Earnings Presentation 3Q19

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.

2

Large-scale Latin American producer of Pulp, Tissue, Wood, Paper & Packaging products, serving global and local markets

3

Opening Comments

Challenging pulp market environment affecting pulp prices

Improved results in Softys business with room to continue improving

Conservative capital structure and strong liquidity position

4

3Q19 Highlights

Operational & Financial Highlights

Pulp sales volumes of 988,000 tons, up 11% QoQ and 7% YoY. Hardwood CIF 522 USD/ton Softwood CIF 554 USD/ton

Biopackaging sales volumes of 209,000 tons, 4% higher QoQ and 13% lower YoY.

Tissue sales volumes of 181,000 tons, up 4% QoQ and a 3% YoY.

Personal care product sales volumes reached 1,612 million units, increasing 4% QoQ and 13% YoY.

EBITDA of USD286 million, 12% lower QoQ and 44% YoY.

Free cash flow reached USD261 million, compared to negative USD276 million in 2Q19 and positive USD312 million in 3Q18.

Net debt to EBITDA ratio of 2.2x, compared to 2.0x in 2Q19 and 1.8x in 3Q18.

Net loss of USD16 million, compared to Net Income of USD62 million in 2Q19 and USD151 million in 3Q18.

In USD Milllion 3Q18 2Q19 3Q19 QoQ YoY

Revenues 1,623 1,442 1,407 -2% -13%

COGS (923) (928) (921) -1% 0%

Other Operational Expenses (193) (189) (200) 6% 4%

EBITDA 508 325 286 -12% -44%

EBITDA margin % 31.3% 22.5% 20.3% -217 bps -1093 bps

Operational Result 336 139 96 -31% -71%

Non Operational Result (185) (78) (112) 44% -39%

Net Income 151 62 (16) n/a n/a

3 r d Party Volumes 3Q18 2Q19 3Q19 QoQ YoY

Forestry + Solid Wood Prod. (1) 748 1,001 951 -5% 27%

Market Pulp(2) 925 891 988 11% 7%

Packaging(2) 220 201 209 4% -5%

Tissue Papers(2) 176 174 181 4% 3%

Personal Care Products(3)1,423 1,554 1,612 4% 13%

(1) Th. m3

(2) Th. Tons

(3) M. units

923 928 921

3Q18 2Q19 3Q19

COGS (USD Million)

-1%

+4%

5

+6%

COGS and Other Operating Expenses

COGS

Down 1% QoQ: (-) Higher sales volumes of Pulp and

Softys (+) Lower operational costs of Softys

Flat YoY: (-) Higher sales volumes of Pulp and

Tissue (+) Lower direct costs in e business

division due to local currencies depreciation

Other Operational Expenses

Up 6% QoQ: (-) Higher administrative expenses and

distribution costs in Pulp and SoftysUp 4% YoY:

(-) Higher administrative expenses in Pulp and Softys

(+) Lower distribution costs in Softys

193 189 200

3Q18 2Q19 3Q19

Other Op. Exp (USD Million)

751 578 541

135

132 123

3Q18 2Q19 3Q19

Sales*

Pulp Forestry

886

710664

470

274223

3Q18 2Q19 3Q19

EBITDA*

* Figures in USD million

Revenues: -7% QoQ, -25% YoY

Forestry Sales Volumes: -5% QoQ, +27% YoY

Forestry Prices: -2% QoQ, -18% YoY

Pulp Production: -2% QoQ, -1% YoY Lower production of the Guaíba I mill

Pulp Sales Volumes- QoQ (+11%) +2% BSKP: Higher exports to Asia (ex. China) and LatinAmerica. +13% BEKP: Higher exports to Asia, USA and Europe.- YoY (+7%) +12% BSKP: Higher sales in Asia. +6% BEKP: Higher sales in Asia, Europe, Latin America andUSA.

Pulp Prices: BSKP USD554/ton, BEKP USD522/ton

EBITDA:-- QoQ (-19%) Lower hardwood and softwood prices Lower forestry products’ sales volumes-- YoY (-52%) Lower hardwood and softwood prices Lower forestry prices

-7%

6

-19%

Pulp Business

-25% -53%

BSKP 164 180 184 2% 12%

BEKP 761 710 804 13% 6%

Total Market Pulp ( Th. Tons) 925 891 988 11% 7%

P&W Guaiba (Th. Tons) 10 13 12 -5% 21%

Third Party Sales Volumes

3Q18 2Q19 3Q19 QoQ YoY

- Pulpwood 21 78 111 44% 440%

- Sawing Logs 363 392 436 11% 20%

- Sawn Wood 178 171 137 -20% -23%

- Remanufactured Wood 43 50 46 -7% 6%

- Plywood 112 94 104 10% -7%

- Others 31 216 116 -46% 274%

Total ( t h. m3

) 748 1 ,001 951 -5% 27%

+3%

Revenues: +3% QoQ, +6% YoY

Volumes:

-- Tissue Paper:

+4% QoQ, higher volumes in Brazil, Perú and Argentina.+3% YoY, higher sales volumes in Mexico, Argentina andPerú, offset by lower volumes in Ecuador and Brazil.

-- Personal Care Products:

+4% QoQ, supported by higher volumes of diapers inmost countries were we operate, excluding Ecuador.

+13% YoY, driven by higher sales in personal careproducts, with increases in every category.

Prices (in USD):

-2% QoQ for Tissue Paper

+4% QoQ for Personal Care Products

EBITDA:

-- QoQ (+32%)

-- YoY (+106%)

Higher sales volumes of tissue paper and personal careproducts.

Lower operating costs and expenses, due to lower pulpprices.

Offset by depreciation of local currencies and higheradministration expenses.

+30%

* Figures in USD million

Third Party Sales Volumes

7

Softys Business

+6% +107%

Third Party Sales Volumes

3Q18 2Q19 3Q19 QoQ YoY

- Chile 40.5 40.9 40.9 0% 1%

- Brazil 34.8 31.7 34.0 7% -2%

- Mexico 34.7 37.6 38.0 1% 10%

- Argentina 24.0 24.7 26.0 5% 8%

- Peru 25.0 23.7 25.7 9% 3%

- Uruguay 5.5 5.0 5.3 7% -2%

- Colombia 7.0 7.1 7.3 2% 4%

- Ecuador 4.1 3.3 3.4 4% -18%

Total T issue Paper ( Th. Tons) 176 174 181 4% 3%

- Diapers 839 909 975 7% 16%

- Feminine Care 318 337 335 -1% 6%

- Others 266 308 302 -2% 13%

Total Personal Care ( M . U nit s) 1,423 1 ,554 1 ,612 4% 13%

23

17

11

3Q18 2Q19 3Q19

EBITDA *

237220 215

3Q18 2Q19 3Q19

Sales*

Revenues: -2% QoQ, -10% YoY

Volumes:

-- QoQ (+4% )

Higher volumes sales of boxboard.

Lower volumes of the corrugated segment (molded pulptrays, corrugated boxes, corrugated paper) as well as lowervolumes of paper bags.

-- YoY (-5% )

Lower volumes of the corrugated segment, paper bags andboxboard.

Prices: -6% QoQ, -5% YoY

EBITDA :

-- QoQ (-34% )

Lower revenues from the corrugated segment (corrugatedpaper, corrugated boxes and molded pulp trays).

Lower average prices.

Higher operational costs in corrugated paper related to themaintenance downtime.

-- YoY (-52% )

Lower revenues from corrugated paper and boxboardsegment.

Lower operational costs due to lower costs in fiber.

-9%

* Figures in USD million

-29%

-43%

8

Third Party Sales Volumes

-2%

Biopackaging Business

Third Party Sales Volumes

3Q18 2Q19 3Q19 QoQ YoY

- Boxboard 109 95 107 14% -2%

- Paper Bags 24 22 22 -3% -8%

- Other Papers 24 19 27 41% 14%

- Corrugated Paper 27 21 18 -13% -32%

- Corrugated Boxes 32 37 30 -18% -4%

- Molded Pulp Trays 5 7 4 -46% -19%

Total ( Th. Tons) 220 201 209 4% -5%

Free Cash Flow of USD261 million, from negative USD276 millionin 2Q19 and positive USD312 million in 3Q18.

CAPEX of USD99 million during 3Q19, decreasing from USD158million QoQ and stable YoY.

Cash position of USD869 million at the end of 3Q19, up 67% QoQand down 5% YoY.

Net debt of USD2,969 million at the end of 3Q19, down 7% QoQand up 1% YoY.

Net Debt/EBITDA ratio of 2.2x during the quarter, compared to2.0x in 2Q19 and 1.8x in 3Q18.

9

Financial Execution & Cash Generation

USD Mill ion 3Q18 2Q19 3Q19 QoQ YoY

(i) Current Interest-Bearing Liabilities 306 377 452 20% 48%

(ii) Non-Current Interest-Bearing Liabilities 3,587 3,364 3,393 1% -5%

(iii) Other Obligations (31) (29) (29) -1% -5%

(iv) Net Hedging Current Liabilities related to Debt Instruments 8 7 11 53% 34%

(v) Net Hedging Non-Current Liabilities related to Debt Instruments (7) (6) 11 N/A N/A

Total Debt ( (i ) + (i i ) + (i i i ) + (iv ) + (v ) ) 3 ,863 3,713 3,838 3% -1%

Cash* 919 521 869 67% -5%

Net Debt 2,944 3,192 2,969 -7% 1%

10

Large-scale Latin American producer of Pulp, Tissue, Wood & Paper products, serving global and local markets

Fully committed to the execution of the strategy

Operational excellence programs to continue to improve productivity

Growth in all business divisions

Solid capital structure to take advantage of opportunities

2019 Strategic Outlook

Investor Relations Contacts

Colomba Henríquez

colomba.henriquez@cmpc.cl

+56 2 2441 2791

Petya Miteva

petya.miteva@cmpc.cl

+56 2 24412713

Q&A

11

Blanca Lecaros

blanca.lecaros@cmpc.cl

+56 2 2441 2616