Fourth Quarter 2017 Earnings Results

Fourth Quarter 2017 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 the 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 as of the date they are delivered, CMPC undertake no obligation to publicly update or revise them considering developments which differ from those anticipated. 2

Opening Comments Focus on strategic plan execution, with diversification and value-added revenue base, to face operating difficulties Large scale Latin American producer of Pulp, Tissue, Wood & Paper products, serving global and local markets Market conditions continued supportive, but we were not able to fully benefit Deleveraging target met, with very strong capital discipline. Deleveraging process occurred throughout the year Disciplined execution of working capital and capex programs. 3

4Q17 Highlights Operational & Financial Highlights Positive fundamentals in pulp market drive QoQ increase in hardwood prices: Hardwood CIF up 13% to 694 US$/ton Softwood CIF up 18% to 742 US$/ton Market pulp sales volume of 713,000 tons, down 5% QoQ and 20% YoY Volumes impacted by Guaíba II stoppage (reduction of 240,000 tons in sales volumes in 4Q17) Tissue paper sales volume of 167,000 tons, down 4% QoQ and stable YoY Consolidated revenues down 2% QoQ, and up 3% YoY to US$1,312 million EBITDA down 21% QoQ and up 15% YoY to US$256 million Free cash flow up to US$18 million, from US$177 million in 3Q17 and US$62 million in 4Q16 Net debt of US$3,198 million, down 1% QoQ and 11% YoY. Net debt to EBITDA ratio reached 3.0x In US$ Milllion 4Q16 3Q17 4Q17 QoQ YoY Revenues 1,271 1,338 1,312-2% 3% COGS (868) (835) (874) 5% 1% Other Operational Expenses (180) (180) (182) 1% 1% EBITDA 223 323 256-21% 15% EBITDA margin % 17.5% 24.1% 19.5% 151 bps 291 bps Operational Result 64 158 97-38% 52% Non Operational Result (226) (69) (91) 32% -60% Net Income (162) 89 6-93% -104% 3 rd Party Volumes 4Q16 3Q17 4Q17 QoQ YoY Forestry + Solid Wood Prod. (1) 1,054 772 778 1% -26% Market Pulp (2) 887 753 713-5% -20% Papers (2) 202 200 183-9% -9% Tissue Papers (2) 168 174 167-4% 0% Sanitary Products (3) 1,333 1,347 1,265-6% -5% (1) Th. m 3 (2) Th. Tons (3) M. units 4

Costs & Other Operation Expense Analysis COGS (US$ Million) Other Op. Exp. (US$ Million) +1% 868 835 874 +5% 180 +1% 180 182 +1% COGS 4Q16 3Q17 4Q17 Up 5% QoQ : Higher maintenance costs in Pulp Lower direct costs, due to lower sales volumes Up 1% YoY, reflecting: Higher maintenance costs in Pulp Higher direct costs in Tissue Lower direct costs in Pulp, due to lower sales volumes 4Q17 COGS were 67% of revenues, down from 62% in 3Q17 and 68% in 4Q16 4Q16 3Q17 4Q17 Other Operational Expenses Up 1% QoQ and YoY, reflecting: Higher administrative expenses Lower distribution costs in Pulp Other Operating Expenses were 14% of revenues, up from 13% in 3Q17 and stable from 14% in 4Q16 5

* Figures in US$ million Pulp Business +7% +46% 600 618 639 146 Sales * 134 +3% 120 454 485 519 4Q16 3Q17 4Q17 Pulp Forestry 145 EBITDA* 236-10% 212 4Q16 3Q17 4Q17 Third Third Party Party Sales Sales Volumes Volumes 4Q16 3Q17 4Q17 QoQ YoY - Pulpwood 56 28 27-1% -51% - Sawing Logs 417 375 367-2% -12% - Sawn Wood 237 133 169 27% -29% - Remanufactured Wood 49 38 35-7% -27% - Plywood 113 80 87 8% -23% - Others 183 119 93-22% -49% Total (th. m 3 ) 1,054 772 778-15% -32% BSKP 172 191 175-8% 1% BEKP 715 562 538-4% -25% Total Market Pulp (Th. Tons) 887 753 713-5% -20% P&W Guaiba (Th. Tons) 12 14 8-41% -34% Revenues: +3% QoQ, +7% YoY Forestry Sales Volumes: -15% QoQ, -32% YoY Forestry Prices: -11% QoQ, +12% YoY Pulp Production: +21% QoQ, -12% YoY Guaíba II downtime resulted in 145,000 tons production loss in 4Q17. Pulp Sales Volumes: -5% QoQ, -20% YoY -- QoQ -8% BSKP: Lower exports to China -4% BEKP: Lower exports to all markets -- YoY +1% BSKP: Higher exports to Europe and Asia -25% BEKP: Lower exports to all markets Pulp Prices: BSKP US$742/ton, BEKP US$694/ton EBITDA: -- QoQ (-10%) Lower hardwood volumes: Guaíba II downtime Lower forestry sales -- YoY (+46%) Higher pulp prices 6

Revenues: -6% QoQ, +4% YoY 463 Sales* Tissue Business 513 +4% -6% 480 56 EBITDA* -32% 67-43% 38 Volumes: -- Tissue Paper -4% QoQ, with lower seasonal volumes across all countries except from Brazil and Chile Stable YoY. -- Sanitary Products: -6% QoQ, supported by lower diaper and feminine care products -5% YoY, explained by lower feminine care sales volumes in Argentina, Uruguay, Colombia and Chile and lower wet wipes volumes across all countries. 4Q16 3Q17 4Q17 4Q16 3Q17 4Q17 Third Party Sales Volumes 4Q16 3Q17 4Q17 QoQ YoY - Chile 37 37 38 1% 2% - Brazil 35 34 35 1% -1% - Mexico 31 35 32-7% 3% Third Party Sales Volumes - Argentina 26 28 24-12% -8% - Peru 22 23 22-4% 2% - Uruguay 6 6 5-2% -5% - Colombia 6 7 6-6% 4% - Ecuador 4 4 4-18% -8% Total Tissue Paper (Th. Tons) 168 174 167-4% 0% - Diapers 753 805 769-4% 2% - Feminine Care 342 352 320-9% -6% - Others 238 190 176-7% -26% Total Sanitary (M. Units) 1,333 1,347 1,265-6% -5% * Figures in US$ million Prices (Measured in $USD): -1% QoQ for Tissue Paper and -6% for Sanitary Products. EBITDA: -- QoQ (-43%) Lower tissue paper and sanitary products volumes Lower average prices -- YoY (-32%) Higher direct costs (increase in pulp prices) Higher SG&A expenses 7

Sales* 209 207 Paper Business -8% -7% 193 22 EBITDA * 24-45% -50% 12 Revenues: -7% QoQ, -8% YoY Volumes: -9% QoQ, -9% YoY -- QoQ Lower volumes of boxboard (-35%) and molded pulp trays (-24%) -- YoY Lower volumes of boxboard (-26%), corrugated papers (-3%). Prices: +2% QoQ, +2% YoY 4Q16 3Q17 4Q17 4Q16 3Q17 4Q17 Third Third Party Party Sales Volumes 4Q16 3Q17 4Q17 QoQ YoY - Boxboard 82 94 61-35% -26% Third Party Sales Volumes - Paper Bags 22 24 22-10% 2% - Other Papers 21 20 24 21% 14% - Corrugated Paper 34 29 33 14% -3% - Corrugated Boxes 39 28 39 38% 0% - Molded Pulp Trays 3 4 3-24% 4% Total (Th. Tons) 202 200 183-9% -9% EBITDA : -- QoQ (-50%) and YoY (-45%) Lower boxboard volumes Higher direct costs * Figures in US$ million 8

Global Pulp Market Bleached Kraft Pulp Global demand increased 3.8% (+2.20 million tons) in 2017 compared to last year Softwood demand up 2.5% (+619 thousand tons) Hardwood demand rose 4.9% (+1,586 thousand tons) Eucalyptus demand grew 2.5% (+579 thousand tons) Chinese demand increased 8.0% (+1,520 thousand tons) Global market pulp producer stocks ended the quarter in 28 days for softwood and 37 for hardwood, compared to 30 days for softwood and 40 days for hardwood in December 2016. BKP Demand Growth by Region 12 months 2017vs. 2016 - th. Tons and % change BKP Demand Growth by Grade 12 months 2017vs. 2016- th. Tons and % change 1600 1400 +8.0% 700 600 +2.5% 1200 500 1000 800 600 400 200 +2.4% 2.8% +5.1% +4.5% 400 300 200 100 +2.0% +3.6% +2.0% +3.4% 0-200 North America -0.1% Western Europe Eastern Europe -0.6% Latin America Source: PPPC, World Chemical Market Pulp Global 100 Report December 2017 Japan China Other Asia/Africa 0-100 Northern Softwood Southern Softwood Radiata Softwood Northern Hardwood -4.4% Southern Hardwood Eucalyptus 9

Robust Financial Execution & Cash Generation Free Cash Flow of US$18 million, down from US$177 million in 3Q17 and US$62 million in 4Q16 Cash position of US$833 million in 4Q17, down 39% QoQ, and up 40% YoY driven by positive free cash flow generation CAPEX of US$153 million during 4Q17 Net Debt/EBITDA ratio in 4Q17 was 3.0x, down from 3.1x in 3Q17 and 3.7x in 4Q16 Debt ratio complies with internal policy Net Debt/EBITDA US$ Million 4Q16 3Q17 4Q17 QoQ YoY EBITDA 223 323 256-21% 15% 4.0x (-) Capex (140) (126) (153) 22% 9% (-) Dividends (0) (0) (0) - - (-) Net Financial Expenses (49) (34) (67) 97% 37% (-) Income tax (43) (18) (14) -20% -67% (+/-) Working Capital Variation 71 32 (3) -111% -105% 3.5x 3.0x 2.5x 3.7x 3.1x 3.0x Free Cash Flow 62 177 18-90% -70% (1) This figure includes VAT 2.0x 4Q16 3Q17 4Q17 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 maintain capital structure through effective capital management and lower leverage 11

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