Corporate PresentationMay 2019

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

Agustina Mussolini

agustina.mussolini@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

33

CMPC at a Glance

4

73%

14%

10%

Pulp

Softys

Packaging

Assets

$15,196

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 March 2019 (USD million)

2,3 Source: Hawkins Wright, RISI

4th

Global Market Producer 2

Pulp

2nd

Producer in LatAm 3

Tissue

Investment Grade

CompanyFitch: BBB (stable)

Moody’s: Baa3 (stable)

S&P: BBB- (stable)

Cash Cost

Competitive

BEKP & BSKP

5

8%

89%

5%Softys

Pulp

Packaging

EBITDA

$1,752

53%

15%

32%

Sales

$6,229

Softys

Packaging

Pulp

6Source: CMPC, as of December 2018

Vertically integrated...

tons / year

Pulp

tons / year

Recycled Paper

tons / year

Papers

HW 3,362,000

SW 798,000

688,000

Planted hectares

Pine 52%

Eucalyptus 48%

1.6 millionm3 / year

Solid Wood Products

Market Pulp

580,000

Containerboard

260,000

Boxboard

520,000

Sackraft

66,000

747,000

tons / year

Tissue Paper

Products

Packaging

Corrugated boxes

211,000tons / year

Paper bags

732 MMunits / year

Molded pulp trays

396 MMunits / year

Pulp Tissue Papers

Chile 209 550 428 1,187 19%

Argentina 8 300 15 324 5%

Brazil 89 321 410 7%

Peru 298 55 352 6%

Mexico 274 29 303 5%

Uruguay 81 81 1%

Colombia 71 71 1%

Ecuador 50 50 1%

Latam 97 43 208 348 6%

Europe 727 67 794 13%

China 878 878 14%

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

Do

me

stic

Sa

les

45

%

6,2

29

Ex

po

rts

55

%

Source: CMPC. Figures in USD million for the LTM as of March, 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 March 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

Member of the

FTSE4Good Index

(4th consecutive year)

Energy Efficiency

Gold Seal

granted by the Energy

Ministry of Chile and

the Agency for Energy

Efficiency

First Chilean

Company to issue a

Green Bond

9

Member of the

DJSI Chile Index (4th

consecutive year) and

DJSI MILA Index (2nd

consecutive year).

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

0

100

200

300

400

500

600

700

0 5.000 10.000 15.000 20.000 25.000 30.000 35.000

0

100

200

300

400

500

600

700

0 5.000 10.000 15.000 20.000 25.000

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 April 2019

Ca

sh C

ost

CMPC’s pulp facilities

ColombiaTM1: 221G2: 4.3%

9%

3%

EcuadorTM1: 72G2: 4.8%

22%

8%

PerúTM1: 171G2: 7.1%

55%

24%

BrazilTM1: 1,243G2: 4.4%

12%

3%

ChileTM1: 233G2: 5.2%

70%

31%

CMPC’s Tissue paper market share

CMPC’s baby diaperpaper market share

41%

16%

ArgentinaTM1: 327G2: 3.5%

80%

57%

UruguayTM1: 38G2: 8.4%

12%6%

MéxicoTM1: 1,113G2: 2.3%

Unique Region-Wide Tissue Market Presence

13

Source: CMPC, RISI

1 TM: Total Tissue Market in th. Tons as of 2016

2 G: CAGR 2006-2016

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 Sanitary ProductsTissue Paper

Source: CMPC

14

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

Multilayer Boxboard

Low production cost

Ratio between weight and rigidity

Printing quality

Transporting efficiency

Conversion efficiency

Product consistency

Health safety

15

Local US producers cash cost curve

Source: CMPC 2018

600

400

200

0

800

1,000

USD / Ton

Average CMPC boxboard cash cost at US port

CMPC Maule Mill

IndustryDrivers

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

17

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

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

96 96 102 105 112 117 123 128 130

128 139 142 146 149 153 157 161 166

21 22 23 23

24 25 26 27 28

28 29 30 32 33 34 35 36 38

69 68 70

72 75 76

79 82 81

77

84 85 87 89 91 91 93 95

-

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

329 322333

343

363 369383

394 392

371

395 399 401 405 409 410 418414

Source: RISI

Dynamics of the Pulp Market

Source: Hawkins Wright 2017, CMPC

18

Tissue Paper Demand Dynamics

Source: RISI, World Bank and CMPC as of 2017

19

Per capita annual consumption of tissue paper (in kilograms)(Countries in green are CMPC operation countries)

Tis

sue

Pa

pe

r A

pp

. Co

nsu

mp

tio

n (

k/c

ap

ita

)

GDP per capita in USD'000

0 10 20 30 40 50 60

5

10

15

20

25

Strategy

CMPC’s Strategy

21

Efficiency &

Productivity

Growth Profitability

Pulp Strategy: Improving margins through operational excellence

Forest Base Expansion

Increase our forestry base in Brazil in

order to prepare future growth in pulp

Operational Excellence Program

Plywood

+8% 1

Laja Mill

+7% 1

Pacifico Mill 2

Santa Fe Mill

L1:+10% 1

L2:+4% 1 Guaiba Mill 2

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

Opportunity markets

70% 41% 55% 80%

60 thtons

Zárate tissue machine

4Q19

USD 130Million

60 thtons

Cañete tissue mill

1Q17

USD 140Million

23

12% 12%

Revenue Management

Route to Market

Operational Excellence Program

Procurement Cost Reduction

Fiber Management

Source: CMPC

Packaging Strategy: Expand business and gain efficiencies

Global packaging market expected to grow

2012 2013 2014 2015 2016 2017 2022 F

400

350

300

250

200

150

100

50

0

USD bn

+ 3% per year

2017-2022

Expand our business on the back of a growing

packaging market given new packaging trends:

Replacing the use of plastic

E-commerce

Corrugated products as a merchandising

medium in the battle for consumers

Bolster our regional footprint leveraging our

quality (high quality fiber) and low cost (integrated

operations), supported by the global presence of

CMPC.

Increase profitability by:

Capturing internal synergies

Improving efficiency through operational

excellence

Cost reductions by improving our

entire supply chain

24

Source: CMPC

Profitability

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

EBITDA Margin

ROIC1

Free Cash Flow LTM

428 392 374

502

702

575

0

100

200

300

400

500

600

700

800

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

4.9%

6.6%

8.5% 8.6%

9.8%9.0%

0%

2%

4%

6%

8%

10%

12%

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

19%

27%31% 31%

26%23%

33%

42%

49%53%

46%

39%

6%

10% 10% 10%5%

12%

8%

11%6% 6%

0%

10%

20%

30%

40%

50%

60%

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

CMPC Pulp Softys Packaging

Prudent financial management: conservative debt profile

Debt by currency Debt by interest rate Debt by type

$3,783 mm

Total debt

$2,925 mm

Net debt

Debt breakdown

USD

91%

3%

3% 2%

BRL

CLP

Other

99%

1%

Variable Rate

Fixed Rate 81%

4%

7%

8%BNDES

ECA

Banks

Bonds

26

$858 mm

Cash

Source: CMPC, as of March 2019, figues in USD.

Amortization Schedule (USD Million)

5.9 YearsAverage Term

4.47%

Average Rate176 163 122 122 35 63 30

18525 25

497497 526

1056

195

45

406

188147

6191.080

1.107

1.086

195

2019 2020 2021 2022 2023 2024 2025/2032 2032/2041

Interests

Bonds

Banks

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 March 20191 Cash = cash & cash equivalents + undrawn committed lines of credit

0.51x 0.49x 0.48x 0.47x 0.47x 0.47x

0.30x

0.40x

0.50x

0.60x

0.70x

0.80x

0.90x

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

5.00x5.87x

7.02x7.66x

8.50x 8.35x

0.30x

1.30x

2.30x

3.30x

4.30x

5.30x

6.30x

7.30x

8.30x

9.30x

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

3,0x

2,5x

2,2x

1,8x1,6x

1,7x

1,50x

2,00x

2,50x

3,00x

3,50x

4,00x

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

1,10x 1,15x0,98x

1,90x

2,17x

1,80x

0,30x

0,50x

0,70x

0,90x

1,10x

1,30x

1,50x

1,70x

1,90x

2,10x

2,30x

4Q17 1Q18 2Q18 3Q18 4Q18 1Q19

Appendix

73%

1,866,000Tons capacity

BHKP / Guaiba Mill

1,496,000Tons capacity

BHKP / Santa Fe Mill

520,000Tons capacity

BSKP / Pacifico Mill

278,000Tons capacity

BSKP / Laja Mill

89%53%

Pulp Division

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

1,148,000 hasForestry baseForestry assets*

Chile

472,000Planted has

Pine 64% Eucalyptus 32%

Brazil158,400

Planted has

Eucalyptus 100%

Argentina58,200

Planted has

Pine 100%

Sawn wood

960,000m3 capacity

Remanufactured wood190,000

m3 capacity

Plywood480,000

m3 capacity

Solid wood products* Pulp*

Chile

Brazil

*As of December 2018

29

LT

M M

arch

20

19

(U

SD

Mill

ion

)

Feminine care 1,386 MM units

Diapers 3,970 MM units

14%8%32%

Softys Division

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

Main categories

Consumer tissue products

Tissue paper production capacity*

Sanitary productsProduction capacity*

Sanitary products

Away from home products

Chile

Brazil

Argentina

Mexico

Peru

Uruguay

Colombia

169,000

134,000

105,000

140,000

133,000

35,000

31,000

tons

30

LT

M M

arch

20

19

(USD

Mill

ion

)

*As of December 2018

Packaging Division

5%15% 10%

$929Sales $87EBITDA $1,512Assets

Production capacity

LT

M M

arch

20

19

(USD

Mill

ion

)

Boxboard

520,000tons

Chile

Other papers

66,000

Chile

Sackraft

tons

64,000

Brazil

Printing and writing

Corrugated paper

260,000tons

Chile

Corrugated boxes

211,000tons

Chile

Molded pulp trays 396 MM units

Chile

25,300 tons

31

Paper bags 732 MM bags

Chile

Peru

Mexico

Argentina

28%

31%

34%

7%

*As of December 2018