Circular Letter Nº 198 "Canceled the registration of Fondo de Inversión Santander Santiago Desarrollo Inmobiliario III"

We inform Participants and the public in general that, on December 12, 2011, Bolsa de Comercio de Santiago canceled the registration of Fondo de Inversión Santander Santiago Desarrollo Inmobiliario III, considering that the company Santander Asset Management S.A. General Manager of funds, through notice released in the newspaper La Segunda, December 1, 2011, announced the agreement to make a Capital Distribution for a total of 67,370 UF (Unidades de Fomento), at a rate of 0.325437 UF for each share of the unique series, to be paid on December 16, 2011 to the contributors holders who are entered in the register 5 working days prior to the date determined for the payment.

According to the dispositions of the internal rules of DCV (section 6.1.3) participants who hold share positions issued by “Fondo de Inversión Santander Santiago Desarrollo Inmobiliario III”, as of this communication, should withdraw the referenced securities within 30 days.

If you have any questions please contact This email address is being protected from spambots. You need JavaScript enabled to view it., telephone (56) 393 9285, Huérfanos 770, Floor 22, Santiago Centro, or Customer Service Desk, MAC at email  This email address is being protected from spambots. You need JavaScript enabled to view it. or at telephone (56 2) 393 9001

Yours sincerely,
DEPÓSITO CENTRAL DE VALORES S.A.,
DEPÓSITO DE VALORES.

Fernando Yáñez González
General Manager
Santiago, 14 december 2011