Second Quarter 2017

Earnings Results

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.

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Opening Comments

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

Paper products, serving global and

local markets

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Improved market dynamics and pulp prices Positive cash flow generation, working capital execution driving cash position Capex program on track Deleveraging balance sheet, complying with internal policy targets

2Q17 Highlights

Operational & Financial Highlights Positive fundamentals in pulp market drive QoQ

increase in prices: Hardwood CIF up 14% to 580 US$/ton Softwood up 7% to CIF 635 US$/ton

Market pulp sales volume of 777,000 tons, up 2% QoQ, but down 2% YoY Volumes still impacted by Guáiba II

stoppage reduction of 70,000 tons in sales volumes in 2Q17)

Tissue paper sales volume of 168,000 tons, up 4% QoQ and 7% YoY

Consolidated revenues up 5% QoQ, and 8% YoY to US$1,280 million

EBITDA up 38% QoQ and 31% YoY to US$289 million

Free Cash Flow up to US$122 million, from US$107 million in 1Q17 and negative US$48 million in 2Q16

Net Debt of US$3,374 million, down 3% QoQ and 7% YoY. Net Debt to EBITDA ratio reached 3.4x

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In US$ Milllion 2Q16 1Q17 2Q17 QoQ YoY

Revenues 1,190 1,213 1,280 5% 8%

COGS (805) (841) (808) -4% 0%

Other Operational Expenses (163) (163) (182) 12% 12%

EBITDA 221 210 289 38% 31%

EBITDA margin % 18.6% 17.3% 22.6% 520 bps 390 bps

Operational Result 74 54 148 176% 101%

Non Operational Result (27) (72) (123) 71% 358%

Net Income 47 (18) 26 243% -45%

3rd Party Volumes 2Q16 1Q17 2Q17 QoQ YoY

Forestry + Solid Wood Prod. (1) 1,053 947 905 -4% -14%

Market Pulp(2) 791 763 777 2% -2%

Papers(2) 190 210 188 -10% -1%

Tissue Papers(2) 157 162 168 4% 7%

Sanitary Products(3) 1,299 1,292 1,298 1% 0%

(1) Th. m3

(2) Th. Tons

(3) M. units

163 163182

2Q16 1Q17 2Q17

Other Op. Exp. (US$ Million)

805 841 808

2Q16 1Q17 2Q17

COGS (US$ Million)

Costs & Other Operation Expense Analysis

COGS

Down 4% QoQ, reflecting lower costs in forest protection and pulp maintenance, partly offset by higher pulp and tissue sales volumes

Stable YoY, as increases in direct tissue costs were offset by lower pulp maintenance downtime expenses

2Q17 COGS were 63% of revenues, down from 69% in 1Q17 and 68% in 2Q16

Other Operational Expenses

Up 12% QoQ, reflecting higher sales volumes in the Pulp and Tissue divisions and higher administration expenses in the Pulp division

Up 12% YoY, driven by higher expenses in the Tissue business.

Other Operating Expenses were 14% of revenues, up from 13% in 1Q17 and 14% in 2Q16

-0% +12%

-4% +12%

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420 419 478.7

122 123

126.27

2Q16 1Q17 2Q17

Sales*

Pulp Forestry

543542605

134 129

221

2Q16 1Q17 2Q17

EBITDA*

2Q16 1Q17 2Q17 QoQ YoY

- Pulpwood 92 27 18 -34% -81%

- Sawing Logs 412 420 413 -2% 0%

- Sawn Wood 173 165 194 18% 12%

- Remanufactured Wood 43 47 44 -6% 2%

- Plywood 97 103 96 -8% -2%

- Others 235 185 140 -24% -40%

Total (Th. m3) 1,053 947 905 -4% -14%

* Figures in US$ million

Revenues: +11% QoQ, +12% YoY

Forestry Sales Volumes: -4% QoQ, -14% YoY

Forestry Prices: +7% QoQ, +21% YoY

Pulp Production: +28% QoQ, +13% YoY

Pulp Sales Volumes: +2% QoQ, -2% YoY

-- QoQ

+1% BSKP: Higher exports to Europe and Asia (ex. China)

+2% BEKP: Higher exports to Asia

-- YoY

+9% BSKP: Higher exports to Europe and Asia (ex. China)

-4% BEKP: Lower exports to China, Europe and LatAm

Pulp Prices: BSKP US$635/ton, BEKP US$580/ton

EBITDA:

-- QoQ (+71%)

Higher pulp and solid wood product prices

Higher sawn wood volumes

Lower operating costs related to forestry protection & maintenance

-- YoY (+65%)

Higher pulp prices

Lower operating costs, related to maintenance expenses

Pulp Business

+11%

+12% +65%

+71%

Third Party Sales Volumes

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BSKP 145 156 157 1% 9%

BEKP 646 607 619 2% -4%

Total Market Pulp (Th. Tons) 791 763 777 2% -2%

P&W Guaiba (Th. Tons) 10 11 14 29% 37%

6353

57

2Q16 1Q17 2Q17

EBITDA*

442 453478

2Q16 1Q17 2Q17

Sales*

2Q16 1Q17 2Q17 QoQ YoY

Total Tissue Paper (Th. Tons) 157 162 168 4% 7%

- Diapers 725 712 757 6% 4%

- Feminine Care 340 324 324 0% -5%

- Others 235 256 217 -15% -7%

Total Sanitary (M. Units) 1,299 1,292 1,298 1% 0%

Tissue Business

+8%

+6%

Revenues: +6% QoQ, +8% YoY

Volumes:

-- Tissue Paper

+4% QoQ, with higher volumes across all countries, except Mexico

+7% YoY, driven by higher volumes across most countries, except Ecuador and Uruguay

-- Sanitary Products:

+1% QoQ, supported by higher diaper volumes in Brazil, Peru and Argentina

Stable YoY, as higher diaper volumes in Brazil were offset by lower feminine care products in Chile, Colombia and Uruguay

Prices (Measured in $USD): +3% QoQ for Tissue Paper and Sanitary Products

Higher prices in local currencies

EBITDA:

-- QoQ (+9%)

Higher tissue paper and diaper volumes

Higher average prices

-- YoY (-8%)

Higher SG&A expenses, mainly related to brand investment

-8%

+9%

* Figures in US$ million

Third Party Sales Volumes

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206 218197

2Q16 1Q17 2Q17

Sales*

3032

18

2Q16 1Q17 2Q17

EBITDA *

2Q16 1Q17 2Q17 QoQ YoY

- Boxboard 81 80 82 2% 1%

- Paper Bags 22 21 22 5% 2%

- Other Papers 14 20 20 -3% 35%

- Corrugated Paper 29 28 21 -27% -27%

- Corrugated Boxes 38 53 36 -32% -4%

- Molded Pulp Trays 7 7 7 4% 2%

Total (Th. Tons) 190 210 188 -10% -1%

Paper Business

Revenues: -10% QoQ, -4% YoY

Volumes: -10% QoQ, -1% YoY

-- QoQ

Lower seasonal volumes of corrugated boxes (-32%) and corrugated paper (-27%)

-- YoY

Lower volumes of corrugated paper (-27%), impacted by lower production

Lower volumes of corrugated boxes for fruit exports in Chile (-4%)

Prices: up 1% QoQ, down 3% YoY

EBITDA :

-- QoQ (-45%)

Lower seasonal corrugated boxes and corrugated paper sales

Lower boxboard sales and higher direct costs

-- YoY (-40%)

Lower corrugated paper revenues

Lower boxboard revenues and higher direct costs

-10%

-4%

* Figures in US$ million

-40%

-45%

Third Party Sales Volumes

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Global Pulp Market Global demand for pulp increased 4.0% (+956 thousand tons) in the first half of 2017

Softwood demand up 2.5% (+292 thousand tons)

Hardwood demand rose 5.9% (+687 thousand tons)

Eucalyptus demand grew 7.0% (+682 thousand tons)

Chinese demand increased 9.2% (+608 thousand tons)

Global market pulp producer stocks ended the quarter in 33 days for softwood and 39 for hardwood, compared to 30 days for softwood and 46 days for hardwood in June 2016.

Source: PPPC, World Chemical Market Pulp Global 20 Report – June 2017

Demand Growth by Region

6 months 2017vs. 2016 - th. Tons and % change

Demand Growth by Grade

6 months 2017vs. 2016- th. Tons and % change

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+3.4%

-2.2%

+3.1%

-1.0%

+4.0%

+9.2%

+10.8%

-300

-200

-100

0

100

200

300

400

500

600

700

NorthAmerica

WesternEurope

EasternEurope

LatinAmerica

Japan China Other Asia

+0.8%+2.7%

+9.3%

+2.2%

-6.5%

7.0%

-100

0

100

200

300

400

500

600

700

800

NorthernSoftwood

SouthernSoftwood

RadiataSoftwood

NorthernHardwood

SouthernHardwood

Eucalyptus

3.8x

3.5x

3.2x 3.1x 3.2x3.4x

3.7x3.8x

3.4x

2.0x

2.5x

3.0x

3.5x

4.0x

2T15 3T15 4T15 1T16 2T16 3T16 4T16 1T17 2T17

Net Debt/EBITDA

Internal Policy

Robust Financial Execution & Cash Generation

Free Cash Flow of US$122 million, up from US$107 million in 1Q17 and negative US$48 million in 2Q16

Cash position of US$1,260 million in 2Q17, up 86% QoQ, and 95% YoY driven by US$500 million bond issuance and positive free cash flow generation

CAPEX of US$108 million during 1Q17

Net Debt/EBITDA ratio in 2Q17 was 3.4x, down from 3.8x in 1Q17, but up from 3.2x in 2Q16

Debt ratio complies with internal policy

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US$ Million 2Q16 1Q17 2Q17 QoQ YoY

EBITDA 221 210 289 38% 31%

(-) Total Capex(1) (153) (112) (108) -3% -29%

(-) Dividends (36) (0) (5) - -87%

(-) Net Financial Expenses (48) (45) (46) 4% -4%

(-) Income tax (73) (31) (6) -81% -92%

(+/-) Working Capital Variation 41 85 (2) -102% -105%

Free Cash Flow (48) 107 122 14% 354%

(1) This figure includes VAT

Strategic Outlook 2017

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

Paper products, serving global and

local markets

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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 strengthening capital structure through effective capital management and lower leverage Furthering investments to drive sustainability

Q&A ……..