Empresas CMPC S A : EarningsPresentation4Q20

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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Opening Comments

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

Strategic but disciplined approach towards new market opportunities

Great operational execution under a constant progress

Deleveraging in the range with a strong financial discipline

4Q20 Highlights

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 QoQ and 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.

In USD Milllion

Revenue COGS

Other Operational Expenses

EBITDA

EBITDA margin %

Operational Result Non Operational Result

Net Income

4Q19 3Q20 4Q20

QoQ

3rd Party Volumes Forestry + Solid Wood Prod. (1) Market Pulp(2)

Biopackaging

(2)

Tissue Papers(2)

Personal Care Products(3)

YoY
3%
2%
-7%
15%
202 bps
29%	142%
N/A	N/A
>1000%	N/A
4Q19 3Q20 4Q20	QoQ	YoY
20%	47%
9%	7%
12%	8%
1%	1%
-3%	8%

1.372 1.290 1.409 9%

(942) (858) (958) 12%

(207) (178) (193) 8%

223

254

257

16,2% 19,7% 18,3% -141 bps

35 (53)

66 85

(65) 0

(18)

1

85

861

• 1.055 1.269

  940

• 915 1.001

  222

• 213 239

  198

• 198 200

  1.665

• 1.848 1.794

1%

COGS and Other Operating Expenses

COGS (USD Million)

Other Op. Exp (USD Million)

+2%

-7%

4Q19

3Q20

4Q20

4Q19

3Q20

4Q20

COGS

Other Operating Expenses

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 8% QoQ:

•  (-) Higher administrative expenses in all businesses due to Chilean peso appreciation and higher administrative expenses.

•  (+) Lower expenses related to COVID-19

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.

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

Pulp Business

Sales*

EBITDA*

4Q19

3Q20Forestry

4Q20Pulp

Third Party Sales Volumes

• - Pulpwood

• - Sawing Logs

• - Sawn Wood

• - Millwork

• - Plywood

• - Others

Total ( t h. m 3) BSKP

BEKP

Total Market Pulp (Th. Tons) P&W Guaiba (Th. Tons)

* Figures in USD million

+25%172

185

4Q19

• 3Q20 4Q20

  4Q19

  3Q20

• 4Q20 QoQYoY

77

43

62

• 44% -20%

  351

  555

  779

• 40% 122%

  158

  170

  156

• -8% -1%

  45

  56

  57

• 2% 26%

  115

  115

  102

• -11% -11%

  115

  117

  112

• -4% -3%

  861

  1.055

  1.269

• 20% 47%

170

769

180

735

175 -3% 3% 826 12% 7%

940

13

915

12

1.001 14

9% 7% 21% 11%

•  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, and

Pacifico and Guaiba II in 3Q20.

•  Pulp Sales Volumes -- QoQ (+9%)

•  +12% BEKP: higher exports to China.

•  -3% BSKP: lower exports to China, partially compensated by

Europe.

-- 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 to maintenances and Chilean peso appreciation.

-- YoY (+25%)

•  Higher sales due to higher volumes and pulp prices, together with lower administrative expenses.

•  Higher distribution costs due to the increase in sales volumes.

Softys Business

Sales*

EBITDA*

-6%

4Q19

3Q20

4Q20

Third Party Sales Volumes

• - Chile

• - Brazil

• - Mexico

• - Argentina

• - Peru

• - Uruguay

• - Colombia

• - Ecuador

Total Tissue Paper (Th. Tons)

• - Diapers

• - Feminine Care

• - Others

Total Personal Care (M. Units)

4Q19

• 3Q20 4Q20

  4Q19

  3Q20

• 4Q20 QoQYoY

39

39

39

-2% -2%

59

59

59

-1% 0%  +6% QoQ; -5% YoY for Tissue Paper

38

35

39

13% 4%

24

28

27

-4% 11%

25

24

24

-2% -3%

5

5

5

-1% -7%

7

6

6

5% -6%

2

2

2

-8% -14%

198

198

200

1% 1%

1.004 322 338 1.665

1.102 372 374 1.848

1.073 336 384 1.794

-3% 7%

-9% 4% -- YoY (-14%)

3% 14% -3% 8%

•  Revenues: +5% QoQ, -6% YoY

•  Volumes: -- Tissue Paper:

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

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

  -- Personal Care Products:

  •  -3% QoQ driven by lower volumes of feminine care products and diapers, mainly in Chile.

  •  +8% YoY, driven by higher sales in every category, with diapers increasing in Argentina and Mexico, wet wipes in almost every country, and feminine care products increasing in Argentina and Uruguay.

•  Prices (in USD):

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

•  EBITDA: -- QoQ (-5%)

  •  Higher operating costs due to higher unitary costs in the personal care segment.

  •  Partially compensated with higher average prices in US dollars.

•  Lower sales due to lower average prices, together with higher operating costs due to face masks production.

•  Partially compensated with lower administrative expenses due to local currencies depreciation and lower marketing expenses.

Biopackaging Business

Sales*

EBITDA *

+138%

4Q19

3Q20

4Q20

Third Party Sales Volumes

30

30

4Q19

• 3Q20 4Q20

  4Q19

  3Q20

• 4Q20 QoQYoY

• - Boxboard

• - Paper Sacks

• - Other Papers

• - Corrugated Paper

• - Corrugated Boxes

• - Molded Pulp Trays

Total (Th. Tons)

113

106

118

12% 5%

20

25

28

12% 37%

26

15

21

35% -20%

26

31

30

-2% 16%

35

32

40

22% 14%

3

5

3

-35% 14%

222

213

239

12% 8%

•  Revenues: +11% QoQ, +8% YoY

•  Volumes: -- QoQ (+12% )

  •  Higher sales of boxboard (+12%) and corrugated boxes (+22%), partially offset by lower volumes of molded pulp trays (-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

•  Highersales volumes, particularly in boxboard andcorrugated boxes.

•  Compensated with lower average prices and higher operating costs due to the higher volumes.

-- YoY (+138% )

•  Lower operational costs due to lower raw material costs and higher operational efficiencies.

•  Lower administrative expenses.

Financial Execution & Cash Generation

•  Free Cash Flow of USD24 million, from positive USD54 million in 3Q20 and a negative free cash flow of USD298 million in 4Q19.

•  CAPEX of USD134 million during 4Q20, increasing from USD68 million 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% QoQ and 6% YoY.

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

USD Million	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%
51	77	6	-93%	-89%
3.898	-2%	2%
615	-7%	45%
3.283	-1%	-6%

(v) Net Hedging Non-Current Liabilities related to Debt Instruments

Gross Debt ( (i) + (ii) + (iii) + (iv) + (v) )

4.078 3.985

Cash*

958

891

Net Debt

3.120 3.094

2021 Strategic Outlook

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

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

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