Earnings Presentation 3Q19 Forward-Looking Statements This - PowerPoint PPT Presentation

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

Opening Comments Challenging pulp market environment affecting pulp prices Improved results in Softys business with room Large-scale Latin to continue improving American producer of Pulp, Tissue, Wood, Paper & Packaging Conservative capital structure and strong products, serving liquidity position global and local markets 3

3Q19 Highlights Op Oper erational l & & Financial l High ghli lights In USD Milllion 3Q18 2Q19 3Q19 QoQ YoY Revenues 1,623 1,442 1,407 -2% -13% Pulp sales volumes of 988,000 tons, up 11%  COGS (923) (928) (921) -1% 0% QoQ and 7% YoY. Other Operational Expenses (193) (189) (200) 6% 4% Hardwood CIF 522 USD/ton  EBITDA 508 508 325 325 286 286 -12% -44% Softwood CIF 554 USD/ton  EBITDA margin % 31.3% 22.5% 20.3% -217 bps -1093 bps Biopackaging sales volumes of 209,000 tons,  Operational Result 336 139 96 -31% -71% 4% higher QoQ and 13% lower YoY. Non Operational Result (185) (78) (112) 44% -39% Tissue sales volumes of 181,000 tons, up 4%  QoQ and a 3% YoY. Net Income 151 151 62 62 (16) n/a n/a Personal care product sales volumes reached  1,612 million units, increasing 4% QoQ and 3 rd rd Party Volumes 3Q18 2Q19 3Q19 QoQ YoY 13% YoY. Forestry + Solid Wood Prod. (1) 748 1,001 951 -5% 27% EBITDA of USD286 million, 12% lower QoQ  Market Pulp (2) 925 891 988 11% 7% and 44% YoY. Packaging (2) 220 201 209 4% -5% Free cash flow reached USD261 million,  Tissue Papers (2) 176 174 181 4% 3% compared to negative USD276 million in 2Q19 Personal Care Products (3) 1,423 1,554 1,612 4% 13% and positive USD312 million in 3Q18. Net debt to EBITDA ratio of 2.2x, compared to  (1) Th. m 3 2.0x in 2Q19 and 1.8x in 3Q18. (2) Th. Tons Net loss of USD16 million, compared to Net  (3) M. units Income of USD62 million in 2Q19 and USD151 million in 3Q18. 4

COGS and Other Operating Expenses Other Op Oth Op. Ex Exp (USD SD Mil illi lion) COG COGS (USD Mill illion) +4% 923 928 921 200 193 189 +6% - 1 % 3Q18 2Q19 3Q19 3Q18 2Q19 3Q19 COG OGS Other Ot er Op Oper erational l Expe Expenses Down 1% QoQ: Up 6% QoQ: (-) Higher sales volumes of Pulp and (-) Higher administrative expenses and   Softys distribution costs in Pulp and Softys (+) Lower operational costs of Softys Up 4% YoY:  Flat YoY: (-) Higher administrative expenses in Pulp  (-) Higher sales volumes of Pulp and and Softys  Tissue (+) Lower distribution costs in Softys  (+) Lower direct costs in e business  division due to local currencies depreciation 5

Pulp Business  Rev evenu nues: : -7% QoQ, -25% YoY  Fore orestr try Sale les Vol olumes: -5% QoQ, +27% YoY EBITDA* EBI Sale les *  Fore orestr try Pr Prices: -2% QoQ, -18% YoY -25% 886 -53% 470 135 710  Pulp Pulp Pr Produ duction: -2% QoQ, -1% YoY 664 274  Lower production of the Guaíba I mill 132 223 123 -7% 751 -19%  Pulp Pulp Sale les Vol olumes 578 541 - QoQ (+11%) +2% BSKP: Higher exports to Asia (ex. China) and Latin  3Q18 2Q19 3Q19 3Q18 2Q19 3Q19 America. Pulp Forestry +13% BEKP: Higher exports to Asia, USA and Europe.  - YoY (+7%) +12% BSKP: Higher sales in Asia.  Third Party Sales Volumes +6% BEKP: Higher sales in Asia, Europe, Latin America and  3Q18 2Q19 3Q19 QoQ YoY USA. - Pulpwood 21 78 111 44% 440% - Sawing Logs 363 392 436 11% 20%  Pulp Pulp Pri Prices: BSKP USD554/ton, BEKP USD522/ton - Sawn Wood 178 171 137 -20% -23% - Remanufactured Wood 43 50 46 -7% 6%  EB EBITDA: - Plywood 112 94 104 10% -7% -- QoQ (-19%) - Others 31 216 116 -46% 274% Lower hardwood and softwood prices  Total ( t h. m 3 ) 748 748 1,001 951 951 -5% 27% 27% Lower forestry products’ sales volumes  BSKP 164 180 184 2% 12% -- YoY (-52%) BEKP 761 710 804 13% 6% Lower hardwood and softwood prices  Total Market Pulp ( Th. Tons) 925 925 891 891 988 988 11% 11% 7% 7% Lower forestry prices  P&W Guaiba (Th. Tons) 10 13 12 -5% 21% 6 * Figures in USD million

Softys Business  Rev evenu nues: +3% QoQ, +6% YoY  Vol olumes: +6% +107% -- Tissue Paper: +4% QoQ, higher volumes in Brazil, Perú and Argentina.  +3% YoY, higher sales volumes in Mexico, Argentina and +3% +30% Perú, offset by lower volumes in Ecuador and Brazil. -- Personal Care Products: +4% QoQ, supported by higher volumes of diapers in  most countries were we operate, excluding Ecuador. +13% YoY, driven by higher sales in personal care  Third Party Sales Volumes products, with increases in every category. 3Q18 2Q19 3Q19 QoQ YoY  Pri Prices (in USD): - Chile 40.5 40.9 40.9 0% 1% -2% QoQ for Tissue Paper  - Brazil 34.8 31.7 34.0 7% -2% - Mexico 34.7 37.6 38.0 1% 10% +4% QoQ for Personal Care Products  - Argentina 24.0 24.7 26.0 5% 8%  EB EBITDA: Third Party Sales Volumes - Peru 25.0 23.7 25.7 9% 3% -- QoQ (+32%) - Uruguay 5.5 5.0 5.3 7% -2% -- YoY (+106%) - Colombia 7.0 7.1 7.3 2% 4% Higher sales volumes of tissue paper and personal care  - Ecuador 4.1 3.3 3.4 4% -18% products. Total Tissue Paper ( Th. Tons) 176 176 174 174 181 181 4% 4% 3% 3% Lower operating costs and expenses, due to lower pulp - Diapers 839 909 975 7% 16%  prices. - Feminine Care 318 337 335 -1% 6% - Others 266 308 302 -2% 13% Offset by depreciation of local currencies and higher  Total Personal Care ( M . Unit s) 1,423 1,554 1,612 4% 4% 13% 13% administration expenses. 7 * Figures in USD million

Biopackaging Business  Rev evenu nues: -2% QoQ, -10% YoY  Vol olumes: Sale les* EBI EBITDA * -- QoQ (+4% ) -9% -29% 237 23 Higher volumes sales of boxboard. 220  215 Lower volumes of the corrugated segment (molded pulp  17 trays, corrugated boxes, corrugated paper) as well as lower 11 -2% volumes of paper bags. -43% -- YoY (-5% ) Lower volumes of the corrugated segment, paper bags and  boxboard. 3Q18 2Q19 3Q19 3Q18 2Q19 3Q19  Pri Prices: -6% QoQ, -5% YoY Third Party Sales Volumes  EB EBITDA : Third Party Sales Volumes 3Q18 2Q19 3Q19 QoQ YoY -- QoQ (-34% ) - Boxboard 109 95 107 14% -2% Lower revenues from the corrugated segment (corrugated  - Paper Bags 24 22 22 -3% -8% paper, corrugated boxes and molded pulp trays). - Other Papers 24 19 27 41% 14% Lower average prices. - Corrugated Paper 27 21 18 -13% -32%  - Corrugated Boxes 32 37 30 -18% -4% Higher operational costs in corrugated paper related to the  - Molded Pulp Trays 5 7 4 -46% -19% maintenance downtime. Total ( Th. Tons) 220 220 201 201 209 209 4% 4% -5% -- YoY (-52% ) Lower revenues from corrugated paper and boxboard  segment. Lower operational costs due to lower costs in fiber.  8 * Figures in USD million

Financial Execution & Cash Generation Free Cash Flo low of USD261 million, from negative USD276 million  in 2Q19 and positive USD312 million in 3Q18. CAPEX of USD99 million during 3Q19, decreasing from USD158  million QoQ and stable YoY. Cash position of USD869 million at the end of 3Q19, up 67% QoQ  and down 5% YoY. Net debt of USD2,969 million at the end of 3Q19, down 7% QoQ  and up 1% YoY. Net Debt/ t/EBI BITDA ratio of 2.2x during the quarter, compared to  2.0x in 2Q19 and 1.8x in 3Q18. USD Million 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) + (ii) + (iii) + (iv) + (v) ) 3,863 3,713 3,838 3% 3% -1% Cash* 919 521 869 67% -5% Net Debt 2,944 3,192 2,969 -7% 1% 1% 9

2019 Strategic Outlook Fully committed to the execution of the strategy Operational excellence programs to continue to improve productivity Large-scale Latin American producer of Pulp, Tissue, Wood & Growth in all business divisions Paper products, serving global and Solid capital structure to take advantage of local markets opportunities 10

Q&A Investor Relations Contacts Colomba Henríquez Petya Miteva petya.miteva@cmpc.cl colomba.henriquez@cmpc.cl +56 2 2441 2791 +56 2 24412713 Blanca Lecaros blanca.lecaros@cmpc.cl 1 +56 2 2441 2616 1