LUIS LLANOS - CFO

AUGUST, 2014

EMPRESAS CMPC – LAST UPDATES PRESENTATION PREPARED FOR LARRAÍN VIAL INVESTOR BREAKFAST

BUSINESS PERFORMANCE

3

A DIVERSIFIED BUSINESS PORTFOLIO PROVIDES CMPC A STABLE CASH FLOW

Source: CMPC. Figures in US$ million for the LTM as of June 2014 / Figures do not include Holding and Intercompany Sales and EBITDA

Main Figures % of third parties total

sales

% of consolidated

EBITDA

Total capacity &

Employees

Fo

restr

y

Pu

lp

Pa

pe

rs

Tis

su

e

Sales:830

Sales 3rd parties: 539

EBITDA: 119

EBITDA margin: 14%

663 Th. has. planted

12.7 M m3/y harvested

2,608 employees

US$5.8 billion in assets

Sales: 1,841

Sales 3rd parties: 1,505

EBITDA: 542

EBITDA margin: 29%

2.8 M tons/y

1,984 employees

US$4.6 billion in assets

Sales: 1,072

Sales 3rd parties: 1,018

EBITDA: 166

EBITDA margin: 15%

1.3 M tons/y

3,580 employees

US$1.4 billion in assets

Sales: 1,840

Sales 3rd parties: 1,837

EBITDA: 200

EBITDA margin: 11%

617 Th. tons/y

7,853 employees

US$2.2 billion in assets

20%

11%

31%

21%

38%

12%

17%

54%

4

Plywood

CMPC HAS A PRODUCT AND GEOGRAPHIC DIVERSIFICATION THAT PROVIDES FLEXIBILITY

Source: CMPC. Figures in US$ million for the LTM as of June 2014/ Figures do not include Holding and Intercompany Sales .

CURRENT PROJECT PORFOLIO

6

CMPC HAS A DIVERSE PROJECT PORTFOLIO WITH MORE THAN US$2.6

BILLION IN INVESTMENT FOR THE PERIOD 2014-2015

TISSUE/ENERGY

Cogeneration plant –

Talagante Mill

21MW + 25 tons steam/hour

US$32 million

3Q15 (9% disbursed*)

PULP

Guaíba Expansion (50% disbursed*)

1.3 million ton/year | US$ 2.1 billion | 2Q15

FORESTRY

Land purchases for forestry

uses and associations with

3rd parties.

TISSUE

Increase in conversion

capacity of tissue paper and

sanitary products

PAPERS/ENERGY

Cogeneration plant –

Puente Alto Mill

50MW + 80 tons steam/hour

US$70 million

3Q15 (31% disbursed*)

TISSUE

Tissue Machine + Cogeneration –

Altamira Mill (Mexico)

50 th. tons /year

21MW + 30 tons steam/hour

US$ 161 million

3Q15 (24% disbursed*)

RECURRENT

INVESTMENTS

*As of June 30, 2014

7

Per Capita Tissue Consumption

CMPC SEEKS TO TAP LATAM UNDERPENETRATED TISSUE MARKETS

High growth potential due to low per

capita consumption relative to developed

economies.

Latam average tissue consumption:

5.7 kg/person

Expected growth in LatAm markets: 64%

for Tissue Paper and 34% for Diapers for the period 2012-2022

Tissue Paper and Baby Diapers Annual Consumption

Growth

Source: CMPC as of December 2012 Source: RISI Tissue World Report (June 2013) and Price Hanna Report (February 2013)

* CAGR: Compound Annual Growth Rate

5.0%

4.2%

6.3%

4.2%

5.7%

5.6%

3.7%

6.1%

5.2%

4.9%

3.1%

(0.1%)

2.7%

1.7%

4.4%

1.9%

1.9%

1.3%

2.3%

9.3%

Latam

Argentina

Brazil

Chile

Colombia

Ecuador

Mexico

Peru

Uruguay

Other Latam

Tissue Paper (th. tons)

Baby Diapers (th. units)

3,517 31,745

300 3,230

1,036 11,100

198 905

206 2,580

65 548

971 9,000

133 1,415

29 125

579 2,842

2012-2022 CAGR * Market Size (2012)

Honduras

India

Indonesia

GuatemalaEl Salvador

China, Ecuador,

Peru, Colombia

Brazil

Costa Rica

Venezuela

Argentina

PanamaUruguay

Mexico

Chile

Portugal

SpainItaly

Japan

France

UK

Finland

Germany

Canada

Australia

Sweden

USA

0

5

10

15

20

25

0 10 20 30 40 50 60

Tís

su

e P

ap

er

Ap

p. C

on

su

mp

tio

n (

k/h

ab

.)

GNI p/c (thousand US$ at ppp)

8

TISSUE DIVISION: CMPC IS UNIQUELY POSITIONED TO CAPTURE THE

DEVELOPMENT AND GROWTH OF THESE MARKETS

Chile 166 th. tons*

Argentina 99 th. tons*

Uruguay 35 th. tons*

Peru 71 th. tons*

Mexico 84 th. tons*

Colombia 27 th. tons*

Brazil 135 th. tons*

74%

8%

42%

81%

11%

6%

55%

CMPC Tissue Market Share. * The size of the circles refers to

CMPC’s installed capacity

Source: CMPC as of June 2014

Ecuador

23%

296 430

682

1,106

1,503

2,015

2001 2006 2007 2009 2012 2013

Entry to Ecuador -Colombia

Entry to

Mexico

Entry to

Brazil

CMPC Tissue Sales (US$ million)

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 has a strong

presence in all main

categories of tissue,

sanitary and away

from home products

GUAÍBA 2: CLOSER

EVERY DAY

Guaíba 2 Project –July, 2014.

10

GUAÍBA 2: PROJECT OVERVIEW

1.3 million tons/year Production capacity of eucalyptus

market pulp

30MW Excess Energy

US$2.1 billion Estimated Capex

2Q15 Startup

BRAZIL 180 km Average distance from forests

260 km Distance to ports by barges

100% Wood self-sufficiency

Over 120,000 Hectares planted with FSCTM

Certification

11

THE GUAÍBA 2 PROJECT WILL BE ONE OF THE MOST EFFICIENT IN THE PULP

INDUSTRY

High yield forestry base

Strategic Location

State of the art

technology

Upgrade CMPC’s existing logistics

Economies of Scale

Guaíba Terminal

Rio Grande

Terminal

12

GUAÍBA EXPANSION: ON SCHEDULE, ON BUDGET

71% Physical progress as of July 31st

2014

7,338 Workers on site

US$1,209 million Disbursements as of July 31st

2014

Financing Plan Capital Increase: US$750 million

Debt Issuance: US$500 million

BNDES Credit: BRL$ 2,510 million

ECA Financing: US$340 million

Sale of non-core assets:

Bicecorp: US$106 million

Pipe racks

Fiber Line - Boiler Dryer Machine Building

Fiber Line - Piperack - Boiler

Guaíba 2 Project - July, 2014.

PULP MARKET

14

200

300

400

500

600

700

800

0 5,000 10,000 15,000 20,000 25,000 30,000

(US

$/To

n c

.i.f

. N

. E

uro

pe)

(Thousand metric tonnes)

200

300

400

500

600

700

800

0 5,000 10,000 15,000 20,000 25,000

(US

$/To

n c

.i.f

. N

. Eu

rop

e)

( Thousand metric tonnes)

BSKP1 Supply Curve (US$/ton)

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

ALLOWING THE COMPANY TO REDUCE THE IMPACT OF PRICE VOLATILITY

Source: CMPC and Hawkins Wright as of December 2013

(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)

Effective price range of CMPC’s BSKP, last 24 months Effective price range of CMPC’s BHKP, last 24 months

829

877

772

688 679662

619634

653681

668

713731

714

741 745

688

563

602

649623 624

648

680

643 633616

587

500

550

600

650

700

750

800

850

900

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

US

$/to

n C

IF

CMPC's average net pulp export price evolution

BSKP BEKP

Pulp inventory days

MARKET PULP COMMENT

15

Global demand for pulp increased 4.5% in 2Q14 from

1Q14 and 2.4% compared to 2Q13. If we compare 2H14

with 2H13:

– Chinese demand grew 5.1% (374 Th. tons) and 18%

if we compare June 2014 with June 2013

– European demand fell 88 Th. tons; US demand fell

61 Th. tons

– Softwood demand grew 0.4% compared to 1H13

– Hardwood demand grew 1.1% compared to 1H13

BSKP and BEKP inventories at 25 and 42 days as of the

end of June 2014

Positive change in demand trend since mid May

Source: PPPC

Market Pulp demand (1H14 vs. 1H13)

-1.6%

-2.1%

-1.4%

4.0%

5.1%

-1.0%

North

America

Western

Europe

Latin

America

Japan China Other

Asia/Africa

34 34 34 33

3734

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14

Source: PPPC, World Chemical Market Pulp Global 100 Report – June 2014

-0.2% -0.7%

5.1%

-7.3%

-24.0%

4.8%

Northern

Softwood

Southern

Softwood

Radiata

Softwood

Northern

Hardwood

Southern

Hardwood

Eucalyptus

16

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

Source: RISI 5-year Forecast (2013-2018) - December 2013

417 million tons of

total fibers

59 million tons of

market pulp

28 million tons of

BHKP

Fiber World Consumption required to

produce 403 million tons of

Paper&Board Virgin fiber used to produce Paper&Board

(million tons) Market Pulp consumed to

manufacture Paper&Board - 2013

(million tons)

Virgin Pulp

183 million

tons

(44%)

Recovered

Paper

234 million

tons

(56%)

Market Pulp

59 million

tons

(32%)

Integrated

124

million tons

(68%)

BSKP

24 BHKP

28

Sulphite

UKP

2

Mec

5

[BEKP: 16.8 million tons] [Guaíba II: 1.3 million tons]

FINANCIAL HIGHLIGHTS

18

DEMONSTRATED CAPACITY TO MANAGE LEVERAGE

Net Debt / EBITDA

Source: CMPC

4,5

1,5

2,3

0,9

2,8

1,5

3,3

1,8

3,4

3,1

,00

,500

1,00

1,500

2,00

2,500

3,00

3,500

4,00

4,500

5,00 Acquisition of Pacífico and Santa

Fe ISanta Fe II

Investment Period

Guaíba I

Acquisition

Guaíba II

Investment Period

2014-2015 FOCUS

20

CMPC WILL BASE ITS STRATEGY IN 4 PILLARS TO CONSOLIDATE ITS

LEADERSHIP IN THE P&P INDUSTRY

2. Focus on cost control and enhance efficiency

1. Successfully execute its investment program

3. Maintain a balanced capital structure

4. Consolidate CMPC’s culture among all business divisions and countries

CONTACT INVESTOR RELATIONS Trinidad Valdés

mtvaldes@gerencia.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.

Colomba Henríquez

chenriquezb@gerencia.cmpc.cl

+(562) 2 441 2791