Document:

Exhibit
4.1

     

    
      INSURANCE
CONTRACT

      ADMINISTRADORA
DE FONDOS DE PENSIONES PROVIDA S.A.

      AND

      BBVA
SEGUROS DE VIDA S.A.

      

      IN SANTIAGO, CHILE, on
December 22, 2004, before me, EDUARDO AVELLO CONCHA, Lawyer,
Principal Notary Public of the Twenty-Seventh Notarial Office of Santiago,
domiciled in this city at Orrego Luco 0153, Providencia, Santiago, there
appeared:

      

      Mr. GUSTAVO ALCALDE LEMARIE,
Chilean, married, business administrator, bearing national identification card
number 5.894.308-8, to represent ADMINISTRADORA DE FONDOS DE PENSIONES
PROVIDA S.A., hereinafter called "The Administrator", all
domiciled in this city at Pedro de Valdivia 100, 16th floor
in accordance with legal capacity evidenced by public deed dated April 30, 1996
executed in the Santiago Notarial Office of Mr. Mario Baros Gonzalez and Mr. FERNANDO TAFRA STURIZA,
Chilean, married, business administrator, bearing national identification card
number 4.778.406-9, and Mr.
JAMES MURRAY TORREJON, Chilean, married, business administrator, bearing
national identification card number 9.590.111-5 to represent BBVA Seguros de Vida S.A.,
hereinafter "The Company", all
domiciled in this city at Bandera 76, 6th floor, suite 602 in accordance with
legal capacity evidenced by  public deed dated June 23, 2003 executed
in the Santiago Notarial Office of Mr. José Musalem Saffie. The appearing
parties, legal of age, evidence their identities by the aforesaid identity cards
and state that they hereby enter into the following insurance contract to
guarantee the financing of the obligations established in the Article 54 Decree
Law 3,500, and its amendments, stating that expenditures demanding the execution
of this deed are exclusively charged to the Company.

      

      The GENERAL
CONDITIONS of this contract are approved pursuant to Exempted Resolution
N°386 dated August 18, 2004, of the Superintendency of Securities and Insurances
for the survival and disability insurance policy to Pension Fund Administrators
incorporated into the Policy Deposit under the code POL 204052, and are the
following:

      

      ARTICLE
ONE: DEFINITIONS: For the purposes of this insurance policy, it is
understood the term a)
Insured:
the Pension Fund Administrator that enters into the current survival and
disability insurance contract. b) Affiliate: the worker incorporated to
the Seniority, Survival and Disability Pension System created by the Decree Law
3,500 of 1980 through his/her affiliation process to a Pension Fund
Administrator. c) Casualty:
the decease or disability determination of an affiliate that triggers, as
applicable, in accordance with the Decree Law 3,500 of 1980, the obligation of
payments of temporary disability pensions, additional contributions or
contributions made by the insurer. d) Total
disabled: the affiliate declared as

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

       total disabled
by the Medical Commission to which is stipulated in the Decree Law 3,500 of
1980, as a consequence of an illness or weakening of physical or intellectual
capacities, suffering permanent undermining of at least two thirds of his/her
working capacity. e)
Partial
disable: the affiliate declared as partial disabled by the Medical
Commission to which is referred the Decree Law 3,500 of 1980, as a consequence
of an illness or weakening of physical or intellectual capacities, suffering
permanent undermining of a percentage equal or higher than to one-half, and less
than to two thirds of his/her working capacity. f) Reference
pension to the affiliate: it corresponds to the percentages of income
base of affiliates contemplated in the Article 56 of the Decree Law 3,500 of
1980. It is understood as income base the one defined pursuant to Article 57 of
the Decree Law 3,500 of 1980. g) Reference
pension to the beneficiaries: it is the income obtained by multiplying
the affiliate's reference pension by the proportion that each beneficiary is
entitled to, in accordance with rules established in the Article 58 of Decree
Law 3,500 of 1980. For these purposes, beneficiary is understood as a person who
fulfills the requirements stipulated in the Decree Law 3,500 of 1980, to receive
survival pensions at the moment of affiliate's decease, previously determined by
the respective pension fund administrator through the legal pertinent means.
h) Necessary
capital: it is defined in the Article 55 of the Decree Law 3,500 of 1980.
For the purposes of calculating the necessary capital, it shall be necessary to
have in mind that the survival pensions are for life, except in the case of
non-disabled children whose pensions are temporary until they reach 18 years old
and 24 years old in the case of students, in accordance with Article 8 of the
aforesaid legislation. Additionally, if at the moment of the affiliate' decease, he/she did not
have any spouse entitled to receiving a pension, the referred pensions for the
children would increase, being the percentage corresponding to the missing
beneficiary distributed equally, excepting children from filiations by
non-matrimonial with mothers entitled to receiving pensions. i) Additional
contributions: it is defined in the first clause of the Article 53 of the
Decree Law 3,500 of 1980. j)
Contribution:
it is defined in the third clause of the Article 53 of the Decree Law 3,500 of
1980.

      

      ARTICLE
TWO: COVERAGE: By virtue of this insurance policy, the insurer is
obligated to pay to the pension fund administrator in the due form and cases, as
stipulated in the Decree Law 3,500 of 1980, the pensions of affiliates qualified
as total or temporary disabled through the initial disability determination; the additional
contributions as a consequence of decease or total or temporary disability
condition of the affiliates through final determination informed to the
aforementioned pension fund administrator who are contemplated in the Article 54
of the Decree Law 3,500 of 1980; or the contribution in the
case that affiliates qualified as total or temporary disabled in the initial
determination were not entitled to receiving a definite disability pension. Only
those casualties occurred during the enforcement of this contract will be
covered by this policy.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      ARTICLE
THREE: EXCLUSIONS. The coverage established in the previous Article will
not cover those casualties occurred by any of the following causes: a)
affiliates taking part in an international war, whether Chile has or does not
have intervention in such war; in a civil war inside or
outside of Chile or in a mutiny or riot against the public order inside or
outside the country, provided that the insured has active participation in such
mutiny or riot. b) For fission or nuclear fusion or radioactive pollution
stemming from or produced by hostilities. c) For those under the principles of
Law No 16,744 or Law No 18,834 or any other legal disposition that contemplates
protection against risks of labor accidents and labor diseases.

      

      ARTICLE
FOUR: LIFE ANNUITY OPTION. The insurer is obligated to purchase a life
annuity policy on behalf of affiliates who exercise the option provided in the
final clause of Article 62 of the Decree Law 3,500 of 1980, and pay a pension
not lesser than the one established in such Law. In the case that the company
was unable to fulfill this obligation, at demand of the affiliate or his/her
beneficiaries, it will have to purchase on behalf of them the referred pension
guaranteed by a company eligible to grant pension life annuities. It will be
borne by such company the difference between the unique premium agreed and the
balance of the transferred amount from the affiliate's capitalization
account.

      

      ARTICLE
FIVE: OBLIGATIONS OF THE INSURED. The insured has the obligation to
provide the Company all the information that permits to correctly evaluate the
risk, and that it could influence the conditions of the contract. Likewise, once
the casualty has occurred, the insured should place at the insurer's disposal
the necessary information to support such casualty and to permit its cost
determination.

      

      ARTICLE
SIX: PREMIUMS. The payments of premiums should be made in accordance with
the provisions agreed between the parties in the Particular
Conditions.

      

      ARTICLE
SEVEN: PAYMENT OF CASUALTY. Once the casualty has occurred, its payment
will be due in accordance with the provisions set forth in Article 60 of the
Decree Law 3,500 of 1980, in due time and proper form established in the
Particular Conditions of this policy.

      

      ARTICLE
EIGHT: ARBITRATION. Any difficulty arisen between the insured, client or
beneficiary, as applicable, and the company in relation with the insurance
contract shed light on this policy, or in connection with its interpretation or
application of its general or particular conditions, its compliance or
non-compliance, or over any indemnity or obligation referred to the same, shall
be resolved by an Arbitrator designated by common agreement of both parties. If
the interested parties do not come to an agreement regarding the name of the

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      Arbitrator, the
Arbitrator shall be designated by the Ordinary Justice and in such case the
Arbitrator will have faculties of an Arbitrator in connection with the
proceeding, having to pronounce sentence according to law. Nevertheless the
latter, the insured, the client or the beneficiary, as appropriate, shall be
able to, by himself/herself and at any time, requests the Superintendency of
Securities and Insurances to arbitrate the difficulties with the company when
the amounts of the complained damages were not higher than 120 unidades de fomento in
conformity with letter i) of Article 3 of the Statutory Decree Law No 251 of the
Treasury Department of 1931.

      

      ARTICLE
NINE: DOMICILE. For all the purposes, hereof, the domicile is allocated
as the one indicated in the Particular Conditions of the policy.

      

      PARTICULAR
CONDITIONS OF THE AGREEMENT are the following:

      

      ARTICLE
FIRST: DURATION. The Contract will be indefinite effective from January
1, 2005, with the possibility of early termination by any of the parties through
notification of at least 6 months earlier provided twelve months have passed
since the enforcement of the contract. Notwithstanding the foregoing, if during
the enforcement of the contract new legal disposition were published or
administratively rules might be dictated whose content might affect
significantly this contract, the parties by common agreement might modify it. In
the case that the parties do not come to an agreement, any of them shall be able
to early terminate the contract, with no right to indemnity. For that, the party
should notify the other party though registered letter dispatched within thirty
consecutive days followed by the publication date of the new law or the
notification of resolution of administrative authority, where appropriate. The
insurance contract will early terminate in the date set forth and agreed by both
parties by common agreement in order that the Administrator calls a new bidding
process. In the event that the parties do not come to agreement, the Arbitrator
referred in the Article 8 of the General Conditions of this policy, should
resolve.

      

      ARTICLE
SECOND: BENEFICIARY. The beneficiary of the insurance contract is
Administradora de Fondos de Pensiones Provida S.A.

      

      ARTICLE
THIRD: COVERAGE. Nevertheless the mentioned in Article 3 of the General
Conditions of the current policy, the coverage of the insurance will be
extendable to casualties stemming from the affiliate's participation in mutiny or
riots against the public order, inside or outside the country provided that the
affiliate has active participation in such mutiny or riot.

      

      ARTICLE
FOURTH: AFFILIATES COVERED BY THE INSURANCE. The affiliates appointed in
the Decree Law 3,500 of 1980 and its Regulation inserted in the Executive Decree
No57, published in the Official Gazette dated March 28th,

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      1991 by the Ministry
of Labor and Social Pension, and its amendments, according to the definitions
indicated for each thereof: a) the affiliates that are contributing to the
Administradora de Fondos de Pensiones Provida S.A. In compliance with the
current legislation, it is outright assumed that an affiliate was contributing
if his/her decease or initial disability determination occurs at the moment of
rendering services, if he/she is a salaried-employed affiliate or he/she had
contributed in the previous calendar month before such casualties in the case of
self-employed affiliate. b) the salaried-employed affiliates who had stopped to
render services for termination or cancellation of services, whose decease or
disability determination in accordance with the initial determination arises
within  the period of twelve months accounted from the last day of the
month in which he/she had stopped to render services or they had been stopped,
registering a minimum of six months of contributions in the previous year before
the last day of the month in which they had stopped to render services or they
had been cancelled. c) The self-employed workers covering the risk of disability
or death in the same month in which they were mandatory contributing, not having
contributed during the previous month, and for such purposes they pay the
additional contribution corresponding to the month that they wish to cover,
which at any rate, will cover such contingencies from the effective payment to
the Administrator in conformity with Article 12 of the Executive Decree No57,
previously mentioned. d) the retired affiliates for temporary or total
disability in conformity with the initial determination, who are within the
period of three years or within the period of six month referred in the Article
4 of the Decree Law 3,500 of 1980 or whose final disability determination were
pending, deceasing or acquiring the entitlement of payment of disability pension
in accordance with the final determination and that, at the date of disability
as per the initial disability determination, fulfill with the requirements to
his/her coverage, as described in letters a), b), or c) above. If the final
determination refused the disability determination or the affiliate did not
attend to the summon during the period of six months previously mentioned, it
will generate the right to a contribution referred in Article 53 of such
legislation, unless the entitlement of disability pension had stopped due to
death. The premium will integrally cover AFP Provida S.A. for its affiliates
previously indicated, who have that capacity at the date of the beginning of the
enforcement of the contract or that they acquire it during the enforcement of
the contract, including casualties stemming from suicides, and it will finance
the corresponding benefits for survival pensions without demanding period of
affiliation.

      

      ARTICLE
FIFTH: INSURANCE RATE. The insurance will have a maximum casualty rate
expressed as a percentage of taxable remunerations of affiliates covered by this
contract that will be 1.27%. The monthly premiums will be paid during the entire
contract's duration at
a temporary monthly rate of 0.70% of such remunerations.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      ARTICLE
SIXTH: MONTHLY FIXED PREMIUM. Commencing on January 2005 and until the
termination of the Contract, the Administrator will pay monthly to the Company
an amount of money equivalent to 2,150 Unidades de Fomento according
to the official par value of the effective day of payment, which will not be
considered as premium of the contract for the purposes established below. The
payments will be made together with the payments of the premiums established in
the following article.

      

      ARTICLE
SEVENTH: TIME AND FORM OF PAYMENT FOR TEMPORARY PREMIUMS. Every twentieth
day of each month or the previous banking business day, if it were not a banking
business day, the Administrator will pay the Company a premium of variable
amount resulting from the application of a temporary rate of 0.70% to the total
of remunerations and monthly taxable income over which contributions had been
made during the immediate previously month. It is agreed, however, that the
Administrator will pay a monthly advance amount for the premium of such month,
paying the next month the balance resulting from the corresponding settlement.
The first amount of payment advance will be given on February 18, 2005 and will
be equivalent to the value of 70,000 Unidades de Fomento according
to the official per value of that day. The following advance amounts will be
equivalent to 70% of the amount determined as variable premium during the
previous month, calculated, as already indicated, using the temporary casualty
rate. Consequently, the twentieth day of each month or the previous banking
business day, if it were not a banking business day, the Administrator will pay
the Company and advance amount of the premium to be collected that month
together with the balance resulting from the settlement corresponding to the
premium collected during the previous month. The premiums corresponding to
contributions not timely paid by the employers or credited as leftovers, will be
paid to the Company once the respective contributions have been collected or
credited by the Administrator. In the case of delayed contributions, premiums
will be paid with the same interest and adjustment that the employers had had
paid to the Administrator, but they shall not include the extra-charge over
interests established in the Article 19 of the Decree Law 3,500. The
Administrator will pay the agreed premium through a nominative check on behalf
of BBVA Seguros de Vida S.A. upon receiving the "Receipt of payment and
settlement", which will be adjusted to the type-format attached to the Circular
Note No521 of the Superintendency of Pension Funds Administrators or which it
modifies or replaces.

      

      ARTICLE
EIGHTH: DEFINITE PREMIUM. On completion of forty eight months of the
termination date of the contract, the definite premium that the Administrator
shall have to pay as the price of the insurance will be determined. For these
purposes, a comparison will be made between the following: a) the amount of
casualties paid, in process and occurred and not reported, whatever the case may
be, expressed in Unidades de
Fomento, and b) the amount resulting from the application of the maximum
casualty rate of 1.27% of the taxable 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      remunerations over
which premiums were paid and/or accrued at 0.70%, expressed in Unidades de Fomento. From the
comparison, if the amount of casualties were higher, the definite premium of the
insurer shall become the maximum premium rate, as indicated in Article 5 above.
On the contrary, if it is lower, the definite premium will be the amount
determined according to letter a) above.

      

      ARTICLE
NINTH: CALCULATION OF CASUALTY RATE. In order to determine definite
premium of the insurance contract, the casualty rate arisen during the contract
shall be calculated. For such analysis, it shall be considered the total amounts
paid and/or accrued related to pensions, contributions and additional
contributions, related to both casualties approved, as well as, those pending
for approval, and those occurred but not reported. The technical reserves of
casualties considered in the analysis will be those that have to be constituted
as minimal reserves, as per the Law, according to Circular Note 967 of the
Superintendency of Securities and Insurance. Consequently, those reserves
voluntary increased will not be considered, even if such increase had been
approved by the Superintendency. The accruals for premiums will be made by using
the historical information held by the Administrator.

      

      ARTICLE
TENTH: MONTHLY FINANCIAL REVENUES. It is understood by monthly financial
revenues the result of applying during the corresponding month the interest rate
of calculation in accordance with Article 12 of the current contract, to the sum
of cash flow of the same month plus the cumulative balance at the previous
month. The cash flow of a certain month is the difference between the monthly
premium paid and the casualties paid during the same month, expressed in Unidades de Fomento, for
these effects the casualties correspond to the total of pensions, contributions
and additional contributions paid in such month. The monthly fixed premium
established in the previous Article 6, it is not included in the paid premium
for this calculation. The cumulative balance in a certain month corresponds to
the sum of the accrued balance in the previous month, plus the cash flow of such
month plus the monthly financial revenues of the same period.

      

      ARTICLE
ELEVENTH: DETERMINATION AND PAYMENT OF DIFFERENCES OF PREMIUMS AND MONTHLY
FINANCIAL REVENUES. On completion of forty eight months from the
termination of the contract duration, the definite calculation of the difference
of the premium to be paid will be made, which payment will be made the last
business day of the fifty one month. However, by common agreement of the
parties, this payment could be extended up to two annual periods. By difference
of premium it will be understood the difference arisen between the monthly
payments made for temporary rate premiums and/or accruals for premiums, and
premiums for the effective casualty rate established in the agreement up to a
maximum casualty rate agreed, according to the definition 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      in the Exhibit one
to which is referred to in Article 15 below. These amounts will be expressed in
Unidades de Fomento and
they will be settled and paid as indicated below. The parties, however, will
make temporary payments from the difference between premiums and payments of the
monthly financial revenues, as per also stated below. At the time of the twelfth
month from the enforcement of the contract, that is, on December 31, 2005, the
first temporary settlement will be made, which will be paid no longer than March
31 of the following year, which shall include the accrued interests between the
date of calculation and the date of payment, at an interest rate agreed for
determining the financial revenues. The settlement will contemplate 100% of the
difference between the premium and the monthly financial revenues, calculated
from the date of the enforcement of the contract for the twelve-month period
until December 31, 2005. As of December 31, of the following years and until the
definite settlement is carried out, new temporary settlements of premiums will
be made as per the information gathered at each December, and the respective
financial revenues calculated. In each temporary settlement and in the definite
settlement, the amount paid since the enforcement of the contract will be
considered. If at the moment of definite settlement, there still were amounts
remaining on account of technical reserves stemming from casualties being
processed, the 100% of such amounts will be added, in favor of the
Administrator, to the payments previously mentioned. On the contrary, the
accruals of premiums which remain pending at the same date will be added in 100%
in favor of the Company, to the aforementioned payments.

      

      ARTICLE
TWELFTH: RATE OF THE MONTHLY FINANCIAL REVENUE. The monthly rate of
financial revenue will be calculated as follows: the maximum rate between 0% and
the result of multiplying by the 0.85 factor, the rate of return of the
effective portfolio maintained by the insurer financed by the cash flows of the
same month plus balance accrued in the previous month. For these effects, the
effective portfolio will be understood as the investment instruments portfolio
financed by cash flows of the same month plus the balance of cash flows accrued
in the previous month of the survival and disability insurance contract,
considering purchases, sales, maturities, capital events and anticipated
redemptions transactions made in such portfolio during each period of measure.
Return of the effective portfolio will be understood as the difference of the
value of such portfolio expressed in percentages terms over the final balance of
the accumulated cash flows as of the last day of the month under measurement.
For measurement period will be understood the period of time lag between the
last calendar day of the corresponding month of calculation and the last
calendar day of the previous month. For the portfolio valuation, the relevant
prices will be those obtained in transactions effectively made among them: purchases, sales,
maturities, capital events and anticipated redemptions in the measurement period
or otherwise, the prices indicated by the ticker symbol tape informed by the
Superintendency of Pension Funds Administrators corresponding to the day of the
respective measurement calculation.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      ARTICLE
THIRTEENTH: DETERMINATION AND PENSION PAYMENTS, CONTRIBUTIONS AND ADDITIONAL
CONTRIBUTIONS. It will correspond to the Administrator to determine the
incomes that will be considered in the calculation of each income base. It also
will determine the amounts of pensions, contributions and additional
contributions whose financing is necessary. The relative information regarding
the Recognition Bond to be considered as the basis for the calculation of
additional contributions will be those ones informed by the Administrator to the
Company. The way of calculating the necessary capitals, additional
contributions, disability pension of the initial determination and the
contributions shall have to be adjusted to the technical rules established by
the Superintendency of Pension Funds Administrators and the Superintendency of
Securities and Insurance. Once this information is communicated to the Company
for financing purposes, the payment shall be made to the Administrator during
the three following business days, through a nominative check. For those
payments of additional contributions for affiliates generating survival
pensions, the information previously mentioned will be communicated to the
Company only when the pertinent beneficiaries have submitted their survival
pension claims or death benefit fund claim. Any other additional information
that the insurer may request, either documental or interpretative information
regarding the type of casualty, do not release the insurer of its obligation of
paying and entering the contribution within the stipulated period. In all those
cases of re-calculation of benefits already entered, the resulting differences
shall be paid within ten business days, accounted from the communicating date of
the respective claim. For these purposes it is stated that Administradora de
Fondos de Pensiones Provida S.A. pays the temporary disability pensions the
twentieth day of each month or the previous business banking day, if it were not
a business banking day, therefore, the Company must promptly comply with its
payment obligation in order to the Administrator has the funds the
aforementioned day.

      

      ARTICLE
FOURTEENTH: INFORMATION AND REGISTRATION. The Company shall maintain at
the Administrator's
disposal a register containing information of casualties paid and casualties in
process of payment. Likewise, the Administrator will have at the Company's disposal the supplementary
information regarding casualties and collections amounts. Additionally and only
for statistical reasons, the Administrator will maintain the information
separately regarding payments and accruals of premiums that this contract
comprises, whose duration is indefinite. In the same way, the Company will
maintain the information regarding casualties.

      

      ARTICLE
FIFTEENTH: FORMULAS. The formulas included in document-Exhibit One that
signed by the parties, is referred at the end of the registration of the current
month under the number 227 that includes herein deed and it is 

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      understood as part
of the contract are referred to a contract with indefinite
duration.

      

      ARTICLE
SIXTEENTH: SUPPLEMENTARY PROVISIONS. In the absence of provisions of this
Contract, those ones called by the Superintendency of Pension Funds
Administrators and the Superintendency of Securities and Insurance that are
pertinent will be applied. The legal capacity deeds are not inserted as they are
known by the parties and by the Notary. In witness whereof, the parties
appearing set their hands hereunto following a reading of these presents. A copy
as provided. I ATTEST

      

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      EXHIBIT N ̊1: PROVIDA’S
CONTRACT  FORMULAS

      (All values are
expressed in UF)

      

      
        	
                Casualties
      (month J)

              	 
      	
                Sum
      (Additional Contributions, Contributions, Pensions (month
    J))

              
	 
      	 
      	 
      
	
                Cash flows
      (month J)

              	 
      	
                Temporary
      premium paid (month J) -Casualties paid (month J)

              
	 
      	 
      	 
      
	
                Maximum
      premium rate

              	 
      	
                it corresponds
      to a rate of 1.27% of taxable incomes

              
	 
      	 
      	 
      
	
                Temporary rate
      paid

              	 
      	
                it corresponds
      to a premium calculated at a rate of 0.70% of taxable
    incomes

              
	 
      	 
      	 
      
	
                Financial
      revenues (month J)

              	 
      	
                Accrued
      balance (month J-1) +Cash flows (month J) x I month (J)

              
	 
      	 
      	 
      
	
                I (Month
      J)

              	 
      	
                It corresponds
      to the monthly interest rate of the calculation in accordance with the
      elected offer

              
	 
      	 
      	 
      
	
                Accrued
      Balance (month J)

              	 
      	
                Accrued
      balance (month J-1) + financial revenues (month J) + Cash flows (month J)
      - financial revenues paid to the Administrator

              
	 
      	 
      	 
      
	
                Total amount
      of casualty

              	 
      	
                Amount of
      casualties paid to the date of settlement + amount of accrued casualties
      (casualties in process plus casualties occurred and not
      informed)

              
	 
      	 
      	 
      
	
                Monthly
      financial Revenue total

              	 
      	
                Sum of accrued
      financial revenues during the months of the period of calculation of such
      financial revenue.

              
	 
      	 
      	 
      
	
                Definite
      premiums

              	 
      	
                Premium at
      effective casualty rate up to the maximum rate agreed

              
	 
      	 
      	 
      
	
                Differences of
      premiums

              	 
      	
                Fixed
      temporary premium – definite premiums + differences of premiums already
      paid in previous pre-settlements to the
insurer.

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                Interests over
      differences between

              	 
      	 
      
	
                premiums and
      financial revenues

              	 
      	
                It corresponds
      to the monthly casualty rate agreed on the Contract applied over the
      difference of premium and financial revenues during the lag days from the
      date of pre-payments.

                (Difference of
      premium + financial revenues) x (n x i) (month J/360) with n days lag of
      payment

              
	 	 	 
	
                Accruals of
      premiums

              	 
      	
                This accrual
      is obtained from the sum of two components and it is calculated in
      accordance with the follows:

              

      

      

      
        	 
      	 
      	
                A)

              	
                Leftovers and
      Collection with incomplete documentation

              
	 
      	 
      	 
      	
                1)The balance
      of leftovers are established as of December 31 stemming from contributions
      received with mistakes, deducing from them the premiums to be
      recovered

                 

                2) Leftovers
      with the proportion of correct and incorrect identifications. It is
      assigned a recovery of 90% to the correct identifications and 70% to the
      incorrect identifications.

                 

                3) Collection
      with incomplete documentation. It is assigned a recovery of 95% of the
      premiums deduced from them in the point A1.

              
	 	 	 	 
	 
      	 
      	
                B)

              	
                Declarations
      receivables

              
	 	 	 	 
	 	 	 	According to
      the performance observed in the recovery of our amounts collected, it is
      applied the parameters of non receivable amounts and historical payments
      for the periods affected.

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      AMENDMENT
OF THE INSURANCE CONTRACT

      ADMINISTRADORA
DE FONDOS DE PENSIONES PROVIDA S.A.

      TO

      BBVA
SEGUROS DE VIDA S.A.

      

      

      IN SANTIAGO, CHILE, on January
4, 2008, before me JUAN EDUARDO
AVELLO SAN MARTIN, Lawyer, Alternate Notary Public to Mr. Eduardo Avello Concha, Regular
Notary of the Twenty-Seventh Notarial Office of Santiago of Mr. Eduardo Avello
Concha, as per Judiciary Decree entered into the records No364 of December 2007
of this office, with a place of business at Orrego Luco 0153, Providencia,
Santiago, there appeared:

      

      Mr. JUAN CARLOS REYES
MADRIAZA, Chilean, married, Civil Engineer (Math), bearing national
identification card number 7.382.629-2, to represent in his position, as
creditable, as interim Chief Executive Officer of ADMINISTRADORA DE FONDOS DE PENSIONES
PROVIDA S.A.. hereinafter called "The Administrator", both
domiciled in this city at Pedro de Valdivia 100, 16th floor,
Providencia, and Mr. FERNANDO
TAFRA STURIZA, Chilean, married, business administrator, bearing national
identification card number 4.778.406-9 and Mr. JAMES MURRAY TORREJON,
Chilean, married, business administrator, bearing national identification card
number 9.590.111-5  in representation of BBVA SEGUROS DE VIDA S.A.
hereinafter "The
Company" both domiciled in this city at Bandera 76, 6th floor, suite 602,
both appearing parties, legal age, evidence their identities by the aforesaid
identity cards and state that they hereby enter into the modification of the
insurance agreement stating that expenditures demanding the execution of this
deed are exclusively charged to the Company.

      

      FIRST.
By public deed dated December 22, 2004, executed in the Santiago Notarial Office
of Eduardo Avello Concha, the appearing parties entered into an Insurance
Contract to guarantee the financing of the obligations established in the
Article 54 Decree Law 3,500, and its amendments.

      

      SECOND.
Through the Circular Note No 1,459 of the Superintendency of Pension Fund 1,459
Administrators and General Rule No 207 of the Superintendency of Securities and
Insurance, both dated on August 31, 2007, such regulatory bodies established new
mortality tables MI-2006, men and women for disabled pensioned affiliates and
disabled beneficiaries of survival pensions; and table B-2006, men and women for
non-disabled beneficiaries of survival pensions that will effective
beginning on February 1, 2008.

      

      THIRD.
Through Circular Note No 1,460 of the Superintendency of Pension Fund
Administrators dated September 21, 2007, such Regulator established the
applicable rules of the new mortality tables referred in the Number Second
above.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      FOURTH.
That the referred mortality tables will be effective beginning on February 1,
2008.

      

      FIFTH.
That the application of the referred new mortality tables will significantly
affect the Insurance Contract referred in Number First above.

      

      SIXTH.
That the aforementioned insurance contract referred in the Number
First  above, in the Article 1 of the particular conditions
establishes that "if during the duration of the contract new legal disposals
were published or administratively rules were dictated whose content would
significantly affect this contract, the parties, by common agreement could
modify it”.

      

      SEVENTH.
That in accordance with the aforementioned, the parties, by common agreement,
come to modify the Insurance Contract referred in the Number First above, in the
following terms: /a/ the amount of the maximum rate shall be modified as a
percentage of the taxable remunerations of the affiliates covered by the
Contract that allude to Article 5 of the particular conditions, which shall be
1,70%; /b/ the temporary rate shall be modified of the monthly taxable
remunerations and incomes over which they have contributed in the previous month
established in the Article 7 of the particular conditions, which shall be 1,0%.
/c/ the current contract shall incorporate every and each of the rules of
application for the new mortality tables issued by the Superintendency of
Pension Fund Administrators through Circular Note 1,460, which shall be
understood to integrally take part of the current insurance
contract.

      

      EIGHTH.
The amendments introduced by the present instrument will be effective beginning
on February 1, 2008.

      

      NINTH.
In the non amended portion, it governs each and every disposal contained in this
insurance contract subscribed between the parties by public deed dated on
December 22, 2004 executed in the Santiago Notarial Office of Mr. Eduardo Avello
Concha. LEGAL CAPACITY:
The legal capacity of Mr. Juan
Carlos Reyes Madriaza to represent the Administradora de Fondos de Pensiones
Provida S.A. as evidenced by registered deed dated January 12, 1999 and
August 20, 2007 both executed in the Santiago Notarial Office of Mr. Eduardo
Avello Concha. The legal capacity of Mr. Fernando Tafra Sturiza and
Mr. James Murray
Torrejon to represent BBVA Seguros de Vida S.A. as
evidenced by registered deed dated June 23, 2003, executed in the Santiago
Notarial Office of Mr. Jose Musalem Saffle. The legal capacity deeds are not
inserted as they are known by the parties and by the Notary. In witness whereof,
the parties appearing set their hands hereunto following a reading of these
presents. A copy as provided. I ATTESTExhibit
4.2

       

       

      SOFTWARE
LICENSE CONTRACT

       

      BETWEEN

       

      BBVA
PENSIONES CHILE S.A.

       

      AND

       

      ADMINISTRADORA
DE FONDOS DE PENSIONES PROVIDA S.A.

       

       

      Santiago, Chile,
December 1, 2005

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

       

      In
Santiago, on December 1, 2005

       

      
        	
                I.

              	
                BBVA PENSIONES
      CHILE S.A. (hereinafter called the “Grantor”), a company
      incorporated according to Chilean laws, with legal residence at 100, Pedro
      de Valdivia Ave., Providencia, Santiago, Chile, Tax Identification (RUT)
      No. 96,757,820-7, APPEARS AS PARTY OF THE FIRST
  PART.

              

      

       

      The Grantor is
represented by Mr. Gustavo Alcalde Lemarie, Chilean, married, business
administrator, legally of age, bearer of Chilean national identity card
No. 5,894,308-8, and for the purposes hereof, the same legal address as the
company he represents.

       

      
        	
                II.

              	
                ADMINISTRADORA
      DE FONDOS DE PENSIONES PROVIDA S.A. (hereinafter called the “Licensee”), a company
      incorporated according to Chilean laws, with legal residence at 100, Pedro
      de Valdivia Ave., 16th
      Floor, Providencia, Santiago, Chile, Tax Identification (RUT)
      No. 98,000,400-7,  APPEARS AS PARTY OF THE SECOND
      PART.

              

      

       

      The Licensee is
represented by Messrs. Jorge Matuk Chijner, Peruvian, married, business
administrator, bearer of Chilean foreign identity card No. 21,828,473-6,
and Andrés Veszprémy Schilling, Chilean, married, lawyer, bearer of Chilean
national identity card No. 8,881,705-2, both legally of age and domiciled
for the purposes hereof as the company they represent.

       

      The appearing
representatives in turn state that their respective powers have not been
revoked, suspended or restricted, and that the acting capacity of their
respective represented companies has not changed. Thus, acknowledging their
sufficient capacity to enter into this agreement, they state the
following:

       

      WHEREAS:

       

      
        	
                I.

              	
                The Grantor
      owns the Intellectual Property Rights on the software described in Appendix 1
      (hereinafter the “Software”). For the
      purposes hereof, “Intellectual Property
      Rights” shall be construed as ownership or trade-related aspects
      regarding exploitation of the Software, its modifications and
      customizations, as well as directives for using or running the Software
      (hereinafter called the “Usage
      Manual”).

              

      

       

      
        	
                II.

              	
                The Licensee
      is interested in obtaining a license over the foregoing Software
      Intellectual Property Rights, including the right to modify and customize
      it to local technical requirements, in order to process information
      according to its operational, business and legal compliance
      needs.

              

      

       

       

      
        
          
          

        

        
          2

          
            

          

        

        
          
          

        

      

       

       

      THEREFORE, both parties concur
in entering into this software license contract (hereinafter called the
“Contract”), whereby
they assent to the following terms and conditions:

       

      
        	
                1.

              	
                LICENSE OBJECTIVE AND
      TYPE

              

      

       

      
        	
                1.1

              	
                Objective:
      The Grantor hereby grants the license or right to use the Software and its
      Usage Manual to the Licensee, who in turn accepts it, for application on
      its computer systems and with the sole purpose described in the foregoing
      Recital II (hereinafter called the “License”).

              

      

       

      Except for the
rights expressly excluded in the following Sub-clause 1.2, the License
comprises of assignment to the Licensee of all Intellectual Property Rights on
the Software and its Usage Manual, including:

       

      
        	
                 
      

              	
                (i)

              	
                The right to
      fully or partially copy the source codes or programs, by any means and in
      any manner, whether provisionally or permanently, including load,
      presentation, run, transmission and/or storage thereof, making as many
      backup copies as deemed necessary, and partially or totally decompiling
      the Software, and

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Translating,
      adapting, arranging or in any way transforming the foregoing programs,
      copying the results of such actions, including the right to make technical
      customizations to meet local needs or
  requirements.

              

      

       

      The Licensee may use
or in any way exploit any Intellectual Property Right hereunder, whether
directly or through subcontracted third parties, including outsourcing, to the
extent needed for the provision of such services to the Licensee.

       

      
        	
                1.2

              	
                Type:
      The License is non-exclusive and valid anywhere in the world, with the
      Licensee not being entitled to grant third parties the Software use,
      sublicenses or authorizations, whether exclusive or not, without the
      written consent of the Grantor.

              

      

       

      
        	
                1.3

              	
                Evolutionary
      Developments: The Grantor does not undertake any obligations to
      produce new or enhanced Software versions. If it did, it shall be through
      its AFP (Pension-Fund Administrator) Maintenance Center (“CMA”), which
      shall be responsible for both evolutionary/regulatory development and
      corrective maintenance.

              

      

       

      In this case and
whenever the Grantor has new or enhanced Software versions, no new license shall
be necessary and any such versions shall be automatically comprised herein. In
the latter case, the Licensee must pay to the CMA the new development price,
equivalent to actual man/hour unit-rate costs in dollars.

       

      The Software
corrective maintenance shall be governed by the provisions of a separate
document executed by the parties.

       

       

      
        
          
          

        

        
          3

          
            

          

        

        
          
          

        

      

       

       

      
        	
                2.

              	
                INSTALLATION AND
      DELIVERY OF USAGE MANUAL

              

      

       

      
        	
                2.1

              	
                Installation:
      The Grantor commits to install the Software in the equipment specified by
      the Licensee. The installation shall be deemed complete when the Software
      can be correctly used in the Licensee’s computer systems for the purposes
      stated herein.

              

      

       

      Any developments
required to adapt or install the Software in the Licensee’s systems shall be
deemed comprised in the price specified in Clause 4 hereof, but any
transportation expenses of the Grant or, its personnel or that of service
providers to the Licensee’s premises to perform such installation shall be
invoiced separately.

       

      Upon completion of
the installation, the parties shall sign off a document of acceptance by the
Licensee.

       

      
        	
                2.2

              	
                Usage
      Manual: The Grantor shall deliver soft copies of the Usage Manual
      to the Licensee upon installation completion. The following contents shall
      be included in the Usage Manual, as a
minimum:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                Source codes,
      the modification right of which is licensed
  herein;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                Functional
      design of the various Software
modules;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                User manual of
      the various Software modules;

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                Operation
      manual of the Software; 

              

      

       

      
        	
                 
      

              	
                (v)

              	
                Data model
      (general and detailed), and

              

      

       

      
        	
                 
      

              	
                (vi)

              	
                Component
      details (tables, folders, etc.).

              

      

       

      
        	
                3.

              	
                EFFECTIVE
      TERM

              

      

       

      The License
hereunder is indefinitely granted, and if a term was mandatory, then for as long
as legally permitted.

       

      Notwithstanding,
this Contract shall be terminated, hence the License revoked, in the following
cases:

       

      
        	
                 
      

              	
                (i)

              	
                By the
      Licensee at any time giving prior reliable notice to the other party of
      its decision to terminate the Contract at least twelve (12) months in
      advance of the effective termination date, without any compensation right
      vested for any of the parties.

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                By the Grantor
      if the Licensee separated from the group of companies led by Banco Bilbao
      Vizcaya Argentaria, S.A., or of which the latter is a member. For the
      purposes hereof, the Grantor shall be deemed to be part
  

              

      

       

       

      
        
          
          

        

        
          4

          
            

          

        

        
          
          

        

      

       

       

      
        of such group in any
of the cases provided in Article 4th* of the Spanish Law on the Stock Market
(LMV) No. 24/1988, enacted July 28, any amendments or replacing regulation
thereof. In this case, the Contract shall be terminated by prior reliable notice
of the Grantor to the Licensee, stating its decision to terminate the Contract
effective upon twelve (12) months of such notice.

      

       

      In the latter case,
the Licensee may demand compensation from the Granter as provided in Appendix II
hereof according to the Contract lapsed effective period, from execution to
termination, without any further compensation right vesting
thereto.

       

      Upon termination
hereof as provided herein, the Licensee shall abstain from using the Software
hereunder, delete any backup copies from its systems and return to the Grantor
the copies of the Usage Manual with any other Software documentation that it may
have at the time.

       

      
        	
                4.

              	
                PRICE, PAYMENT AND
      TAXES

              

      

       

      4.1           License
Price and Payment: As consideration for granting the license and all
other obligations herein undertaken by the Grantor (excluding the Software
installation), the Licensee shall pay the Grantor the amounts specified in Appendix III
hereof, as provided therein.

       

      4.2           Price of
New Versions (Evolutionary Development): If the CMA produced new or
improved Software versions, no new license shall be necessary and any such
versions shall be automatically comprised herein, as provided in
sub-clause 1.3.

       

      4.3           Taxes:
The Licensee shall bear all existing and future taxes hereunder. Consequently,
should any applicable law require encumbering, deducting or withholding any
amounts for tax purposes, the price to be paid by the Licensee shall be
increased accordingly, so that the amount received by the Grantor remains
exactly as provided in Appendix III
hereof.

       

      
        
___________________

        * Translation of Article 4th
of LMV 24/1988: For the purposes of this Law, a group of companies shall be
considered composed of organizations forming a decisional unit, namely one
thereof is, or may be, in direct or indirect control of the others, or such
control is in the hands of one or several individuals systematically acting in
agreement.

        
           

          In
any case, a decisional unit shall be construed in any of the scenarios provided
in Paragraph 1 of Article 42 of the Code of Mercantile Law, or when at
least half the Board members of the controlled organization are Board members or
top managers of the controlling one, or of another organization controlled by
the latter.

           

          For
the purposes of the foregoing provisions, the controlling organization shall add
to its rights those vested through other controlled organizations or through the
individuals acting on behalf of the controlling organization, or of other
controlled ones, or those jointly held with any other individual.

           

        

      

       

       

       

      
        
          
          

        

        
          5

          
            

          

        

        
          
          

        

      

       

       

      
        	
                5.

              	
                GUARANTEES

              

      

       

      
        	
                5.1

              	
                The Grantor
      expressly assures the Licensee:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                That it owns
      the Software Intellectual Property Rights, including source and executable
      programs thereof, and that no legal or contractual restriction exists
      under any jurisdiction preventing its full or partial transfer, assignment
      or any other arrangement as provided herein, nor any full or partial
      transfer, assignment or other arrangement of the source and executable
      programs that form the Software;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                That the
      Intellectual Property Rights hereunder are free of any burden, encumbrance
      or charge;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                That the
      Software use provided herein does not infringe any legal provisions or
      third-party rights, nor is it in any way unfair competition,
      and

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                That the
      Software features and services are suitable for the intended use thereof
      stated in Recital II.

              

      

       

      The foregoing
guarantees solely relate to the Software licensed by the Grantor at this time,
and therefore, shall not extend to any modifications or alterations performed by
the Licensee.

       

      
        	
                5.2

              	
                The Grantor
      commits to compensate the Licensee for any loss or damage resulting from
      any infringement of the guarantees provided in the foregoing sub-clause,
      number 5.1, including all expenses and costs paid by the Licensee to
      the Grantor or disbursed defending any third-party claim (for instance:
      expert studies, legal counsel fees, court expenses,
  etc.).

              

      

       

      
        	
                5.3

              	
                The Grantor
      promises to cooperate with the Licensee in defending its interests should
      any third party, judicial or government authority start any proceedings
      against the latter, as a result of an infringement of the guarantees
      herein. In any case, the Licensee shall decide, at its sole discretion,
      whether to comply with the claim or oppose it, acting therefore in good
      faith.

              

      

       

      
        	
                6.

              	
                CONTRACT
      ADMINISTRATION

              

      

       

      The parties appoint
the following liaison persons to resolve any matter regarding the licensed
Software installation or operation:

       

      
        	
                 
      

              	
                (i)

              	
                For the
      Grantor:

              

      

       Francisco
Leyva

       

      
        	
                 
      

              	
                (ii)

              	
                For the
      Beneficiary:

              

      

       Juan Carlos
Reyes Madriaza

       

       

       

      
        
          
          

        

        
          6

          
            

          

        

        
          
          

        

      

       

       

      
        	
                7.

              	
                CONFIDENTIALITY

              

      

       

      Any information
furnished to one party by the other shall be considered confidential, regardless
of the support media and whether it relates to the Software or hereto. Any
public domain information as of the date hereof is excluded.

       

      Neither party may
disclose such information to any third party without consent from the other
party, unless such disclosure is (i) essential to abide by law or
(ii) required by a judicial or government authority.

       

      
        	
                8.

              	
                MISCELLANEOUS

              

      

       

      
        	
                8.1

              	
                Representations
      and Guarantees of the Parties: Each party states and assures the
      other:

              

      

       

      
        	
                 
      

              	
                (i)

              	
                That it is
      duly incorporated society according to its national laws, legally capable
      of granting this License and fulfilling this Contract, as well as of
      exercising the rights and meeting the obligations hereunder, and that it
      has completed all processing and met all the requirements needed for the
      grant and fulfillment hereof;

              

      

       

      
        	
                 
      

              	
                (ii)

              	
                That the grant
      and fulfillment hereof does not infringe any current legal provision,
      their by-laws, nor any other agreement or commitment entered or undertaken
      by each party;

              

      

       

      
        	
                 
      

              	
                (iii)

              	
                That the
      individuals executing this Contract are legally empowered and mandated to
      bind the party that they respectively represent,
  and

              

      

       

      
        	
                 
      

              	
                (iv)

              	
                That the
      obligations undertaken by each party herein are fully effective, binding
      and enforceable, without requiring any further authorizations, approvals,
      formalities, records or registrations by anyone or any
      authority.

              

      

       

      
        	
                8.2

              	
                Sole
      Document: All the Grantor’s and Licensee’s rights and obligations
      are contained in this Contract and its appendices, which jointly form only
      one regulating document between both parties that replaces and revokes any
      previous agreement or document regarding the Software
    License.

              

      

       

      
        	
                8.3

              	
                Partial
      Nullity: Should any provision herein be declared null, the
      remaining ones shall prevail in their own terms. If the nullity involved
      an essential part hereof, the parties shall negotiate to find a reasonable
      good-faith solution always considering the spirit hereof and the purpose
      of the cancelled provision.

              

      

       

      
        	
                8.4

              	
                No
      Other Beneficiaries: Unless otherwise expressly stated herein, no
      provision hereof may be construed as granting any rights or resorts to any
      non-party, except for legal successors of each
  party.

              

      

       

       

      
        
          
          

        

        
          7

          
            

          

        

        
          
          

        

      

       

       

      
        	
                8.5

              	
                Independence:
      This Contract is not intended to establish any mandate or entrustment
      relationship of any kind between the parties. None thereof shall be
      considered as representative of the
other.

              

      

       

      
        	
                8.6

              	
                Assignment:
      The Grantor may fully or partially assign this Contract to an organization
      member of the group of companies led by Banco Bilbao Vizcaya Argentaria,
      S.A., or of which the latter is a member, pursuant to Clause 3
      hereof, by simply giving written notice to the
  Licensee.

              

      

       

      On the other hand,
the Licensee may not partly or fully assign this Contract to any third party,
whether a member of the group of companies led by Banco Bilbao Vizcaya
Argentaria, S.A.or not, without the prior express and reliably given consent of
the Grantor.

       

      
        	
                8.7

              	
                Breach:
      Each party shall be liable for compensating the other for any direct loss
      or damage resulting from any breach hereof. Indirect damages, loss of
      profit and non-pecuniary loss are not
  compensable.

              

      

       

      
        	
                9.

              	
                COMMUNICATIONS

              

      

       

      
        	
                9.1

              	
                All requests,
      notifications, notices and generally any communications between the
      parties hereto shall be deemed duly given when transmitted by fax and
      addressed to their respectively specified addresses and numbers, without
      prejudice to the subsequent ratification by letters signed by authorized
      individuals with regard to the communications themselves or acknowledging
      receipt thereof.

              

      

       

      Original faxed
documents showing receipt at the corresponding fax numbers are sufficient proof
of notice.

       

      
        	
                9.2

              	
                The following
      are the parties’ respective addresses, telephone and fax
      numbers:

              

      

       

      BBVA
PENSIONES CHILE

      Av. Pedro de
Valdivia 100, Providencia, Santiago, Chile

      Phone: (56-2)
351-1200

      Fax: (56-2)
351-1993

       

      A.F.P.
PROVIDA S.A.

      Av. Pedro de
Valdivia 100, Piso 16, Providencia, Santiago, Chile

      Phone: (56-2)
351-1201

      Fax: (56-2)
351-1717

       

      Any change of
address, phone or fax number must be reliably notified in writing to the other
party.

       

       

      
        
          
          

        

        
          8

          
            

          

        

        
          
          

        

      

       

       

      
        	
                10.

              	
                APPLICABLE LAW AND
      JURISDICTION

              

      

       

      
        	
                10.1

              	
                Applicable
      Law: This Contract shall be construed and fulfilled according to
      its own terms and conditions, and shall be governed by Chilean law, as
      applicable.

              

      

       

      
        	
                10.2

              	
                Jurisdiction:
      Any difficulty, doubt, issue or dispute that may arise between the parties
      regarding the application, interpretation, fulfillment, performance,
      effective period, termination, cancellation, nullity or validity hereof,
      or any other related matter, shall be submitted for consideration and
      resolution to a joint arbitrator, namely fact arbitrator for the
      proceedings, whose ruling in law abidance may be ordinarily and
      extraordinarily appealed, including
complaints.

              

      

       

      The arbitrator shall
be appointed by mutual agreement of the parties, failing which, the Santiago
Courts of Record shall appoint an individual having taught Civil or Commercial
Law at the University of Chile or Chilean Catholic University for at least five
years.

       

      In acceptance of the
foregoing, the parties execute this agreement in duplicate, on the date and in
the place stated in the preamble hereof.

       

      
        	
                For
      BBVA PENSIONES CHILE S.A.

              	 	
                For
      ADMINISTRADORA DE FONDOS DE
PENSIONES PROVIDA S.A.

              
	 	 	 
	
                

                
                  ____________________________

                  Gustavo
      Alcalde Lemarie

                

              	 	
                
                

                
                  ________________________________________

                  Jorge Matuk
      Chijner
Andrés
      Veszprémy
      Schilling

                

              

      

      

      
        [Signatures copied
and pasted from original in Spanish]

      

       

       

      
        
          
          

        

        
          9

          
            

          

        

        
          
          

        

      

       

       

      APPENDIX I

       

      DESCRIPTION OF THE LICENSED
SOFTWARE

       

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      APPENDIX II

       

      COMPENSATIONS IN CASE OF
AGREEMENT TERMINATION BY THE GRANTOR FOR THE LICENSEE SEPARATION FROM THE BBVA
GROUP

       

      If the Licensee were
separated from the group of companies led by Banco Bilbao Vizcaya Argentaria,
S.A., of which the latter is a member, as provided in Clause 3 of the
License Contract (the “Contract”), and the Grantor exercised its right to
terminate the Contract pursuant thereto, the Licensee shall be entitled to
compensation by the Grantor according to the number of effective years. The
following distinctions apply to compensation for termination:

       

      
        	
                 
      

              	
                1.

              	
                In case of
      termination during the first two years of the Contract effective date,
      including the twelve months upon separation from the BBVA Group: 100% of
      the License Price shall be
compensated.

              

      

       

      
        	
                 
      

              	
                2.

              	
                In case of
      termination during the third year of the Contract effective date,
      including the twelve months upon separation from the BBVA Group: 80% of
      the License Price shall be
compensated.

              

      

       

      
        	
                 
      

              	
                3.

              	
                In case of
      termination during the fourth year of the Contract effective date,
      including the twelve months upon separation from the BBVA Group: 60% of
      the License Price shall be
compensated.

              

      

       

      
        	
                 
      

              	
                4.

              	
                In case of
      termination during the fifth year of the Contract effective date,
      including the twelve months upon separation from the BBVA Group: 40% of
      the License Price shall be
compensated.

              

      

       

      
        	
                 
      

              	
                5.

              	
                In case of
      termination during the sixth year of the Contract effective date,
      including the twelve months upon separation from the BBVA Group: 20% of
      the License Price shall be
compensated.

              

      

       

      
        	
                 
      

              	
                6.

              	
                In case of
      termination over six years after the Contract effective date, including
      the twelve months upon separation from the BBVA Group: there shall be no
      compensation.

              

      

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

       

      APPENDIX III

       

      PRICE PAYABLE BY THE
LICENSEE

       

       

       

      The Price to be paid
by the Licensee to the Grantor in the national currency, namely peso, is
equivalent of seven million, two-hundred and fifty-nine thousand Euros
(€ 7,259,000), after taxes. This amount shall be paid against receipt of
the pertinent invoice, to be issued during the month of December
2005.

       

              
                            

       

       [Signatures copied and pasted from
original in Spanish]

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