Earnings Presentation 4Q20

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.

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A 100 years company, leading sustainable producer of pulp, tissue, wood and packaging products, based in Latin America with global commercial presence.

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Strategic but disciplined approach towards new market opportunities

Great operational execution under a constant progress

Deleveraging in the range with a strong financial discipline

Opening Comments

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Operational & Financial Highlights

Pulp sales volumes of 1,001,000 tons, 9% higher QoQ and 7% higher YoY. Hardwood CIF 465 USD/ton Softwood CIF 590 USD/ton

Biopackaging sales volumes of 239,000 tons, 12% higher QoQ and 8% higher YoY.

Tissue sales volumes of 200,000 tons, 1% up QoQand YoY.

Personal Care product sales volumes reached 1,794 million units, decreasing 3% QoQ and increasing 8% YoY.

EBITDA of USD257 million, in line with the previous quarter and 15% higher YoY.

Positive free cash flow reached USD24 million, compared to USD54 million in 3Q20 and a Negative free cash flow of USD298 million in 4Q19.

Net debt to EBITDA ratio of 3,13x, decreasing from 3,27x in 3Q20 and increasing from 2.81x in 4Q19.

Net income of USD85 million, compared to an income of USD0.6 million in 3Q20 and a loss of USD18 million in 4Q19.

4Q20 Highlights

In USD Milllion 4Q19 3Q20 4Q20 QoQ YoY

Revenue 1.372 1.290 1.409 9% 3%

COGS (942) (858) (958) 12% 2%

Other Operational Expenses (207) (178) (193) 8% -7%

EBITDA 223 254 257 1% 15%

EBITDA margin % 16,2% 19,7% 18,3% -141 bps 202 bps

Operational Result 35 66 85 29% 142%

Non Operational Result (53) (65) 0 N/A N/A

Net Income (18) 1 85 >1000% N/A

3 r d Party Volumes 4Q19 3Q20 4Q20 QoQ YoY

Forestry + Solid Wood Prod. (1) 861 1.055 1.269 20% 47%

Market Pulp(2) 940 915 1.001 9% 7%

Biopackaging(2) 222 213 239 12% 8%

Tissue Papers(2) 198 198 200 1% 1%

Personal Care Products(3)1.665 1.848 1.794 -3% 8%

207178 193

4Q19 3Q20 4Q20

Other Op. Exp (USD Million)

942858

958

4Q19 3Q20 4Q20

COGS (USD Million)

+12%

-7%

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COGS

Up 12% QoQ: (-) Higher sales volumes of Pulp and Biopackaging (-) Increase in direct costs in Softys due to higher unitary

costs in the personal care segment. (-) Higher operating expenses in Pulp.

Up 2% YoY: (-) Higher manufacture cost in Pulp and Softys. (+) Lower direct costs in all businesses areas due to higher

operational efficiencies and lower raw material costs. (+) Positive effect related to local currency devaluation.

Other Operating Expenses

Up 8% QoQ: (-) Higher administrative expenses in all businesses

due to Chilean peso appreciation and higher administrative expenses.

(+) Lower expenses related to COVID-19

Down 7% YoY: (+) Lower administrative expenses in all businesses (+) Positive effect due to local currency depreciation. (+) Lower marketing expenses in Softys (-) Higher COVID-19 expenses

+2%

COGS and Other Operating Expenses

+8%

148172 185

4Q19 3Q20 4Q20

EBITDA*

475 439 512

119137

134

4Q19 3Q20 4Q20

Sales*

Forestry Pulp

646594576

* Figures in USD million

Revenues: +12% QoQ, +9% YoY

Forestry Sales Volumes: +20% QoQ, +47% YoY

Forestry Prices: -18% QoQ, -24% YoY

Pulp Production: +7% QoQ, +10% YoY Planned maintenance downtime at Laja during the quarter, andPacifico and Guaiba II in 3Q20.

Pulp Sales Volumes-- QoQ (+9%) +12% BEKP: higher exports to China. -3% BSKP: lower exports to China, partially compensated byEurope.-- YoY (+7%) +7% BEKP: higher sales to China. +3% BSKP: higher exports to Europe, LatAm and China.

Pulp Prices: BSKP USD590/ton, BEKP USD465/ton.

EBITDA:-- QoQ (+7%) Higher sales volumes together with slightly higher prices. Higher operating costs and administrative expenses due tomaintenances and Chilean peso appreciation.-- YoY (+25%) Higher sales due to higher volumes and pulp prices, togetherwith lower administrative expenses. Higher distribution costs due to the increase in salesvolumes.

+12% +7%

+9% +25%

Pulp Business

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Third Party Sales Volumes

4Q19 3Q20 4Q20 QoQ YoY

- Pulpwood 77 43 62 44% -20%

- Sawing Logs 351 555 779 40% 122%

- Sawn Wood 158 170 156 -8% -1%

- Millwork 45 56 57 2% 26%

- Plywood 115 115 102 -11% -11%

- Others 115 117 112 -4% -3%

Total ( t h. m3

) 861 1 .055 1 .269 20% 47%

BSKP 170 180 175 -3% 3%

BEKP 769 735 826 12% 7%

Total Market Pulp ( Th. Tons) 940 915 1 .001 9% 7%

P&W Guaiba (Th. Tons) 13 12 14 21% 11%

558

501526

4Q19 3Q20 4Q20

Sales*

64 59 55

4Q19 3Q20 4Q20

EBITDA*

+5%

Revenues: +5% QoQ, -6% YoY

Volumes:

-- Tissue Paper:

+1% QoQ, higher volumes in Mexico (+13%), compensated bylower volumes in Argentina (-4%), Chile (-2%) and Brazil (-1%).

+1% YoY, higher sales volumes in Argentina (+11%) related to theZarate ramp-up, and Mexico (+4%), partially compensated by lowervolumes in the away from home segment.

-- Personal Care Products:

-3% QoQ driven by lower volumes of feminine care products anddiapers, mainly in Chile.

+8% YoY, driven by higher sales in every category, with diapersincreasing in Argentina and Mexico, wet wipes in almost everycountry, and feminine care products increasing in Argentina andUruguay.

Prices (in USD):

+6% QoQ; -5% YoY for Tissue Paper

+3% QoQ, -16% YoY for Personal Care Products

EBITDA:

-- QoQ (-5%)

Higher operating costs due to higher unitary costs in the personalcare segment.

Partially compensated with higher average prices in US dollars.

-- YoY (-14%)

Lower sales due to lower average prices, together with higheroperating costs due to face masks production.

Partially compensated with lower administrative expenses due tolocal currencies depreciation and lower marketing expenses.

-7%

* Figures in USD million

-6% -14%

Softys Business

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Third Party Sales Volumes

4Q19 3Q20 4Q20 QoQ YoY

- Chile 39 39 39 -2% -2%

- Brazil 59 59 59 -1% 0%

- Mexico 38 35 39 13% 4%

- Argentina 24 28 27 -4% 11%

- Peru 25 24 24 -2% -3%

- Uruguay 5 5 5 -1% -7%

- Colombia 7 6 6 5% -6%

- Ecuador 2 2 2 -8% -14%

Total T issue Paper ( Th. Tons) 198 198 200 1% 1%

- Diapers 1.004 1.102 1.073 -3% 7%

- Feminine Care 322 372 336 -9% 4%

- Others 338 374 384 3% 14%

Total Personal Care ( M . U nit s) 1.665 1 .848 1 .794 -3% 8%

220 213 236

4Q19 3Q20 4Q20

Sales*

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30 30

4Q19 3Q20 4Q20

EBITDA *

Revenues: +11% QoQ, +8% YoY

Volumes:

-- QoQ (+12% )

Higher sales of boxboard (+12%) and corrugated boxes(+22%), partially offset by lower volumes of molded pulptrays (-35%) and corrugated paper (-2%).

-- YoY (+8%)

Higher sales volumes of paper sacks (+37%), boxboard(+5%), corrugated paper (+16%) and corrugated boxes(+14%).

Prices: -1% QoQ, stable YoY

EBITDA :

-- Stable QoQ

Higher sales volumes, particularly in boxboard andcorrugated boxes.

Compensated with lower average prices and higheroperating costs due to the higher volumes.

-- YoY (+138% )

Lower operational costs due to lower raw material costs andhigher operational efficiencies.

Lower administrative expenses.

+8%

* Figures in USD million

+138%

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+11%

Biopackaging Business

Third Party Sales Volumes

4Q19 3Q20 4Q20 QoQ YoY

- Boxboard 113 106 118 12% 5%

- Paper Sacks 20 25 28 12% 37%

- Other Papers 26 15 21 35% -20%

- Corrugated Paper 26 31 30 -2% 16%

- Corrugated Boxes 35 32 40 22% 14%

- Molded Pulp Trays 3 5 3 -35% 14%

Total ( Th. Tons) 222 213 239 12% 8%

Free Cash Flow of USD24 million, from positive USD54 million in3Q20 and a negative free cash flow of USD298 million in 4Q19.

CAPEX of USD134 million during 4Q20, increasing from USD68million in 3Q20 and decreasing from USD429 million in 4Q19.

Cash position of USD891 million at the end of 4Q20, down 7%QoQ and up 45% YoY.

Net debt of USD3,094 million at the end of 4Q20, down 1% QoQand 6% YoY.

Net Debt/EBITDA ratio of 3.13x during the quarter, decreasingfrom 3,27x in 3Q20 and up from 2.81 x in 4Q19.

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Financial Execution & Cash Generation

USD Mill ion 4Q19 3Q20 4Q20 QoQ YoY

(i) Current Interest-Bearing Liabilities 507 335 253 -25% -50%

(ii) Non-Current Interest-Bearing Liabilities 3.367 3.683 3.748 2% 11%

(iii) Other Obligations (29) (27) (27) -2% -6%

(iv) Net Hedging Current Liabilities related to Debt Instruments 2 11 5 -49% 219%

(v) Net Hedging Non-Current Liabilities related to Debt Instruments 51 77 6 -93% -89%

Gross Debt ( (i ) + (i i ) + (i i i ) + (iv ) + (v ) ) 3 .898 4.078 3.985 -2% 2%

Cash* 615 958 891 -7% 45%

Net Debt 3.283 3.120 3.094 -1% -6%

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Positioned to benefit from improving market conditions

Fully committed to the execution of our growth strategy

Efficiencies and productivity under a constant improvement, looking for further margin increases

Sustainability in the core of CMPC´s strategy, long-term relationship with our stakeholders and environment

A 100 years company, leading sustainable producer of pulp, tissue, wood and packaging products, based in Latin America with global commercial presence.

2021 Strategic Outlook

Investor Relations Contacts

Colomba Henríquez

colomba.henriquez@cmpc.cl

+56 2 2441 2791

Q&A

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Blanca Lecaros

blanca.lecaros@cmpc.cl

+56 2 2441 2616

Juan José Ossul

juanjose.ossul@cmpc.cl

+ (56) 2 2441 2713