Third Quarter 2018 Earnings Results

Third Quarter 2018 Earnings Results

Second Quarter 2018 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 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 to the date they are delivered; CMPC undertakes no obligation to publicly update or revise them to consider developments which differ from those anticipated. 2

Opening Comments Great operational execution making the best of supportive market conditions Large-scale Latin American producer of Pulp, Tissue, Wood, Paper & Packaging products, serving global and local markets Strong capital discipline continues to bring leverage down Outstanding cash generation allows the Company to be prepared for new growth cycles Disciplined and strategic approach towards market and diversification opportunities 3

3Q18 Highlights Operational & Financial Highlights Pulp market continues to be supportive with stable prices QoQ Hardwood CIF 761 US$/ton Softwood CIF 852 US$/ton All-time record pulp production of 1,066,000 tons, up 1% QoQ and 49% YoY EBITDA continues at an all-time high of US$508 million, stable QoQ and up 57% YoY Free cash flow reached US$324 million, up from US$103 million in 2Q18 (+213%) and US$191 million in 3Q17 (+70%) Net debt was US$2,944 million, down 9% QoQ and YoY Net debt to EBITDA ratio reached 1.8x 6 th consecutive quarterly decrease Net Income of USD151 million, increasing 59% QoQ and 70% YoY. In USD Milllion 3Q17 2Q18 3Q18 QoQ YoY Revenues 1,338 1,618 1,623 0% 21% COGS (834) (915) (923) 1% 11% Other Operational Expenses (180) (196) (193) -2% 7% EBITDA 324 507 508 0% 57% EBITDA margin % 24.2% 31.3% 31.3% 4 bps 707 bps Operational Result 159 333 336 1% 111% Non Operational Result (70) (238) (185) -22% 163% Net Income 89 95 151 59% 70% 3 rd Party Volumes 3Q17 2Q18 3Q18 QoQ YoY Forestry + Solid Wood Prod. (1) 772 989 831-16% 8% Market Pulp (2) 753 927 925 0% 23% Papers (2) 200 208 220 5% 10% Tissue Papers (2) 176 169 175 3% 0% Sanitary Products (3) 1,376 1,342 1,414 5% 3% (1) Th. m 3 (2) Th. Tons (3) M. units 4

COGS and Other Operating Expenses COGS (USD Million) Other Op. Exp (USD Million) 834 +11% 915 923 180 +7% 196 193 +1% -2% 3Q17 2Q18 3Q18 COGS Up 1% QoQ: (+) Higher direct costs in Tissue (-) Lower pulp cash costs (-) Positive effect of depreciation of local currencies Up 11% YoY: (+) Higher sales volumes, especially Pulp (+) Higher pulp prices in the Tissue and Papers 3Q17 2Q18 3Q18 Other Operational Expenses Down 2% QoQ: (-) Lower administrative expenses in Pulp and Tissue, due to depreciation of local currencies Up 7% YoY: (+) Higher pulp sales volumes (+) Higher Pulp administrative expenses (-) Depreciation of local currencies 5

Pulp Business +43% 618 134 485 Sales * 899 886 150 135-1% 749 751 237 +98% EBITDA* 444 +6% 470 Revenues: -1% QoQ, +43% YoY Forestry Sales Volumes: -10% QoQ, +1% YoY Forestry Prices: +7% QoQ, -6% YoY Pulp Production: +1% QoQ, +49% YoY No maintenance downtime 3Q17 2Q18 3Q18 Pulp Forestry 3Q17 2Q18 3Q18 Third Party Sales Volumes Third Party Sales Volumes 3Q17 2Q18 3Q18 QoQ YoY - Pulpwood 28 16 21 30% -26% - Sawing Logs 375 457 363-21% -3% - Sawn Wood 133 202 178-12% 34% - Remanufactured Wood 38 44 43-1% 15% - Plywood 80 123 112-9% 39% - Others 119 148 114-23% -4% Total ( t h. m 3 ) 772 989 831-16% 8% BSKP 191 170 164-3% -14% BEKP 562 757 761 1% 36% Total Market Pulp ( T h. T o ns) 753 927 925 0% 23% P&W Guaiba (Th. Tons) 14 10 10 5% -27% * Figures in US$ million Pulp Sales Volumes: -- QoQ (stable) -3% BSKP: Lower exports to Asia and Europe +1% BEKP: higher local sales in Brazil -- YoY (+23%) -14% BSKP: Lower exports to Europe and Asia +36% BEKP: Higher production at Guaíba II, lead to higher sales to all markets Pulp Prices: BSKP US$852/ton, BEKP US$761/ton EBITDA: -- QoQ (+6%) Lower cash costs Positive effect of BRL and CLP depreciation -- YoY (+98%) Higher pulp prices and volumes Positive effect of BRL and CLP depreciation 6

Tissue Business Sales* 513-3% 486 500 67-57% EBITDA* 49 +3% -40% 29 3Q17 2Q18 3Q18 3Q17 2Q18 3Q18 Third Party Sales Volumes 3Q17 2Q18 3Q18 QoQ YoY - Chile 39 40 40 1% 4% - Brazil 34 33 35 5% 1% - MexicoThird Party Sales Volumes 35 31 35 10% 0% - Argentina 28 26 24-7% -13% - Peru 23 23 25 8% 7% - Uruguay 6 5 5 0% -9% - Colombia 7 7 7 4% 3% - Ecuador 4 4 4-2% -6% Total Tissue Paper ( T h. T o ns) 176 169 175 3% 0% - Diapers 813 797 836 5% 3% - Feminine Care 341 313 315 1% -8% - Others 222 231 262 13% 18% Total Sanitary ( M. U nit s) 1.376 1.342 1.414 5% 3% * Figures in US$ million Revenues: +3% QoQ, -3% YoY Volumes: -- Tissue Paper +3% QoQ, higher volumes in all countries, except Argentina Stable YoY, increases in Chile, Brazil and Peru, offset by decrease in Argentina -- Sanitary Products: +5% QoQ, supported by higher baby diaper volumes in all countries (except for Mexico) and higher wet wipe volumes in all countries (except Brazil). +3% YoY, driven by higher diaper volumes in Brazil and Peru and wet wiped in Peru and Chile Prices (in USD): -1% QoQ for Tissue Paper -2% QoQ for Sanitary Products EBITDA: -- QoQ (-40%) Negative effect of hyperinflation in Argentina Higher SG&A expenses Negative effect of local currency depreciation -- YoY (-57%) Negative effect of hyperinflation in Argentina Negative effect of currency depreciation Higher direct costs of fiber 7

Paper Business Sales* +15% 207 233 237 +2% 3Q17 2Q18 3Q18 EBITDA * 24-5% 24 23-2% 3Q17 2Q18 3Q18 Revenues: +2% QoQ, +15% YoY Volumes: -- QoQ (+5% ) Higher volumes of all products. Except seasonally lower volumes of corrugated boxes and molded pulp trays -- YoY (+10% ) Higher volumes of all products except paper bags Prices: -4% QoQ, +4% YoY Third Party Sales Volumes Third Party Sales Volumes 3Q17 2Q18 3Q18 QoQ YoY - Boxboard 94 90 109 21% 17% - Paper Bags 24 23 23 1% -5% - Other Papers 20 22 24 9% 19% - Corrugated Paper 29 29 27-5% -6% - Corrugated Boxes 28 37 32-15% 11% - Molded Pulp Trays 4 8 5-39% 3% Total ( T h. T o ns) 200 208 220 5% 10% EBITDA : -- QoQ (-2% ) Lower seasonal corrugated boxes and molded pulp trays Higher production in Maule -- YoY (-5% ) Higher fiber costs Higher SG&A * Figures in US$ million 8

Global Pulp Market Global demand for Bleached Kraft pulp increased by 2.2% (+996000 tons) in the first 9 months of 2018, compared to the same period in 2017. Growth entirely concentrated in hardwood and unbleached kraft (+5% each): Softwood demand decreased by 1.5% (-294,000 tons) Hardwood demand increased by 4.9% (+1,215,000 tons) Eucalyptus demand rose by 8.0% (+1,408,000 tons) Chinese demand grew 5.6% (+854,000 tons), Western Europe increased by 3.4% (+384,000 tons) and Eastern Europe rose 9.5% (+174,000 tons), while North America decreased 5.1% (-302,000 tons). Global market pulp producer stocks ended September 2018 at 32 days for softwood and 39 days for hardwood, compared to 28 days and 42 days, respectively, at the end of September 2017 1000 800 600 400 200-200 -400 BKP Demand Growth by Region 9 months 2018 vs 2017- th. Tons and % change 0 --5.1% North America +3.4% Western Europe +9.5% Eastern Europe +0.1% Latin America Source: PPPC, World Chemical Market Pulp Global 100 Report September 2018-0.9% +5.6% -1.3% Japan China Other Asia/Africa 1,600 1,400 1,200 1,000 800 600 400 200 0-200 -400 BKP Demand Growth by Grade 9 months 2018 vs 2017- th.tons and % change +0.1% Northern Softwood -2.4% Southern Softwood -6.8% Radiata Softwood -2.2% -12.7% Northern Hardwood Southern Hardwood +8.0% Eucalyptus 9

Robust Financial Execution & Cash Generation Free Cash Flow of US$324 million, up from US$103 million in 2Q18 (+213%) and from US$191 million in 3Q17 (+70%) Cash position of US$919 million at the end of 3Q18, up 44% QoQ and down 33% YoY CAPEX of US$99 million during 3Q18, mainly related to maintenance and the Zarate mill Net Debt/EBITDA ratio in 3Q18 was 1.8x, down from 2.2x in 2Q18 and 3.1x in 3Q17, trending lower every quarter since 2Q17. USD Million 3Q17 2Q18 3Q18 QoQ YoY EBITDA 324 507 508 0% 57% (-) Capex (126) (99) (99) 0% -21% (-) Dividends - (66) (52) -21% N/A (-) Net Financial Expenses (34) (60) (37) -38% 9% (-) Income tax (18) (74) (53) -29% 197% (+/-) Working Capital Variation 44 (103) 58 N/A 31% Free Cash Flow 191 103 324 213% 70% 3.8x 3.4x 3.1x Net Debt/EBITDA 3.0x 2.5x 2.2x 1.8x 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 Internal Policy 10

Strategic Outlook 2018 Operational efficiencies and focus on cost control to maintain competitiveness Continue executing growth strategy, with focus in the Tissue business Large-scale Latin American producer of Pulp, Tissue, Wood & Paper products, serving global and local markets Solid capital structure to pursue valuecreating investment opportunities Maintain focus on strategic execution: diversification and capital discipline 11

Third Quarter 2018 Earnings Results Q&A 12