CAPEX % -8% Total Assets 14,915 14,951 15,164 1% 2% Net Debt 3,485 3,198 3,143-2% -10% Market Capitalization 6,075 8,495 9,500 12% 56%

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1 First Quarter 2018 Earnings Results Earnings Conference Call Date: April 27, 2018 Time: 13:00 PM ET US Toll Free: Intl. Dial In: Webcast: click here Investor Relations Contacts Colomba Henríquez + (56) Joaquín Cuadra joaquin.cuadra@cmpc.cl + (56) Agustina Mussolini agustina.mussolini@cmpc.cl + (56) CMPC Reports 2018 First Quarter Results Santiago de Chile, Chile, April 27, 2018 Empresas CMPC S.A. (BCS: CMPC) ( CMPC or the Company ) a leading large-scale Latin American producer of pulp, tissue, wood and paper products, serving global and local markets, today announced its unaudited results for. HIGHLIGHTS Consolidated sales of US$1,495 million, up 14% QoQ and 23% YoY. Pulp production of 970,000 tons, up 12% QoQ and 26% YoY. Hardwood prices up 6% QoQ and 45% YoY, reaching CIF US$737/ton. Softwood prices up 13% QoQ and 41% YoY to CIF US$836/ton. Pulp sales of US$786 million, an increase of 23% QoQ and 45% YoY. EBITDA of US$399 million, an increase of 56% QoQ and 90% YoY, with QoQ EBITDA growth in all business areas. EBITDA margin of 26.7%, up from 19.5% in 4Q17 and 17.3% in 1Q17, with the increase driven by Pulp, with 42.4% margin in. Free cash flow of US$70 million, up from US$17 million in 4Q17, but down from US$107 million in 1Q17. Net debt of US$3,143 million, down 2% QoQ and 10% YoY. Net debt to EBITDA ratio of 2.5x, down from 3.0x in 4Q17 and 3.8x in 1Q17. ir.cmpc.cl US$ Million 1Q17 4Q17 QoQ YoY Sales 1,213 1,312 1,495 14% 23% EBITDA % 90% EBITDA Margin 17.3% 19.5% 26.7% 721 bps 934 bps Net Income (Loss) (18) % 904% CAPEX % -8% Total Assets 14,915 14,951 15,164 1% 2% Net Debt 3,485 3,198 3,143-2% -10% Market Capitalization 6,075 8,495 9,500 12% 56% Closing Exchange Rate (CLP/US$) % -9% Average Exchange Rate (CLP/US$) % -8% Closing Exchange Rate (BRL/US$) % 4% Average Exchange Rate (BRL/US$) % 3% 1

2 MANAGEMENT COMMENTARY We started 2018 on a very positive note. With Guaíba II resuming production at a normal pace for the full quarter and even considering the planned maintenance stoppages on Santa Fe II and Pacifico, we were finally able to capture the full impact of the improved pulp prices. Prices for market pulp continued to climb to the highest levels in the current cycle. This better operational performance and increase in EBITDA, in addition to the internal efficiency and productivity initiatives that have been executing during the past year, allowed us to continue improving our leverage metrics. The ratio of net debt to EBITDA ratio declined to 2.5 times at the end of the quarter, well within our target range, and in line with our internal goal. As we have pointed out before, this is a consistent process, and we have seen lower leverage in every quarter since 1Q17. We also continued executing our growth strategy focused in the tissue business, with the announcement of a new tissue production line in the Zarate mill in Argentina. This new investment will allow us to continue diversifying our revenue base, while maintaining our leading position in the Argentinean market. We have today very strong competitive advantages in our diversification, operational efficiency, upto-date manufacturing plants, and strength of the balance sheet. So, if the conditions are right, we will be in a very favorable position to deploy those competitive advantages and maintain our leading position in our industry, always complying with our financial policies and creating value for our stakeholders. REVIEW OF CONSOLIDATED RESULTS SALES Total Revenue was US$1,495 million for the quarter, up 14% compared to 4Q17, and 23% compared to 1Q17. QoQ, revenues benefitted from a 23% increase in Pulp and a 20% increase in Papers. Higher pulp prices, as well as hardwood and solid wood products volumes, contributed to the increase in pulp sales. Higher volumes in plywood and remanufactured wood more than compensate for lower volumes in pulpwood. Papers benefitted from higher boxboard and corrugated boxes volumes during the quarter, only partly offset by lower corrugated paper volumes.. Sales by Business 32% 15% 53% Pulp Paper Tissue Sales by Destination 26% 53% 21% Domestic Sales Chile Export Sales Foreign Subsidiaries 2

3 YoY, revenues increased 45% in Pulp and 6% in Tissue and Papers. Higher pulp prices were the primary driver for the sales increase in, with higher pulp volumes and higher prices for paper and tissue also contributing. QoQ Revenues Analysis to Third Parties YoY Revenues Analysis to Third Parties ,495 1,495 1,312 1,213 Sales 4Q17 Pulp Paper + 38 Tissue -1 Sales Sales 1Q17 Pulp Paper + 13 Tissue +26 Sales OPERATING COSTS Prices Volumes Operating Costs, excluding depreciation, stumpage and decreases due to harvest, were US$916 million, up 5% sequentially and 9% annually. The QoQ increase is mainly related to higher Pulp and Paper sales volumes, higher forestry protection costs, and higher fiber costs impacting direct costs in Tissue and Papers, partially mitigated by lower maintenance expenses. YoY, the increase in operating costs is mainly related to the higher Pulp sales volumes, an increase in direct costs in Tissue and Papers due to the higher pulp prices, and an increase in costs in the Maule mill. Consolidated Operating Costs were 61% of total sales, down from 67% in 4Q17 and 69% in 1Q17. OTHER OPERATING EXPENSES Other Operating Expenses totaled US$180 million, down 1% QoQ and up 11% YoY. The QoQ decrease is a result of lower administrative expenses in all business divisions and lower expenses in Tissue, explained by the productivity initiatives implemented during the quarter, partly offset by higher distributions costs as a result of higher sales volumes. The YoY increase was due to higher administrative expenses mainly in the Pulp and Paper divisions, related to the appreciation of the Chilean peso, as well as higher distributions costs in all business divisions as a result of higher sales volumes. Lower expenses in the Tissue division, related to the productivity measures implemented, helped mitigate the increases. Consolidated Other Operating Expenses in were 12% of total revenues, compared with 14% reported in 4Q17 and 13% in 1Q17. EBITDA EBITDA totaled US$399 million during the quarter, up 56% QoQ and 90% YoY. EBITDA margin of 26.7%, up from 19.5% in 4Q17 and 17.3% in 1Q17. The higher sequential EBITDA reflected higher pulp prices and volumes, lower SG&A expenses in the Tissue division, and higher boxboard and corrugated boxes sales. EBITDA grew in all business divisions: 3

4 US$121 million (58%) in Pulp, US$13 million (33%) in Tissue, and US$12 million (100%) in Paper. The 90% YoY increase in EBITDA was mainly due to a US$204 million (157%) increase in Pulp EBITDA, partially offset by the US$9 million (-27%) decline in Paper EBITDA and US$2 million (-4%) decrease in Tissue EBITDA. Higher Pulp EBITDA primarily reflects increased pulp prices, while the lower Tissue and Paper EBITDA mainly reflects higher fiber costs. EBITDA by Business 6% 12% 82% Pulp Paper Tissue EBITDA Variation by Business QoQ EBITDA Variation by Business YoY EBITDA 4Q17 Pulp Papers Tissue Holding & Others EBITDA EBITDA 1Q17 Pulp Papers Tissue Holding & Others EBITDA FINANCIAL RESULT Financial Expenses totaled US$52 million, down 4% compared to 4Q17 and 1% compared to 1Q17. CMPC s Financial Income totaled US$3.4 million, above both US$3.2 million in 4Q17 and US$2.5 million in 1Q17. The higher cash position held by the Company explains the QoQ and YoY increases in Financial Income. NET INCOME (LOSS) CMPC reported a Net Income of US$144 million in, compared to a Net Income of US$6 million in 4Q17 and a Net Loss of US$18 million in 1Q17. Net Income Analysis QoQ Net Income Analysis YoY Net Income 4Q17 EBITDA Dep. & Net Biol. Stumpage Income Net Fin. Costs Other Non Oper. (1) FX Diff. & Index. Results Net Income (18) Net Income 1Q17 EBITDA Dep. & Net Biol. Stumpage Income Net Fin. Costs Other Non FX Diff. & Oper. (1) Index. Results Net Income (1) Other Non Operating includes: Share Results in Associated Companies, Other Gains (Losses) and Income Taxes. 4

5 Currency Exchange Rate Differences resulted in a US$2.2 million loss in the quarter, compared to a loss of US$8.3 million in 4Q17 and a gain of US$4.7 million in 1Q17. Indexation Unit Results registered a US$0.7 million loss in the quarter, compared to US$0.7 million loss in 4Q17 and US$0.4 million loss in 1Q17. Other Gains (Losses) resulted in a US$3.2 million loss. Other Gains (Losses) may include non-core business revenues and other items, such as insurance deductibles on losses, donations, and the relative effects of changes in the fair value of financial instruments including forwards and swaps (different from those under hedge accounting), among others. Income Taxes represented a loss of US$40 million in, compared to a loss of US$11 million in 4Q17 and a gain of US$26 million in 1Q17. The result for the quarter includes a US$72 million income tax provision, US$38 million gain from a lower deferred tax provision and a US$6 million loss related to the effect of currency exchange rate movement on deferred taxes. As CMPC s tax accounting is in local currencies (except in Chile), the depreciation of these currencies against the US dollar, particularly the Brazilian Real, decreases the tax base of assets measured in dollars, and therefore increases the Deferred Taxes account, which is a non-cash effect. CAPITAL EXPENDITURES Capital Expenditures in totaled US$103 million, a decrease of 33% QoQ and 8% YoY. These capital expenditures are mainly related to forestry maintenance, and disbursements related to the Laja project, construction of the corporate building in Los Angeles, Chile and the expansion in diaper capacity in Brazil. 111 Capital Expenditures Q17 4Q17 FREE CASH FLOW Free Cash Flow reached US70 million in, compared to US$17 million in 4Q17 and US$106 million in 1Q17. The lower free cash flow generation YoY was due to greater investment in working capital, particularly in accounts receivables, resulting from higher pulp sales, partially mitigated by the higher EBITDA generation during the quarter. US$ Million 1Q17 4Q17 QoQ YoY EBITDA % 90% (-) Capex (111) (153) (103) -33% -8% (-) Dividends (0) (0) (0) - - (-) Net Financial Expenses (46) (67) (22) -67% -51% (-) Income tax (31) (14) (22) 52% -30% (+/-) Working Capital Variation 84 (3) (182) 5290% -315% Free Cash Flow % -34% 5

6 DEBT US$ Million 1Q17 4Q17 QoQ YoY (i) Current Interest-Bearing Liabilities % -61% (ii) Non-Current Interest-Bearing Liabilities 3,348 3,759 3,724-1% 11% (iii) Other Obligations (33) (32) (31) -1% -5% (iv) Net Hedging Current Liabilities related to Debt Instruments (10) (6) (5) -24% -51% (v) Net Hedging Non-Current Liabilities related to Debt Instruments 17 (14) (30) 119% -279% Total Debt ( (i) + (ii) + (iii) + (iv) + (v) ) 4,162 4,031 3,986-1% -4% Cash* % 25% Net Debt 3,485 3,198 3,143-2% -10% *Cash and cash equivalents + Term deposits within 90 to 360 days of maturity CMPC s Financial Debt was US$3,986 million as of March 31, 2018, down 1% compared to December 31, 2017, and 4% compared to March 31, Cash held by the Company totaled US$843 million as of March 31, 2018, representing a 1% increase QoQ and a 25% increase YoY. The increase in cash, both QoQ and YoY, is explained by positive free cash flow generation. Net Financial Debt stood at US$3,143 million as of March 31, 2018, down 2% compared to December 31, 2017, and 10% compared to March 31, Debt Breakdown Debt by Currency Debt by Type Debt by Interest Rate 4% 3% 3% 11% 7% 6% 7% 90% 76% 93% USD CLP BRL Other Banks Bonds BNDES ECA Fixed Rate Floating Rate 6

7 Amortization Schedule ,179 1, (1) / / /2040 (1) The 2018 figure includes US$194 million in amortization and US$35 million related to accrued interest. 206 FINANCIAL RATIOS The Net Debt/EBITDA ratio in was 2.5x, down from 3.0x in 4Q17 and 3.8x in 1Q17. The Debt/Tangible Net Worth ratio was 0.49x, down from 0.51x in 4Q17 and 0.53x in 1Q17. The Interest Coverage ratio was 5.87x, compared to 5.00x in 4Q17 and 4.34x in 1Q17. REVIEW OF RESULTS BY BUSINESS 4.34x Financial Ratio Evolution 5.00x 5.87x 3.0x 2.5x 3.8x 0.53x 0.51x 0.49x 1Q17 4Q17 Net Debt / EBITDA Debt / Tangible Net Worth Interest Coverage Ratio PULP MARKET After two extraordinary years with GLOBAL-100 market pulp demand growing at a 2+ million tons/y rate, the current year pace is moderating. In fact, market pulp global demand remained virtually flat during the first quarter of 2018 compared with the same period last year. By grade, bleached softwood demand has contracted 3.3% YoY, while bleached hardwood pulp global demand has grown 3.5% YoY during the first quarter Significant supply disruptions, both planned and unplanned have constrained production, providing a balanced supply/demand scenario with steady pulp prices in China. Prices in other regional markets are still rising, aiming to close the net price gap with China. From the supply side, RISI estimates point to around 383,000 tons BKP capacity downtime in. In the softwood pulp segment, an unusually warm and wet winter hampered logging operations in Nordic and Central European countries, constraining production capabilities. On the other hand, an increase in seasonally maintenance period constrained hardwood pulp production in. According to Hawkins Wright, many Chinese papermakers facing fiber cost pressures are passing these higher costs to the final consumers by raising paper prices to maintain their margins. Official data show that Chinese paper and board production slightly fell from a year ago this quarter, consistent with its almost flat market pulp demand. In the other large market pulp consuming region, European paper prices are responding to fiber cost pressures. While, currency support seems to be waning lately, meaning that European papermakers are feeling the full force of recent pulp price increases, this also helps to increase European paper exports. While in the short run we foresee some signs of global economic instability, we hope paper markets will overcome current trade tensions and have a smooth sailing through the second quarter of the year. Source: PPPC, World Chemical Market Pulp Global 20 Report March

8 PULP BUSINESS During, Pulp & Forestry sales increased 23% QoQ, and 45% YoY, reaching US$786 million. Pulp Sales & EBITDA US$ Million 1Q17 4Q17 QoQ YoY Pulp Sales % 45% - Pulp Sales % 58% - Forestry Sales % 0% EBITDA % 157% EBITDA Mg. 23.9% 33.1% 42.4% 935 bps 1852 bps FORESTRY Third Party Sales Volumes 1Q17 4Q17 QoQ YoY - Pulpwood % -16% - Sawing Logs % -16% - Sawn Wood % 10% - Remanufactured Wood % -16% - Plywood % -5% - Others % -38% Total (th. m 3 ) % -15% Forestry sales volumes to third parties increased 4% QoQ, mainly explained by an increase of 14% in plywood, as a result of higher exports to the US and Europe, 11% increase in remanufactured wood, explained by higher sales to the US and Chile, and a 7% increment in sawn wood, due to higher sales in China and in Chile. On the downside, we saw a 17% decrease in pulpwood, as a result of lower sales in Argentina and 4% decrease in sawing logs, driven by lower sales volume in Chile and Argentina. Forestry volumes sold to third parties decreased 15% YoY explained by the following declines: 16% in pulpwood due lower sales in Chile; 16% in remanufactured wood as a result of lower sales in Chile and the US; 16% in sawing logs from lower sales in Chile, Argentina and Brazil; and 5% in plywood due to lower exports to Latin America and the US. The 10% increase in sawn wood, as a result of higher sales in Asia, partially offset these decreases. Forestry average sale prices decreased 1% QoQ, related to lower sawing logs prices mitigated by higher plywood prices, and increased 17% YoY, mainly due to higher prices in plywood and sawn wood. PULP Pulp Production 1Q17 4Q17 QoQ YoY BSKP (1) % 2% BEKP % 33% Total Pulp (th. Tons) % 26% Papers (2) % 14% (1) Includes UKP (2) Includes Sackraft produced in the Laja mill and P&W paper produced in the Guaiba mill 8

9 During, the Company carried out scheduled maintenance downtimes at Santa Fe II (12 days) and Pacifico (12 days). The Company has no scheduled maintenance downtime for 2Q18. Pulp production totaled 970,000 tons during, increasing 12% QoQ and 26% YoY. Hardwood production totaled 784,000 tons in, increasing 18% QoQ and 33% YoY. Both the QoQ and YoY changes are related to the fact that the Guaíba II mill resumed its normal operations. Softwood production totaled 186,000 tons decreasing 7% QoQ, mainly as a result of the maintenance downtime at Pacifico, and increasing 2% YoY, driven by higher production at both the Laja and Pacifico mills. BEKP cash cost (3) reached US$206/ton during, increasing 1% QoQ and 5% YoY. The QoQ results were due to higher pulpwood costs in Chile, as well as higher chemical costs in Santa Fe II, due to the downtime in, partially offset by lower energy and pulpwood costs in Guaíba. Higher pulpwood costs, associated to exchange rate differences, and higher caustic soda prices, compensated by lower energy costs in Santa Fe II and Guaíba, drove the YoY cost increase. BSKP cash cost (3) reached US$336/ton during, increasing 8%, both compared to 4Q17 and 1Q17. The QoQ increase was mainly due to higher chemical consumption caused by the Pacifico mill downtime in and was mitigated by lower chemical and energy costs at Laja due to the downtime in 4Q17. YoY, there was an increase in pulpwood costs associated with longer transportation distance at both Laja and Pacifico mills. BEKP Cash Cost (US$/ton) Q17 4Q17 BSKP Cash Cost (US$/ton) (3) Cash cost is calculated as: wood plus chemicals plus energy plus materials plus labor costs. 1Q17 4Q17 Third Party Sales Volumes 1Q17 4Q17 QoQ YoY BSKP % 5% BEKP % 11% Total Market Pulp (Th. Tons) % 10% P&W Guaiba (Th. Tons) % 16% Market pulp sales volumes increased 18% from 4Q17 and 10% from 1Q17. Softwood sales volumes decreased 6% QoQ, mainly due to lower exports to Europe, and increased 5% YoY, driven by higher exports to China. Hardwood volumes increased 25% QoQ, as a result of higher exports to most markets, and 11% YoY, also driven by higher exports to China. When making the comparisons, it is worth noting the partial unplanned stoppage of the Guaíba II mill that occurred during 1Q17 and 4Q17. 9

10 US$/ton CIF CMPC- Average Net Pulp Export Price Evolution Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 BSKP BEKP Pulp average sales prices (including a small tonnage of P&W papers and energy sold to the Chilean grid) increased 8% QoQ and 44% YoY. The average effective net export price for softwood was CIF 836 US$/ton and for hardwood was CIF 737 US$/ton. During, the price spread between the two fibers was CIF 99 US$/ton, compared with CIF 48 US$/ton in 4Q17. EBITDA for increased 58% QoQ and 157% YoY. EBITDA margin was 42.4%, an increase from 33.1% in 4Q17 and from 23.9% in 1Q17. The main causes behind the QoQ increase in EBITDA were higher hardwood volume, as the Guaíba II mill resumed its normal operations, 6% higher prices in hardwood pulp and 13% higher prices in softwood pulp, higher forestry sales, and lower maintenance expenses. This increase was partly offset by lower softwood volumes, higher forestry prevention & protection costs and higher pulp cash costs. The YoY increase resulted mainly from the 41% increase in softwood prices and the 45% increase in hardwood prices and, to a lesser extent, from higher pulp volumes, which were only partly offset by an increase in SG&A expenses. TISSUE BUSINESS In, Tissue sales were stable QoQ and increased 6% from 1Q17 to US$479 million. Tissue Sales & EBITDA US$ Million 1Q17 4Q17 QoQ YoY Sales % 6% EBITDA % -4% EBITDA Mg. 11.6% 7.9% 10.6% 267 bps 100 bps 10

11 Third Party Sales Volumes 1Q17 4Q17 QoQ YoY - Chile % 4% - Brazil % 0% - Mexico % 4% - Argentina % -5% - Peru % 4% - Uruguay % -9% - Colombia % 1% - Ecuador % 9% Total Tissue Paper (Th. Tons) % 1% - Diapers % 7% - Feminine Care % -1% - Others % -20% Total Sanitary (M. Units) 1,292 1,265 1,288 2% 0% Tissue Paper sales volumes decreased 2% from 4Q17 and increased 1% from 1Q17. QoQ, sales volumes were mainly affected by a decrease in volumes in Brazil. YoY sales volumes benefitted from increases in Chile and Mexico, partly mitigated by decreases in Argentina. Sanitary Products sales volumes increased 2% from 4Q17 and were stable YoY. Driving the QoQ increase was higher wet wipes volumes in most countries, as well as higher baby diaper volumes in Mexico and Brazil, partially offset by lower diaper volumes in the remaining countries. The combination of higher baby diaper volumes in Brazil and Argentina and a decrease in wet wipe volumes in Chile explain the YoY results. Average sales prices (measured in US Dollars) increased sequentially by 1% for tissue paper, but decreased by 2% for sanitary products. Annually, prices increased by 7% for tissue paper and decreased 6% for sanitary products. The QoQ change is mainly a result of higher prices measured in dollars in all countries except Argentina, which had a negative effect due to the depreciation of the Argentinean peso during the quarter. The YoY increase for tissue paper is mainly related to higher prices measured in dollars in most of the countries in which we operate, excepting Argentina. The decrease in sanitary products is mainly related to lower average feminine care products prices and lower diaper prices in Argentina, also related to the depreciation of the Argentinean peso. EBITDA in increased 33% QoQ and decreased 4% YoY. EBITDA margin was 10.6% in, increasing from the 7.9% in 4Q17 and decreasing from the 11.6% reported in 1Q17. The sequential increase in EBITDA is mainly due to lower SG&A expenses, related to productivity initiatives implemented during the quarter, partly compensated by higher direct costs from higher pulp prices. The YoY decrease is mainly due to the higher direct cost caused by increasing pulp prices, and higher distribution costs in Chile and Mexico, only partly offset by higher tissue paper prices measured dollars. 11

12 PAPER BUSINESS In, Paper sales increased 20% QoQ and 6% YoY to US$231 million. Papers Sales & EBITDA In US$ Million 1Q17 4Q17 QoQ YoY Sales % 6% EBITDA % -27% EBITDA Mg. 15.0% 6.2% 10.4% 417 bps 461 bps Third Party Sales Volumes 1Q17 4Q17 QoQ YoY - Boxboard % -2% - Paper Bags % 2% - Other Papers % 15% - Corrugated Paper % -8% - Corrugated Boxes % -3% - Molded Pulp Trays % -9% Total (Th. Tons) % -1% Sales volumes to third parties increased 13% QoQ, driven by 29% higher volumes of boxboard with the recovery of volumes after 23 days of downtime at the Maule mill during 4Q17, a 31% increase in corrugated boxes, and a 75% increase in molded pulp trays, both related to the fruit season in Chile. Partially offsetting the increases, volumes of corrugated paper were 21% lower due to higher intercompany sales, and paper bags volumes were down by 2% with lower sales in Mexico, Peru, and Argentina. Sales volumes sold to third parties decreased 1% YoY. The decrease is due to 8% lower volumes in corrugated paper exports to Argentina, 2% lower boxboard exports to Europe and the US, 9% lower sales of molded pulp apple trays, and 3% lower sales of corrugated boxes in Chile. On the upside, 2% higher paper bags volumes went up by 2% with higher sales in Chile. Average sale prices increased 6% QoQ and 7% YoY. The QoQ and YoY changes were mainly due to higher prices of all paper products. EBITDA in increased 100% from 4Q17 and decreased 27% from 1Q17. EBITDA margin was 10.4% in, compared with 6.2% in 4Q17 and 15.0% in 1Q17. The sequential increase in EBITDA is mainly related to higher boxboard volumes, as a result of the recovery of production after the downtime in the Maule mill during 4Q17, supported by higher paper prices, and also the higher seasonal sales of both corrugated boxes and molded pulp trays. Higher operating costs, mainly driven by an increase in fiber costs, offset some of the gains. Higher operating costs, mainly as a result of an increase in fiber costs and to the Maule mill project, in addition to higher administration expenses, partly offset by higher paper prices, explain the YoY EBITDA decrease. 12

13 RELEVANT EVENTS New tissue paper machine in Zarate, Argentina: CMPC s Board of Directors approved an increase in our tissue capacity in our Zarate mill, Argentina. The project includes a tissue paper machine with a capacity of 60,000 tons and three conversion lines. The complete project will require an investment of approximately US$130 million and its construction is scheduled to begin during the second quarter of 2018 and should start paper production during the fourth quarter of forest fire season in Chile: As of April 1, 2018, our records show we have had 695 forest fires in CMPC s plantations, which have affected 1,187 hectares of plantations, this compares to 679 forest fires, and 2,605 hectares of plantations affected on average during the last six forest fire seasons. CMPC is the first Chilean Company to receive a in the Green Bond Pioneer Awards: On March 20, 2018, the international organization The Climate Bonds granted CMPC the award New Countries Taking Green Bonds Global in the Green Bond Pioneer Awards. CMPC was recognized because it was the first Chilean company to place a green bond in international markets. Some of the initiatives that CMPC financed with this bond were: sustainable forest management, energy usage reduction, renewable energy production and less usage of water. CMPC joins the UN sustainability initiative: Since March 12, 2018, CMPC is part of the United Nations Global Compact, the biggest global corporate sustainability initiative. The UN Global Compact calls for companies to align strategies and operations with universal principles in human, working, environmental and anti-corruption rights, and also take actions that foster change toward social goals. About CMPC Empresas CMPC produces forestry, pulp, paper, tissue and packaging products throughout Latin America. The Company aims to deliver world-class products, from forestry to finished products, to its global customer base. Its high quality timber and production facilities are strategically located in countries including Chile, Brazil, Argentina, Mexico, Peru, Colombia, Uruguay and Ecuador, hiring more than 17 thousand direct employees, making CMPC a truly regional company with a competitive cost structure. The Company sells more than 25 different product lines in more than 45 countries, always seeking long-term relationships. Forward-Looking Statements This earnings release may contain forward-looking statements. Such statements are subject to risks and uncertainties that could cause Empresas CMPC s actual results to differ materially from those set forth in the forward-looking statements. These risks include: market, financial and operational risks. All of them are described in CMPC s Financial Statements, Note 3 ( Gestión de Riesgos ). In compliance with the applicable rules, Empresas CMPC S.A. publishes this document on its web site ( and sends to the Superintendencia de Valores y Seguros the Financial Statements of the Company and its corresponding notes, which are available for consultation and review on its website ( 13

14 FINANCIAL TABLES FOLLOW BALANCE SHEET US$ Thousands 1Q17 4Q17 QoQ YoY Current Assets 3,255,440 3,380,074 3,600,925 7% 11% Cash and Cash Equivalents 676, , ,117 1% 25% Operative Receivables 804, , ,038 20% 13% Inventories 1,121,226 1,227,635 1,242,276 1% 11% Biological Assets 362, , ,183 4% -9% Tax Assets 241, , ,212 21% -2% Other Current Assets 49,193 43,482 35,099-19% -29% Non Current Assets 11,659,472 11,570,727 11,563,160 0% -1% Intangible Assets, Different from Goodwill 14,115 16,581 16,768 1% 19% Goodwill 113, , ,963 0% -2% Property, Plant and Equipment, Net 7,972,001 7,921,750 7,903,752 0% -1% Biological Assets 3,266,452 3,181,105 3,168,458 0% -3% Deferred Tax Assets 53,800 68,337 83,724 23% 56% Other Non Current Assets 239, , ,495 3% 17% TOTAL ASSETS 14,914,912 14,950,801 15,164,085 1% 2% Current Liabilities 1,814,863 1,449,387 1,540,157 6% -15% Other Financial Liabilities 868, , ,737 0% -62% Operative Liabilities 685, , ,461-2% 12% Other Current Liabilities 260, , ,959 32% 70% Non Current Liabilities 5,091,198 5,416,932 5,363,721-1% 5% Other Financial Liabilities 3,384,945 3,781,090 3,743,634-1% 11% Deferred Tax Liabilities 1,596,488 1,519,509 1,502,207-1% -6% Other Non Current Liabilities 109, , ,880 1% 7% Non Controlling Participations 1,335 2,366 2,410 2% 81% Equity Attributable to the Owners of the Controller 8,007,516 8,082,116 8,257,797 2% 3% TOTAL LIABILITIES & SHAREHOLDERS' EQUITY 14,914,912 14,950,801 15,164,085 1% 2% Balance Sheet numbers are based on CMPC's quarterly financial data, which is presented to the "Superintendencia de Valores y Seguros" (SVS). 14

15 INCOME STATEMENT US$ Thousands 1Q17 4Q17 QoQ YoY Sales 1,213,046 1,311,992 1,494,860 14% 23% Operating Costs (1) (839,810) (874,759) (915,542) 5% 9% Operating Margin 373, , ,318 32% 55% Other Operating Expenses (2) (162,820) (181,671) (180,406) -1% 11% EBITDA ( 3) 210, , ,912 56% 90% EBITDA Margin (%) 17.3% 19% 27% 721 bps 934 bps Depreciation, Amortizations and Stumpage (142,360) (135,486) (142,778) 5% 0% Increase in Biological Assets due to Forests Growth and Price Effects 35,388 23,479 30,178 29% -15% Decrease in Biological Assets due to Harvest (48,898) (47,047) (48,031) 2% -2% Operating Income 54,546 96, , % 337% Financial Expenses (52,317) (53,804) (51,797) -4% -1% Financial Income 2,541 3,186 3,432 8% 35% Share Results in Associated Companies 6 (10) 3 127% -55% Foreign Exchange Difference 4,703 (8,327) (2,168) -74% -146% Indexation Unit Results (376) (740) (655) -11% 74% Other Gains (Losses) (52,622) (19,807) (3,221) -84% -94% Income Taxes 25,568 (10,880) (39,610) 264% -255% Net Income (Loss) (17,951) 6, , % 904% Net Income (Loss), attributable to owners of the parent (16,158) 5, , % 993% Net Income (Loss), attributable to non-controlling interest (1,793) 1, % 102% (1) Operating Costs are calculated as: Costs of Sales minus Stumpage minus Decrease in Biological Assets due to Havest minus Depreciation (2) Other Operating Expenses are calculated as: Distribution Costs plus Administration Expenses plus Other Functional Expenses (3) EBITDA is calculated as: Sales minus Operating Costs minus Other Operating Expenses 15

16 CASH FLOW STATEMENT US$ Thousands 1Q17 4Q17 QoQ YoY Cash Flow from Operating Activities 242, , ,578-12% -21% Cash collection from operating activities Proceeds from sales of goods and services delivered 1,414,984 1,437,654 1,462,669 2% 3% Proceeds of premiums and services, annuities and other obligations on policies subscribed 1,420 3,353 16, % 1088% Other proceeds from operating activities 57,097 74,555 84,397 13% 48% Payments for operating activities Payments to suppliers for goods and services (1,051,250) (1,075,703) (1,158,636) 8% 10% Payments to and on behalf of employees (105,554) (121,103) (128,128) 6% 21% Payments for premiums, benefits, annuities, and other obligations derived from suscribed policies (3,034) (16,229) (3,581) -78% 18% Other payments from operating activities (39,689) (69,827) (60,210) -14% 52% Net cash flows from (used in) operating activities 273, , ,380-8% -22% Income taxes paid (reimbursed) (31,236) (14,309) (21,803) 52% -30% Cash Flow from Investment Activities (100,211) (160,572) (98,754) -38% -1% Amounts obtained from the sale of property, plant and equipment % -100% Purchases of property, plant and equipment (85,827) (130,879) (83,482) -36% -3% Purchases of other long-term assets (16,840) (21,852) (19,112) -13% 13% Payments of future contracts, forwards, options and swaps - 30, % - Collections of future contracts, forwards, options and swaps - (41,737) % - Interest received 2,403 3,980 3,840-4% 60% Other cash inflows (outflows) % Cash Flow from Financing Activities (57,777) (596,932) (84,196) -86% 46% Proceeds raised through short-term loans 159,999 83,899 86,893 4% -46% Proceeds raised through long-term loans 15,545 (0) % Proceeds raised through loans 175,544 83,899 86,893 4% -51% Loans reimbursements (180,707) (574,602) (142,983) -75% -21% Payments of financing lease liabilities (2,848) (34,826) (1,758) -95% -38% Dividends paid (20) (32) (44) 36% 120% Interest paid (48,354) (71,370) (26,304) -63% -46% Other cash inflows (outflows) (1,392) (0) % Net increase (decrease) in cash and cash equivalents before effect of exchanges rate change 84,750 (539,111) 8, % -90% Effects of variation in the exchange rate on cash and cash equivalents (3,644) 8,271 1,734-79% 148% Net increase (decrease) in cash and cash equivalents 81,106 (530,840) 10, % -87% Cash and cash equivalents at beginning of period 595,843 1,363, ,754-39% 40% 16

17 INCOME STATEMENT DATA BY BUSINESS UNIT March, 2018 Business Areas (Operating Segments) Pulp Paper Tissue Total Other (3) Adjustments & Eliminations Total CMPC In th. US$ Operating income from external customers 785, , ,520 1,494, ,494,860 Operating income between operating segments of the same entity 75,900 6,274-82,174 6,852 (89,026) - Income from External and Related Customers 861, , ,520 1,577,034 6,852 (89,026) 1,494,860 Cost of Sales (636,126) (205,334) (344,817) (1,186,277) 0 79,926 (1,106,351) Distribution Costs (14,687) (7,056) (44,792) (66,535) - 1,263 (65,272) Administrative Costs (23,884) (11,648) (21,337) (56,869) (14,381) 6,266 (64,984) Raw Materials an Supplies Used (437,269) (181,192) (322,463) (940,924) 84 75,120 (865,720) Employee Benefit Expenses (51,143) (24,598) (62,118) (137,859) (6,594) - (144,453) Depreciation & Amortization Expense (75,817) (13,772) (21,781) (111,370) (1,523) 2,043 (110,850) Interest Income ,532 24,742 (22,842) 3,432 Interest Expense (26,051) (1,220) (9,063) (36,334) (38,305) 22,842 (51,797) Other Significant Income (Expense) Items (2,003) 1,448 (56) (611) (1,600) (1,010) (3,221) Total Other Significant Income (Expense) Itms (27,591) 929 (8,751) (35,413) (15,163) (1,010) (51,586) Share in Income of Associates Income Tax (Charge) Credit (53,050) (3,840) 7,471 (49,419) 9,809 - (39,610) EBITDA Determined by Segment (1) 333,391 24,010 50, ,138 (6,006) (3,220) 398,912 Operating Profit (Loss) (2) 207,793 10,238 28, ,987 (7,529) (1,177) 238,281 Profit (Loss) Before Taxes 181,598 13,290 25, , ,414 (171,019) 183,875 Profit (Loss) 128,548 9,450 33, , ,223 (171,019) 144,265 March, 2017 Business Areas (Operating Segments) Adjustments Total CMPC In th. US$ Pulp Paper Tissue Total Other (3) & Eliminations Operating income from external customers 542, , ,562 1,213, ,213,046 Operating income between operating segments of the same entity 66,956 7, ,606 8,911 (83,517) - Income from External and Related Customers 609, , ,963 1,287,652 8,911 (83,517) 1,213,046 Cost of Sales (606,931) (186,035) (312,095) (1,105,061) - 73,993 (1,031,068) Distribution Costs (11,228) (5,923) (40,215) (57,366) - 1,622 (55,744) Administrative Costs (16,901) (9,499) (20,607) (47,007) (14,599) 9,583 (52,023) Raw Materials an Supplies Used (405,793) (162,282) (295,291) (863,366) - 70,248 (793,118) Employee Benefit Expenses (45,976) (21,488) (60,101) (127,565) (5,604) - (133,169) Depreciation & Amortization Expense (85,988) (13,223) (14,986) (114,197) (1,296) 1,942 (113,551) Interest Income 716 1,156 1,366 3,238 48,679 (49,376) 2,541 Interest Expense (46,462) (2,167) (13,810) (62,439) (39,254) 49,376 (52,317) Other Significant Income (Expense) Items (36,038) 1,453 (19,343) (53,928) 2,197 (891) (52,622) Total Other Significant Income (Expense) Itms (81,784) 442 (31,787) (113,129) 11,622 (891) (102,398) Share in Income of Associates Income Tax (Charge) Credit 35,050 (4,302) (3,131) 27,617 (2,049) - 25,568 EBITDA Determined by Segment (1) 129,785 32,698 52, ,155 (4,578) (161) 210,416 Operating Profit (Loss) (2) 1,478 19,475 37,686 58,639 (5,874) 1,781 54,546 Profit (Loss) Before Taxes (77,928) 21,043 19,108 (37,777) (14,366) 8,624 (43,519) Profit (Loss) (42,878) 16,741 15,977 (10,160) (16,415) 8,624 (17,951) 17