Estados Financieros, (Inglés, Español) - Túnel San Cristóbal

i) Reconciliation of the accounting result and tax result
The reconciliation of the standing legal tax rate in Chile and the effective tax rate applicable to the Company, is presented
below:
Effect on results 12/31/2011 12/31/2010
ThCh$ ThCh$
Income/Expense for tax using real rate 948.036 394,332
Effect tributary loss of the year (1,265,492) (670,089)
Effect of temporary differences 1,930,729 401,618
Effect permanent differences and I change rate 15,991 147,457
Other increases (decreases) for legal taxes 0 (1,201)
Income/expense for tax using the actual rate 1,629,264 272,117
ii) The tax rate used for the reconciliations at December 2011 and 2010 correspond to the tax rate of 20% and 17%
respectively, payable by the Company on its taxable profits under the standing tax regulations.
On July 31, 2010, Law 20455 for Reconstruction of the Country was enacted. This Law stipulates an increase in the income
tax rate for business years 2011 and 2012 (to 20% and 18.5%, respectively). The effects on assets and deferred taxes that will
be reversed in those years in relation to the current 17% rate calculations at December 31, 2010 are equivalent to ThCh$
261,260, that have been recorded at December 31, 2011.
Legal Tax Rate
Effect tributary loss of the year
Effect of temporary differences
Effect permanent differences and change rate
Other increases (decreases) for legal taxes
Tax expense using the actual rate
12/31/2011 12/31/2010
20%
(27)%
41%
0%
0%
34%
17%
(29)%
17%
6%
0%
12%
185