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CMPC Presentation Corporate Presentation March 2018 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. I. CMPC at a glance A global leader in P&P CMPC is a P&P company, established in 1920, that produces solid wood products, pulp, paper and packaging products and tissue in Latin America CMPC’s Figures Market capitalization of US$9.7 billion +1 million Sales: $5,143 mm as of February 28th, 2018 hectáreas of land EBITDA: $1,078 mm EBITDA Margin: 21% Net Debt: $3,198 mm Shareholders’ Structure Assets: $14,951 mm 33 Chilean Pension Funds Figures for the LTM as of December, 2017 (US$ million) productive 10% mills International corporate rating Chilean and BBB (stable) - Fitch Foreign Investors Matte Group BBB- (negative) - S&P 34% 56% Baa3 (stable) - Moodys Local rating AA- (Fitch) AA (ICR) +25 product lines As of December 31st, 2017. Source: CMPC 4 Successful growth 14,951 history over the past 5,143 decades 4,125 1,078 700 2017 686 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 II. CMPC’s Value Proposal 6 Source: CMPC, RISI 15-year Forecast (2016-2031) & PPPC- Dec 2016 I CMPC’s Value Proposal 2. Low cost producer 4. Prudent with world- financial class assets management 1. Industry 5. leader and well 3. Investments Commitment diversified in high growth to sustainable P&P producer potential development businesses 7 1 Large-scale vertically-integrated producer of multiple products % of consolidated Main Figures % of total sales Total capacity & Employees EBITDA Forests 47% 67% 686 Th. has. planted Sales: $2,676 mm 15.9 mm m3 harvested Sales 3rd parties: $2,406 mm Capacity EBITDA: $798 mm 1.6 million m3/y solid wood EBITDA margin: 30% 4.1 million tons/y pulp capacity Pulp division Pulp Employees 5,081 employees Capacity Sales:$1,924 mm 700 Th. tons/y Sales 3rd parties: $1,923 mm Employees EBITDA: $215 mm 8,276 employees EBITDA margin: 11% Tissue division Tissue 19% 37% Capacity 430mm tons/y boxboard Sales: $843 mm 270mm tons/y containerboard Sales 3rd parties: $814 mm 220mm tons/y corrugated boxes EBITDA: $86 mm 16% 730mm units/y multiwall bags EBITDA margin: 10% 370mm units/y molded fiber trays Paper division Paper 10% Employees 3,430 employees Total: $5,143 $1,078 8 Source: CMPC. Figures in US$ million for the LTM as of December, 2017 / Figures do not include Holding and Intercompany Sales. 1 Geographic & product diversity provides flexibility & cash flow stability 9 Source: CMPC. Figures in US$ million for the LTM as of Diciembre, 2017 / Figures do not include Holding and Intercompany Sales. 2 Pulp production in low-cost, high-yield geographies Eucalyptus Radiata Pine CMPC has a high quality Average hardwood growth rate Average softwood growth rate (m3ssc/ha/year) and sustainable forestry (m3ssc/ha/year) 43 43 base with fast growth cycles which optimizes capital 20 23 19 invested in land, reduces 11 11 5 average distance to mills 2 4 and increases gains due to USA genetic and sylvicultural Chile Russia Canada Chile Acacia Brazil Iberian practices Mangium Eucalyptus E. Globulus E. Globulus Scandinavia E. Nitens Chile 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) 10 Source: CMPC 2 Pulp production in low-cost, high-yield geographies BHKP CASH COST US$/ton cif China BSKP CASH COST US$/ton cif China 700 700 600 600 500 500 400 400 300 300 CMPC’s pulp facilities 200 200 CMPC’s pulp facilities 100 100 0 0 0 5,000 10,000 15,000 20,000 25,000 30,000 0 5,000 10,000 15,000 20,000 25,000 Th. metrics Tons Th. metrics Tons 11 Source: CMPC and Hawkins Wright as of December 2017 2 CMPC’s Tissue paper market share 9% 6% 9% Colombia CMPC’s baby diaper 4% market share Mexico Unique region-wide 23% 12% tissue operation Ecuador . More than 40 years of expertise in the LatAm consumer 11% 3% business 57% 24% Brazil . Top 5 tissue and sanitary products producer in every 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 70% 31% . Steady expanding capacity, combination of organic & Chile 83% 70% inorganic growth Uruguay 44% 24% Argentina 12 Source: CMPC 2 Operational productivity and efficiency programs in all segments of CMPC Working Productivity Renegotiation capital optimization of electric reduction program contracts Renegotiation Sale of real- of logistic estate land contracts 13 3 Global paper demand evolution 450 406 409 411 412 395 392 395 400 402 400 384 363 369 371 88 91 92 94 350 343 82 81 84 85 87 329 333 79 322 75 76 77 72 300 70 27 28 30 32 33 34 35 36 69 68 26 29 24 25 28 23 250 21 22 23 123 129 131 112 117 139 143 146 150 153 157 200 105 129 159 96 96 102 150 Million tons Million 100 112 113 117 119 116 104 99 102 105 105 110 110 108 107 105 102 100 50 39 37 37 37 39 38 39 38 37 32 32 31 30 28 26 24 23 - 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Newsprint Printing & Writing Containerboard Tissue Other Paper and Board 14 Source: CMPC and RISI 3 Dynamics of the pulp market FIBER WORLD CONSUMPTION VIRGIN FIBER MARKET PULP required to produce 411 million tons of used to produce Paper&Board consumed to manufacture Paper&Board (M tons) Paper&Board (M tons) UKP Mec 2 Sulphite 5 Recover Paper Virgin Integrated Market 244 million tons Pulp 117 Pulp 181 million million tons (57%) 64 million BSKP BHKP tons (65%) tons 25 32 (43%) (35%) 425 million tons 64 million tons 32 million tons of total fibers of market pulp of BHKP 15 Source: CMPC, Hawkins Wright and RISI 3 Tissue Paper Demand Dynamics Per capita annual consumption of tissue paper (in kilograms) (Countries in green are CMPC operation countries) DEMAND DRIVERS 25 USA . Population Growth Canada Hong Kong & Urbanization 20 . Economic Growth ) Austria Sweden Germany hab Switzerland . Increase in AfH and Finland Denmark (k/ UK Ireland non-higienic paper IsraelNew Zealand 15 Netherlands categories Spain Australia Costa Rica Chile Portugal Italy France . Product Quality Hungary Croatia . Increase in Market App.Consumption 10 Taiwan Share & Product Mexico Consumption 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 GDP per capita in US$’000 16 Source: CMPC as of December 2015 Packaging Paper 3 Demand Dynamics Macroeconomics & Demographic - Population growth - Urbanization - Rising disposable income E-commerce Sustainability - Circular economy - New packaging materials - Packaging redesign Digitalization - Intelligent packaging - Technology integration 17 4 Strong balance sheet & conservative debt profile Debt breakdown Debt by currency Debt by interest rate Debt by type Variable Other BRL Rate ECA Banks Total debt: $4,031mm 4% CLP 7% 4% 3% 2% BNDES 7% Net debt: $3,198mm 12% Fixed USD Bonds Rate 74% 89% 98% Amortization schedule Bonds Banks Interests 34 269 1,280 205 993 499 224 149 149 197 - - - 2018 2019 2020 2021 2022/2023 2024/2030 2031/2040 18 Note: Figures in US$ million as of December 2017 4 Stable credit metrics and prudent financial policies Net Debt to EBITDA Interest coverage ratio 4.0x 6.30x 5.66x 5.19x 4.89x 5.00x 5.30x 4.66x 4.41x 4.63x 3.5x 3.7x 3.8x 4.30x 3.4x 3.0x 3.2x 3.4x 3.30x 3.1x 3.0x 2.30x 2.5x 1.30x 2.0x 0.30x 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Financial Debt to Equity Cash / (18M Net Financial Interest + Amortizations) 0.90x 1.30x 1.23x 0.80x 1.08x 1.10x 1.01x 0.70x 0.59x 0.57x 0.90x 0.54x 0.73x 0.60x 0.53x 0.53x 0.53x 0.51x 0.70x 0.59x 0.50x 0.53x 0.54x 0.40x 0.50x 0.30x 0.30x 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 Covenant Financial Policy 19 Source: CMPC 4 Positive free cash flow driving deleverage Free Cash Flow Evolution LTM Free Cash Flow Breakdown (Dec. 2017) 177 122 111 62 1,078 -498 -5 +116 10 18 -193 -69 429 -48 EBITDA Capex Dividends Net Income Working Free Cash Financial Tax Capital Flow Expenses Variation 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 20 Source: CMPC 5 Commitment to Sustainable Development Member of the First Chilean Company to issue Energy Efficiency DJSI Chile, for Member of the a Green Bond Gold Seal granted by third consecutive FTSE4Good the Energy Ministry of year Index, for third Chile and the Agency Member of the new consecutive year DJSI Mila for Energy Efficiency 21 5 CMPC’s Corporate Governance 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.
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