Fourth Quarter 2015 Results

Fourth Quarter 2015 Results Press Release March 11 th, 2016 International risk rating Standard and Poor s BBB / stable Fitch Ratings BBB / stable Domestic risk rating Feller-Rate AA-/1 st Class Level 1 Fitch Ratings AA-/1 st Class Level 1 4Q15 Results Conference Call Friday March 18th, 2016 11:00 Hrs. ET (NY Time) 12:00 Hrs. Santiago Time Dial: From US: +1 (877) 317-6776 From other countries: +1 (412) 317-6776 ID: COPEC EBITDA EBITDA in 2015 was US$1,989 million, which is a slight decrease against last year s when it recorded US$2,043 million, in spite of a scenario of lower pulp prices and a more negative effect of inventory revaluation in the fuels division. 2015 / 2014 (Acum.) 4Q15 / 4Q14 4Q15 / 3Q15 Net income was down 37.0%, mainly due to non-operating income falling US$435 million, because of the asset impairment of US$145 million recorded in 4T15 at the subsidiary Laguna Blanca, a lower revaluation of biological assets in the forestry business, and the profits generated from the sale of Guacolda in 2014. Operating income fell US$32 million because of the lower performance of Arauco, partly offset by an increase in the fuels business. Consolidated revenue was US$18,160 million, 23.9% down on 2014, mainly due to lower fuel prices. Net income dropped 66.1%, largely due to a US$133 million decrease in non-operating income because of the asset impairment mentioned above. Operating income fell US$19 million because of the lower performance of Arauco. Revenue dropped 30.0%, largely because of lower fuel prices. Net income was 70.4% down on 3Q15, due to a decrease in non-operating income and mainly related to the asset impairment at Laguna Blanca, along with lower operating income in the forestry and fuels businesses. Consolidated revenue was US$ 4,053 million, a 9.2% decrease. Net Debt / EBITDA The Company has continued reducing its debt level ending 2015 with a Net Debt / EBITDA ratio of 2.2, which is lower than the 2.4 recorded at year end 2014. 4Q 15 3Q 15 4Q 14 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 Accum 14 Chg. 15 / 14 Revenues 4,053 4,466 5,787 (30.0%) (9.2%) 18,160 23,855 (23.9%) EBIT 180 263 200 (9.9%) (31.4%) 1,083 1,115 (2.9%) EBITDA* 398 495 441 (9.8%) (19.5%) 1,989 2,043 (2.7%) Adjusted EBITDA** 408 501 437 (4%) (18.6%) 1,967 2,025 (2.8%) Non operating income (142) (52) (9) 1,435.5% 171.4% (326) 109 (398.9%) Total profit 59 150 132 (55.6%) (60.9%) 571 901 (36.6%) Profit attributable to controlers 42 143 124 (66.1%) (70.4%) 539 856 (37.0%) Profit attributable to minority 16 7 7 118.8% 136.8% 32 45 (30.3%) EBITDA Margin 0.1 0.1 0.1 2.2% (1.2%) 0.1 0.1 2.4% EBITDA / Net interest expenses 6.1 7.8 5.5 11.2% (21.8%) 7.2 7.0 3.7% * 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 24). Figures in US$ millions 1

SIMPLIFIED OWNERSHIP STRUCTURE C o nt act Inf o rmat io n: Cristián Palacios Rodrigo Perera Leopoldo Silva Director of IR and Investments Financial Analyst Financial Analyst T elep ho ne: (56 2) 246170 42 T elep ho ne: (56 2) 246170 65 T elep ho ne: (56 2) 246170 15 cristian.palacios@empresascopec.cl rodrigo.perera@empresascopec.cl leopoldo.silva@empresascopec.cl Arauco enters Europe and South Africa after buying 50% of the Spanish company Tafisa Continuing with its internationalization plan and at an investment of US$150 million, Arauco will enter Europe and South Africa by cocontrolling Tafisa, which has 10 wood panel industrial mills, which are located in Spain, Portugal, Germany and South Africa. When the deal is completed, the new company, with estimated sales of US$900 million a year, will be called Sonae-Arauco. The production capacity of Sonae-Arauco will be about 460,000 m 3 of OSB, 1.45 million m 3 of MDF, 2.27 million m 3 of particle panels and 100,000 m 3 of sawn timber. With this investment, Arauco will be in second place of the global ranking of wood panel producers, with production of 9 million m 3 a year. In February, the company received regulatory authorization from the European authorities. Mina Invierno S.A. records asset impairment The related company Laguna Blanca S.A. and its subsidiaries, which operate the Mina Invierno coal deposit, conducted an asset impairment test in 2014. This was undertaken, among other factors, due to noting sales prices below those originally budgeted because of a prolonged drop in the international coal price. The operating costs are higher than those considered in the original project assessment. The results of such test did not require asset impairment in 2014. Nevertheless, due to a worsening scenario of low international coal prices in 2015, and in line with what companies in the mining industry have been doing, Laguna Blanca S.A. and its subsidiaries conducted and completed a new impairment test on the accounting items included on its balance sheet. The results obtained, which were validated by an external firm of auditors, entail a financial loss for Laguna Blanca S.A. of about US$290 million, comprising impairment of the amounts of property, plant and equipment, the realization value of inventories, intangibles and deferred tax assets. The negative effect on the income of Empresas Copec S.A. as of 12/31/2015, amounted to approximately US$145 million, proportional to its shareholding. Such extraordinary accounting effect does not mean a cash outflow. In the future, depending on the evolution of the coal price, operating costs and other critical factors, it might be necessary to conduct further studies to determine the economic value of the assets of Laguna Blanca S.A. The results of these analyses could lead to the need of recognizing additional losses, or partly reverting the losses generated this year due to impairment. 2

CONSOLIDATED RESULTS 4Q15 / 4Q15. Net income in the quarter, net of minority participation, was 66.1% down YoY and amounted to US$42 million. That was mainly due to non-operating income and operating income dropping US$132 million and US$20 million, respectively. That was partly offset by a positive tax effect, related to the winding up of Copec Investments Limited. Non-operating income fell, because of lower income in associates and joint ventures, mainly on account of recognizing an asset impairment of US$145 million at the subsidiary Laguna Blanca due to the worsening scenario of low international coal prices in 2015. There was also decreased revenue due to a lower revaluation of biological assets. The company s gross margin fell 6.6%, amounting to US$692 million, which mainly came from Arauco s subsidiaries of US$376 million; with Copec accounting for US$240 million; Abastible for US$54 million; Sonacol for US$11 million; and Igemar for US$11 million. There was a decrease in operating income, mainly in the forestry business. Such decrease was due to lower sales across all the business lines. Operating income remained stable in the fuels business expressed in US dollars due to the effect of the appreciation of the US dollar on recognizing income in this currency in this sector. Nevertheless, the subsidiary Copec in its functional currency, which is the Chilean peso, had better performance because of a higher sales volume at Copec Chile and Terpel. Despite the fact that the revaluation of inventories was negative this quarter, it was even more unfavorable the previous year. Abastible also had greater income measured in US dollars, on account of higher volumes and margins. 4Q15 / 3Q15. Net income in 4Q15 was 60.9% down on that in 3Q15, mainly explained by lower non-operating income, largely related to the asset impairment at Laguna Blanca and lower operating income. Operating income dropped 31.4%. That was partly because of the lower performance of the forestry and fuels businesses. The former had lower wood pulp, panel and sawmill sales and an increase in the unit costs of bleached long-fiber and short-fiber wood pulp that rose 0.7% and 1.3% respectively. The unit cost of unbleached long-fiber wood pulp fell 2.6%. Operating income fell in the fuels business, particularly at the subsidiary Copec on account of higher administration expenses and lower unit margins in Chile and Colombia, and a negative effect of the revaluation of inventories this quarter. There were also lower sales volumes in Chile in the industrial channel. However, the sales volumes in Colombia, Ecuador and Panama increased. Abastible s operating income dropped too, due to lower volume explained by the seasonality of the winter months of the third quarter when demand increases. Non-operating income fell US$89 million, because of lower income from associates and joint ventures, due to the asset impairment at Mina Invierno. That was partly offset by more favorable exchange rate differences, lower other operating expenses and higher other revenue, mainly at Arauco. Simplified Income Statement 4Q 15 3Q 15 4Q 14 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 Accum 14 Chg. 15 / 14 Revenues 4,053 4,466 5,787 (30.0%) (9.2%) 18,160 23,855 (23.9%) Cost of sales (3,361) (3,702) (4,998) (32.8%) (9.2%) (15,098) (20,619) (26.8%) Administration & distribution expenses (512) (501) (588) (13.0%) 2.1% (1,979) (2,120) (6.7%) Operating Income 180 263 200 (9.9%) (31.4%) 1,083 1,115 (2.9%) Other income 93 77 145 (35.7%) 21.2% 285 387 (26.4%) Other costs & expenses (21) (29) (58) (64.1%) (27.4%) (135) (2) 6835.3% Finance costs (87) (86) (101) (13.8%) 2.0% (351) (350) 0.3% Finance income 22 22 20 6.2% (1.2%) 76 57 33.0% Share of profits of associates (134) 5 6 (2401.2%) (2661.9%) (126) 77 (263.1%) Foreign exchange differences (11) (37) (11) (1.4%) (70.5%) (60) (40) 50.5% Other results (4) (6) (11) (63.5%) (30.5%) (15) (21) (29.3%) Non Operational income (142) (52) (9) 1,435.5% 171.4% (326) 109 (398.9%) Income tax expense 20 (61) (59) (133.8%) (132.7%) (186) (323) (42.3%) Total profit 59 150 132 (55.6%) (60.9%) 571 901 (36.6%) Profit attributable to controlers 42 143 124 (66.1%) (70.4%) 539 856 (37.0%) Profit attributable to minority 16 7 7 118.8% 136.8% 32 45 (30.3%) EBIT 180 263 200 (9.9%) (31.4%) 1,083 1,115 (2.9%) Depreciation & Amortization 143 150 148 (3.5%) (5.0%) 598 575 4.1% Fair value cost of timber harvested 75 81 93 (19.4%) (7.6%) 307 353 (13.2%) EBITDA 398 495 441 (9.8%) (19.5%) 1,989 2,043 (2.7%) Figures in US$ million 3

2015 / 2014 (accumulated). Net income accumulated up to 2015 was 37.0% down on that in 2014, largely due to lower non-operating income of US$435 million. Operating income fell by US$32 million. That was partly offset by lower income tax, which dropped US$137 million, mainly from the process of simplifying the structure at Copec s subsidiary. The company s gross margin fell 5.4% amounting to US$3,062 million, which mainly came from Arauco s subsidiaries of US$1,635 million; with Copec accounting for US$1,100 million; Abastible for US$242 million; Sonacol for US$49 million; and Igemar for US$39 million. EBITDA dropped 2.7% on the previous year and amounted to US$1,989 million. Operating income dropped 2.9%, mainly due to the lower performance of the forestry sector, where there was decreased revenue in the sawn lumber, panels and forestry businesses, offset by higher revenue in the wood pulp business due to greater sales volumes from Montes del Plata that offset the lower average price. In the fuels business Copec had stable operating income measured in US dollars despite the fact that the appreciation of the US dollar had a negative effect on recognizing income in US dollars in this sector. Regarding its functional currency, which is the Chilean peso, operating income increased due to higher sales volume in the industrial and dealer channels in Chile, Colombia, the Dominican Republic, Panama and Ecuador. There were also higher margins, in spite of the effect of the revaluation of inventories under the first in first out (FIFO) costing system has been more unfavorable than the previous year. There was also greater operating income in the liquefied petroleum gas (LPG) business, due to higher margins in Chile and Colombia, along with greater volume in Chile. Non-operating income decreased, mainly because of lower income in associates and joint ventures, on account of the asset impairment of US$145 million recorded at the subsidiary Laguna Blanca and related to the worsening scenario of the drop in international coal prices. Metrogas had lower income and Corpesca posted losses. There was also a drop in other revenue related to the sale of Guacolda last year and a decrease in other revenue from a lower revaluation of biological assets. That was offset by a decrease in other operating expenses. EBITDA Figures in US$ million Net Income Figures in US$ million 361 401 490 542 550 396 564 521 518 441 519 577 495 398 166 239 247 215 216 154 124 161 193 143 86 42 4

4T 15 3T 15 4T 14 4Q15 / 4Q14 4Q15 / 3Q15 Acum 15 Acum 14 Var 15 / 14 EBITDA Forestry 274 310 316 (11.5%) (11.5%) 1,262 1,288 (2.0%) Fuels 119 180 114 (33.8%) (33.8%) 714 713 0.1% Copec 83 124 82 (33.5%) (33.5%) 533 548 (2.7%) Abastible 24 41 18 (42.5%) (42.5%) 123 104 18.5% Sonacol 13 15 14 (12.2%) (12.2%) 57 61 (5.3%) Fishing 9 9 10 (1.9%) (1.9%) 28 53 (47.5%) Others (4) (4) 2 (11.2%) (11.2%) (15) (10) 45.2% TOTAL 398 495 441 (9.8%) (19.5%) 1,989 2,043 (2.7%) CAPEX Forestry 84 103 136 (38.5%) (19.3%) 469 614 (23.6%) Fuels 91 78 92 (1.3%) 15.8% 318 293 8.6% Fishing 6 1 9 (37.5%) 718.5% 13 15 (15.5%) Others 0 (0) 0 (74.5%) (160.0%) 0 1 (66.2%) TOTAL 180 183 237 (24.1%) (1.3%) 800 922 (13.3%) EBITDA change by business (4Q 15 v/s 4Q 14) (MMUS$) EBITDA change by business (4Q 15 v/s 3Q 15) (MMUS$) 6 1 6 1 441 42 398 495 0.2 36 61 398 EBITDA change by business (Accum 15 v/s Accum 14) (MMUS$) 1 5 25 2,043 26 1,989 5

CELULOSA ARAUCO Y CONSTITUCIÓN (CONSOLIDATED) 4Q15 / 4Q14. Arauco had net income of US$87 million in 4Q15, US$26 million down on 4Q14. That was due to operating income decreasing US$15 million, related to lower sales across all its business lines. Nonoperating income decreased by US$24 million, because of decreased other revenue from the lower revaluation of biological assets and more unfavorable exchange rate differences. That was partly offset by lower other expenditure. Consolidated operating revenue dropped 12.8%. Wood pulp sales fell 8.5%, due to prices falling 5.4% and sales volume decreasing 2.0%, mainly affected by maintenance stoppages at the Valdivia and Nueva Aldea mills. Market Discussion. Pulp In 4Q15 prices dropped. There were signs of an oversupply due to new wood pulp mills in markets and less active demand arising from economic uncertainty and instability in countries like China, a large driver in the wood pulp market. Despite all this, inventories remained quite stable in the quarter. Long-fiber wood pulp inventories dropped by 1 days to 29 days and short-fiber wood pulp inventories remained at 39 days compared to the previous quarter. In regard to the same period in 2014, inventories dropped 2 days for long-fiber and rose 3 days for short-fiber. Prices in Asia fell gradually throughout the quarter, with a drop of about US$50 for long-fiber and US$65 for short-fiber, equivalent to decreases of 8% and 10%, respectively. The uncertainty, lower growth and volatility of sectors of the Chinese economy have hit the paper market in general and demand for wood pulp. Paper inventories have increased, even with reduced production rates. Quite a new factor that is troubling the Chinese market is the devaluation of the yuan. This adds uncertainty, mainly considering that from the moment when a buyer makes a decision to buy, establishing the price, it can take from 90 to 120 days until the product is imported, and in this period the US$/yuan exchange rate can change. The rest of Asia is following the price trends in China. Markets in Europe are also undergoing price adjustments, but more moderate than in Asia. Both fibers dropped about US$35, which is equivalent to 6% for long-fiber and 4% for short-fiber. Demand is quite active and generally the price decrease arises from wood pulp oversupply. The paper market has recovered and producers generally have good order levels of various weeks and even months. In this scenario, there are possibilities of the price increasing for some papers, but no wood pulp price increase is foreseen, as inventories are high and wood pulp production continues to climb. There is new long-fiber wood pulp production, which has raised the competition from European producers, who have more convenient and competitive logistics than imported long-fiber producers. Markets in the Middle East are still active, but they are taking advantage of oversupply in Europe, uncertainty and lower demand in China to pressure for lower prices. Demand in Latin America remains stable, with the exception of Brazil, where paper demand has plummeted. Brazil is not a short-fiber wood pulp market for Arauco but it is a long-fiber market, which it supplies from the mill the company has in Argentina, which has an important logistical advantages as it mainly competes with long-fiber from North America. CHANGES Volume Prices 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 / 14 Pulp (2.0%) 3.2% 7.9% Panels (0.2%) (4.5%) 4.3% Saw n timber (20.9%) (10.8%) (10.5%) Pulp (5.6%) (5.8%) (5.3%) Panels (10.2%) (2.9%) (8.3%) Saw n timber (2.8%) (5.2%) 0.5% ARAUCO 4Q 15 3Q 15 4Q 14 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 Accum 14 Chg. 15 / 14 Sales 1,207 1,286 1,384 (12.8%) (6.2%) 5,147 5,343 (3.7%) Pulp** 570 588 623 (8.5%) (3.0%) 2,364 2,343 0.9% Panels** 429 462 488 (12.0%) (7.1%) 1,847 1,944 (5.0%) Saw n timber** 172 205 225 (23.3%) (15.7%) 786 873 (10.0%) Forestry 28 24 40 (30.5%) 15.6% 116 149 (21.6%) Services 7 8 8 (13.9%) (3.2%) 33 34 (2.1%) EBITDA* 274 310 316 (13.3%) (11.5%) 1,262 1,288 (2.0%) EBIT 98 126 113 (13.5%) (22.6%) 555 581 (4.5%) Non operating income 18 (13) 41 (57.4%) (237.5%) (57) 12 (579.9%) Net income 87 86 113 (23.0%) 0.4% 363 432 (16.0%) Figures in US$ million *Adj. EBITDA informed by Arauco was US$ 289 million for 4Q15, US$325 million for 3QT15, US$ 343 million for 2Q15 and US$ 334 for 3Q14. 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 6

Panels Revenues fell 12.0%, driven by prices and volume dropping 10.2% and 0.2%, respectively. Plywood production continued to increase, due to the operation of the new Nueva Aldea mill. There were also good MDP sales levels from the Teno mill, both regarding the volume and value-added product mix. There was continued good demand for particleboard in North America and value-added melamine products are still having good results. Nevertheless, the MDF market was weaker in the quarter, due to a slight contraction in demand and greater competition from Canada and Brazil, where producers have benefitted from the depreciation of their currencies, favoring exports. In operating terms, consolidated revenue dropped 3.7%. Wood pulp sales, including energy sales, rose 0.9%, mainly because of volume increasing 7.9% from the output of the Montes del Plata mill, partly offset by prices dropping 5.3%. Sawn lumber revenue was down 10.0%, due to volume dropping 10.5%. Prices remained stable. Panel revenues, including energy sales, were down 5.0%, explained by sales prices falling 8.3%, offset by volume increasing 4.3%. The devaluation of the real in Brazil, lower demand from the local market and the high level of supply have put pressure on prices in that market, which has made it necessary to increase export volumes. The capacity of exporting MDF and particleboard from Argentina is still reduced, so everything produced is sold in that country, forcing the company to operate at a lower productive rate. Sawn lumber Revenues were down 23.3% as a result of volume and prices falling 20.9% and 2.8%, respectively. Prices continued to drop throughout 2015. That was mainly due to greater supply from different producers for the main markets. This has meant that despite managing to stabilize volume in Asia and the Middle East, this has been at the cost of lower prices. The US market maintained its dynamism of new house construction and refurbishment, so the molding business continued to have good demand, but higher export volumes from Brazil have put pressure on prices. There was continued good demand in Chile, Argentina and the rest of Latin America, which throughout the year enabled the company to increase market share and market the desired sales mix. 4Q15 / 3Q15. Arauco had net income of US$87 million, which was in line with the previous quarter. That is explained by favorable non-operating income from higher other revenue, more favorable exchange rate differences and lower other expenditure. Operating income dropped US$29 million, due to lower wood pulp, panel and sawmill sales, along with an increase in the unit costs of bleached long-fiber and short-fiber wood pulp of 0.7% and 1.3%. The unit cost of ubleached long-fiber wood pulp fell 2.6%. Consolidated operating revenue fell 6.2%. Wood pulp sales were down 3.0%, due to prices decreasing 5.8%. Volume rose 3.2%. Forestry Sector Production 1,302 1,337 1,282 Sawn timber revenues dropped 15.7%, mainly because of volume falling 10.8%. Prices fell 5.2%. Panel revenues were down 7.1%, driven by sales volumes and prices dropping 4.5% and 2.9%, respectively. 851 875 900 729 700 675 2015 / 2014 (accumulated) Arauco had net income of US$363 million in the quarter which was 16.0% down on the previous year. That is explained by a US$69 million drop in non-operating income, largely due to a decreased other revenue from the lower revaluation of biological assets, more unfavorable exchange rate differences and higher financial expenses. Operating income fell US$26 million on account of lower revenue in the sawn lumber, panel and forestry businesses, partly offset by higher revenue in the wood pulp business. Pulp (th. ton) Panels (th. m3) Sawn timber (th. m3) 4Q 14 3Q 15 4Q 15 7

COPEC (CONSOLIDATED) 4Q15 / 4Q14. Copec had net income of Ch$61,657 million in 4Q15, which was up on the Ch$ 10,467 million in 4Q14, mainly explained by a favorable tax effect related to winding up the company Copec Investments Limited as part of the process started in 2013 to simplify and improve the corporate structure through which Copec S.A. has a shareholding in Terpel. Operating income rose 11.3% on account of higher volume at Copec Chile and Terpel. There was a negative effect this quarter, related to revaluation of inventories. This effect was more negative in the previous year. EBITDA increased 23.6% to Ch$63,104 million. Market share in Chile rose to 59.2%. Non-operating income improved due to lower financial costs, higher financial revenue, and greater income from exchange rate differences. That was partly offset by higher other revenue and income from more unfavorable monetary correction. The sales volume in Chile continued the upward trend and increased 4.8% because of a 9.1% and 0.9% increase in the dealer and industrial channels, respectively. In regard to the latter, it should be noted that as of May 2015 a new fuel supply contract has been in force with Codelco, which partly explains this increase. Terpel s EBITDA increased 15.3%, along with higher physical fuel sales in Colombia (11.9%), Ecuador (1.9%) and Panama (57.2%). Sales dropped 9.4% in the Dominican Republic. 4Q15 / 3Q15. Net income in the quarter increased Ch$25,548 million quarter-on-quarter (QoQ). That difference is explained by the favorable tax effect mentioned above. Operating income dropped Ch$19,548 million, due to higher administration expenses, lower margins in Chile and Colombia, along with the negative effect of the revaluation of inventories this quarter. There were also lower sales volumes in the dealer channel in Chile. Sales volumes increased in Colombia, Panama and Ecuador. EBITDA fell 25.2%. Non-operating income was more unfavorable by Ch$995 million QoQ, due to lower other revenue, higher financial costs and lower monetary correction income. That was partly offset by higher financial revenue. COPEC CONSOLIDATED (Including Terpel) 4Q 15 3Q 15 4Q 14 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 Accum 14 Chg. 15 / 14 Sales 2,051,104 2,045,444 2,537,480 (19.2%) 0.3% 8,223,464 10,058,013 (18.2%) EBITDA 63,104 84,337 51,043 23.6% (25.2%) 350,023 312,122 12.1% EBIT 44,511 64,060 40,010 11.3% (30.5%) 267,839 232,101 15.4% Non operating income (9,653) (8,659) (13,662) (29.3%) 11.5% (38,546) (47,380) (18.6%) Net income 61,657 36,109 10,467 489.0% 70.8% 197,042 116,129 69.7% Copec Chile physical sales (thousand of m 3 ) 2,472 2,494 2,358 4.8% (0.9%) 10,033 9,458 6.1% Gas stations channel 1,228 1,173 1,125 9.1% 4.7% 4,757 4,357 9.2% Industrial channel 1,244 1,321 1,233 0.9% (5.8%) 5,276 5,101 3.4% Copec Chile market share 59.2% 62.4% 58.0% 1.2% (5.1%) 60.6% 58.8% 1.7% Figures in millions of Chilean pesos TERPEL 4Q 15 3Q 15 4Q 14 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 Accum 14 Chg. 15 / 14 Sales 3,826,208 3,684,360 4,079,583 (6.2%) 3.9% 14,235,502 15,004,008 (5.1%) EBITDA 136,441 136,713 118,375 15.3% (0.2%) 516,763 517,801 (0.2%) EBIT 88,774 91,336 69,893 27.0% (2.8%) 330,561 335,848 (1.6%) Non operating income (29,359) (17,951) (17,612) 66.7% 63.6% (105,815) (94,789) 11.6% Net income Profit attributable to controlers 33,129 40,163 22,601 46.6% (17.5%) 122,872 129,810 (5.3%) Profit attributable to minority interest (49) 24 105 (146.9%) (308.4%) 63 11 446.0% Terpel physical sales (thousand of m 3 ) Colombia 1,806 1,701 1,614 11.9% 6.2% 6,627 6,182 7.2% Panama 256 188 163 57.2% 36.4% 808 777 4.1% Ecuador 135 135 133 1.9% 0.2% 527 510 3.3% Dominican Republic 47 48 52 (9.4%) (1.4%) 198 193 2.1% Gazel NGV physical sales (thousand of m 3 ) Colombia 89 90 96 (7.6%) (1.1%) 354 381 (6.9%) Panama 20 19 17 16.2% 4.5% 73 63 14.7% Ecuador 11 11 10 6.0% 1.0% 43 40 8.3% Figures in millions of Colombian pesos 8

2015 / 2014 (accumulated) Copec s accumulated net income increased Ch$80,914 million on the previous year. That difference was partly due to the favorable tax effect related to the restructuring of its investments abroad, and operating income rising 15.4% from a higher volume in the industrial and dealer channels in Chile, Colombia, Panama, the Dominican Republic, and Ecuador. There were also higher margins. It should be noted that the effect of the revaluation of inventories under the FIFO costing system was negative during 2015. This effect was more unfavorable in the previous year. EBITDA rose 12.1%. Non-operating income was less favorable than the previous year, because of higher income from exchange rate differences and associates and joint ventures, along with greater financial revenue. That was partly offset by higher financial costs and lower other revenue. Physical fuel sales in Chile rose 6.1%, because of the volume increasing in both channels. The industrial channel had a 3.4% increase and the dealer channel grew 9.2%. The physical fuel sales of Terpel in Colombia, Panama, Ecuador and the Dominican Republic increased 7.2%, 4.1%, 3.3% and 2.1%, respectively. 9

ABASTIBLE (CONSOLIDATED) 4Q15 / 4Q14. Abastible had a net income increase of 187.5% in 4Q15 amounting to Ch$5,781 million. That was due to operating income rising Ch$5,639 million, mainly on account of higher volume in Chile, and margins in Chile and Colombia. Non-operating income fell Ch$493 million, due to higher other losses, unfavorable exchange rate differences, and lower income from associates and joint ventures, partly offset by lower monetary correction losses. EBITDA rose 59.8% to Ch$17,194 million. The company had sales in Chile of 102 th. tons of liquefied gas in the quarter, which was a 4.2% YoY increase. The sales volume of Inversiones del Nordeste in Colombia dropped 2.0% to 45 th. tons of liquefied gas sold. 4Q15 / 3Q15. Abastible had lower net income of Ch$7,654 million. That was due to operating income falling 52.6% because of lower physical sales in the bottled and bulk channels in Chile, caused by the seasonality of the winter months when demand increases. There were also lower sales in Colombia. EBITDA was 37.6% down QoQ. Non-operating income was more unfavorable, because of higher other losses and lower earnings in associates. That was partly offset by more favorable exchange rate differences. 2015 / 2014 (accumulated) Abastible had net income of Ch$34,645 million, which was a 38.4% YoY increase. Operating income rose 54.8% because of higher margins in Chile and Colombia, and greater sales volumes in both channels in Chile. EBITDA rose 37.2% to Ch$80,835 million. Non-operating income dropped by Ch$2,709 million due to higher other losses, unfavorable exchange rate difference income and higher financial costs. The company had sales in Chile of 434 th. tons of liquefied gas in 4Q15, which was 1.6% up on those in the same period in 2014. Deliveries remained stable in Colombia. ABASTIBLE CONSOLIDATED 4Q 15 3Q 15 4Q 14 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 Accum 14 Chg. 15 / 14 Sales 95,023 107,718 96,226 (1.3%) (11.8%) 374,333 444,770 (15.8%) EBITDA 17,199 27,571 10,760 59.8% (37.6%) 80,835 58,912 37.2% EBIT 10,241 21,589 4,850 111.1% (52.6%) 56,046 36,205 54.8% Non operating income (1,354) (1,246) (1,110) 22.0% 8.7% (3,883) (1,174) 230.7% Net income 5,781 13,435 2,011 187.5% (57.0%) 34,645 25,032 38.4% Abastible Chile LPG physical sales (thousand of tons) 102 131 98 4.2% (21.9%) 434 427 1.6% Bottled channel 71 93 69 3.1% (22.9%) 302 300 0.7% Bulk channel 31 38 29 6.7% (19.3%) 132 127 3.6% IN Colombia LPG physical sales (thousand of tons) 45 46 46 (2.0%) (0.4%) 181 181 (0.1%) Figures in millions of Chilean pesos 10

PESQUERA IQUIQUE-GUANAYE, IGEMAR (CONSOLIDATED) 4Q15 / 4Q14 Igemar had net income of US$1.1 million in 4Q15 that was better than the US$ 0.9 million loss in 2014. That was due to operating income increasing US$3.6 million, largely explained by higher prices of frozen and canned seafood and fish oil, partly offset by lower sales volumes across all its business lines. EBITDA fell US$1.1 million to US$9.0 million. Non-operating income was more favorable, mainly because of lower expenses and financial costs. Physical fishmeal sales were 7.2 th. tons, which was 19.3% down on those the previous year. Physical fish oil sales were 50.6% down on last year amounting to 1.2 th. tons, and frozen seafood sales were 33.2% down on the previous year and amounted to 2.4 th. tons. 631 th. boxes of canned seafood were sold, 1.3% down on the previous year. The fish processed was 29.0 th. tons, increasing 74.3%. The prices of frozen seafood, canned seafood, and fish oil rose 29.1%, 4%, and 4.7%, respectively. Fishmeal prices dropped 6.6%. It is important to highlight that as of this quarter the company Golden Omega is no longer consolidated by Igemar. 2015 / 2014 (accumulated) Igemar s net income was US$22.3 million lower than in 2014 and amounted to a loss of US$17.6 million. That is mainly explained by lower operating and non-operating income, mainly because of losses in associates and joint ventures related to the depreciation of the Brazilian real on Selecta s operation, partly offset by lower other operating expenses. It had an operating income loss of US$3.2 million against the US$24.2 million in 2014. Physical fishmeal sales were 28.5% down on the previous year amounting to 24.2 th. tons. Physical fish oil sales were 5.4 th. tons, a 57.0% decrease on last year. 2.1 million boxes of canned seafood were sold, 9.6% down on the previous year. Frozen seafood sales amounted to 13.5 th. tons, 35.2% down on the previous year. The fish processed dropped 17.5% and amounted to 173.5 th. tons. Canned seafood and fish oil prices increased 3.9% and 3.1%, respectively. Fishmeal prices remained stable and frozen seafood prices fell 10.8%. 4Q15 / 3Q15. Net income rose US$9.9 million in 4Q15 against a US$8.8 million loss the previous quarter. That was because of less negative nonoperating income of US$13.8 million, due to lower losses of associates and joint ventures and favorable exchange rate differences. Operating income increased by US$2.6 million, due to higher canned seafood sales. IGEMAR CONSOLIDATED 4Q 15 3Q 15 4Q 14 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 Accum 14 Chg. 15 / 14 Sales 13.1 47.5 54.6 (75.9%) (72.3%) 147.9 223.6 (33.8%) EBITDA* 9.0 9.1 10.0 (10.7%) (1.9%) 27.9 53.2 (47.5%) EBIT 4.8 2.2 1.3 284.8% 121.2% 3.2 24.2 (86.8%) Non operating income (0.3) (14.1) (8.9) (96.6%) (97.9%) (29.7) (29.4) 1.2% Net income 1.1 (8.8) (0.9) (211.1%) (111.9%) (17.6) 4.7 (478.6%) Physical sales Fishmeal (tons) 7,254 8,201 8,989 (19.3%) (11.6%) 24,249 33,894 (28.5%) Fish oil (tons) 1,231 2,227 2,489 (50.6%) (44.7%) 5,380 12,499 (57.0%) Canned fish (cases) 630,869 393,995 639,225 (1.3%) 60.1% 2,110,967 2,335,233 (9.6%) Frozen fish (tons) 2,419 3,611 3,619 (33.2%) (33.0%) 13,526 20,873 (35.2%) Catches (tons) 29,031 18,759 16,653 74.3% 54.8% 173,521 210,321 (17.5%) Figures in US$ million *Ebitda = Operating Income + Depreciation + Amortization Igemar calculates its EBITDA as follows: Operating Income + Depreciation + Amortization + Other expenses + Other Income 11

OTHER AFFILIATES Sonacol Sonacol had net income of Ch$5,019 million in 4Q15, which was up on the Ch$4,631 million in 4Q14. That was mainly due to operating income increasing 10.1%, partly offset by more unfavorable non-operating income. In accumulated terms, net income was Ch$21,019 million, which was up on the Ch$20,067 million in 2014. That was because of higher operating income due to greater sales. Non-operating income dropped, mainly related to unfavorable exchange rate differences, lower other revenue and higher operating expenses, partly offset by increased financial income and lower financial costs. The volumes pipelined were 4.5% higher than the previous year. OTHER RELATED COMPANIES Metrogas Metrogas had net income of Ch$9,778 million in 4Q15, a 178.9% YoY increase, explained by higher operating income due to lower administration expenses and higher sales volumes. Non-operating income was more negative by Ch$456 million. In accumulated terms, net income was Ch$54,236 million, 34.4% down on the previous year, and mainly due to a drop in operating income of Ch$36,667 million on account of lower margins and higher administration expenses. Non-operating income was more unfavorable. Physical sales were up 14.6%, because of dispatches to power generating companies increasing 38.5% and higher industrial sales of 5.8%. Residential sales rose 1.6%. Corpesca Corpesca had a net income of US$$12.4 million in 4Q15, which was up on the US$8.1 million profit in 2014. In accumulated terms, the loss was US$17.1 million, which was down on the US$16.6 million gain in 2014. This decrease is mainly explained by non-operating income dropping US$77.8 million because of more unfavorable exchange rate differences and losses in associates and joint ventures, largely related to the effects of the depreciation of the real on the debt of the subsidiary Selecta. Operating income rose US$10.4 million because of fishmeal and fish oil prices increasing 17.1% and 6.6%, respectively. That was partly offset by fishmeal sales volumes dropping 28.6%. The fish oil sales volumes fell 5.4%. 416 th. tons of fish were processed, which was a 33.7% decrease. Laguna Blanca Laguna Blanca posted a loss of US$296.4 million in 4Q15, which was unfavorable against the loss of US$12.5 million the previous year. In accumulated terms, the loss is US$339.1 million, largely due to the impairment of the value of its assets recorded in the last quarter. In 2015, the subsidiary of Laguna Blanca, Mina Invierno S.A., conducted an impairment test of the value of its assets, which was undertaken, among other factors, due to the worsening scenario of lower sales prices than originally budgeted from a prolonged drop in the international coal price. The operating costs were higher than those considered in the original project assessment, mainly due to weather factors. The results of the mentioned test made it necessary this year to make an adjustment of US$290 for impairment of the amounts of property, plant and equipment, the realization value of inventories, intangibles and deferred tax assets. Net income from other affiliates and associates 4Q 15 3Q 15 4Q 14 4Q15 / 4Q14 4Q15 / 3Q15 Accum 15 Accum 14 Chg. 15 / 14 Sonacol* 5,019 5,625 4,631 8.4% (10.8%) 21,019 20,067 4.7% Can Can (1.1) 0.6 (5.2) (79.0%) (269.9%) (13.4) (8.3) 62.4% Metrogas* 9,778 19,494 3,506 178.9% (49.8%) 54,236 82,685 (34.4%) Corpesca 12.4 (19.9) 8.1 53.7% (162.4%) (17.1) 16.6 (202.5%) Laguna Blanca** (296.4) (13.0) (12.5) 2281.0% 2185.4% (339.1) (35) 864.3% Figures in US$ million * Figures in millions of Chilean pesos ** Parent company of Mina Invierno, called before Isla Riesco 12

CONSOLIDATED BALANCE SHEET ANALYSIS Consolidated current assets fell 15.9% as of December 31 st, 2015 on those as of December 31 st, 2014. That difference was principally driven by lower cash and cash equivalents, mainly at the subsidiary Arauco that reduced part of its financial debt, and a drop in trade receivables and other current accounts receivable, mainly at the subsidiary Copec and related to the drop in the oil price; along with a decrease in accounts receivable from related companies of the subsidiary Camino Nevado, largely due to the asset impairment recognized this year. The company s shareholders equity fell 3.9% on that at December 2014. Although there were lower other reserves due to the effect of the higher exchange rate on subsidiaries with accounting in currencies other than the US dollar, that was partly offset by an increase in accumulated earnings. Non-current assets as of December 31, 2015 dropped 6.2% on those in 2014. There was a decrease in property, plant and equipment in the forestry, fuels and fishery businesses and in the latter the decrease is explained by the deconsolidation of the associate Golden Omega. There was also a drop in intangible assets other than appreciation, mainly at the subsidiary Copec, in investments accounted for using the equity method, and in accounts receivable from related companies. All these decreases were mainly because of the appreciation of the US dollar against other functional currencies used by these subsidiaries. Long term debt maturities Figures in US$ million 2.282 Current liabilities fell 33.5%, because of a drop in other current financial liabilities, principally at the subsidiaries Arauco and Copec. There was also a decrease in commercial accounts payable and other accounts payable, mainly at Copec, related to the drop in the oil price. Non-current liabilities dropped 5.8% compared to those at the 2014 year end. There were lower other non-current financial liabilities, mostly at the subsidiary Arauco due to paying its debt, and at Igemar from deconsolidating the associate Golden Omega. There was also a decrease in deferred tax liabilities, mainly in the fuels business, related to the appreciation of the US dollar against other functional currencies used by these subsidiaries. 1.181 844 544 433 524 231 2016 2017 2018 2019 2020 2021 balance Simplified Balance Sheet Statement 12/31/15 12/31/14 Chg. 15 / 14 Current assets 5,133 6,106 (15.9%) Non-current assets 14,804 15,785 (6.2%) TOTAL ASSETS 19,937 21,891 (8.9%) Short term financial debt 421 1,083 (61.1%) Other current liabilities 1,516 1,831 (17.2%) Long term financial debt 5,735 6,060 (5.4%) Other non-current liabilities 2,409 2,581 (6.7%) TOTAL LIABILITIES 10,081 11,555 (12.8%) MINORITY INTEREST 496 597 (16.9%) SHAREHOLDER'S EQUITY 9,360 9,739 (3.9%) Leverage* 0.45 0.48 (7.2%) Net financial debt 4,396 4,966 (11.5%) ROCE** 8.6% 8.8% (0.3%) Figures in US$ million * Leverage = Net financial debt / Total equity ** ROCE = (Anualized EBIT + Gain from changes in fair value of biological assets + Financial income) / (Total current assets - Total current liabilities + Non-current biological assets + Property, Plant and Equipment - Net non-current assets classified as held for sale) 13

DEBT ANALYSIS Total financial debt: US$ 6,156 million Arauco 74% Debt by Company Copec 16% Abastible 1% Sonacol Igemar 2% 1% Empresas Copec 6% Dollar 68% Debt by Currency Chilean Peso 2% UF 23% Colombian Peso Others 6% 1% Bonds 65% Debt by Type Others 6% Bank Debt 29% Net Debt / EBITDA 3.9 1.9 1.6 1.7 1.6 1.9 1.8 2.0 2.5 3.2 3.5 3.4 3.0 2.7 2.8 2.7 2.6 2.6 2.4 2.4 2.4 2.3 2.2 CASH FLOW STATEMENT ANALYSIS The operating cash flow as of December 2015 increased 7.1% on the previous year, basically due to lower payments to suppliers for the supply of products and services, mainly at the subsidiaries Copec and Abastible and related to lower oil prices. That was partly offset by lower charges from the sale of goods and providing services, mainly at the subsidiaries Copec and Abastible and also related to the lower oil price. There was also higher income tax, largely at parent company level, from the tax on the profit generated from the sale of Guacolda the previous year. Regarding the investing cash flow, in 4Q15 there was a 39.7% increase in outlays compared to December 2014. There were lower other charges for the sale of equity or debt instruments of other entities, related to the sale of the interest in Guacolda the previous year, along with lower amounts from the sale of property, plant and equipment, and lower dividends received. That was partly offset by lower purchases of property, plant and equipment, particularly at Arauco and Abastible, and lower loans to related companies of the parent company, which increased the previous year due to a bond issued in 2014, whose purpose was to make a loan to the subsidiary Copec. The loans to related companies also dropped in the forestry business. The financing cash flow had an increase in the disbursement of US$800 million compared to December 2014, largely because of lower proceeds from loans, mainly at Arauco, and higher payments of loans at the subsidiaries Arauco and Copec. CASH FLOW STATEMENT Dec-15 Dec-14 Chg. 15 / 14 Cash flow s from (used in) operating activities 1.526.269 1.425.325 7,1% Cash flow s from (used in) investing activities (836.832) (599.144) 39,7% Cash flow s from (used in) financing activities (1.010.454) (210.487) 380,1% Net increase (decrease) in cash and cash equivalents before effect of exchange rate changes 14 (321.017) 615.694 (152,1%) Figures in thousand US$

BREAKDOWN BY OPERATING SEGMENTS (Accumulated as of December 2015) Figures as of December 2015 Arauco Copec Abastible Sonacol Igemar Others Subtotal Elimin. Total Revenues from external clients 5,146,740 12,247,980 564,206 48,826 147,938 4,452 18,160,142-18,160,142 Revenues betw een segments - 67,978 7,972 23,384-1,879 101,213 (101,213) - Interest Income 50,284 14,257 1,836 208 658 9,200 76,443-76,443 Interest Expense (262,962) (71,081) (12,469) (5,382) (3,901) 4,460 (351,335) - (351,335) Interest expense, net (212,678) (56,824) (10,633) (5,174) (3,243) 13,660 (274,892) - (274,892) Income (loss) from the reporting segment 367,711 313,169 60,463 32,239 (22,425) (180,188) 570,969-570,969 EBIT 554,868 407,781 85,775 48,875 3,190 (17,152) 1,083,337-1,083,337 Depreciation 388,192 62,062 37,544 8,568 24,715 1,147 522,228-522,228 Amortization 11,953 63,129 - - - 1,183 76,265 Fair value cost of timber harvested 306,673 - - - - - 306,673-306,673 EBITDA 1,261,686 532,972 123,319 57,443 27,905 (14,822) 1,988,503-1,988,503 Share in income (loss) of associates 6,748 15,046 13,318 - (7,964) (153,088) (125,940) - (125,940) Income (expense) from income taxes (129,694) (37,623) (19,456) (9,521) 4,103 5,751 (186,440) - (186,440) Investments by segment Payments for acq. prop., plant and equip. 321,385 209,066 46,561 14,467 12,324 292 604,095-604,095 Acquisition other long term assets 126,132 - - - - - 126,132-126,132 Payments for acq. affiliates and associates 10,904-21,388 - - - 32,292-32,292 Purchase of intangible assets 10,395 26,044 190-374 - 37,003-37,003 Total investments 468,816 235,110 68,139 14,467 12,698 292 799,522-799,522 Country of origin of operating revenue Operating revenues - local (chile) 3,308,870 7,064,708 425,695 48,826 147,938 4,452 11,000,489-11,000,489 Operating revenues - foreign (foreign companies) 1,837,870 5,183,272 138,511 - - - 7,159,653-7,159,653 Total operating revenues 5,146,740 12,247,980 564,206 48,826 147,938 4,452 18,160,142-18,160,142 Assets by segment 13,806,907 3,554,645 684,692 268,689 538,119 1,083,584 19,936,636-19,936,636 Equity methos investments 264,812 53,461 61,469-119,863 84,915 584,520-584,520 Liabilities by segments 7,160,462 2,307,062 381,670 167,675 186,875 (122,981) 10,080,763-10,080,763 Country of origin of non-current assets Nacionalidad activos no corrientes 7,126,487 1,173,519 439,838 260,854 420,994 333,203 9,754,895-9,754,895 Foreign 4,028,500 882,530 138,208 - - - 5,049,238-5,049,238 Total non-current assets 11,154,987 2,056,049 578,046 260,854 420,994 333,203 14,804,133-14,804,133 Breakdown by country *Includes Can-Can, Empresas Copec parent company and others Figures in thousand US$ Chile Colombia USA/Canada Panama Argentina Brazil Uruguay Ecuador Dominican Republic Peru Mexico Total Revenues 11,000,489 4,472,241 787,037 530,377 481,881 378,719 190,233 148,096 123,284 30,292 17,493 18,160,142 Non-current assets 9,754,895 840,210 364,889 121,855 978,285 872,378 1,812,948 13,028 5,014 20,276 20,355 14,804,133 Figures in thousand US$ 15

FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME BY FUNCTION Dec/15 Dec/14 Chg. 15 / 14 Revenue 18,160,142 23,854,696 (23.9%) Cost of sales (15,097,992) (20,619,044) (26.8%) Gross profit 3,062,150 3,235,652 (5.4%) Other income 285,219 387,475 (26.4%) Distribution costs (927,545) (1,030,826) (10.0%) Administrative expenses (1,051,268) (1,089,662) (3.5%) Other expense (131,265) (193,330) (32.1%) Other gains (losses) (4,042) 191,379 (102.1%) Finance income 76,443 57,472 33.0% Financial costs (351,335) (350,445) 0.3% Share of profit (loss) of associates and joint ventures accounted for using equity method (125,940) 77,237 (263.1%) Foreign exchange differences (60,478) (40,196) 50.5% Gains (losses) on net monetary position (14,530) (20,539) (29.3%) Profit (loss) before tax 757,409 1,224,217 (38.1%) Income tax expense (186,440) (323,209) (42.3%) Profit (loss) from continuing operations 570,969 901,008 (36.6%) Profit (loss) from discontinued operations Profit (loss) 570,969 901,008 (36.6%) Profit (loss), attributable to Profit (loss), attributable to ow ners of parent 539,307 855,555 (37.0%) Profit (loss), attributable to non-controlling interests 31,662 45,453 (30.3%) Total profit (loss) 570,969 901,008 (36.6%) Earnings per share Basic earnings per share Basic earnings (loss) per share from continuing operations 0.4392563 0.6931610 (36.6%) Basic earnings (loss) per share from discontinued operations Basic earnings (loss) per share 0.4392563 0.6931610 (36.6%) Figures in thousand US$ 16

FINANCIAL STATEMENTS STATEMENT OF COMPREHENSIVE INCOME Dec/15 Dec/14 Chg. 15 / 14 Profit (loss) 570,969 901,008 (36.6%) Other comprehensive income, before tax, actuarial gain (losses) to defined benefit plans (1,530) (14,881) (89.7%) Other comprehensive income that w ill not be reclassified to profile (2,310) (14,881) (84.5%) Components of other comprehensive income, before tax Exchange differences on translation Gains (losses) on exchange differences on translation, before tax (705,656) (507,663) 39.0% Other comprehensive income, before tax, exchange differences on translation (705,656) (507,663) 39.0% Available-for-sale financial assets Gains (losses) on remeasuring available-for-sale financial assets, before tax (183) (890) (79.4%) Other comprehensive income, before tax, available-for-sale financial assets (183) (890) (79.4%) Cash flow hedges Gains (losses) on cash flow hedges, before tax 1,427 (21,366) (106.7%) Reclassification adjustments on cash flow hedges, before tax (3) 0 - Other comprehensive income, before tax, gains (losses) from investments in equity instruments 1,424 (21,366) (106.7%) Other comprehensive income, before tax, gains (losses) on revaluation 4 (3) (233.3%) Share of other comprehensive income of associates and joint ventures accounted for using equity method (618) 0 - Other comprehensive income, before tax (3) 0 - Income tax relating to components of other comprehensive income (705,812) (529,922) 33.2% Income tax relating to cash flow hedges of other comprehensive income 41 (9) (555.6%) Income tax relating to changes in revaluation surplus of other comprehensive income (331) 0 - Income tax relating to defined benefit plans of other comprehensive income 0 112 (100.0%) Reclassification adjustments on income tax relating to components of other comprehensive income 10 0 - Aggregated income tax relating to components of other comprehensive income 0 3,839 (100.0%) Other comprehensive income 368 3,942 (90.7%) Total comprehensive income (707,754) (540,861) 30.9% Comprehensive income attributable to (136,785) 360,147 (138.0%) Comprehensive income, attributable to ow ners of parent (167,323) 316,010 (152.9%) Comprehensive income, attributable to non-controlling interests 30,538 44,137 (30.8%) Total comprehensive income (136,785) 360,147 (138.0%) Figures in thousand US$ 17

FINANCIAL STATEMENTS BALANCE SHEET - ASSETS Dec/15 Dec/14 Chg. 15 / 14 Assets Current assets Cash and cash equivalents 1,584,765 2,013,287 (21.3%) Other current financial assets 174,981 162,999 7.4% Other current non-financial assets 182,124 220,365 (17.4%) Trade and other receivables, current 1,352,211 1,670,686 (19.1%) Trade and other current receivables 76,669 205,345 (62.7%) Inventories 1,364,733 1,445,545 (5.6%) Current biological assets 274,548 311,523 (11.9%) Current tax assets 115,245 63,721 80.9% Total current assets other than assets or disposal groups classified as held for sale or as held for distribution to ow ners 5,125,276 6,093,471 (15.9%) Non-current assets or disposal groups classified as held for sale 7,227 12,033 (39.9%) Non-current assets or disposal groups classified as held for sale or for distribution to ow ners 7,227 12,033 (39.9%) Total current assets 5,132,503 6,105,504 (15.9%) Non-current assets Other non-current financial assets 130,228 73,281 77.7% Other non-current non-financial assets 131,909 135,240 (2.5%) Non-current rights receivables 40,816 55,401 (26.3%) Non-current receivables to related parties 7,464 157,831 (95.3%) Investments accounted for using equity method 584,520 680,226 (14.1%) Intangible assets other than goodw ill 635,948 807,285 (21.2%) Goodw ill 167,725 201,535 (16.8%) Property, plant and equipment 9,276,447 9,818,641 (5.5%) Non-current biological assets 3,554,560 3,538,802 0.4% Investment property 44,680 52,135 (14.3%) Deferred tax assets 229,836 265,087 (13.3%) Total non-current assets 14,804,133 15,785,464 (6.2%) Total assets 19,936,636 21,890,968 (8.9%) Figures in thousand US$ 18