Corporate Presentation. November 2018

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1 Corporate Presentation November 2018

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.

2 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. Investor Relations Contacts Colomba Henríquez colomba.henriquez@cmpc.cl Petya Miteva petya.miteva@cmpc.cl Agustina Mussolini agustina.mussolini@cmpc.cl

3 Index I. CMPC at a Glance II. III. IV. Competitive Advantages Industry Drivers Strategy V. Appendix 33

4 4 CMPC at a Glance

5 A Global Leader in P&P CMPC is a P&P company, established in 1920, that produces solid wood products, pulp, paper and packaging products and tissue in Latin America. 3 rd Global Market Producer 2 Pulp CMPC Figures 1 Tissue 32% Sales $6,048 15% Packaging Pulp 53% Packaging 5% EBITDA $1,670 Tissue 14% Tissue 10% Pulp 85% Packaging 10% Assets $14,975 Pulp 76% 2 nd Producer in LatAm 3 Tissue Competitive BEKP & BSKP Cash Cost Investment Grade Company Fitch: BBB (stable) Moody s: Baa3 (stable) S&P: BBB- (stable) 1 Source: CMPC. Figures for the LTM as of September, 2018 (USD million) 2,3 Source: Hawkins Wright, RISI 5

6 Vertically integrated million 673,000 Planted hectares Pine 52% Eucalyptus 48% m3 / year Solid Wood Products HW 3,261,000 SW 864,000 tons / year Pulp Containerboard 270,000 Boxboard 430,000 Sackraft 81,000 tons / year Papers Corrugated boxes 216,000 tons / year Paper bags 688 MM units / year Packaging Market Pulp 747,000 tons / year Tissue Paper 615,000 Products tons / year Recycled Paper Source: CMPC, as of June

7 ... and well-diversified player Source: CMPC. Figures in USD million for the LTM as of September, 2018 / Figures do not include Holding and Intercompany Sales 7

CMPC s Corporate Governance & Shareholders Structure High corporate governance standards, in line with international best practices to continue growing and generating value to all our stakeholders in

8 CMPC s Corporate Governance & Shareholders Structure High corporate governance standards, in line with international best practices to continue growing and generating value to all our stakeholders in a responsible and sustainable way. Shareholder s Structure 1 Corporate Governance Chilean and Foreign Investors 35% Chilean Pension Funds 10% Each Board of Directors Committee counts with a functioning protocol which defines its members, attributions and topics addressed. 55% Matte Group 1 Source: CMPC, as of September 30th,

9 Committed to Sustainable Development First Chilean Company to issue a Green Bond Member of the FTSE4Good Index, for third consecutive year Energy Efficiency Gold Seal granted by the Energy Ministry of Chile and the Agency for Energy Efficiency 9

10 Competitive Advantages 10

Forestry assets in low-cost, high-yield geographies with continuous productivity growth Eucalyptus Average

0 E. Globulus Iberian E. Globulus Chile Acacia Mangium Eucalypus Brazil E.

ssc/ha/year) Radiata Pine Volume Gain (%) 1 20 35.7 25.8 11 15.1 2 4 5 0 6.

11 Forestry assets in low-cost, high-yield geographies with continuous productivity growth Eucalyptus Average hardwood growth rate (m3ssc/ha/year) Eucalyptus Nitens Volume Gain (%) E. Globulus Iberian E. Globulus Chile Acacia Mangium Eucalypus Brazil E. Nitens Chile Radiata Pine Average softwood growth rate (m 3 ssc/ha/year) Radiata Pine Volume Gain (%) Russia Scandinavia Canada USA Chile Source: CMPC 1 Achieved through continuous traditional genetic and silvicultural improvements. 11

12 Cash Cost Cash Cost Strategically located pulp facilities BSKP Cash Cost USD/ton cif China BHKP Cash Cost USD/ton cif China CMPC s pulp facilities CMPC s pulp facilities 0 5,000 10,000 15,000 20,000 25, ,000 10,000 15,000 20,000 25,000 Th. Metric Tons Th. Metric Tons Source: CMPC, Hawkins Wright 12

13 9% 4% 11% 6% Colombia TM 1 : 221 G 2 : 4.3% Unique Region-Wide Tissue Market Presence México TM 1 : 1,113 G 2 : 2.3% 22% 15% More than 40 years of expertise in the LatAm consumer business. Top 5 tissue and sanitary products producer in every major Latin American market. Focused on growth in key 54%. markets and underpenetrated 38% Ecuador TM 1 : 72 G 2 : 4.8% sanitary product markets. Steady expanding capacity, combination of organic & inorganic growth. 8% 3% Perú TM 1 : 171 G 2 : 7.1% 67% 81% Brazil TM 1 : 1,243 G 2 : 4.4% 58% 29% CMPC s Tissue paper market share 41% 15% CMPC s baby diaper paper market share Source: CMPC, RISI 1 TM: Total Tissue Market in th. Tons as of G: CAGR Chile TM 1 : 233 G 2 : 5.2% Argentina TM 1 : 327 G 2 : 3.5% Uruguay TM 1 : 38 G 2 : 8.4% 13

14 Comprehensive Portfolio of Well-Known and Well-Regarded Brands Tissue Paper Away from Home Sanitary Products Source: CMPC 14

CMPC s boxboard is a multilayer fiberbased product with multiple competitive advantages Multilayer Boxboard Low production cost Ratio between weight and rigidity Printing quality Local US producers

15 CMPC s boxboard is a multilayer fiberbased product with multiple competitive advantages Multilayer Boxboard Low production cost Ratio between weight and rigidity Printing quality Local US producers cash cost curve Transporting efficiency Conversion efficiency Product consistency Health safety USD / Ton 1, Average CMPC boxboard cash cost at US port Source: CMPC 2018 CMPC Maule Mill 15

16 IndustryDrivers

17 Global Paper Demand Evolution Population Growth Urbanization Economic Growth Rising disposable income Increase in Product Quality E-Commerce Circular Economy Intelligent Packaging Other Paper and Board Tissue 150 Containerboard Printing and Writing Newsprint Source: RISI 17

18 Dynamics of the Pulp Market Source: Hawkins Wright 2017, CMPC 18

19 Tissue Paper App. Consumption (k/capita) Tissue Paper Demand Dynamics Per capita annual consumption of tissue paper (in kilograms) (Countries in green are CMPC operation countries) GDP per capita in USD'000 Source: RISI, World Bank and CMPC as of

20 Annual change in BKP capacity (million tons) Total Cpacity by grade (million tons) Pulp Supply Short & Medium Term Perspectives BHKP BSKP Source: PPPC World 20 and Global 100 Statistics 20

21 Strategy

22 CMPC s Strategy Efficiency & Productivity Growth Profitability 22

23 Pulp Strategy: Improving margins through operational excellence Forest Base Expansion Operational Excellence Program Increase our forestry base in Brazil in order to prepare future growth in pulp Plywood Laja Mill Pacifico Mill 2 +8% 1 +11% 1 L1:+9% 1 L2:+4% 1 Guaiba Mill 2 Santa Fe Mill 1 Increase in production efficiency (%) between 2016 and Operational excellence programs are still underway and haven t had one full cycle yet or will be launched beg

24 Tissue Strategy: Leading Latin American Producer Profitability Strategy Tissue Revenue Management Leading markets Route to Market Operational Excellence Program Procurement Cost Reduction 67% 41% 54% 81% Fiber Management 54 th USD th USD 140 tons Million tons Million Zárate tissue machine 4Q19 Cañete tissue mill 1Q17 Opportunity markets 8% 11% Source: CMPC 24

Packaging Strategy: Expand business and gain efficiencies Global packaging market expected to grow USD bn 400 350 300 250 200 150 100 + 3% per year 2017-2022 Expand our business on the back of a

25 Packaging Strategy: Expand business and gain efficiencies Global packaging market expected to grow USD bn % per year Expand our business on the back of a growing packaging market given new packaging trends: Replacing the use of plastic E-commerce Corrugated products as a merchandising medium in the battle for consumers Bolster our regional footprint leveraging our quality (high quality fiber) and low cost (integrated operations), supported by the global presence of the CMPC group F Increase profitability by: Capturing internal synergies Improving efficiency through operational excellence Cost reductions by improving our entire supply chain Source: CMPC 25

26 Profitability EBITDA Margin Free Cash Flow LTM 60% 53% 50% % 30% 20% 10% 0% 31% 10% 6% 2Q17 3Q17 4Q17 1Q18 2Q18 3Q CMPC Pulp Tissue Packaging 0 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 ROIC 1 Drivers 12% 10.9% Higher pulp volumes and prices Efficiency and productivity initiatives Lower SG&A expenses in Tissue 10% 8% 6% 4% 2% 0% 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Source: CMPC as of September ROIC = (EBITDA Depreciation Stumpage) / (Operative receivables + Inventories + Property, Plant and Equipment Net + Biological Assets (Stumpage Value) Operative Liabilities) 26

27 Prudent financial management: conservative debt profile Debt by currency Debt by interest rate Debt by type Debt breakdown CLP 3% Other BRL 4% 3% Variable Rate 1% ECA 8% BNDES 9% $3,863 mm Banks 5% Total debt $2,944 mm Net debt 90% USD 99% Fixed Rate 78% Bonds $919 mm Cash Amortization Schedule 6.2 Years Average Term 4.4% Average Rate 1,664 1, , / / /2040 Banks Bonds Source: CMPC, as of September

28 Prudent Financial Management: Stable credit metrics and prudent financial policies Net debt to EBITDA Interest coverage ratio 4.00x 3.50x 3.00x 2.50x 2.00x 1.50x 3.8x 3.4x 3.0x 3.1x 2.5x 2.2x 1.8x 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q x 7.30x 6.30x 5.30x 4.30x 3.30x 2.30x 1.30x 0.30x 7.66x 7.02x 5.87x 4.41x 4.63x 4.89x 5.00x 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Financial debt to equity Cash 1 / (18M Net Financial Interest + amortization) 0.90x 0.80x 0.70x 0.60x 0.50x 0.40x 0.30x 0.59x 0.57x 0.53x 0.51x 0.49x 0.48x 0.47x 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q x 1.90x 1.70x 1.50x 1.30x 1.10x 0.90x 0.70x 0.50x 0.30x 1.90x 1.59x 1.43x 1.10x 1.15x 0.94x 0.98x 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Source: CMPC, as of September Cash = cash & cash equivalents + undrawn committed lines of credit Financial Policy Covenant 28

29 Appendix

30 LTM September 2018 (USD Million) Pulp Division Sales $3,210 EBITDA $1,458 Assets $11,006 53% 87% 76% Forestry assets* 1,150,000 has Forestry base Solid wood products* Pulp* Chile 471,000 Planted has Sawn wood 960,000 m3 capacity 364,000 Tons capacity Pine 64% Eucalyptus 32% BSKP / Laja Mill Brazil 157,300 Planted has Eucalyptus 100% Remanufactured wood 190,000 m3 capacity Chile 1,496,000 Tons capacity BSKP / Santa Fe Mill 500,000 Tons capacity BSKP / Pacifico Mill Argentina 58,300 Planted has Plywood 480,000 m3 capacity Brazil 1,765,000 Tons capacity Pine 100% *As of June

31 LTM September 2018 (USD Million) Tissue Division Sales $1,944 EBITDA $166 Assets $2,000 32% 10% 14% Main categories Tissue paper production capacity* Sanitary products Production capacity* Chile 169,000 Consumer tissue products Sanitary products Away from home products Brazil Argentina Mexico 134, , ,000 tons Diapers Feminine care 3,970 MM units 1,386 MM units Peru 133,000 Uruguay 35,000 Colombia 31,000 *As of June

32 LTM September 2018 (USD Million) Packaging Division Sales $894 EBITDA $83 Assets $1,495 5% 15% 10% Production capacity Boxboard 430,000 tons Other papers tons 81,000 60,000 Chile Sackraft Brazil Printing and writing Paper bags 688 MM bags Chile Chile 31% Peru 34% Corrugated boxes 216,000 tons Chile Corrugated paper 270,000 tons Chile Molded pulp trails 21,200 tons 370 MM units Chile Mexico Argentina 25% 10% *As of June

Corporate Presentation. October 2018

Corporate Presentation. October 2018 Corporate Presentation October 2018 Forward-Looking Statements This presentation may contain forward-looking statements that should be considered as good faith estimates. Such statements are subject to