FourthQuarter 2017

Earnings Results

Forward-LookingStatements

This presentation may contain forward-looking statements, thatshould be considered as good faith estimates. Such statements aresubject to risks and uncertainties outside of CMPC´s control thatcould cause the CMPC’s actual results to differ materially fromthose set forth in the forward-looking statements. These risksinclude in particular those described in CMPC’s FinancialStatements, Note 3 (“Gestión de Riesgos”).

Forward-looking statements speak only as of the date they aredelivered, CMPC undertake no obligation to publicly update orrevise them considering developments which differ from thoseanticipated.

2

Opening Comments

Large scale Latin American producer of Pulp, Tissue, Wood &

Paper products, serving global and

local markets

3

Focus on strategic plan execution, with diversification and value-added revenue base, to face operating difficulties

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.

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

4

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%

3rd 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. m3

(2) Th. Tons

(3) M. units

Costs & Other Operation Expense Analysis

COGS

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

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

+1%+1%

+5%+1%

5

868 835 874

4Q16 3Q17 4Q17

COGS (US$ Million)

180 180 182

4Q16 3Q17 4Q17

Other Op. Exp. (US$ Million)

* Figures in US$ million

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 in4Q17.

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

Pulp Business

+3%

+7% +46%

-10%

Third Party Sales Volumes

6

454 485 519

146134

120

4Q16 3Q17 4Q17

Sales*

Pulp Forestry

618600

639

145

236212

4Q16 3Q17 4Q17

EBITDA*

Third Party Sales 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. m3) 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%

Tissue Business

+4%

-6%

Revenues: -6% QoQ, +4% YoY

Volumes:

-- Tissue Paper

-4% QoQ, with lower seasonal volumes across all countriesexcept from Brazil and Chile

Stable YoY.

-- Sanitary Products:

-6% QoQ, supported by lower diaper and feminine careproducts

-5% YoY, explained by lower feminine care sales volumes inArgentina, Uruguay, Colombia and Chile and lower wetwipes volumes across all countries.

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

-32%

-43%

* Figures in US$ million

Third Party Sales Volumes

7

463

513480

4Q16 3Q17 4Q17

Sales*

5667

38

4Q16 3Q17 4Q17

EBITDA*

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%

- 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%

PaperBusiness

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

EBITDA :-- QoQ (-50%) and YoY (-45%)

Lower boxboard volumes

Higher direct costs

-8%

-7%

* Figures in US$ million

-45%

-50%

Third Party Sales Volumes

8

Third Party Sales Volumes

209 207193

4Q16 3Q17 4Q17

Sales*

2224

12

4Q16 3Q17 4Q17

EBITDA *

Third Party Sales Volumes 4Q16 3Q17 4Q17 QoQ YoY

- Boxboard 82 94 61 -35% -26%

- 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%

Global Pulp MarketBleached 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, comparedto 30 days for softwood and 40 days for hardwood in December 2016.

Source: PPPC, World Chemical Market Pulp Global 100 Report – December 2017

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

9

+2.4%

-0.1%

2.8%

-0.6%

+5.1%

+8.0%

+4.5%

-200

0

200

400

600

800

1000

1200

1400

1600

North

America

Western

Europe

Eastern

Europe

Latin

America

Japan China Other

Asia/Africa

+2.0%+3.6%

+2.0%

+3.4%

-4.4%

+2.5%

-100

0

100

200

300

400

500

600

700

Northern

Softwood

Southern

Softwood

Radiata

Softwood

Northern

Hardwood

Southern

Hardwood

Eucalyptus

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

10

(1) This figure includes VAT

3.7x

3.1x

3.0x

2.0x

2.5x

3.0x

3.5x

4.0x

4Q16 3Q17 4Q17

Net Debt/EBITDA

Internal Policy

US$ Million 4Q16 3Q17 4Q17 QoQ YoY

EBITDA 223 323 256 -21% 15%

(-) 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%

Free Cash Flow 62 177 18 -90% -70%

Strategic Outlook 2018

Large scale Latin American producer of Pulp, Tissue, Wood &

Paper products, serving global and

local markets

11

Maintain focus on diversification strategy

Drive operational efficiencies and focus on cost control to improve margins

Benign market conditions expected to continue supporting execution

Committed to maintain capital structure through effective capital management and lower leverage

Q&A ……..