2017 Earnings Results Forward-looking Statements This - PowerPoint PPT Presentation

First Quarter 2017 Earnings Results

Forward-looking Statements This presentation may contain forward-looking statements, that should be considered as good faith estimates. Such statements are subject to risks and uncertainties outside of CMPC´s control that could cause the CMPC’s actual results to differ materially from those set forth in the forward-looking statements. These risks include in particular those described in CMPC’s Financial Statements, Note 3 (“ Gestión de Riesgos ”) . Forward-looking statements speak only as of the date they are delivered, CMPC undertake no obligation to publicly update or revise them considering developments which differ from those anticipated. 2

Opening Comments Improved market dynamics and pulp prices Results impacted by one-offs: Guaiba II stoppage and forest fires Working capital driving cash position, Underscoring commitment to deleverage and investment grade rating Large scale Latin Successful green bond issuance American producer of underscores focus on sustainability while Pulp, Tissue, Wood & improving debt profile Paper products, serving global and Capex program on track, start up of tissue local markets machine in Cañete mill in January increases capacity in Peru ahead of schedule 3

1Q17 Highlights In US$ Milllion 1Q16 4Q16 1Q17 QoQ YoY Ope perational & Fin Financial Hig ighlights Revenues 1,159 1,271 1,213 -5% 5%  Positive fundamentals in pulp market drive COGS (739) (871) (841) -3% 14% QoQ increase in prices: Other Operational Expenses (160) (180) (163) -10% 2%  Hardwood CIF prices up 6% 507 EBITDA 261 220 210 -5% -20% US$/ton. Softwood prices up 5% to CIF EBITDA margin % 23% 17% 17% 0 bps -600 bps 593 US$/ton. Operational Result 122 60 54 -11% -56%  Operational one-offs impacted 1Q17 results: Non Operational Result (61) (223) (72) -68% 17%  Scheduled maintenance downtime in Net Income 60 (162) (18) 89% -130% the Pacifico and Santa Fe II mills.  Unplanned stoppage of Guaíba II mill. 3 rd Party Volumes  1Q16 4Q16 1Q17 QoQ YoY Forest fires in January  Sales down 5% QoQ, but up 5% YoY to Forestry + Solid Wood Prod. (1) 1,011 1,054 947 -10% -6% US$1,213 million Market Pulp (2) 709 887 763 -14% 8%  EBITDA of US$210 million, down 5% QoQ and Papers (2) 205 202 210 4% 2% 20% YoY Tissue Papers (2) 151 168 162 -4% 7% Sanitary Products (3) 1,314 1,333 1,292 -3% -2% (1) Th. m 3 (2) Th. Tons Cap apital Exp Expenditures (3) M. units  Start up of Cañete Tissue Machine on January 25 th 4

Costs & Other Operation Expense Analysis Other Op. Exp. (US$ Million) COGS (US$ Million) +14% +2% 871 841 180 -3% 163 739 160 -10% 1Q16 4Q16 1Q17 1Q16 4Q16 1Q17 COGS Other Operational Exp Expenses   Down 3% QoQ, reflecting lower Pulp and Tissue sales Down 10% QoQ, reflecting lower distribution costs in volumes, partly offset by higher forest protection and the Pulp business from lower volumes and lower maintenance costs expenses   Up 14% YoY, driven mainly by increased sales volumes Up 2% YoY, driven by higher expenses in the Tissue across businesses, along with higher maintenance business, partly compensated by lower administration downtime expenses expenses in the Pulp business.   COGS in 1Q17 were 69% of revenues, stable QoQ but Other Operating Expenses were 13% of revenues, up from 64% in 1Q16 down from 14% in 4Q16 and stable YoY 5

Revenues: -10% QoQ, +3% YoY Pulp-Forestry For orestry ry Sal Sales Volum olumes: -10% QoQ, -6% YoY Business For orestry ry Pric ices: -6% QoQ, +11% YoY Pulp ulp Prod oductio ion: -21% QoQ, -14% YoY  Planned maintenance downtime at Santa Fe II and Pacifico. Sales * EBITDA*  Unplanned 38 days stoppage at Guaíba II. +3% -31% 600 Pulp ulp Sale Sales Volum lumes: -14% QoQ, +8% YoY 187 526 543 -- QoQ 143 146 -10% 129 -10% 123 119  -9% BSKP: Lower exports to China  454 -15% BEKP: Lower exports to China 419 408 -- YoY 1Q16 4Q16 1Q17 1Q16 4Q16 1Q17  +7% BSKP: Higher exports to Asia Pulp Forestry  +8% BEKP: Higher exports to the U.S. and Asia 1Q16 4Q16 1Q17 QoQ YoY Third Party Sales Volumes - Pulpwood 95 56 27 -51% -71% Pulp ulp Price ices: BSKP US$593/ton, BEKP US$507/ton - Sawing Logs 386 417 420 1% 9% EBITDA: -10% QoQ, -31% YoY EB - Sawn Wood 187 237 165 -30% -12% - Remanufactured Wood 45 49 47 -5% 3% -- QoQ - Plywood 85 113 103 -8% 21%  Lower hardwood volumes - Others 212 183 185 1% -13%  Higher costs related to forestry protection & maintenance Total (Th. m 3 ) 1,011 1,054 947 -10% -6% -- YoY BSKP 146 172 156 -9% 7%  Lower pulp prices BEKP 563 715 607 -15% 8%  Higher maintenance costs Total Market Pulp (Th. Tons) 709 887 763 -14% 8% P&W Guaiba (Th. Tons) 7 12 11 -11% 53%  Negative effect of BRL appreciation 6 * Figures in US$ million

Tissue Revenues: -2% QoQ, +9% YoY Business Volum olumes: -- Tissue Paper  -4% QoQ, lower volumes in most countries of operation, except Mexico and Colombia  +7% YoY, higher volumes across all countries, except Ecuador Sales* EBITDA* -- Sanitary Products: +9% 463 55 +15% 453 53  -3% QoQ, lower diaper volumes 46 414  -2% YoY, lower diaper and feminine care products -5% -2% Prices (M (Measu sured in in $USD): +2% QoQ for Tissue Paper and stable QoQ for Sanitary Products  Higher prices in local currencies 1Q16 4Q16 1Q17 1Q16 4Q16 1Q17 EBITDA EB -- QoQ (-5%)  Lower tissue paper and diaper volumes Third Party Sales Volumes 1Q16 4Q16 1Q17 QoQ YoY  Higher prices in US Dollars Total Tissue Paper (Th. Tons) 151 168 162 -4% 7%  Lower SG&A - Diapers 724 753 712 -5% -2% -- YoY (+15%) - Feminine Care 327 342 324 -5% -1% - Others 262 238 256 8% -2%  Higher tissue paper volumes Total Sanitary (M. Units) 1,314 1,333 1,292 -3% -2%  Higher prices in US Dollars 7 * Figures in US$ million

Paper Revenues: +4% QoQ, -1% YoY Business Volum olumes: +4% QoQ, +2% YoY -- QoQ  Seasonally higher volumes of corrugated boxes (+35%) and molded pulp trays (+100%) EBITDA * Sales*  Corrugated paper sales volumes (-16%) impacted by lower -1% 36 production -11% 219 218 209 32 -- YoY 21  Higher volumes of paper bags in Chile and Mexico (+10%) +4%  +56% Higher volumes of corrugated boxes for the fruit industry (+6%)  Corrugated paper sales (-13%) impacted by lower 1Q16 4Q16 1Q17 1Q16 4Q16 1Q17 production Pric ices: stable QoQ, down 3% YoY Third Party Sales Volumes 1Q16 4Q16 1Q17 QoQ YoY EB EBITDA +56% QoQ, -11% YoY - Boxboard 81 82 80 -2% 0% -- QoQ - Paper Bags 19 22 21 -1% 10%  - Other Papers 17 21 20 -5% 20% Higher sales of corrugated boxes and molded pulp trays - Corrugated Paper 33 34 28 -16% -13%  Lower SG&A expenses - Corrugated Boxes 50 39 53 35% 6% -- YoY - Molded Pulp Trays 6 3 7 100% 11%  Lower corrugated paper revenues Total (Th. Tons) 205 202 210 4% 2%  Higher costs related to higher volumes 8 * Figures in US$ million

Global Pulp Market Global demand for pulp increased 6.4% (+920 thousand tons) in 1Q17 compared to 1Q16, while capacity increased 3.8% (+597 thousand tons) in the same period Softwood demand up 5.4% (+336 thousand tons) Hardwood demand rose 7.5% (+573 thousand tons) Eucalyptus demand grew 7.6% (+411 thousand tons) Chinese demand increased 18.7% (+828 thousand tons) Global market pulp producer stocks ended the quarter in 37 days for hardwood and 27 days for softwood, down from the 45 days for hardwood and 28 days for softwood on March 2016. Demand Grow owth th by by Region on De Demand Gr Grow owth th by by Gr Grade 450 7.6% 3 mo months 2017vs. . 2016 - th. Ton ons and nd % % chan hange 3 mo months 2017vs. . 2016 2016- th. h. Ton ons and nd % % chan hange 1000 400 +18.7% 350 800 300 600 250 200 400 +16.9% 150 +7.5% +2.2% 100 200 +3.9% +3.1% +2.9% +8.5% +7.9% 50 0 0 -1.5% -50 -14.8% -200 -3.1% -100 North Western Eastern Latin Japan China Other Asia Northern Southern Radiata Northern Southern Eucalyptus America Europe Europe America Softwood Softwood Softwood Hardwood Hardwood 9 Source: PPPC, World Chemical Market Pulp Global 100 Report – March 2017

Net Debt: US$3.5 billion Robust Financials & Debt by Currency 3% 6% Stable Debt Profile 3% Cash position of US$677 million in 1Q17, up14% 88% QoQ, and 7% YoY driven by lower working capital requirements USD CLP BRL Other CAPEX of US$112 million during 1Q17 Debt by Interest Rate Debt by Type Financial Ratios Net Debt/EBITDA ratio of 3.8x, up from 3.7x in 3% 8% 7% 4Q16 and from 3.1x in 1Q16 13% Financial Debt/Net Tangible Worth ratio of 0.53x, stable QoQ and YoY Interest Coverage ratio of 4.41x, down from 72% 4.66x in 4Q16 and from 5.90x in 1Q16 97% Issued attractively priced 10-year US$500 million Banks Bonds BNDES ECA Fixed Rate Floating Rate 144A-S green bond on March 30th 10