Shearman & Sterling represented Citigroup Global Markets Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Santander Investment Securities Inc., as initial purchasers in connection with an international offering by the Republic of Chile of Ps. 116,815,000,000 aggregate principal amount of its 4.5% bonds due March 1, 2021 (the “2021 Bonds”) and Ps.115,295,000,000 aggregate principal amount of its 5.0% bonds due March 1, 2035 (the “2035 Bonds” and, together with the 2021 Bonds, the “Bonds”).

The offering was a reopening of the 2021 Bonds and the 2035 Bonds, each originally issued in a public offering in Chile by the Republic of Chile. The transaction constituted Chile’s second international offering of Peso-denominated bonds governed by Chilean law. The international offering was made concurrently with a public offering in Chile of Ps. 558,185,000,000 aggregate principal amount of the 2021 Bonds, for a total offering of Ps. 675,000,000,000 aggregate principal amount of the 2021 Bonds and Ps. 544,705,000,000 aggregate principal amount of the 2035 Bonds, for a total offering of Ps. 660,000,000,000 aggregate principal amount of the 2035 Bonds.