# EDGAR Filing Document

**Accession Number:** 0000019957
**File Stem:** 0001104659-25-062115
**Filing Date:** 2025-6
**Character Count:** 286250
**Document Hash:** fe2915bdcca525786dc6532e41aebac6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-062115.hdr.sgml**: 20250624

**ACCESSION NUMBER**: 0001104659-25-062115

**CONFORMED SUBMISSION TYPE**: 424B2

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20250624

**DATE AS OF CHANGE**: 20250624

**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:** 424B2
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-262548
- **FILM NUMBER:** 251069521

**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

**Filed Pursuant to Rule 424(b)(2)**

**Registration Statement No. 333-262548**

**PROSPECTUS SUPPLEMENT**

**TO PROSPECTUS DATED FEBRUARY 22, 2022**

![](tm251822d4_prosupimg001.jpg)

**Republic of Chile**

**Invites the Owners of**

**each series of notes listed on the inside front cover**

(collectively, the "Eligible Notes")

**to submit offers to**

**exchange Eligible Notes**

for

**Euro-denominated 3.800% Notes due 2035 (the "New Notes"), as described in this invitation. Each**

**offer to exchange any series of Eligible Notes is made as a separate, independent offer.**

**Chile reserves the right, in its sole discretion, not to accept tenders of one or more series of Eligible Notes.**

**The aggregate outstanding principal amount of all Eligible Notes is approximately €1.65 billion.**

This prospectus supplement and the accompanying prospectus are together referred to as the "Invitation Materials."

Transactions contemplated by the Invitation Materials are referred to as the "Invitation."

Offers must be submitted through a direct participant in Euroclear or Clearstream, Luxembourg. Eligible Notes tendered pursuant to the Invitation may only be withdrawn in accordance with the procedures specified under "Terms of the Invitation—Irrevocability; Withdrawal Rights," prior to the Expiration Deadline (as defined below), and may not be withdrawn thereafter. Chile is making the Invitation only in those jurisdictions where it is legal to do so. See "Jurisdictional Restrictions."

The Eligible Notes consist of two series of outstanding notes of the Republic, as specified on the inside front cover. Holders that validly tender Eligible Notes will receive in exchange for each €1,000 principal amount of Eligible Notes accepted for exchange (subject to proration as described herein), New Notes having a principal amount equal to €1,000 multiplied by the relevant Exchange Ratio (as defined below). The Exchange Ratio accounts for any accrued and unpaid interest on the (i) Eligible Notes from and including the immediately previous interest payment date of such Eligible Notes and (ii) New Notes from and including the original issue date of the New Notes issued pursuant to the Euro New Notes Offering (as defined below), in each case, to and excluding the Expected Settlement Date (as defined below). Given that the Exchange Ratio accounts for such accrued and unpaid interest on the (i) Eligible Notes, Chile will make no separate payment (in cash or otherwise) to holders, and (ii) New Notes, holders will make no separate payment (in cash or otherwise) to Chile, in connection therewith. In addition, in the event the Settlement Date (as defined below) is delayed, the principal amount of New Notes you will be entitled to receive for the Eligible Notes you tendered and Chile accepted in the Exchange Offer will not be adjusted; provided that if the Settlement Date is delayed for more than seven business days from the Expected Settlement Date, the Exchange Ratio will be adjusted to account for any accrued and unpaid interest on the Eligible Notes and the New Notes to and excluding the Settlement Date, as communicated by the Republic. See "Pricing Terms."

Along with the Invitation, Chile has offered New Notes for cash (the "Euro New Notes Offering"), which will be consolidated, form a single series and be fully fungible with the New Notes to be issued in the Invitation. Chile has made the Euro New Notes Offering pursuant to a separate prospectus supplement filed with the United States Securities and Exchange Commission (the "SEC").

Chile reserves the right, in its sole discretion, to terminate the Invitation for any reason. Chile also reserves the right, in its sole discretion, not to accept any tenders of one or more series of Eligible Notes. Non-acceptance of tenders for one or more series of Eligible Notes shall not affect the Invitation for any other series of Eligible Notes. Termination of the Invitation for the Eligible Notes does not affect Chile's Euro New Notes Offering. The settlement of the Invitation is conditioned on the settlement of the Euro New Notes Offering.

The New Notes will be issued under an indenture and constitute a separate series of debt securities thereunder. The indenture contains provisions regarding future modifications to the terms of the New Notes that differ from those applicable to Chile's outstanding public external indebtedness issued prior to December 2, 2014. Under these provisions, which are described beginning on page two of the accompanying prospectus dated February 22, 2022, Chile may amend the payment provisions of any series of debt securities (including the New Notes) and other reserve matters listed in the indenture with the consent of the holders of: (1) with respect to a single series of debt securities, more than 75% of the aggregate principal amount of the outstanding debt securities of such series; (2) with respect to two or more series of debt securities, if certain "uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding debt securities of all series affected by the proposed modification, taken in the aggregate; or (3) with respect to two or more series of debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding notes of all series affected by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding debt securities of each series affected by the proposed modification, taken individually.

The New Notes will constitute direct, general, unconditional and unsubordinated external indebtedness of Chile for which the full faith and credit of Chile is pledged. The New Notes rank and will rank without any preference among themselves and equally with all other unsubordinated external indebtedness of Chile. It is understood that this provision will not be construed so as to require Chile to make payments under the New Notes ratably with payments being made under any other external indebtedness.

Application will be made for the New Notes to be admitted for trading to the International Securities Market ("ISM") of the London Stock Exchange. The ISM is not a regulated market for the purposes of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended, the "EUWA") and the regulations made under the EUWA (as amended, "UK MiFIR"). The ISM is a market designated for professional investors. **New Notes admitted to trading on the ISM are not admitted to the Official List of the Financial Conduct Authority of the United Kingdom ("FCA"). Neither the FCA nor the London Stock Exchange has approved, reviewed or verified the contents of this prospectus supplement.**

**Neither the SEC nor any state securities commission or regulatory body has approved or disapproved of these securities or determined that this prospectus supplement or the accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

Any questions concerning the Invitation or requests for additional copies of this prospectus supplement or the accompanying prospectus, which may be obtained free of charge, may be directed to the Information and Depositary Agent (as defined herein) at the contact information provided on the inside back cover.

**THE INVITATION WILL BEGIN ON TUESDAY, JUNE 24, 2025. THE INVITATION AND WITHDRAWAL RIGHTS (AS DEFINED HEREIN) WILL EXPIRE AT 5:00 P.M., CENTRAL EUROPEAN TIME ("CET"), ON TUESDAY, JULY 1, 2025, UNLESS EXTENDED OR EARLIER TERMINATED BY CHILE IN ITS SOLE DISCRETION (SUCH DATE AND TIME AS THE SAME MAY BE EXTENDED OR EARLIER TERMINATED, THE "EXPIRATION DEADLINE").**

The Dealer Managers for the Invitation are:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**BofA Securities** | &nbsp;&nbsp;**Crédit Agricole CIB** | &nbsp;&nbsp;**Société Générale<br> Corporate & Investment Banking** |

---

June 24, 2025

**TABLE OF CONTENTS**

**Prospectus Supplement**

---

| | |
|:---|:---|
|  | **Page** |
| [THE ELIGIBLE NOTES](#ps_001) | [S i](#ps_001) |
| [PRICING TERMS](#ps_002) | [S-ii](#ps_002) |
| [INTRODUCTION](#ps_003) | [S-iv](#ps_003) |
| [INCORPORATION BY REFERENCE](#ps_004) | [S-v](#ps_004) |
| [CERTAIN DEFINED TERMS AND CONVENTIONS](#ps_005) | [S-v](#ps_005) |
| [JURISDICTIONAL RESTRICTIONS](#ps_006) | [S-vi](#ps_006) |
| [SUMMARY](#ps_007) | [S-1](#ps_007) |
| [SUMMARY OF THE NEW NOTES](#ps_008) | [S-4](#ps_008) |
| [SUMMARY TIME SCHEDULE FOR THE INVITATION](#ps_009) | [S-6](#ps_009) |
| [RISK FACTORS AND INVESTMENT CONSIDERATIONS](#ps_010) | [S-7](#ps_010) |
| [TERMS OF THE INVITATION](#ps_011) | [S-8](#ps_011) |
| [DESCRIPTION OF THE NEW NOTES](#ps_012) | [S-13](#ps_012) |
| [TAXATION](#ps_013) | [S-16](#ps_013) |
| [PLAN OF DISTRIBUTION](#ps_014) | [S-21](#ps_014) |
| [HOLDERS' REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS](#ps_015) | [S-22](#ps_015) |
| [VALIDITY OF THE NEW NOTES](#ps_016) | [S-23](#ps_016) |
| [GENERAL INFORMATION](#ps_017) | [S-24](#ps_017) |
| [ANNEX A - HYPOTHETICAL TERMS](#ps_018) | [S-25](#ps_018) |

---

**Prospectus**

---

| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#sp2-001) | [1](#sp2-001) |
| [FORWARD-LOOKING STATEMENTS](#sp2-002) | [1](#sp2-002) |
| [DATA DISSEMINATION](#sp2-003) | [2](#sp2-003) |
| [USE OF PROCEEDS](#sp2-004) | [2](#sp2-004) |
| [DESCRIPTION OF THE SECURITIES](#sp2-005) | [3](#sp2-005) |
| [TAXATION](#sp2-006) | [18](#sp2-006) |
| [PLAN OF DISTRIBUTION](#sp2-007) | [26](#sp2-007) |
| [OFFICIAL STATEMENTS](#sp2-008) | [28](#sp2-008) |
| [VALIDITY OF THE SECURITIES](#sp2-009) | [28](#sp2-009) |
| [AUTHORIZED REPRESENTATIVE](#sp2-010) | [28](#sp2-010) |
| [WHERE YOU CAN FIND MORE INFORMATION](#sp2-011) | [28](#sp2-011) |

---

**THE ELIGIBLE NOTES**

The following table does not purport to be complete and is qualified in its entirety by the applicable documentation for the Eligible Notes, copies of which may be obtained from the trustee. As of the date of this Invitation, the aggregate outstanding principal amount of all Eligible Notes is approximately €1.65 billion. The Eligible Notes have the following characteristics:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Eligible Notes** | **ISIN** | **Common<br> Code** | **Amount Outstanding<br> as of <br> the date of this Invitation** | **Amount Outstanding<br> as of <br> the date of this Invitation** | **Minimum <br> Denomination/<br> Increment (€)** | **Minimum <br> Denomination/<br> Increment (€)** |
| 1.750% Notes due 2026 (the "2026 Notes") | &nbsp;&nbsp;XS1346652891 | 134665289 | € | 975280000 | € | 100,000/1,000 |
| 1.440% Notes due 2029 (the "2029 Notes") | &nbsp;&nbsp;XS1760409042 | 176040904 | € | 670697000 | € | 100,000/1,000 |

---

Eligible Notes are presently listed on the ISM of the London Stock Exchange or Luxembourg Stock Exchange. Chile does not intend to discontinue listing of any outstanding Eligible Notes on the applicable stock exchanges following the consummation of the Invitation.

Eligible Notes acquired by Chile pursuant to the Invitation will be cancelled. Accordingly, the exchange of Eligible Notes pursuant to the Invitation will reduce the aggregate principal amount of Eligible Notes that otherwise might trade in the market, which could adversely affect the liquidity and market value of the remaining Eligible Notes not exchanged pursuant to the Invitation.

S-i

**PRICING TERMS**

The Eligible Notes consist of two series of outstanding notes of the Republic, as specified in the table below. Holders are invited to submit offers to exchange their Eligible Notes for New Notes. Holders that validly tender Eligible Notes will receive in exchange for each €1,000 principal amount of Eligible Notes accepted for exchange (subject to proration as described herein), New Notes having a principal amount equal to €1,000 multiplied by the relevant Exchange Ratio (rounded down to the nearest multiple of €1.00).

The "Exchange Ratio" for each series of Eligible Notes will be determined by dividing (i) the Eligible Notes Present Value of such series of Eligible Notes, by (ii) the New Notes Present Value.

The "Eligible Notes Present Value" and the "New Notes Present Value" of each series will be equivalent to the present value of the remaining principal and interest payments for such series of Eligible Notes and New Notes, respectively, calculated at the corresponding Eligible Notes Applicable Yield and the New Notes Applicable Yield, respectively, in each case for value date as of the Expected Settlement Date.

The "Eligible Notes Applicable Yield" corresponding to each series of Eligible Notes will be determined as the sum of (i) the applicable Eligible Notes Spread as set forth in the first table below, and (ii) the applicable yield to maturity on the related Eligible Notes Interpolated Mid-Swap Rate as set forth in the first table below, which will be spotted at or around 4:00 p.m., CET, on the date of the Expiration Deadline.

The "New Notes Applicable Yield" will be determined as the sum of (i) 130 basis points (the "New Notes Spread"), and (ii) the applicable yield to maturity on the New Notes Interpolated Mid-Swap Rate as set forth in the second table below, which will be spotted at or around 4:00 p.m., CET, on the date of the Expiration Deadline.

The Exchange Ratio accounts for any accrued and unpaid interest on the (i) Eligible Notes from and including the immediately previous interest payment date of such Eligible Notes, and (ii) New Notes from and including the original issue date of the New Notes issued pursuant to the Euro New Notes Offering, in each case, to and excluding the Expected Settlement Date.

Given that the Exchange Ratio accounts for accrued and unpaid interest on the (i) Eligible Notes, Chile will make no separate payment (in cash or otherwise) to holders, and (ii) New Notes, holders will make no separate payment (in cash or otherwise) to Chile, in connection therewith.

We expect the Settlement Date to be the Expected Settlement Date. However, in the event the Settlement Date is delayed, the principal amount of New Notes you will be entitled to receive for the Eligible Notes you tendered and Chile accepted in the Exchange Offer will not be adjusted; provided that if the Settlement Date is delayed for more than seven business days from the Expected Settlement Date, the Exchange Ratio will be adjusted to account for any accrued and unpaid interest on the Eligible Notes and the New Notes to and excluding the Settlement Date, as communicated by the Republic. The Exchange Ratio will not account for or include interest accrued on and after the Expected Settlement Date on your Eligible Notes accepted for exchange, and similarly it will not account for interest accrued but unpaid on the New Notes on and after the Expected Settlement Date.

**Eligible Notes**

---

| | |
|:---|:---|
| **Eligible Notes Spread** | The Eligible Notes Spread for each series of Eligible Notes is as follows (in basis points): |

---

· 2026 Notes: -80

· 2029 Notes: 45

---

| | |
|:---|:---|
| **Eligible Notes Interpolated Mid-Swap Rate** | The annual rate, expressed as a percentage and rounded to the nearest 0.001 per cent (with 0.0005 rounded upwards), as calculated by Chile at or around 4:00 p.m., CET, on the date of the Expiration Deadline, by means of linear interpolation of the applicable pair of Eligible Notes Euro Mid-Swap Rates for each series of Eligible Notes as described below. |
|  | The Eligible Notes Interpolated Mid-Swap Rate for the 2026 Notes, will be calculated by means of linear interpolation of the Six Month EURIBOR Rate and the 1 Year Euro Mid-Swap Rate as follows: |

---

(i) By subtracting the Six Month EURIBOR Rate from the 1 Year Euro Mid-Swap Rate and multiplying the result of such subtraction by the
2026 Weight (as defined below); and

(ii) Adding the Six Month EURIBOR Rate to the final result of (i) above.

The Eligible Notes Interpolated Mid-Swap Rate for the 2029 Notes, will be calculated by means of linear interpolation of the 3 Year Euro Mid-Swap Rate and the 4 Year Euro Mid- Swap Rate as follows:

(i) By subtracting the 3 Year Euro Mid-Swap Rate from the 4 Year Euro Mid-Swap Rate and multiplying the result of such subtraction by
the 2029 Weight (as defined below); and

S-ii

(ii) Adding the 3 Year Euro Mid-Swap Rate to the final result of (i) above.

---

| | |
|:---|:---|
| **Eligible Notes Euro Mid-Swap Rates** | The interest rate benchmark known as the Eurozone interbank offered rate for a period of six months, expressed as a percentage and rounded to the nearest 0.001 per cent. (with 0.0005 per cent. rounded upwards), as determined by the Dealer Manager, which appears on the Bloomberg Screen EUSW Page at or around 4:00 p.m., CET, on the date of the Expiration Deadline (the "Six Month EURIBOR Rate"). |
|  | The mid-swap rate for euro swap transactions with a maturity of 1 year, which appears on the Bloomberg Screen ICAE1 Page, as determined by the Dealer Managers at or around 4:00 p.m., CET, on the date of the Expiration Deadline (the "1 Year Euro Mid-Swap Rate"). |
|  | The mid-swap rate for euro swap transactions with a maturity of 3 years, which appears on the Bloomberg Screen ICAE1 Page, as determined by the Dealer Managers at or around 4:00 p.m., CET, on the date of the Expiration Deadline (the "3 Year Euro Mid-Swap Rate"). |
|  | The mid-swap rate for euro swap transactions with a maturity of 4 years, which appears on the Bloomberg Screen ICAE1 Page, as determined by the Dealer Managers at or around 4:00 p.m., CET, on the date of the Expiration Deadline (the "4 Year Euro Mid-Swap Rate"). |
| **2026 Weight** | The amount to be calculated by Chile, expressed as a fraction calculated by dividing the actual number of days from (and including) the date falling exactly six months after the Expected Settlement Date to (but excluding) the maturity date of the 2026 Notes (being January 20, 2026) by 182.5. |
| **2029 Weight** | The amount to be calculated by Chile, expressed as a fraction calculated by dividing the actual number of days from (and including) the date falling exactly 3 years after the Expected Settlement Date to (but excluding) the maturity date of the 2029 Notes (being February 1, 2029) by 365. |

---

**New Notes**

---

| | |
|:---|:---|
| **New Notes Spread** | The New Notes Spread is 130 basis points. |
| **New Notes Interpolated Mid-Swap Rate** | The annual rate, expressed as a percentage and rounded to the nearest 0.001 per cent (with 0.0005 rounded upwards), as calculated by Chile at or around 4:00 p.m., CET, on the date of the Expiration Deadline, by means of linear interpolation of the pair of New Notes Euro Mid-Swap Rates for the New Notes as described below. |
|  | The Interpolated Mid-Swap Rate for New Notes, will be calculated by means of linear interpolation of the 9 Year Euro Mid-Swap Rate and the 10 Year Euro Mid-Swap Rate as follows: |

---

(i) By subtracting the 9 Year Euro Mid-Swap Rate from the 10 Year Euro Mid-Swap Rate and multiplying the result of such subtraction by
the New Notes Weight (as defined below); and

(ii) Adding the 9 Year Euro Mid-Swap Rate to the final result of (i) above.

---

| | |
|:---|:---|
| **New Notes Euro Mid-Swap Rates** | The mid-swap rate for euro swap transactions with a maturity of 9 years, which appears on the Bloomberg Screen ICAE1 Page, as determined by the Dealer Managers at or around 4:00 p.m., CET, on the date of the Expiration Deadline (the "9 Year Euro Mid-Swap Rate"). |
|  | The mid-swap rate for euro swap transactions with a maturity of 10 years, which appears on the Bloomberg Screen ICAE1 Page, as determined by the Dealer Managers at or around 4:00 p.m., CET, on the date of the Expiration Deadline (the "10 Year Euro Mid-Swap Rate"). |
| **New Notes Weight** | The amount to be calculated by Chile, expressed as a fraction calculated by dividing the actual number of days from (and including) the date falling exactly 9 years after the Expected Settlement Date to (but excluding) the maturity date of the New Notes (being July 1, 2035) by 365. |

---

The New Notes to be issued in exchange for Eligible Notes will be consolidated, form a single series and be fully fungible with Chile's New Notes (ISIN XS3107229281, Common Code 310722928) to be issued pursuant to the Euro New Notes Offering made separately by Chile. The settlement of the Euro New Notes Offering will be a condition to settlement of the Invitation.

S-iii

**INTRODUCTION**

This prospectus supplement supplements the accompanying prospectus dated February 22, 2022, relating to Chile's debt securities and warrants. If the information in this prospectus supplement differs from the information contained in the accompanying prospectus, you should rely on the updated information in this prospectus supplement.

You should read this prospectus supplement along with the accompanying prospectus. Both documents contain information you should consider when making your investment decision. You should rely only on the information provided in this prospectus supplement and the accompanying prospectus. Chile has not authorized anyone else to provide you with different information. Chile and the Dealer Managers are offering to exchange Eligible Notes for New Notes only in jurisdictions where it is lawful to do so. The information contained in this prospectus supplement and the accompanying prospectus is current only as of their respective dates.

Chile is furnishing this prospectus supplement and the accompanying prospectus solely for use by prospective investors in connection with their consideration of the Invitation. Chile confirms that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the information contained in this prospectus supplement and the accompanying
prospectus is true and correct in all material respects and is not misleading as of its date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it has not omitted facts, the omission of which makes this prospectus supplement
and the accompanying prospectus as a whole misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it accepts responsibility for the information it has provided in this prospectus
supplement and the accompanying prospectus.

**When you make your investment decision, you should rely only on the information contained or incorporated by reference in this prospectus supplement and the accompanying prospectus. This prospectus supplement may only be used where it is legal to offer and sell these securities. The information in this prospectus supplement may only be accurate as of the date hereof.**

Chile is furnishing this prospectus supplement to you solely for use in the context of Chile's Invitation to exchange Eligible Notes for New Notes.

Chile has filed registration statements relating to its notes, including the New Notes, and warrants with the SEC under the Securities Act of 1933, as amended (the "Securities Act"). Neither this prospectus supplement nor the accompanying prospectus contains all of the information described in the registration statements. For further information, you should refer to the registration statements. The registration statements, including its various exhibits are available to the public from the SEC's web site at http://www.sec.gov.

None of Chile, the Dealer Managers or the Information and Depositary Agent has expressed any opinion as to whether the terms of the Invitation are fair. None of Chile, the Dealer Managers or the Information and Depositary Agent makes any recommendation that you exchange Eligible Notes for New Notes or refrain from doing so pursuant to the Invitation, and no one has been authorized by Chile, the Dealer Managers or the Information and Depositary Agent to make any such recommendation. You must make your own decision as to whether to exchange Eligible Notes for New Notes or refrain from doing so and, if you do exchange Eligible Notes, the principal amount of Eligible Notes to exchange.

Neither the communication of this prospectus supplement nor any other offer material relating to the Offer is being made, and this prospectus supplement has not been approved, by an authorized person for the purposes of section 21 of the United Kingdom's Financial Services and Markets Act. This prospectus supplement is for distribution only to persons who (a) are outside the United Kingdom; or (b) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the "Order"); (c) are persons falling within Article 49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Order; or (d) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being "relevant persons".) **This prospectus supplement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this prospectus supplement relates is available only to relevant persons and will be engaged in only with relevant persons.**

S-iv

**INCORPORATION BY REFERENCE**

The SEC allows Chile to incorporate by reference some information that Chile files with the SEC. Incorporated documents are considered part of this prospectus supplement. Chile can disclose important information to you by referring you to those documents. The following documents, which Chile has filed or will file with the SEC, are considered part of and incorporated by reference in this prospectus supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Chile's annual report on Form 18-K for the year ended December 31, 2023 filed with the SEC on September 30, 2024 (File No. 001-02574) (the "2023 Annual Report") ;](https://www.sec.gov/Archives/edgar/data/19957/000110465924104194/tm2424310d1_18k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 1 on Form 18-K to the 2023 Annual Report filed with the SEC on October 7, 2024;](https://www.sec.gov/Archives/edgar/data/19957/000110465924106558/tm2425643d1_18ka.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 2 on Form 18-K to the 2023 Annual Report filed with the SEC on January 6, 2025;](https://www.sec.gov/Archives/edgar/data/19957/000110465925001384/tm252010d1_18ka.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 5 on Form 18-K to the 2023 Annual Report filed with the SEC on March 18, 2025;](https://www.sec.gov/Archives/edgar/data/19957/000110465925025134/tm259123d1_18ka.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 6 on Form 18-K to the 2023 Annual Report filed with the SEC on June 23, 2025;](https://www.sec.gov/Archives/edgar/data/19957/000110465925061738/tm2518604d1_18ka.htm) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each subsequent annual report on Form 18-K and any amendment on Form 18-K/A
filed on or after the date of this prospectus supplement and before all of the debt securities are sold.

Later information that Chile files with the SEC will update and supersede earlier information that it has filed.

**CERTAIN DEFINED TERMS AND CONVENTIONS**

**Currency of Presentation**

Unless otherwise stated, Chile has converted amounts relating to a period into U.S. dollars ("U.S. dollars," "dollars" or "US$") or Chilean pesos ("pesos," "Chilean pesos" or "Ps.") using the average exchange rate for that period. For amounts at period end, Chilean pesos are translated into U.S. dollar amounts using the exchange rate at the period end. Translations of pesos to dollars have been made for the convenience of the reader only and should not be construed as a representation that the amounts in question have been, could have been or could be converted into dollars at any particular rate or at all.

S-v

**JURISDICTIONAL RESTRICTIONS**

The distribution of the Invitation Materials is restricted by law in certain jurisdictions. Persons into whose possession these Invitation Materials come are required by Chile to inform themselves of and to observe any of these restrictions.

The following summary of foreign jurisdiction offering and sale limitations and qualifications has been prepared only for your general information. It has been prepared with the assistance of local counsel in each jurisdiction believed by us to be responsible. Accordingly, Chile does not assume any responsibility for the accuracy, completeness or fairness of the statements contained herein.

The Invitation Materials do not constitute, and may not be used in connection with, an offer or solicitation by anyone in any jurisdiction in which an offer or solicitation is not authorized or in which the person making an offer or solicitation is not qualified to do so or to any person to whom it is unlawful to make an offer or solicitation.

In any jurisdiction in which the Invitation is required to be made by a licensed broker or dealer and in which any Dealer Manager or any of their affiliates is so licensed, it shall be deemed to be made by the Dealer Managers or such affiliate on behalf of Chile.

**Notice to Prospective Investors in the European Economic Area**

Each Dealer Manager has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any New Notes to any retail investor in the European Economic Area ("EEA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of this provision, the expression "retail investor" means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client as defined in point (11) of Article 4(1) of MiFID II;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of the Insurance Distribution Directive, where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a qualified investor as defined in Regulation (EU) 2017/1129; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression an "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the New Notes.

Each person in the EEA who receives any communication in respect of, or who acquires any New Notes under, the offers to the public contemplated in this prospectus supplement, or to whom the New Notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and with each Dealer Manager and Chile that it and any person on whose behalf it acquires New Notes is not a "retail investor" in the EEA (as defined above).

**Notice to Prospective Investors in the United Kingdom**

Each Dealer Manager has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any New Notes to any retail investor in the United Kingdom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of this provision, the expression "retail investor" means a person who is one (or more) of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of UK domestic law by virtue of the EUWA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of UK domestic law by virtue of the EUWA; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) not a qualified investor as defined in Section 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the expression an "offer" includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the New Notes.

Each person in the United Kingdom who receives any communication in respect of, or who acquires any New Notes under, the offers to the public contemplated in this prospectus supplement, or to whom the New Notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and with each Dealer Manager and Chile that it and any person on whose behalf it acquires New Notes is not a "retail investor" in the United Kingdom (as defined above).

S-vi

Each Dealer Manager has represented and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) received by it in connection with the issue or sale of the New Notes in circumstances in which Section 21(1) of the FSMA does not apply to Chile; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the New Notes in, from or otherwise involving the United Kingdom.

This prospectus supplement is for distribution only to persons who: (i) are outside the United Kingdom; (ii) have professional experience in matters relating to investments falling within Article 19(5) of the Financial Promotion Order; (iii) are persons falling within Articles 49(2)(a) to (d) ("high net worth companies, unincorporated associations, etc.") of the Financial Promotion Order; or (iv) are persons to whom an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the FSMA) in connection with the issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such persons together being referred to as "relevant persons"). This prospectus supplement is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this prospectus supplement relates is available only to relevant persons and will be engaged in only with relevant persons.

**Notice to Prospective Investors in Switzerland**

The New Notes may not be publicly offered, directly or indirectly, in Switzerland within the meaning of the Swiss Financial Services Act ("FinSA") and no application has or will be made to admit the New Notes to trading on any trading venue (exchange or multilateral trading facility) in Switzerland. Neither this document nor any other offering or marketing material relating to the New Notes, constitutes or will constitute a prospectus pursuant to the FinSA, and neither this document nor any other offering or marketing material relating to the New Notes may be publicly distributed or otherwise made publicly available in Switzerland.

**Notice to Prospective Investors in the Netherlands**

The New Notes may not be offered or sold, directly or indirectly, other than to qualified investors (*gekwalificeerde beleggers*) within the meaning of Article 1:1 of the Dutch Financial Supervision Act (*Wet op het financieel toezicht*).

**Notice to Prospective Investors in Taiwan**

Each Dealer Manager has represented and warranted that the offer of the New Notes has not been and will not be registered with the Financial Supervisory Commission of Taiwan pursuant to relevant securities laws and regulations and the New Notes may not be sold, issued or offered within Taiwan through a public offering or in a circumstance which constitutes an offer within the meaning of the Securities and Exchange Act of Taiwan requiring registration or approval of the Financial Supervisory Commission of Taiwan. Each Dealer Manager has represented and warranted that no person or entity in Taiwan has been authorized to offer, sell, give advice regarding or otherwise intermediate the offering and sale of the New Notes in Taiwan.

**Notice to Prospective Investors in Hong Kong**

The New Notes may not be offered or sold in Hong Kong by means of any document other than (i) in circumstances which do not constitute an offer to the public within the meaning of the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32 of the Laws of Hong Kong) ("Companies (Winding Up and Miscellaneous Provisions) Ordinance") or which do not constitute an invitation to the public within the meaning of the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong) ("Securities and Futures Ordinance"), or (ii) to "professional investors" as defined in the Securities and Futures Ordinance and any rules made thereunder, or (iii) in other circumstances which do not result in the document being a "prospectus" as defined in the Companies (Winding Up and Miscellaneous Provisions) Ordinance, and no advertisement, invitation or document relating to the New Notes may be issued or may be in the possession of any person for the purpose of issue (in each case, whether in Hong Kong or elsewhere), which is directed at, or the contents of which are likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to New Notes which are or are intended to be disposed of only to persons outside Hong Kong or only to "professional investors" in Hong Kong as defined in the Securities and Futures Ordinance and any rules made thereunder.

**Notice to Prospective Investors in Japan**

The New Notes have not been and will not be registered under the Financial Instruments and Exchange Law of Japan (Law No. 25 of 1948, as amended) and, accordingly, will not be offered or sold, directly or indirectly, in Japan, or for the benefit of any Japanese Person or to others for re-offering or resale, directly or indirectly, in Japan or to any Japanese Person, except in compliance with all applicable laws, regulations and ministerial guidelines promulgated by relevant Japanese governmental or regulatory authorities in effect at the relevant time. For the purposes of this paragraph, "Japanese Person" shall mean any person resident in Japan, including any corporation or other entity organized under the laws of Japan.

**Notice to Prospective Investors in Singapore**

This prospectus supplement and the accompanying prospectus have not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this prospectus supplement and the accompanying prospectus and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the New Notes may not be circulated or distributed, nor may the New Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures Act, Chapter 289 of Singapore (the "SFA"), (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA, in each case, subject to compliance with the conditions set forth in the SFA.

S-vii

Where the New Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a) a corporation (which is not an accredited investor), the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or (b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor, shares, debentures and units of shares and debentures of that corporation or the beneficiaries' rights and interest (howsoever described) in that trust shall not be transferable within six months after that corporation or that trust has acquired the New Notes pursuant to an offer made under Section 275 of the SFA except: (1) to an institutional investor under Section 274 of the SFA or to a relevant person, or any person pursuant to Section 275(1A), and in accordance with the conditions, specified in Section 275 of the SFA; (2) where no consideration is or will be given for the transfer; or (3) where the transfer is by operation of law.

Singapore Securities and Futures Act Product Classification-Solely for the purposes of its obligations pursuant to sections 309B(1)(a) and 309B(1)(a) of the SFA, the issuer has determined, and hereby notifies all relevant persons (as defined in Section 309A of the SFA) that the New Notes are "prescribed capital markets products" (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notice SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

**Notice to Prospective Investors in the Republic of Korea**

The New Notes may not be offered, sold or delivered directly or indirectly, or offered or sold to any person for re-offering or resale, directly or indirectly, in Korea or to any resident of Korea except pursuant to the applicable laws and regulations of Korea, including the Financial Investment Services and Capital Markets Act and the Foreign Exchange Transaction Law and the decrees and regulations thereunder. The New Notes have not been registered with the Financial Services Commission of Korea for public offering in Korea. Furthermore, the New Notes may not be re-sold to Korean residents unless the purchaser of the New Notes complies with all applicable regulatory requirements (including, but not limited to, government approval requirements under the Foreign Exchange Transaction Law and its subordinate decrees and regulations) in connection with their purchase.

**Notice to Prospective Investors in Peru**

The New Notes will not be subject to a public offering in Peru. This prospectus supplement and the New Notes have not been, and will not be, registered with or approved by the Peruvian Superintendency of Capital Markets (*Superintendencia del Mercado de Valores*, or "SMV") or the Lima Stock Exchange (*Bolsa de Valores de Lima S.A.A.*). Accordingly, the New Notes cannot be offered or sold in Peru, except if (i) the New Notes are previously registered with the SMV or (ii) such offering is considered to be a private offering under the securities laws and regulations of Peru. The Peruvian securities laws establish, among other things, that an offer directed exclusively to institutional investors (as defined under Peruvian law) qualifies as a private offering. In making an investment decision, institutional investors (as defined under Peruvian law) must rely on their own examination of the terms of the offering of the New Notes to determine their ability to invest in the New Notes. No offer or invitation to subscribe for or sell the New Notes or beneficial interests therein can be made in Peru except in compliance with the securities laws thereof.

**Notice to Prospective Investors in Brazil**

The offer and sale of the New Notes have not been and will not be registered with the Brazilian Securities Commission (comissão de valores mobiliários, or "CVM") and, therefore, will not be carried out by any means that would constitute a public offering in Brazil under CVM Resolution No 160, dated 13 July 2022, as amended ("CVM Resolution 160") or unauthorized distribution under Brazilian laws and regulations. The New Notes will be authorized for trading on organized non-Brazilian securities markets and may only be offered to Brazilian professional investors (as defined by applicable CVM regulation), who may only acquire the New Notes through a non-Brazilian account, with settlement outside Brazil in non-Brazilian currency. The trading of these securities on regulated securities markets in Brazil is prohibited.

S-viii

**SUMMARY**

*This summary must be read as an introduction to this prospectus supplement and any decision to offer your Eligible Notes in exchange for New Notes should be based on a consideration of the prospectus supplement as a whole, including the "Risk Factors and Investment Considerations" section and the documents incorporated by reference.*

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| | |
|:---|:---|
| **Issuer** | Fisco de la Republica de Chile ("Republic of Chile", or "Chile") |
| **Invitation** | Comprises the Exchange Offer. |
|  | The Invitation expires at the Expiration Deadline, unless Chile in its sole discretion extends it or terminates it earlier. |
| **Purpose of the Invitation** | The Invitation is part of a broader program implemented by Chile to manage its external liabilities. |
| **Offer** | Chile is inviting holders of Eligible Notes to submit offers to exchange Eligible Notes for New Notes (the "Exchange Offer"). |
|  | Each offer to exchange any series of Eligible Notes is made as a separate, independent offer. Chile reserves the right, in its sole discretion, to select one or more series of Eligible Notes to be prorated on the basis of the same or different proration factors, and to select which series of each to accept. See "Terms of the Invitation—Proration." |
|  | The New Notes to be issued in exchange for Eligible Notes will be consolidated, form a single series and be fully fungible with Chile's New Notes expected to be issued pursuant to the Euro New Notes Offering. The settlement of the Euro New Notes Offering will be a condition to settlement of the Invitation. |
| **New Notes to be Received pursuant to Exchange Offer** | Holders that validly tender Eligible Notes will receive in exchange for each €1,000 principal amount of Eligible Notes accepted for exchange (subject to proration as described herein), New Notes having a principal amount equal to €1,000 multiplied by the relevant Exchange Ratio (rounded down to the nearest multiple of €1.00). The Exchange Ratio accounts for any accrued and unpaid interest on the (i) Eligible Notes from and including the immediately previous interest payment date of such Eligible Notes and (ii) New Notes from and including the original Issue date of the New Notes issued pursuant to the Euro New Notes Offering, in each case, to and excluding the Expected Settlement Date. In the event the Settlement Date is delayed, the principal amount of New Notes you will be entitled to receive for the Eligible Notes you tendered and Chile accepted in the Exchange Offer will not be adjusted; provided that if the Settlement Date is delayed for more than seven business days from the Expected Settlement Date, the Exchange Ratio will be adjusted to account for any accrued and unpaid interest on the Eligible Notes and the New Notes to and excluding the Settlement Date, as communicated by the Republic. See "Pricing Terms." |
|  | No cash will be paid in respect of New Notes not delivered as a result of rounding the principal amount of New Notes down to the nearest multiple of €1.00. |
| **Accrued and Unpaid Interest** | Given that the Exchange Ratio accounts for accrued and unpaid interest on the (i) Eligible Notes, Chile will make no separate payment (in cash or otherwise) to holders, and (ii) New Notes, holders will make no separate payment (in cash or otherwise) to Chile, in connection therewith. |
| **Exchange Ratio, Eligible Notes Present Value and New Notes Present Value** | The "Exchange Ratio" for each series of Eligible Notes will be determined by dividing (i) the Eligible Notes Present Value of such series of Eligible Notes, by (ii) the New Notes Present Value. |
|  | The "Eligible Notes Present Value" and the "New Notes Present Value" of each series will be equivalent to the present value of the remaining principal and interest payments for such series of Eligible Notes and New Notes, respectively, calculated at the corresponding Eligible Notes Applicable Yield and the New Notes Applicable Yield, respectively, in each case, for value date as of the Expected Settlement Date. |
| **Determination of Eligible Notes Applicable Yield; New Notes Applicable Yield; Exchange Ratio** | The "Eligible Notes Applicable Yield" corresponding to each series of Eligible Notes will be determined as the sum of (i) the applicable Eligible Notes Spread as set forth in the table under "Pricing Terms" above, and (ii) the applicable yield to maturity on the related Eligible Notes Interpolated Mid-Swap Rate as set forth in the table under "Pricing Terms" above, which will be spotted at or around 4:00 p.m., CET, on the date of the Expiration Deadline. |
|  | The "New Notes Applicable Yield" will be determined as the sum of (a) the New Notes Spread, and (ii) the yield to maturity on the New Notes Interpolated Mid-Swap Rate, which will be spotted at or around 4:00 p.m., CET, on the date of the Expiration Deadline. |

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| | |
|:---|:---|
|  | As soon as practicable after determining the Eligible Notes Applicable Yields and New Notes Applicable Yields, Chile will determine and announce the Exchange Ratio for each series of Eligible Notes. |
| **Proration** | Each offer to exchange any series of Eligible Notes is made as a separate, independent offer. Chile reserves the right, in its sole discretion, to select one or more series of Eligible Notes to be prorated on the basis of the same or different proration factors, and to select which series of each to accept. |
|  | As a result, some Eligible Notes may not be accepted pursuant to the Invitation, and will be returned to the holder thereof. |
|  | In the event of proration with respect to a series of Eligible Notes, the principal amount accepted of each offer to exchange such Eligible Notes will be determined by multiplying the principal amount tendered of such offer by the applicable proration rate and rounding the resulting amount down to the nearest €1,000 principal amount of such series of Eligible Notes, as specified herein under "The Eligible Notes." Depending on the amount tendered and the proration factor applied, if the principal amount of Eligible Notes that are unaccepted and returned to a holder as a result of proration would result in less than the authorized minimum denomination being returned to such holder, we will, in our sole discretion, either accept or reject all of such Holder's validly tendered Eligible Notes. In addition, if such proration would result in Eligible Notes in a principal amount of less than the authorized minimum denomination being accepted, we will, in our sole discretion, either accept or reject all of such Holder's validly tendered Eligible Notes. |
| **Denominations** | Each series of Eligible Notes may be tendered only in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. No alternative, conditional or contingent tenders will be accepted. Holders who tender less than all of their Eligible Notes must continue to hold Eligible Notes in at least the minimum authorized denomination. The New Notes will be issued in minimum denominations of €1,000 and integral multiples of €1.00 in excess thereof. If, however, such eligible holder would be entitled to receive less than €1,000 principal amount of New Notes of a particular series, the eligible holder's tender will be rejected in full and the Eligible Notes subject to this tender will be returned to the eligible holder. |
| **Announcement of Results; Acceptance** | At or around 8:00 a.m., CET, on the first business day after the Expiration Deadline, or as soon thereafter as possible, Chile will determine and announce the expected aggregate principal amount of each series of Eligible Notes accepted in the Invitation (which could be zero for one or more series), the expected proration factor for each series of Eligible Notes, if any, and the expected aggregate amount of New Notes to be issued pursuant to the Invitation. |
|  | Chile may announce that offers to exchange Eligible Notes will be prorated even if the announcement of the results of the Invitation did not contain any expected proration factor for the Eligible Notes. |
|  | As used herein, "business day" means a day other than a Saturday, a Sunday or a day on which banks generally are not open in New York or London. |
|  | This information will also be available from the Dealer Managers and the Information and Depositary Agent at the contact information provided on the inside back cover, and through such other means as Chile considers appropriate. |
| **Expected Settlement Date; Settlement Date** | The expected settlement date for the Invitation is July 7, 2025 (the "Expected Settlement Date"). The Exchange Ratio will be determined assuming that settlement takes place on the Expected Settlement Date. |
|  | We expect the settlement date of the Invitation (the "Settlement Date") to be the Expected Settlement Date. However, in the event the Settlement Date is delayed, the principal amount of New Notes you will be entitled to receive for the Eligible Notes you tendered and Chile accepted in the Exchange Offer will not be adjusted; provided that if the Settlement Date is delayed for more than seven business days from the Expected Settlement Date, the Exchange Ratio will be adjusted to account for any accrued and unpaid interest on the Eligible Notes and the New Notes to and excluding the Settlement Date, as communicated by the Republic. |
|  | The Exchange Ratio will not account for or include interest accrued on and after the Expected Settlement Date on your Eligible Notes accepted for exchange, and similarly it will not account for interest accrued but unpaid on the New Notes on and after the Expected Settlement Date, unless amended as described above. |
|  | On the Settlement Date, subject to the conditions set forth herein, Chile will exchange Eligible Notes validly tendered and accepted for New Notes. Chile will cancel Eligible Notes received pursuant to the Invitation following the Settlement Date. |

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| | |
|:---|:---|
| **Income Tax Consequences** | Please see the section entitled "Taxation" for a discussion of the Chilean and U.S. federal income tax consequences to owners of Eligible Notes who exchange Eligible Notes for New Notes. You should consult your own tax advisors regarding the possible tax consequences under the laws of jurisdictions that apply to you or to the tender of your Eligible Notes. |
| **Termination** | Chile reserves the right, in its sole discretion, to terminate the Invitation for any reason. Chile also reserves the right, in its sole discretion, not to accept any tenders of one or more series of Eligible Notes. Non-acceptance of tenders for one series of Eligible Notes shall not affect the Invitation for the other series of Eligible Notes. Termination of the Invitation for the Eligible Notes does not affect Chile's Euro New Notes Offering. The Invitation is conditioned on the consummation of the Euro New Notes Offering. |
| **Tendering Procedures** | If holders wish to submit an offer pursuant to the Invitation, holders, the custodial entity or direct participant (as the case may be) through which a holder holds its Eligible Notes must submit, at or prior to the Expiration Deadline, its offer to exchange Eligible Notes by properly instructing the applicable clearing system (Euroclear or Clearstream, Luxembourg) in accordance with the procedures and deadlines established by such clearing system. See "Terms of the Invitation—Tender Procedures." |
| **Certain Deemed Representations, Warranties and Undertakings** | If holders submit an offer pursuant to the Invitation, such holders will be deemed to have made certain acknowledgements, representations, warranties and undertakings to Chile, the Dealer Managers and the Information and Depositary Agent. See "Holders' Representations, Warranties and Undertakings." |
| **Withdrawal** | Offers to exchange Eligible Notes will become irrevocable upon expiration of the Invitation. However, any such offers may be withdrawn or revised prior to the expiration of the Invitation at the Expiration Deadline in accordance with the procedures described under "Terms of the Invitation—Irrevocability; Withdrawal Rights." |
| **Jurisdictions** | Chile is making the Invitation only in those jurisdictions where it is legal to do so. See "Jurisdictional Restrictions." |
| **Risk Factors** | The Invitation involves material risks. Please see "Risk Factors and Investment Considerations" for more information. |
| **Euro New Notes Offering** | Along with this Invitation, Chile is conducting the Euro New Notes Offering pursuant to separate documents. |
| **Announcements** | All announcements by Chile pursuant to the Invitation will be made by issuing a press release using PRNewswire or other comparable news service, which we refer to as "News Service." See "Terms of the Invitation—Publication." |
| **Information and Depositary Agent** | Global Bondholder Services Corporation is the Information and Depositary Agent in connection with the Invitation. |
| **No Letter of Transmittal** | There is no letter of transmittal associated with the Invitation. |

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**SUMMARY OF THE NEW NOTES**

*This summary must be read as an introduction to the prospectus supplement and prospectus relating to the New Notes and any decision to invest in the New Notes should be based on a consideration of such prospectus supplement and prospectus as a whole, including the documents incorporated by reference.*

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| | |
|:---|:---|
| **Issuer** | Republic of Chile. |
| **Aggregate Principal Amount** | The New Notes will be consolidated, form a single series and be fully fungible with New Notes in an aggregate principal amount of €1,300,000,000 to be issued pursuant to the Euro New Notes Offering. See "Description of the New Notes—Euro New Notes Offering." |
| **Maturity Date** | July 1, 2035. |
| **Form of Securities** | Chile will issue the New Notes in the form of one or more registered global securities without coupons. |
| **Denominations** | Chile will issue the New Notes in denominations of €1,000 and integral multiples of €1.00 in excess thereof. |
| **Interest** | Chile will pay interest annually, on July 1 of each year, commencing on July 1, 2026. The New Notes will bear interest from July 1, 2025 at the rate of 3.800% per year. |
| **Optional Redemption** | Chile will have the right at its option, upon giving not less than 15 days' nor more than 60 days' notice, to redeem the New 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 New 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 New 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 New Notes), the principal amount thereof, plus interest accrued but not paid on the principal amount of such New Notes to the date of redemption. "Description of the New Notes—Optional Redemption" in this prospectus supplement. |
| **Status** | The New Notes will constitute direct, general, unconditional and unsubordinated external indebtedness of Chile for which the full faith and credit of Chile is pledged. The New Notes rank and will rank without any preference among themselves and equally with all other unsubordinated external indebtedness of Chile. It is understood that this provision will not be construed so as to require Chile to make payments under the New Notes ratably with payments being made under any other external indebtedness. |
| **Withholding Tax and Additional Amounts** | Chile will make all payments on the New Notes without withholding or deducting any taxes imposed by Chile or any political subdivision thereof or taxing authority therein, subject to certain specified exceptions. For more information, see "*Description of the Securities—Debt Securities— Additional Amounts*" in the accompanying prospectus. |
| **Taxation** | For a general summary of United States federal income tax consequences resulting from the purchase, ownership and disposition of a New Note, holders should refer to the discussion set forth under the heading "*Taxation—United States Federal Taxation*" in this prospectus supplement and the accompanying prospectus. |
| **Further Issues** | Chile may from time to time, without the consent of the holders, increase the size of the issue of the New Notes, or issue additional debt securities having the same terms and conditions as the New Notes in all respects, except for the issue date, issue price and first payment on those additional New Notes or debt securities; provided, however, that any additional debt securities subsequently issued that, for U.S. federal income tax purposes, are not issued pursuant to a "qualified reopening" of the New Notes, are not treated as part of the same "issue" as the notes, or have greater than a *de minimis* amount of original issue discount shall have a separate CUSIP, ISIN or other identifying number from the previously outstanding New Notes. Additional debt securities issued in this manner will be consolidated and form a single series with the previously outstanding New Notes. |
|  | The New Notes to be issued under the Invitation will be consolidated, form a single series and be fully fungible with Chile's New Notes to be issued pursuant to the Euro New Notes Offering. |

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| | |
|:---|:---|
| **Euro New Notes Offering** | Along with the Invitation, Chile has offered New Notes for cash, which will be consolidated, form a single series and be fully fungible with the New Notes to be issued in the Invitation. Chile has made the Euro New Notes Offering pursuant to a separate prospectus supplement filed with the SEC. |
| **Use of Proceeds** | Chile will not receive any proceeds from the Invitation. |
| **Listing** | Application will be made for the notes to be admitted for trading to the ISM of the London Stock Exchange. |
| **Governing Law** | State of New York. |
| **Trustee, Registrar, Transfer Agent and Paying Agent** | The Bank of New York Mellon. |
| **Principal Paying Agent** | The Bank of New York Mellon, London Branch. |

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**SUMMARY TIME SCHEDULE FOR THE INVITATION**

*The following summarizes the anticipated time schedule for the Invitation assuming, among other things, that the Expiration Deadline is not extended. This summary is qualified in its entirety by, and should be read together with, the more detailed information appearing elsewhere in this prospectus supplement. The various dates and times in this summary are based on Chile's current schedule; those dates and times are subject to change in Chile's sole discretion. All references are to Central European Time.*

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| | |
|:---|:---|
| Tuesday, June 24, 2025 | ***Commencement Date*** |
|  | Chile announces the terms and conditions of the Invitation. |
|  | The Invitation commences. |
| Tuesday, July 1, 2025 | ***Expected Settlement Date – Euro New Notes Offering*** |
|  | Settlement of the Euro New Notes Offering is expected to occur through the applicable clearing systems. The settlement of the Euro New Notes Offering will be a condition to settlement of the Invitation. |
| At or around 4:00 p.m., Tuesday, July 1, 2025, or as soon as possible thereafter | ***Determination and Announcement of Exchange Ratio*** |
|  | Chile will determine the Exchange Ratio for each series of Eligible Notes based on its determination of the Eligible Notes Applicable Yield and the New Notes Applicable Yield applicable to each series of Eligible Notes and New Notes, respectively, as set forth under "Summary—Determination of Eligible Notes Applicable Yield and New Notes Applicable Yield." |
|  | As soon as practical after such determination is made, Chile will announce the Exchange Ratio applicable to each series of Eligible Notes, together with the Eligible Notes Applicable Yield and the New Notes Applicable Yield by press release to the News Service. |

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| | | |
|:---|:---|:---|
| 5:00 p.m., Tuesday, July 1, 2025 | ***Withdrawal Deadline*** | ***Withdrawal Deadline*** |
|  | The Withdrawal Rights expire, unless Chile extends them or terminates the Invitation earlier in its sole discretion. You may no longer withdraw your offers after such deadline. | The Withdrawal Rights expire, unless Chile extends them or terminates the Invitation earlier in its sole discretion. You may no longer withdraw your offers after such deadline. |
| 5:00 p.m., Tuesday, July 1, 2025 | ***Expiration Deadline*** | ***Expiration Deadline*** |
|  | The Invitation expires, unless Chile extends it or terminates it earlier in its sole discretion. | The Invitation expires, unless Chile extends it or terminates it earlier in its sole discretion. |
| At or around 8:00 a.m., Wednesday, July 2, 2025 or as soon as possible thereafter. | ***Announcement of Results*** | ***Announcement of Results*** |
|  | Chile will announce by press release to the News Service: | Chile will announce by press release to the News Service: |
|  | · | the expected aggregate principal amount of each series of Eligible Notes to be accepted in the Invitation (which could be zero for one or more series); |
|  | · | the expected aggregate principal amount of New Notes to be issued pursuant to the Invitation; and |
|  | · | the expected proration factor for each series of Eligible Notes, if any. |
|  | Chile may, in its sole discretion, extend or abridge the period for announcing the results of the Invitation. | Chile may, in its sole discretion, extend or abridge the period for announcing the results of the Invitation. |
|  | This information will also be available from the Dealer Managers and the Information and Depositary Agent at the contact information provided on the inside back cover, and through such other means as Chile considers appropriate. | This information will also be available from the Dealer Managers and the Information and Depositary Agent at the contact information provided on the inside back cover, and through such other means as Chile considers appropriate. |
| Monday, July 7, 2025 | ***Expected Settlement Date – Invitation*** | ***Expected Settlement Date – Invitation*** |
|  | Settlement of the Invitation is expected to occur through the applicable clearing systems. Chile will cancel all accepted Eligible Notes thereafter. | Settlement of the Invitation is expected to occur through the applicable clearing systems. Chile will cancel all accepted Eligible Notes thereafter. |

---

**RISK FACTORS AND INVESTMENT CONSIDERATIONS**

*An investment in the New Notes involves a significant degree of risk. Investors are urged to read carefully the entirety of the prospectus together with this prospectus supplement and to note, in particular, the following considerations.*

**Investment Considerations Relating to the Invitation**

***Risks of Not Participating in the Invitation***

*Illiquidity*. Any Eligible Notes tendered pursuant to the Invitation and accepted by Chile will be cancelled. Any remaining Eligible Notes of a series not tendered in the Invitation may therefore become illiquid and this may adversely affect the market value of the remaining Eligible Notes of that series. A debt security with a smaller outstanding principal amount available for trading (a smaller float) may command a lower price than would a comparable debt security with a greater float. The reduced float may also make the trading price of the Eligible Notes more volatile. Moreover, there may be no active trading market, or published secondary market price quotations, for any remaining Eligible Notes.

***Risks of Participating in the Invitation***

*Possible Cancellation or Extension of the Invitation*. Chile reserves the right, in its sole discretion, not to accept tenders for, or issue, New Notes. Even if the Invitation is completed, there can be no assurance that it will be completed on the schedule described herein. Accordingly, holders participating in the Invitation may have to wait longer than expected to receive their New Notes or to receive returned Eligible Notes, during which time those holders will not be able to effect transfers of their Eligible Notes tendered pursuant to the Invitation.

***Enforcement of Civil Liabilities; Waiver of Sovereign Immunity***

Chile is a foreign sovereign state. Consequently, it may be difficult for you or the trustee to obtain or enforce judgments of courts in the United States or elsewhere against Chile. See "Description of the Securities—Jurisdiction, Consent to Service, Enforcement of Judgments and Immunities from Attachment," in the accompanying prospectus.

***Market for the New Notes***

Chile has been advised by the Dealer Managers that the Dealer Managers may make a market in the New Notes but they are not obligated to do so and may discontinue market making at any time without notice. Application will be made for the New Notes to be admitted for trading to the ISM of the London Stock Exchange. No assurance can be given as to the liquidity of the trading market for the New Notes. The price at which the New Notes will trade in the secondary market is uncertain.

***Other Purchases or Redemption of Eligible Notes***

Whether or not the Invitation is consummated, Chile may continue to acquire, from time to time following completion or cancellation of the Invitation, Eligible Notes other than pursuant to the Invitation, including through open market purchases, privately negotiated transactions, tender offers, exchange offers or otherwise (and may redeem or defease the Eligible Notes in accordance with these terms and the terms of the instruments under which they were issued), upon such terms and at such prices as they may determine, which may be more or less than the prices to be paid pursuant to the Invitation and could be for cash or other consideration.

**TERMS OF THE INVITATION**

Chile is inviting holders of Eligible Notes to submit offers to exchange Eligible Notes for New Notes, on the terms and subject to the conditions of the Invitation as described herein.

Information regarding the Eligible Notes, including their ISIN and Common Code numbers, is set forth in the table under "The Eligible Notes."

The New Notes to be issued in exchange for Eligible Notes will be consolidated, form a single series and be fully fungible with Chile's respective New Notes expected to be issued pursuant to the Euro New Notes Offering. The settlement of the Euro New Notes Offering will be a condition to settlement of the Invitation.

The Eligible Notes consist of two series of outstanding notes of the Republic. Each offer to exchange any series of Eligible Notes is made as a separate, independent offer. Chile reserves the right, in its sole discretion, to select one or more series of Eligible Notes to be prorated on the basis of the same or different proration factors, and to select which series of each to accept. See "—Proration."

**Purpose of the Invitation**

The purpose of the Invitation is to manage Chile's external liabilities. The Invitation is concurrent with the Euro New Notes Offering.

**Exchange Offer**

***New Notes to be Received***

Holders that validly tender Eligible Notes will receive in exchange for each €1,000 principal amount of Eligible Notes accepted for exchange (subject to proration as described herein), New Notes having a principal amount equal to €1,000 multiplied by the relevant Exchange Ratio (rounded down to the nearest multiple of €1.00).

The "Exchange Ratio" for each series of Eligible Notes will be determined by dividing (i) the Eligible Notes Present Value of such series of Eligible Notes, by (ii) the New Notes Present Value. The "Eligible Notes Present Value" and the "New Notes Present Value" of each series will be equivalent to the present value of the remaining principal and interest payments for such series of Eligible Notes and New Notes, respectively, calculated at the corresponding Eligible Notes Applicable Yield and the New Notes Applicable Yield, respectively, in each case for value date as of the Expected Settlement Date. See "*Pricing Terms*".

The Exchange Ratio accounts for any accrued and unpaid interest on the (i) Eligible Notes from and including the immediately previous interest payment date of such Eligible Notes, and (ii) New Notes from and including the original issue date of the New Notes issued pursuant to the Euro New Notes Offering, in each case, to and excluding the Expected Settlement Date. Given that the Exchange Ratio accounts for such accrued and unpaid interest on the (i) Eligible Notes, Chile will make no separate payment (in cash or otherwise) to holders, and (ii) New Notes, holders will make no separate payment (in cash or otherwise) to Chile, in connection therewith.

We expect the Settlement Date to be the Expected Settlement Date. However, in the event the Settlement Date is delayed, the principal amount of New Notes you will be entitled to receive for the Eligible Notes you tendered and Chile accepted in the Exchange Offer will not be adjusted; provided that if the Settlement Date is delayed for more than seven business days from the Expected Settlement Date, the Exchange Ratio will be adjusted to account for any accrued and unpaid interest on the Eligible Notes and the New Notes to and excluding the Settlement Date, as communicated by the Republic. The Exchange Ratio will not account for or include interest accrued on and after the Expected Settlement Date on your Eligible Notes accepted for exchange, and similarly it will not account for interest accrued but unpaid on the New Notes on and after the Expected Settlement Date, unless it is revised as described in the prior sentence.

***Determination and Announcement of Exchange Ratios***

At or around 4:00 p.m., CET, on the Expiration Deadline, or as soon as practicable thereafter, Chile will determine the Exchange Ratio for each series of Eligible Notes based on its determination of the Eligible Notes Applicable Yield and the New Notes Applicable Yield applicable to each series of Eligible Notes and New Notes, respectively, as set forth under "Summary—Determination of Eligible Notes Applicable Yield and New Notes Applicable Yield."

As soon as practical after such determination is made, Chile will announce the Exchange Ratio applicable to each series of Eligible Notes, together with the Eligible Notes Applicable Yield and the New Notes Applicable Yield by press release to the News Service.

All announcements by Chile pursuant to the Invitation will be made by issuing a press release using PRNewswire or other comparable news service, which we refer to as "News Service."

***Hypothetical Terms***

Based on the assumptions described in Annex A, we have included therein a hypothetical (i) New Notes Applicable Yield, (ii) re-opening price, and (iii) New Notes Present Value, in each case applicable to the New Notes, and a hypothetical (i) Eligible Notes Applicable Yield, (ii) exchange price, (iii) Eligible Notes Present Value, and (iv) Exchange Ratio, in each case applicable to each series of Eligible Notes in exchange for the New Notes. **These amounts are for illustrative purposes only. Actual amounts will likely differ from these hypothetical figures, and that difference may be material.**

***Proration***

Each offer to exchange any series of Eligible Notes is made as a separate, independent offer. Chile reserves the right, in its sole discretion, to select one or more series of Eligible Notes to be prorated on the basis of the same or different proration factors, and to select which series of each to accept.

As a result, some Eligible Notes may not be accepted pursuant to the Invitation, and will be returned to the holder thereof.

In the event of proration with respect to a series of Eligible Notes, the principal amount accepted of each offer to exchange such Eligible Notes will be determined by multiplying the principal amount tendered of such offer by the applicable proration rate and rounding the resulting amount down to the nearest €1,000 principal amount of such series of Eligible Notes, as specified herein under "The Eligible Notes." Depending on the amount tendered and the proration factor applied, if the principal amount of Eligible Notes that are unaccepted and returned to a holder as a result of proration would result in less than the authorized minimum denomination being returned to such holder, we will, in our sole discretion, either accept or reject all of such Holder's validly tendered Eligible Notes. In addition, if such proration would result in Eligible Notes in a principal amount of less than the authorized minimum denomination being accepted, we will, in our sole discretion, either accept or reject all of such Holder's validly tendered Eligible Notes.

***Acceptance of Offers***

If Chile determines in its sole discretion to accept any tenders of Eligible Notes submitted pursuant to the Invitation, it will at or around 8:00 a.m., Central European time, on the first business day after the Expiration Deadline, or as soon thereafter as possible, determine and announce by press release:

· the expected aggregate principal amount of each series of Eligible Notes accepted in the Invitation (which could be zero for one or
more series);

· the expected proration factor for each series of Eligible Notes, if any; and

· the expected aggregate amount of New Notes to be issued pursuant to the Invitation.

This information will also be available from the Dealer Managers and the Information and Depositary Agent at the contact information provided on the inside back cover, and through such other means as Chile considers appropriate.

Chile reserves the right, in its sole discretion, to terminate the Invitation for any reason. Chile also reserves the right, in its sole discretion, not to accept any tenders of one or more series of Eligible Notes. Non-acceptance of tenders for one or more series of Eligible Notes shall not affect the Invitation for any other series of Eligible Notes. Termination of the Invitation for the Eligible Notes does not affect Chile's Euro New Notes Offering. The Invitation is conditioned on the consummation of the Euro New Notes Offering.

Chile may announce that offers to exchange Eligible Notes will be prorated even if the announcement of the results of the Invitation did not contain any expected proration factor for the Eligible Notes.

Once Chile has announced by press release issued to the News Service the final acceptance of any offers to exchange Eligible Notes in accordance with the terms of the Invitation, Chile's acceptance will be irrevocable. Offers, as so accepted, shall constitute binding obligations of the tendering holders of Eligible Notes and Chile to settle the exchange, in the manner described under "Settlement."

**Euro New Notes Offering**

Along with the Invitation, Chile has offered New Notes for cash, which will be consolidated, form a single series and be fully fungible with the New Notes to be issued in the Invitation. Chile has made the Euro New Notes Offering pursuant to a separate prospectus supplement filed with the SEC.

**Announcements**

Chile will make all of the foregoing announcements by press release issued to the News Service. Chile will also publish the results of the Invitation upon completion of the Invitation through such other means as Chile considers appropriate and as permitted by law. Chile may, in its sole discretion, extend or abridge the period for announcing the results of the Invitation.

**Methodology Generally; No Recommendation**

The relevant Exchange Ratio to exchange your Eligible Notes for New Notes does not necessarily have a relationship to actual value. You should independently analyze the value of the New Notes and of the Eligible Notes and make an independent assessment of the terms of the Invitation. None of Chile, the Dealer Managers or the Information and Depositary Agent has expressed any opinion as to whether the terms of the Invitation are fair. None of Chile, the Dealer Managers or the Information and Depositary Agent makes any recommendation that you offer to exchange Eligible Notes or refrain from offering to do so pursuant to the Invitation, and no one has been authorized by Chile, the Dealer Managers or the Information and Depositary Agent to make any such recommendation.

**Denominations**

Each series of Eligible Notes may be tendered only in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. No alternative, conditional or contingent tenders will be accepted. Holders who tender less than all of their Eligible Notes must continue to hold Eligible Notes in at least the minimum authorized denomination. The New Notes will be issued in minimum denominations of €1,000 and integral multiples of €1.00 in excess thereof. If, however, such eligible holder would be entitled to receive less than €1,000 principal amount of New Notes of a particular series, the eligible holder's tender will be rejected in full and the Eligible Notes subject to this tender will be returned to the eligible holder.

**Tender Procedures**

***General***

If holders wish to submit an offer pursuant to the Invitation, a holder, or a custodial entity or direct participant (as the case may be) through which a holder holds its Eligible Notes must submit, at or prior to the Expiration Deadline, its offer to exchange Eligible Notes in the applicable manner described below.

By submitting an offer with respect to any series of Eligible Notes and thereby offering to exchange them pursuant to the Invitation, holders are deemed to make certain acknowledgments, representations, warranties and undertakings to Chile, the Dealer Managers and the Information and Depositary Agent as set forth under "Holders' Representations, Warranties and Undertakings."

Holders must arrange for a direct participant in Euroclear or Clearstream, Luxembourg, as the case may be, to deliver their exchange offer, which includes "blocking" instructions (as defined below), to Euroclear or Clearstream, Luxembourg in accordance with the procedures and deadlines specified by Euroclear or Clearstream, Luxembourg at or prior to the Expiration Deadline.

"Blocking" instructions means:

· irrevocable instructions to block any attempt to transfer a holder's Eligible Notes on or prior to the settlement date;

· irrevocable instructions to debit a holder's account on or about the settlement date in respect
of all of a holder's Eligible Notes, or in respect such lesser portion of a holder's Eligible Notes as are accepted for exchange
by Chile, upon receipt of an instruction by the Information and Depositary Agent to receive a holder's Eligible Notes for Chile,
and

· an irrevocable authorization to disclose, to the Information
and Depositary Agent, the identity of the participant account holder and account information;

subject to the automatic withdrawal of the irrevocable instruction in the event that the Invitation is terminated by Chile and a holder's right to withdraw a holder's offer to exchange prior to the Expiration Deadline.

A holder's exchange offer, which includes holder's "blocking" instructions, must be delivered and received by Euroclear or Clearstream, Luxembourg in accordance with the procedures established by them and on or prior to the deadlines established by each of those clearing systems. Holders are responsible for informing themselves of these deadlines and for arranging the due and timely delivery of "blocking" instructions to Euroclear or Clearstream, Luxembourg.

***Exchange Offers with Respect to Eligible Notes Held by Custodians***

If a holder holds its Eligible Notes through a custodian, a holder may not submit an exchange offer directly. Holders should contact that custodian to submit exchange offers on their behalf. In the event that a holder's custodian is unable to submit an offer to exchange or "blocking" instructions through the applicable clearing system, as applicable, on a holder's behalf, holders should contact the Dealer Managers for assistance in submitting its exchange offer. There can be no assurance that the Dealer Managers will be able to assist a holder in successfully submitting its exchange offer.

***Deadlines***

Holders are responsible for arranging the timely delivery of their exchange offer pursuant to one of the procedures above.

None of Chile, the Dealer Managers or the Information and Depositary Agent will be responsible for the communication of exchange offers by:

· holders of Eligible Notes to the direct participant in Euroclear or Clearstream, Luxembourg through which they hold Eligible Notes;
or

· holders of Eligible Notes or the direct participant to the Information and Depositary Agent, Euroclear or Clearstream, Luxembourg.

If holders hold Eligible Notes through a broker, dealer, commercial bank or financial institution, holders should consult with that institution as to whether it will charge any service fees.

**Irregularities**

All questions regarding the validity, form and eligibility, including time of receipt or revocation or revision, of exchange offers will be determined by Chile in its sole discretion, which determination will be final and binding. Chile reserves the absolute right to reject offers to exchange Eligible Notes that are not in proper form or for which any corresponding agreement by Chile to exchange would, in the opinion of Chile's counsel, be unlawful. Chile reserves the absolute right to waive any of the conditions of the Invitation or defects in tenders. None of Chile, the Dealer Managers or the Information and Depositary Agent shall be under any duty to give notice to you, as the tendering holder, of any irregularities in the submission of offers, nor shall any of them incur any liability for the failure to give such notice.

**Irrevocability; Withdrawal Rights**

Each offer to exchange Eligible Notes will become irrevocable upon the expiration of the Invitation. However, any such offer may be withdrawn or revised prior to the Expiration Deadline by withdrawing the offer in accordance with the procedures established by, and within the respective deadlines of Euroclear or Clearstream, Luxembourg, as the case may be. If you have requested that a custodian submit a tender offer on your behalf and you would like to withdraw or revise your tender offer, you should contact that custodian and request it to withdraw or revise your tender offer prior to the Expiration Deadline. You should be aware, however, that the custodian may impose earlier deadlines for withdrawing or revising a tender offer in accordance with its procedures. If Chile terminates the Invitation without accepting any offer to exchange Eligible Notes, all such offers shall automatically be deemed to be withdrawn.

If as a result of the proration specified in "—Exchange Offer—Proration" Chile does not accept some of your Eligible Notes offered in exchange for New Notes, any offer to exchange Eligible Notes not so accepted shall automatically be deemed to be withdrawn.

**Discretion on the Part of Chile**

Chile reserves the right not to accept any tenders in its sole discretion.

**No Participation by Chile**

Chile may not submit any offers to exchange Eligible Notes.

**Participation by Chilean Governmental Agencies**

Chilean public sector instrumentalities, and any corporation, trust or other legal entity that is controlled by Chile or a public sector instrumentality, will be permitted to submit offers to exchange Eligible Notes.

"Chilean public sector instrumentality" means any department, ministry or agency of Chile, and "control" means the power, directly or indirectly, through the ownership of voting securities or other ownership interests, by contract or otherwise, to direct the management of or elect or appoint a majority of the board of directors or other persons performing similar functions in lieu of, or in addition to, the board of directors of that legal entity.

**Participation by the Dealer Managers**

The Dealer Managers and certain of their affiliates will be permitted to submit offers on behalf of holders of Eligible Notes and on their own behalf. With respect to such orders, receipt of instructions in Euroclear or Clearstream, Luxembourg may be after the Expiration Deadline at Chile's sole and absolute discretion.

**Term of Invitation, Termination, Amendments**

The Invitation will expire at 5:00 p.m., CET, on the day of the Expiration Deadline, unless Chile in its sole discretion extends it or terminates it earlier.

At any time before 5:00 p.m., CET, on the day of the Expiration Deadline, Chile may, in its sole discretion:

· terminate the Invitation, including with respect to offers to exchange Eligible Notes submitted prior to the time of the termination;
or

· amend the Invitation from time to time in any fashion.

At any time before 9:00 a.m., CET, on the first business day after the Expiration Deadline, Chile may, in its sole discretion, announce that it has extended the Invitation past the originally scheduled Expiration Deadline. Chile also reserves the right, in its sole discretion, not to accept tenders for, or issue, New Notes.

**Publication**

All announcements by Chile pursuant to the Invitation will be made by issuing a press release using PRNewswire or other comparable news service, which we refer to as "News Service."

Information about the Invitation will be published, to the extent provided in the Invitation Materials, by means of the news media in accordance with applicable law and, with regard to the commencement and the results of the Invitation by an announcement through the News Service and through such other means as Chile considers appropriate and as permitted by law. Holders may obtain information about the Invitation by contacting the Dealer Managers, the Information and Depositary Agent at the addresses and telephone numbers listed on the inside back cover of the Invitation Materials.

**Settlement**

Under the current schedule, the Expected Settlement Date will be Monday, July 7, 2025. Each of the Exchange Ratio, Eligible Notes Applicable Yield and New Notes Applicable Yield will be determined assuming that settlement takes place on the Expected Settlement Date.

We expect the Settlement Date of the Invitation to be the Expected Settlement Date. However, in the event the Settlement Date is delayed, the principal amount of New Notes you will be entitled to receive for the Eligible Notes you tendered and Chile accepted in the Exchange Offer will not be adjusted; provided that if the Settlement Date is delayed for more than seven business days from the Expected Settlement Date, the Exchange Ratio will be adjusted to account for any accrued and unpaid interest on the Eligible Notes and the New Notes to and excluding the Settlement Date, as communicated by the Republic. The Exchange Ratio will not account for interest accrued on and after the Expected Settlement Date on your Eligible Notes accepted for exchange, and similarly it will not account for interest accrued but unpaid on the New Notes on and after the Expected Settlement Date unless it is revised as described above. See "Pricing Terms."

On the Settlement Date:

· if Chile has accepted your offer to exchange Eligible Notes, you, as the identified account holder, or Euroclear or Clearstream, Luxembourg,
on your behalf, as the case may be, must deliver to Chile good and marketable title to your Eligible Notes, free and clear of all liens,
charges, claims, encumbrances, interests, rights of third parties and restrictions of any kind; and

· in return you will receive solely by credit to the Euroclear or Clearstream, Luxembourg account in which your Eligible Notes being
exchanged were held, the New Notes to which you are entitled.

The determination by Chile of any calculation or quotation made with respect to the Invitation shall be made assuming that the settlement takes place on the Expected Settlement Date and will be conclusive and binding on you, absent manifest error.

**Market for the Eligible Notes and New Notes**

Chile intends to cancel all Eligible Notes acquired by it pursuant to the Invitation following the Settlement Date. Accordingly, the exchange of Eligible Notes pursuant to the Invitation will reduce the aggregate principal amount of Eligible Notes that otherwise might trade in the market, which could adversely affect the liquidity and market value of the remaining Eligible Notes not offered or accepted pursuant to the Invitation. Eligible Notes not exchanged or purchased pursuant to the Invitation will remain outstanding.

Application will be made for the New Notes to be admitted for trading to the ISM. The ISM is not a regulated market for the purposes of UK MiFIR. The ISM is a market designated for professional investors. New **Notes admitted to trading on the ISM are not admitted to the Official List of the FCA. Neither the FCA nor the London Stock Exchange has approved, reviewed or verified the contents of this prospectus supplement.**

No assurance can be given as to the liquidity of the trading market for the New Notes. The price at which the New Notes will trade in the secondary market is uncertain.

**DESCRIPTION OF THE NEW NOTES**

*Chile will issue the New Notes under the indenture entered into on December 12, 2014, as supplemented by the first supplemental indenture dated as of May 27, 2015, between Chile and The Bank of New York Mellon, as trustee. The indenture, as it may be amended from time to time, is referred to herein as the "indenture." The information contained in this section summarizes the principal terms of the New Notes. The prospectus to which this prospectus supplement is attached contains a summary of the indenture and other general terms of the New Notes. You should review the information contained herein and in the accompanying prospectus. You should also read the indenture and the form of the New Notes before making your investment decision. Chile has filed a form of the indenture with the SEC. Copies of the indenture will also be made available at the offices of the trustee.*

**General Terms of the New Notes**

The New Notes will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be initially issued on or about July 1, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· mature on July 1, 2035;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be consolidated, form a single series and be fully fungible with Chile's New Notes to be issued pursuant to the Euro New Notes
Offering;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be issued in denominations of €1,000 and integral multiples of €1.00 in excess thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· bear interest at a rate of 3.800% per year, commencing on July 1, 2025 and ending on the maturity date. Interest on the New
Notes will be payable annually on July 1 of each year, commencing on July 1, 2026. Interest on the New Notes in respect of any
period of less than one year will be calculated on the basis of a 365 (or 366) day year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· pay interest to persons in whose names the New Notes are registered at the close of business on June 30, preceding each payment
date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· constitute direct, general, unconditional and unsubordinated external indebtedness of Chile for which the full faith and credit of
Chile is pledged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· rank without any preference among themselves and equally with all other unsubordinated external indebtedness of Chile (it being understood
that this provision will not be construed so as to require Chile 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;· be represented by one or more global securities in book-entry, registered form only;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be registered in the name of the common depositary of Euroclear or Clearstream, Luxembourg;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· be redeemable at the option of Chile before maturity. See "—Optional Redemption" in this prospectus supplement;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· contain "collective action clauses" under which Chile may amend certain key terms of the New Notes, including the maturity
date, interest rate and other terms, with the consent of less than all of the holders of the New Notes.

**Optional Redemption**

Chile will have the right at its option, upon giving not less than 15 days' nor more than 60 days' notice, to redeem the New 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 New 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 New 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 New Notes), the principal amount thereof, plus interest accrued but not paid on the principal amount of such New Notes to the date of redemption.

"*Make-Whole Amount*" means the excess of (i) the sum of the present values of each remaining scheduled payment of principal and interest on the New 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 New Notes.

"*Benchmark Rate*" 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.

"*Comparable Benchmark Issue*" 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 New 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 New Notes.

"*Independent Investment Banker*" means one of the Reference Dealers (as defined below) appointed by Chile.

"*Comparable Benchmark Price*" 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 Chile obtains fewer than four such Reference Dealer Quotations, the average of all such quotations.

"*Reference Dealer*" means each of Crédit Agricole Corporate and Investment Bank, Merrill Lynch International or 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 Chile, and their respective successors; provided that if any of the foregoing shall cease to be a dealer of Bund of the German Government, Chile will substitute therefore another dealer of Bund of the German Government.

"*Reference Dealer Quotation*" means, with respect to each Reference Dealer and any redemption date, the average, as determined by Chile, 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 Chile by such Reference Dealer at 3:30 p.m., Frankfurt, Germany time on the third business day preceding such redemption date.

The Trustee shall not be responsible for calculating, or confirming the calculation of, the Make-Whole Amount.

**Payments of Principal and Interest**

For purposes of all payments of interest, principal or other amounts contemplated herein, "business day" means 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.

If any date for an interest or principal payment on a note is not a business day, Chile will make the payment on the next business day. No interest on the New Notes will accrue as a result of any such delay in payment.

If any money that Chile pays to the trustee or to any paying agent to make payments on any New Notes is not claimed at the end of two years after the applicable payment was due and payable, then the money will be repaid to Chile upon Chile's written request. After any such repayment, neither the trustee nor any paying agent will be liable for that payment to the relevant holders. Chile will hold the unclaimed money in trust for the relevant holders until five years from the date on which the payment first became due.

**Paying Agents; Transfer Agents; Registrar**

Until the New Notes are paid, Chile will maintain a principal paying agent in London, England and a transfer agent, paying agent and a registrar in New York City. Chile has initially designated the corporate trust office of the trustee as the place where the register will be maintained. You can contact the paying agent and transfer agent at the addresses listed on the inside back cover of this prospectus supplement.

**Further Issues**

Chile may from time to time, without the consent of the holders, increase the size of the issue of the New Notes, or issue additional debt securities having the same terms and conditions as the New Notes in all respects, except for the issue date, issue price and first payment on those additional New Notes or debt securities; *provided, however,* that any additional debt securities subsequently issued that are not fungible with the previously outstanding New 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 issued in this manner will be consolidated and form a single series with the previously outstanding New Notes.

The New Notes to be issued under the Invitation will be consolidated, form a single series and be fully fungible with Chile's New Notes to be issued pursuant to the Euro New Notes Offering.

**Notices**

Chile will publish notices in a leading newspaper having general circulation in New York City and London (which is expected to be The Wall Street Journal and Financial Times, respectively).

In addition to the above, Chile will mail notices to holders at their registered addresses. So long as the New Notes are represented by a global security deposited with a custodian for the common depositary for Euroclear and Clearstream, Luxembourg, notices to be given to holders will be given to Euroclear and Clearstream, Luxembourg in accordance with their applicable policies as in effect from time to time. If we issue New Notes in certificated form, notices to be given to holders will be sent by mail to the respective addresses of the holders as they appear in the trustee's records, and will be deemed given when mailed.

**Euro New Notes Offering**

Along with the Invitation, Chile has offered New Notes for cash, which will be consolidated, form a single series and be fully fungible with the New Notes to be issued in the Invitation. Chile has made the Euro New Notes Offering pursuant to a separate prospectus supplement filed with the SEC.

**Global Notes**

Payments of principal, interest and additional amounts, if any, in respect of the New Notes will be made in Euros to the common depositary of Euroclear and Clearstream, Luxembourg, or its nominee.

Euroclear and Clearstream, Luxembourg are under no obligation to perform or continue to perform the procedures described below, and they may modify or discontinue them at any time. Neither Chile nor the trustee will be responsible for Euroclear's or Clearstream, Luxembourg's performance of their obligations under their rules and procedures. Additionally, neither Chile nor the trustee will be responsible for the performance by direct or indirect participants of their obligations under their rules and procedures.

Chile may issue the New Notes in the form of one or more New Notes, the ownership and transfer of which are recorded in computerized book- entry accounts, eliminating the need for physical movement of New Notes. Chile refers to the intangible securities represented by a global security as "book- entry" securities.

When Chile issues book-entry securities, it will deposit the applicable global security with a clearing system. The global note will be either registered in the name of the clearing system or its nominee or common depositary. Unless a global note is exchanged for certificated securities, as discussed under "*Description of the Securities—Certificated Securities*" in the accompanying prospectus, it may not be transferred, except among the clearing system, its nominees or common depositaries and their successors. Clearing systems include Euroclear and Clearstream, Luxembourg.

Clearing systems process the clearance and settlement of book-entry securities for their direct participants. A "direct participant" is a bank or financial institution that has an account with a clearing system. The clearing systems act only on behalf of their direct participants, who in turn act on behalf of indirect participants. An "indirect participant" is a bank or financial institution that gains access to a clearing system by clearing through or maintaining a relationship with a direct participant. Euroclear and Clearstream, Luxembourg are connected to each other by a direct link. These arrangements permit you to hold the New Notes through participants in any of these systems, subject to applicable securities laws.

***Ownership of Book-Entry Securities***

If you wish to purchase the New Notes in global form, you must either be a direct participant or make your purchase through a direct or indirect participant. Investors who purchase global notes will hold them in an account at the bank or financial institution acting as their direct or indirect participant. Holding securities in this way is called holding in "street name."

When you hold New Notes in street name, you must rely on the procedures of the institutions through which you hold your New Notes to exercise any of the rights granted to holders. This is because the legal obligations of Chile and the trustee run only to the registered owner of the global note, which will be the clearing system or its nominee or common depositary. For example, once Chile and the trustee make a payment to the registered holder of a global note, they will no longer be liable for the payment, even if you do not receive it. In practice, the clearing systems will pass along any payments or notices they receive from Chile to their participants, which will pass along the payments to you. In addition, if you desire to take any action which a holder of a global note is entitled to take, then the clearing system would authorize the participant through which you hold your book-entry note to take such action, and the participant would then either authorize you to take the action or would act for you on your instructions. The transactions between you, the participants and the clearing systems will be governed by customer agreements, customary practices and applicable laws and regulations, and not by any legal obligation of Chile or the trustee.

As an owner of book-entry securities represented by a global note, you will also be subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you will not be entitled to (a) receive physical delivery of the New Notes in certificated form or (b) have any of the New
Notes registered in your name, except under the circumstances described under "*Description of the Securities—Certificated Securities*" in the accompanying prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you may not be able to transfer or sell your New Notes to some insurance companies and other institutions that are required by law
to own their New Notes in certificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you may not be able to pledge your New Notes in circumstances where certificates must be physically delivered to the creditor or the
beneficiary of the pledge in order for the pledge to be effective.

**TAXATION**

*The following discussion summarizes certain Chilean and U.S. federal income tax considerations that may be relevant to you if you exchange Eligible Notes for New Notes and to your acquisition, ownership and disposition of the New Notes. This summary is based on laws and regulations in effect in Chile and laws, regulations, rulings and decisions now in effect in the United States, which may change. Any change could apply retroactively and could affect the continued validity of this summary. This discussion supplements, and to the extent that it differs, replaces the "Taxation" section contained in the prospectus.*

**Chilean Income Tax Consequences**

The following discussion summarizes certain aspects of Chilean income taxation that may be relevant to a holder if a holder is a Non-Resident Holder of Eligible Notes. For the purposes of this summary, a holder is a "Non-Resident Holder" if it is a holder of Eligible Notes that is an individual that is a non- resident of Chile or a legal entity that is neither organized in, nor maintains a permanent establishment in Chile. This summary may also be relevant to a holder if it is a Non-Resident Holder of Eligible Notes in connection with the holding and disposition of Eligible Notes or New Notes. The summary is based on Chilean laws, rules and regulations now in effect, all of which may change. This summary is not intended to constitute a complete analysis of the income tax consequences under Chilean law of the receipt, ownership or disposition of the Eligible Notes or the New Notes, in each case, if a holder is a non-resident of Chile, nor to describe any of the tax consequences that may be applicable to a holder if it is a resident of Chile.

Under Chilean law, as currently in effect, if a holder is a Non-Resident Holder of notes, principal payments on the notes will not be subject to Chilean income or withholding tax. If a holder is a Non-Resident Holder and it obtains capital gains resulting from any trades of notes effected between or in respect of accounts maintained by or on behalf of it, it will not be subject to Chilean income or other Chilean taxes where it has no connection with Chile other than as a holder of an interest in notes. If a holder is a Non-Resident Holder, payments of principal on notes to it, and any gain realized upon the disposition of notes by it, will not be subject to Chilean taxes.

**U.S. Federal Income Tax Consequences**

The following is a summary of certain United States federal income tax consequences to a U.S. holder (as defined below) pursuant to the Invitation and does not purport to be a comprehensive discussion of all the possible United States federal income tax consequences of the Invitation. This summary is based on the United States federal income tax laws, including the Internal Revenue Code of 1986, as amended (the "Code"), existing, temporary and proposed regulations ("Treasury Regulations") promulgated thereunder, rulings, official pronouncements and judicial decisions, all as in effect on the date of this prospectus and all of which are subject to change, possibly with retroactive effect, or to different interpretations. It deals only with beneficial owners of Eligible Notes that hold the Eligible Notes as capital assets and will hold their New Notes as capital assets. To the extent this discussion addresses the U.S. federal income tax consequences to U.S. holders of owning or disposing of New Notes, it assumes the New Notes were acquired by the U.S. holder pursuant to the Exchange Offer. This summary does not deal with special classes of holders, such as brokers or dealers in securities or currencies, banks, tax exempt organizations, insurance companies, persons holding debt securities as a hedge or hedged against currency risk or as a part of a straddle or conversion transaction, entities taxed as partnerships or the partners therein, non-resident alien individuals present in the United States for more than 182 days in a taxable year, former United States citizens or residents, United States persons (as defined below) holding the debt securities in connection with a trade or business conducted outside the United States, U.S. citizens or lawful permanent residents living abroad, or United States persons whose functional currency is not the U.S. dollar. Further, it does not address the alternative minimum tax, the Medicare tax on net investment income, special rules for the taxable year of inclusion for accrual basis taxpayers under Section 451(b) of the Code or other aspects of United States federal income or state and local taxation that may be relevant to a holder in light of such holder's particular circumstances. U.S. holders (as defined below) of Eligible Notes should consult their own tax advisors concerning the consequences, in their particular circumstances, under the Code and the laws of any other taxing jurisdiction of the Invitation and of ownership and disposition of New Notes.

In general, a United States person who holds Eligible Notes or owns a beneficial interest in Eligible Notes and exchanges the Eligible Notes pursuant to the Invitation (a "U.S. holder") will be subject to United States federal taxation. You are a United States person for United States federal income tax purposes if you are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an individual who is a citizen or resident of the United States,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a corporation or other entity organized under the laws of the United States or any state thereof or the District of Columbia,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an estate, the income of which is subject to United States federal income taxation regardless of its source, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a trust if (i) a United States court is able to exercise primary supervision over the trust's administration and (ii) one
or more United States persons have the authority to control all of the trust's substantial decisions.

**Tax Considerations of the Invitation**

*Exchange of the Eligible Notes*

The tax consequences of the exchange of a debt instrument for a new debt instrument will depend on whether the exchange is treated as resulting in a "significant modification" of the original debt instrument. The exchange of a debt instrument for a new debt instrument constitutes a "significant modification" for U.S. federal income tax purposes if the new instrument differs materially either in kind or in extent from the original debt instrument (a "Significant Modification"). An exchange of a debt instrument that is not a Significant Modification does not create an "exchange" for U.S. federal income tax purposes.

The exchange of a debt instrument for a new debt instrument is a Significant Modification if, based on all the facts and circumstances and taking into account all modifications of the original debt instrument collectively (other than modifications that are subject to special rules), the legal rights or obligations that are altered and the degree to which they are altered are "economically significant." A change in the timing of payments on a debt instrument is a Significant Modification if the change in timing of payments results in the material deferral of scheduled payments either through an extension of the final maturity or through deferral of payments due prior to maturity. The materiality of the deferral depends on all the facts and circumstances, including the length of the deferral, the original term of the instrument, the amounts of the payments that are deferred, and the time period between the modification and the actual deferral of payments. Pursuant to a safe harbor rule, a deferral of a scheduled payment for a period equal to the lesser of fifty percent (50%) of the original term of the instrument and five (5) years from the original due date of the first payment that is deferred is not treated as a material deferral. Additionally, a change in yield of a debt instrument is a Significant Modification if the yield of the new instrument (determined taking into account any accrued interest and any payments made to the holder as consideration for the exchange) varies from the yield on the original instrument (determined as of the date of the exchange) by more than the greater of (i) 5% of the annual yield of the original instrument or (ii) 25 basis points. The yield of the original instrument is calculated based on its adjusted issue price on the date of the exchange, and may differ from the yield at which the instrument is trading in the market.

Based on the foregoing rules, Chile intends to take the position (and the remainder of this discussion assumes) that the exchange of Eligible Notes for New Notes pursuant to the Invitation should be treated as a Significant Modification of the Eligible Notes for U.S. federal income tax purposes.

As a result of treatment of the exchange as a Significant Modification, an exchange of an Eligible Note by a U.S. holder pursuant to the Invitation generally will be a taxable transaction to such U.S. holder for U.S. federal income tax purposes. A U.S. holder generally will recognize gain or loss on the exchange of an Eligible Note equal to the difference between (1) the amount realized on the exchange of the Eligible Note and (2) the U.S. holder's adjusted tax basis in the Eligible Note. A U.S. holder's adjusted tax basis in an Eligible Note generally will be its U.S. dollar cost increased by the amount of any market discount with respect to the Eligible Note that has previously been taken into income by the U.S. holder and reduced by the amount of any amortizable bond premium previously deducted with respect to the Eligible Note. The amount realized in the exchange will be equal to the U.S. dollar issue price of the New Notes received in exchange for Eligible Notes, plus the U.S. dollar value of any cash received in the exchange. The issue price of the New Notes is expected to be the first price at which a substantial amount of the New Notes are sold to persons other than bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents, or wholesalers under the Euro New Notes Offering. The amount realized does not include the amount attributable to accrued but unpaid interest on an Eligible Note, which will be taxable as such (as described below). If a portion of the Eligible Notes tendered by a U.S. holder is not accepted in the Invitation as a result of proration, U.S. holders that purchased Eligible Notes of a particular series at different prices or times should consult their tax advisors in order to ascertain their adjusted tax basis in the Eligible Notes sold pursuant to the Invitation.

In the case of an Eligible Note that is traded on an established securities market, a U.S. holder who uses the cash method, and if it so elects, a U.S. holder who uses the accrual method, will determine the U.S. dollar value of the amount realized by translating such amount at the spot rate on the settlement date of the exchange. The election available to U.S. holders who use the accrual method in respect of the exchange of notes traded on an established securities market must be applied consistently to all debt instruments from year to year and cannot be changed without the consent of the United States Internal Revenue Service (the "IRS"). U.S. holders should consult their own tax advisors about the availability of this treatment (and in the case of accrual basis U.S. holders, the advisability of making this election).

Except to the extent recharacterized as ordinary income pursuant to the market discount rules (as discussed below), and subject to the foreign currency rules discussed below, any gain or loss generally will be capital gain or loss, and will be long-term capital gain or loss if, at the time of the exchange, the U.S. holder's holding period in the Eligible Note is more than one year. The deductibility of capital losses is subject to limitations.

Gain or loss recognized by a U.S. holder on the exchange of an Eligible Note generally will be treated as ordinary income or loss to the extent that the gain or loss is attributable to changes in exchange rates during the period in which the person held such note. This foreign currency gain or loss will generally be treated as U.S. source income or loss, respectively and will not be treated as an adjustment to interest income received on the Eligible Notes. For a U.S. holder that uses the accrual method and does not make the election described above, the foreign currency gain or loss may include amounts attributable to changes in exchange rates between the trade date and the settlement date. In addition, upon the exchange of an Eligible Note, a U.S. holder who uses the accrual method may realize foreign currency gain or loss attributable to amounts received in respect of accrued and unpaid interest. The amount of foreign currency gain or loss realized with respect to principal and accrued interest will, however, be limited to the amount of overall gain or loss realized on the disposition.

Capital gain or loss, as well as any foreign currency gain or loss, recognized by a U.S. holder generally will be U.S. source gain or loss. The rules governing foreign tax credits are complex. U.S. holders should consult their own tax advisors as to the foreign tax credit implications of a disposition of the notes.

*Market Discount*

Gain recognized by a tendering U.S. holder will be treated as ordinary income to the extent of any market discount on the Eligible Notes that has accrued during the period that the tendering U.S. holder held the Eligible Notes and that has not previously been included in income by the U.S. holder. An Eligible Note generally will be treated as purchased at a market discount if the stated nominal amount of the Eligible Note exceeded the amount for which the U.S. holder purchased the Eligible Note by at least 0.25 per cent. of the Eligible Note's stated nominal amount multiplied by the number of complete years from the date acquired by the U.S. holder to the Eligible Note's maturity. Market discount accrues on a straight-line basis, unless such U.S. holder elected to accrue the market discount under a constant-yield method.

*Accrued Interest*

Amounts attributable to accrued and unpaid interest on an Eligible Note (including any taxes withheld and any additional amounts paid with respect thereto) will be taxable to a U.S. holder as ordinary income at the time it is received or accrued, depending on such U.S. holder's method of accounting for U.S. federal income tax purposes. Interest paid on the Eligible Notes constitutes income from sources outside the United States.

If you are a U.S. holder, withholding tax levied by the government of Chile may be eligible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for credit against your United States federal income tax liability, subject to generally applicable limitations and conditions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for deduction in computing your taxable income.

The availability of a credit for foreign taxes against your United States federal income tax liability (including the calculation of the foreign tax credit) or a deduction in computing your taxable income involves the application of rules that depend on your particular circumstances and a U.S. Holder seeking to deduct such foreign taxes generally must elect not to claim a foreign tax credit for any other non-U.S. taxes paid or accrued during the relevant taxable year. In addition, Treasury Regulations promulgated in December 2021 have imposed additional requirements that must be met for a foreign tax to be creditable, and there can be no assurance that any taxes imposed by Chile will satisfy these requirements. A recent notice from the IRS provides temporary relief from such Treasury Regulations by allowing taxpayers to apply a modified version of the Treasury Regulations for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance), provided that the taxpayer consistently applies such modified version of the Treasury Regulations and complies with specific requirements set forth in a previous notice. In the case of a U.S. holder that either (i) is eligible for, and properly elects, the benefits of the income tax treaty signed between Chile and the United States in 2010 that came into force on December 19, 2023 (the "Treaty") or (ii) consistently elects to apply the modified version of the Treasury Regulations in the manner described in the preceding sentence, the Chilean tax on interest generally will qualify as a creditable tax. In the case of all other U.S. holders, the application of these requirements to the Chilean tax on interest is uncertain and we have not determined whether these requirements have been met. To benefit from a foreign tax credit or deduction with respect to the Chilean withholding tax, you may be required to furnish to the IRS a receipt evidencing that tax was withheld and paid by Chile or by a local custodian or other agent on your behalf. Chile does not intend to provide such a receipt or other direct evidence that tax was withheld with respect to interest. The IRS may, in its discretion, accept secondary evidence of the withholding and of the amount of the tax so withheld. Secondary evidence of withholding and payment of tax may include your books of account and the rates of taxation prevailing in Chile during the relevant period. You should consult with your own tax advisors regarding the availability of foreign tax credits or deductions against your taxable income for foreign taxes and the treatment of any additional amounts paid in respect of such taxes.

*Non-Tendering U.S. Holders*

A U.S. holder who does not tender its Eligible Notes pursuant to the Invitation or does not have its tender of Eligible Notes accepted for purchase pursuant to the Invitation should not recognize any gain or loss for U.S. federal income tax purposes and should have the same holding period and adjusted tax basis with respect to its Eligible Notes as immediately before the Invitation.

*Tax Considerations for Non-U.S. Holders*

Except as described under "Information Reporting and Backup Withholding", non-U.S. holders who do not hold the Eligible Notes in connection with a trade or business conducted in the United States and who are not individuals present in the United States for 183 days or more during the year that includes the Invitation generally will not be subject to U.S. federal income or withholding taxes on the exchange of Eligible Notes pursuant to the Invitation.

**Tax Considerations of Holding and Disposing of the New Notes**

*Taxation of Interest and Additional Amounts*

If you are a U.S. holder, the interest on the New Notes (including any amounts withheld and any additional amounts paid with respect thereto) will generally be subject to United States taxation and will be considered ordinary interest income on which you will be taxed in accordance with the method of accounting you generally use for tax purposes. This discussion assumes that the New Notes will be issued with less than a de minimis amount of original issue discount for U.S. federal income tax purposes.

A U.S. holder that uses the cash method of accounting for United States federal income tax purposes and that receives a payment of interest will be required to include in ordinary income the U.S. dollar value of the euro ("foreign currency") interest payment determined at the spot rate on the date such payment is received, regardless of whether the payment is in fact converted to U.S. dollars. A U.S. holder that uses the accrual method of accounting for tax purposes will accrue interest income on a New Note in foreign currency and translate the amount accrued into U.S. dollars based on the average exchange rate in effect during the interest accrual period (or portion thereof within such person's taxable year), or, at such person's election, at the spot rate of exchange on the last day of the accrual period (or the last day of the taxable year within such accrual period if the accrual period spans more than one taxable year), or at the spot rate on the date of receipt, if such date is within five business days of the last day of the accrual period. A U.S. holder that makes such election must apply it consistently to all debt instruments from year to year and cannot change the election without the consent of the IRS.

A U.S. holder who uses the accrual method will recognize foreign currency gain or loss, as the case may be, on the receipt of an interest payment made with respect to a New Note if the exchange rate in effect on the date the payment is received differs from the rate applicable to a previous accrual of that interest income. This foreign currency gain or loss will generally (i) be treated as ordinary income or loss, (ii) not be treated as an adjustment to interest income received on the New Note, and (iii) be treated as U.S. source income or as an offset to U.S. source income, respectively.

Subject to the foreign currency rules discussed above, interest payments (including additional amounts) will constitute income from sources without the United States for foreign tax credit purposes. Such income generally will constitute "passive category income." If you are a U.S. holder, withholding tax levied by the government of Chile may be eligible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for credit against your United States federal income tax liability, subject to generally applicable limitations and conditions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for deduction in computing your taxable income.

The availability of a credit for foreign taxes against your United States federal income tax liability (including the calculation of the foreign tax credit) or a deduction in computing your taxable income involves the application of rules that depend on your particular circumstances and a U.S. holder seeking to deduct such foreign taxes generally must elect not to claim a foreign tax credit for any other non-U.S. taxes paid or accrued during the relevant taxable year. In addition, Treasury Regulations promulgated in December 2021 have imposed additional requirements that must be met for a foreign tax to be creditable, and there can be no assurance that any taxes imposed by Chile will satisfy these requirements. A recent notice from the IRS provides temporary relief from such Treasury Regulations by allowing taxpayers to apply a modified version of the Treasury Regulations for taxable years ending before the date that a notice or other guidance withdrawing or modifying the temporary relief is issued (or any later date specified in such notice or other guidance), provided that the taxpayer consistently applies such modified version of the Treasury Regulations and complies with specific requirements set forth in a previous notice. In the case of a U.S. holder that either (i) is eligible for, and properly elects, the benefits of the Treaty or (ii) consistently elects to apply the modified version of the Treasury Regulations in the manner described in the preceding sentence, the Chilean tax on interest generally will qualify as a creditable tax. In the case of all other U.S. holders, the application of these requirements to the Chilean tax on interest is uncertain and we have not determined whether these requirements have been met. To benefit from a foreign tax credit or deduction with respect to the Chilean withholding tax, you may be required to furnish to the IRS a receipt evidencing that tax was withheld and paid by Chile or by a local custodian or other agent on your behalf. Chile does not intend to provide such a receipt or other direct evidence that tax was withheld with respect to interest. The IRS may, in its discretion, accept secondary evidence of the withholding and of the amount of the tax so withheld. Secondary evidence of withholding and payment of tax may include your books of account and the rates of taxation prevailing in Chile during the relevant period. You should consult with your own tax advisors regarding the availability of foreign tax credits or deductions against your taxable income for foreign taxes and the treatment of additional amounts paid in respect of such taxes.

*Taxation of Dispositions*

If you are a U.S. holder, when you sell, exchange or otherwise dispose of the New Notes, you generally will recognize gain or loss equal to the difference between the amount you realize on the transaction and your adjusted tax basis in the New Notes.

Your adjusted tax basis in a New Note generally will be the issue price (determined in U.S. dollars) of the New Note reduced by any payments other than payments of qualified stated interest made on such New Note. Your amount realized upon the sale, exchange or retirement of a New Note will be the U.S. dollar value of the currency received calculated at the exchange rate in effect on the date the instrument is sold or disposed of (reduced by an amount, if any, attributable to accrued but unpaid stated interest, which is taxable in the manner described above under "—*Taxation of Interest and Additional Amounts*"). In the case of a New Note that is traded on an established securities market, a U.S. holder who uses the cash method, and if it so elects, a U.S. holder who uses the accrual method, will determine the U.S. dollar value of the amount realized by translating such amount at the spot rate on the settlement date of the sale. The election available to U.S. holders who use the accrual method in respect of the purchase and sale of New Notes traded on an established securities market, discussed above, must be applied consistently to all debt instruments from year to year and cannot be changed without the consent of the IRS. U.S. holders should consult their own tax advisors about the availability of this treatment (and in the case of accrual basis U.S. holders, the advisability of making this election).

Subject to the foreign currency rules discussed below, gain or loss realized by a U.S. holder on such sale or other taxable disposition generally will be capital gain or loss and will be long-term capital gain or loss if, at the time of the disposition, the New Notes have been held for more than one year. Certain non-corporate U.S. holders (including individuals) may be eligible for preferential rates of taxation in respect of long-term capital gains. The deductibility of capital losses is subject to limitations.

Gain or loss recognized by a U.S. holder on the sale, exchange or retirement of a New Note generally will be treated as ordinary income or loss to the extent that the gain or loss is attributable to changes in exchange rates during the period in which the person held such New Note. This foreign currency gain or loss will generally be treated as U.S. source income or loss, respectively and will not be treated as an adjustment to interest income received on the New Notes. For a U.S. holder that uses the accrual method and does not make the election described above, the foreign currency gain or loss may include amounts attributable to changes in exchange rates between the trade date and the settlement date. In addition, upon the sale or other taxable disposition of a New Note, a U.S. holder who uses the accrual method may realize foreign currency gain or loss attributable to amounts received in respect of accrued and unpaid interest. The amount of foreign currency gain or loss realized with respect to principal and accrued interest will, however, be limited to the amount of overall gain or loss realized on the disposition.

Capital gain or loss, as well as any foreign currency gain or loss, recognized by a U.S. holder generally will be U.S. source gain or loss. The rules governing foreign tax credits are complex. U.S. holders should consult their own tax advisors as to the foreign tax credit implications of a disposition of the New Notes.

*Tax Considerations for Non-U.S. Holders*

Under current United States federal income tax law, if you are an individual, corporation, estate or trust and are not a U.S. holder, the interest payments (including any additional amounts) that you receive on the New Notes generally will be exempt from United States federal income tax, and without any United States withholding tax. However, to receive this exemption you may be required to satisfy certain certification requirements of the IRS to establish that you are not a U.S. holder.

If you are not a U.S. holder, any gain you realize on a sale or exchange (including a deemed sale or exchange) of the New Notes generally will be exempt from United States federal income tax, and without any United States withholding tax, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your gain is effectively connected with your conduct of a trade or business in the United States (and if an income tax treaty applies,
it is attributed to a United States permanent establishment), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you are an individual holder and are present in the United States for 183 days or more in the taxable year of the sale or exchange,
and either (i) your gain is attributable to an office or other
fixed place of business that you maintain in the United States or (ii) you have a "tax home" in the United States.

**Foreign Financial Asset Reporting**

Certain U.S. holders that own certain foreign financial assets, including debt of foreign entities, with an aggregate value in excess of US$50,000 on the last day of the taxable year or US$75,000 at any time during the taxable year may be required to file an information report with respect to such assets with their tax returns. Failure to comply with this requirement may result in the imposition of substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or part. U.S. holders are urged to consult their tax advisors regarding the application of these reporting requirements to their ownership of the New Notes.

**Information Reporting and Backup Withholding**

Information returns may be required to be filed with the IRS in connection with the exchange of Eligible Notes for New Notes and the ownership and disposition of the New Notes. You may also be subject to backup withholding tax requirements with respect to the proceeds from the exchange of the Eligible Notes and the ownership and disposition of the New Notes. If you are a U.S. holder, you generally will not be subject to a United States backup withholding tax on these proceeds if you provide your taxpayer identification number and certify that you are not subject to backup withholding. If you are not a U.S. holder, in order to avoid information reporting and backup withholding tax requirements you may have to comply with certification procedures to establish that you are not a U.S. holder. You should consult with your own tax advisors concerning these rules and any other reporting obligations that may apply to the exchange of Eligible Notes for New Notes and the ownership and disposition of the New Notes.

**Reportable Transactions**

A United States taxpayer that participates in a "reportable transaction" will be required to disclose its participation to the IRS. Under the relevant rules, a U.S. holder may be required to treat a foreign currency exchange loss from the Eligible Notes or the New Notes as a reportable transaction if this loss exceeds the relevant threshold in the regulations (US$50,000 in a single taxable year, if the U.S. holder is an individual or trust, or higher amounts for other non-individual U.S. holder), and to disclose its investment by filing Form 8886 with the IRS. A penalty in the amount of US$10,000 in the case of a natural person and US$50,000 in all other cases is generally imposed on any taxpayer that fails to timely file an information return with the IRS with respect to a transaction resulting in a loss that is treated as a reportable transaction. You should consult with your own tax advisors regarding the application of these rules.

**PLAN OF DISTRIBUTION**

Chile has entered into a dealer manager agreement with the Dealer Managers for the Invitation. Pursuant to the dealer manager agreement, Chile has:

· retained the Dealer Managers to act, directly or through affiliates, as the Dealer Managers in connection with the Invitation,

· agreed to pay the fee set forth in the dealer manager agreement to the Dealer Managers for soliciting acceptances of the Invitation.
Such fee is based on the aggregate principal amount of the Eligible Notes exchanged or tendered pursuant to the Invitation and will be
payable on the consummation of the Invitation,

· agreed to reimburse the Dealer Managers for certain expenses in connection with the Invitation, and

· agreed to indemnify the Dealer Managers against certain liabilities, including liabilities under the Securities Act, or to contribute
to payments that the Dealer Managers may be required to make because of those liabilities.

The dealer manager agreement contains various other representations, warranties, covenants and conditions customary for agreements of this sort.

At any given time, the Dealer Managers may trade the Eligible Notes or other debt securities of Chile for their own accounts or for the accounts of customers and may accordingly hold a long or short position in the Eligible Notes or other securities of Chile.

If the Dealer Managers acquire any New Notes pursuant to the Invitation, they may resell the New Notes from time to time in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices to be determined at the time of sale.

Some of the Dealer Managers and their affiliates have provided, and expect to provide in the future, financial advisory, investment banking, general banking services and other commercial dealings to Chile and its governmental agencies and instrumentalities, for which they have received and expect to receive customary fees and commissions. The Dealer Managers and their affiliates may, from time to time, engage in transactions with and perform services for Chile in the ordinary course of business. In addition, the Dealer Managers and/or their affiliates will act as joint bookrunners and underwriters in the Euro New Notes Offering.

In addition, in the ordinary course of their business activities, the Dealer Managers and their affiliates may make or hold a broad array of investments and actively trade debt and equity securities (or related derivative securities) and financial instruments (including bank loans) for their own account and for the accounts of their customers. Such investments and securities activities may involve securities and/or instruments of Chile or its affiliates. Certain of the Dealer Managers or their affiliates that have a lending relationship with Chile routinely hedge their credit exposure to Chile consistent with their customary risk management policies. Typically, such Dealer Managers and their affiliates would hedge such exposure by entering into transactions which consist of either the purchase of credit default swaps or the creation of short positions in Chile's securities, including potentially the New Notes offered hereby. Any such short positions could adversely affect future trading prices of the New Notes offered hereby. The Dealer Managers and their affiliates may also make investment recommendations and/or publish or express independent research views in respect of such securities or financial instruments and may hold, or recommend to clients that they acquire, long and/or short positions in such securities and instruments.

Global Bondholder Services Corporation is the Information and Depositary Agent in connection with the Invitation.

Chile has agreed to:

· pay the Information and Depositary Agent customary fees for its services, and

· reimburse the Information and Depositary Agent for certain of its out-of-pocket expenses in connection with the Invitation.

**HOLDERS' REPRESENTATIONS, WARRANTIES AND UNDERTAKINGS**

By tendering Eligible Notes, the holder of such tendered Eligible Notes is deemed to acknowledge, represent, warrant and undertake to Chile, the Dealer Managers and the Information and Depositary Agent that it is a holder of Eligible Notes and that as of the Expiration Deadline and on the settlement date:

(1) it has received and reviewed the Invitation Materials and understands and agrees to all terms and conditions;

(2) it understands that the tender of Eligible Notes pursuant to any of the procedures set forth in the Invitation Materials will constitute
its acceptance of the terms and conditions of the Invitation;

(3) upon the terms and subject to the conditions of the Invitation, it irrevocably accepts the Invitation in respect of the principal
amount of Eligible Notes that it is tendering and related accrued and unpaid interest thereon and, subject to and effective upon exchange
or purchase of the tendered Eligible Notes on the settlement date, it sells/exchanges, assigns and transfers to, or to the order of, Chile
all right, title and interest in and to all of the Eligible Notes (and related accrued and unpaid interest thereon) tendered by such holder;

(4) it has (a) arranged for a direct participant in Euroclear or Clearstream, Luxembourg as appropriate, to deliver tender instructions
with respect to the Eligible Notes to Euroclear or Clearstream, Luxembourg, as appropriate, in the manner specified in the Invitation
prior to 5:00 p.m., CET, on the day of the Expiration Deadline, (b) authorized Euroclear or Clearstream, Luxembourg as appropriate,
in accordance with their procedures and deadlines, to (i) block any attempt to transfer prior to the settlement
date such Eligible Notes, (ii) cancel such Eligible Notes (or such lesser portion as shall be accepted for tender by Chile) upon
receipt of an instruction from the Information and Depositary Agent on or after the settlement date to have such Eligible Notes cancelled
and (iii) disclose the name of the registered holder and information about the foregoing instructions with respect to such Eligible
Notes, and (c) further authorized the Information and Depositary Agent to instruct Euroclear or Clearstream, Luxembourg, as appropriate,
as to the aggregate principal amount of such Eligible Notes that shall have been accepted for tender by Chile.

(5) it has full power and authority to accept the Invitation and tender, exchange, assign and transfer the Eligible Notes tendered, and
that, if such Eligible Notes are accepted for exchange then (i) on the settlement date, it will deliver good and marketable title
thereto, free and clear of all liens, charges, claims, interests, rights of third parties, encumbrances and restrictions of any kind and
such Eligible Notes will not be subject to any adverse claim or right; and (ii) it will, upon request, execute and deliver additional
documents and/or do such other things deemed by the Dealer Managers, the Information and Depositary Agent or Chile to be necessary or
desirable to complete the exchange, assignment and transfer of the Eligible Notes tendered or to evidence such power and authority;

(6) it understands that an acceptance for payment of Eligible Notes pursuant to any of the procedures described in the Invitation Materials
will constitute a binding agreement between such holder and Chile in accordance with the terms and subject to the conditions of the Invitation;

(7) it shall indemnify Chile, the Dealer Managers and the Information and Depositary Agent against all and any losses, costs, claims,
liabilities, expenses, charges, actions or demands which any of them may incur or which may be made against any of them as a result of
any breach of any of the terms of, or any of the representations, warranties and/or undertakings given pursuant to, the Invitation (including
any acceptance thereof) by any such holder; and

(8) it is not a person to whom it is unlawful to make an invitation to tender Eligible Notes under the Exchange Offer under applicable
securities laws. In particular: (i) if it is resident or located in the United Kingdom, it has professional experience in matters
relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 or it is a person to whom the Exchange Offer can be made in circumstances in which section 21 of the Financial Services and Markets
Act 2000 does not apply and; (ii) if it is resident or located in the Republic of Italy, it is an Institutional Investor (*investitore qualificato*), as defined pursuant to Article 34- *ter*, paragraph 1, letter b) of the Regulation on Issuers and Article 26,
paragraph 1, letter d) of the Regulation on Intermediaries.

**VALIDITY OF THE NEW NOTES**

The following persons will give opinions regarding the validity of the New Notes:

For Chile:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Allen Overy Shearman Sterling US LLP, special New York counsel to Chile; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Morales & Besa Abogados Ltda., special Chilean counsel to Chile.

For the Dealer Managers:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Cleary Gottlieb Steen & Hamilton LLP, special New York counsel to the underwriters; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Garrigues Chile Limitada, special Chilean counsel to the underwriters.

As to all matters of Chilean law, Allen Overy Shearman Sterling US LLP may rely on, and assume the correctness of, the opinion of Morales & Besa Abogados Ltda., and Cleary Gottlieb Steen & Hamilton LLP may rely on, and assume the correctness of, the opinion of Garrigues Chile Limitada.

All statements with respect to matters of Chilean law in this prospectus supplement and the prospectus have been passed upon by Morales & Besa Abogados Ltda. and Garrigues Chile Limitada.

**GENERAL INFORMATION**

**Authorization**

Chile's Congress has authorized the issuance of the New Notes pursuant to Article 3 of Law No. 21,722, published in the Official Gazette on December 13, 2024, and the Executive Power has authorized the issuance of the New Notes pursuant to Supreme Decree No. 1,822 of the Ministry of Finance, published in the Official Gazette on January 6, 2025. Chile has obtained the authorizations and authentications necessary under Chilean law for the issuance of the New Notes.

**Litigation**

Except for litigation described under "Government Expenditures—Government Litigation" in Chile's annual report on Form 18-K, as amended, Chile is not involved in any legal or arbitration proceedings (including any such proceedings that are pending or, to Chile's knowledge, threatened) relating to claims or amounts that could have or have had during the 12 months prior to the date of this prospectus supplement a material adverse effect on Chile's financial position taken as a whole.

**Clearing**

The New Notes have been accepted for clearance through the clearing systems of Euroclear and Clearstream, Luxembourg. The securities codes are:

---

| | |
|:---|:---|
| **ISIN** | **Common Code** |
| XS3107229281 | 310722928 |

---

**Listing**

Application will be made to the London Stock Exchange for the New Notes to be admitted to the ISM.

**Where You Can Find More Information**

Chile has filed registration statements relating to its notes, including the New Notes, and warrants with the SEC under the Securities Act. Neither this prospectus supplement nor the accompanying prospectus contains all of the information described in the registration statements. For further information, you should refer to the registration statements.

The registration statements, including its various exhibits are available to the public from the SEC's web site at http://www.sec.gov.

**ANNEX A**

**HYPOTHETICAL TERMS**

Based on the assumptions described below, we have included herein a hypothetical (i) New Notes Applicable Yield, (ii) re-opening price, and (iii) New Notes Present Value, in each case applicable to the New Notes, and a hypothetical (i) Eligible Notes Applicable Yield, (ii) exchange price, (iii) Eligible Notes Present Value, and (iv) Exchange Ratio, in each case applicable to each series of Eligible Notes in exchange for the New Notes, and calculated using the Eligible Notes Interpolated Mid-Swap Rate and New Notes Interpolated Mid-Swap Rate spotted at 4:00 p.m., CET, on Monday, June 23, 2025. **These amounts are for illustrative purposes only. Actual amounts will likely differ from these hypothetical figures, and that difference may be material**.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **New Notes** | **New Notes Reference<br> Rate** | **Spotted<br> Interpolated**<br> **Mid-Swap Rate** | **New Notes<br> Spread** | **Hypothetical New<br> Notes Applicable<br> Yield** | **Hypothetical Re-<br> Opening Price\*** | **Hypothetical Re-<br> Opening Price\*** | **Hypothetical New Notes<br> Present Value\*\*** | **Hypothetical New Notes<br> Present Value\*\*** |
| &nbsp;&nbsp;2035 Notes | 10 Year Euro Mid- Swap Rate | 2.533% | 130 | 3.833% | € | 997.29 | € | 997.91 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Eligible Notes** | **Eligible Notes Reference<br> Rate** | **Spotted<br> Interpolated<br> Mid-Swap<br> Rate** | **Eligible<br> Notes<br> Spread** | **Hypothetical<br> Eligible Notes<br> Applicable Yield** | **Hypothetical<br> Exchange<br> Price\*** | **Hypothetical<br> Exchange<br> Price\*** | **Hypothetical<br> Eligible Notes<br> Present Value\*\*** | **Hypothetical<br> Eligible Notes<br> Present Value\*\*** | **Hypothetical<br> Exchange Ratio\*\*\*** |
| 1.750% Notes due 2026 | 2026 Notes Interpolated Mid-Swap Rate | 2.034% | -80 | 1.234% | € | 1002.73 | € | 1010.78 | 1.012897 |
| 1.440% Notes due 2029 | 2029 Notes Interpolated Mid-Swap Rate | 2.120% | 45 | 2.570% | € | 961.85 | € | 968.00 | 0.970027 |

---

\*Exclusive of accrued interest.

\*\*Inclusive of accrued interest.

\*\*\*The ratio of the hypothetical Eligible Notes Present Value to the hypothetical New Notes Present Value.

**PROSPECTUS**

**Republic of Chile**

**Debt Securities and Warrants**

The Republic of Chile may from time to time offer and sell its debt securities and warrants in amounts, at prices and on terms to be determined at the time of sale and provided in one or more supplements to this prospectus. Chile may also offer debt securities in exchange for other debt securities or that are convertible into new debt securities. Chile may offer securities with an aggregate principal amount of up to US$8,579,454,481 (or the equivalent in other currencies) in the United States. The debt securities will be direct, unconditional and unsecured external indebtedness of Chile. The debt securities will at all times rank at least equally with all other unsecured and unsubordinated external indebtedness of Chile. The full faith and credit of Chile will be pledged for the due and punctual payment of all principal and interest on the securities.

The debt securities will contain "collective action clauses," unless otherwise indicated in the applicable prospectus supplement. Under these provisions, which differ from the terms of Chile's public external indebtedness issued prior to December 2, 2014, modifications affecting the reserve matters listed in the indenture (as defined below), including modifications to payment and other important terms, may be made to a single series of debt securities issued under the indenture (including the notes) with the consent of the holders of 75% of the aggregate principal amount outstanding of that series, and to two or more series of debt securities issued under the indenture either (x) with the consent of holders of 75% of the aggregate principal amount of the outstanding debt securities of all the series affected by the proposed modification (taken in aggregate) if the modification is uniformly applicable; or (y) with the consent of the holders of 662/3% of the aggregate principal amount outstanding of all series of debt securities that would be affected and 50% in aggregate principal amount outstanding of each affected series of debt securities.

Chile will provide the specific terms of these securities in one or more supplements to this prospectus. You should read this prospectus and any prospectus supplement carefully before you invest. This prospectus may not be used to make offers or sales of securities unless accompanied by a prospectus supplement.

Chile may sell the securities directly, through agents designated from time to time or through underwriters. The names of any agents or underwriters will be provided in the applicable prospectus supplement.

You should read this prospectus and any supplements carefully. You should not assume that the information in this prospectus, any prospectus supplement or any document incorporated by reference in them is accurate as of any date other than the date on the front of these documents.

**Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The date of this prospectus is February 22, 2022.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [ABOUT THIS PROSPECTUS](#sp2-001) | [1](#sp2-001) |
| [FORWARD-LOOKING STATEMENTS](#sp2-002) | [1](#sp2-002) |
| [DATA DISSEMINATION](#sp2-003) | [2](#sp2-003) |
| [USE OF PROCEEDS](#sp2-004) | [2](#sp2-004) |
| [DESCRIPTION OF THE SECURITIES](#sp2-005) | [3](#sp2-005) |
| [TAXATION](#sp2-006) | [18](#sp2-006) |
| [PLAN OF DISTRIBUTION](#sp2-007) | [26](#sp2-007) |
| [OFFICIAL STATEMENTS](#sp2-008) | [28](#sp2-008) |
| [VALIDITY OF THE SECURITIES](#sp2-009) | [28](#sp2-009) |
| [AUTHORIZED REPRESENTATIVE](#sp2-010) | [28](#sp2-010) |
| [GENERAL INFORMATION](#sp2-011) | [28](#sp2-011) |

---

-i-

**ABOUT THIS PROSPECTUS**

This prospectus provides you with a general description of the securities Chile may offer. Each time Chile sells securities covered by this prospectus, it will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. If the information in this prospectus differs from any prospectus supplement, you should rely on the information contained in the prospectus supplement. You should read both this prospectus and the accompanying prospectus supplement, together with additional information described below under the heading "*General Information—Where You Can Find More Information*."

This prospectus is based on information that is publicly available or that Chile has supplied, unless otherwise expressly stated. Chile confirms that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the information contained
 in this prospectus is true and correct in all material respects and is not misleading as
 of its date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it has not omitted facts,
 the omission of which makes this prospectus as a whole misleading; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it accepts responsibility
 for the information it has provided in this prospectus and will provide in any prospectus
 supplement.

Chile is a foreign sovereign state. Therefore, it may be difficult for investors to obtain or realize upon judgments of courts in the United States against Chile. Chile will not waive immunity from attachment prior to judgment and attachment in aid of execution under Chilean law with respect to property of Chile located in Chile and with respect to its movable and immovable property which is used by Chile's diplomatic and consular missions and the residences of the heads of such missions or for military purposes, including such property which is property of a military character or under the control of a military authority or defense agency, since such waiver is not permitted under the laws of Chile. Chile will irrevocably submit to the jurisdiction of any federal or state court in the Borough of Manhattan, The City of New York and will irrevocably waive, to the fullest extent permitted by law, any immunity from the jurisdiction of such courts in connection with any action based upon the securities covered by this prospectus or brought by any holder of securities covered by this prospectus.

Nevertheless, Chile reserves the right to plead sovereign immunity under the U.S. Foreign Sovereign Immunities Act of 1976, or the Foreign Sovereign Immunities Act, with respect to any action brought against it under the U.S. federal securities laws or any state securities laws. In the absence of Chile's waiver of immunity with respect to such actions, it would not be possible to obtain a U.S. judgment in such an action against Chile unless a court were to determine that Chile is not entitled under the Foreign Sovereign Immunities Act to sovereign immunity with respect to such action.

Even if investors are able to obtain a judgment against Chile, the enforceability in Chile of such a judgment is dependent on such judgment not violating the principles of Chilean public policy.

**FORWARD-LOOKING STATEMENTS**

The following documents related to Chile's securities offered by this prospectus may contain forward-looking statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· this prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any prospectus supplement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the documents incorporated
 by reference in this prospectus or any prospectus supplement.

Forward-looking statements are statements that are not about historical facts, including statements about Chile's beliefs and expectations. These statements are based on current plans, estimates and projections, and therefore, you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made. Chile undertakes no obligation to update publicly any of these forward-looking statements in light of new information or future events, including changes in Chile's economic policy or budgeted expenditures, or to reflect the occurrence of unanticipated events. Forward-looking statements involve inherent risks and uncertainties. Chile cautions you that a number of important factors could cause actual results to differ materially from those expressed in any forward-looking statement. These factors include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adverse external factors,
 such as high international interest rates, changes in copper, mineral or other international
 prices and recession or low growth in Chile's trading partners. Changes in international
 prices and high international interest rates could negatively affect Chile's current
 account and could increase budgetary expenditures. Low copper and mineral prices could decrease
 the government's revenues and could negatively affect the current account. Recession
 or low growth in Chile's trading partners could lead to fewer exports from Chile, induce
 a contraction in the Chilean economy and, indirectly, reduce tax collections and other public
 sector revenues and adversely affect the country's fiscal accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A continuation of the
 COVID-19 pandemic and the resulting need to increase public sector expenditures and debt,
 in amounts that sometimes could be substantial;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Instability or volatility
 in the international financial markets, including in particular continued or increased distress
 in the financial markets of the European Union, could lead to domestic volatility, which
 may adversely affect the ability of the Chilean government to achieve its macroeconomic goals.
 This could also lead to declines in foreign investment inflows, and in particular portfolio
 investments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Adverse domestic factors,
 such as a decline in foreign direct and portfolio investment, increases in domestic inflation,
 high domestic interest rates, exchange rate volatility and increased political instability,
 particularly derived from the drafting of a new constitution by Chile's Constitutional
 Convention. Each of these factors could lead to lower growth or lower international reserves;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Other adverse factors,
 such as energy deficits or restrictions, climatic or seismic events, international or domestic
 hostilities and political uncertainty.

**DATA DISSEMINATION**

Chile is a subscriber to the International Monetary Fund's Special Data Dissemination Standard, or SDDS, which is designed to improve the timeliness and quality of information of subscribing member countries. The SDDS requires subscribing member countries to provide schedules indicating, in advance, the date on which data will be released on the so-called "Advance Release Calendar." For Chile, precise dates or "no-later-than-dates" for the release of data under the SDDS are disseminated for the current month and three months in advance through the Advance Release Calendar, which is published on the Internet under the International Monetary Fund's Dissemination Standards Bulletin Board. Summary methodologies of all metadata to enhance transparency of statistical compilation are also provided on the Internet under the International Monetary Fund's Dissemination Standards Bulletin Board. The SDDS's Internet website is located at http://dsbb.imf.org/Pages/SDDS/Home.aspx. Neither Chile nor any agents or underwriters acting on behalf of Chile in connection with the offer and sale of securities, as contemplated in this prospectus or in any prospectus supplement, accept any responsibility for information included on that website, and its contents are not intended to be incorporated by reference into this prospectus.

**USE OF PROCEEDS**

Unless otherwise specified in a prospectus supplement, Chile will use the net proceeds from the sale of securities offered by this prospectus for the general purposes of the government. Chile may also issue securities to be offered in exchange for any of its outstanding securities.

**DESCRIPTION OF THE SECURITIES**

*This prospectus provides a general description of the debt securities and warrants that Chile may offer. Each time Chile offers securities, Chile will provide a prospectus supplement that will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information contained in this prospectus. If the information in this prospectus differs from any prospectus supplement, you should rely on the updated information in the prospectus supplement.*

**Debt Securities**

Chile will issue the debt securities under an indenture dated as of December 12, 2014 (the "base indenture"), between Chile and The Bank of New York Mellon, as 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"). Chile has filed the indenture (as supplemented from time to time) and the forms of debt securities with the SEC. The following description summarizes some of the terms of the debt securities and the indenture. This summary does not contain all of the information that may be important to you as a potential investor in the securities. You should read the prospectus supplement, the indenture and the forms of debt securities before making your investment decision.

***General***

The prospectus supplement relating to any series of debt securities offered will include specific terms relating to the debt securities of that series.

These terms will include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any limit on the aggregate
 principal amount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the issue price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the maturity date or
 dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the debt securities
 will bear interest, the interest rate, which may be fixed or floating, the date from which
 interest will accrue, the interest payment dates and the record dates for interest payment
 dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the form of debt security
 (global or certificated and registered);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any mandatory or optional
 sinking fund provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any provisions that allow
 Chile to redeem the debt securities at its option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any provisions that entitle
 the holders to repayment at their option;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency in which
 the debt securities are denominated and the currency in which Chile will make payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the authorized denominations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a description of any
 index Chile will use to determine the amount of principal or any premium or interest payments;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other terms that
 do not conflict with the provisions of the indenture.

Chile may issue debt securities in exchange for other debt securities or that are convertible into new debt securities. The specific terms of the exchange or conversion of any debt security and the debt security for which it will be exchangeable or to which it will be converted will be described in the prospectus supplement relating to the exchangeable or convertible debt security.

Chile may issue debt securities at a discount below their stated principal amount, bearing no interest or interest at a rate that at the time of issuance is below market rates. Chile may also issue debt securities that have floating rates of interest but are exchangeable for fixed rate debt securities.

To the extent different from the discussion below under the heading "Taxation—United States Federal Taxation," Chile will describe the U.S. federal income tax consequences and other relevant considerations in the prospectus supplement for each offering.

Chile is not required to issue all of its debt securities under the indenture and this prospectus, but instead may issue debt securities other than those described in this prospectus under other indentures and documentation. That documentation may contain different terms from those included in the indenture and described in this prospectus.

***Status***

The debt securities will constitute direct, general, unconditional and unsubordinated external indebtedness of Chile for which the full faith and credit of Chile is pledged. The debt securities rank and will rank without any preference among themselves and equally with all other unsubordinated external indebtedness (as defined below) of Chile. It is understood that this provision will not be construed so as to require Chile to make payments under the debt securities ratably with payments being made under any other external indebtedness.

For this purpose, "external indebtedness" means obligations of or guaranteed by Chile for borrowed money or evidenced by bonds, notes or other similar instruments denominated or payable in a currency other than Chilean pesos, including those which at the option of any holder are so denominated or payable.

***Payment of Principal and Interest***

Chile will arrange for payments to be made on global debt securities by wire transfer to the applicable clearing system, or to its nominee or common depositary, as the registered owner of the debt securities, which will receive the funds for distribution to the holders. See "—*Global Securities*" below.

Chile will arrange for payments to be made on registered certificated debt securities on the specified payment dates to the registered holders of the debt securities. Chile will arrange for such payments by wire transfer or by check mailed to the registered holders at their registered addresses.

If any money that Chile pays to the trustee or to any paying agent to make payments on any debt securities is not claimed at the end of two years after the applicable payment was due and payable, then the money will be repaid to Chile upon Chile's written request. Chile will hold such unclaimed money in trust for the relevant holders of those debt securities. After any such repayment, neither the trustee nor any paying agent will be liable for the payment.

However, Chile's obligations to make payments on the debt securities as they become due will not be affected until the expiration of the prescription period, if any, specified in the debt securities. See "—*Limitations on Time for Claims*" below.

***Additional Amounts***

All payments by Chile in respect of the debt securities will 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 Chile, or any political subdivision or taxing authority or agency therein or thereof having the power to tax (for purposes of this paragraph, a "relevant tax"), unless the withholding or deduction of any such relevant tax is required by law. In that event, Chile will pay such additional amounts, including but not limited to, the payment of the 4% withholding tax imposed on payments of interest to holders that are not residents of Chile ("additional amounts"), as may be necessary to ensure that the amounts received by the holders after such withholding or deduction will equal the respective amounts of principal and interest that would have been receivable in respect of the debt securities in the absence of such withholding or deduction; *provided*, *however*, that no additional amounts will be payable in respect of any relevant tax:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· imposed by reason of
 a holder or beneficial owner of a debt security having some present or former connection
 with Chile other than merely being a holder or beneficial owner of the debt security or receiving
 payments of any nature on the debt security or enforcing its rights in respect of the debt
 security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· imposed by reason of
 the failure of a holder or beneficial owner of a debt security, or any other person through
 which the holder or beneficial owner holds a debt security, to comply with any certification,
 identification or other reporting requirement concerning the nationality, residence, identity
 or connection with Chile 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; provided that (x) Chile or Chile's agent has provided the trustee
 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;· imposed by reason of
 a holder or beneficial owner of a debt security, or any other person through which the holder
 or beneficial owner holds a debt security, having presented the debt security 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 debt security for payment on any date during such
 30-day period.

As used in this paragraph, "relevant date" in respect of any debt security 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 under the indenture to the holders that such monies have been so received and are available for payment. Any reference to "principal" and/or "interest" under the indenture also refers to any additional amounts which may be payable under the indenture.

Chile will pay any present or future stamp, court or documentary taxes or any excise or property taxes, charges or similar levies which arise in Chile or any political subdivision thereof or taxing authority thereof or therein in respect of the creation, issue, execution, initial delivery or registration of the debt securities or any other document or instrument referred to therein. Chile 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 Chile under the debt securities or any other document or instrument referred to therein following the occurrence of any event of default described in "*—Default and Acceleration of Maturity*."

***Form and Denominations***

Unless otherwise provided in the applicable prospectus supplement, Chile will issue debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· denominated in U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in fully registered book-entry
 form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· without coupons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in denominations of US$1,000
 and integral multiples of US$1,000.

***Redemption, Repurchase and Early Repayment***

Unless otherwise provided in the applicable prospectus supplement, the debt securities will not be redeemable before maturity at the option of Chile or repayable before maturity at the option of the holder. Nevertheless, Chile may at any time repurchase the debt securities at any price in the open market or otherwise. Chile may hold or resell debt securities it purchases or may surrender them to the trustee for cancellation.

***Negative Pledge***

Chile will not grant or allow any lien to be placed on its assets or revenues as security for any of its public external indebtedness unless it contemporaneously grants or allows a lien that provides security on the same terms for Chile's obligations under any debt securities.

For this purpose:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a "lien"
 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 assets or
 revenues of any kind whether in effect on the date of the indenture or at any time thereafter,
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· "public external
 indebtedness" is external indebtedness (as described above under "—Status")
 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.

However, Chile may grant or agree to certain permitted types of liens as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any lien on property
 to secure public external indebtedness arising in the ordinary course of business to finance
 export, import or other trade transactions, which matures, after giving effect to all renewals
 and refinancings, not more than one year after the date on which this type of public external
 indebtedness was originally incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any lien on property
 to secure public external indebtedness incurred to finance Chile's acquisition or construction
 of the property, and any renewal or extension of the lien which is limited to the original
 property covered by it and which secures any renewal or extension of the original financing
 without any increase in the amount of the lien;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any lien on property
 arising by operation of any law in force as of the date of this prospectus in connection
 with public external indebtedness, 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 the financial institutions in the ordinary course of the depositor's
 activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any lien existing on
 property at the time of acquisition and any renewal or extension of that lien which is limited
 to the original property covered by the lien and which secures any renewal or extension of
 the original financing secured by the lien at the time of the acquisition without increasing
 the amount of the original secured financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any lien in existence
 as of the date of the indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any lien securing public
 external indebtedness incurred for the purpose of financing all or part of the costs of the
 acquisition, construction or development of a project, provided that (a) the holders
 of the public external indebtedness agree to limit their recourse to the assets and revenues
 of the project as their principal source of repayment and (b) the property over which
 the lien is granted consists solely of the assets and revenues of the project.

***Default and Acceleration of Maturity***

Each of the following is an event of default under any series of debt securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Non-Payment: Chile's failure for a period of 30 days to make a payment of principal or interest when due on any debt security of that series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Breach of Other Obligations: Chile's failure to observe or perform any of its covenants or obligations under that series of the debt securities or the indenture for 60 days following written notice to Chile to remedy the failure by the trustee or persons holding debt securities representing 25% of the aggregate principal amount of the debt securities of the affected series outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cross Default:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Chile's failure beyond
 the applicable grace period to make any payment when due on any public external indebtedness
 in principal amount greater than or equal to US$20,000,000; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· acceleration on any public
 external indebtedness of Chile in principal amount greater than or equal to US$20,000,000
 due to an event of default, unless the acceleration is rescinded or annulled; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Moratorium: Chile or certain Chilean courts declare a general suspension of payments or a moratorium on payment of its public external indebtedness; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Validity: Chile, or any governmental entity of Chile which has the legal power to contest the validity of the debt securities, contests the validity of the debt securities of that series in any type of formal proceeding.

If any of the events of default described above occurs and is continuing, holders of at least 25% of the aggregate principal amount of the debt securities of the series then outstanding may declare all the debt securities of that series to be due and payable immediately by giving written notice to Chile, with a copy to the trustee.

Holders holding debt securities representing in the aggregate more than 50% of the principal amount of the then-outstanding debt securities of that series may waive any existing defaults, and their consequences on behalf of the holders of all of the debt securities of that series if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· following the declaration
 that the principal of the debt securities of that series has become due and payable immediately,
 Chile deposits with the trustee a sum sufficient to pay all outstanding amounts then due
 on those debt securities (other than principal due by virtue of the acceleration upon the
 event of default) together with interest on such amounts through the date of the deposit
 as well as the reasonable fees and compensation of the holders that declared those notes
 due and payable to the trustee and their respective agents, attorneys and counsel; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· all events of default
 (other than non-payment of principal that became due by virtue of the acceleration upon the
 event of default) have been remedied.

***Suits for Enforcement and Limitations on Suits by Holders***

If an event of default for a series has occurred and is continuing, the trustee may, in its discretion, institute judicial action to enforce the rights of the holders of that series. With the exception of a suit to enforce the absolute right of a holder to receive payment of the principal of and interest on debt securities on the stated maturity date therefor (as that date may be amended or modified pursuant to the terms of the debt securities, but without giving effect to any acceleration), a holder has no right to bring a suit, action or proceeding with respect to the debt securities of a series unless: (1) such holder has given written notice to the trustee that a default with respect to that series has occurred and is continuing; (2) holders of at least 25% of the aggregate principal amount outstanding of that series have instructed the trustee by specific written request to institute an action or proceeding and provided an indemnity satisfactory to the trustee; and (3) 60 days have passed since the trustee received the instruction, the trustee has failed to institute an action or proceeding as directed and no direction inconsistent with such written request shall have been given to the trustee by a majority of holders of that series. Moreover, any such action commenced by a holder must be for the equal, ratable and common benefit of all holders of debt securities of that series.

***Meetings, Amendments and Waivers—Collective Action***

Chile may call a meeting of the holders of debt securities of a series at any time regarding the indenture or the debt securities of the series. Chile will determine the time and place of the meeting. Chile will notify the holders of the time, place and purpose of the meeting not less than 30 and not more than 60 days before the meeting.

In addition, Chile or the trustee will call a meeting of holders of debt securities of a series if the holders of at least 10% in principal amount of all debt securities of the series then outstanding have delivered a written request to Chile or the trustee (with a copy to Chile) setting out the purpose of the meeting.

Within 10 days of receipt of such written request or copy thereof, Chile will notify the trustee and the trustee will notify the holders of the time, place and purpose of the meeting called by the holders, to take place not less than 30 and not more than 60 days after the date on which such notification is given.

Only holders and their proxies are entitled to vote at a meeting of holders. Chile will set the procedures governing the conduct of the meeting and if additional procedures are required, Chile will consult with the trustee to establish such procedures as are customary in the market.

Modifications may also be approved by holders of debt securities of a series pursuant to written action with the consent of the requisite percentage of debt securities of such series. Chile will solicit the consent of the relevant holders to the modification not less than 10 and not more than 30 days before the expiration date for the receipt of such consents as specified by Chile.

The holders may generally approve any proposal by Chile to modify or take action with respect to the indenture or the terms of the debt securities of a series with the affirmative vote (if approved at a meeting of the holders) or consent (if approved by written action) of holders of more than 50% of the outstanding principal amount of the debt securities of that series.

However, holders may approve, by vote or consent through one of three modification methods, any modification, amendment, supplement or waiver proposed by Chile that would do any of the following (such subjects referred to as "reserve matters"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· change the date on which
 any amount is payable on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduce the principal
 amount (other than in accordance with the express terms of the debt securities and the indenture)
 of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· reduce the interest rate
 on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· change the method used
 to calculate any amount payable on the debt securities (other than in accordance with the
 express terms of the debt securities and the indenture);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· change the currency or
 place of payment of any amount payable on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· modify Chile's
 obligation to make any payments on the debt securities (including any redemption price therefor);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· change the identity of
 the obligor under the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· change the definition
 of "outstanding debt securities" or the percentage of affirmative votes or written
 consents, as the case may be, required to make a "reserve matter modification";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· change the definition
 of "uniformly applicable" or "reserve matter modification";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· authorize the trustee,
 on behalf of all holders of the debt securities, to exchange or substitute all the debt securities
 for, or convert all the debt securities into, other obligations or securities of Chile or
 any other person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· change the legal ranking,
 governing law, submission to jurisdiction or waiver of immunities provisions of the terms
 of the debt securities.

A change to a reserve matter, including the payment terms of the debt securities, can be made without your consent, as long as the change is approved, pursuant to one of the three following modification methods, by vote or consent by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the holders of more than
 75% of the aggregate principal amount of the outstanding debt securities of a series affected
 by the proposed modification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· where such proposed modification
 would affect the outstanding debt securities of two or more series, the holders of more than
 75% of the aggregate principal amount of the outstanding debt securities of all of the series
 affected by the proposed modification, taken in the aggregate, if certain "uniformly
 applicable" requirements are met; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· where such proposed modification
 would affect the outstanding debt securities of two or more series, whether or not the "uniformly
 applicable" requirements are met, the holders of more than 662/3% of the aggregate
 principal amount of the outstanding debt securities of all of the series affected by the
 proposed modification, taken in the aggregate, *and* the holders of more than 50% of
 the aggregate principal amount of the outstanding debt securities of each series affected
 by the modification, taken individually.

"Uniformly applicable," as referred to above, means a modification by which holders of debt securities of any series affected by that modification are invited to exchange, convert or substitute their debt securities on the same terms for (x) the same new instruments or other consideration or (y) new instruments or other consideration from an identical menu of instruments or other consideration. It is understood that a modification will not be considered to be uniformly applicable if each exchanging, converting or substituting holder of debt securities of any series affected by that modification is not offered the same amount of consideration per amount of principal, the same amount of consideration per amount of interest accrued but unpaid and the same amount of consideration per amount of past due interest, respectively, as that offered to each other exchanging, converting or substituting holder of debt securities of any series affected by that modification (or, where a menu of instruments or other consideration is offered, each exchanging, converting or substituting holder of debt securities of any series affected by that modification is not offered the same amount of consideration per amount of principal, the same amount of consideration per amount of interest accrued but unpaid and the same amount of consideration per amount of past due interest, respectively, as that offered to each other exchanging, converting or substituting holder of debt securities of any series affected by that modification electing the same option under such menu of instruments).

Chile may select, in its discretion, any modification method for a reserve matter modification in accordance with the indenture and to designate which series of debt securities will be included for approval in the aggregate of modifications affecting two or more series of debt securities. Any selection of a modification method or designation of series to be included will be final for the purpose of that vote or consent solicitation. If any debt securities issued under the indenture prior to May 5, 2015 are included in a proposed modification affecting two or more series that seeks holder approval pursuant to a single aggregated vote, that modification shall be uniformly applicable (as described above) to all such series.

Before soliciting any consent or vote of any holder of debt securities for any change to a reserve matter, Chile will provide the following information to the trustee for distribution to the holders of debt securities of any series that would be affected by the proposed modification:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a description of Chile's
 economic and financial circumstances that are in Chile's opinion, relevant to the request
 for the proposed modification, a description of Chile's existing debts and description
 of its broad policy reform program and provisional macroeconomic outlook;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if Chile shall at the
 time have entered into an arrangement for financial assistance with multilateral and/or other
 major creditors or creditor groups and/or an agreement with any such creditors regarding
 debt relief, (x) a description of any such arrangement or agreement and (y) where
 permitted under the information disclosure policies of the multilateral or other creditors,
 as applicable, a copy of the arrangement or agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a description of Chile's
 proposed treatment of external indebtedness instruments that are not affected by the proposed
 modification and its intentions with respect to any other major creditor groups; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if Chile is then seeking
 any reserve matter modification affecting any other series of debt securities, a description
 of that proposed modification.

For purposes of determining whether the required percentage of holders of the debt securities of a series has approved any amendment, modification or change to, or waiver of, the debt securities or the indenture, or whether the required percentage of holders has delivered a notice of acceleration of the debt securities of that series, debt securities will be disregarded and deemed not to be outstanding and may not be counted in a vote or consent solicitation for or against a proposed modification if on the record date for the proposed modification or other action or instruction hereunder, the debt security is held by Chile or by a public sector instrumentality, or by a corporation, trust or other legal entity that is controlled by Chile or a public sector instrumentality, except that (x) debt securities held by Chile or any public sector instrumentality of Chile or by a corporation, trust or other legal entity that is controlled by Chile or a public sector instrumentality which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the trustee the pledgee's right so to act with respect to such debt securities and that the pledgee is not Chile or a public sector instrumentality, and in case of a dispute concerning such right, the advice of counsel shall be full protection in respect of any decision made by the trustee in accordance with such advice and any certificate, statement or opinion of counsel may be based, insofar as it relates to factual matters or information which is in the possession of the trustee, upon the certificate, statement or opinion of or representations by the trustee; and (y) in determining whether the trustee will be protected in relying upon any such action or instructions hereunder, or any notice from holders, only debt securities that a responsible officer of the trustee knows to be so owned or controlled will be so disregarded. Debt securities so owned which have been pledged in good faith may be regarded as outstanding if the pledgee establishes to the satisfaction of the trustee the pledgee's right so to act with respect to such debt securities and that the pledgee is not Chile or a public sector instrumentality.

As used in the preceding paragraph, "public sector instrumentality" means any department, ministry or agency of Chile, and "control" means the power, directly or indirectly, through the ownership of voting securities or other ownership interests, by contract or otherwise, to direct the management of or elect or appoint a majority of the board of directors or other persons performing similar functions in lieu of, or in addition to, the board of directors of that legal entity.

***Other Amendments***

Chile and the trustee may, without the vote or consent of any holder of debt securities of a series, amend the indenture or the debt securities of the series for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· adding to Chile's
 covenants for the benefit of the holders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· surrendering any of Chile's
 rights or powers with respect to the debt securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· securing the debt securities
 of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· curing any ambiguity
 or curing, correcting or supplementing any defective provision in the debt securities of
 that series or the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· amending the debt securities
 of that series or the indenture in any manner that Chile and the trustee may determine and
 that does not materially adversely affect the interests of any holders of the debt securities
 of that series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· correcting a manifest
 error of a formal, minor or technical nature.

***Further Issues of Debt Securities***

Chile may from time to time, without the consent of the holders, increase the size of the issue of the debt securities, or issue additional debt securities having the same terms and conditions as the debt securities in all respects, except for the issue date, issue price and first payment on those additional debt securities; *provided*, *however*, that any additional debt securities subsequently issued that for U.S. federal income tax purposes are not issued pursuant to a "qualified reopening" of the debt securities, are not treated as part of the same "issue" as the debt securities, or have greater than a *de minimis* amount of original issue discount shall have a separate CUSIP, ISIN or other identifying number from the previously outstanding debt securities. Additional debt securities issued in this manner will be consolidated and form a single series with the previously outstanding debt securities.

**Warrants**

*If Chile issues warrants, it will describe their specific terms in a prospectus supplement. If any warrants are registered with the SEC, Chile will file a warrant agreement and form of warrant with the SEC. The following description briefly summarizes some of the general terms that apply to warrants. You should read the applicable prospectus supplement, warrant agreement and form of warrant before making your investment decision*.

Chile may issue warrants separately or together with any debt securities. All warrants will be issued under a warrant agreement between Chile and a bank or trust company, as warrant agent. The applicable prospectus supplement will include some or all of the following specific terms relating to the warrants:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the initial offering
 price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the currency you must
 use to purchase the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title and terms of
 the debt securities or other consideration that you will receive on exercise of the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the principal amount
 of debt securities or amount of other consideration that you will receive on exercise of
 the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the exercise price or
 ratio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the procedures of, and
 conditions to, exercise the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date or dates on
 which you must exercise the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether and under what
 conditions Chile may cancel the warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the title and terms of
 any debt securities issued with the warrants and the amount of debt securities issued with
 each warrant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the date, if any, on
 and after which the warrants and any debt securities issued with the warrants will trade
 separately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the form of the warrants
 (global or certificated and registered), whether they will be exchangeable between such forms
 and, if registered, where they may be transferred and exchanged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the identity of the warrant
 agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any special U.S. federal
 income tax considerations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other terms of the
 warrants.

The warrants will be direct, unconditional and unsecured obligations of Chile and do not constitute indebtedness of Chile.

**Global Securities**

*The Depository Trust Company, or DTC, Euroclear System, or Euroclear, and Clearstream Banking, société anonyme, or Clearstream, Luxembourg, are under no obligation to perform or continue to perform the procedures described below, and they may modify or discontinue them at any time. Neither Chile nor the trustee will be responsible for DTC's, Euroclear's or Clearstream, Luxembourg's performance of their obligations under their rules and procedures.*

*Additionally, neither Chile nor the trustee will be responsible for the performance by direct or indirect participants of their obligations under their rules and procedures.*

Chile may issue debt securities or warrants in the form of one or more global securities, the ownership and transfer of which are recorded in computerized book-entry accounts, eliminating the need for physical movement of securities. Chile refers to the intangible securities represented by a global security as "book-entry" securities.

When Chile issues book-entry securities, it will deposit the applicable global security with a clearing system. The global security will be either registered in the name of the clearing system or its nominee or common depositary. Unless a global security is exchanged for certificated securities, as discussed below under "—*Certificated Securities*," it may not be transferred, except among the clearing system, its nominees or common depositaries and their successors. Clearing systems include DTC in the United States and Euroclear and Clearstream in Europe.

Clearing systems process the clearance and settlement of book-entry securities for their direct participants. A "direct participant" is a bank or financial institution that has an account with a clearing system. The clearing systems act only on behalf of their direct participants, who in turn act on behalf of indirect participants. An "indirect participant" is a bank or financial institution that gains access to a clearing system by clearing through or maintaining a relationship with a direct participant.

Euroclear and Clearstream, Luxembourg are connected to each other by a direct link and participate in DTC through their New York depositaries, which act as links between the clearing systems. These arrangements permit you to hold book-entry securities through participants in any of these systems, subject to applicable securities laws.

***Ownership of Book-Entry Securities***

If you wish to purchase book-entry securities, you must either be a direct participant or make your purchase through a direct or indirect participant.

Investors who purchase book-entry securities will hold them in an account at the bank or financial institution acting as their direct or indirect participant. Holding securities in this way is called holding in "street name."

When you hold securities in street name, you must rely on the procedures of the institutions through which you hold your securities to exercise any of the rights granted to holders. This is because the legal obligations of Chile and the trustee run only to the registered owner of the global security, which will be the clearing system or its nominee or common depositary. For example, once Chile and the trustee make a payment to the registered holder of a global security, they will no longer be liable for the payment, even if you do not receive it. In practice, the clearing systems will pass along any payments or notices they receive from Chile to their participants, which will pass along the payments to you. In addition, if you desire to take any action which a holder of a global security is entitled to take, then the clearing system would authorize the participant through which you hold your book-entry securities to take such action, and the participant would then either authorize you to take the action or would act for you on your instructions. The transactions between you, the participants and the clearing systems will be governed by customer agreements, customary practices and applicable laws and regulations, and not by any legal obligation of Chile or the trustee.

As an owner of book-entry securities represented by a global security, you will also be subject to the following restrictions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you will not be entitled
 to (a) receive physical delivery of the securities in certificated form or (b) have
 any of the securities registered in your name, except under the circumstances described below
 under "— *Certificated Securities* ";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you may not be able to
 transfer or sell your securities to some insurance companies and other institutions that
 are required by law to own their securities in certificated form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you may not be able to
 pledge your securities in circumstances where certificates must be physically delivered to
 the creditor or the beneficiary of the pledge in order for the pledge to be effective.

***Cross-Market Transfer, Clearance and Settlement of Book-Entry Securities***

*The following description reflects Chile's understanding of the current rules and procedures of DTC, Euroclear and Clearstream, Luxembourg relating to cross-market trades in book-entry securities where Euroclear and Clearstream, Luxembourg hold securities through their respective depositaries at DTC. These systems could change their rules and procedures at any time.*

It is important for you to establish at the time of the trade where both the purchaser's and seller's accounts are located to ensure that settlement can be made on the desired value date, i.e., the date specified by the purchaser and seller on which the price of the securities is fixed.

When book-entry securities are to be transferred from a DTC seller to a Euroclear or Clearstream, Luxembourg purchaser, the purchaser must first send instructions to Euroclear or Clearstream, Luxembourg through a participant at least one business day before the settlement date. Euroclear or Clearstream, Luxembourg will then instruct its New York depositary to receive the securities and make payment for them. On the settlement date, the New York depositary will make payment to the DTC participant through which the seller holds its securities, which will make payment to the seller, and the securities will be credited to the New York depositary's account. After settlement has been completed, Euroclear or Clearstream, Luxembourg will credit the securities to the account of the participant through which the purchaser is acting. This securities credit will appear the next day (European time) after the settlement date, but will be back-valued to the value date, which will be the preceding day if settlement occurs in New York. If settlement is not completed on the intended value date, the securities credit and cash debit will instead be valued at the actual settlement date.

A participant in Euroclear or Clearstream, Luxembourg, acting for the account of a purchaser of book-entry securities, will need to make funds available to Euroclear or Clearstream, Luxembourg in order to pay for the securities on the value date. The most direct way of doing this is for the participant to preposition funds, i.e., have funds in place at Euroclear or Clearstream, Luxembourg before the value date, either from cash on hand or existing lines of credit. The participant may require the purchaser to follow these same procedures.

When book-entry securities are to be transferred from a Euroclear or Clearstream, Luxembourg seller to a DTC purchaser, the seller must first send instructions to and preposition the securities with Euroclear or Clearstream, Luxembourg through a participant at least one business day before the settlement date. Euroclear or Clearstream, Luxembourg will then instruct its New York depositary to credit the book-entry securities to the account of the DTC participant through which the purchaser is acting and to receive payment in exchange. The payment will be credited to the account of the Euroclear or Clearstream, Luxembourg participant through which the seller is acting on the following day, but the receipt of the cash proceeds will be back-valued to the value date, which will be the preceding day if settlement occurs in New York. If settlement is not completed on the intended value date, the receipt of the cash proceeds and securities debit will instead be valued at the actual settlement date.

**Certificated Securities**

Chile will only issue securities in certificated form in exchange for book-entry securities represented by a global security if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the depositary notifies
 Chile that it is unwilling or unable to continue as depositary, is ineligible to act as depositary
 or, in the case of DTC, ceases to be a clearing agency registered under the U.S. Securities
 Exchange Act of 1934 and Chile does not appoint a successor depositary or clearing agency
 within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the trustee has instituted
 or has been directed to institute any judicial proceeding to enforce the rights of the holders
 under the debt securities and has been advised by its legal counsel that it should obtain
 possession of the securities for the proceeding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Chile elects not to have
 the securities of a series represented by a global security or securities.

If a physical or certificated security becomes mutilated, defaced, destroyed, lost or stolen, Chile may execute, and the trustee shall authenticate and deliver, a substitute security in replacement. In each case, the affected holder will be required to furnish to Chile and to the trustee an indemnity under which it will agree to pay Chile, the trustee and any of their respective agents for any losses that they may suffer relating to the security that was mutilated, defaced, destroyed, lost or stolen. Chile and the trustee may also require that the affected holder present other documents or proof. The affected holder may be required to pay all taxes, expenses and reasonable charges associated with the replacement of the mutilated, defaced, destroyed, lost or stolen security.

If Chile issues certificated securities, a holder of certificated securities may exchange them for securities of a different authorized denomination by submitting the certificated securities, together with a written request for an exchange, at the office of the trustee as specified in the indenture in New York City, or at the office of any paying agent. In addition, the holder of any certificated security may transfer it in whole or in part by surrendering it at any of such offices together with an executed instrument of transfer.

Chile will not charge the holders for the costs and expenses associated with the exchange, transfer or registration of transfer of certificated securities. Chile may, however, charge the holders for certain delivery expenses as well as any applicable stamp duty, tax or other governmental or insurance charges. The trustee may reject any request for an exchange or registration of transfer of any security made within 15 days of the date for any payment or principal of, or premium or interest on the securities.

**Notices**

Chile will mail any notices to the holders of the notes at their registered addresses as reflected in the books and records of the trustee. Chile will consider any mailed notice to have been given five Business Days after it has been sent.

All notices to holders will be published in a leading newspaper having general circulation in New York City and London (which is expected to be the Wall Street Journal and Financial Times, respectively).

**Trustee**

The indenture establishes the obligations and duties of the trustee, the right to indemnification of the trustee and the liability and responsibility, including limitations, for actions that the trustee takes. The trustee is entitled to enter into business transactions with Chile or any of its affiliates without accounting for any profit resulting from these transactions.

**Paying Agent; Transfer Agents; Registrar**

Chile may appoint paying agents, transfer agents and a registrar with respect to each series of debt securities, which will be listed at the back of the relevant prospectus supplement. Chile may at any time appoint other paying agents, transfer agents and registrars with respect to a series. Chile, however, will at all times maintain a principal paying agent in a United States city and a registrar in New York City for each series until the securities of that series are paid. Chile will provide prompt notice of termination, appointment or change in the office of any paying agent, transfer agent or registrar acting in connection with any series of securities.

**Limitation on Time for Claims**

To the extent permitted by law, claims against Chile for the payment of principal of, or interest or other amounts due on, the debt securities (including additional amounts) will become void unless made within five years of the date on which that payment first became due.

**Jurisdiction, Consent to Service, Enforcement of Judgments and Immunities from Attachment**

The debt securities and the indenture provide, and any warrants and warrant agreement will provide, that Chile will appoint and permanently maintain the person acting as or discharging the function of the Consul General of Chile in the City of New York, with an office on the date of this prospectus at 600 Third Avenue #2808, New York, New York 10016. Such Consul General shall act as, and process may be served upon Chile's process agent in connection with any judicial action or proceeding commenced by any security holder, the trustee, a warrant agent or any underwriter arising out of or relating to the indenture and any warrant agreement, if any, as well as from any debt securities or warrants, if any, issued thereunder, in any New York state or federal court sitting in the City of New York, in either case in the Borough of Manhattan, the City of New York, and any appellate court with jurisdiction over any of these courts.

The process agent will receive on behalf of Chile and its property service of copies of the summons and complaint and any other process, which may be served in any action or proceeding arising out of or relating to the indenture or any warrant agreement, as well as from any debt securities or warrants issued thereunder, in any New York state or federal court sitting in the City of New York, in either case in the Borough of Manhattan, the City of New York, and any appellate court with jurisdiction over any of these courts. Due service of process may be made by officially delivering a copy of the process to Chile, at the address of the process agent, or by any other method permitted by applicable law, but not by mail. In addition, Chile will authorize and direct the process agent to accept such service on its behalf.

Chile is a foreign sovereign state. Consequently, it may be difficult for holders of the securities to obtain judgments from courts in the United States or elsewhere against Chile. Furthermore, it may be difficult for investors to enforce, in the United States or elsewhere, the judgments of United States or foreign courts against Chile. Chile has been advised by Morales & Besa Ltda., special Chilean counsel to Chile, that there is doubt as to the enforceability of liabilities predicated solely upon the U.S. federal securities laws in a suit brought in Chile and as to the enforceability in Chilean courts of judgments of U.S. courts obtained in actions predicated upon the civil liability provisions of the U.S. federal securities laws.

To the extent that Chile may be entitled, in any jurisdiction in which judicial proceedings may at any time be commenced arising out of or relating to the indenture and any warrant agreement, as well as out of or relating to any debt securities or warrants issued thereunder, to claim for itself or its revenues or assets any immunity from suit, jurisdiction, attachment in aid of execution of a judgment or prior to a judgment, execution of a judgment or any other legal process with respect to its obligations under the indenture and any warrant agreement, as well as under any debt securities or warrants issued thereunder, and to the extent that in any jurisdiction there may be attributed to Chile this immunity (whether or not claimed) Chile will irrevocably agree not to claim and will irrevocably waive this immunity to the maximum extent permitted by law, except for actions arising out of or based on the U.S. federal securities laws or any state securities laws. However, Chile will not waive immunity from attachment prior to judgment and attachment in aid of execution under Chilean law with respect to property of Chile located in Chile and with respect to its movable and immovable property which is destined to diplomatic and consular missions and to the residence of the head of these missions or to military purposes, including any property, which is property of a military character or under the control of a military authority or defense agency, or the rights and property of the Chilean Central Bank abroad, since this waiver is not permitted under the laws of Chile. Chile agrees that the waivers described in this provision are permitted under the Foreign Sovereign Immunities Act and are intended to be irrevocable for purposes of that Act.

Chile reserves the right to plead sovereign immunity under the Foreign Sovereign Immunities Act with respect to any action brought against it under the U.S. federal securities laws or any U.S. state securities laws. In the absence of a waiver of immunity by Chile with respect to those actions, it would not be possible to obtain a U.S. judgment in an action brought against Chile under the U.S. federal securities laws or state securities laws unless a court were to determine that Chile is not entitled under the Foreign Sovereign Immunities Act to sovereign immunity with respect to the action.

Chile will waive, 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 indenture or any warrant agreement, as well as from any debt securities or warrants issued thereunder, the posting of any bond or the furnishing, directly or indirectly, of any other security.

A final judgment obtained against Chile for the payment of a fixed or readily calculable sum of money rendered by any New York State or federal court sitting in the City of New York having jurisdiction under its laws over Chile in an action arising out of the indenture or any warrant agreement, or the debt securities or warrants, if any, issued thereunder, can be enforced against Chile in the courts of Chile without any retrial or re-examination of the merits of the original action as long as the following conditions are met (the satisfaction or non-satisfaction of which is to be determined by the Supreme Court of Chile):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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 exists between Chile and the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 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;· if it can be proven that
 there is no reciprocity, the judgment cannot be enforced in Chile;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if reciprocity cannot
 be proven, 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 effected upon the parties
 to the action, unless the defendant can prove that it was prevented from assuming its defense.
 Under Chilean law, service of process effected through the mail is not considered proper
 service of process and, consequently, any judgment rendered in a legal proceeding in which
 process was served on Chile by means of the mail may be effectively contested by Chile; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if the judgment is not
 contrary to Chilean public policy and does 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.

Any treaty as to the enforcement of foreign judgments entered into in the future between Chile and the United States of America could supersede the foregoing.

To enforce in Chile a judgment of a New York State or federal court sitting in the City of New York rendered in relation to any of the securities, the indenture or any warrant agreement, the judgment must be presented to the Supreme Court of Chile, in a form complying with the authentication requirements of Chilean law, including a translation of the same in Spanish. The Supreme Court will conduct a hearing limited to enforcement and not the merits of the case.

If the Chilean Supreme Court orders Chile to make payment, it shall deliver notice to the Ministry of Finance in this regard, with a copy of such notice to the Council for the Defense of the State (*Consejo de Defensa del Estado*, or CDE). After receiving a copy of such notice, the President of the Council for the Defense of the State will inform the Ministry of Finance to whom the payment must be made. The Ministry of Finance will then issue a decree instructing the Chilean Treasury (*Tesorería General de la República*) to make the payment.

**Indemnification for Foreign Exchange Rate Fluctuations**

Chile's obligation to any holder under the securities that has obtained a court judgment affecting those securities will be discharged only to the extent that the holder may purchase the currency in which the securities are denominated, referred to as the "agreement currency," with the judgment currency. If the holder cannot purchase the agreement currency in the amount originally to be paid, Chile agrees to pay the difference. The holder, however, agrees to reimburse Chile for the excess if the amount of the agreement currency purchased exceeds the amount originally to be paid to the holder. If Chile is in default of its obligations under the securities, however, the holder will not be obligated to reimburse Chile for any excess.

**Governing Law**

The indenture and the securities are governed by and construed in accordance with the law of the State of New York unless otherwise specified in any series of debt securities, except that all matters related to the consent of holders and any modifications to the indenture or the debt securities will always be governed by and construed in accordance with the law of the State of New York.

**TAXATION**

*The following discussion provides a general summary of some of the primary tax consequences of purchasing, owning or selling the debt securities. For further information, you should consult your tax advisor to determine the tax consequences relevant to your particular situation. In addition, you may be required to pay stamp taxes and other charges under the laws of the country where you purchase the debt securities. Chile does not currently have a tax treaty in effect with the United States.*

**Chilean Taxation**

The following is a general summary of the material consequences under Chilean tax law, as currently in effect, of an investment in the debt securities made by a "foreign holder", as defined below. This summary is based on the tax laws of Chile as in effect on the date of this prospectus supplement, as well as regulations, rulings and decisions of Chile available on or before such date and now in effect. All of the foregoing is subject to change. For this purpose, "foreign holder" means either: (i) in the case of an individual, a person who is neither a resident nor domiciled in Chile (for purposes of Chilean taxation, an individual is (a) deemed a resident of Chile if he or she has remained in Chile for continued or discontinued periods of time that in total exceed 183 days within any period of twelve months and (b) domiciled in Chile if he or she resides in Chile with the actual or presumptive intent of staying in Chile); or (ii) in the case of a legal entity, a legal entity that is organized and exists under the laws of a jurisdiction other than Chile, unless the debt securities are assigned to or held by a branch, agent, representative or permanent establishment of such legal entity in Chile.

Under Chilean law, provisions contained in statutes such as tax rates applicable to foreign investors, the computation of taxable income for Chilean purposes and the manner in which Chilean taxes are imposed and collected may be amended only by another law or international tax treaty. In addition, the Chilean tax authorities enact rulings and regulations of either general or specific application and interpret the provisions of Chilean tax law. Chilean tax law may not be applied retroactively against taxpayers who act in good faith relying on such rulings, regulations or interpretations, but Chilean tax authorities may change their rulings, regulations or interpretations prospectively.

Under Chilean income tax law, payments of interest made by Chile to a foreign holder of the debt securities will be subject to a Chilean interest withholding tax currently assessed at a rate of 4.0%. Chile is required to withhold, declare and pay such withholding tax. As described above, Chile has agreed, subject to specific exceptions and limitations, to pay to the holders Additional Amounts in respect of the Chilean tax in order for the interest the foreign holder receives, net of the Chilean tax on interest income, to equal the amount which would have been received by the foreign holder in the absence of the withholding. See "*Description of the Securities—Additional Amounts*." A foreign holder will not be subject to any Chilean withholding taxes in respect of payments of principal made by Chile with respect to the debt securities.

Chilean income tax law establishes that a foreign holder is subject to income tax on income from Chilean sources. For this purpose, income from Chilean sources means earnings from activities performed in Chile or from the operation, sale or disposition of, or other transactions in connection with, assets or goods located in Chile. Capital gains realized on the sale or other disposition by a foreign holder of the debt securities generally will not be subject to any Chilean taxes. The debt securities will be issued outside of Chile and, according to applicable law, held as not located in Chile. Accordingly, any capital gains from a sale or disposition thereof shall not constitute income from Chilean sources subject to Chilean taxes.

Further, under existing Chilean law and regulations, a foreign holder will not be subject to any Chilean taxes in respect of payments of principal made by Chile with respect to the debt securities. Any other payment to be made by Chile (other than interest, premium or principal on the notes and except for some special exceptions granted by Chilean law and tax treaties subscribed by Chile and currently in force) will be subject to up to 35% withholding tax.

A foreign holder (other than a Chilean national) will not be liable for estate, gift, inheritance or similar taxes with respect to its holdings unless the debt securities held by a foreign holder are either (i) located in Chile at the time of such foreign holder's death, or (ii) if the notes are not deemed located in Chile at the time of a foreign holder's death, if such debt securities were purchased or acquired with cash obtained from Chilean sources.

The issuance of the debt securities by Chile is exempt from Chilean stamp, registration or similar taxes.

**United States Federal Taxation**

The following is a summary of certain United States federal income tax consequences resulting from the purchase, ownership and disposition of a debt security and does not purport to be a comprehensive discussion of all the possible United States federal income tax consequences of the purchase, ownership or disposition of the debt securities. This summary is based on the United States federal income tax laws, including the Internal Revenue Code of 1986, as amended (the "Code"), existing, temporary and proposed regulations ("Treasury Regulations") promulgated thereunder, rulings, official pronouncements and judicial decisions, all as in effect on the date of this prospectus and all of which are subject to change, possibly with retroactive effect, or to different interpretations. It deals only with debt securities that are purchased as part of the initial offering and are held as capital assets by purchasers and does not deal with special classes of holders, such as brokers or dealers in securities or currencies, banks, tax exempt organizations, insurance companies, persons holding debt securities as a hedge or hedged against currency risk or as a part of a straddle or conversion transaction, entities taxed as partnerships or the partners therein, non-resident alien individuals present in the United States for more than 182 days in a taxable year, former United States citizens or residents, United States persons (as defined below) holding the debt securities in connection with a trade or business conducted outside the United States, U.S. citizens or lawful permanent residents living abroad, or United States persons whose functional currency is not the U.S. dollar. Further, it does not address the alternative minimum tax, the Medicare tax on net investment income, special rules for the taxable year of inclusion for accrual basis taxpayers under Section 451(b) of the Code or other aspects of United States federal income or state and local taxation that may be relevant to a holder in light of such holder's particular circumstances. The tax consequences of holding a particular debt security will depend, in part, on the particular terms of such debt security as set forth in the applicable prospectus supplement. Prospective purchasers of debt securities should consult their own tax advisors concerning the consequences, in their particular circumstances, under the Code and the laws of any other taxing jurisdiction of the purchase, ownership and disposition of the debt securities.

In general, a United States person who holds the debt securities or owns a beneficial interest in the debt securities (a "U.S. holder") will be subject to United States federal taxation. You are a United States person for United States federal income tax purposes if you are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an individual who is
 a citizen or resident of the United States,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a corporation or other
 entity organized under the laws of the United States or any state thereof or the District
 of Columbia,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· an estate, the income
 of which is subject to United States federal income taxation regardless of its source, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a trust if (i) a
 United States court is able to exercise primary supervision over the trust's administration
 and (ii) one or more United States persons have the authority to control all of the
 trust's substantial decisions.

**Tax Consequences to U.S. Holders**

*Taxation of Interest and Additional Amounts*. If you are a U.S. holder, the interest on the debt securities (including any amounts withheld and any additional amounts paid with respect thereto) will generally be subject to United States taxation and will be considered ordinary interest income on which you will be taxed in accordance with the method of accounting you generally use for tax purposes.

Interest payments (including additional amounts) and original issue discount ("OID"), if any, accrued with respect to the debt securities (as discussed below under "—*Original Issue Discount*") generally will constitute income from sources without the United States for foreign tax credit purposes. Such income generally will constitute "passive category income." If you are a U.S. holder, withholding tax levied by the government of Chile will be eligible:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for deduction in computing
 your taxable income, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· at your election, for
 credit against your United States federal income tax liability, subject to generally applicable
 limitations and conditions.

The availability of the deduction or, if you elect to have the foreign taxes credited against your United States federal income tax liability, the calculation of the foreign tax credit involves the application of rules that depend on your particular circumstances. To benefit from a foreign tax credit or deduction with respect to the Chilean withholding tax, you may be required to furnish to the United States Internal Revenue Service (the "IRS") a receipt evidencing that tax was withheld and paid by Chile or by a local custodian or other agent on your behalf. Chile does not intend to provide such a receipt or other direct evidence that tax was withheld with respect to interest. The IRS may, in its discretion, accept secondary evidence of the withholding and of the amount of the tax so withheld. Secondary evidence of withholding and payment of tax may include your books of account and the rates of taxation prevailing in Chile during the relevant period. You should consult with your own tax advisors regarding the availability of foreign tax credits and the treatment of additional amounts.

***Original Issue Discount***

*General.* The following is a summary of the principal U.S. federal income tax consequences of the ownership of debt securities issued with OID. The following summary does not discuss debt securities that are characterized as contingent payment debt instruments for U.S. federal income tax purposes. In the event Chile issues contingent payment debt instruments the applicable prospectus supplement may describe the material U.S. federal income tax consequences thereof.

A debt security, other than a debt security with a term of one year or less (a "Short-Term Debt Security"), will be treated as issued with OID (a "Discount Debt Security") if the excess of the debt security's "stated redemption price at maturity" over its issue price is equal to or more than a *de minimis* amount (0.25 per cent. of the debt security's stated redemption price at maturity multiplied by the number of complete years to its maturity). An obligation that provides for the payment of amounts other than qualified stated interest before maturity (an "installment obligation") will be treated as a Discount Debt Security if the excess of the debt security's stated redemption price at maturity over its issue price is equal to or greater than 0.25 per cent. of the debt security's stated redemption price at maturity multiplied by the weighted average maturity of the debt security. A debt security's weighted average maturity is the sum of the following amounts determined for each payment on a debt security (other than a payment of qualified stated interest): (i) the number of complete years from the issue date until the payment is made multiplied by (ii) a fraction, the numerator of which is the amount of the payment and the denominator of which is the debt security's stated redemption price at maturity. Generally, the issue price of a debt security will be the first price at which a substantial amount of debt securities included in the issue of which the debt security is a part is sold to persons other than bond houses, brokers, or similar persons or organizations acting in the capacity of underwriters, placement agents, or wholesalers. The stated redemption price at maturity of a debt security is the total of all payments provided by the debt security that are not payments of "qualified stated interest." A qualified stated interest payment generally is any one of a series of stated interest payments on a debt security that are unconditionally payable at least annually at a single fixed rate (with certain exceptions for lower rates paid during some periods), or a variable rate (in the circumstances described below under "—*Variable Interest Rate Debt Securities*"), applied to the outstanding principal amount of the debt security. Solely for the purposes of determining whether a debt security has OID, Chile will be deemed to exercise any call option that has the effect of decreasing the yield on the debt security, and the U.S. holder will be deemed to exercise any put option that has the effect of increasing the yield on the debt security.

U.S. holders of Discount Debt Securities must include OID in income calculated on a constant-yield method before the receipt of cash attributable to the income, and generally will have to include in income increasingly greater amounts of OID over the life of the Discount Debt Securities. The amount of OID includible in income by a U.S. holder of a Discount Debt Security is the sum of the daily portions of OID with respect to the Discount Debt Security for each day during the taxable year or portion of the taxable year on which the U.S. holder holds the Discount Debt Security. The daily portion is determined by allocating to each day in any "accrual period" a pro rata portion of the OID allocable to that accrual period. Accrual periods with respect to a debt security may be of any length selected by the U.S. holder and may vary in length over the term of the debt security as long as (i) no accrual period is longer than one year and (ii) each scheduled payment of interest or principal on the debt security occurs on either the final or first day of an accrual period. The amount of OID allocable to an accrual period equals the excess of (a) the product of the Discount Debt Security's adjusted issue price at the beginning of the accrual period and the Discount Debt Security's yield to maturity (determined on the basis of compounding at the close of each accrual period and properly adjusted for the length of the accrual period) over (b) the sum of the payments of qualified stated interest on the debt security allocable to the accrual period. The "adjusted issue price" of a Discount Debt Security at the beginning of any accrual period is the issue price of the debt security increased by (x) the amount of accrued OID for each prior accrual period and decreased by (y) the amount of any payments previously made on the debt security that were not qualified stated interest payments.

*Variable Interest Rate Debt Securities*. Debt securities that provide for interest at variable rates ("Variable Interest Rate Debt Securities") generally will bear interest at a "qualified floating rate" and thus will be treated as "variable rate debt instruments" under Treasury Regulations governing accrual of OID. A Variable Interest Rate Debt Security will qualify as a "variable rate debt instrument" if (a) its issue price does not exceed the total noncontingent principal payments due under the Variable Interest Rate Debt Security by more than a specified *de minimis* amount, (b) it provides for stated interest, paid or compounded at least annually, at (i) one or more qualified floating rates, (ii) a single fixed rate and one or more qualified floating rates, (iii) a single objective rate, or (iv) a single fixed rate and a single objective rate that is a qualified inverse floating rate, and (c) it does not provide for any principal payments that are contingent (other than as described in (a) above).

A "qualified floating rate" is any variable rate where variations in the value of the rate can reasonably be expected to measure contemporaneous variations in the cost of newly borrowed funds in the currency in which the Variable Interest Rate Debt Security is denominated. A fixed multiple of a qualified floating rate will constitute a qualified floating rate only if the multiple is greater than 0.65 but not more than 1.35. A variable rate equal to the product of a qualified floating rate and a fixed multiple that is greater than 0.65 but not more than 1.35, increased or decreased by a fixed rate, will also constitute a qualified floating rate. In addition, two or more qualified floating rates that can reasonably be expected to have approximately the same values throughout the term of the Variable Interest Rate Debt Security (e.g., two or more qualified floating rates with values within 25 basis points of each other as determined on the Variable Interest Rate Debt Security's issue date) will be treated as a single qualified floating rate. Notwithstanding the foregoing, a variable rate that would otherwise constitute a qualified floating rate but which is subject to one or more restrictions such as a maximum numerical limitation (i.e., a cap) or a minimum numerical limitation (i.e., a floor) may, under certain circumstances, fail to be treated as a qualified floating rate. Under recently finalized U.S. Treasury Regulations, debt securities referencing an IBOR that are treated as having a qualified floating rate for purposes of the above will not fail to be so treated merely because the terms of the debt securities provide for a replacement of the IBOR in the case of a Benchmark Event. In particular, under the regulations, the IBOR referencing rate and the replacement rate are treated as a single qualified rate.

An "objective rate" is a rate that is not itself a qualified floating rate but which is determined using a single fixed formula and which is based on objective financial or economic information (e.g., one or more qualified floating rates or the yield of actively traded personal property). A rate will not qualify as an objective rate if it is based on information that is within the control of Chile or that is unique to the circumstances of Chile, (although a rate does not fail to be an objective rate merely because it is based on the credit quality of Chile). Other variable interest rates may be treated as objective rates if so designated by the IRS in the future. Despite the foregoing, a variable rate of interest on a Variable Interest Rate Debt Security will not constitute an objective rate if it is reasonably expected that the average value of the rate during the first half of the Variable Interest Rate Debt Security's term will be either significantly less than or significantly greater than the average value of the rate during the final half of the Variable Interest Rate Debt Security's term. A "qualified inverse floating rate" is any objective rate where the rate is equal to a fixed rate minus a qualified floating rate, as long as variations in the rate can reasonably be expected to inversely reflect contemporaneous variations in the qualified floating rate. If a Variable Interest Rate Debt Security provides for stated interest at a fixed rate for an initial period of one year or less followed by a variable rate that is either a qualified floating rate or an objective rate for a subsequent period and if the variable rate on the Variable Interest Rate Debt Security's issue date is intended to approximate the fixed rate (e.g., the value of the variable rate on the issue date does not differ from the value of the fixed rate by more than 25 basis points), then the fixed rate and the variable rate together will constitute either a single qualified floating rate or objective rate, as the case may be.

A qualified floating rate or objective rate in effect at any time during the term of the instrument must be set at a "current value" of that rate. A "current value" of a rate is the value of the rate on any day that is no earlier than 3 months prior to the first day on which that value is in effect and no later than 1 year following that first day.

If a Variable Interest Rate Debt Security that provides for stated interest at either a single qualified floating rate or a single objective rate throughout the term thereof qualifies as a "variable rate debt instrument", then any stated interest on the debt security which is unconditionally payable in cash or property (other than debt instruments of Chile) at least annually will constitute qualified stated interest and will be taxed accordingly. Thus, a Variable Interest Rate Debt Security that provides for stated interest at either a single qualified floating rate or a single objective rate throughout the term thereof and that qualifies as a "variable rate debt instrument" generally will not be treated as having been issued with OID unless the Variable Interest Rate Debt Security is issued at a "true" discount (i.e., at a price below the debt security's stated principal amount) in excess of a specified *de minimis* amount. OID on a Variable Interest Rate Debt Security arising from "true" discount is allocated to an accrual period using the constant yield method described above by assuming that the variable rate is a fixed rate equal to (i) in the case of a qualified floating rate or qualified inverse floating rate, the value, as of the issue date, of the qualified floating rate or qualified inverse floating rate, or (ii) in the case of an objective rate (other than a qualified inverse floating rate), a fixed rate that reflects the yield that is reasonably expected for the Variable Interest Rate Debt Security.

In general, any other Variable Interest Rate Debt Security that qualifies as a "variable rate debt instrument" will be converted into an "equivalent" fixed rate debt instrument for purposes of determining the amount and accrual of OID and qualified stated interest on the Variable Interest Rate Debt Security. Such a Variable Interest Rate Debt Security must be converted into an "equivalent" fixed rate debt instrument by substituting any qualified floating rate or qualified inverse floating rate provided for under the terms of the Variable Interest Rate Debt Security with a fixed rate equal to the value of the qualified floating rate or qualified inverse floating rate, as the case may be, as of the Variable Interest Rate Debt Security's issue date. Any objective rate (other than a qualified inverse floating rate) provided for under the terms of the Variable Interest Rate Debt Security is converted into a fixed rate that reflects the yield that is reasonably expected for the Variable Interest Rate Debt Security. In the case of a Variable Interest Rate Debt Security that qualifies as a "variable rate debt instrument" and provides for stated interest at a fixed rate in addition to either one or more qualified floating rates or a qualified inverse floating rate, the fixed rate is initially converted into a qualified floating rate (or a qualified inverse floating rate, if the Variable Interest Rate Debt Security provides for a qualified inverse floating rate). Under these circumstances, the qualified floating rate or qualified inverse floating rate that replaces the fixed rate must be such that the fair market value of the Variable Interest Rate Debt Security as of the Variable Interest Rate Debt Security's issue date is approximately the same as the fair market value of an otherwise identical debt instrument that provides for either the qualified floating rate or qualified inverse floating rate rather than the fixed rate. Subsequent to converting the fixed rate into either a qualified floating rate or a qualified inverse floating rate, the Variable Interest Rate Debt Security is converted into an "equivalent" fixed rate debt instrument in the manner described above.

Once the Variable Interest Rate Debt Security is converted into an "equivalent" fixed rate debt instrument pursuant to the foregoing rules, the amount of OID and qualified stated interest, if any, are determined for the "equivalent" fixed rate debt instrument by applying the general OID rules to the "equivalent" fixed rate debt instrument and a U.S. holder of the Variable Interest Rate Debt Security will account for the OID and qualified stated interest as if the U.S. holder held the "equivalent" fixed rate debt instrument. In each accrual period, appropriate adjustments will be made to the amount of qualified stated interest or OID assumed to have been accrued or paid with respect to the "equivalent" fixed rate debt instrument in the event that these amounts differ from the actual amount of interest accrued or paid on the Variable Interest Rate Debt Security during the accrual period.

If a Variable Interest Rate Debt Security, such as a debt security the payments on which are determined by reference to an index, does not qualify as a "variable rate debt instrument", then the Variable Interest Rate Debt Security will be treated as a contingent payment debt obligation. The proper U.S. federal income tax treatment of Variable Interest Rate Debt Securities that are treated as contingent payment debt obligations will be more fully described in the applicable prospectus supplement.

*Election to Treat All Interest as Original Issue Discount*. A U.S. holder may elect to include in gross income all interest that accrues on a debt security using the constant-yield method described above under "—*Original Issue Discount—General*," with certain modifications. For purposes of this election, interest includes stated interest, OID, *de minimis* OID, market discount, *de minimis* market discount and unstated interest. This election generally will apply only to the debt security with respect to which it is made and may not be revoked without the consent of the IRS. U.S. holders should consult their tax advisers concerning the propriety and consequences of this election.

*Taxation of Dispositions*. If you are a U.S. holder, when you sell, exchange or otherwise dispose of the debt securities, you generally will recognize gain or loss equal to the difference between the amount you realize on the transaction and your adjusted tax basis in the debt securities.

Your adjusted tax basis in a debt security generally will be the cost of the debt security to you, increased by the amount of any OID included in your income with respect to the debt security and the amount, if any, of income attributable to *de minimis* OID included in your income with respect to the debt security, and reduced by any payments other than payments of qualified stated interest made on such debt security. Your amount realized upon the sale, exchange or retirement of a debt security will be the amount received (reduced by an amount, if any, attributable to accrued but unpaid stated interest, which is taxable in the manner described above under "—*Taxation of Interest and Additional Amounts*").

Gain or loss realized by a U.S. holder on such sale or other taxable disposition generally will be capital gain or loss and will be long-term capital gain or loss if, at the time of the disposition, the debt securities have been held for more than one year. Certain non-corporate U.S. holders (including individuals) may be eligible for preferential rates of taxation in respect of long-term capital gains. The deductibility of capital losses is subject to limitations.

Capital gain or loss recognized by a U.S. holder generally will be U.S. source gain or loss. The rules governing foreign tax credits are complex. U.S. holders should consult their own tax advisors as to the foreign tax credit implications of a disposition of the debt securities.

***Foreign Currency Debt Securities***

*Interest*. If an interest payment is denominated in, or determined by reference to, a foreign currency, the amount of income recognized by a cash basis U.S. holder will be the U.S. dollar value of the interest payment, based on the exchange rate in effect on the date of receipt, regardless of whether the payment is in fact converted into U.S. dollars.

An accrual basis U.S. holder may determine the amount of income recognized with respect to an interest payment denominated in, or determined by reference to, a foreign currency in accordance with either of two methods. Under the first method, the amount of income accrued will be based on the average exchange rate in effect during the interest accrual period (or, in the case of an accrual period that spans two taxable years of a U.S. holder, the part of the period within the taxable year).

Under the second method, the U.S. holder may elect to determine the amount of income accrued on the basis of the exchange rate in effect on the last day of the accrual period (or, in the case of an accrual period that spans two taxable years, the exchange rate in effect on the last day of the part of the period within the taxable year). Additionally, if a payment of interest is actually received within five business days of the last day of the accrual period, an electing accrual basis U.S. holder may instead translate the accrued interest into U.S. dollars at the exchange rate in effect on the day of actual receipt. Any such election will apply to all debt instruments held by the U.S. holder at the beginning of the first taxable year to which the election applies or thereafter acquired by the U.S. holder, and will be irrevocable without the consent of the IRS.

Upon receipt of an interest payment (including a payment attributable to accrued but unpaid interest upon the sale or retirement of a debt security) denominated in, or determined by reference to, a foreign currency, the accrual basis U.S. holder may recognize U.S. source exchange gain or loss (taxable as ordinary income or loss) equal to the difference between the amount received (translated into U.S. dollars at the spot rate on the date of receipt) and the amount previously accrued, regardless of whether the payment is in fact converted into U.S. dollars.

*OID*. OID for each accrual period on a Discount Debt Security that is denominated in, or determined by reference to, a foreign currency, will be determined in the foreign currency and then translated into U.S. dollars in the same manner as stated interest accrued by an accrual basis U.S. holder, as described above. Upon receipt of an amount attributable to OID (whether in connection with a payment on the debt security or a sale or disposition of the debt security), a U.S. holder may recognize U.S. source exchange gain or loss (taxable as ordinary income or loss) equal to the difference between the amount received (translated into U.S. dollars at the spot rate on the date of receipt) and the amount previously accrued, regardless of whether the payment is in fact converted into U.S. dollars.

*Dispositions*. As discussed above under "—*Taxation of Dispositions*", a U.S. holder generally will recognize gain or loss on the sale or retirement of a debt security equal to the difference between the amount you realize on the transaction and your adjusted tax basis in the debt securities, in each case as determined in U.S. dollars. U.S. holders should consult their own tax advisors about how to account for proceeds received on the sale or retirement of debt securities that are not paid in U.S. dollars.

A U.S. holder will recognize U.S. source exchange gain or loss (taxable as ordinary income or loss) on the sale or retirement of a debt security equal to the difference, if any, between the U.S. dollar values of the U.S. holder's purchase price for the debt security (as adjusted for amortized bond premium, if any) (i) on the date of sale or retirement and (ii) the date on which the U.S. holder acquired the debt security. Any such exchange rate gain or loss will be realized only to the extent of total gain or loss realized on the sale or retirement (including any exchange gain or loss with respect to the receipt of accrued but unpaid interest).

*Disposition of Foreign Currency*. Foreign currency received as interest on a debt security or on the sale or retirement of a debt security will have a tax basis equal to its U.S. dollar value at the time the foreign currency is received. Foreign currency that is purchased generally will have a tax basis equal to the U.S. dollar value of the foreign currency on the date of purchase. Any gain or loss recognized on a sale or other disposition of a foreign currency (including its use to purchase debt securities or upon exchange for U.S. dollars) will be U.S. source ordinary income or loss.

***Tax Consequences to Persons Who Are Not U.S. Holders***

Under current United States federal income tax law, if you are an individual, corporation, estate or trust and are not a U.S. holder, the interest payments (including any additional amounts) that you receive on the debt securities generally will be exempt from United States federal income tax, and without any United States withholding tax. However, to receive this exemption you may be required to satisfy certain certification requirements of the IRS to establish that you are not a U.S. holder.

If you are not a U.S. holder, any gain you realize on a sale or exchange (including a deemed sale or exchange) of the debt securities generally will be exempt from United States federal income tax, and without any United States withholding tax, unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· your gain is effectively
 connected with your conduct of a trade or business in the United States (and if an income
 tax treaty applies, it is attributed to a United States permanent establishment), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· you are an individual
 holder and are present in the United States for 183 days or more in the taxable year of the
 sale or exchange, and either (i) your gain is attributable to an office or other fixed
 place of business that you maintain in the United States or (ii) you have a "tax
 home" in the United States.

***Foreign Financial Asset Reporting***

Certain United States holders that own certain foreign financial assets, including debt of foreign entities, with an aggregate value in excess of $50,000 on the last day of the taxable year or $75,000 at any time during the taxable year may be required to file an information report with respect to such assets with their tax returns. Failure to comply with this requirement may result in the imposition of substantial penalties. In addition, the statute of limitations for assessment of tax would be suspended, in whole or part. United States holders are urged to consult their tax advisors regarding the application of these reporting requirements to their ownership of the debt securities.

***Reportable Transactions***

A United States taxpayer that participates in a "reportable transaction" will be required to disclose its participation to the IRS. Under the relevant rules, if the debt securities are denominated in a foreign currency, a U.S. holder may be required to treat a foreign currency exchange loss from the debt securities as a reportable transaction if this loss exceeds the relevant threshold in the regulations ($50,000 in a single taxable year, if the U.S. holder is an individual or trust, or higher amounts for other non-individual U.S. holder), and to disclose its investment by filing Form 8886 with the IRS. A penalty in the amount of $10,000 in the case of a natural person and $50,000 in all other cases is generally imposed on any taxpayer that fails to timely file an information return with the IRS with respect to a transaction resulting in a loss that is treated as a reportable transaction. Prospective purchasers are urged to consult their tax advisors regarding the application of these rules.

***Backup Withholding and Information Reporting***

Information returns may be required to be filed with the IRS in connection with payments (including payments of accrued OID) made to certain U.S. holders. You may also be subject to information reporting and backup withholding tax requirements with respect to the proceeds from a sale of the debt securities. If you are a U.S. holder, you generally will not be subject to a United States backup withholding tax on these payments (including payments of accrued OID) or proceeds if you provide your taxpayer identification number and certify that you are not subject to backup withholding. If you are not a U.S. holder, in order to avoid information reporting and backup withholding tax requirements you may have to comply with certification procedures to establish that you are not a U.S. holder. You should consult with your own tax advisors concerning these rules and any other reporting obligations that may apply to the ownership or disposition of the debt securities.

**The Proposed Financial Transaction Tax**

The European Commission has published a proposal, or the "Commission's Proposal", for a Directive for a common financial transaction tax, or "FTT", in Belgium, Germany, Estonia, Greece, Spain, France, Italy, Austria, Portugal, Slovenia and Slovakia, or the "participating Member States". However, Estonia has since stated that it will not participate.

The Commission's Proposal has very broad scope and could, if introduced in its current form, apply to certain dealings in the securities in certain circumstances.

Under current proposals, the FTT could apply in certain circumstances to persons both within and outside of the participating Member States. Generally, it would apply to certain dealings in the securities where at least one party is a financial institution, and at least one party is established in a participating Member State. A financial institution may be, or be deemed to be, "established" in a participating Member State in a broad range of circumstances, including (a) by transacting with a person established in a participating Member State or (b) where the financial instrument which is subject to the dealings is issued in a participating Member State.

The FTT remains subject to negotiation between the participating Member States and the legality of the proposal is uncertain. It may therefore be altered prior to any implementation, the timing of which remains unclear. Additional EU Member States may decide to participate and/or certain of the participating Member States may decide to withdraw.

Prospective holders of the securities are advised to seek their own professional advice in relation to the FTT.

**PLAN OF DISTRIBUTION**

**General**

Chile may sell the securities in any of three ways.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through underwriters
 or dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· directly to one or more
 purchasers; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· through agents.

Each prospectus supplement will set forth, relating to an issuance of the securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the name or names of
 any underwriters, dealer/managers or agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the purchase price of
 the securities, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the proceeds to Chile
 from the sale, if any;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any underwriting discounts
 and other items constituting underwriters' compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any agents' commissions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any initial public offering
 price of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any concessions allowed
 or reallowed or paid to dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any securities exchanges
 on which such securities may be listed.

If Chile uses underwriters or dealers in a sale, they will acquire the securities for their own accounts and may resell them in one or more transactions, including negotiated transactions, at a fixed public offering price or at varying prices determined at the time of sale. Chile may offer the securities to the public either through underwriting syndicates represented by managing underwriters or directly through underwriters. The obligations of the underwriters to purchase a particular offering of securities may be subject to conditions. The underwriters may change the initial public offering price or any concessions allowed or reallowed or paid to dealers.

Chile may agree to indemnify any agents and underwriters against certain liabilities, including liabilities under the U.S. Securities Act of 1933, as amended, or the U.S. Securities Act. The agents and underwriters may also be entitled to contribution from Chile for payments they make relating to these liabilities. Agents and underwriters may engage in transactions with or perform services for Chile in the ordinary course of business.

Chile may not publicly offer or sell the securities in Chile unless it so specifies in the applicable prospectus supplement.

Chile may also sell the securities directly or through agents. Any agent will generally act on a reasonable best efforts basis for the period of its appointment.

Chile may authorize agents, underwriters or dealers to solicit offers by certain institutions to purchase a particular offering of securities at the public offering price using delayed delivery contracts. These contracts provide for payment and delivery on a specified date in the future. The applicable prospectus supplement will describe the commission payable for solicitation and the terms and conditions of these contracts.

Chile may offer the securities to holders of other securities of Chile as consideration for Chile's purchase or exchange of the other securities. Chile may conduct such an offer either (a) through a publicly announced tender or exchange offer for the other securities or (b) through privately negotiated transactions. This type of offer may be in addition to sales of the same securities using the methods discussed above.

**Non-U.S. Offerings**

Chile will generally not register under the U.S. Securities Act the securities that it will offer and sell outside the United States. Thus, subject to certain exceptions, Chile cannot offer, sell or deliver such securities within the United States or to U.S. persons. When Chile offers or sells securities outside the United States, each underwriter or dealer will acknowledge that the securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· have not been and will
 not be registered under the U.S. Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· may not be offered or
 sold within the United States except pursuant to an exemption from, or in a transaction not
 subject to, the registration requirements of the U.S. Securities Act.

Each underwriter or dealer will agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· it has not offered or
 sold, and will not offer or sell, any of these non-SEC-registered securities within the United
 States, except pursuant to Rule 903 of Regulation S under the Securities Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· neither it nor its affiliates
 nor any persons acting on its or their behalf have engaged or will engage in any directed
 selling efforts regarding these securities.

**OFFICIAL STATEMENTS**

Information in this prospectus whose source is identified as a publication of Chile or one of its agencies or instrumentalities relies on the authority of the publication as a public official document of Chile. All other information in this prospectus and in the registration statement for the securities that Chile has filed with the SEC is included as a public official statement made on the authority of Rodrigo Cerda Norambuena, the Minister of Finance.

**VALIDITY OF THE SECURITIES**

The following persons, whose addresses will appear on the inside back cover of the applicable prospectus supplement or pricing supplement, will give opinions regarding the validity of the securities:

For Chile:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As to all matters of
 Chilean law, Morales & Besa Ltda., special Chilean counsel to Chile, or any other
 counsel to Chile named in the applicable prospectus supplement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As to all matters of
 U.S. law, Linklaters LLP, special New York counsel to Chile, or any other counsel to Chile
 named in the applicable prospectus supplement.

For the underwriters, if any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As to all matters of
 Chilean law, any Chilean counsel to the underwriters named in the applicable prospectus supplement;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· As to all matters of
 U.S. law, any U.S. counsel to the underwriters named in the applicable prospectus supplement.

As to all matters of Chilean law, Linklaters LLP, or any other U.S. counsel to Chile named in the applicable prospectus supplement, may rely upon the opinion of any Chilean counsel to the Republic named in the applicable prospectus supplement.

As to all matters of U.S. law, any Chilean counsel to the Republic named in the applicable prospectus supplement, may rely on the opinion of Linklaters LLP, or any other U.S. counsel to Chile named in the applicable prospectus supplement.

**AUTHORIZED REPRESENTATIVE**

The authorized representative of Chile in the United States of America is Mario Artaza Loyola, Consul General of Chile in New York, whose address is 600 Third Avenue #2808, New York, New York 10016.

**GENERAL INFORMATION**

**Authorization**

The Executive Power of Chile will authorize each issuance of the securities by supreme decree. Chile will obtain all consents and authorizations necessary under Chilean law for the issuance of the securities and has obtained all consents and authorizations necessary for the execution of the indenture.

**Litigation**

Except as described under "*Government Expenditures—Government Litigation*" in our annual report on Form 18-K, neither Chile nor the Ministry of Finance of Chile is involved in any litigation or arbitration proceeding which is material in the context of the issue of the securities. Chile is not aware of any similarly material litigation or arbitration proceeding that is pending or threatened.

**Where You Can Find More Information**

Chile has filed a registration statement for the securities with the SEC under the U.S. Securities Act. This prospectus does not contain all of the information described in the registration statement. For further information, you should refer to the registration statement.

Chile is not subject to the informational requirements of the U.S. Securities Exchange Act of 1934, as amended. Chile commenced filing annual reports on Form 18-K with the SEC on a voluntary basis beginning with its fiscal year ended December 31, 2014. These reports include certain financial, statistical and other information concerning Chile. Chile may also file amendments on Form 18-K/A to its annual reports for the purpose of filing with the SEC exhibits which have not been included in the registration statement to which this prospectus and any prospectus supplements relate. When filed, these exhibits will be incorporated by reference into this registration statement.

The registration statement, including its various exhibits, are available to the public from the SEC's website at www.sec.gov.

The SEC allows Chile to incorporate by reference some information that Chile files with the SEC. Incorporated documents are considered part of this prospectus. Chile can disclose important information to you by referring you to those documents. The following documents, which Chile has filed or will file with the SEC, are considered part of and incorporated by reference in this prospectus, any accompanying prospectus supplement and any accompanying pricing supplement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Chile's annual report on Form 18-K for the year ended December 31, 2020 filed with the SEC on June 29, 2021 (File No. 001-02574) (the "2020 Annual Report");](https://www.sec.gov/Archives/edgar/data/19957/000110465921086425/tm2120763d1_18k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 1 on Form 18-K to the 2020 Annual Report filed with the SEC on June 30, 2021;](https://www.sec.gov/Archives/edgar/data/19957/000110465921087281/tm2121106d1_18ka.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 2 on Form 18-K/A to the 2020 Annual Report filed with the SEC on July 20, 2021;](https://www.sec.gov/Archives/edgar/data/19957/000110465921094010/tm2122593d1_18ka.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 5 on Form 18-K/A to the 2020 Annual Report filed with the SEC on September 13, 2021;](https://www.sec.gov/Archives/edgar/data/19957/000110465921115143/tm2127409d1_18ka.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 8 on Form 18-K/A to the 2020 Annual Report filed with the SEC on December 7, 2021;](https://www.sec.gov/Archives/edgar/data/19957/000110465921147018/tm2134648d1_18ka.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· [Amendment No. 9 on Form 18-K/A to the 2020 Annual Report filed with the SEC on January 26, 2022;](https://www.sec.gov/Archives/edgar/data/19957/000110465922007880/tm223062d1_18ka.htm) and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each subsequent annual
 report on Form 18-K and any amendment on Form 18-K/A filed on or after the date
 of this prospectus and before all of the debt securities and warrants are sold.

Later information that Chile files with the SEC will update and supersede earlier information that it has filed.

**ISSUER**

Republic of Chile

The Ministry of Finance

Teatinos 120, Piso 12

Santiago, Chile

Postal Code 8340487

**DEALER MANAGERS**

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| | | |
|:---|:---|:---|
| **Crédit Agricole Corporate and Investment Bank**<br> 12 place des Etats-Unis<br> CS 70052<br> 92547 Montrouge Cedex<br> France<br> Email: <u>Liability.Management.Global@ca-cib.com</u><br> Telephone: +44 20 7214 5733<br> Attention: Liability Management | **Merrill Lynch International**<br> 2 King Edward Street<br> London EC14 1HQ<br> United Kingdom<br> Telephone in the U.S.:<br> Collect: +646 855 8988<br> Toll Free: +1 888 292 0070<br> Telephone outside the U.S.:<br> +44 207 996 5420<br> E-mail: <u>DG.LM-EMEA@bofa.com</u><br> Attention: Syndicate Desk | **Société Générale** <br> Immeuble Basalte<br> 17 Cours Valmy<br> CS 50318<br> 92972 Paris La Défense Cedex<br> France<br> Telephone: +33 1 42 13 32 40<br> Email: <u>liability.management@sgcib.com</u><br> Attention: Liability Management |

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**TRUSTEE, REGISTRAR, TRANSFER AGENT AND**

**PAYING AGENT**

The Bank of New York Mellon

240 Greenwich Street, Floor 7E

New York, New York 10286

United States of America

Attn: Global Corporate Trust

**LEGAL ADVISORS TO CHILE**

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| | |
|:---|:---|
| *As to New York law*<br> Allen Overy Shearman Sterling US LLP<br> 599 Lexington Avenue<br> New York, New York 10022<br> United States of America | *As to Chilean law*<br> Morales & Besa Abogados Ltda.<br> Av. Isidora Goyenechea 3477, piso 19, Las Condes,<br> Santiago, Chile<br> Postal Code 7550106 |

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**LEGAL ADVISORS TO THE DEALER MANAGERS**

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| | |
|:---|:---|
| *As to New York law*<br> Cleary Gottlieb Steen & Hamilton LLP<br> One Liberty Plaza<br> New York, New York 10006<br> United States of America | *As to Chilean law*<br> Garrigues Chile Limitada<br> Av. Isidora Goyenechea 3477, Piso 12, Las Condes<br> Santiago, Chile<br> Postal Code 7550106 |

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*The Information Agent for the Invitation is:*

 

**Global Bondholder Services Corporation**

65 Broadway – Suite 404

New York, New York 10006

Attn: Corporate Actions

Banks and Brokers call: (212) 430-3774

Toll free (855) 654-2015

Email: <u>contact@gbsc-usa.com</u>

*The Depositary Agent for the Invitation is:*

 

**Global Bondholder Services Corporation**

By facsimile:

(For Eligible Institutions only):

(212) 430-3775/3779

Confirmation:

(212) 430-3774

*By Mail:* *By Overnight Courier:* *By Hand:* <br> 65 Broadway – Suite 404 65 Broadway – Suite 404 65 Broadway – Suite 404 <br> New York, NY 10006 New York, NY 10006 New York, NY 10006

![](tm2518622d4_424b3img002.jpg)