Third Quarter 2017 Earnings Results...3Q16 2Q17 3Q17 Other Op. Exp. (US$ Million) 814 808 835 3Q16 2Q17 3Q17 COGS (US$ Million) Costs & Other Operation Expense Analysis COGS Up 3%

Third 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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Focus on strategic plan execution , with diversification and value added revenue base Continued improvements on market dynamics driving operational results Very strong capital discipline. Working capital and Capex programs on track Cash flow generation allows deleveraging

3Q17 Highlights

Operational & Financial Highlights Positive fundamentals in pulp market drive QoQ

increase in hardwood prices: Hardwood CIF up 6% to 616 US$/ton

Market pulp sales volume of 753,000 tons, down 3% QoQ and 6 % YoY Volumes impacted by Guaíba II stoppage

(reduction of 130,000 tons in sales volumes in 3Q17)

Tissue paper sales volume of 175,000 tons, up 5% QoQ and 4% YoY

Consolidated revenues up 5% QoQ, and 7% YoY to US$1,338 million

EBITDA up 12% QoQ and 22% YoY to US$323 million

Free Cash Flow up to US$177 million, from US$122 million in 2Q17 and US$10 million in 3Q16

Net Debt of US$3,229 million, down 4% QoQ and 11% YoY. Net Debt to EBITDA ratio reached 3.1x

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In US$ Milllion 3Q16 2Q17 3Q17 QoQ YoY

Revenues 1,245 1,280 1,338 5% 7%

COGS (814) (808) (835) 3% 3%

Other Operational Expenses (167) (182) (180) -1% 8%

EBITDA 264 289 323 12% 22%

EBITDA margin % 21.2% 22.6% 24.1% 151 bps 291 bps

Operational Result 104 148 158 6% 53%

Non Operational Result (67) (123) (69) -43% 3%

Net Income 37 26 89 244% 143%

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

Forestry + Solid Wood Prod. (1) 1,130 905 772 -15% -32%

Market Pulp(2) 801 777 753 -3% -6%

Papers(2) 192 188 200 6% 4%

Tissue Papers(2) 169 168 175 5% 4%

Sanitary Products(3) 1,372 1,307 1,366 5% 0%

(1) Th. m3

(2) Th. Tons

(3) M. units

167 182 180

3Q16 2Q17 3Q17

Other Op. Exp. (US$ Million)

814 808 835

3Q16 2Q17 3Q17

COGS (US$ Million)

Costs & Other Operation Expense Analysis

COGS

Up 3% QoQ and YoY, mainly reflecting: Higher softwood, tissue paper, sanitary products

and paper sales volumes Higher direct costs in Pulp and Tissue

3Q17 COGS were 62% of revenues, down from 63% in 2Q17 and 65% in 3Q16

Other Operational Expenses

Down 1% QoQ, reflecting: Lower distribution costs in Pulp Higher distribution costs and administrative

expenses in Tissue Up 8% YoY, driven by:

Higher SG&A expenses in Tissue Other Operating Expenses were 13% of revenues, up

from 14% in 2Q17 and 13% in 3Q16

+3% +8%

+3% -1%

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168

221236

3Q16 2Q17 3Q17

EBITDA*

422 479 485

137 126 134

3Q16 2Q17 3Q17

Sales*

Pulp Forestry

605559

618

3Q16 2Q17 3Q17 QoQ YoY

- Pulpwood 77 18 28 54% -64%

- Sawing Logs 489 413 375 -9% -23%

- Sawn Wood 190 194 133 -32% -30%

- Remanufactured Wood 48 44 38 -13% -22%

- Plywood 108 96 80 -16% -26%

- Others 217 140 119 -16% -45%

Total (Th. m3) 1,130 905 772 -15% -32%

* Figures in US$ million

Revenues: +2% QoQ, +11% YoY

Forestry Sales Volumes: +6% QoQ, -2% YoY

Forestry Prices: +24% QoQ, +43% YoY

Pulp Production: -27% QoQ, -23% YoY

Pulp Sales Volumes: -3% QoQ, -6% YoY

-- QoQ

+21% BSKP: Higher exports to Europe and Asia

-9% BEKP: Lower exports to all markets

-- YoY

+19% BSKP: Higher exports to Europe and Asia

-4% BEKP: Lower exports to all markets

Pulp Prices: BSKP US$630/ton, BEKP US$616/ton

EBITDA:

-- QoQ (+7%)

Higher hardwood and solid wood product prices

Higher softwood volumes

-- YoY (+41%)

Higher pulp prices

Pulp Business

+2%

+11% +41%

+7%

Third Party Sales Volumes

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BSKP 160 157 191 21% 19%

BEKP 641 619 562 -9% -12%

Total Market Pulp (Th. Tons) 801 777 753 -3% -6%

P&W Guaiba (Th. Tons) 11 14 14 -2% 26%

78

5767

3Q16 2Q17 3Q17

EBITDA*

484 478513

3Q16 2Q17 3Q17

Sales*


Total Tissue Paper (Th. Tons) 169 168 175 5% 4%

- Diapers 785 760 809 7% 3%

- Feminine Care 332 329 353 7% 6%

- Others 254 218 204 -7% -20%

Total Sanitary (M. Units) 1,372 1,307 1,366 5% 0%

Tissue Business

+6%

+7%


Volumes:

-- Tissue Paper

+5% QoQ, with higher volumes across all countries

+4% YoY, driven by higher volumes across most countries, except Uruguay, Argentina and Chile

-- Sanitary Products:

+5% QoQ, supported by higher diaper and feminine care products

Stable YoY, higher volumes in Brazil and Argentina were mainly offset by lower wet wipes volumes and lower diaper volumes in Mexico.

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

Higher prices in local currencies

EBITDA:

-- QoQ (+16%)

Higher tissue paper and sanitary products volumes

Higher average prices

-- YoY (-15%)

Higher fiber costs

Higher SG&A expenses

-15%

+16%



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23

18

24

3Q16 2Q17 3Q17

EBITDA *

203 197 207

3Q16 2Q17 3Q17

Sales*


- Boxboard 86 82 94 14% 9%

- Paper Bags 24 22 24 9% 3%

- Other Papers 18 20 20 3% 14%

- Corrugated Paper 30 21 29 38% -3%

- Corrugated Boxes 30 36 28 -22% -5%

- Molded Pulp Trays 4 7 4 -34% 1%

Total (Th. Tons) 192 188 200 6% 4%

Paper Business


Volumes: +6% QoQ, +4% YoY

-- QoQ

Higher volumes of boxboard (+14%) and corrugated paper (+38%)

-- YoY

Higher volumes of boxboard (+9%)

Lower volumes of corrugated boxes (-5%) and corrugated paper (-3%)

Prices: -1% QoQ, -2% YoY

EBITDA :

-- QoQ (+34%)

Higher boxboard and paper bags revenues

-- YoY (+5%)

Higher boxboard revenues

Lower administrative expenses

+2%

+5%


+5%

+34%


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Global Pulp Market Bleached Kraft Pulp Global demand increased 3.5% (+1.47 million tons) in the first nine months of 2017

Softwood demand up 2.4% (+441 thousand tons)

Hardwood demand rose 4.3% (+1,027 thousand tons)

Eucalyptus demand grew 2.9% (+489 thousand tons)

Chinese demand increased 6.9% (+945 thousand tons)

Global market pulp producer stocks ended the quarter in 28 days for softwood and 40 for hardwood, compared to 29 days for softwood and 43 days for hardwood in September 2016.

Source: PPPC, World Chemical Market Pulp Global 100 Report – September 2017

BKP Demand Growth by Region

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

BKP Demand Growth by Grade

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

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+0.9%+2.6%

+8.0%+5.3%

-0.8%

+2.9%

-100

0

100

200

300

400

500

600

NorthernSoftwood

SouthernSoftwood

RadiataSoftwood

NorthernHardwood

SouthernHardwood

Eucalyptus

+3.5%

-1.2%

4.4%

-0.7%

+6.9%

+6.9%

+5.0%

-200

0

200

400

600

800

1000

NorthAmerica

WesternEurope

EasternEurope

LatinAmerica

Japan China OtherAsia/Africa

3.4x

3.7x 3.8x

3.4x

3.1x

2.0x

2.5x

3.0x

3.5x

4.0x

3T16 4T16 1T17 2T17 3T17

Net Debt/EBITDA

Internal Policy

Robust Financial Execution & Cash Generation

Free Cash Flow of US$177 million, up from US$122 million in 2Q17 and US$10 million in 3Q16

Cash position of US$1,364 million in 3Q17, up 8% QoQ, and 129% YoY driven positive free cash flow generation

CAPEX of US$126 million during 2Q17

Net Debt/EBITDA ratio in 3Q17 was 3.1x, down from 3.4x in 2Q17 and in 3Q16

Debt ratio complies with internal policy

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(1) This figure includes VAT

US$ Million 3Q16 2Q17 3Q17 QoQ YoY

EBITDA 264 289 323 12% 22%

(-) Capex (141) (108) (126) 16% -11%

(-) Dividends (0) (5) (0) -100% -83%

(-) Net Financial Expenses (40) (46) (34) -27% -15%

(-) Income tax (35) (6) (18) 205% -48%

(+/-) Working Capital Variation (39) (2) 32 1677% 183%

Free Cash Flow 10 122 177 45% 1690%

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

Q&A ……..

Documents

Third Quarter 2017 Earnings Results...3Q16 2Q17 3Q17 Other Op. Exp. (US$ Million) 814 808 835 3Q16 2Q17 3Q17 COGS (US$ Million) Costs & Other Operation Expense Analysis COGS Up 3%