Fourth Quarter 2013 Results

Fourth Quarter 2013 Results Press Release March 19 th, 2014 International risk rating Standard and Poor s BBB Fitch Ratings BBB Domestic risk rating Feller-Rate AA-/1 st Class Level 1 Fitch Ratings AA-/1 st Class Level 1 In accumulated terms, net income was up 90,1%. That was mainly due to higher operating income of US$459 million, partly offset by lower non-operating income. It should be noted that the previous year there was a negative non-recurring effect of US$168 million on net income, related to the higher tax rate in Chile that hit deferred tax liabilities. EBITDA was up 27.1% and amounted to US$1,979 million. Consolidated revenue rose 6.8% to US$24.339 million. Quarterly net income was US$86 million, a 48,1% year-on-year decrease, due to a 196.6% drop in non-operating income and a higher income tax expense. That was partly offset by operating income increasing 94.1%, mainly because of better performance in the forestry and fuels businesses. Consolidated revenue fell 2.0% to US$5,882 million. 4Q 13 Results Conference Call Friday, March 21 st, 2014 11:00 Hrs. EST (NY time) 12:00 Hrs. (Santiago time) Dial: From EE.UU.: (888) 235-8893 From other countries: 1 (973) 935-2069 ID: 12688759 Net income was 59.9% down on the previous quarter, mainly due to an operating income decrease of 32.5%. That was because of lower result at Arauco which had a wood pulp sales volume decrease due to maintenance of its mills. The fuels business also had lower result, in part related to lower commercial margins. There was also a drop in non-operating income on account of higher other expenses, related to plant stoppages and trial expenses in the forestry sector, and the closure of productive plants in the fishing business. There was also an important drop in profit of associates and joint ventures. Lastly, there was a higher income tax expense. The highlights of the quarter include: the environmental approval of the MAPA project, the start-up of the Nueva Aldea plywood mill, the agreement to buy panel mills in the United States and the progress made with the Montes del Plata mill. Furthermore, Empresas Copec began a process for the potential divestment of its stake in Guacolda. 4Q 13 3Q 13 4Q 12 Accum 13 Accum 12 Chg. 3Q 13 / 3Q 12 Chg. 13 / 12 Revenues 5,882 6,284 6,002 (2.0%) 24,339 22,780 6.8% EBIT 202 299 104 94.1% 1,116 658 69.8% EBITDA* 394 550 401 (1.6%) 1,979 1,557 27.1% Adjusted EBITDA** 351 564 484 (27.6%) 2,018 1,623 24.3% Total profit 75 243 175 (57.0%) 835 441 89.2% Profit attributable to controlers 86 215 166 (48.1%) 786 413 90.1% Profit attributable to minority (11) 28 9 (224.7%) 49 28 74.9% EBITDA margin 6.7% 8.8% 6.7% 0.0% 8.1% 6.8% 1.3% EBITDA / Net interest expenses 5.3 7.5 3.7 42.6% 6.3 4.7 34.8% * EBITDA = Operating Income + Depreciation + Amortization + Fair value cost of timber harvested + Others **Adj. EBITDA = Net Income + fin. costs - fin. income + tax + dep & amort + fair value cost of timber harvested - gain from changes in biological assets + exchange rate differences (For details see exhibit in page 21). Figures in US$ millions For further information, please contact: Cristián Palacios Director of IR and Investments Telephone: (56 2) 2461 70 42 cristian.palacios@empresascopec.cl Rodrigo Perera Finance Analyst Telephone: (56 2) 2461 70 65 rodrigo.perera@empresascopec.cl 1

SIMPLIFIED OWNERSHIP STRUCTURE (Laguna Blanca) HIGHLIGHTS OF THE QUARTER Nueva Aldea s Plywood Mill start up In December 2013 Arauco completed the reconstruction of the Nueva Aldea s plywood mill, which had been destroyed after a wildfire in January 2012. The new facility has an annual production capacity of 350,000 m 3, and it required an investment of approximately US$ 190 million. Arauco announces the intention of acquiring 3 Sierra Pine Panel mills in the United States In January 2014 Arauco announced the intention of acquiring 3 panel mills from the company Sierra Pine in the USA. The mills are located in Medford, Oregon (MDF production); Martell, California (PBO production); and Springfield, Oregon (PBO production). This acquisition will entail an investment of US$ 107 million, and an estimated US$ 13 million in inventories. This deal is still pending the approval of the authorities. MAPA Project received environmental approval Chilean s environmental entity approved the MAPA project, which includes the construction of a 3rd pulp line in the Arauco mill with an annual capacity of 1.3 million Adt of short fiber pulp, and a cogeneration plant that will be able to generate up to 166 MW of surplus to be delivered to the Interconected Central Grid. The project also includes the closure of Arauco s line 1, currently with an annual capacity of 300,000 Adt of short fiber. Montes del Plata Update Montes del Plata, a joint venture between Arauco and Stora Enso in Uruguay, is giving its best effort to begin the start up process in March 2014. As of February it had 98% of completion. Empresas Copec began a process for the potential divestment of its stake in Guacolda Empresas Copec, together with Ultraterra, and with the advisory of BTG Pactual Chile, began a process for the potential divestment of their stake in Guacolda. Both, Empresas Copec and Ultraterra currently own a 25% stake each. AES Gener S.A. holds the remaining 50%. To the date it is unknow whether the divestment will or will not take place, and if materialized, the form and terms in which this would take place is ignored. This project is still under technical and economic feasibility studies, and financing design, among other studies and pending approvals, which need to be completed before being presented to the board. MAPA project will demand an investment of approximately US$ 2.100 million. 2

CONSOLIDATED RESULTS 4Q13 versus 4Q12. Net income in the quarter, net of minority participation, was 48,1% down on that in 4Q12 and amounted to US$ 86 million. That was mainly due to non-operating income dropping 196.6% and a higher income tax expense. That was partly offset by operating income increasing 94.1%. The company s gross margin rose 17.8% amounting to US$773 million, which mainly came from the affiliates: Arauco accounting for US$ 389 million; Copec for US$ 310 million; Abastible for US$ 63 million; Sonacol for US$ 12 million and Igemar for US$ 2 million. The increase in operating income was mainly due to the higher operating income in the forestry and fuels businesses. The forestry business had higher panels, sawn lumber and forestry sales, mainly explained by greater volume and a panel price increase. There was also a drop in unit costs for the production of long- and short-fiber wood pulp, respectively. There were higher commercial margins in the fuels business, along with a volume increase at operations in Chile, Colombia, Panama and Ecuador. The effect of the revaluation of inventories arising from fuel price variations hit margins in the quarter, but this effect was less negative than 4Q12. Non-operating income dropped, largely because of higher operating expenses, mainly at Copec, Arauco and Igemar, lower other income related to the higher insurance compensation received the previous year and lower profit in associates and joint ventures. That was partly offset by lower financial costs. 4Q13 versus 3Q13. Net income was 59.9% down on that in 3Q13. Operating income was down 32.5%. That was largely due to lower income from Arauco, which had lower sales, mainly of wood pulp and panels, on account of a volume decrease, particularly for wood pulp, related to the maintenance of its mills. Operating income dropped in the fuels business, because of lower commercial margins and the first in first out (FIFO) effect which hit margins in the fourth quarter but was positive in the third quarter. That was partly offset by a volume increase in Chile, Colombia, Ecuador and Panama. Non-operating income dropped, due to higher other operating expenses and lower profit in associates and joint ventures. That was partly offset by higher other income. There was also an increase in the income tax expense. Simplified income statement 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Accum 13 Accum 12 Chg. 13 / 12 Revenues 5,882 6,284 6,002 (2.0%) 24,339 22,780 6.8% Cost of sales (5,109) (5,478) (5,345) (4.4%) (21,137) (20,220) 4.5% Administration & distribution expenses (571) (506) (552) 3.4% (2,086) (1,902) 9.7% EBIT 202 299 104 94.1% 1,116 658 69.8% Other income 127 95 171 (25.9%) 436 445 (2.0%) Other costs & expenses (110) (41) (52) 112.1% (266) (166) 60.6% Finance costs (85) (85) (125) (32.0%) (363) (382) (4.9%) Finance income 10 11 17 (38.4%) 48 47 0.9% Share of profits of associates 14 29 60 (76.3%) 122 102 19.7% Foreign exchange differences (8) (2) (13) (34.8%) (16) (11) 42.2% Other results (5) (33) (2) 161.6% (9) (8) 19.1% Income tax expense (68) (60) 11 (724.5%) (259) (247) 4.9% Total profit 75 243 175 (57.0%) 835 441 89.2% Profit attributable to controlers 86 215 166 (48.1%) 786 413 90.1% Profit attributable to minority (11) 28 9 (224.7%) 49 28 74.9% Figures in US$ million 3

2013 versus 2012 (accumulated). Net income accrued up to December was 90,1% up on that in 2012. That was mainly because of operating income increasing US$ 459 million, partly offset by lower non-operating income. It should be noted that the previous year there was a negative non-recurring effect of US$168 million on net income, related to the higher tax rate in Chile which hit deferred tax liabilities. The company s gross margin rose 25.1% amounting to US$ 3,202 million, which mainly came the affiliates: Arauco accounting for US$ 1,588 million; Copec for US$ 1,254 million; Abastible for US$ 279 million; Sonacol S.A. for US$ 56 million and Igemar for US$ 36 million. EBITDA was up 27.1 % on the previous year and amounted to US$ 1,979 million. There was higher operating income in the forestry and fuels businesses. The forestry business had increased operating income due to higher sales across all business lines, mainly panels and wood pulp. There was also a drop in unit costs in the wood pulp business. The fuels business had higher margins in the industrial and dealer channels, along with a volume increase in Colombia, Panama and Ecuador and in the dealer channel in Chile. The effect of the revaluation of inventories and the FIFO costing system was slightly worse in 2012. Non-operating income fell, mainly because of higher other expenses, essentially related to asset impairment in the fisheries sector and lower other revenues, partly offset by better performance of the related companies Metrogas, Corpesca, Guacolda and Gasmar, along with lower financial costs. EBITDA Figures in US$ million Net income Figures in US$ million 464 425 350 382 403 492 543 550 394 227 154 166 239 246 215 86 86 7 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 4Q 11 1Q 12 2Q 12 3Q 12 4Q 12 1Q 13 2Q 13 3Q 13 4Q 13 4

EBITDA 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Accum 13 Accum 12 Chg. 13 / 12 Forestry 249 325 224 11.0% 1,140 849 34.2% Fuels 151 224 175 (13.7%) 823 683 20.4% Fishing (3) 5 6 (155.5%) 25 30 (18.4%) Other investments (2) (3) (5) (54.4%) (8) (6) 35.1% TOTAL 394 550 401 (1.6%) 1,979 1,557 27.1% CAPEX Forestry * 394 210 503 (21.7%) 865 1,357 (36.3%) Fuels 93 83 114 (18.2%) 351 714 (50.8%) Fishing 7 37 (2) (463.3%) 56 22 153.7% Other investments (8) 0 3 (353.4%) 1 12 (89.0%) TOTAL 486 331 618 (21.3%) 1,273 2,105 (39.5%) Figures in US$ million * 4Q12, 4Q13, Accum 12 and Acum 13 include consolidation of M ontes del Plata EBITDA change by business (4Q13 v/s 4Q12) EBITDA change by business (4Q13 v/s 3Q13) 25 3 1 76 401 10 24 394 550 73 8 394 EBITDA change by business (Accum 13 v/s Accum 12) 290 140 6 2 1,557 1,979 5

CELULOSA ARAUCO Y CONSTITUCIÓN (CONSOLIDATED) 4Q13 versus 4Q12. Arauco had net income of US$ 44 million in 4Q13 that was down on the US$ 80 million in 4Q12. That was mainly due to non-operating income falling US$ 78 million, because of lower other income, largely related to insurance compensations received the previous year and higher other expenses on account of plant stoppage, forest fires and lawsuit costs. There was also an increase in the income tax expense. Operating income increased US$ 82 million, mainly because of higher panel, sawn lumber and forestry sales. Unit costs of long- and short-fiber wood pulp fell 7.0% and 8.1%, respectively. Consolidated revenue rose 55.6%. Wood pulp sales (including energy sales) fell 0.8%. Prices rose 9.7% and volume dropped 4.3% mainly due to maintenance at the Nueva Aldea mill. Global demand remained relatively stable in 4Q13. There were price increases, mainly for long fiber in Asia, a leading market for this kind of wood pulp. Short-fiber wood pulp prices were stable with some specific increases. Global inventories ended up with 27 days for long fiber, the same as at the close of the third quarter, but dropping in October that helped push up prices. Short-fiber wood pulp inventories dropped 3 days in the same period from 42 to 39 days, but this was not reflected in prices with continued relatively high levels. Demand was stable in Asia and the main factor affecting prices is supply, which in the case of bleached long-fiber pulp is lower than expected, partly due to issues with the start-up of new capacity in Russia. Prices rose by over 7% on the third quarter. There was already a supply squeeze for unbleached long-fiber pulp due to the closure of production lines in the first half of the year and the consumption of inventories pushed prices up by more than 10%. Short-fiber pulp prices had a lower increase, largely due to expectation of new production at Montes del Plata and the new Suzano mill in Brazil. The paper market in Asia continued under quite a lot of pressure and producers still generally have quite low margins, except tissue prices that are still high. The situation is more complex in Europe due to little activity. Demand for graphic paper is in decline and there are closures of paper production lines, releasing wood pulp into the market, particularly long-fiber pulp. This has been curtailing price increases. This situation is similar for shortfiber wood pulp and prices remained unchanged. Latin America followed the worldwide trends with the most attractive prices, but it is a relatively small market with little room to increase the sales volume, although it is indeed a relatively important market for unbleached long-fiber pulp. Panel revenues increased 11.8%. Physical sales rose 5.6%, due to the new operations in the United States, and the commissioning of the Jaguariaiva mill in Brazil. Prices increased 0.9%. The plywood sales volume dropped, mainly because of lower production rates. CHANGES Volume Prices 3Q13 vs 3Q12 3Q13 vs 2Q13 Accum 2013 vs 2012 Pulp (4.3%) (11.0%) 5.2% Panels 5.6% (4.8%) 45.2% Saw n timber 8.7% 1.0% 7.3% Pulp 9.7% 4.2% 4.1% Panels 0.9% (1.0%) 0.4% Saw n timber (1.7%) (0.4%) (0.5%) ARAUCO 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Accum 13 Accum 12 Chg. 13 / 12 Sales 1,270 1,335 1,202 5.6% 5,146 4,280 20.2% Pulp** 516 573 521 (0.8%) 2,181 1,994 9.3% Saw n timber** 216 219 208 3.7% 830 765 8.4% Panels** 474 502 424 11.8% 1,941 1,332 45.7% Forestry 54 33 41 31.1% 160 157 2.3% Services 9 8 7 20.5% 33 32 6.1% EBITDA* 249 325 224 11.0% 1,140 849 34.2% EBIT 110 142 28 290.7% 520 203 156.4% Non operating income (18) 4 61 (130.1%) 29 107 (73.1%) Net income 44 103 84 (47.5%) 386 139 177.7% Figures in US$ million *Adj. EBITDA informed by Arauco was US$242 million fot 4Q13, US$319 million for 3Q13, US$346 million for 2Q13 and US$236 million for 1Q13. Calculation is as follows: Adj. EBITDA = Net Income + fin. costs - fin. income + tax + dep & amort + fair value cost of timber harvested - gain from changes in biologica assets + exchange rate differences **Includes energy sales EBITDA 3Q13 includes US$19 million in amortization of investments in temporary forestry roads 6

The MDF sales volume increased due to the purchases of the Moncure and Flakeboard mills, along with the start-up of line 2 of the Jaguariaiva mill in Brazil. MDF moldings performed well in 2013, in line with the recovery of the US house construction and refurbishment market. The particleboard volume rose, mainly driven by operations in the United States. Sawn lumber revenues were up 3.7% as a result of volume increasing 8.7%, partly offset by a 1.7% price decrease. The US real estate and construction market recovered in 2013, ending the year with housing starts at 975,000, which was a 17.5% year-on-year increase. Current construction levels are still low compared to the average of the last 10 years. Market performance was quite stable in 4Q13 and there were no major price variations compared to the previous quarter. 4Q13 versus 3Q13. Arauco had net income of US$ 44 million which was US$ 59 million down on the previous quarter, mainly explained by operating income dropping US$ 32 million because of lower wood pulp and panel sales on account of a volume decrease, particularly for wood pulp. There was also higher income tax. Non-operating income dropped US$ 22 million, mainly due to higher other costs of greater expenses for lawsuits, projects and forest fires. That was partly offset by higher other revenue, related to increased profits from selling forestry assets and lands in Chile and Uruguay. Consolidated operating revenue dropped 4.9%. Wood pulp sales were down 9.9%, due to volume falling 11.0% and mainly because of longer maintenance than scheduled at the Nueva Aldea mill and leading to a unit cost increase of 3.3% and 8.1% for long- and short-fiber wood pulp, respectively. Prices rose 4.2%. Sawn lumber revenues remained relatively stable. Panel revenues were down 5.6%, driven by volume and prices falling 4.8% and 1.0%, respectively. The MDF volume dropped because of lower shipments and related to the seasonality of the end of the year. The drop in the particleboard volume was due to lower sales, mainly in the US and Argentine markets late in the quarter. 2013 versus 2012 (accum.) Arauco had net income of US$ 386 million which was up on the US$ 139 million of the previous year. That is mainly explained by a US$317 million increase in operating income, because of higher sales across all business lines, mainly panels and wood pulp. There was also the negative US$129 million effect in 2012 from the income tax rate increase. Unit costs of long- and short-fiber wood pulp fell 3.0% and 4.3%, respectively. Non-operating income dipped US$79 million because of lower other income and related to lower insurance compensations received in 2013, partly offset by the higher revaluation of biological assets and the sale of non-essential assets. There were also higher other expenses. In operating terms, consolidated revenue climbed 20.2%. Wood pulp sales rose 9.3%, arising from volume and prices increasing 5.2% and 4.1%, respectively. Sawn lumber revenue was up 8.4%, due to volume growing 7.3% and partly offset by a 0.5% price decrease. Panel revenues surged 45.7%, driven by volume increasing 45.2% due to the acquisition of assets in the United States and the production of the new Teno mill in Chile and Jaguariaiva mill in Brazil. Prices remained stable. Production 4Q 12 3Q 13 4Q 13 1,332 1,279 1,194 749 817 668 661 733 733 Pulp (th. ton) Panels (th. m3) Sawn timber (th. m3) 7

COPEC (CONSOLIDATED) 4Q13 versus 4Q12. Copec had net income of Ch$ 18.693 million in 4Q13, which was down on the Ch$ 19,925 million in 2012. EBITDA rose 4.7% and amounted to Ch$ 65,015 million, due to higher commercial margins and increased volume at operations in Chile, Colombia, Panama and Ecuador. The effect of the revaluation of inventories and the FIFO costing system arising from fuel price variations was less negative than in 2012. Market share increased to 58.8%. Non-operating income was more negative than the previous year, mainly due to higher other expenses, partly offset by lower financial costs. Physical fuel sales in Chile climbed because of greater volume in the dealer channel with a 5.8% increase, and a 2.3% decrease in the industrial channel. The revenue of Proenergía rose 13.0% in line with Terpel s physical fuel sales increasing 11.7% in Colombia, 4.8% in Ecuador and 21.5% in Panama. 4Q13 versus 3Q13. Net income in the quarter was Ch$14,668 million down on the previous quarter. That difference is mainly explained by lower operating income of Ch$ 13,293 million, related to lower commercial margins and the FIFO effect that hit margins in the fourth quarter and that was positive in the third quarter. That was partly offset by increased volume in the industrial and dealer channels in Chile and at operations in Colombia, Ecuador and Panama. EBITDA fell 18.3%. Non-operating income dropped, mainly due to more negative exchange rate differences and higher financial expenses and other expenses. 2013 versus 2012 (accum.) Copec s net income accrued up to December was Ch$ 127,896 million, a 92.0% year-on-year increase. The difference was largely due to greater operating income of Ch$ 78,453 million related to higher margins in the industrial and dealer channels and a volume increase in Colombia, Panama and Ecuador and in the dealer channel in Chile. The effect of the revaluation of inventories and the FIFO costing system was more negative in 2012. EBITDA rose 33.4%. Non-operating income was less negative than in 2012, because of lower financial expenses, higher other income and more favorable exchange rate differences. There were also greater earnings from discontinued operations related to the sale of Terpel s operations in Chile. Physical fuel sales in Chile grew 1.0%, mainly on account of volume climbing 5.8% in the dealer channel, but it dropped 2.6% in the industrial channel. The physical fuel sales of Terpel in Colombia increased 12.5%, because of the good performance of own service stations, among other factors. In Ecuador and Panama the volume rose 4.3% and 18.2%, respectively. COPEC CONSOLIDATED (Including P roenergia) 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Accum 13 Accum 12 Chg. 13 / 12 Sales 2,351,344 2,235,056 2,168,261 8.4% 8,963,650 8,512,996 5.3% EBITDA 65,015 79,530 62,086 4.7% 308,194 231,102 33.4% EBIT 43,818 57,112 25,874 69.4% 226,635 148,183 52.9% Non operating income (10,826) (7,568) (7,225) 49.8% (38,818) (52,622) (26.2%) Net income 18,693 33,362 19,925 (6.2%) 127,896 66,630 92.0% Copec Chile physical sales (thousand of m 3 ) Copec Chile market share 2,380 2,326 2,350 1.2% 9,393 9,297 1.0% 58.8% 58.6% 58.3% 0.5% 58.3% 58.2% 0.1% PROENERGIA (Terpel) 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Figures in millions of Chilean pesos Accum 13 Accum 12 Chg. 13 / 12 Sales 3,592,124 3,474,985 3,180,212 13.0% 13,829,339 12,076,114 14.5% EBITDA 95,817 141,765 140,950 (32.0%) 508,552 470,117 8.2% Net income Profit attributable to controlers 7,012 23,025 25,576 (72.6%) 79,142 68,411 15.7% Profit attributable to minority interest 8,710 26,822 29,638 (70.6%) 92,459 82,135 12.6% Terpel physical sales (thousand of m 3 ) Colombia 1,568 1,502 1,405 11.7% 6,000 5,334 12.5% Panama 179 177 147 21.5% 710 601 18.2% Ecuador 126 125 120 4.8% 488 468 4.3% Figures in millions of Colombian pesos 8

ABASTIBLE (CONSOLIDATED) 4Q13 versus 4Q12. Abastible had a net income increase of 9.8% in 4Q13 amounting to Ch$ 5,597 million. That was largely due to a nonoperating income increase of Ch$ 1,964 million on account of lower other expenses and higher other revenues, along with increased profit from associates and joint ventures. Operating income dropped Ch$1,293 million, due to higher administration expenses and distribution costs. The company s EBITDA was down 25.1% amounting to Ch$10,568 million. The company had sales in Chile of 94 thousand tons of liquefied gas in the quarter, which was a 1.6% year-on-year increase. The sales volume of Inversiones del Nordeste in Colombia grew 1.7% to 47 thousand tons of gas. 2013 versus 2012 (accum.) Abastible had net income of Ch$ 37,712 million in 2013, which was an increase of 20.8% on the same period in 2012. Operating income remained quite stable at Ch$ 48,848 million but non-operating income increased by Ch$ 6,766 million. That was related to higher other expenses and greater profit from associates and joint ventures. The company had sales in Chile of 418 thousand tons of liquefied gas in the quarter, which was 3.5% up on those in 2012. Deliveries rose 3.3% and 3.7% in the bottled and bulk channels, respectively. The company had a 0.8% volume decrease in Colombia. 4Q13 versus 3Q13. Abastible s net income was Ch$ 6,870 million down on that of the previous quarter. That was due to a drop in operating income because of lower physical sales in the bottled and bulk gas channels, driven by the winter season of the third quarter. Non-operating income had no major variations. EBITDA was 48.6% down on 3Q13. ABASTIBLE CONSOLIDATED 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Accum 13 Accum 12 Chg. 13 / 12 Sales 104,241 122,397 99,531 4.7% 420,733 403,892 4.2% EBITDA 10,568 20,552 14,112 (25.1%) 66,656 67,307 (1.0%) EBIT 7,706 15,388 8,998 (14.4%) 48,848 49,163 (0.6%) Non operating income 1,195 1,196 (769) (255.4%) 4,689 (2,076) (325.8%) Net income 5,597 12,466 5,098 9.8% 37,712 31,209 20.8% Abastible Chile physical sales (thousand of tons) 94 126 93 1.6% 418 405 3.5% IN Colombia physical sales (thousand of tons) 47 47 46 1.7% 184 186 (0.8%) Figures in millions of Chilean pesos 9

PESQUERA IQUIQUE-GUANAYE, IGEMAR (CONSOLIDATED) 4Q13 versus 4Q12. Igemar had a net income loss of US$ 22.2 million in 4Q13 against the US$1.7 million loss in 2012. That is mainly explained by a non-operating income loss of US$ 25.5 million because of higher other expenses related to the closure of productive plants and lower profit from associates and joint ventures, partly offset by lower other losses. Operating income also dropped, partly offset by lower physical sales of fishmeal, fish oil and frozen seafood, partly offset by higher canned seafood sales. EBITDA fell US$ 9.5 million to US$ 3.4 million. There was an operating income loss of US$ 11.8 million against the US$ 6.5 million loss in 2012. Physical fishmeal sales were 4.9 thousand tons, which was 61% down on those the previous year. Physical fish oil sales dropped 20.6% on last year amounting to 1.1 thousand tons and 713 thousand boxes of canned seafood were sold, 8.8% up on the previous year. Frozen seafood sales were 57.2% down on the previous year and amounted to 1.7 thousand tons. The fish processed was 22.8 thousand tons, falling 51.8%. Frozen seafood and fish oil prices climbed 52.3% and 11.5%, respectively. Fishmeal and canned seafood prices fell 15.5% and 6.6%, respectively. 4Q13 versus 3Q13. The company posted a net income loss of US$ 22.2 million in the quarter, which was US$ 14.7 million down on the US$ 8.0 million loss of the previous quarter. That was because of lower nonoperating income of US$ 13.6 million, related to the closure of productive plants this quarter, partly offset by more favorable income from related companies and joint ventures. Operating income fell US$ 7.7 million, partly due to lower sales of frozen seafood and fish oil, and in part offset by higher sales of canned seafood and higher frozen seafood prices. 2013 versus 2012 (accum.) Igemar had a net income loss of US$ 41.1 million in 2013 against a net income loss of US$ 14.7 million in 2012. That is mainly explained by a drop in non-operating income, partly because of higher other expenses related to the closure of productive plants, that accounted for US$ 56.1 million. EBITDA fell 18.4% to US$ 24.8 million. Operating income was -US$ 8.6 million against the -US$ 2.9 million in 2012. Frozen seafood sales amounted to 26.2 thousand tons and were stable on the previous year, and 2.5 million boxes of canned seafood were sold, 14.9% up on the previous year. Physical fishmeal sales were 59.9% down on the previous year amounting to 22 thousand tons. Physical fish oil sales were 4.7 thousand tons, a 58.3% decrease on last year. The fish processed dropped 54.1% and amounted to 146 thousand tons. Fishmeal, fish oil and frozen seafood prices rose 13.6%, 34.3% and 10.9%, respectively. Canned seafood prices fell 4.3%. IGEMAR CONSOLIDATED 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Accum 13 Accum 12 Chg. 13 / 12 Sales 49.7 47.1 53.6 (7.3%) 205.8 220.8 (6.8%) EBITDA* (3.4) 4.8 6.1 (155.5%) 24.8 30.4 (18.4%) EBIT (11.8) (4.1) (6.5) 82.4% (8.6) (2.9) 197.7% Non operating income (26.0) (12.4) (7.5) 246.8% (84.2) (32.6) 158.2% Net income (22.7) (8.0) (1.7) 1202.2% (41.6) (14.7) 182.5% Physical sales Fishmeal (tons) 4,864 3,629 12,484 (61.0%) 22,099 55,121 (59.9%) Fish oil (tons) 1,067 1,121 1,344 (20.6%) 4,718 11,315 (58.3%) Canned fish (cases) 712,945 555,408 655,479 8.8% 2,533,558 2,204,702 14.9% Frozen fish (tons) 1,671 4,613 3,905 (57.2%) 26,196 26,230 (0.1%) Catches (tons) 22,768 14,288 47,226 (51.8%) 146,179 318,364 (54.1%) Figures in US$ million *EBITDA = Operating Income + Depreciation + Amortization EBITDA informed by Igemar is calculated as follows: Operating Income + Depreciation + Amortization + Other Income + Other expense 10

OTHER AFFILIATES Sonacol Sonacol had net income of Ch$ 4,423 million in 4Q13, which was up on the Ch$ 4,337 million in 4Q12. That was essentially due to higher nonoperating income, partly offset by a drop in operating income due to the lower volume pipelined. In accrued terms, net income was Ch$ 19,132 million, which was up on the Ch$ 16,134 million in 2012. That was because of the higher tax rate in 3Q12, partly offset by lower operating and non-operating income. The volume pipelined was 8.1% lower than the previous year. OTHER RELATED COMPANIES Metrogas Metrogas had net income of Ch$ 14,130 million in 4Q13, a 63.8% yearon-year decrease. This was mainly due to lower operating income because of zero sales to power companies in the quarter. That was partly offset by higher non-operating income, related to lower other losses and profit in associates and joint ventures. In accrued terms, net income was Ch$ 108,162 million, 24.2% up on the previous year, and mainly due to higher operating income of Ch$23,997 million on account of higher volume in the residential and industrial channels and increased margins. That was partly offset by lower nonoperating income of Ch$ 14,630 million. Physical sales were down 10.6%, on account of sales to power companies decreasing 43.1%. That was partly offset by increased supply to residential and industrial customers. Corpesca Corpesca had a net income of US$ 4.3 million in 4Q13, which was down on the US$ 12.5 million in 4Q12. In accrued terms, the company had a net income of US$ 16.2 million, which was up on the loss of US$ 1.7 million in 2012. Operating income rose US$ 39.6 million because fish oil and fishmeal prices increased 40.5% and 16.2%, respectively. That was partly offset by a lower sales volume. The fish oil and fishmeal sales volumes fell 36.2% and 8.4%, respectively. 606 thousand tons of fish were processed, which was a 10.4% decrease. Guacolda Guacolda had net income of US$ 24.7 million in 4Q13, which was up on the US$ 9.6 million in 4Q12. That was due to higher operating and nonoperating income, related to greater income from exchange rate differences and higher other earnings. In accrued terms, the company s income increased US$ 58.7 million to US$ 77.1 million, largely explained by lower costs than in 2012 when there were greater spot purchases due to the lower availability of its power generating plants. Energy sales climbed 4.5%. Non-operating income increased US$11.3 million, largely because of lower financial costs and a more favorable exchange rate difference. Net income from other affiliates and associates 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Accum 13 Accum 12 Chg. 13 / 12 Metrogas* 14,130 32,490 38,981 (63.8%) 108,162 87,074 24.2% Sonacol* 4,423 5,385 4,337 2.0% 19,132 16,134 18.6% Corpesca 4.3 (5.4) 12.5 (65.3%) 16.2 (1.7) (1068.2%) Guacolda 24.7 26.5 9.9 150.7% 77.1 18.4 319.3% Can Can (1.6) (1.1) (0.3) 412.2% (2.8) 0.2 (1345.1%) Laguna Blanca** (15.9) (7.2) (8.6) 85.1% (23.1) (14.1) 63.9% Figures in US$ million * Figures in millions of Chilean pesos ** Laguna Blanca is the holding company of Mina Invierno, formerly Isla Riesco 11

CONSOLIDATED BALANCE SHEET ANALYSIS Consolidated current assets dropped 5.3% as of December 31, 2013 on those as of December 31, 2012. That difference was principally driven by lower assets qualified as kept for sale related to Terpel Chile, a drop in trade receivables and other accounts receivable, mainly at the subsidiaries Arauco and Copec. That was partly offset by higher cash and cash equivalents, essentially due to the cash flow from operating activities. Long term debt maturities Figures in US$ million 2,153 Non-current assets as of December 31, 2013 were stable on those in 2012. There was an increase in property, plant and equipment, mainly at Arauco. That was offset by lower investments with accounting using the equity method, deferred tax assets and intangible assets other than goodwill, partly due to the effect of the higher exchange rate on subsidiaries with accounting in local currency. Current liabilities fell 3.5%, because of a decrease in liabilities included in groups of assets qualified as kept for sale and related to Terpel Chile, partly offset by an increase in other current non-financial liabilities, principally in the parent company and related to dividends payable. 927 1,019 670 605 446 186 2014 2015 2016 2017 2018 2019 balance Non-current liabilities fell 3.5% on those at the 2012 year-end. That was because of a drop in other non-current financial liabilities, other noncurrent non-financial liabilities and lower deferred tax liabilities. The company s shareholders equity ended the quarter 2.0% up on that as of December 2012, highlighting the increase in retained earnings generated by accumulated result, partly offset by lower other reserves due to the effect of the higher exchange rate on subsidiaries with accounting in local currency. Dec/13 Dec/12 Chg. Current assets 5,884 6,211 (5.3%) Non-current assets 16,485 16,506 (0.1%) TOTAL ASSETS 22,368 22,717 (1.5%) Short term financial debt 1,250 1,318 (5.2%) Other current liabilities 2,148 2,201 (2.4%) Long term financial debt 5,862 6,096 (3.8%) Other non-current liabilities 2,288 2,339 (2.2%) TOTAL LIABILITIES 11,548 11,954 (3.4%) MINORITY INTEREST 708 846 (16.3%) SHAREHOLDER'S EQUITY 10,112 9,916 2.0% Leverage* 0.50 0.56 (9.9%) Net financial debt 5,444 6,008 (9.4%) ROCE** 8.6% 5.9% 2.6% Figures in US$ million * Leverage = Net financial debt / Total equity ** ROCE = (Anualized EBIT + Gain from changes in fair value of biological assets) / (Total current assets - Total current liabilities + Non-current biological assets + Property, Plant and Equipment - Net non-current assets classified as held for sale) 12

CASH FLOW STATEMENT ANALYSIS The operating cash flow as of December 2013 rose 40.3% on the previous year, basically due to higher net charges from the sale of goods and rendering of services and higher other charges for operating activities. There was also lower income tax paid. That was partly offset by higher payments to product and service suppliers, greater other payments for operating activities, higher payments to and on behalf of employees, and lower charges of insurance premiums and benefits, annual installments and other benefits of the policies subscribed. Regarding the investing cash flow, in 4Q13 there was a 61.5% decrease in outlays compared to December 2012. There was a drop in cash flows used to buy a controlling interest in subsidiaries and other businesses, related to the purchase of shares of Proenergía in Colombia by the affiliate Copec the previous year. There was also an increase in other charges for the sale of equity or debt instruments in other companies, related to the sale of Terpel Chile by the affiliate Copec. There were lower other payments to purchase an interest in joint ventures. There were also lower purchases of property, plant and equipment, mainly in the forestry business, partly offset by higher purchases of other long-term assets and greater loans to related companies. The financing cash flow dropped 147.8% on 2012 when the net loan amount was positive and related to heavy investment. On the contrary, the net loan amount was negative in 2013, due to debt reduction at the subsidiary Copec. CASH FLOW STATEMENTS Dec-13 Dec-12 Chg. 13 / 12 Cash flow s from (used in) operating activities 1,612,741 1,149,475 40.3% Cash flow s from (used in) investing activities (799,179) (2,075,412) (61.5%) Cash flow s from (used in) financing activities (475,092) 993,257 (147.8%) Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 338,470 67,320 402.8% Figures in thousand US$ BREAKDOWN BY OPERATING SEGMENTS (Accumulated as of December 2013) Figures as of December 2013 Arauco Copec Abastible Sonacol Igemar Others* Subtotal Elimin. Total Revenues from external clients 5,145,500 18,088,447 840,533 48,686 205,783 10,330 24,339,279-24,339,279 Revenues betw een segments - 114,700 9,083 29,436-3,023 156,242 (156,242) - EBIT 520,009 460,879 98,833 55,509 (8,626) (10,383) 1,116,221-1,116,221 Depreciation & Amortization 298,647 164,411 35,954 7,390 33,407 2,313 542,122-542,122 Stumpage 320,894 - - - - - - - - EBITDA 1,139,550 625,290 134,787 62,899 24,781 (8,070) 1,979,237-1,979,237 Profit (loss) of the segment 418,577 293,906 84,549 38,612 (79,333) 78,268 834,579-834,579 Share of profit (loss) of associates of the segment 6,260 16,256 20,491-4,984 74,204 122,195-122,195 Income tax expense (130,357) (113,350) (23,706) (9,510) 13,466 4,723 (258,734) - (258,734) Investments by segment Payments for acq. prop., plant and equip. 645,388 200,569 80,644 7,191 21,240 1,245 956,277-956,277 Acquisition other long term assets 213,244 - - - - - 213,244-213,244 Payments for acq. affiliates and associates - 5,059 5,529-32,653 19 43,260 (5,059) 38,201 Purchase of intangible assets 5,889 57,449 - - 1,855-65,193-65,193 Total investments 864,521 263,077 86,173 7,191 55,748 1,264 1,277,974 (5,059) 1,272,915 Assets by segment 14,493,395 4,688,631 869,320 355,651 768,235 1,193,078 22,368,310-22,368,310 *Includes Can-Can, Empresas Copec parent company and others Figures in thousand US$ 13

FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME BY FUNCTION Dec-13 Dec-12 Chg. 13 / 12 Revenue 24,339,279 22,779,537 6.8% Cost of sales (21,137,086) (20,219,680) 4.5% Gross profit 3,202,193 2,559,857 25.1% Other income 435,625 444,607 (2.0%) Distribution costs (910,588) (813,749) 11.9% Administrative expenses (1,175,384) (1,088,565) 8.0% Other expense (266,357) (165,895) 60.6% Other gains (losses) (3,126) 1,083 (388.6%) Finance income 47,894 47,488 0.9% Financial costs (363,229) (381,892) (4.9%) Share of profit (loss) of associates and joint ventures accounted for using equity method 122,195 102,123 19.7% Foreign exchange differences (15,869) (11,159) 42.2% Gains (losses) on net monetary position (5,973) (8,720) (31.5%) Gains (losses) arising from difference betw een previous carrying amount and fair value of financial assets reclassified as measured at fair value 0 0 - Profit (loss) before tax 1,067,381 685,178 55.8% Income tax expense (258,734) (246,745) 4.9% Profit (loss) from continuing operations 808,647 438,433 84.4% Profit (loss) from discontinued operations 25,932 2,778 833.5% Profit (loss) 834,579 441,211 89.2% Profit (loss), attributable to Profit (loss), attributable to ow ners of parent 786,013 413,450 90.1% Profit (loss), attributable to non-controlling interests 48,566 27,761 74.9% Total profit (loss) 834,579 441,211 89.2% Earnings per share Basic earnings per share Basic earnings (loss) per share from continuing operations 0.584743 0.315937 85.1% Basic earnings (loss) per share from discontinued operations 0.019950 0.002137 833.5% Basic earnings (loss) per share 0.604693 0.318074 90.1% Diluted earnings per share - Diluted earnings (loss) per share from continuing operations 0.584743 0.315937 85.1% Diluted earnings (loss) per share from discontinued operations 0.019950 0.002137 833.5% Diluted earnings (loss) per share 0.604693 0.318074 90.1% Figures in thousand US$ 14

FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME Dec-13 Dec-12 Chg. 13 / 12 Profit (loss) 834,579 441,211 89.2% Components of other comprehensive income, before tax Exchange differences on translation Gains (losses) on exchange differences on translation, before tax (3,925) (4,851) (19.1%) Other comprehensive income, before tax, exchange differences on translation 0 445 (100.0%) Available-for-sale financial assets Gains (losses) on remeasuring available-for-sale financial assets, before tax 0 0 - Other comprehensive income, before tax, available-for-sale financial assets (365,798) 51,355 (812.3%) Cash flow hedges Gains (losses) on cash flow hedges, before tax (365,798) 51,355 (812.3%) Other comprehensive income, before tax, cash flow hedges 0 0 - Share of other comprehensive income of associates and joint ventures accounted for using equity method 0 0 - Other comprehensive income, before tax 0 0 - Income tax relating to components of other comprehensive income Income tax relating to available-for-sale financial assets of other comprehensive income 0 0 - Income tax relating to cash flow hedges of other comprehensive income 0 (1,276) (100.0%) Aggregated income tax relating to components of other comprehensive income 0 0 - Other comprehensive income 0 0 - Total comprehensive income 0 0 - Comprehensive income attributable to Comprehensive income, attributable to ow ners of parent (7,730) 6,749 (214.5%) Comprehensive income, attributable to non-controlling interests 0 0 - Total comprehensive income 0 0 - Figures in thousand US$ 15

FINANCIAL STATEMENTS BALANCE SHEET - ASSETS Dec/13 Dec/12 Chg. Assets Current assets Cash and cash equivalents 1,508,139 1,246,707 21.0% Other current financial assets 160,404 159,858 0.3% Other current non-financial assets 224,343 264,368 (15.1%) Trade and other receivables, current 1,842,747 1,993,574 (7.6%) Trade and other current receivables 184,725 146,199 26.4% Inventories 1,592,645 1,576,521 1.0% Current biological assets 263,056 268,668 (2.1%) Current tax assets 91,985 132,085 (30.4%) Total current assets other than assets or disposal groups classified as held for sale or as held for distribution to owners 5,868,044 5,787,980 1.4% Non-current assets or disposal groups classified as held for sale 15,488 422,581 (96.3%) Non-current assets or disposal groups classified as held for sale or for distribution to ow ners 15,488 422,581 (96.3%) Total current assets 5,883,532 6,210,561 (5.3%) Non-current assets Other non-current financial assets 59,052 79,847 (26.0%) Other non-current non-financial assets 153,097 153,073 0.0% Non-current rights receivables 58,905 80,621 (26.9%) Non-current receivables to related parties 6,174 6,010 2.7% Investments accounted for using equity method 970,893 1,034,040 (6.1%) Intangible assets other than goodw ill 1,001,690 1,034,355 (3.2%) Goodw ill 209,960 229,222 (8.4%) Property, plant and equipment 10,082,124 9,934,612 1.5% Non-current biological assets 3,635,246 3,610,572 0.7% Investment property 59,026 62,218 (5.1%) Deferred tax assets 248,611 281,710 (11.7%) Total non-current assets 16,484,778 16,506,280 (0.1%) Total assets 22,368,310 22,716,841 (1.5%) Figures in thousand US$ 16

FINANCIAL STATEMENTS BALANCE SHEET - LIABILITIES AND EQUITY Dec/13 Dec/12 Chg. Liabilities Current liabilities Other current financial libilities 1,249,933 1,318,238 (5.2%) Trade and other current payables 1,788,930 1,773,384 0.9% Other current payables to related parties 22,270 14,565 52.9% Other short-term provisions 13,315 14,632 (9.0%) Current tax liabilities 99,731 86,826 14.9% Current provisions for employee benefits 6,098 5,983 1.9% Other current financial liabilities 217,492 177,908 22.2% Total current liabilities other than liabilities included in disposal groups classified as held for sale 3,397,769 3,391,536 0.2% Liabilities included in disposal groups classified as held for sale 0 127,725 (100.0%) Total current liabilities 3,397,769 3,519,261 (3.5%) Non-current liabilities Other non-current financial liabilities 5,862,497 6,096,140 (3.8%) Non-current payables 1,304 1,001 30.3% Non-current liabilities [abstract] 5,311 5,317 (0.1%) Other long-term provisions 35,207 26,300 33.9% Deferred tax liabilities 1,987,683 2,003,641 (0.8%) Non-current provisions for employee benefits 82,295 86,497 (4.9%) Other non-current non-financial liabilities 176,414 216,292 (18.4%) Total non-current liabilities 8,150,711 8,435,188 (3.4%) Total liabilities 11,548,480 11,954,449 (3.4%) Equity Issued capital 686,114 686,114 0.0% Retained earnings 9,475,164 9,026,439 5.0% Other reserves (49,264) 203,940 (124.2%) Equity attributable to owners of parent 10,112,014 9,916,493 2.0% Non-controlling interests 707,816 845,899 (16.3%) Total equity 10,819,830 10,762,392 0.5% Total equity and liabilities 22,368,310 22,716,841 (1.5%) Figures in thousand US$ 17

FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS Dec-13 Dec-12 Chg. 13 / 12 Statement of cash flow s Cash flow s from (used in) operating activities Classes of cash receipts from operating activities Receipts from sales of goods and rendering of services 26,247,043 25,221,391 4.1% Receipts from premiums and claims, annuities and other policy benefits 30,620 133,881 (77.1%) Other cash receipts from operating activities 411,129 295,058 39.3% Classes of cash payments Payments to suppliers for goods and services (23,604,730) (23,102,064) 2.2% Payments to and on behalf of employees (705,697) (696,345) 1.3% Payments for premiums and claims, annuities and other policy benefits (8,670) (5,954) 45.6% Other cash payments from operating activities (334,484) (116,632) 186.8% Dividends received 13,909 16,844 (17.4%) Interest paid (263,722) (247,035) 6.8% Interest received 38,509 23,954 60.8% Income taxes refund (paid) (225,491) (373,181) (39.6%) Other inflow s (outflow s) of cash 14,325 (442) (3341.0%) Net cash flows from (used in) operating activities 1,612,741 1,149,475 40.3% Figures in thousand US$ 18

FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS (continuation) Dec-13 Dec-12 Chg. 13 / 12 Cash flow s from (used in) investing activities Cash flow s from losing control of subsidiaries or other businesses 16,031 1,239 1193.9% Cash flow s used in obtaining control of subsidiaries or other businesses 0 (488,376) (100.0%) Cash flow s used in the purchase of non-controlling interests 0 (19,307) (100.0%) Other cash receipts from sales of equity or debt instruments of other entities 257,133 0 - Other cash payments to acquire equity or debt instruments of other entities (32,672) 0 - Other cash receipts from sales of interests in joint ventures 0 6,607 (100.0%) Other cash payments to acquire interests in joint ventures (5,529) (3,713) 48.9% Loans to related parties (67,956) (22,601) 200.7% Proceeds from sales of property, plant and equipment 129,784 6,867 1790.0% Purchase of property, plant and equipment (956,277) (1,389,129) (31.2%) Proceeds from sales of intangible assets (135) 3,250 (104.2%) Purchase of intangible assets (74,021) (85,801) (13.7%) Proceeds from other long-term assets 28,992 (1,571) (1945.4%) Purchase of other long-term assets (213,244) (118,650) 79.7% Proceeds from government grants 0 0 - Cash advances and loans made to other parties (5,251) (6,529) (19.6%) Cash receipts from repayment of advances and loans made to other parties 5,000 0 - Cash receipts from related parties 885 1,141 (22.4%) Dividends received 121,703 69,747 74.5% Interest received 334 361 (7.5%) Income taxes refund (paid) 0 0 - Other inflow s (outflow s) of cash (3,956) (28,947) (86.3%) Net cash flows from (used in) investing activities (799,179) (2,075,412) (61.5%) Figures in thousand US$ 19

FINANCIAL STATEMENTS STATEMENT OF CASH FLOWS (continuation) Dec-13 Dec-12 Chg. 13 / 12 Cash flow s from (used in) financing activities Proceeds from issuing shares 0 20,706 (100.0%) Proceeds from long term borrow ings 1,076,506 1,571,792 (31.5%) Proceeds from short term borrow ings 992,411 2,031,043 (51.1%) Proceeds from borrow ings 2,068,917 3,602,835 (42.6%) Loans from related parties 0 5,341 (100.0%) Payments of borrow ings (2,175,790) (2,191,587) (0.7%) Dividends paid (314,169) (347,593) (9.6%) Interest paid (63,567) (67,437) (5.7%) Other inflow s (outflow s) of cash 9,517 (29,535) (132.2%) Net cash flows from (used in) financing activities (475,092) 993,257 (147.8%) Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 338,470 67,320 402.8% Effect of exchange rate changes on cash and cash equivalents Effect of exchange rate changes on cash and cash equivalents (77,011) 26,720 (388.2%) Net increase (decrease) in cash and cash equivalents 261,459 94,040 178.0% Cash and cash equivalents at beginning of period 1,246,132 1,152,099 8.2% Cash and cash equivalents at end of period 1,507,591 1,246,139 21.0% Figures in thousand US$ 20

EXHIBIT Adjusted EBITDA Calculation As from 1Q13, Empresas Copec presents an alternative calculation of EBITDA, denominated "adjusted EBITDA". The methodology, adopted by the subsidiary Arauco in 2012, better suits the IFRS definition of the indicator, and has the advantage of including the profits from associates. These may be especially relevant for Empresas Copec, given the importance some associates may acquire. Adjusted EBITDA is calculated as follows: 4Q 13 3Q 13 4Q 12 Chg. 3Q 13 / 3Q 12 Accum 13 Accum 12 Chg. 13 / 12 Net Income 75 243 171-56.0% 835 437 90.8% (+)Financial Costs 85 85 122-30.2% 363 379-4.1% (-) Financial Income (11) (11) (11) 0.6% (48) (42) 14.6% (+) Income Tax 60 60 (7) -1000.6% 259 251 3.1% (+) Depr & Amort* 114 164 177-35.5% 542 505 7.3% (+) Fair value cost of timber harvested (-) Gain from changes in fair value of biological assets 78 87 79-1.4% 321 312 3.0% (67) (66) (60) 11.2% (270) (232) 16.3% (+) Exchange rate differences 8 2 (14) -157.9% 16 13 24.2% Adj. EBITDA 351 564 484-27.6% 2,018 1,623 24.3% *Includes US$19 million in amortization of investments in temporary forestry roads Traditional calculated EBITDA (EBITDA = Operating Income + Depreciation + Amortization + Fair value cost of timber harvested), and adjusted EBITDA may differ given the methodological differences. Adjusted EBITDA Figures in US$ millions 655 484 516 587 564 394 371 375 351 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 21