Investor Presentation 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. CMPC at a glance CMPC: A global leader in pulp and paper

Diversified strategy focused on reducing markets, products & client concentration

Targeting growth products like BEKP and tissue

Large scale Latin Industry-leader with world-class operations American producer of with focus on improving efficiencies Pulp, Tissue, Wood & Paper products, Commitment & track record of investment in sustainability serving global and local markets Prudent financial management to drive stakeholder value

4 Successful growth 14,860 history over the past 4,866 decades 4,100 966

645 2016 665 (as of Dec.16)

1990 237 43 228 308 628 1,312

Tissue Pulp Plantations Capacity EBITDA Capacity Revenues Assets US$ million Th. hectares Th. tons US$ million Th. tons US$ million 5 SALES EBITDA $4,866 $966 US

46%

25% Million) 37% 66% ($ LTM*

Large-scale producer 11% 17% of multiple products Pulp Paper Tissue

World’s 3rd Largest Pulp Producer World’s 8th Largest Tissue Producer

Fibria 5,300 SCA Kimberly Clark Arauco 1,765 1,585 485 Georgia Pacific APP/Sinas Mas CMPC 700 3,055 Procter & Gamble Sofidel IP 3,075 470 100 Hengan CMPC Tissue Suzano 3,560 WEPA

APRIL 25 3,470 Kruger Tissue 0.0 1.0 2.0 3.0 4.0 5.0 - 1,000 2,000 3,000 4,000 5,000 6,000 Capacity th. Tons Capacity Million Tons LatAm North America Europe Others BSKP BHKP Otros Source: CMPC and Hawkins Wright as of April 2016 6 * As of December 2016. Geographic & product diversity provides flexibility & cash flow stability

Source: CMPC. Figures in US$ million as of December. 2016 / Figures do not 7 include Holding and Intercompany Sales. Targeting growth areas of the pulp and paper industry Growing capacity to meet global demand for pulp

MARKET PULP DEMAND CMPC PULP CAPACITY EVOLUTION 40

35

30

25

1,750

tons 20 1,075 450 450 450 450

15 450 450 Million 1,496 1,496 1,496 1,496 1,496 10 1,156 1,156 1,156 1,230 1,310

5 840 840 840 840 840 840 840 840 840 840 0 1990 2000 2006 2008 2010 2012 2014 2016 2018 2020 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

BSKP BHKP BEKP BSKP (Chile) BEKP (Chile) BEKP (Brasil)

9 Source: CMPC and Hawkins Wright Dynamics of the pulp market

FIBER WORLD CONSUMPTION VIRGIN FIBER MARKET PULP required to produce 408 million tons of used to produce Paper&Board consumed to manufacture Paper&Board (M tons) Paper&Board (M tons)

Recover Paper Virgin Integrated Market 241 million tons Pulp 119 Pulp BHKP BSKP (57%) 181 million million tons 62 million 30 24 tons (66%) tons (43%) (34%)

UKP Mec 2 Sulphite 5

422 million tons 62 million tons 30 million tons of total fibers of market pulp of BHKP

10 Source: CMPC, Hawkins Wright and RISI Dynamics of the pulp market

PULP PRICE EVOLUTION – ENTRANCE OF NEW CAPACITY

1,200 2,000

1,800 1,000 1,600

Rizhao Eldorado Maranhao

1,400 Três

800 Montes Guaíba tons)

Europe) Lagoas

del Plata

1,200 cif APP Fray th. Hainan Bentos Klabin 600 Mucurí 1,000 Nueva Veracel Aldea 800 Santa Chenming 400 Fe Kerinci Illim OJI Valdivia Zhanjiang 600

PL3 APPGuangxi

Pulp prices US$/ton ( US$/ton prices Pulp Greenfield Capacity ( Capacity Greenfield 400 200 200

- -

2002 2003 2004 2005 2007 2008 2008 2009 2009 2011 2011 2012 2013 2014 2014 2016 2016 2002 2002 2003 2004 2004 2005 2006 2006 2007 2007 2009 2010 2010 2012 2012 2013 2014 2015 2015

NBSK cif Europe BEKP cif Europe

11 Source: CMPC and Hawkins Wright Leading player in underpenetrated tissue markets Kg / Person / Year 25 USA TISSUE

Canada CONSUMPTION Hong Kong

20

) Austria Sweden

hab Germany Switzerland

Finland Denmark (k/

UK Ireland IsraelNew Zealand 15 Netherlands Spain Australia Costa Rica Chile Portugal Italy France Hungary Croatia

App.Consumption 10 Taiwan

Mexico Paper Argentina Peru China Tissue 5 Brazil Venezuela Malaysia Ecuador Colombia Russia Thailand Vietnam Indonesia Philippines 0 India 0 5 10 15 20 25 30 35 40 45 50

12 Source: CMPC as of December 2015 CMPC’s Tissue paper market share 8% 4% 7%5 % Colombia Mexico CMPC’s baby diaper market share Unique region-wide 24% 11% tissue operation Ecuador . More than 40 years of expertise in the LatAm consumer business 8% 2% . Top 5 tissue and sanitary products producer in every 54% 23% Brazil Peru major Latin American market . Range of brands & products to take advantage of economic cycles . Focused on growth in key markets and underpenetrated sanitary product markets 76% 27% . Steady expanding capacity, combination of organic Chile 83% 56% & inorganic growth Uruguay

44% 11% Argentina

Source: CMPC and Nielsen 13 Repositioning paper business to focus on growth area of packaging

GLOBAL PAPER DEMAND EVOLUTION . Aiming to expand in 450 folding boxboard to capture growth 400 16 16 15 15 16 17 16 15 32 33 trends 14 27 28 14 29 30 31 350 15 26 28 24 25 300 . Extensive use of

194 recycled paper, 250 186 196 206 210 214 220 226 171 177 191 major paper recycler 200 in Chile

150

Million tons Million . Closed newsprint 100 117 119 112 113 116 111 106 110 108 106 105 operations in 2013 50 39 38 38 38 37 32 32 31 30 28 26 - 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Newsprint P&W Packaging Tissue Other P&B

14 Source: CMPC and RISI An industry leader with world-class operations Pulp production in low-cost, high-yield geographies

BHKP CASH COST BSKP CASH COST US$/ton cif China US$/ton cif China

$ 289 $ 356 $ 394 $ 442 $ 522 $ 475 $ 518

Eucalyptus Radiata Pine Average hardwood growth rate Average softwood growth rate (m3ssc/ha/year) (m3ssc/ha/year) 43 43

20 23 19 11 11 5

2 4

USA

Chile

Russia

Canada

Acacia

Chile

Brazil

Iberian

Mangium

Eucalyptus

E. E. Globulus E. Globulus

Scandinavia E. E. Nitens Chile 16 Source: CMPC and Hawkins Wright as of December 2016 Strategically located pulp facilities

Distance From Transport Mill Plantations to Ports 80 km Laja 93 km / By Train

93 km Pacífico 163 km / By Train

99 km Santa Fe 119 km / By Train

208 km Guaíba 260 km / By Barges

17 Sustainable leadership in tissue paper and sanitary products though our brands

18 Efficiency as a core value

Focused on reducing working capital & leverage

Optimizing asset base

Additional efficiencies at the mills derived from purchasing, transportation & maintenance costs

Efficient energy production and utilization

19 Committed to long-term investments in sustainability Commitment and track record of sustainability

. FSC® Certifications. . Examples of efforts in community relations. . Energy self-sufficient. . Paper recycling capabilities, highlighting tissue. . 2nd Largest LatAm Land Owner (+1 million hectares & US$3.5 billion biological assets) . Member of the DJSI Chile, for second consecutive year.

21 Sustainability case study

CMPC Plants new Produces Utilizes green Recycles purchases seed and large forest of energy paper, then diminished manages CO2 through uses it to land growth consuming biomass from produce trees plantations other papers

22 Corporate governance valued leadership

Luis Felipe Vivianne Rafael Jorge Jorge Jorge Bernardo Ramiro Pablo Gazitúa Blanlot Fernández Larraín Marín Matte Matte Mendoza Turner Chairman Independent Independent

. Board of Directors increased to 9 from 7 members . Directors Committee comprised by 3 board members (2 independent)

23 CMPC’s commitment with its stakeholders

Business Chain Business Chain: . Investors . Customers . Trade & Business Associations . Workers . Contractors

Environment: . Universities & NGOs

Society: Environment Society . Local Communities . Local Authorities

24 Prudent financial management Net debt: US$3.6 billion

Debt by issuer Debt by currency

Robust financials BRLOtherCLP Pulp 6%3% 3% 22%

& stable debt Tissue 6% Inversion profile* es CMPC Ratings 72% USD 88% BBB+ Fitch Debt by interest rate Debt by type

Variable ECA Rate Banks 8% Local 4% BNDES 6% BBB- 14% Ratings S&P AA Fitch AA Fixed Bonds Baa3 Rate 72% ICR Moody’s 96%

26 * As of December 2016 Debt profile as of Dec. 2016

AMORTIZATION SCHEDULE (as of today) Debt breakdown Bonds Banks Interests 130 . Average term: 5.7 years . Average cost in US$: 4.2% . Net Debt/ EBITDA: 3.7x 276 185 147 991

47 499 498 495 482

279 140 - - 27 Source: CMPC 2017 2018 2019 2020 2021/2022 2023/29 2030/39 Proven ability to deleverage after CapEx cycles

Guaíba I Guaíba II 5.0 Acquisition of Pacífico and Santa Fe I Santa Fe II Investment Period Acquisition Investment Period

4.5 4.5

4.0 3.8 3.4 3.7 3.5 3.3

3.0 2.8

2.5 2.3

2.0

1.5 1.8 1.5 1.5 1.0 0.9 0.5

0.0

28 Source: CMPC Multiple avenues for growth to drive financial results

Capitalizing on Growing tissue turnaround in pulp business prices

Targeting growth Optimizing efficiencies in boxboard and across business plywood business

29 Q&A ……..

SALES EBITDA ASSETS

2,226 $632 $11,100 )

46% 66% 76%

Dec. 2016 2016 Dec. ($US Million ($US Pulp division

FORESTRY SOLID WOOD PULP* ASSETS* PRODUCTS* Chile Sawn Wood Chile Total: 709,100 Capacity: 1.0 M m3 BSKP - Laja Mill Planted: 488,000 has. Remanufactured Wood Capacity: 364,000 tons 66% Pine, 31% Eucalyptus Capacity: 190,000 m3 BSKP - Pacifico Mill Brazil Plywood Capacity: 500,000 tons Total: 184,600 has. Capacity: 480,000 m3 BEKP - Santa Fe Mill Planted: 119,200 has. Capacity: 1,496,000 tons ~100% Eucalyptus Brazil Argentina BEKP - Guaíba Mill Total: 94,300 Capacity: 1,765,000 tons Planted: 58,200 has. ~ 100% Pine 31 *As of December 2016

SALES EBITDA ASSETS

$836 $110 $1,430 )

17% Dec. 2016 2016 Dec. 11% 10% Million ($US Paper division

PRODUCTION CAPACITY

BOXBOARD OTHER PAPERS CORRUGATED PAPER 429,000 tons 80,000 tons 316,000 tons Chile Chile (Sackraft) Chile 60,000 tons PAPER BAGS Brazil (Printing & Writing) CORRUGATED BOXES 106,500 tons 240,000 tons 672 MM bags Chile Chile: ~31% MOLDED PULP TRAYS Peru: ~ 34% 21,200 tons Mexico: ~ 25% 380 MM units Argentina: ~ 10% Chile

32 *As of December 2016 ASSETS SALES EBITDA

$1,803 $242 $2,050 ) Dec. 2016 2016 Dec.

14% Million ($US 25% 37% Tissue division

MAIN CATEGORIES TISSUE PAPER SANITARY PRODUCTS PRODUCTION PRODUCTION Consumer tissue CAPACITY CAPACITY products Chile 159,000 tons Diapers: 3,463 M units Brazil 131,000 tons Feminine Care: 1,210 M units Sanitary products Argentina 99,000 tons Mexico 123,000 tons Peru 71,000 tons Away from home Uruguay 34,000 tons products Colombia 28,000 tons

33 *As of December 2016 Key financial figures as of December 31st, 2016

Sales Evolution (US$ million) EBITDA and EBITDA Margin Evolution (US$ million) 1,200 1,099 50%

45% 4,974 4,900 4,841 4,866 964 985 966 4,759 1,000

914 40%

35%

800

30% 23% 600 25% 19% 19% 20% 20%

20%

400

15%

10%

200

5%

0 0% 2012 2013 2014 2015 2016 2012 2013 2014 2015 2016

0.58 Financial Debt / Equity (Covenant: <0.8x) Interest Coverage Ratio (Covenant: >3.25x) 0.56x

0.56 7.00x 5.94x

6.00x 5.67x 0.54 0.53x 5.45x 5.31x 0.52x 5.00x 4.66x

0.52

4.00x

0.50

0.48x 0.48x 3.00x

0.48

2.00x

0.46

1.00x

0.44 0.00x 2012 2013 2014 2015 4Q16 2012 2013 2014 2015 4Q16 34 Source: CMPC, as of December 2016