Pulp, Paper and Packaging Products and Pulp Tissue in Latin America

Corporate Presentation May 2019 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 (“Risk Management”).

Forward-looking statements speak only as of the date they are delivered. CMPC undertakes no obligation to publicly update or revise them based on developments which differ from those anticipated.

Investor Relations Contacts

Colomba Henríquez Petya Miteva [email protected] [email protected] +56 2 2441 2791 +56 2 24412713

Agustina Mussolini [email protected] +56 2 2441 2616 2 Index

I. CMPC at a Glance

II. Competitive Advantages

III. Industry Drivers

IV. Strategy

V. Appendix

33 4

CMPC at a Glance A Global Leader in P&P 4th CMPC is a P&P company, established in 1920, that produces solid wood products, Global Market Producer 2 pulp, paper and packaging products and Pulp tissue in Latin America.

CMPC Figures 1

Packaging Competitive Softys Pulp 10% BEKP & BSKP 32% 53% Cash Cost Softys 14% Sales $6,229 Assets $15,196 2nd Pulp Producer in LatAm 3 Packaging Softys 73% Tissue 5% 15% 8% Packaging Investment Grade EBITDA Company $1,752 Fitch: BBB (stable) Pulp Moody’s: Baa3 (stable) 89% S&P: BBB- (stable)

1 Source: CMPC. Figures for the LTM as of March 2019 (USD million) 5 2,3 Source: Hawkins Wright, RISI Vertically integrated...

1.6 million m3 / year Solid Wood Containerboard Corrugated boxes Products 260,000 211,000 tons / year 688,000 Boxboard 520,000 Molded pulp trays Planted hectares Sackraft 396 MM Pine 52% HW 3,362,000 66,000 units / year Eucalyptus 48% SW 798,000 tons / year Paper bags tons / year Papers 732 MM Pulp units / year Packaging

Market Pulp

747,000

tons / year Tissue Paper 580,000 Products

tons / year Recycled Paper

Source: CMPC, as of December 2018 6 ... and well-diversified player Pulp Tissue Papers

Chile 209 550 428 1,187 19%

Argentina 8 300 15 324 5%

Brazil 89 321 410 7%

45% Peru 298 55 352 6%

Domestic Sales Domestic

Mexico 274 29 303 5%

Uruguay 81 81 1% Colombia 71 71 1%

6,229 Ecuador 50 50 1%

Latam 97 43 208 348 6%

Europe 727 67 794 13%

China 878 878 14%

55%

Exports

Other Asia 787 21 808 13%

USA 317 3 52 371 6% 46.501 Others 198 54 252 4%

3,309 1,990 929 53% 32% 15% 6,229 Source: CMPC. Figures in USD million for the LTM as of March, 2019 / Figures do not include Holding and Intercompany Sales 7 CMPC’s Corporate Governance & Shareholders’ Structure

High corporate governance standards, in line with international best practices to continue growing and generating value to all our stakeholders in a responsible and sustainable way.

Shareholder’s Structure 1 Corporate Governance

Each Board of Directors Committee counts with a functioning protocol which Chilean defines its members, attributions and topics addressed. Chilean Pension Funds and Foreign Investors 10% 34%

56% Matte Group

1 Source: CMPC, as of March 31st, 2019 8 Committed to Sustainable Development

First Chilean Company to issue a Green Bond

Energy Efficiency Member of the Gold Seal Member of the FTSE4Good Index granted by the Energy DJSI Chile Index (4th (4th consecutive year) Ministry of Chile and consecutive year) and the Agency for Energy nd DJSI MILA Index (2 Efficiency consecutive year).

9 Competitive Advantages

10 Forestry assets in low-cost, high-yield geographies with continuous productivity growth

Eucalyptus Eucalyptus Nitens Average hardwood growth rate (m3ssc/ha/year) Volume Gain (%)1

43 43 27.2 19.0 20 23 8.2 11 1.4

E. Globulus E. Globulus Acacia Eucalypus E. Nitens 1994-1996 1997-1999 2000-2014 2015-2017 Iberian Chile Mangium Brazil Chile

Radiata Pine Radiata Pine Average softwood growth rate (m3ssc/ha/year) Volume Gain (%)1

20 35.7 25.8 11 15.1 4 5 2 6.0 0

Russia Scandinavia Canada USA Chile 1975 1976-1994 1995-2009 2010-2015 2016-2017

Source: CMPC 11 1Achieved through continuous traditional genetic and silvicultural improvements. Strategically located pulp facilities

BSKP Cash Cost BHKP Cash Cost USD/ton cif China USD/ton cif China

700 700 600 600 500 500

400 400 Cash Cost Cash

Cash Cost Cash 300 300 200 CMPC’s pulp facilities 200 100 100 CMPC’s pulp facilities 0 0 0 5.000 10.000 15.000 20.000 25.000 0 5.000 10.000 15.000 20.000 25.000 30.000 35.000 Th. Metric Tons Th. Metric Tons

Source: CMPC, Hawkins Wright April 2019 12 9% 3%

12% Colombia 6% TM1: 221 G2: 4.3% Unique Region-Wide Tissue Market Presence

More than 40 years of Top 5 tissue and sanitary México expertise in the LatAm products producer in every 1 TM : 1,113 22% consumer business. major Latin American market. G2: 2.3% Focused on growth in key 55% 8% . markets and underpenetrated sanitary product markets. Steady expanding capacity, Ecuador 24% combination of organic & TM1: 72 G2: 4.8% inorganic growth.

12% 3% Perú 1 Brazil TM : 171 80% G2: 7.1% 70% TM1: 1,243 G2: 4.4%

57%

31% 41% CMPC’s Tissue paper market share

16% CMPC’s baby diaper Chile paper market share TM1: 233 G2: 5.2% Uruguay TM1: 38 Source: CMPC, RISI Argentina G2: 8.4% 1 TM: Total Tissue Market in th. Tons as of 2016 1 2 G: CAGR 2006-2016 TM : 327 13 G2: 3.5% Comprehensive Portfolio of Well-Known and Well-Regarded Brands

Tissue Paper Away from Home Sanitary Products

Source: CMPC 14 CMPC’s boxboard is a multilayer fiber- based product with multiple competitive advantages

Multilayer Boxboard

Low production cost Transporting efficiency Product consistency Ratio between weight and rigidity Conversion efficiency Health safety Printing quality

Local US producers cash cost curve

USD / Ton 1,000

800 Average CMPC boxboard cash cost at US port

600

400

200

Source: CMPC 2018 CMPC Maule Mill 15 IndustryDrivers Global Paper Demand Evolution

Population Growth Increase in Product Quality Urbanization E-Commerce Economic Growth Circular Economy Rising disposable income Intelligent Packaging

450 418 405 409 410 414 394 392 395 399 401 400 383 363 369 371 93 95 343 87 89 91 91 350 333 82 81 84 85 329 322 79 75 76 77 72 300 70 27 28 30 32 33 34 35 36 38 69 68 26 29 24 25 28 23 23 250 21 22 128 123 130 139 142 112 117 146 149 153 157 161 200 105 128 166 Other Paper and Board 96 96 102

Tissue 150

100 104 105 112 113 117 119 116 Containerboard 99 102 105 110 110 108 107 105 102 100 98 50 Printing and Writing 39 39 38 39 38 37 37 37 37 32 32 31 30 28 26 24 23 22 - Newsprint 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Source: RISI 17 Dynamics of the Pulp Market

Source: Hawkins Wright 2017, CMPC 18 Tissue Paper Demand Dynamics Per capita annual consumption of tissue paper (in kilograms) (Countries in green are CMPC operation countries)

25 )

capita k/

10 Tissue Paper App. Consumption PaperTissueApp. (

0 10 20 30 40 50 60 GDP per capita in USD'000

Source: RISI, World Bank and CMPC as of 2017 19 Strategy CMPC’s Strategy

Efficiency & Growth Profitability Productivity

21 Pulp Strategy: Improving margins through operational excellence

Forest Base Expansion Operational Excellence Program Increase our forestry base in Brazil in order to prepare future growth in pulp

+8% 1 +7% 1 Plywood Laja Mill Pacifico Mill 2

L1:+10% 1 L2:+4% 1 Guaiba Mill 2 Santa Fe Mill

1 Increase in production efficiency (%) between 2016 and 2018 2 Operational excellence programs are still underway and haven’t had one full cycle yet or will be launched beg. 2019 22 Softys Strategy: Leading Latin American Producer

Profitability Strategy Softys

Leading markets Revenue Management Route to Market Operational Excellence Program Procurement Cost Reduction 70% 41% 55% 80% Fiber Management 60 th USD 130 60 th USD 140 tons Million tons Million Zárate tissue machine Cañete tissue mill 4Q19 1Q17

Opportunity markets

12% 12%

Source: CMPC 23 Packaging Strategy: Expand business and gain efficiencies

Global packaging market expected to grow Expand our business on the back of a growing packaging market given new packaging trends: USD bn

400 + 3% per year Replacing the use of plastic 2017-2022 350 E-commerce Corrugated products as a merchandising 300 medium in the battle for consumers 250

200 Bolster our regional footprint leveraging our quality (high quality fiber) and low cost (integrated 150 operations), supported by the global presence of 100 CMPC.

50 Increase profitability by: 0 Capturing internal synergies 2012 2013 2014 2015 2016 2017 2022 F Improving efficiency through operational excellence Cost reductions by improving our entire supply chain

Source: CMPC 24 Profitability

Free Cash Flow LTM EBITDA Margin

800 60% 53% 702 49% 700 46% 50% 42% 575 39% 600 502 40% 33% 31% 31% 500 428 27% 26% 392 374 30% 23% 400 19% 20% 12% 300 10% 10% 10% 8% 10% 5% 200 11% 6% 6% 6% 100 0% 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 0 CMPC Pulp Softys Packaging 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

ROIC1

12% 9.8% 10% 9.0% 8.5% 8.6%

8% 6.6%

6% 4.9%

0% 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Source: CMPC as of March 2019, figures in USD. 1 ROIC = (EBITDA – Depreciation – Stumpage) / (Accounts receivable + Inventory + Net Property, Mills and Equipment + Biological Assets (Stumpage Value) – Operating Liabilities) 25 Prudent financial management: conservative debt profile

Debt by currency Debt by interest rate Debt by type

Other BRL Variable Rate BNDES 8% Debt breakdown CLP 3% 2% 1% ECA 3% 7% Banks 4% $3,783 mm Total debt

$2,925 mm 99% Net debt 91% 81% USD Fixed Rate Bonds

$858 mm Amortization Schedule (USD Million) Cash

Interests 1.086 Bonds Banks 5.9 Years 619 1.107 Average Term 1.080 1056 406 45 497 188 526 195 185 147 497 4.47% 25 25 176 163 122 122 35 63 30 195 Average Rate 2019 2020 2021 2022 2023 2024 2025/2032 2032/2041

Source: CMPC, as of March 2019, figues in USD. 26 Prudent Financial Management: Stable credit metrics and prudent financial policies

Net debt to EBITDA Interest coverage ratio

4,00x 9.30x 8.50x 8.35x 7.66x 8.30x 7.02x 3,50x 7.30x 5.87x 3,0x 6.30x 5.00x 3,00x 5.30x 2,5x 4.30x 2,50x 2,2x 3.30x 1,8x 2.30x 2,00x 1,7x 1,6x 1.30x 1,50x 0.30x 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Financial debt to equity Cash1 / (18M Net Financial Interest + amortization)

0.90x 2,30x 2,17x 2,10x 1,90x 1,80x 0.80x 1,90x 0.70x 1,70x 1,50x 0.60x 1,30x 1,10x 1,15x 0.51x 0,98x 0.49x 0.48x 0.47x 0.47x 0.47x 1,10x 0.50x 0,90x 0,70x 0.40x 0,50x 0.30x 0,30x 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Financial Policy Covenant Source: CMPC, as of March 2019 27 1 Cash = cash & cash equivalents + undrawn committed lines of credit Appendix Pulp Division

Sales $3,309 EBITDA $1,566 Assets $11,054

89% 73%

53%

Million)

(US

2019 2019

March LTM LTM

1,148,000 has Forestry assets* Forestry base Solid wood products* Pulp*

472,000 960,000 278,000 Chile Planted has Sawn wood m3 capacity Tons capacity Pine 64% Eucalyptus 32% BSKP / Laja Mill

1,496,000 520,000 158,400 190,000 Tons capacity Tons capacity Brazil Planted has Remanufactured wood m3 capacity Chile BHKP / Santa Fe Mill BSKP / Pacifico Mill Eucalyptus 100% 1,866,000 58,200 480,000 Tons capacity Argentina Planted has Plywood m3 capacity Brazil BHKP / Guaiba Mill Pine 100%

*As of December 2018 29 Softys Division

Sales $1,990 EBITDA $134 Assets $2,090

32% 8% 14%

Million)

(US

2019

March LTM LTM

Sanitary products Main categories Tissue paper production capacity* Production capacity*

Chile 169,000

Brazil 134,000 Diapers 3,970 MM units Consumer Sanitary Away from tissue products home Argentina 105,000 Feminine care 1,386 MM units products products Mexico 140,000 tons Peru 133,000

Uruguay 35,000

Colombia 31,000

*As of December 2018 30 Packaging Division

Sales $929 EBITDA $87 Assets $1,512

15% 5% 10%

Million)

(US

2019

March LTM LTM

Production capacity

tons 66,000 64,000 520,000 Chile Brazil Boxboard tons Other papers Sackraft Printing and writing Paper bags 732 MM bags Chile Chile 28%

Peru 31%

Mexico 34% 211,000 260,000 Molded 25,300 tons Corrugated boxes tons Corrugated paper tons pulp trays 396 MM units Argentina 7% Chile Chile Chile

*As of December 2018 31