First Quarter 2018 Earnings Results

First Quarter 2018 Earnings Results

Forward-Looking Statements This presentation may contain forward-looking statements that should be considered as good faith estimates. Such statements are subject to risks and uncertainties outside of CMPC s control that could cause CMPC s actual results to differ materially from those set forth in the forward-looking statements. These risks include, in particular, those described in CMPC s Financial Statements, Note 3 ( Gestión de Riesgos ). Forward-looking statements speak only to the date they are delivered; CMPC undertakes no obligation to publicly update or revise them to consider developments which differ from those anticipated. 2

Opening Comments Good operational performance during the quarter Market conditions continued to be supportive Large-scale Latin American producer of Pulp, Tissue, Wood & Paper products, serving global and local markets Deleveraging target met, with very strong capital discipline Disciplined execution of working capital and Capex programs. 3

1Q18 Highlights Operational & Financial Highlights Positive fundamentals in pulp markets drive QoQ increase in hardwood and softwood prices: Hardwood CIF up 6% to 737 US$/ton Softwood CIF up 13% to 836 US$/ton Market pulp sales volume of 838,000 tons, up 18% QoQ and 10% YoY Volumes supported by the resumption of Guaíba II operations Consolidated revenues up 14% QoQ and 23% YoY, to US$1,495 million EBITDA reached US$399 million, a historical high for CMPC, up 56% QoQ and 90% YoY Free cash flow reached US$70 million, from US$17 million in 4Q17 and US$106 million in 1Q17 Net debt of US$3,143 million, down 2% QoQ and 10% YoY Net debt to EBITDA ratio reached 2.5x In US$ Milllion 1Q17 4Q17 1Q181 QoQ YoY Revenues 1,213 1,312 1,495 14% 23% COGS (840) (875) (916) 5% 9% Other Operational Expenses (163) (182) (180) -1% 11% EBITDA 210 256 399 56% 90% EBITDA margin % 17.3% 19.5% 26.7% 721 bps 934 bps Operational Result 55 97 238 147% 337% Non Operational Result (72) (90) (94) 4% 30% Net Income (18) 6 144 2255% -904% 3 rd Party Volumes 1Q17 4Q17 1Q18 QoQ YoY Forestry + Solid Wood Prod. (1) 947 778 810 4% -15% Market Pulp (2) 763 713 838 18% 10% Papers (2) 210 183 207 13% -1% Tissue Papers (2) 162 167 164-2% 1% Sanitary Products (3) 1,292 1,265 1,288 2% 0% (1) Th. m 3 (2) Th. Tons (3) M. units 4

Costs & Other Operation Expense Analysis COGS (US$ Million) Other Op. Exp (US$ Million) +9% 840 875 916 163 +11% 182 180 +5% -1% COGS 1Q17 4Q17 1Q18 Up 5% QoQ: Higher Pulp and Paper sales volumes Higher direct costs in Tissue and Papers, due to higher fiber costs Higher forestry protection costs Lower maintenance expenses Up 9% YoY: Higher sales volumes in Pulp Higher direct costs in Tissue and Papers, due to higher fiber costs 1Q17 4Q17 1Q18 Other Operational Expenses Down 1% QoQ: Lower administrative expenses Lower expenses in Tissue Up 11% YoY: Higher administrative expenses in the Pulp and Paper divisions Higher distributions costs in all business divisions, related to higher sales volumes 5

Revenues: +23% QoQ, +45% YoY Pulp Business 543 123 419 +45% Sales * 639 120 519 +23% Third Party Sales Volumes 786 123 662 1Q17 4Q17 1Q18 Pulp Forestry 130 +157% EBITDA* 212 +58% 333 1Q17 4Q17 1Q18 1Q17 4Q17 1Q18 QoQ YoY - Pulpwood 27 27 23-17% -16% - Sawing Logs 420 367 354-4% -16% - Sawn Wood 165 169 181 7% 10% - Remanufactured Wood 47 35 39 11% -16% - Plywood 103 87 99 14% -5% - Others 185 93 114 24% -38% Total (th. m 3 ) 947 778 810 4% -15% BSKP 156 175 164-6% 5% BEKP 607 538 674 25% 11% Total Market Pulp (Th. Tons) 763 713 838 18% 10% P&W Guaiba (Th. Tons) 11 8 13 55% 16% Forestry Sales Volumes: +4% QoQ, -15% YoY Forestry Prices: -1% QoQ, +17% YoY Pulp Production: +12% QoQ, +26% YoY Guaíba II resumed normal operations Planned maintenance downtime at Santa Fe II and Pacífico Pulp Sales Volumes: +18% QoQ, +10% YoY -- QoQ -6% BSKP: Lower exports to Europe +25% BEKP: Higher exports to all markets -- YoY +5% BSKP: Higher exports to China +11% BEKP: Higher exports to China Pulp Prices: BSKP US$836/ton, BEKP US$737/ton EBITDA: -- QoQ (+58%) Higher pulp prices Higher hardwood volumes: Normal operations in Guaíba II -- YoY (+157%) Higher pulp prices * Figures in US$ million 6

Revenues: Stable QoQ, +6% YoY Tissue Business Sales* +6% 453 480 479 53-4% 0% EBITDA* 38 +33% 51 Volumes: -- Tissue Paper -2% QoQ, mainly from lower volumes in Brazil +1% YoY, driven by higher volumes in Chile and Mexico, with drag from lower volumes in Argentina -- Sanitary Products: +2% QoQ, supported by higher wet wipes volumes in most countries and higher baby diapers volumes in Mexico and Brazil Stable YoY 1Q17 4Q17 1Q18 1Q17 4Q17 1Q18 Third Party Sales Volumes 1Q17 4Q17 1Q18 QoQ YoY - Chile 35 38 37-3% 4% - Brazil 31 35 31-10% 0% - Mexico 33 32 34 6% 4% Third Party Sales Volumes - Argentina 25 24 24-2% -5% - Peru 22 22 22 0% 4% - Uruguay 5 5 5-11% -9% - Colombia 6 6 6-2% 1% - Ecuador 4 4 4 13% 9% Total Tissue Paper (Th. Tons) 162 167 164-2% 1% - Diapers 712 769 763-1% 7% - Feminine Care 324 320 320 0% -1% - Others 256 176 205 16% -20% Total Sanitary (M. Units) 1,292 1,265 1,288 2% 0% Prices (Measured in USD): +1% QoQ for Tissue Paper and -2% for Sanitary Products EBITDA: -- QoQ (+33%) Lower SG&A expenses -- YoY (-4%) Higher direct costs (increase in pulp prices) Higher distribution costs * Figures in US$ million 7

Paper Business Revenues: +20% QoQ, +6% YoY 218 +6% Sales* 193 +20% 231 33 EBITDA * -27% 12 +100% 24 Volumes: +13% QoQ, -1% YoY -- QoQ Higher volumes of boxboard (+29%) and corrugated boxes (+31%) -- YoY Lower volumes of corrugated paper (-8%) and boxboard (-2%) Prices: +6% QoQ, +7% YoY 1Q17 4Q17 1Q18 1Q17 4Q17 1Q18 Third Party Sales Volumes Third Party Sales Volumes 1Q17 4Q17 1Q18 QoQ YoY - Boxboard Third Party Sales Volumes 80 61 78 29% -2% - Paper Bags 21 22 21-2% 2% - Other Papers 20 24 23-4% 15% - Corrugated Paper 28 33 26-21% -8% - Corrugated Boxes 53 39 52 31% -3% - Molded Pulp Trays 7 3 6 75% -9% Total (Th. Tons) 210 183 207 13% -1% EBITDA : +100 QoQ, -27% YoY -- QoQ Higher boxboard volumes (+29%) Higher prices of all paper grades -- YoY Higher operating costs, related to higher pulp prices * Figures in US$ million 8

Global Pulp Market Global demand for Bleached Kraft pulp increased by 0.3% (+39,000 tons) in the first 3 months of 2018, compared to the same period in 2017 Softwood demand decreased by 3.3% (-201,000 tons) Hardwood demand increased by 3.5% (+214,000 tons) Eucalyptus demand rose 5.6% (+285,000 tons) Western Europe demand grew 4.0% (+141 thousand tons), Eastern Europe rose 5.3% (+18 thousand tons), Other Asia/Africa increased by 1.4% (+24 thousand tons), while Chinese and North America demand decreased 4.5% (- 81 thousand tons) and 3.4% (-63 thousand tons), respectively. Global market pulp producer stocks ended March 2018 at 31 days for softwood and 45 days for hardwood, compared to 32 days and 40 days, respectively, at the end of March 2017 200 150 100 50 0-50 -100-3.4% North America BKP Demand Growth by Region 3 months 2018 vs 2017- th. Tons and % change +4.0% Western Europe +5.3% Eastern Europe -1.5% Latin America Source: PPPC, World Chemical Market Pulp Global 20 Report March 2018 +2.7% +1.4% -2.1% Japan China Other Asia/Africa 350 300 250 200 150 100 50 0-50 -100-150 -0.9% Northern Softwood BKP Demand Growth by Grade 3 months 2018 vs 2017- th. Tons and % change -6.5% Southern Softwood -6.0% -5.9% Other Softwood Northern Hardwood -9.7% Southern Hardwood +5.6% Eucalyptus 9

Robust Financial Execution & Cash Generation Free Cash Flow of US$70 million, up from US$17 million in 4Q17 and down from US$106 million in 1Q17 Cash position of US$843 million in 1Q18, up 1% QoQ and 25% YoY, driven by positive free cash flow generation CAPEX of US$103 million during 1Q18 Net Debt/EBITDA ratio in 1Q18 was 2.5x, down from 3.0x in 4Q17 and 3.8x in 1Q17 Debt ratio reached internal target Net Debt/EBITDA US$ Million 1Q17 4Q17 1Q18 QoQ YoY EBITDA 210 256 399 56% 90% (-) Capex (111) (153) (103) -33% -8% (-) Dividends (0) (0) (0) - - (-) Net Financial Expenses (46) (67) (22) -67% -51% (-) Income tax (31) (14) (22) 52% -30% (+/-) Working Capital Variation 84 (3) (182) 5290% -315% Free Cash Flow 106 17 70 304% -34% (1) This figure includes VAT 4,0x 3,5x 3,0x 2,5x 2,0x 3,8x 3,4x 3,1x 3,0x 2,5x 1Q17 2Q17 3Q17 4Q17 1Q18 Internal Policy 10

Strategic Outlook 2018 Maintain focus on diversification strategy Drive operational efficiencies and focus on cost control to improve margins Large-scale Latin American producer of Pulp, Tissue, Wood & Paper products, serving global and local markets Benign market conditions expected to continue supporting execution Committed to maintaining strong capital structure, with effective capital management and optimal leverage level 11

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