First Quarter 2017 Earnings Results

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 Large scale Latin American producer of Pulp, Tissue, Wood & Paper products, serving global and local markets Working capital driving cash position, Underscoring commitment to deleverage and investment grade rating Successful green bond issuance underscores focus on sustainability while improving debt profile Capex program on track, start up of tissue machine in Cañete mill in January increases capacity in Peru ahead of schedule 3

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

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

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

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

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

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. 1000 800 600 400 200 0-200 +2.9% North America Demand Growth by Region 3 months 2017vs. 2016 - th. Tons and % change -3.1% Western Europe +8.5% Eastern Europe -1.5% Latin America +7.9% Source: PPPC, World Chemical Market Pulp Global 100 Report March 2017 +18.7% +3.9% 450 400 350 300 250 200 150 100 50-50 Japan China Other Asia -100 0 +2.2% Northern Softwood Demand Growth by Grade 3 months 2017vs. 2016- th. Tons and % change +7.5% +16.9% Southern Softwood Radiata Softwood +3.1% Northern Hardwood -14.8% Southern Hardwood 9 7.6% Eucalyptus

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

Strategic Outlook 2017 Positioned to benefit from improving market conditions Drive operational efficiencies and focus on cost control to improve margins Large scale Latin American producer of Pulp, Tissue, Wood & Paper products, serving global and local markets Committed to strengthening capital structure through effective capital management and lower leverage Maintain focus on diversification strategy Furthering investments to drive sustainability 11

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