Earnings Presentation 2Q19 Forward-Looking Statements This - PowerPoint PPT Presentation

Earnings Presentation 2Q19

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 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 (“ Risk Management ”). Forward-looking statements speak only as of the date they are delivered. CMPC undertakes no obligation to publicly update or revise them based on developments which differ from those anticipated. 2

Opening Comments Challenging pulp market environment affecting pulp prices Improved results in Softys business with room Large-scale Latin to continue improving American producer of Pulp, Tissue, Wood, Paper & Packaging Conservative capital structure and strong products, serving liquidity position global and local markets 3

2Q19 Highlights Op Oper erational l & & Financial l High ghli lights In USD Milllion 2Q18 1Q19 2Q19 QoQ YoY Revenues 1,618 1,449 1,442 -1% -11% Pulp sales volumes of 891,000 tons, up 8%  COGS (915) (919) (928) 1% 1% QoQ and down 4% YoY. Other Operational Expenses (196) (195) (189) -3% -4% Hardwood CIF 629 US$/ton  EBITDA 507 507 335 335 325 325 -3% -36% Softwood CIF 633 US$/ton  EBITDA margin % 31.3% 23.1% 22.5% -60 bps -880 bps Packaging sales volumes of 201,000 tons; down  Operational Result 333 164 139 -15% -58% 4% QoQ and 3% YoY. Non Operational Result (238) (107) (78) -27% -67% Tissue sales volumes of 174,000 tons; stable  QoQ and a 3% increase, YoY. Net Income 95 95 57 57 62 62 8% 8% -35% Personal care product sales volumes reached  1,554 mn. units, increasing 3% QoQ and 16% 3 rd rd Party Volumes 2Q18 1Q19 2Q19 QoQ YoY YoY. Forestry + Solid Wood Prod. (1) 989 819 1,001 22% 1% EBITDA of US$325 million, down 3% QoQ and  Market Pulp (2) 927 823 891 8% -4% 36% YoY. Packaging (2) 208 210 201 -4% -3% Free cash flow reached negative US$276  Tissue Papers (2) 169 173 174 0% 3% million, compared to negative US$56 million in Personal Care Products (3) 1,342 1,506 1,554 3% 16% 1Q19 and positive US$99 million in 2Q18. Net debt to EBITDA of 2.0x, up from 1.7x of  (1) Th. m 3 1Q19 and down from 2.2x of 2Q18. (2) Th. Tons Net Income of USD62 million; a 8% QoQ  (3) M. units increase and 35% YoY decrease. 4

COGS and Other Operating Expenses COGS (USD D Million) Other er Op. . Exp (USD D Million) +1,4% 928 915 919 -4% 196 195 189 -3% +1% 2Q18 1Q19 2Q19 2Q18 1Q19 2Q19 COG OGS Ot Other er Op Oper erational l Expe Expenses Up 1% QoQ: Down 3% QoQ: (+) Higher sales volumes. (-) Lower administrative expenses in   Softys (-) Lower operating costs in Pulp and  Packaging Down 4% YoY: (-) Lower distribution costs in Pulp Up 1% YoY:  (+) Higher direct costs in Softys  (-) Lower sales volumes in Pulp and  Packaging 5

Pulp Business  Rev evenu nues: : -1% QoQ, -21% YoY  Fore orestr try Sale les Vol olumes: +22% QoQ, +1% YoY EBITDA* Sales *  Fore orestr try Pr Prices: -16% QoQ, +13% YoY 899 -21% 444 -38% 150 710  Pulp Pulp Pro Produ duction: +23% QoQ, +3% YoY 718 283 274  There were no scheduled maintenance downtime at our mills 129 132 in 2Q19. -1% 749 589 578 -3%  Pulp Pulp Sale les Vol olumes: 2Q18 1Q19 2Q19 - QoQ (+8%) 2Q18 1Q19 2Q19 Pulp Forestry +14% BSKP: Higher exports to Asia and Europe.  +7% BEKP: Higher exports to Europe, China and Latin  America. Third Party Sales Volumes - YoY (-4%) 2Q18 1Q19 2Q19 QoQ YoY +6 BSKP: Higher sales in China.  - Pulpwood 16 33 78 134% 387% -6% BEKP: Lower sales in Europe, Asia and the US.  - Sawing Logs 457 341 392 15% -14% - Sawn Wood 202 170 171 1% -15%  Pulp Pulp Pri Prices: BSKP US$633/ton, BEKP US$629/ton - Remanufactured Wood 44 46 50 9% 14% - Plywood 123 105 94 -10% -23%  EB EBITDA: - Others 148 123 216 75% 46% -- QoQ (-3%) Total ( t h. m 3 ) 989 989 819 819 1.001 22% 22% 1% 1% Lower pulp and forestry prices  BSKP 170 158 180 14% 6% Higher pulp and forestry products ’ sales volumes  BEKP 757 665 710 7% -6% Lower forestry protection and maintenance costs due to lack  Total Market Pulp ( Th. Tons) 927 927 823 823 891 891 8% 8% -4% of maintenance downtimes at 2Q19. P&W Guaiba (Th. Tons) 10 11 13 22% 33% -- YoY (-38%) Lower pulp and forestry products’ prices  Lower hardwood volumes.  6 * Figures in US$ million

Softys Business  Rev evenu nues: +3% QoQ, +5% YoY Sales* EBITDA*  Vol olumes: +5% -6% 512 -- Tissue Paper 495 49 486 46 Stable QoQ, higher volumes in Chile, Argentina and  32 Colombia, offset by lower volumes in Mexico and Ecuador +3% +3% YoY, higher sales volumes in Mexico. +44%  -- Personal Care Products: 2Q18 1Q19 2Q19 2Q18 1Q19 2Q19 +3% QoQ, supported by higher volumes of diapers in  Argentina , Brazil, Colombia, Chile and Peru. +16% YoY, driven by higher sales in all the categories in  Third Party Sales Volumes most countries. 2Q18 1Q19 2Q19 QoQ YoY  Pri Prices (in USD): - Chile 40 39 41 4% 2% +3% QoQ for Tissue Paper  - Brazil 33 32 32 0% -4% - Mexico 31 39 38 -4% 20% Stable QoQ for Personal Care Products  - Argentina 26 23 25 5% -4%  EB EBITDA: Third Party Sales Volumes - Peru 23 24 24 -1% 2% -- QoQ (+44%) - Uruguay 5 5 5 -1% -1% Higher sales volumes of personal care products and higher  - Colombia 7 7 7 7% 6% sales prices in both categories. - Ecuador 4 4 3 -20% -23% Lower operating costs and expenses. Total Tissue Paper ( Th. Tons) 169 169 173 173 174 174 0% 0% 3% 3%  - Diapers 798 866 909 5% 14% -- YoY (-6%) - Feminine Care 313 346 337 -2% 8% Higher costs due increased recycled paper prices  - Others 231 294 308 4% 33% Higher sales volumes of tissue paper and personal care  Total Personal Care ( M . Unit s) 1.342 1.506 1.554 3% 3% 16% 16% products. 7 * Figures in US$ million

Packaging Business EBITDA * Sales*  Rev evenu nues: -7% QoQ, -6% YoY -6% 236 233 220 29  Vol olumes: -29% 24 -- QoQ (-4% ) 17 Lower volumes of corrugated boxes and corrugated paper  -7% -43% -- YoY (-3% ) Lower volumes of corrugated paper, molded pulp trays  2Q18 1Q19 2Q19 and paper bags. 2Q18 1Q19 2Q19  Pri Prices: -3% QoQ, -3% YoY Third Party Sales Volumes 2Q18 1Q19 2Q19 QoQ YoY  EB EBITDA : - Boxboard 90 93 95 2% 5% Third Party Sales Volumes -- QoQ (-43% ) - Paper Bags 23 21 22 5% -2% Lower revenues from corrugated boxes, corrugated paper  - Other Papers 22 19 19 3% -12% and boxboard - Corrugated Paper 29 23 21 -8% -26% - Corrugated Boxes 37 48 37 -23% 0% Lower average prices  - Molded Pulp Trays 8 6 7 20% -8% -- YoY (-29% ) Total ( Th. Tons) 208 208 210 210 201 201 -4% -3% Lower revenues from corrugated paper and boxboard  sales Higher administrative expenses  8 * Figures in US$ million

Financial Execution & Cash Generation Net Debt / EBITDA Free Cash Flo low of negative US$276 million, from negative US$56  4,0x million in 1Q19 and positive US$99 million in 2Q18. 3,5x CAPEX of US$158 million during 2Q19, mainly related to forest  3,0x maintenance and the Zarate mill. 2,5x Cash position of US$521 million at the end of 2Q19, down 39%  QoQ and 19% YoY 2,0x 2,2x 2,0x Net debt bt of US$3,192 million at the end of 2Q19, up 9% QoQ and  1,5x 1,8x 1,7x 1,6x down 1% YoY. 1,0x Net Debt/ t/EBI BITDA ratio in 2Q19 was 2.0x, up from 1.7x in 1Q19 2Q18 3Q18 4Q18 1Q19 2Q19  and down from 2,2x from 2Q18. Internal Policy USD Million 2Q18 1Q19 2Q19 QoQ YoY (i) Current Interest-Bearing Liabilities 329 424 377 -11% 14% (ii) Non-Current Interest-Bearing Liabilities 3.573 3.373 3.364 0% -6% (iii) Other Obligations (31) (30) (29) -1% -5% (iv) Net Hedging Current Liabilities related to Debt Instruments (2) 7 7 1% N/A (v) Net Hedging Non-Current Liabilities related to Debt Instruments (6) 9 (6) N/A -3% Total Debt ( (i) + (ii) + (iii) + (iv) + (v) ) 3.863 3.783 3.713 -2% -4% Cash* 639 858 521 -39% -19% Net Debt 3.223 2.925 3.192 9% 9% -1% 9

2019 Strategic Outlook Fully committed to the execution of the strategy Operational excellence programs to continue to improve productivity Large-scale Latin American producer of Pulp, Tissue, Wood & Growth in all business divisions Paper products, serving global and Solid capital structure to take advantage of local markets opportunities 10

Q&A Investor Relations Contacts Colomba Henríquez Petya Miteva petya.miteva@cmpc.cl colomba.henriquez@cmpc.cl +56 2 2441 2791 +56 2 24412713 Agustina Mussolini agustina.mussolini@cmpc.cl 1 +56 2 2441 2616 1