, it being understood and agreed that we assume no duty or liability whatsoever to any person furnished this letter in accordance with this sentence and that any such person is not entitled to rely on this letter in any manner as a result of being furnished this letter or for any other reason.

This opinion letter speaks only as of the date hereof. Accordingly, any person relying on this opinion letter at any time after the date of this opinion letter should seek advice from its counsel as to the proper application of this opinion letter at such time.

---

| | |
|:---|:---|
| Very truly yours, | Very truly yours, |
| **MORALES & BESA LTDA.** | **MORALES & BESA LTDA.** |
| By: | [·], a Partner |

---

A-III-11

**ANNEX I** **V**

**FORM** **S OF OPINIONS AND 10B-5 LETTERS OF ALLEN OVERY SHEARMAN STERLING US LLP**

**<u>Settlement Legal Opinion:</u>**

[·], 2025

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Société Générale<br> 29, boulevard Haussmann

75009 Paris

France

<u>Republic of Chile – Exchange Offer</u>

Ladies and Gentlemen:

We have acted as New York counsel to the Republic of Chile (the "Republic") in connection with your acting as dealer managers under a dealer manager agreement, dated June [·], 2025 (the "Dealer Manager Agreement"), between the Republic and each of you, with respect to the Republic's offer to exchange for newly issued Euro-denominated bonds (the "Securities") certain outstanding bonds as set forth on Schedule I to the Dealer Manager Agreement (the "Exchange Offer") on the terms and subject to the conditions set forth in the Dealer Manager Agreement and in the prospectus supplement, dated June [·], 2025 (the "Prospectus Supplement"). The Securities will be issued by the Republic pursuant to an indenture, dated as of December 12, 2014 (the "Base Indenture"), between the Republic and The Bank of New York Mellon, as trustee (the "Trustee"), as amended by the first supplemental indenture, dated as of May 27, 2015 (together with the Base Indenture, the "Indenture"). This opinion is delivered to you pursuant to Section [10(g)] of the Dealer Manager Agreement. Capitalized terms not otherwise defined herein shall have their respective meanings set forth in the Dealer Manager Agreement.

In that connection, we have reviewed originals or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Dealer Manager Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Indenture[; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Securities in global form as executed by the Republic.]

A-IV-1

The documents described in the foregoing clauses (a) through [(b) / (c)] are collectively referred to herein as the "Opinion Documents."

We have also reviewed the Prospectus Supplement and originals or copies of such certificates of public officials, certificates of officers and representatives of the Republic and other documents as we have deemed necessary as a basis for the opinion expressed below.

In our review of the Opinion Documents and other documents, we have assumed:

the genuineness of all signatures;

the authenticity of the originals of the documents submitted to us;

the conformity to authentic originals of any documents submitted to us as copies;

as to matters of fact, the truthfulness of the representations made in the Opinion Documents and in certificates of public officials and officers of the Republic and other appropriate persons and the statements contained in the Prospectus Supplement;

that each Opinion Document is the legal, valid and binding obligation of each party thereto, other than the Republic, enforceable against each such party in accordance with its terms;

that:

under the laws of the Republic of Chile, the Republic has power and authority to execute, deliver and perform, and has duly authorized, executed and delivered (except to the extent Generally Applicable Law is applicable to such execution and delivery), the Opinion Documents.

the execution, delivery and performance by the Republic of the Opinion Documents have been duly authorized by all necessary governmental action and do not:

except with respect to Generally Applicable Law, violate any law, rule or regulation applicable to it; or

result in any conflict with or breach of any agreement or document binding on it of which any addressee hereof has knowledge, has received notice, or has reason to know.

except with respect to Generally Applicable Law, no authorization, approval or other action by, and no notice to or filing with, any governmental authority or regulatory body or (to the extent the same is required under any agreement or document binding on it of which an addressee has knowledge, has received notice or has reason to know) any other third party is required for the due execution, delivery or performance by the Republic of the Opinion Documents or, if any such authorization, approval, consent, action, notice or filing is required, it has been duly obtained, taken, given or made and is in full force and effect.

We have not independently established the validity of the foregoing assumptions.

A-IV-2

"Generally Applicable Law" means the federal law of the United States of America, and the law of the State of New York (including the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional diligence would reasonably be expected to recognize as being applicable to the Republic, the Opinion Documents or the transactions governed by the Opinion Documents. Without limiting the generality of the foregoing definition of Generally Applicable Law, the term "Generally Applicable Law" does not include any law, rule or regulation that is applicable to the Republic, the Opinion Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to the Opinion Documents or any of its affiliates due to the specific assets or business of such party or such affiliate.

Based upon the foregoing and upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Dealer Manager Agreement has been duly executed and delivered, to the extent such execution and delivery is a matter of New York law, and is the legal, valid and binding obligation of the Republic, enforceable against the Republic in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No authorization, approval or other action by, and no notice to or filing with, any United States federal or New York governmental authority or regulatory body is required for the due execution, delivery or performance by the Republic of the Opinion Documents, except as may be required under the securities or blue sky laws of any jurisdiction in the United States in connection with the Exchange Offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The description of the tax consequences set forth in the Prospectus Supplement under the caption "Taxation—U.S. Federal Income Tax Consequences," insofar as such description constitutes a statement of U.S. federal income tax law or legal conclusions and subject to the limitations and conditions described therein, is accurate in all material respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Assuming the validity of such action under the laws of the Republic, under the laws of the State of New York relating to submission to jurisdiction, the Republic has (i) pursuant to Section 13(a) of the Dealer Manager Agreement, [and] Section 9.7 of the Base Indenture [and Section 16(b) of the Securities] validly submitted to the jurisdiction of any New York State or United States federal court located in The City of New York, New York, in any action or proceeding arising out of or with respect to the Dealer Manager Agreement, (ii) pursuant to Section 13(c) of the Dealer Manager Agreement and Section 16(b) of the Base Indenture, validly and irrevocably waived any obligation to the laying of venue of any such action in any such court, and (iii) validly appointed Consul General of Chile as its authorized agent for the purposes described in Section 13(a) of the Dealer Manager Agreement and Section 9.7(c) of the Base Indenture; and service of process effected in the manner set forth in Section 13(a) of the Dealer Manager Agreement and Section 9.7(c) of the Base Indenture will be effective to confer valid personal jurisdiction under the laws of the State of New York in connection with any such action or proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Indenture has been duly executed and delivered by the Republic to the extent such execution and delivery is a matter of New York law and is the legal, valid and binding obligation of the Republic, enforceable against the Republic in accordance with its terms.

[6. The Securities have been duly executed by the Republic to the extent such execution is a matter of New York law and, when authenticated by the Trustee in accordance with the Indenture and delivered in exchange for Eligible Notes as provided in the Dealer Manager Agreement, the Securities will be the legal, valid and binding obligations of the Republic, enforceable against the Republic in accordance with their terms and entitled to the benefits of the Indenture.]

A-IV-3

[7. The statements in the Prospectus Supplement under the caption "Description of the Securities" and "Description of the New Notes", in each case, insofar as such statements constitute summaries of documents referred to therein, fairly summarize in all material respects the documents referred to therein.]

Our opinions expressed above are subject to the following qualifications:

Our opinion in paragraphs 1, 5[, and 6] above are subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally (including without limitation all laws relating to fraudulent transfers) and (ii) possible judicial action giving effect to governmental actions or foreign laws affecting creditors' rights.

Our opinion in paragraph 1, 5[, and 6] above are subject to the effect of general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law).

Our opinions are limited to Generally Applicable Law, and we do not express any opinion herein concerning any other law.

The enforceability in the United States of the waiver by the Republic of its immunities from court jurisdiction and from legal process, as set forth in the Dealer Manager Agreement, the Indenture[, and the Securities], is subject to the limitations imposed by the United States Foreign Sovereign Immunities Act of 1976, as amended. We express no opinion as to the enforceability of any such waiver of immunity to the extent that it purports to apply to any immunity to which the Republic may become entitled after the date hereof.

We express no opinion with respect to the enforceability of any indemnity against any loss in converting into a specified currency the proceeds or amount of a court judgment in another currency.

The enforcement of any rights to indemnity and contribution in our opinion above may be limited by federal and state securities laws and principles of public policy.

This opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter and which might affect the opinions expressed herein.

This opinion letter is rendered to you in connection with your role as dealer managers under the Dealer Manager Agreement. This opinion letter may not be used, circulated, quoted or relied upon by you or anyone else for any other purpose without our prior written consent. However, this opinion letter may, without our further written consent, be furnished, where it is reasonable to do so and without prior notice to us, (i) to respond to requests to review such documents by governmental, regulatory or judicial authorities having valid jurisdiction over the dealer managers and (ii) in connection with the defense of any legal or regulatory proceeding or investigation arising out of the Exchange Offer.

Very truly yours,

A-IV-4

**<u>Settlement Disclosure Letter:</u>**

[·], 2025

Crédit Agricole Corporate and Investment Bank

12 place des Etats-Unis

CS 70052

92547 Montrouge Cedex

France

Merrill Lynch International

2 King Edward Street

London EC1A 1HQ

United Kingdom

Société Générale<br> 29, boulevard Haussmann

75009 Paris

France

<u>Republic of Chile – Exchange Offer</u>

Ladies and Gentlemen:

We have acted as New York counsel to the Republic of Chile (the "<u>Republic</u>") in connection with your acting as joint dealer managers under the dealer manager agreement dated June [·], 2025 (the "<u>Dealer Manager Agreement</u>") between the Republic and each of you (the "<u>Joint Dealer Managers</u>"), with respect to the Republic's offer to exchange for newly issued Euro-Denominated Notes certain outstanding bonds as set forth in Schedule I to the Dealer Manager Agreement (the "<u>Eligible Bonds</u>") on the terms and subject to the conditions set forth in the Prospectus Supplement prepared by the Republic and dated June [·], 2025 (the "<u>Exchange Offer</u>"). This opinion is delivered to you pursuant to Section [10(g)] of the Dealer Manager Agreement. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Dealer Manager Agreement.

In such capacity, we examined the Prospectus Supplement related to the Eligible Bonds listed in Schedule I attached hereto. As used herein, the term "<u>Disclosure Package</u>" means the Prospectus Supplement and the Pricing Press Release. Except for (i) the Prospectus Supplement, (ii) the Republic's annual report on Form 18-K for the year ended December 31, 2023 (the "<u>18-K</u>"), filed with the Securities and Exchange Commission on September 30, 2024 (incorporated by reference in the Registration Statement), (iii) Amendment No. 1 to the Republic's 18-K filed by the Republic on October 7, 2024 (incorporated by reference in the Registration Statement), (iv) Amendment No. 2 to the Republic's 18-K filed by the Republic on January 6, 2025 (incorporated by reference in the Registration Statement), and (v) Amendment No. 5 to the Republic's 18-K filed by the Republic on March 18, 2025 (incorporated by reference in the Registration Statement), (vi) Amendment No. 6 to the Republic's 18-K filed by the Republic on [·], 2025 (incorporated by reference in the Registration Statement), the Registration Statement (including the Base Prospectus, incorporated by reference in the Registration Statement) was prepared and filed by the Republic without our participation.

A-IV-5

We have also reviewed and participated in discussions concerning the preparation of the Disclosure Package with certain representatives of the Republic, with its counsels, and with your representatives and your Chilean counsel. The limitations inherent in the independent verification of factual matters and in the role of outside counsel are such, however, that we cannot and do not assume any responsibility for the accuracy, completeness or fairness of any of the statements made in the Disclosure Package.

Subject to the limitations set forth in the immediately preceding paragraph, we advise you that, on the basis of the information we gained in the course of performing the services referred to above, no facts came to our attention which caused us to believe that the Disclosure Package (except (i) the financial data included therein and the statistical data included therein to the extent included in the sourcebook prepared in connection therewith and (ii) Exhibit C of the Form 18-K, as to which we have not been requested to comment), as of the date of the Dealer Management Agreement, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

This letter is delivered to you solely for your benefit in connection with your role as Joint Dealer Manager under the Dealer Manager Agreement. This letter may not be used, circulated, quoted or relied upon by you for any other purpose, or by anyone else, without our prior written consent. However, this opinion letter may, without our further written consent, be furnished, where it is reasonable to do so and without prior notice to us, (i) to respond to requests to review such documents by governmental, regulatory or judicial authorities having valid jurisdiction over the Joint Dealer Managers and (ii) in connection with the defense of any legal or regulatory proceeding or investigation arising out of the offer and sale of the Exchange Offer.

Very truly yours,

A-IV-6

## Ex-2

**Exhibit 2**

No. 002

ISIN NO. XS3107229281

COMMON CODE 310722928

REGISTERED GLOBAL NOTE

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE BANK OF NEW YORK MELLON, LONDON BRANCH (THE "<u>DEPOSITARY</u>"), AS COMMON DEPOSITARY FOR EUROCLEAR BANK S.A./N.V. ("<u>EUROCLEAR</u>") AND CLEARSTREAM BANKING, *SOCIÉTÉ ANONYME* ("CLEARSTREAM"), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF THE DEPOSITARY OR ITS NOMINEE, OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO THE DEPOSITARY OR ITS NOMINEE OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, THE DEPOSITARY OR ITS NOMINEE, HAS AN INTEREST HEREIN.

REPUBLIC OF CHILE

representing

€111,014,928

3.800% Notes Due 2035

The Republic of Chile (the "<u>Republic</u>"), for value received, hereby promises to pay to The Bank of New York Depository (Nominees) Limited, or registered assigns, as the nominee of The Bank of New York Mellon, London Branch (the "<u>Depositary</u>"), as common depositary for Euroclear Bank S.A./N.V. and Clearstream Banking, *société anonyme*, or registered assigns, upon surrender hereof of the principal sum of ONE HUNDRED ELEVEN MILLION, FOURTEEN THOUSAND, NINE-HUNDRED TWENTY EIGHT EUROS (€111,014,928) or such amount as shall be the outstanding principal amount hereof on July 1, 2035, together with interest accrued from July 1, 2025, to, but excluding, the maturity date, or on such earlier date as the principal hereof may become due in accordance with the provisions hereof. The Republic further unconditionally promises to pay interest annually (except for the first interest payment date) in arrears on July 1 (an "<u>Interest Payment Date</u>"), commencing July 1, 2026, on any outstanding portion of the unpaid principal amount hereof at 3.800% per annum. Interest shall accrue from and including the most recent date to which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from July 1, 2025 until payment of said principal sum has been made or duly provided for, and shall be payable to Holders of record as of June 30 of each year (the "<u>Record Date</u>"); provided that if any of the Notes are held as Certificated Notes (as defined in paragraph 1(c) in the reverse of this Global Note) then the Record Date shall be the date that is fifteen days prior to the Interest Payment Date.

This is a Global Security (as that term is defined in the Indenture referred to below), also referred to as a "Global Note" for purposes of this document, deposited with the Depositary, and registered in the nominee name of the Depositary in custody for the benefit of the beneficial owners thereof, and accordingly, the Depositary or its nominee or common custodian, as Holder of record of this Global Note, shall be entitled to receive payments of principal and interest, other than principal and interest due at the maturity date, by wire transfer of immediately available funds. Such payment shall be made exclusively in such coin or currency of the European Union as at the time of payment shall be legal tender for payment of public and private debts. The Republic, the Trustee, any registrar and any paying agent shall be entitled to treat the Depositary or its nominee or common custodian as the sole Holder of this Global Note.

The statements in the legend relating to the Depositary set forth above are an integral part of the terms of this Global Note and by acceptance hereof each Holder of this Global Note agrees to be subject to and bound by the terms and provisions set forth in such legend, if any.

This Global Note is issued in respect of an additional issue of €111,014,928 principal amount of 3.800% Notes due 2035 of the Republic, to be consolidated, form a single series and be fully fungible with the Republic's 3.800% Notes due 2035 issued by the Republic in an aggregate principal amount of €1,300,000,000 on July 1, 2025, and is governed by (i) the Indenture dated as of December 12, 2014 (the "<u>Base Indenture</u>") between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended and supplemented by the First Supplemental Indenture dated as of May 27, 2015 (the "<u>First Supplemental Indenture</u>" and, together with the Base Indenture, the "<u>Indenture</u>") between the Republic and the Trustee, the terms of which Indenture are incorporated herein by reference, and (ii) by the Terms of the Debt Securities set forth in Exhibit C to the Indenture (the "<u>Terms</u>"), as supplemented or amended by the Authorization (as defined in the Indenture) of the Republic for this Global Note, the terms of which are incorporated herein by reference. This Global Note shall in all respects be entitled to the same benefits as other Debt Securities (as defined in the Indenture), under the Indenture and the Terms.

Upon any exchange of all or a portion of this Global Note for Certificated Notes in accordance with the Indenture, this Global Note shall be endorsed on Schedule A to reflect the change of the principal amount evidenced hereby.

Unless the certificate of authentication hereon has been executed by the Trustee, this Global Note shall not be valid or obligatory for any purpose.

[*Remainder of the page intentionally left in blank*]

IN WITNESS WHEREOF, the Republic has caused this instrument to be duly executed.

Dated: July 7, 2025.

---

| | | |
|:---|:---|:---|
| THE REPUBLIC OF CHILE | THE REPUBLIC OF CHILE | THE REPUBLIC OF CHILE |
| By: | /s/ Mario Marcel Cullell | /s/ Mario Marcel Cullell |
|  | Name: | Mario Marcel Cullell |
|  | Title: | Minister of Finance |
| By: | /s/ Felipe Allard Soto | /s/ Felipe Allard Soto |
|  | Name: | Felipe Allard Soto |
|  | Title: | Consul General of Chile in New York |
| By: | /s/ Hermán Nobizelli Reyes | /s/ Hermán Nobizelli Reyes |
|  | Name: | Hermán Nobizelli Reyes |
|  | Title: | General Treasurer of the Republic of Chile |

---

*[Signature Page of Executed Global Note]*

TRUSTEE'S CERTIFICATE OF AUTHENTICATION<br> This is one of the Debt Securities issued under the within-mentioned Indenture.

Dated: : July 7, 2025.

---

| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee | THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee | THE BANK OF NEW YORK MELLON, not in its individual capacity but solely as Trustee |
| By: | /s/ Glenn G. McKeever | /s/ Glenn G. McKeever |
|  | Name: | Glenn G. McKeever |
|  | Title: |  |

---

*[Signature Page of Executed Global Note]*

Schedule A

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Date | &nbsp;&nbsp;Principal Amount of<br> Certificated Notes | &nbsp;&nbsp;Remaining Principal<br> Amount of this <br> Global Note | &nbsp;&nbsp;Notation Made By |

---

REVERSE OF NOTES

TERMS AND CONDITIONS OF THE NOTES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>General</u>. (a) This Note is one of a duly authorized Series of debt securities of the Republic of Chile (the "<u>Republic</u>"), designated as its 3.800% Notes due 2035 (each Note of this Series a "<u>Note</u>," and collectively, the "<u>Notes</u>"), and issued or to be issued in one or more Series pursuant to an Indenture dated as of December 12, 2014 (the "<u>Base Indenture</u>"), between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended and supplemented by the First Supplemental Indenture dated as of May 27, 2015 (the "<u>First Supplemental Indenture</u>" and, together with the Base Indenture, the "<u>Indenture</u>") between the Republic and the Trustee. The Holders of the Notes will be entitled to the benefits of, be bound by, and be deemed to have notice of, all of the provisions of the Indenture. A copy of the Indenture is on file and may be inspected at the Corporate Trust Office. All capitalized terms used in this Note but not defined herein shall have the meanings assigned to them in the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Notes constitute and will constitute direct, general, unconditional and unsubordinated External Debt of the Republic for which the full faith and credit of the Republic is pledged. The Notes rank and will rank without any preference among themselves and equally with all other unsubordinated External Debt of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make payments under the Notes ratably with payments being made under any other External Debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Notes are in fully registered form, without coupons in denominations of €1,000 and integral multiples of €1.00 in excess thereof. The Notes may be issued in certificated form (the "<u>Certificated Notes</u>"), or may be represented by one or more registered global notes (each, a "<u>Global Note</u>") held by or on behalf of the Depositary. Certificated Notes will be available only in the limited circumstances set forth in the Indenture. The Notes, and transfers thereof, shall be registered as provided in Section 2.6 of the Indenture. Any person in whose name a Note shall be registered may (to the fullest extent permitted by applicable law) be treated at all times, by all persons and for all purposes as the absolute owner of such Note regardless of any notice of ownership, theft, loss or any writing thereon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the purposes of this paragraph and paragraphs 5 and 6 below, the following terms shall have the meanings specified below:

"<u>External Debt</u>" means obligations (other than the Notes) of, or guaranteed by, the Republic for borrowed money or evidenced by bonds, notes or other similar instruments denominated or payable, or those which at the option of the holder thereof are so denominated or payable, in a currency other than the local currency of the Republic.

"<u>Public External Debt</u>" means any External Debt that is in the form of, or represented by, bonds, notes or other securities that are or may be quoted, listed or ordinarily purchased or sold on any stock exchange, automated trading system or over-the-counter or other securities market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Payments</u>. (a) The Republic covenants and agrees that it will duly and punctually pay or cause to be paid the principal of, and premium, if any, and interest (including Additional Amounts) on, the Notes and any other payments to be made by the Republic under the Notes and the Indenture, at the place or places, at the respective times and in the manner provided in the Notes and the Indenture. Principal of the Notes will be payable against surrender of such Notes at the office of The Bank of New York Mellon, London Branch, as paying agent in London, England (the "<u>Paying Agent</u>") or, subject to applicable laws and regulations, at the office of such other paying agent, by Euro check drawn on, or by transfer to a Euro account maintained by the Holder with, a bank located in London, England. Payment of interest or principal (including Additional Amounts (as defined below)) on the Notes will be made to the persons in whose name such Notes are registered at the close of business on the applicable Record Date, whether or not such day is a Business Day (as defined below), notwithstanding the cancellation of such Notes upon any transfer or exchange thereof subsequent to the Record Date and prior to such Interest Payment Date; <u>provided</u> that if and to the extent the Republic shall default in the payment of the interest due on such Interest Payment Date, such defaulted interest shall be paid to the persons in whose names such Notes are registered as of a subsequent record date established by the Republic by notice, as provided in paragraph 12 of these Terms, by or on behalf of the Republic to the Holders of the Notes not less than 15 days preceding such subsequent record date, such record date to be not less than 10 days preceding the date of payment of such defaulted interest. Notwithstanding the immediately preceding sentence, in the case where such interest or principal (including Additional Amounts as defined below) is not punctually paid or duly provided for, the Trustee shall have the right to fix such subsequent record date, and, if fixed by the Trustee, such subsequent record date shall supersede any such subsequent record date fixed by the Republic. Payment of interest on Certificated Notes will be made (i) by a Euro check drawn on a bank in London, England mailed to the Holder at such Holder's registered address or (ii) upon application by the Holder of at least €1,000,000 in principal amount of Certificated Notes to the Trustee not later than the relevant Record Date, by wire transfer in immediately available funds to a Euro account maintained by the Holder with a bank in London, England. Payment of interest on a Global Note will be made (i) by a Euro check drawn on a bank in London, England delivered to the Depositary or other depositary at its registered address or (ii) by wire transfer in immediately available funds to a U.S. dollar account maintained by the Depositary or other depositary with a bank in London, England. "<u>Business Day</u>" shall mean any day that is a day on which the Trans-European Automated Real-time Settlement Express Transfer (TARGET) System (or any successor thereto) is open for business and a day on which commercial banks are open for dealings in Euro deposits in the London interbank market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In any case where the date of payment of the principal of, or interest (including Additional Amounts) on, the Notes shall not be a Business Day, then payment of principal or interest (including Additional Amounts) will be made on the next succeeding Business Day at the relevant place of payment. Such payments will be deemed to have been made on the due date, and no interest on the Notes will accrue as a result of the delay in payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Interest will be computed on the basis of the actual number of days elapsed in a 365 (or 366) day year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any monies deposited with or paid to the Trustee or to any paying agent for the payment of the principal of or interest (including Additional Amounts) on any Note and not applied but remaining unclaimed for two years after the date upon which such principal or interest shall have become due and payable shall be repaid to or for the account of the Republic by the Trustee or such paying agent, upon the written request of the Republic and, to the extent permitted by law, the Holder of such Note shall thereafter look only to the Republic for any payment which such Holder may be entitled to collect, and all liability of the Trustee or such paying agent with respect to such monies shall thereupon cease. The Republic shall cause all returned, unclaimed monies to be held in trust for the relevant Holder of the Note until such time as the claims against the Republic for payment of such amounts shall have prescribed pursuant to paragraph 14 of these Terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If the Republic at any time defaults in the payment of any principal of, or interest (including Additional Amounts) on the Notes, the Republic will pay interest on the amount in default (to the extent permitted by law), calculated for each day until paid, at the rate of 3.800% per annum, together with Additional Amounts, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Optional Redemption</u>. Upon giving not less than fifteen (15) days' nor more than sixty (60) days' notice, the Republic may redeem the Notes, in whole or in part, at any time or from time to time prior to their maturity, at a redemption price equal to (a) if redeemed prior to April 1, 2035 (three months prior to the maturity date of the Notes), the principal amount thereof, plus the Make-Whole Amount (as defined below), plus interest accrued but not paid on the principal amount of the Notes to the date of redemption, or (b) if redeemed on or after April 1, 2035 (three months prior to the maturity date of the Notes), the principal amount thereof, plus interest accrued but not paid on the principal amount of such Notes to the date of redemption. The Trustee shall not be responsible for calculating, or confirming the calculation of, the Make-Whole Amount.

"<u>Make-Whole Amount</u>" means the excess of (i) the sum of the present values of each remaining scheduled payment of principal and interest on the Notes to be redeemed (exclusive of interest accrued but not paid to the date of redemption), discounted to the redemption date on an annual basis (assuming the actual number of days in a 365- or 366-day year) at the Benchmark Rate (as defined below) plus 20 basis points over (ii) the principal amount of such Notes.

"<u>Benchmark Rate</u>" means, with respect to any redemption date, the rate per annum equal to the annual equivalent yield to maturity or interpolated maturity of the Comparable Benchmark Issue (as defined below), assuming a price for the Comparable Benchmark Issue (expressed as a percentage of its principal amount) equal to the Comparable Benchmark Price (as defined below) for such redemption date.

"<u>Comparable Benchmark Issue</u>" means the Bundesanleihe security or securities (Bund) of the German Government selected by an Independent Investment Banker (as defined below) as having an actual or interpolated maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of euro-denominated corporate debt securities of a comparable maturity to the remaining term of such Notes.

"<u>Independent Investment Banker</u>" means one of the Reference Dealers (as defined below) appointed by the Republic.

"<u>Comparable Benchmark Price</u>" means, with respect to any redemption date, (i) the average of the Reference Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest such Reference Dealer Quotation or (ii) if the Republic obtains fewer than four such Reference Dealer Quotations, the average of all such quotations.

"<u>Reference Dealer</u>" means each of Crédit Agricole Corporate and Investment Bank, Merrill Lynch International and Société Générale or their affiliates which are dealers of Bund of the German Government, and one other leading dealer of Bund of the German Government designated by the Republic, and their respective successors; provided that if any of the foregoing shall cease to be a dealer of Bund of the German Government, the Republic will substitute therefore another dealer of Bund of the German Government.

"<u>Reference Dealer Quotation</u>" means, with respect to each Reference Dealer and any redemption date, the average, as determined by the Republic, of the bid and ask prices for the Comparable Benchmark Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Republic by such Reference Dealer at 3:30 p.m., Frankfurt, Germany time on the third business day preceding such redemption date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Additional Amounts</u>. (a) All payments by the Republic in respect of the Notes shall be made without withholding or deduction for or on account of any present or future taxes, duties, assessments or other governmental charges of whatever nature imposed or levied by or on behalf of the Republic, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (collectively, "Relevant Tax"), unless the withholding or deduction of such Relevant Tax is required by law. In that event, the Republic shall pay such additional amounts, including but not limited to, the payment of the 4% withholding tax imposed on payments of interest to Holders of Notes that are not residents of the Republic ("<u>Additional Amounts</u>"), as may be necessary to ensure that the amounts received by the Holders after such withholding or deduction shall equal the respective amounts of principal and interest that would have been receivable in respect of the Notes in the absence of such withholding or deduction; <u>provided</u>, <u>however</u>, that no such Additional Amounts shall be payable in respect of any Relevant Tax:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) imposed by reason of a Holder or beneficial owner of a Note having some present or former connection with the Republic other than merely being a Holder or beneficial owner of the Note or receiving payments of any nature on the Note or enforcing its rights in respect of the Note;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) imposed by reason of the failure of a Holder or beneficial owner of a Note, or any other person through which the Holder or beneficial owner holds a Note, to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with the Republic of such Holder or beneficial owner or other person, if compliance with the requirement is a precondition to exemption from all or any portion of such withholding or deduction; <u>provided that</u> (x) Chile or Chile's agent has provided the Holders with at least 60 days' prior written notice of an opportunity to satisfy such a requirement, and (y) in no event shall such Holder or beneficial owner or other person's obligation to satisfy such a requirement require such Holder or beneficial owner or other person to provide any materially more onerous information, documents or other evidence than would be required to be provided had such Holder or beneficial owner or other person been required to file Internal Revenue Service Forms W-8BEN, W-8BEN-E, W-8ECI, W-8EXP and/or W-8IMY; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) imposed by reason of a Holder or beneficial owner of a Note, or any other person through which the Holder or beneficial owner holds a Note, having presented the Note for payment (where such presentation is required) more than 30 days after the Relevant Date, except to the extent that the Holder or beneficial owner or such other person would have been entitled to Additional Amounts on presenting the Note for payment on any date during such 30-day period.

As used in this paragraph 4(a), "Relevant Date" in respect of any Note means the date on which payment in respect thereof first becomes due or, if the full amount of the money payable has not been received by the Trustee on or prior to such due date, the date on which notice is duly given to the Holders in the manner described in paragraph 12 below that such monies have been so received and are available for payment. Any reference to "principal" and/or "interest" hereunder shall be deemed to include any Additional Amounts which may be payable hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic will pay any present or future stamp, court or documentary taxes or any excise or property taxes, charges or similar levies which arise in the Republic or any political subdivision thereof or taxing authority thereof or therein in respect of the creation, issue, execution, initial delivery or registration of the Notes or any other document or instrument referred to therein. The Republic will also indemnify the Holders from and against any stamp, court or documentary taxes or any excise or property taxes, charges or similar levies resulting from, or required to be paid by any of them in any jurisdiction in connection with, the enforcement of the obligations of the Republic under the Notes or any other document or instrument referred to therein following the occurrence of any Event of Default (as defined below).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Negative Pledge Covenant of the Republic</u>. (a) So long as any Note shall remain Outstanding or any amount payable by the Republic under the Indenture shall remain unpaid, the Republic agrees that the Republic will not create, incur, assume or suffer to exist any Lien (as defined below) (other than a Permitted Lien (as defined below)) on the assets or revenues of the Republic to secure Public External Debt (as defined below), unless the Republic causes such Lien to equally and ratably secure the obligations of the Republic with respect to the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For purposes hereof:

"<u>Lien</u>" means any lien, pledge, mortgage, security interest, deed of trust, charge or other encumbrance or preferential arrangement which has the practical effect of constituting a security interest with respect to the payment of any obligations with or from the proceeds of any asset or revenue of any kind whether in effect on the date the Indenture becomes effective or at any time thereafter.

"<u>Permitted Liens</u>" means: (i) any Lien on property to secure Public External Debt arising in the ordinary course of business to finance export, import or other trade transactions, which Public External Debt matures (after giving effect to all renewals and refinancings thereof) not more than one year after the date on which the Public External Debt was originally incurred; (ii) any Lien on property to secure Public External Debt incurred for the purpose of financing the acquisition or construction by the Republic of such property, and any renewal or extension of any such Lien which is limited to the original property covered thereby and which secures any renewal or extension of the original financing without any increase in the amount thereof; (iii) any Lien on property arising by operation of any law in force as of July 1, 2025 in connection with Public External Debt, including without limitation any right of set-off with respect to demand or time deposits maintained with financial institutions and bankers' liens with respect to property held by financial institutions, which in each case are deposited with or delivered to such financial institutions in the ordinary course of the depositor's activities; (iv) any Lien existing on property at the time of acquisition and any renewal or extension of any such Lien which is limited to the original property covered thereby and which secures any renewal or extension of the original financing secured by such Lien at the time of such acquisition without increase in the amount of the original secured financing; (v) any Lien in existence as of December 12, 2014; and (vi) any Lien securing Public External Debt incurred for the purpose of financing all or part of the costs of the acquisition, construction or development of a project; <u>provided</u> that (A) the holders of such Public External Debt agree to limit their recourse to the assets and revenues of such project as the principal source of repayment of such Public External Debt and (B) the property over which such Lien is granted consists solely of such assets and revenues of the project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Events of Default; Acceleration</u>. If one or more of the following events ("<u>Events of Default</u>") shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) default in the payment of principal or of interest on any of the Notes as and when the same shall become due and payable, whether at maturity, by declaration or otherwise, and continuance of such default for 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) failure on the part of the Republic duly to observe or perform any of the covenants or obligations herein or in the Indenture for a period of 60 days after the date on which written notice thereof requiring the Republic to remedy the failure shall have been given to the Republic by the Trustee or the holders of at least 25% in aggregate principal amount of the Notes then Outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) either (i) the Republic shall fail to make any payment of Public External Debt having an aggregate principal amount of not less than or equal to U.S.$20,000,000 (or its equivalent in other currencies) when and as the same shall become due and payable, if such failure shall continue beyond the period of grace, if any, originally applicable thereto or (ii) Public External Debt of the Republic having an aggregate principal amount greater than or equal to U.S.$20,000,000 (or its equivalent in other currencies) shall become due and payable due to acceleration upon an event of default and such acceleration shall not have been rescinded or annulled;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Republic or a court of proper jurisdiction shall declare a general suspension of payments or a moratorium on payment of its Public External Debt; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the validity of the Notes shall be contested in a formal administrative, legislative or judicial proceeding by the Republic or any legislative, executive, or judicial body or official of the Republic which is authorized in each case by law to do so and, acting alone or together with another such body or official, has the legal power and authority to declare the Notes invalid or unenforceable; then in each and every such case, upon notice in writing by the Holders (the "<u>Demanding Holders</u>") (acting individually or together) of not less than 25% of the aggregate Outstanding principal amount of the Notes to the Republic, with a copy to the Trustee, of any such Event of Default and its continuance, the Demanding Holders may declare the principal amount of all the Notes due and payable immediately, and the same shall become and shall be due and payable upon the date that such written notice is received by or on behalf of the Republic, unless prior to such date all Events of Default in respect of all the Notes shall have been cured; <u>provided</u> that if, at any time after the principal of the Notes shall have been so declared due and payable, and before the sale of any property pursuant to any judgment or decree for the payment of monies due which shall have been obtained or entered in connection with the Notes, the Republic shall pay or shall deposit (or cause to be paid or deposited) with the Trustee a sum sufficient to pay all matured installments of interest and principal upon all the Notes which shall have become due otherwise than solely by acceleration (with interest on overdue installments of interest, to the extent permitted by law, and on such principal of each Note at the rate of interest specified herein, to the date of such payment of interest or principal) and such amount as shall be sufficient to cover reasonable compensation to the Demanding Holders, the Trustee and each predecessor Trustee, their respective agents, attorneys and counsel, and all other documented expenses and liabilities reasonably incurred, and all advances made for documented expenses and legal fees, reasonably incurred by the Demanding Holders, the Trustee and each predecessor Trustee, and if any and all Events of Default hereunder, other than the nonpayment of the principal of the Notes which shall have become due solely by acceleration, shall have been cured, waived or otherwise remedied as provided herein, then, and in every such case, the Holders of more than 50% in aggregate principal amount of the Notes then Outstanding, by written notice to the Republic and to the Trustee, may, on behalf of all of the Holders, waive all defaults and rescind and annul such declaration and its consequences, but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Actions by Holders pursuant to this paragraph 6 need not be taken at a meeting pursuant to paragraph 7 hereof. Actions by the Trustee and the Holders pursuant to this paragraph 6 are subject to Article IV of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Holders' Meetings and Written Action</u>. The Indenture sets forth the provisions for the convening of meetings of Holders of Notes and actions taken by written consent of the Holders of Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Replacement, Exchange and Transfer of the Notes</u>. (a) Upon the terms and subject to the conditions set forth in the Indenture, in case any Note shall become mutilated, defaced or be apparently destroyed, lost or stolen, the Republic in its discretion may execute, and upon the request of the Republic, the Trustee shall authenticate and deliver, a new Note bearing a number not contemporaneously Outstanding, in exchange and substitution for the mutilated or defaced Note, or in lieu of and in substitution for the apparently destroyed, lost or stolen Note. In every case, the applicant for a substitute Note shall furnish to the Republic and to the Trustee such security or indemnity as may be required by each of them to indemnify, defend and to save each of them and any agent of the Republic or the Trustee harmless and, in every case of destruction, loss or theft, or evidence to their satisfaction of the apparent destruction, loss or theft of such Note and of the ownership thereof. Upon the issuance of any substitute Note, the Holder of such Note, if so requested by the Republic, shall pay a sum sufficient to cover any stamp duty, tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected with the preparation and issuance of the substitute Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Note or Notes may be exchanged for an equal aggregate principal amount of Certificated Notes in different authorized denominations and a beneficial interest in the Global Note may be exchanged for Certificated Notes in authorized denominations or for a beneficial interest in another Global Note by the Holder or Holders surrendering the Note or Notes for exchange at the Corporate Trust Office, together with a written request for the exchange. Certificated Notes will only be issued in exchange for interests in a Global Note pursuant to Section 2.5(e) of the Indenture. The exchange of the Notes will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon the terms and subject to the conditions set forth in the Indenture, and subject to paragraph 8(e) hereof, a Certificated Note may be transferred in whole or in part (in an amount equal to the authorized denomination or any integral multiple thereof) by the Holder or Holders surrendering the Certificated Note for transfer at the Corporate Trust Office accompanied by an executed instrument of transfer substantially as set forth in Exhibit F to the Indenture. The registration of transfer of the Notes will be made by the Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The costs and expenses of effecting any exchange, transfer or registration of transfer pursuant to this paragraph 8 will be borne by the Republic, except for the expenses of delivery (if any) not made by regular mail and the payment of a sum sufficient to cover any stamp duty, tax or other governmental charge or insurance charge that may be imposed in relation thereto, which will be borne by the Holder of the Note. Registration of the transfer of a Note by the Trustee shall be deemed to be the acknowledgment of such transfer on behalf of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trustee may decline to accept any request for an exchange or registration of transfer of any Note during the period of 15 days preceding the due date for any payment of principal of, or premium, if any, or interest on, the Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Trustee</u>. For a description of the duties and the immunities and rights of the Trustee under the Indenture, reference is made to the Indenture, and the obligations of the Trustee to the Holder hereof are subject to such immunities and rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Paying Agents; Transfer Agents; Registrar</u>. The Republic has initially appointed the paying agents, transfer agents and registrar listed at the foot of this Note. The Republic may at any time appoint additional or other paying agents, transfer agents and registrars and terminate the appointment of those or any paying agents, transfer agents and registrar, <u>provided</u> that while the Notes are Outstanding the Republic will maintain (A) in London, England, (i) a paying agent and (ii) an office or agency where the Notes may be presented for exchange, transfer and registration of transfer as provided in the Indenture and (B) in The City of New York, a registrar; <u>provided</u> that the registrar shall not be in the United Kingdom. Notice of any such termination or appointment and of any change in the office through which any paying agent, transfer agent or registrar will act will be promptly given in the manner described in paragraph 12 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Enforcement</u>. Except as provided in Section 4.6 of the Indenture, no Holder of any Notes shall have any right by virtue of or by availing itself of any provision of the Indenture or of the Notes to institute any suit, action or proceeding in equity or at law upon or under or with respect to the Indenture or of the Notes, or for any other remedy hereunder or under the Notes, unless (a) such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof with respect to such Series of Notes, (b) the Holders of not less than 25% in aggregate principal amount Outstanding of Notes shall have made specific written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have provided to the Trustee such indemnity or other security as it may require against the costs, expenses and liabilities to be incurred therein or thereby and (c) the Trustee for 60 days after its receipt of such notice, request and provision of indemnity or other security shall have failed to institute any such action, suit or proceeding and no direction inconsistent with such written request shall have been given to the Trustee pursuant to Section 4.9 of the Indenture; it being understood and intended, and being expressly covenanted by every Holder of Notes with every other Holder of Notes and the Trustee, that no one or more Holders shall have any right in any manner whatever by virtue or by availing itself of any provision of the Indenture or of the Notes to affect, disturb or prejudice the rights of any other Holder of Notes or to obtain priority over or preference to any other such Holder, or to enforce any right under the Indenture or under the Notes, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes. For the protection and enforcement of this paragraph, each and every Holder and the Trustee shall be entitled to such relief as can be given either at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Notices</u>. The Republic will mail any notices to the Holders of the Notes at their registered addresses as reflected in the books and records of the Trustee. The Republic will consider any mailed notice to have been given five Business Days after it has been sent. The Republic will also publish notices to the Holders in a leading newspaper having general circulation in New York City and London (which is expected to be <u>The Wall Street Journal</u> and the <u>Financial Times</u>, respectively). The Republic will consider any published notice to be given on the date of its first publication.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Further Issues of Notes</u>. The Republic may from time to time, without the consent of the Holders, increase the size of the issue of the Notes, or issue additional debt securities having the same Terms as the Notes in all respects, except for the issue date, issue price and first payment on those additional notes or debt securities; provided, however, that any additional debt securities subsequently issued that are not fungible with the previously Outstanding Notes for U.S. federal income tax purposes shall have a separate CUSIP, ISIN or other identifying number from the previously Outstanding Notes. Additional debt securities of a Series issued in this manner will be consolidated and form a single Series with the previously Outstanding Notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Prescription</u>. To the extent permitted by law, claims against the Republic for the payment of principal of, or interest or other amounts due on, the Notes (including Additional Amounts) will become void unless made within four years of the date on which that payment first became due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Authentication</u>. This Note shall not become valid or obligatory until the certificate of authentication hereon shall have been duly signed by the Trustee or its agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Governing Law</u>. (a) The Indenture will be governed by and construed in accordance with the laws of the State of New York. This Note will be governed by and construed in accordance with the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Republic hereto hereby irrevocably submits to the jurisdiction of any New York State or U.S. federal court sitting in New York City in the Borough of Manhattan and any appellate court of either thereof, in any action or proceeding arising out of or relating to the Indenture, and the Republic hereby irrevocably agrees that all claims in respect of such legal action or proceeding may be heard and determined in such New York state or U.S. federal court. The Republic hereby irrevocably waives, to the fullest extent permitted by law, any objection to venue or defense of an inconvenient forum to the maintenance of any such action or proceeding in such jurisdiction and any right of jurisdiction in such action or proceeding on account of the place of residence or domicile of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Republic hereby irrevocably appoints the Consul General of Chile in the City of New York, with an office on the date hereof at 600 Third Avenue #2808, New York, New York 10016, United States as its authorized agent (the "<u>Authorized Agent</u>") to receive on behalf of the Republic and its property service of copies of any summons and complaint and any other process which may be served in any such legal action or proceeding, except actions arising out of United States federal or state securities laws, brought in such New York State or U.S. federal court sitting in New York City in the Borough of Manhattan. Such service may be made by mailing or delivering a copy of such process to the Republic at the address specified above for the Process Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Nothing in this paragraph 16 shall affect the right of the Trustee or (in connection with legal actions or proceedings by any Holder as permitted by the Indenture and this Note) any Holder to serve legal process in any other manner permitted by law or affect the right of the Trustee or any such Holder to bring any action or proceeding against the Republic or its property in the courts of other jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the extent that the Republic has or hereafter may acquire or have attributed to it any sovereign or other immunity under any law from jurisdiction of any court or from any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise, and attachments of revenues, assets and property of the Republic located in the Republic, to the extent permitted under laws of the Republic) with respect to any of its revenues, assets, or properties, the Republic hereby irrevocably waives such immunity in respect of its obligations under the Notes, to the fullest extent permitted by the laws of the Republic, in respect of its obligations under the Indenture. Without limiting the generality of the foregoing, the Republic agrees that the waivers set forth in this paragraph 16(e) shall be to the fullest extent permitted under the U.S. Foreign Republic Immunities Act of 1976 of the United States (the "<u>Immunities Act</u>") and are intended to be irrevocable for purposes of such Act. The Republic reserves the right to plead sovereign immunity under the Immunities Act with respect to actions brought against it under U.S. federal securities laws or any state securities laws, and the Republic's appointment of the Process Agent will not extend to such actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Republic hereby irrevocably waives, to the fullest extent permitted by law, any requirement or other provision of law, rule, regulation or practice which requires or otherwise establishes as a condition to the institution, prosecution or completion of any action or proceeding (including appeals) arising out of or relating to the Notes the posting of any bond or the furnishing, directly or indirectly, of any other security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Indemnification for Foreign Exchange Fluctuations</u>. The obligation of Republic to any Holder under the Notes that has obtained a court judgment affecting the Notes shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than the currency in which the Note is denominated (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by such Holder of any amount in the Judgment Currency, such Holder may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency (or, if it is not practicable to make that purchase on that day, on the first Business Day on which it is practicable to do so). If the amount of the Agreement Currency so purchased is less than the amount originally to be paid to such Holder in the Agreement Currency, the Republic agrees, as a separate obligation and notwithstanding such judgment, to pay the difference, and if the amount of the Agreement Currency so purchased exceeds the amount originally to be paid to such Holder, such Holder agrees to pay to or for the account of the Republic such excess, <u>provided</u> that such Holder shall not have any obligation to pay any such excess as long as a default by the Republic in its obligations hereunder has occurred and is continuing, in which case such excess may be applied by such Holder to such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Warranty of the Republic</u>. Subject to paragraph 15, the Republic hereby certifies and warrants that all acts, conditions and things required to be done and performed and to have happened precedent to the creation and issuance of this Note and to constitute the same legal, valid and binding obligations of Republic enforceable in accordance with their terms, have been done and performed and have happened in due and strict compliance with all applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Definitive Headings</u>. The descriptive headings appearing in these Terms are for convenience of reference only and shall not alter, limit or define the provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Modifications</u>. (a) Any Modification to the Notes or the Indenture insofar as it affects the Notes shall be made in accordance with Article Ten and Article Eleven of the Indenture.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any Modification pursuant to this paragraph 20 will be conclusive and binding on all Holders of the Notes, and on all future Holders of the Notes whether or not notation of such Modification is made upon the Notes. Any instrument given by or on behalf of any Holder of a Note in connection with any consent to or approval of any such Modification will be conclusive and binding on all subsequent Holders of that Note.

**TRUSTEE, PAYING AGENTS, TRANSFER AGENT AND REGISTRAR**

**Trustee**

**The Bank of New York Mellon**<br> 240 Greenwich Street, Floor 7 East<br> New York, New York 10286<br> Attention: Global Corporate Trust

**Principal Paying Agent**

**The Bank of New York Mellon, London Branch**<br> One Canada Square<br> London E14 5AL<br> United Kingdom

**Registrar, Transfer Agent and Paying Agent**

**The Bank of New York Mellon**<br> 240 Greenwich Street, Floor 7 East<br> New York, New York 10286<br> Attention: Global Corporate Trust

## Ex-3

**Exhibit 3**

![](tm2519820d1_ex3img001.jpg)

599 Lexington Avenue<br> New York, NY 10022-6069<br> +1.212.848.4000

July 7, 2025

Republic of Chile<br> Ministry of Finance<br> Teatinos 120, Piso 12<br> Santiago, Chile

Republic of Chile

<u>€</u><u>111,014,928 3.800% Notes due 2035</u>

Ladies and Gentlemen:

We have acted as counsel to the Republic of Chile (the "<u>Republic</u>"), in connection with the exchange offer of an additional issue of €111,014,928 aggregate principal amount of the Republic's 3.800% Notes due 2035 (the "<u>Notes</u>"), to be consolidated, form a single series and be fully fungible with the Republic's 3.800% Notes due 2035 issued by the Republic in an aggregate principal amount of €1,300,000,000 on July 1, 2025, pursuant to the Dealer Manager Agreement, dated June 24, 2025 (the "<u>Dealer Manager Agreement</u>"), between the Republic, Crédit Agricole Corporate and Investment Bank, Merrill Lynch International, and Société Générale. The Notes will be issued pursuant to an Indenture, dated as of December 12, 2014 (the "<u>Base Indenture</u>") between the Republic and The Bank of New York Mellon, as trustee (the "<u>Trustee</u>"), as amended by the first supplemental indenture, dated as of May 27, 2015 (the "<u>First Supplemental Indenture</u>" and, together with the Base Indenture, the "<u>Indenture</u>").

The offering of the Notes has been made by way of a base prospectus dated February 22, 2022, including the documents incorporated therein by reference (the <u>"Base Prospectus</u>"), as supplemented by the preliminary prospectus supplement dated June 24, 2025. The Base Prospectus, as supplemented by the prospectus supplement dated June 24, 2025 is referred to herein as the "<u>Final Prospectus</u>".

In that connection, we have reviewed originals or copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Dealer Manager Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indenture ; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Notes in global form as executed by the Republic.

**AOSHEARMAN.COM**

Allen Overy Shearman Sterling US LLP is a limited liability partnership organized under the laws of the State of Delaware. Allen Overy Shearman Sterling US LLP is affiliated with Allen Overy Shearman Sterling LLP, a limited liability partnership registered in England and Wales with registered number OC306763 and with its registered office at One Bishops Square, London E1 6AD. It is authorized and regulated by the Solicitors Regulation Authority of England and Wales (SRA number 401323). The term partner is used to refer to a member of Allen Overy Shearman Sterling LLP or an employee or consultant with equivalent standing and qualifications. A list of the members of Allen Overy Shearman Sterling LLP and of the non-members who are designated as partners is open to inspection at its registered office at One Bishops Square, London E1 6AD.

The documents described in the foregoing clauses (a) through (c) are collectively referred to herein as the "<u>Opinion Documents</u>".

We have also reviewed such other records of the Republic, certificates of public officials and officers of the Republic, and agreements and other documents as we have deemed necessary as a basis for the opinion expressed below.

In our review of the Opinion Documents and other documents, we have assumed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The genuineness of all signatures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The authenticity of the originals of the documents submitted to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The conformity to authentic originals of any documents submitted to us as copies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As to matters of fact, the truthfulness of the representations made in the Dealer Manager Agreement
and the other Opinion Documents and in certificates of public officials and officers of the Republic.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That each of the Opinion Documents is the legal, valid and binding obligation of each party thereto,
other than the Republic, enforceable against each such party in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) That:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Under the laws of the Republic of Chile, the Republic has power and authority to execute, deliver and perform, and has duly authorized,
executed and delivered (except to the extent Generally Applicable Law is applicable to such execution and delivery), the Opinion Documents
to which it is a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The execution, delivery and performance by the Republic of the Opinion Documents to which it is a party have been duly authorized
by all necessary governmental action and do not, except with respect to Generally Applicable Law, violate any law, rule or regulation
applicable to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) That the execution, delivery and performance by the Republic of the Opinion Documents to which it is a party do not and will not result
in any conflict with or breach of any agreement or document binding on it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) That, except with respect to Generally Applicable Law, no authorization, approval, consent or other action by, and no notice to or
filing with, any governmental authority or regulatory body or any other third party is required for the due execution, delivery or performance
by the Republic of any Opinion Document to which it is a party or, if any such authorization, approval, consent, action, notice or filing
is required, it has been duly obtained, taken, given or made and is in full force and effect.

We have not independently established the validity of the foregoing assumptions.

"<u>Generally Applicable Law</u>" means the federal law of the United States of America, and the law of the State of New York (including in each case the rules or regulations promulgated thereunder or pursuant thereto), that a New York lawyer exercising customary professional diligence would reasonably be expected to recognize as being applicable to the Republic, the Opinion Documents or the transactions governed by the Opinion Documents. Without limiting the generality of the foregoing definition of Generally Applicable Law, the term "Generally Applicable Law" does not include any law, rule or regulation that is applicable to the Republic, the Opinion Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Opinion Documents or any of its affiliates due to the specific assets or business of such party or such affiliate.

Based upon the foregoing and upon such other investigation as we have deemed necessary and subject to the qualifications set forth below, we are of the opinion that the Notes have been duly executed by the Republic to the extent such execution is a matter of New York law and, when authenticated by the Trustee in accordance with the Indenture and delivered in exchange for eligible notes as provided in the Dealer Manager Agreement, the Notes will be the legal, valid and binding obligations of the Republic, enforceable against the Republic in accordance with their terms and entitled to the benefits of the Indenture.

Our opinion expressed above is subject to the following qualifications:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Our opinion above is subject to (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors' rights generally (including without limitation all laws relating to fraudulent transfers) and (ii) possible judicial action giving effect to governmental actions or foreign laws affecting creditors' rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Our opinion above is also subject to the effect of general principles of equity, including without limitation concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Our opinion is limited to Generally Applicable Law and we do not express any opinion herein concerning any other law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The enforceability in the United States of the waiver by the Republic of its immunities from court jurisdiction and from legal process, as set forth in the Dealer Manager Agreement, the Indenture and the Securities, is subject to the limitations imposed by the United States Foreign Sovereign Immunities Act of 1976, as amended. We express no opinion as to the enforceability of any such waiver of immunity to the extent that it purports to apply to any immunity to which the Republic may become entitled after the date hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. We express no opinion with respect to the enforceability of any indemnity against any loss in converting into a specified currency the proceeds or amount of a court judgment in another currency.

This opinion letter speaks only as of the date hereof. We expressly disclaim any responsibility to advise you of any development or circumstance of any kind, including any change of law or fact, that may occur after the date of this opinion letter and which might affect the opinions expressed herein.

We hereby consent to the filing of this opinion letter as an exhibit to Amendment No. 8 to the Republic's Annual Report on Form 18-K for the fiscal year ended December 31, 2023, and to the use of our name under the heading "Validity of the Notes" in the Final Prospectus. In giving this consent, we do not hereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the Commission promulgated thereunder.

Very truly yours,

/s/ Allen Overy Shearman Sterling US LLP

AAG/ MGA/DM

MAO

## Ex-4

**Exhibit 4**

---

| | | |
|:---|:---|:---|
| ![](tm2519820d1_ex4img01.jpg) | I s i d or a G oy e n e c h e a 3 4 7 7 , p i s o 1 9 <br> L a s C o n d e s , S a n t i a g o 75 50 10 6<br> C h i le | I s i d or a G oy e n e c h e a 3 4 7 7 , p i s o 1 9 <br> L a s C o n d e s , S a n t i a g o 75 50 10 6<br> C h i le |
|  | T el ep h o n e | (+ 5 6 - 2) 24 72 - 70 00 |
|  | F ax | (+ 5 6 - 2) 24 72 - 70 01 |
|  | D ir e c t D i al | (+ 5 6 - 2) 24 72 - 70 07 |

---

Santiago, Chile, July 7, 2025

The Republic of Chile

Ministry of Finance

Teatinos 120, piso 12

Santiago, Chile

---

| | |
|:---|:---|
| Re.: | **Offer to exchange eligible securities for** **€111,014,928 aggregate principal amount of its 3.800% Notes due 2035.** |

---

Ladies and Gentlemen:

We have acted as special Chilean counsel to the Republic of Chile (the "**Republic**") in connection with the Republic's offering, pursuant to registration statement (No. 333-262548) (the "**Registration Statement**") filed with the Securities and Exchange Commission (the "**Commission**") under Schedule B of the Securities Act of 1933, as amended (the "**Securities Act**") to exchange eligible securities for €111,014,928 aggregate principal amount of its 3.800% Notes due 2035 (the "**Notes**"), issued pursuant to an indenture dated as of December 12, 2014 (the "**Base Indenture**") between the Republic and The Bank of New York Mellon, as trustee (the "**Trustee**"), as amended and supplemented by the first supplemental indenture dated as of May 27, 2015 (the "**First Supplemental Indenture**" and together with the Base Indenture, the "**Indenture**"). Such Registration Statement, as so amended at the time of effectiveness, including the information deemed to be part thereof at the time of effectiveness pursuant to Rule 430B under the Securities Act, and the documents incorporated by reference therein, except Exhibit 99.C to the Annual Report, herein collectively called the "**Registration Statement**"; the related prospectus dated February 22, 2022, included in the Registration Statement as filed with the Commission, but excluding the documents incorporated by reference therein, is herein called the "**Base Prospectus**"; the related prospectus supplement dated June 24, 2025, as filed with the Commission pursuant to Rule 424(b) under the Securities Act, but excluding the documents incorporated by reference therein, is herein called the "**Prospectus Supplement**". The Base Prospectus and the Prospectus Supplement together are herein called the "**Prospectus**".

![](tm2519820d1_ex4img01.jpg)

In arriving at the opinion expressed below, we have reviewed the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;1. the Registration Statement and the Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;2. the Indenture;

&nbsp;&nbsp;&nbsp;&nbsp;3. the Authorization executed by the Republic of Chile dated July 7, 2025, pursuant to which the terms
of the Notes were established;

&nbsp;&nbsp;&nbsp;&nbsp;4. a facsimile copy of the Notes, in global form as executed by Chile and authenticated by the Trustee;

&nbsp;&nbsp;&nbsp;&nbsp;5. all the relevant provisions of the Constitution of the Republic of Chile of 1980, as amended (the "**Constitution** "),
and all relevant laws and orders of Chile, including but not limited to the following (copies and translations of which are attached as
Exhibit A to this opinion):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Article 32, number 6, Article 63, number 7 and 8, and Article 65, paragraph 4, number 3,
of the Constitution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Articles 45, 46, 47, 47 bis of Decree Law No. 1,263 of November 21, 1975, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Decree Law No. 2,349 of October 13, 1978, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Article 3 of Law No. 21,722, published in the Official Gazette on December 13, 2024; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Supreme Decree No. 1,822 dated December 17, 2024, of the Ministry of Finance of the Republic
and published in the Official Gazette on January 6, 2025, as currently in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;6. all such other documents, instruments, and rules as we have deemed necessary as a basis for the opinion
hereinafter expressed.

We have assumed for purposes of this opinion: (i) that the Trustee has adequate power, authority and legal right to enter into the Indenture, to execute the documents and take the actions to be executed and taken thereunder, including the authentication of the Notes; (ii) the authenticity of all documents examined by us (and the completeness of and conformity to the originals of any copies thereof submitted to us) and the genuineness of all signatures; and (iii) that the Notes and the Indenture, and any other related agreement or document that is stated to be governed by and construed in accordance with New York law, has been duly authorized, executed and delivered pursuant to New York law.

Based on the foregoing and subject to the further assumptions and qualifications set forth below, it is our opinion that under and with respect to the present laws and regulations of Chile, the Notes have been duly executed and delivered by the Republic and constitute valid and legally binding obligations of the Republic.

In rendering this opinion we have relied, without independent investigation, (i) to the extent this opinion involves any matter of United States Federal and New York law, upon the opinion of Allen Overy Shearman Sterling US LLP, special U.S. counsel to the Republic, dated as of even date herewith and included as an exhibit to the Amendment No. 8 to the Republic's Annual Report on Form 18-K/A for the Fiscal Year ended December 31, 2023 (the "**Amendment**"); and (ii) as to matters of fact, to the extent we have deemed proper, on certificates of officers of the Republic and certificates or other written statements of Chilean officials having custody of relevant documents.

![](tm2519820d1_ex4img01.jpg)

We hereby consent to the filing of this opinion as an exhibit to the Amendment and to the reference to our name under the caption "Validity of the Securities" in the Base Prospectus and "Validity of the NewNotes" in the Prospectus Supplement. In giving such consent, we do not thereby admit that we are experts with respect to any part of the Registration Statement, including this exhibit, within the meaning of the term "expert" as used in the Securities Act, or the rules and regulations of the Commission issued thereunder. We assume no obligation to advise you, or to make any investigations, as to any legal developments or factual matters arising after the date hereof that might affect the opinion expressed herein.

---

| |
|:---|
| Very truly yours, |
| MORALES & BESA LTDA. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Guillermo Morales E. |
| By: Guillermo Morales E., a Partner |

---