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Banco Santander and LATAM Pass renew their historic alliance, reaffirming the leadership of the loyalty program in Chile

1. BSAC and LATAM Airlines renew their strategic alliance for five years. 2. Alliance allows redemption of 2 million tickets annually, enhancing customer loyalty. 3. LATAM Pass program grows by 40%, now fourth-largest in the Americas. 4. Partnership strengthens service offerings and customer value proposition. 5. BSAC maintains high risk ratings, supporting financial stability.

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FAQ

Why Bullish?

Renewal of the strategic alliance signifies strong customer loyalty and business growth, which historically correlates with positive stock performance for BSAC.

How important is it?

The renewal cements BSAC's dominant position in customer loyalty programs, potentially boosting its market valuation and investor confidence.

Why Long Term?

The sustained alliance over five years indicates stable future revenue streams and increased customer engagement, beneficial for long-term growth.

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This renewal ensures the continuity of the longest-standing alliance in the country, which enables the redemption of around 2 million tickets per year on average.This milestone drives the alliance to continue innovating in its product value proposition, reaffirming the commitment to continuously enhance the travel experience of the program’s members. SANTIAGO, Chile, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) and LATAM Airlines Group S.A. (NYSE: LTM; SSE: LTM) have renewed their strategic alliance for another five years, consolidating over three decades of collaboration. This partnership has enabled the development of the most recognized loyalty program in the Chilean market, connecting millions of people with travel-related benefits and LATAM Pass program services. Over the past 30 years, the alliance has consistently received high customer appreciation. To illustrate the scale of the partnership, an average of around 2 million airline tickets are redeemed each year through miles accumulated via the bank’s products. This is equivalent to operating 3,415 A320 aircraft exclusively with alliance passengers. In addition, alliance members have enjoyed an enhanced flying experience thanks to the benefits offered by the affiliated credit cards. Andrés Trautmann, Country Head of Banco Santander Chile, stated: “With more than 30 years of history, this alliance has become a cornerstone of our daily relationship with customers. Its renewal is a strategic decision aimed at strengthening and projecting into the future a value proposition that has proven to be relevant and widely appreciated by those who place their trust in us.” “We are thrilled to renew this alliance with Banco Santander, a strategic partner for LATAM Pass, with whom we aim to continue creating value for customers. This milestone continues a historic relationship and reaffirms our commitment to elevating the travel experience of every one of our members. At LATAM Pass, we will continue working to offer unique benefits and unforgettable experiences through the region’s leading loyalty program,” said Roberto Alvo, CEO of the LATAM Group. Currently, the LATAM Pass program has over 51 million members worldwide and has grown by 40% since 2019, making it the fourth-largest loyalty program in the Americas and the seventh-largest globally. Meanwhile, the Santander LATAM Pass alliance currently has more than 688,000 customers, making it the most established, valued, and important loyalty program in Chile. Photo caption (from left to right): Cristian Ortiz, CEO of LATAM Pass; Roberto Alvo, CEO of the LATAM Group; Andrés Trautmann, CEO of Banco Santander Chile; and Ángel García, Payments Manager. About Banco Santander ChileBanco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody's, A- from Standard & Poor's, A+ from the Japan Credit Rating Agency, AA- from HR Ratings, and A from KBRA. All of our ratings have a stable outlook as of the date of this report. As of June 30, 2025, the bank had total assets of Ch$66,188,442 million (US$69,371 million), total gross loans (including those owed by banks) at amortized cost of Ch$40,942,542 million (US$42,911 million), total deposits of Ch$29,614,613 million (US$31,039 million), and shareholders' equity was $4,514,322 million (US$4,731 million). The BIS capital ratio was 17.0%, with a core capital ratio of 10.9%. As of June 30, 2025, Santander Chile employed 8,660 people and had 231 branches throughout Chile. About The LATAM Pass loyalty programThe LATAM Pass loyalty program allows its members to earn miles by flying, using credit cards, and interacting with participating merchants. These miles can then be redeemed for flights and products available on the LATAM Pass Shopping platform. Members can also access exclusive benefits—depending on their tier—to enhance their onboard experience. The list of participating merchants can be found on the program’s website. CONTACT INFORMATIONCristian VicuñaChief Strategy Officer and Head of Investor RelationsBanco Santander ChileBandera 140, 20th FloorSantiago, ChileEmail: irelations@santander.cl Website: www.ir.santander.cl A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8be95e72-9da6-4a60-9c72-300ae95ad1e4

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