MetLife Completes Tender Offer for ADSs and Common Shares of AFP Provida S.A.

  MetLife Completes Tender Offer for ADSs and Common Shares of AFP Provida

Business Wire

NEW YORK -- September 30, 2013

MetLife, Inc. (“MetLife”) (NYSE:MET) announced today the expiration of the
tender offer (the “U.S. Offer”) by its subsidiary, MetLife Chile Acquisition
Co. S.A. (the “Purchaser”), for all of the outstanding common shares of AFP
Provida S.A. (“Provida”) that are held by U.S. holders, and all of the
outstanding American Depositary Shares (“ADSs”), each representing fifteen
common shares of Provida, from all holders, wherever located, at a price of
U.S. $6.1476 per common share and U.S. $92.2140 per ADS, in each case, in
cash, without interest, payable in U.S. Dollars or Chilean Pesos, at the
election of tendering holders. The U.S. Offer expired at 11:59 p.m. New York
City time, on September 27, 2013.

MetLife also announced the expiration of the simultaneous tender offer in
Chile (the “Chilean Offer,” and together with the U.S. Offer, the “Offers”) by
Purchaser to purchase all of the outstanding common shares of Provida from all
holders of common shares, wherever located, for the same price and on
substantially the same terms as the common shares of Provida offered to be
purchased in the U.S. Offer.

The Bank of New York Mellon (the “U.S. Tender Agent”) informed MetLife and
Purchaser that a total of 4,851,876 ADSs (equal to 72,778,140 common shares),
representing approximately 21.97% of the currently outstanding common shares
of Provida, were validly tendered and not withdrawn in the U.S. Offer. This
includes 2,805,099 ADSs tendered by Banco Bilbao Vizcaya Argentaria S.A.
(“BBVA”), representing 42,076,485 common shares of Provida, and 220,508 ADSs
tendered by Notice of Guaranteed Delivery. No common shares were tendered into
the U.S. Offer and no holders that tendered ADSs into the U.S. Offer elected
to receive payment in Chilean Pesos. Purchaser has accepted for payment all
ADSs validly tendered and not withdrawn in the U.S. Offer and will promptly
deposit the aggregate purchase price in U.S. Dollars with the U.S. Tender

Larraín Vial S.A. Corredora de Bolsa and Banchile Corredores de Bolsa S.A.
(the “Chilean agents”) informed MetLife and Purchaser that a total of
58,949,845 common shares were validly tendered and not withdrawn in the
Chilean Offer, representing approximately 17.79% of the currently outstanding
common shares. Purchaser has accepted for payment all common shares tendered
pursuant to the Chilean Offer.

Simultaneously with payment by Purchaser to the U.S. Tender Agent and Chilean
agents for the ADSs and common shares validly tendered and not withdrawn in
the Offers, BBVA will, subject to the terms and conditions of the Transaction
Agreement, cause the transfer to Purchaser of 100% of the issued and
outstanding shares of capital stock of Inversiones Previsionales, thereby
transferring indirectly the 171,023,573 common shares of Provida held by
Inversiones Previsionales, representing approximately 51.62% of the
outstanding common shares of Provida.

Upon consummation of the Offers and the transfer of Inversiones Previsionales
shares, MetLife will indirectly own 299,443,938 common shares, in both common
share and ADS form, representing approximately 90.38% of the outstanding
common shares of Provida. In addition, subject to actual delivery of the ADSs
tendered by Notice of Guaranteed Delivery pursuant to the U.S. Offer,
Purchaser could increase such ownership to up to 302,751,558 common shares
(including those in ADS form), representing approximately 91.38% of the
outstanding common shares of Provida.

About MetLife

MetLife, Inc. is a leading global provider of insurance, annuities and
employee benefit programs, serving 90 million customers. Through its
subsidiaries and affiliates, MetLife holds leading market positions in the
United States, Japan, Latin America, Asia, Europe and the Middle East. For
more information, visit

This press release may contain or incorporate by reference information that
includes or is based upon forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
give expectations or forecasts of future events. These statements can be
identified by the fact that they do not relate strictly to historical or
current facts. They use words such as “anticipate,” “estimate,” “expect,”
“project,” “intend,” “plan,” “believe” and other words and terms of similar
meaning in connection with a discussion of future operating or financial
performance. In particular, these include statements relating to future
actions, prospective services or products, future performance or results of
current and anticipated services or products, sales efforts, expenses, the
outcome of contingencies such as legal proceedings, trends in operations and
financial results.

Any or all forward-looking statements may turn out to be wrong. They can be
affected by inaccurate assumptions or by known or unknown risks and
uncertainties. Many such factors will be important in determining the actual
future results of MetLife, Inc., its subsidiaries and affiliates. These
statements are based on current expectations and the current economic
environment. They involve a number of risks and uncertainties that are
difficult to predict. These statements are not guarantees of future
performance. Actual results could differ materially from those expressed or
implied in the forward-looking statements. Risks, uncertainties, and other
factors that might cause such differences include the risks, uncertainties and
other factors identified in MetLife, Inc.’s filings with the U.S. Securities
and Exchange Commission (the “SEC”). These factors include: (1) difficult
conditions in the global capital markets; (2) increased volatility and
disruption of the capital and credit markets, which may affect our ability to
meet liquidity needs and access capital, including through our credit
facilities, generate fee income and market-related revenue and finance
statutory reserve requirements and may require us to pledge collateral or make
payments related to declines in value of specified assets, including assets
supporting risks ceded to certain of our captive reinsurers or hedging
arrangements associated with those risks; (3) exposure to financial and
capital market risks, including as a result of the disruption in Europe and
possible withdrawal of one or more countries from the Euro zone; (4) impact of
comprehensive financial services regulation reform on us, as a potential
non-bank systemically important financial institution, or otherwise; (5)
numerous rulemaking initiatives required or permitted by the Dodd-Frank Wall
Street Reform and Consumer Protection Act which may impact how we conduct our
business, including those compelling the liquidation of certain financial
institutions; (6) regulatory, legislative or tax changes relating to our
insurance, international, or other operations that may affect the cost of, or
demand for, our products or services, or increase the cost or administrative
burdens of providing benefits to employees; (7) adverse results or other
consequences from litigation, arbitration or regulatory investigations; (8)
potential liquidity and other risks resulting from our participation in a
securities lending program and other transactions; (9) investment losses and
defaults, and changes to investment valuations; (10) changes in assumptions
related to investment valuations, deferred policy acquisition costs, deferred
sales inducements, value of business acquired or goodwill; (11) impairments of
goodwill and realized losses or market value impairments to illiquid assets;
(12) defaults on our mortgage loans; (13) the defaults or deteriorating credit
of other financial institutions that could adversely affect us; (14) economic,
political, legal, currency and other risks relating to our international
operations, including with respect to fluctuations of exchange rates; (15)
downgrades in our claims paying ability, financial strength or credit ratings;
(16) a deterioration in the experience of the “closed block” established in
connection with the reorganization of Metropolitan Life Insurance Company;
(17) availability and effectiveness of reinsurance or indemnification
arrangements, as well as any default or failure of counterparties to perform;
(18) differences between actual claims experience and underwriting and
reserving assumptions; (19) ineffectiveness of risk management policies and
procedures; (20) catastrophe losses; (21) increasing cost and limited market
capacity for statutory life insurance reserve financings; (22) heightened
competition, including with respect to pricing, entry of new competitors,
consolidation of distributors, the development of new products by new and
existing competitors, and for personnel; (23) exposure to losses related to
variable annuity guarantee benefits, including from significant and sustained
downturns or extreme volatility in equity markets, reduced interest rates,
unanticipated policyholder behavior, mortality or longevity, and the
adjustment for nonperformance risk; (24) our ability to address unforeseen
liabilities, asset impairments, or rating actions arising from acquisitions or
dispositions, including our acquisition of American Life Insurance Company and
Delaware American Life Insurance Company and to successfully integrate and
manage the growth of acquired businesses with minimal disruption; (25) the
dilutive impact on our stockholders resulting from the settlement of our
outstanding common equity units; (26) regulatory and other restrictions
affecting MetLife, Inc.’s ability to pay dividends and repurchase common
stock; (27) MetLife, Inc.’s primary reliance, as a holding company, on
dividends from its subsidiaries to meet debt payment obligations and the
applicable regulatory restrictions on the ability of the subsidiaries to pay
such dividends; (28) the possibility that MetLife, Inc.’s Board of Directors
may control the outcome of stockholder votes through the voting provisions of
the MetLife Policyholder Trust; (29) changes in accounting standards,
practices and/or policies; (30) increased expenses relating to pension and
postretirement benefit plans, as well as health care and other employee
benefits; (31) inability to protect our intellectual property rights or claims
of infringement of the intellectual property rights of others; (32) inability
to attract and retain sales representatives; (33) provisions of laws and our
incorporation documents may delay, deter or prevent takeovers and corporate
combinations involving MetLife; (34) the effects of business disruption or
economic contraction due to disasters such as terrorist attacks, cyberattacks,
other hostilities, or natural catastrophes, including any related impact on
the value of our investment portfolio, our disaster recovery systems, cyber-
or other information security systems and management continuity planning; (35)
the effectiveness of our programs and practices in avoiding giving our
associates incentives to take excessive risks; and (36) other risks and
uncertainties described from time to time in MetLife, Inc.’s filings with the

MetLife, Inc. does not undertake any obligation to publicly correct or update
any forward-looking statement if MetLife, Inc. later becomes aware that such
statement is not likely to be achieved. Please consult any further disclosures
MetLife, Inc. makes on related subjects in reports to the SEC.


MetLife, Inc.
John Calagna, 212-578-6252
Edward Spehar, 212-578-7888
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