CORPORATE CONFERENCE - MIAMI JUNE 2016 1 AGENDA I. COMPANY - - PowerPoint PPT Presentation

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JUNE 2016

PRESENTATION PREPARED FOR THE BAML EMERGING MARKETS CORPORATE CONFERENCE - MIAMI

AGENDA I. COMPANY DESCRIPTION II. CMPC’S VALUE PROPOSAL 1. LEADING DIVERSIFIED LATIN AMERICAN P&P PLAYER 2. LOW COST PRODUCER WITH WORLD CLASS ASSETS 3. STRONG BALANCE SHEET AND FINANCIAL TRACK RECORD 4. COMMITTED TO SUSTAINABLE DEVELOPMENT AND CORPORATE GOVERNANCE 5. DIVERSIFIED INVESTMENT PORTFOLIO III. CHALLENGES 2016-2017 IV. APPENDIX

• I. COMPANY DESCRIPTION

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Matte G Gro roup 56% 56% Chilean a and Foreign Investors rs 34% 34% Chilean Pension Funds 11% 11%

CMPC AT A GLANCE

CMPC is a P&P company, established in 1920, that produces solid wood products, pulp, paper,

packaging products and tissue in Latin America

* As of March. 31st, 2016. Source: CMPC

International rating

BBB+ (stable) - Fitch BBB- (stable) - S&P Baa3 (stable) - Moodys

Local rating

AA (Fitch) AA (ICR) CMPC’s Figures

Sales: 4,840 EBITDA: 1,122 EBITDA Margin: 23% Net Income: 134 Net Debt: 3,519 Assets: 14,859 Shareholders’ Structure* Market capitalization of

US$5.4 billion

as of May 27th, 2016

Figures for the LTM as of March, 2016 (US$ million)

• II. CMPC’S VALUE PROPOSAL
• 1. LEADING DIVERSIFIED LATIN

AMERICAN P&P PLAYER

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A DIVERSIFIED BUSINESS PORTFOLIO PROVIDES CMPC A STABLE CASH FLOW

Source: CMPC. Figures in US$ million for the LTM as of March 2016 / Figures do not include sales between CMPC affiliates or subsidiaries

Main Figures % of third parties total sales % of consolidated EBITDA Total capacity & Employees Pulp-Forestry Papers Tissue Sales: 2,524 Sales 3rd parties: 2,207 EBITDA: 814 EBITDA margin: 32% 658 Th. has. Planted 16 M m3/y harvested 1.7 M m3/y solid wood 4.1 M tons/y pulp 4,982 employees US$11.2 billion in assets Sales: 916 Sales 3rd parties: 861 EBITDA: 127 EBITDA margin: 14% 1.3 M tons/y 3,616 employees US$1.4 billion in assets Sales: 1,774 Sales 3rd parties: 1,771 EBITDA: 218 EBITDA margin: 12% 657 Th. tons/y 8,424 employees US$2 billion in assets 46% 46% 18% 18% 37% 37% 73% 73% 11% 11% 19% 19%

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CMPC HAS EVOLVED FROM A LOCAL COMPANY TO A GLOBAL PLAYER

Assets of US$14,859 million

41% outside of Chile

Operations in 8 countries in Latin America

Forestry Operations Pulp Operations Paper and Packaging Operations Tissue Operations

Sales of US$4.840 million

41% from operations

• utside of Chile

17,562 Direct Employees

45% outside of Chile

CMPC has expanded significantly throughout Latin America over the past two decades and has evolved from a local company to a global player in the P&P industry

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CMPC HAS A PRODUCT AND GEOGRAPHIC DIVERSIFICATION OF SALES THAT PROVIDES FLEXIBILITY

Source: CMPC. Figures in US$ million for the LTM as of March 2016 / Figures do not include Holding and Intercompany Sales.

• 2. LOW COST PRODUCER WITH

WORLD CLASS ASSETS

• II. CMPC’S VALUE PROPOSAL

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CMPC BENEFITS FROM ITS PRODUCTION COST EFFICIENCIES AND WORLD CLASS ASSETS

Energy investments

based in biomass and

natural gas

cogeneration Access to

low cost fiber Research and Development

to enhance efficiency, productivity and customer satisfaction

State of art

facilities strategically

located

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Eucalyptus

Average hardwood growth rate (m3ssc/ha/year)

Radiata Pine

Average softwood growth rate (m3ssc/ha/year)

11 11 20 20 23 23 43 43 43 43

• E. Globulus

Iberian

• E. Globulus

Chile Acacia Mangium Eucalyptus Brazil

• E. Nitens Chile

2 4 5 11 11 19 19

Russia Scandinavia Canada USA Chile

HIGH YIELD FORESTRY ASSETS THAT PROVIDE LOW COST FIBER RESOURCES 658,100

Planted hectares

483,400

Chile

118,400

Brazil *

56,300

Argentina CMPC Forest Base is FSCR Certified

Improvement in Forestry Yields **

** Evolution of the weighted increase of volume per hectare expected for eucalyptus and pine plantations established in Chile in the respective year

CMPC has a high quality and sustainable forestry base with fast growth cycles which optimizes capital invested in land, reduces average distance to mills and increases gains due to genetic and sylvicultural practices

Source: CMPC. *There is an agreement to acquire from Fibria aprox. 100 Th. hectares of which 39 Th. are planted. CMPC is waiting the approval of Brazilian authorities to consolidate this land ** m3ssc: solid m3 without bark

Ove ver r 1 millio illion n hecta tares res of la land

0% 0% 3% 3% 9% 9% 14% 14% 23% 23% 32% 32%

1975 1980 1990 2000 2010 2020P

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PULP DIVISION: LARGE SCALE PRODUCER WITH GLOBAL CLIENT BASE

Market Pulp Capacity Ranking Laja

BSKP - Chile 340 Th. tons/y

Pacífico

BSKP - Chile 500 Th. tons/y

Santa Fe

BEKP - Chile 1,500 Th. tons/y

Guaíba

BEKP - Brazil 1,759Th. tons/y

Source: CMPC and Hawkins Wright as of April 2016 (million tons)

1,440 2,210 1,610 1,070 905 60 700 1,765 340 100 170 1,335 1,715 3,285 3,560 3,055 1,585 5,300 215 635 60 485

• 2,000

4,000 6,000 Illim Georgia Pacific Paper Exellence Stora Enso UMP-Kymmene APRIL Suzano CMPC Arauco Fibria BSKP BHKP Other

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100 100 200 200 300 300 400 400 500 500 600 600 700 700 5,000 10,000 15,000 20,000 25,000 30,000

(US$/Ton c.i.f. N. Europe) (Thousan sand metric tonne nes) s)

100 100 200 200 300 300 400 400 500 500 600 600 700 700 5,000 10,000 15,000 20,000 25,000

(US$/Ton c.i.f. N. Europe)

(Thousand m metri ric t tonnes)

BSKP1 Supply Curve (US$/ton)

CMPC’S CASH COSTS ARE AMONG THE LOWEST OF THE PULP INDUSTRY GLOBALLY

Source: CMPC and Hawkins Wright as of April 2016 (1) BSKP: Bleached Softwood Kraft Pulp (2) BHKP: Bleached Hardwood Kraft Pulp

CMPC’s pulp facilities CMPC’s pulp facilities

BHKP2 Supply Curve (US$/ton) CMPC’s average distance from… to…

Source: CMPC

163 Km. 93 Km. 119 Km. 208 Km. 80 Km. 93 Km. 99 Km. 260 Km.

(by train)

(by train) (by train) (by barges)

Laja Guaíba Pacífico Santa Fe Plantations Ports

• II. CMPC’S VALUE PROPOSAL
• 3. STRONG BALANCE SHEET AND

FINANCIAL TRACK RECORD

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Interest Coverage Ratio (Covenant: >3.25x) Financial Debt / Equity (Covenant: <0.8x) Sales Evolution (US$ million) EBITDA and EBITDA Margin Evolution (US$ million)

KEY FINANCIAL FIGURES AS OF MARCH 31ST, 2016

Source: CMPC Source: CMPC Source: CMPC Source: CMPC

4,759 4,974 4,900 4,841 4,840

2012 2013 2014 2015 LTM

914 964 985 1,099 1,122 19% 19% 20% 23% 23%

2012 2013 2014 2015 LTM

0.48x 0.48x 0.56x 0.52x 0.53x

2012 2013 2014 2015 1Q16

6.80x 5.45x 5.67x 5.31x 5.94x 5.90x

2011 2012 2013 2014 2015 1Q16

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4.5 1.5 2.3 0.9 2.8 1.5 3.3 1.8 3.4 3.8 3.1

0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5 5.0 Acquisition of Pacífico and Santa Fe I Santa Fe II Investment Period Guaíba I Acquisition Guaíba II Investment Period

DEMONSTRATED CAPACITY TO MANAGE LEVERAGE

Net Debt / EBITDA

Source: CMPC

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CMPC’S DEBT PROFILE AS OF MARCH 31ST, 2016

Amortization schedule (as of today)

Source: CMPC

Debt Profile Average term: 6.2 years Average cost in US$: 3.9% Total Debt: US$4,153 million Cash: US$633 million Net Debt: US$3,519 million

Banks 6% Bonds 73% BNDES 12% ECA 9% CLP 6% USD 86% BRL 6% Other 3% Fixed Rate 94% Variable Rate 6%

Debt by Type Debt by Interest Rate Debt by Currency Debt by Issuer

Inversion es CMPC 73% Tissue 6% Pulp 21%

• 498

497

• 494

990 478 179 196 125 124 120 116 114 85 2016 2017 2018 2019 2020 2021 2022 2023/29 2030/39

Bonds Banks

• II. CMPC’S VALUE PROPOSAL
• 4. COMMITTED TO SUSTAINABLE

DEVELOPMENT AND CORPORATE GOVERNANCE

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CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY

Throughout its history, CMPC has maintained a way of doing business and engaging with employees, customers and shareholders. With a 96-year tradition, the following five values summarize our vision of how we should work.

Strict compliance with the legal regulation Consideration for

neighbors' needs

Respect for

people

Fairness when

competing

Care of the

environment

Development of certified

renewable

forest plantations Replacement of

fossil fuels

with biomass

Efficient use

• f energy, water

and raw materials

Certified

industrial processes

Recycling

• ld paper

5 Pillars of CMPC’s Environmental Agenda

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BOARD OF DIRECTORS

CORPORATE GOVERNANCE IN CMPC

Luis Felipe Gazitúa Chairman Vivianne Blanlot Jorge Marín Independent Jorge Larraín Jorge Matte Ramiro Mendoza Bernardo Matte Rafael Fernández Independent Pablo Turner

Current members: Vivianne Blanlot, Rafael Fernández and Jorge Marín CMPC’s Board of Directors CMPC’s Management CMPC’s Subsidiary’s Board

• f Directors

CMPC’s Subsidiary’s Management Appoints Board Members Directors Committee Financial Risk Committee Audit Committee Comptroller Current members: Vivianne Blanlot and Ramiro Mendoza Current members: Bernardo Matte and Jorge Marín

Other initiatives: Business Ethics Guidelines, Corporate Governance Guidelines, Antitrust Guidelines, Anticorruption Policies, Whistle Blower Hotline

II- CMPC’S VALUE PROPOSAL

• 5. DIVERSIFIED INVESTMENT

PORTFOLIO

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CMPC HAS A DIVERSIFIED INVESTMENT PORTFOLIO

CMPC is finishing the largest investment cycle of its history Guaíba II Project – May 2015 Tissue paper machine in Altamira, México (2Q15) Cogeneration Facilities: Puente Alto Mill, Talagante Mill and Altamira Mill. Focus in 2016-2017 Continue to increase tissue paper and conversion capacity Cañete Mill (Peru)

• Capacity:50 th. tons /year
• Investment: US$ 129 million
• Start-up: 1Q17

Operational continuity projects to further increase efficiency Laja Pulp Mill Guaíba I Pulp Mill Maule Boxboard Mill

Cañete Mill - Perú

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TISSUE DIVISION: CMPC IS FAVOURABLY POSITIONED TO CAPTURE THE DEVELOPMENT AND GROWTH OF THESE MARKETS

Chile Argentina Uruguay Peru Mexico Colombia Brazil

76%

8%

44% 83%

8%

7%

54%

CMPC Tissue Paper Market Share Source: CMPC as of December 31st 2015

Ecuador

24%

CMPC has a strong presence in all main categories of tissue, sanitary and away from home products

CMPC: 134 th. tons* CMPC: 71 th. tons* CMPC: 166 th. tons* CMPC: 27 th. tons* CMPC: 135 th. tons* CMPC: 35 th. tons* CMPC: 99 th. tons*

CMPC successfully

evolved from a local player into a leading LatAm tissue player due to its ability to enter new markets with high potential based on a pioneering spirit sustained by world-class innovations

* CMPC’s tissue paper capacity

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CMPC SEEKS TO TAP LATAM UNDERPENETRATED TISSUE MARKETS

High growth potential in Tissue Paper and Sanitary Products in Latin America based on the following fundamentals, Per Capita Tissue Consumption

Source: CMPC as of December 2013 Honduras India Guatemala El Salvador Indonesia Ecuador, r, P Peru ru, China, Colombia, South Africa Costa Rica Brazil Mexico Venezuela Panama Uruguay Chile Hungary Poland Greece Portugal Czech Republic Malta Israel Spain New Zealand Italy Japan France UK Finland Belgium Iceland Canada Australia Germany Sweden Austria USA

5 10 15 20 25 10 20 30 40 50 60 Tíssue ue Pape per App.

• pp. Consum

umption n (k/ha hab. b.) GNI p/c (thous usand US$ at ppp pp)

4.4 Kg. 1.2 kg 0.4 kg 0.1 kg LatAm Average Tissue Consumption 6.1 kg/person Baby Diapers Feminine Protection Incontinence LatAm Sanitary Products Penetration*

73% 72%

TISSUE PAPER Population growth and urbanization Economic growth Increase in per capita consumption Higher quality products SANITARY PRODUCTS Child population growth Economic growth Higher penetration levels

14%

Source: Price Hanna

• III. CHALLENGES 2016-2017

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CMPC WILL BASE ITS STRATEGY IN 4 PILLARS TO CONSOLIDATE ITS LEADERSHIP IN THE P&P INDUSTRY

1. Continue running at full capacity across all business units 2. Expand tissue capacity with new facility in Peru 3. Focus in cost control and enhance efficiency 4. Reduce leverage, lower Net Debt / EBITDA

among all business divisions and countries

• IV. APPENDIX

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APPENDIX I: ANNUAL CAPACITY BY PRODUCT/COUNTRY

Business Area Product / Country Capacity Forestry Sawn wood 1.0 M m3 Remanufactured wood 190 th. m3 Plywood 500 th. m3 Pulp BSKP (Laja) 340 th. tons BSKP (Pacífico) 500 th. tons BEKP (Guaíba) 1.750 th. tons BEKP (Santa Fe) 1.496 th. tons Papers Boxboard 431 th. tons Paper Bags 93 th. tons 660 M bags Corrugated Paper 330 th. tons Corrugated boxes 285 th. tons Molded Pulp trays 18 th. tons 296 M units Other Papers 140 th. tons Tissue Chile 166 th. tons Brazil 135 th. tons Argentina 99 th. tons Mexico 134 th. tons Peru 71 th. tons Uruguay 35 th. tons Colombia 27 th. tons

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APPENDIX II: NEW BEKP CAPACITY IN THE 4OO+ MILLION TONNES FIBER MARKET

Source: RISI 5-year Forecast (2016-2018) – March 2016

419 million tons of total fibers

64 million tons

• f market pulp

32 million tons

• f BHKP

Fiber World Consumption required to produce 406 million tons of Paper&Board

Virgin fiber used to produce Paper&Board (million tons) Market Pulp consumed to manufacture Paper&Board (million tons)

Virgin Pulp 183 million tons (43%) Recovered Paper 234 million tons (57%) Market Pulp 59 million tons (35%) Integrated 124 million tons (65%)

BSKP 25 BHKP 32 Sulphite UKP 2 Mec 5

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APPENDIX II: EUCALYPTUS PULP GROWTH HAS OUTPACED OTHER HARDWOOD FIBERS BECAUSE OF ITS COST AND QUALITY ADVANTAGES

Source: CMPC, Hawkins Wright

Higher pulp production yield than other species Fast growing trees: shorter rotation, less land required and better performance Superior structural properties for several paper & paperboard applications Paper manufacturers looking for BEKP to premium tissue products BEKP replacing other fibers

5 10 15 20 25 30 35 40 1990 1995 2000 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2019

Million tons ns

Mark rket et pulp lp demand and

BSKP BHKP BEKP

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APPENDIX II: THE PAPER INDUSTRY HAS GROWN, SPECIALLY IN THE PACKAGING SEGMENT

Since 1992 paper production has grown 61%, mainly explained by:

106 million additional tons of packaging paper 33 million additional tons of P&W papers 18 million additional tons of tissue papers

Since 2007, Packaging and Tissue have continued to grow, while P&W has declined

Source: RISI Million Tons

32 32 33 33 34 34 35 35 35 35 36 36 36 36 38 38 39 39 38 38 37 37 37 37 39 39 38 38 38 38 38 38 37 37 32 32 32 32 31 31 30 30 28 28 26 26 74 74 76 76 83 83 85 85 85 85 93 93 94 94 98 98 104 104 99 99 102 102 105 105 112 112 113 113 117 117 119 119 116 116 106 106 111 111 110 110 108 108 106 106 105 105 114 114 115 115 123 123 127 127 131 131 138 138 138 138 144 144 148 148 148 148 156 156 161 161 171 171 177 177 186 186 194 194 196 196 191 191 206 206 210 210 214 214 220 220 226 226 15 15 16 16 16 16 17 17 18 18 19 19 19 19 20 20 21 21 22 22 23 23 23 23 24 24 25 25 26 26 27 27 28 28 28 28 29 29 30 30 31 31 32 32 33 33 15 15 14 14 15 15 15 15 16 16 16 16 15 15 16 16 15 15 15 15 14 14 15 15 15 15 14 14 15 15 15 15 15 15 14 14 16 16 17 17 16 16 16 16 16 16

• 50

100 150 200 250 300 350 400 450 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Million n tons ns Newsprint P&W Packaging Tissue Other P&B

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CONTACT

INVESTOR RELATIONS

Colomba Henríquez colomba.henriquez@cmpc.cl +(562) 2 441 2791 Isidora Farías isidora.farías@cmpc.cl +(562) 2 441 2713

Disclaimer: This document provides information about Empresas CMPC SA. In any case this constitutes a comprehensive analysis of the financial, production and sales situation of the company, so to evaluate whether to purchase or sell securities of the company, the investor must conduct its own independent analysis. In compliance with the applicable rules, Empresas CMPC SA. publishes this document in its web site (www.cmpc.cl) and sends to the Superintendencia de Valores y Seguros, the financial statements of the company and its corresponding notes, which are available for consultation and review.