Corporate PresentationMarch 2020

Forward-Looking Statements

Investor Relations Contacts

Colomba Henríquez

colomba.henriquez@cmpc.cl

+56 2 2441 2791

Petya Miteva

petya.miteva@cmpc.cl

+56 2 24412713

Blanca Lecaros

blanca.lecaros@cmpc.cl

+56 2 2441 2616

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.

2

Index

I. CMPC at a Glance

II. Competitive Advantages

III. Industry Drivers

IV. Strategy

V. Appendix

3

CMPC at a Glance

4

74%

17%

11%

Pulp

Softys

Biopackaging

Assets

$14,956

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 Figures 1

1 Source: CMPC. Figures for the LTM as of December 2019 (USD million)

2,3 Source: Hawkins Wright, RISI

4th

Global Market Producer 2

Pulp

5th

Global Producer

Paper Sacks

Investment Grade

CompanyFitch: BBB (stable)

Moody’s: Baa3 (positive)

S&P: BBB- (stable)

5

17%

79%

6%Softys

Pulp

Biopackaging

EBITDA

$1,169

47%

16%

37%

Sales

$5,670

Softys

Biopackaging

Pulp

2nd

Producer in LatAm 3

Tissue

1st

Largest LatAm Exporter

Boxboard

6Source: CMPC, as of December 2019

Vertically integrated...

tons / year

Pulp

tons / year

Recycled Paper

tons / year

HW 3,179,000

SW 779,000

730,000

Planted hectares

1.6 millionm3 / year

Solid Wood Products

Market Pulp

525,000

260,000

530,000

69,000

765,000

tons / year

Tissue Paper

Products

211,000tons / year

732 MMunits / year

396 MMunits / year

tons / year

Market Pulp

tons / year

Boxboard

Sackraft

Containerboard

Paper Sacks

Molded pulp trays

Corrugated boxes

m3 harvested

18,7 million

~90%

Source: CMPC. Figures in USD million for the LTM as of December, 2019 / Figures do not include Holding and Intercompany Sales

... and well-diversified player

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

1 Source: CMPC, as of December 31st, 2019

Chilean Pension FundsChilean

and Foreign Investors

Matte Group

10%

56%

34%

Each Board of Directors Committee counts with a functioning protocol which

defines its members, attributions and topics addressed.

8

Committed to Sustainable Development

Reduce by 50%(1) absolute greenhouse gas emissions(2)

by 2030

Reduce by 25%(1) industrial use of water per ton produced

by 2025

Zero waste to landfill by

2025Conserve/restore 100,000

hectares by 2030

Conservation & RestorationWaste

WaterClimate Change

Environmental Targets

CMPC owes its existence to the natural environment, which isthe source of its business and whose fruits enable theCompany to contribute to the future wellbeing of society.

Commitment to Sustainable Development Goals

9(1) Using 2018 consumption as a baseline

(2) Greenhouse gas emissions scope 1 and 2

CMPC subscribes to the UN Global Compact Sustainable Development Goals and develops and actively participates in projects and initiatives to contribute towards achieving them.

Partnerships & Recognitions

Competitive Advantages

10

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

Eucalyptus

Radiata Pine

Average hardwood growth rate (m3ssc/ha/year)

Average softwood growth rate (m3ssc/ha/year)

Eucalyptus Nitens

Radiata Pine

Volume Gain (%)1

Volume Gain (%)1

Source: CMPC1Achieved through continuous traditional genetic and silvicultural improvements.

11

20 23

43 43

E. Globulus

Iberian

E. Globulus

Chile

Acacia

Mangium

Eucalypus

Brazil

E. Nitens

Chile

24 5

11

20

Russia Scandinavia Canada USA Chile

1.4

8.2

19.0

27.2

1994-1996 1997-1999 2000-2014 2015-2017

06.0

15.1

25.8

35.7

1975 1976-1994 1995-2009 2010-2015 2016-2017

11

Strategically located pulp facilities

12

BSKP Cash Cost

USD/ton cif China

Th. Metric Tons

BHKP Cash Cost

USD/ton cif China

Ca

sh C

ost

Th. Metric Tons

CMPC’s pulp facilities

Source: CMPC, Hawkins Wright August 2019

Ca

sh C

ost

CMPC’s pulp facilities

0

100

200

300

400

500

600

700

0 5.000 10.000 15.000 20.000 25.0000

100

200

300

400

500

600

700

0 5.000 10.000 15.000 20.000 25.000 30.000 35.000

ColombiaTM1: 228G2: 4.1%

11%

4%

EcuadorTM1: 78G2: 6,9%

19%

10%

PeruTM1: 192G2: 7.3%

52%

35%

BrazilTM1: 1,285G2: 4.0%

20%

5%

ChileTM1: 234G2: 4.6%

68%

29%

CMPC’s Tissue paper market share

CMPC’s baby diaperpaper market share

40%

18%

ArgentinaTM1: 367G2: 3.5%

84%

54%

UruguayTM1: 39G2: 8.0%

13%2%

MexicoTM1: 1,152G2: 2.4%

Unique Region-Wide Tissue Market Presence

13

Source: CMPC, RISI, NRI Nielsen

1 TM: Total Tissue Market in th. Tons as of 2019

2 G: CAGR 2007-2017

More than 40 years of

expertise in the LatAm

consumer business.

.

Top 5 tissue and sanitary

products producer in every

major Latin American market.

Focused on growth in key

markets and underpenetrated

sanitary product markets.

Steady expanding capacity,

combination of organic &

inorganic growth.

Comprehensive Portfolio of Well-Known and Well-Regarded Brands

Away from Home Personal Care ProductsTissue Paper

Source: CMPC

14

Source: CMPC

15

Food &

Beverage

Consumer

Goods

Pharmaceutical Building

materials

Food &

agricultural

products

Chemicals &

minerals

Industrial Produce Salmon

Cost competitiveness from fiber

and vertical integration

Long-term relationships with

customers

Biopackaging: favorable competitive position

Industry Drivers

Global Paper Demand Evolution

Other Paper and Board

Tissue

Containerboard

Printing and Writing

Newsprint

Population Growth

Urbanization

Economic Growth

Rising disposable income

Increase in Product Quality

E-Commerce

Circular Economy

Intelligent Packaging

17Source: RIS. Figures in million tons

39 37 37 37 39 38 39 38 37 32 32 31 30 28 26 24 23 22 19

104 99 102 105 112 113 117 119 116 105 110 110 108 107 105 102 100 98 97

96 96 102 105 112 117

123 128 130 128

139 142 146 149 153 157 161 166 173

21 22 23

23 24 25

26 27 28

28 29 30 32 33 34 35 36 38 39

69 68 70

72

75 76 79

82 81

77

84 85 87 89 91 91 93 95 94

-

50

100

150

200

250

300

350

400

450

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

329 322333

343363 369

383394 392

371

395 399 401 405 409 410418414 424

Dynamics of the Pulp Market

Source: Hawkins Wright 2018, CMPC

18

WORLD FIBER CONSUMPTIONRequired to produce

424 million tonsof Paper&Board

Recovered Paper

226 million tons

(53%)

Virgin Pulp

184 million tons

(43%)

Integrated

119 million tons

(65%)

Market Pulp

65 million tons

(35%)

BSKP

25million tons

BEKP

34 million tons

UKP

2 million tons

Mechanical

4 million tons

Dynamics of the Pulp Market

19

Source: Hawkins Wright 2018, CMPC

36%

27%

23%

11%

3%

Tissue

P&W

Board

Trader

4 milliontons

42%

21%

16%

11%

1%9%

Tissue

P&W

Packaging

Specialty

Market Pulp by Final Use Market Pulp by Final Client of CMPC

65 milliontons

Fluff

Mecánica

Specialty

Tissue Paper Demand Dynamics

Source: RISI, World Bank and CMPC as of 2018

20

Per capita annual consumption of tissue paper (in kilograms)(Countries where CMPC has operations are marked in green)

IndiaIndonesia

VietnamThailand

RussiaEcuadorColombia

China

China 2010

Peru Brazil

ArgentinaMexico

Croatia

Chile

Chile 2010

Costa Rica

Italy

France

PortugalSpain

Australia

Netherlands

New Zealand

UK

FinlandDenmark

AustriaSweden

Hong Kong

Canada

USA

USA 2010

0

5

10

15

20

25

30

0 10 20 30 40 50 60 70

Tis

sue

Pa

pe

r A

pp

. Co

nsu

mp

tio

n (

k/c

ap

ita

)

GDP per capita in US$'000

Strategy

CMPC’s Strategy

22

Strengthen the core

Grow in all business divisions

Focus on developing our people

Innovate in bio-economy and digitalization

• Continue implementing

productivity programs in all

our mills to increase asset

productivity (OEEs)

• Create a forestry fund in Brazil

to prepare for future organic

growth

• Evaluate growth alternatives

in Packaging while capturing

synergies

• Explore organic & inorganic

alternatives for main Softys

markets

•Develop the skills and talents

to form a high-performance

team with strong culture

•Develop new programs with a

focus on gender equality and

inclusion of people with

disabilities

• Strengthen CMPC’s position

as a key player in the bio-

economy

• Advance in digitalization and

Industry 4.0

• Leverage the innovation eco-

system to generate value

Sustainability

Prudent Financial Management

Pulp Strategy: Improving margins through operational excellence

Forest Base Expansion

Creation of a forestry fund in Brazil to

prepare for future organic growth

Operational Excellence Program

Plywood 1

+8%

Laja Mill 1

+12%

Pacifico Mill 1

Santa Fe Mill 2

L1:+10%

L2:+4%

Guaiba Mill 1

1 Increase in OEE´s production efficiency (%) between 2016 and 2019

2 Increase in OEE´s production efficiency (%) between 2016 and 2018 23

Debottleneck & Modernization Initiatives

Evaluation of debottleneck and modernization

initiatives in our pulp mills to increase production

in our mills

+1%

L1:+17%

L2:+14%

SEPAC Acquisition

The conditions to the acquisition of the Brazilian tissue and personal

care products company SEPAC were fulfilled. With this acquisition,

Softys has consolidated itself as the largest manufacturer and

distributor of this type of products in the Brazilian market, with an

installed capacity of 280 th tons of tissue paper.

Softys Strategy: Leading Latin American Producer

Profitability StrategySoftys

Leading markets

Strengthen our

leading position

Markets targeted for

expansion

Focus on Brazil and

Mexico to gain go-to-

market capabilities and

market share

68% 40% 52% 84%

60 thtons

Zárate tissue machine

1Q20

USD 130Million

60 thtons

Cañete tissue mill

1Q17

USD 140Million

24

Revenue Management

Procurement

Operational Excellence Program

Fixed Cost Reduction

Brand Innovation Approach

Source: CMPC

135 th tonsTissue Paper

Capacity

BRL 1,303Million

Transaction Price

175 M UnitsBaby Diapers

Capacity

Biopackaging Strategy: Expand business and gain efficiencies

25

Source: CMPC

Corrugated

Integrated all CMPC corrugated related businesses to capture synergies and improve operational

efficiencies

Increase productivity via a continuous improvement program (BEST)

Regain sales volumes and market share, optimizing prices

Increase productivity via a continuous improvement program (BEST)

Continue growing through the existing commercial platform

Increase our sack paper capacity - New conversion line in Peru (60 million sacks/year)

New market development as a result of the plastic bag ban in Chile - 3 new conversion lines in Chile

(115 million bags/year)

Boxboard

Paper Sacks

Corrugated

Prudent financial management: conservative debt profile

Debt by currency Debt by interest rate Debt by type

$3,898 m

Total debt

$3,283 m

Net debt

Debt breakdown

26

$615 m

Cash

Source: CMPC, as of December 2019, figures in USD.

Amortization Schedule (USD Million)

5.2 YearsAverage Term

4.2%

Average Rate486

159143 52 39 37 6

25

28505 514 610

66

1,089

194

511

187

648566

649

103

1,095

194

2020 2021 2022 2023 2024 2025 2026/2032 2033/2042

Bonds

Banks

BRL

USD

CLP

Others Variable rate

Fixed rate

BNDES

ECA Banks

Bonds

12%

75%

6%

7%

99%

1%

91%

3%4% 2%

Prudent Financial Management: Stable credit metrics and prudent financial policies

27

Net debt to EBITDA

Financial debt to equity

Interest coverage ratio

Cash1 / (18M Net Financial Interest + amortization)

Financial Policy CovenantSource: CMPC, as of December20191 Cash = cash & cash equivalents + undrawn committed lines of credit

2,5x

2,2x

1,8x1,6x 1,7x

2,0x

2,2x

2,8x

1,50x

2,00x

2,50x

3,00x

3,50x

4,00x

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

5,87x

7,02x7,66x

8,50x 8,35x

7,52x6,78x

6,09x

0,30x

1,30x

2,30x

3,30x

4,30x

5,30x

6,30x

7,30x

8,30x

9,30x

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

0,49x 0,48x 0,47x 0,47x 0,47x 0,45x 0,48x0,50x

0,30x

0,40x

0,50x

0,60x

0,70x

0,80x

0,90x

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

1,15x0,98x

1,90x

2,17x

1,80x

1,29x

1,86x

1,29x

0,30x

0,50x

0,70x

0,90x

1,10x

1,30x

1,50x

1,70x

1,90x

2,10x

2,30x

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19

Appendix

1,930,000Tons capacity

BHKP / Guaiba Mill

1,496,000Tons capacity

BHKP / Santa Fe Mill

520,000Tons capacity

BSKP / Pacifico Mill

360,000Tons capacity

BSKP / Laja Mill

Pulp Division

$2,295Sales $1,150EBITDA $10,997Assets

1,148,500 hasForestry baseForestry assets*

Chile

470,000Planted has

Pine 64% Eucalyptus 32%

Brazil160,000

Planted has

Eucalyptus 100%

Argentina58,200

Planted has

Pine 100%

Sawn wood

960,000m3 capacity

Remanufactured wood190,000

m3 capacity

Plywood500,000

m3 capacity

Solid wood products* Pulp*

Chile

Brazil

*As of December 2019

29

LT

M

Dece

mb

er

20

19

(U

SD

Mill

ion

)

74%79%47%

Feminine care 1,386

Diapers 3,970

Softys Division

$2,095Sales $201EBITDA $2,636Assets

Main categories

Consumer tissue products

Tissue paper production capacity*

Personal Care productsProduction capacity*

Personal Careproducts

Away from home products

Chile

Brazil

Argentina

Mexico

Peru

Uruguay

Colombia

169,000

280,000

105,000

140,000

133,000

35,000

31,000

tons

30

LT

M D

ece

mb

er

20

19

(USD

Mill

ion

)

*As of December 2019

million units

million units

17%17%37%

Biopackaging Division

$915Sales $70EBITDA $1,540Assets

Production capacity

LT

M D

ece

mb

er

20

19

(USD

Mill

ion

)

Boxboard

530,000tons

Chile

Other papers

69,000

Chile

Sackraft

tons

52,000

Brazil

Printing and writing

Corrugated paper

260,000tons

Chile

Corrugated boxes

211,000tons

Chile

Molded pulp trays 396 million units

Chile

25,300 tons

31

Paper sacks 732 million sacks

Chile

Peru

Mexico

Argentina

28%

31%

34%

7%

*As of December 2019

6%16% 11%