EMPRESAS

COPEC S.A.April 2016

www.empresascopec.cl

FISHING /

MINING

LIQUID FUELS GAS

NATURAL RESOURCES ENERGY

EMPRESAS

COPEC

Empresas Copec

participates in natural

resources and energy.

FORESTRY

2

81 YEARS OF

HISTORY

1934INCORPORATION

1950-1960EXPANSION IN

FUELS • Abastible

• Sonacol

1986ENTRY OF ANGELINI

GROUP• Financial restructuring

• Strategic development

plan

1970-1980DIVERSIFICATION

1986-2000 INVESTMENTS AND

GROWTH• Alto Paraná

• Arauco II

• Licancel

• Metrogas

2000-2005CONSOLIDATION AND

STRATEGIC FOCUS• Angelini assumes control

of the Company

• Divestiture of shares in

non-core businesses

• Focus in fuels, forestry

and fishing.

2003CORPORATE

RESTRUCTURING • Creation of Empresas

Copec

2005-2012EC, A WORLD SCALE

PLAYER • Arauco becomes the

second main producer of

market pulp in the world

and 3rd main Panel

producer

• Empresas Copec expands

to Colombia in liquid fuels

and LPG

2013-2014 NEW BUSINESSES• Montes del Plata pulp

mill in Uruguay started

operations

• Consolidation of the

panel business

• Terpel completes its

restructiring process

• EC sold its stake in

Guacolda

3

99,05%

40,80% 12,00%

39,83%99,99%

ANGELINI

GROUP

OTHERS

ANTARCHILE S.A.

PENSION

FUNDS

OTHERS

FORESTRY FUELS FISHING OTHER INVESTMENTS

74,36% 25,64%

60,82%

5,50% 33,68%

99,98%

58,51%

51,00%

81,93%

66,80% 30,64%

99,87% 50,00%

Fuente: Empresas Copec

Inversiones

del Nordeste

OWNERSHIP

STRUCTURE

4

SIZE

Empresas Copec is among

Chile’s largest publicly traded

companies.

It represents around 8,0% of

total market capitalization and

of the IPSA Index.

8,0%

MARKET CAPITALIZATION OF CHILEAN COMPANIES

[US$ million]

As of April 01th, 2016

5

16.812

13.651

12.409

11.355

10.274

9.229

7.186

6.092 5.798

67,3%

71,8%

-39,0%

CONSOLIDATED NET INCOME

58,6%

39,7%

1,6%

CONSOLIDATED INVESTMENTS

70,8%

28,3%

0,8%

CONSOLIDATED SALES

69,3%

22,3%

2,7%

5,8%

CONSOLIDATED ASSETS

66,7%

32,3%

1,8%-0,8%

CONSOLIDATED EBITDA*

BUSINESS

SECTORS

FUELS

FORESTRY

FISHING

OTHERS

INVESTMENTS

* EBITDA: Operating income + Depreciation + Fair Value Cost of Timber Harvested

Figures as of December 2015

Total:

MMUS$ 18,160

Total:

MMUS$ 539

Total:

MMUS$ 1,989

Total:

MUS$ 800

Total:

MMUS$ 19,937

6

8.726

Kronospan

Arauco

Nordbord+Ainsworth

Egger

Georgia Pacific

Louisiana Pacific

Swiss Krono

Pfeiderer

Kastamonu

Duratex

largest panel

producer in

the world2nd

Th. m3 Th. m3

largest

market pulp

producer in

the world3rd producer of

sawn timber in

Latin America1st

Th. tons

Source: Hawkins Wright, Risi, Arauco, Empresas Copec

Installed capacity includes 50% of Montes del Plata

LEADERSHIP IN ALL BUSINESSES

IN WHICH IT PARTICIPATES

2.770

West Fraser

Weyerhaeuser

Canfor

Stora Enso Timber

Tolko

Arauco

Sierra Pacific Ind.

AbitibiBowater

Hampton Affiliates

Interfor

Georgia Pacific

3.882

Fibria

CMPC

Arauco

APP

April

Suzano

UPM

Stora Enso

Georgia Pacific

Metsa

7Installed capacity includes 50% of Sonae-Arauco

Abastible37,0%

Otros63,0%

Grupo IN35%

Otros65%

Fuels distribution in Chile* Lubricants distribution in Chile* Fuels distribution in Colombia*

LPG distribution in Chile* LPG distribution in Colombia*

(*) Market share as of 2015 Source: Empresas Copec

LEADERSHIP IN ALL BUSINESSES

IN WHICH IT PARTICIPATES

Copec60,6%

Petrobras12,6%

Shell19,4%

Terpel0,0%

Otros7,5%

Mobil53,3%

Shell25,1%

Total5,1%

TexacoLubrax

5,4%

Castrol1,6%

Otros13,0%

Terpel44%

Otros56%

8

64%

32%

2%2%

US$11,2 billion

EMPRESAS COPEC

CAPEX

US$11,2 billion investment over the last 10 years

CAPEX

(US$ million)

2016 CAPEX DISTRIBUTION

Total estimated: 1,192 million

FUELS

FORESTRY

FISHING

OTHERS

1.192

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

92 93 94 95 96 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

9

2,0 1,9

1,6 1,7 1,6

1,91,8

2,0

2,5

3,2

3,5

3,9

3,4

3,0

2,72,8

2,72,6 2,62,4

2,4 2,42,2 2,2

1,0

1,5

2,0

2,5

3,0

3,5

4,0

4,5

1.760

231

844

544

1.181

433

524

650

187

1.059

386

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

Cash 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 Balance

FINANCIAL

STRENGTH

Empresas Copec generates

healthy cash flows which allow

it to finance its investment

plan, distribute attractive

dividends and maintain low

levels of indebtedness.

NET DEBT / EBITDA

CONSOLIDATED DEBT SCHEDULE

As of December 2015

BBB

BBB

10

2008 2009 2010 2011 2012 2013 2014 2015

Profitability

Operating margin 6,9% 6,2% 9,4% 5,2% 2,9% 4,6% 4,7% 6,0%

EBITDA margin 10,9% 11,1% 15,3% 9,6% 6,8% 8,1% 8,6% 10,9%

ROCE 9,6% 6,1% 9,6% 9,3% 5,9% 8,6% 8,8% 8,6%

Leverage

EBITDA / net interest expense 7,8x 5,3x 7,6x 6,6x 4,7x 6,3x 7,0x 7,2x

Net debt / EBITDA 1,6x 2,3x 1,7x 2,0x 3,9x 2,8x 2,4x 2,2x

*Annualized

0

2.000

4.000

6.000

8.000

10.000

12.000

-100,00%

100,00%

300,00%

500,00%

700,00%

900,00%

COPEC CI Equity

IPSA Index

COPEC vs. IPSA Performance

Last 5 years

0

2000

4000

6000

8000

10000

12000

14000

STOCK

WATCH

Daily average liquidity

US$7 million(last 10-year average)

Historical performance

exceeds the index (IPSA)

Stock’s daily liquidity

(CLP million)Stock’s price

(CLP)

MM$ 3.865 million

(aprox. MMUS$ 7)

11

(*) Net Debt / Equity

US$68%

COP6%

Others1%

UF23%

CLP2%

FINANCIAL

INFORMATION

Consolidated debt as of 4Q15:

MMUS$6,156

Equity and Net Debt/Equity EvolutionEBITDA and EBITDA Margin Evolution

Covenant* 1,2x

Abastible1%

Arauco74%

Copec16%

Igemar1%

Sonacol2%

Empresas Copec

6%

Distribution by Company Distribution by Currency Distribution by Type

Bank Debt29%

Bonds65%

Others6%

(MU

S$

)

(MU

S$

)

12

0,0%

2,0%

4,0%

6,0%

8,0%

10,0%

12,0%

14,0%

16,0%

18,0%

20,0%

0

500

1.000

1.500

2.000

08 09 10 11 12 13 14 15 4Q14 4Q15

EBITDA (US$) EBITDA Margin

0,0

0,2

0,4

0,6

0,8

1,0

1,2

1,4

0

2.000

4.000

6.000

8.000

10.000

12.000

14.000

16.000

08 09 10 11 12 13 14 15 4Q14 4Q15

Equity Net Debt/Equity

STRONG COMMITMENT

WITH SOCIETY AND THE

ENVIRONMENT

Important contribution to

Education, Culture, Sports and

the Community

• EDUCATION:

• Arauco Foundation (59 programs in 29

districts, benefitting 470 schools, 4,066

teachers and 71,268 students)

• Arauco, Constitución and Cholguán

schools

• Belén Educa and Enseña Chile initiatives

• SPORTS: Copec and Arauco soccer

cups, and Rally Mobil.

• APPLIED R&D: Copec – Catholic

University Foundation.

Conservation and protection of

biodiversity

• Certified chains of custody

• 390 th. hectares declared as Areas of

High Environmental Value in danger of

extinction or vulnerable

• Marine ecosystem environmental

surveillance Program

Improvements in management

systems and industrial &

logistic processes

• CERTFOR, ISO 9001, ISO 14001 and

OHSAS 18001 certifications in Arauco.

• Protocols for handling of industrial

residuals

Reduction and management

of environmental impact

• Efficient use of non dangerous

residuals: Biomass for the production of

energy in Arauco

• Treatment and permanent monitoring of

effluents

• Reduction of greenhouse gas

emissions (Kyoto Protocol)

• Vía Limpia project

• System of collection of unloadings in

Coronel

• Monitoring of carbon footprint

Community Environmental Biodiversity

Certifications

(1) License code: FSC – C108276 – Forestal Arauco 13

FORESTRY

SECTOR

Source: Empresas Copec

Forestry

99.98%

14

* Corresponds to the 50% of Montes del Plata

** Capacity as of December 2015

FORESTRY PULP SAWNTIMBER PANELS ENERGY

719,347

hectares

5 mills

2.88 million tons.

8 sawmills

2.6 million m3

5 facilities

Plywood: 710 Th m3

MDF: 515 Th m3

Hardboard: 60 Thm3

MDP: 300 Thm3

10 plants

606 MW

Surplus:

209 MW

Chile

132,289

hectares

1 mill

350 Th. tons

1 sawmill

318,000 m3

2 facilities

MDF: 300 Th m3

PB : 260 Th m3

2 plants

78 MW

Surplus: 8 MW

Argentina

72,172

hectares

Uruguay

100,296

hectares

2 facilities

MDF: 1,255 Th. m3

PB: 310 Th. m3

Brasil

8 facilities

MDF: 1.5 mill. m3

PB: 1.42 mill . m3

U.S.A

Canada

7 mills

3.88 million tons

9 sawmills

2.95 million m3

17 facilities

6.60 millon m3

13 plants

766 MW

Surplus:

253 MW

1,024,104

hectares

(69% pine

29% eucalyptus)

1 mill

*650 Th. tons

1 plant

82 MW

Surplus: 36 MW

15

5655

0

10

20

30

40

50

60

70

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Hectares planted

Hectares harvested

Annual Plantations

(in ‘000 hectares)

FORESTRY

FORESTRY

MANAGEMENT

Source: Arauco

1.002

-

200

400

600

800

1.000

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Arauco’s Plantations

(in ‘000 hectares)

• Forestry – the base for growth

• Strategically located plantations

• deal conditions for forests growth – fast growth rate and

short harvest cycle

• Efficient forest management, guaranteeing the sustainability

of the operations

• Low forest operating costs

• Strategically acquiring attractive forestry assets and

continue developing new plantations

• Adoption of strict environmental policies toward holdings of

native forests

16

0

100

200

300

400

500

600

700

- 5.000 10.000 15.000 20.000 25.000 30.000

Ca

sh C

ost

(U

S$/t

on

ne)

(000't)BHKP BSKP

Chile

East Europe

Brazil

Chile / UruguayRussia

SwedenU.S.A.

East Canada

FinlandWest Canada

Others

Indonesia

Finland

U.S.A.

Canada

China

Others Europe

56%

17%

28%

Arauco’s position in the supply

curve assures a superior

operating performance.

ARAUCO’S CASH COST

Total Cash Cost: US$ 368/ ton

WORLD PULP SUPPLY CURVE

Source: Arauco 20-F 2014* Includes: energy, materials and other production costs

FORESTRY

COMPETITIVE

ADVANTAGES

Labor and Others*

Wood

Chemichals

17

The integral and efficient use

of resources allows Arauco to

maximize the value of the

forest.

FORESTRY

COMPETITIVE

ADVANTAGES

Energy to theGrid (239 MW)

606 MW

18

Asia61%

Chile5%

Europe8%

Rest of America

24%

Others2%

Rest of Latin America

30%

Chile8%

North America59%

Europe2%

Others1%

Rest of America

10%

North America38%

Asia30%

Europe12%

Others10%

SAWN TIMBER SALES

(US$ 962 million)

PANELS SALES

(US$ 1,851 million)

CONSOLIDATED SALES BY REGION

Total: US$ 5,329 million

FORESTRY

GEOGRAPHIC AND PRODUCT

DIVERSIFICATION

PULP SALES

(US$ 2,334 million)

19 Figures as of 2015

Asia32%

Europe4%

North America28%

Rest of America

23%

Chile8%

Others5%

FORESTRY

PULP

EXPANSIONS

3,2

0,65

1,0

Capacidad celulosadiciembre 2013

Montes del Plata(Uruguay, junio 2014)

Proyecto MAPAChile

Potentially

4,9 million tons

Capacity as of September 2014:

3,9 million tons

Expansions in Pulp

(million tons)

+26%

+20%

Source: Empresas Copec

(1) 50% of total Capacity, Montes del Plata is a joint venture between Stora Enso and Arauco (50% each)

(2) Final decision pending

Montes del Plata

• In June 2014, Montes del Plata, the new pulp mill in Uruguay started

operations (joint venture between Arauco and Stora Enso)

• Total installed capacity of 1.3 million tons of hardwood pulp

• Total investment of around US$2,300 million plus a port facility of

around US$200 million.(1)

(2)

In operation

MAPA project

• Net addition of approx. 1 million tons of pulp

• Subject to the decision of the board of Directors

Valdivia project

• Transformation of the Valdivia mill into a textile pulp mill. Dissolving

pulp is mainly used in the manufacture of viscose, which is known for

its softness, shine, purity and high water absorption.

• This project will increase the mill’s energy production in 15 MW.

• Investment of around US$185 million

Potential

20

Pulp capacity as of

December 2013Montes del Plata,

Uruguay (June 2014)

MAPA Project(2)

Chile

2,50,6

0,3

2,3 0,40,5 0,1

2,1

0,8

Capacidadpaneles enero

2012

Moncure(USA, MDF,PB, febrero

2012)

Teno (Chile,MDP, Julio

2012)

Flakeboard(USA, MDF/PB,Octubre 2012)

Nueva Aldea(Chile,

PlywoodDecember

2013)

Jaguariaiva(Brasil, MDF,

2013)

*ExpansiónSouth Carolina

(2016)

**Tafisa(Europa ySudáfrica,

2016)

**Michigan(USA, 2018)

Moncure

• Moncure panel mill, USA acquired in 2012

• Investment of US$ 62 million

Teno

• Started operations in July 2012

• Investment of US$ 165 million

Flakeboard

• Seven panel mills in the US and Canada, acquired in 2012

• Investment of US$ 242 million

Nueva Aldea

• In 2013 Arauco completed the reconstruction of the Nueva Aldea’s mill, which had been destroyed

after a wildfire in 2012.

• Investment of US$165 million

Jaguariaíva

• Jaguariaíva mill in Brasil, started operations in 2013

• Investment of US$165 million

South Carolina

• Expansion of an existing mill in South Carolina USA

• Investment of US$30 million

Sonae-Arauco

• JV with Sonae to acquire 50% of Tafisa, final approvals expected for 1H16

• Investment of US$150 million

Michigan

• New mill in Michigan USA, final approvals expected for 1H16

• Investment of US$325 million

FORESTRY

PANELS

EXPANSION

Expansions in Panels

(million of m3) In Operation

+166%

21

Moncure

(USA,

MDF/PB

February

2012)

Teno

(Chile,

MDP July

2012)

Flakeboard

(USA,

MDF/PB

October

2012)

Nueva Aldea

(Chile,

Plywood

December

2013)

Panels

capacity as of

January 2012

Capacity as of

December 2015:

6,6 million m3

+45%

Source: Empresas Copec

* currently under construction

** pending

**Sonae-

Arauco

(Europe

and South

Africa,

2016)

*South

Carolina

Expansion

(USA,

2016)

New Developments

Short term

• World demand increased 3.4% during 2015

• As of January inventories were at 31 days for long fiber and 47 for short

fiber

• Price gap between fibers today at US$53/ton

• New hardwood capacity pressures the market

Long term

• No significant softwood capacity coming on stream

• Demand growing between 2-3% per year

• Strong potential for consumption growth in China and other

emerging economies

Market pulp prices Inventories

FORESTRY

MARKET OUTLOOK

10

20

30

40

50

60

Softwood Hardwood

47

31

Days of supplyUSD/ton

22

350

450

550

650

750

850

950

1050

1150

Softwood Hardwood

• World demand increased 3.4% in 2015

• In January 2016 Chinese demand increased 10.3%, North American demand rose 0,8%,

East Europe’s increased 16,7 and Western Europe’s demand rose 0.5% with respect to

January 2014

Aggregated Demand

Million tons

World Demand Changes

(2015 vs. 2014)

FORESTRY

WORLD DEMAND GROWTH

0

10

20

30

40

dic-05 dic-06 dic-07 dic-08 dic-09 dic-10 dic-11 dic-12 dic-13 dic-14 dic-15North America West Europe East EuropeLatin America Japan ChinaOthers in Asia/Africa Oceania

23

11,0%

3,9%3,3%

2,6%1,1%

0,3%

-0,4%-1,1%

4,3%C

hina

Oce

ania

Oth

ers

in A

sia/

Afr

ica

Lati

no

amér

ica

No

rth

Am

eric

a

We

st E

uro

pe

East

Eu

rop

e

Jap

an

Tota

l

USA

Great Bri tain

Germany

Japan

Korea

RussiaMexico

Chi le

Brazi l

China

India

Ita lia

FranceSpain

Canada

Sweden

0

50

100

150

200

250

300

0 10 20 30 40 50 60

Kg. per capita

GDP* per capita

FORESTRY

GROWTH

DRIVERS

With 36% of the world’s

population, China and India

still have a long path to

walk.

PAPER CONSUMPTION

The size of the circles represents the relative total volume of consumption

* GDP is measured in thousands of US dollars and adjusted by PPP

Source: Bloomberg, Arauco, Internal Estimates

36% Kg. Per capita

24

FUELS

SECTOR

Fuels

99.99% 99.05% 39.83%

40.80% 12.00%58.51% 51.00%

Inversiones del Nordeste

25

Copec48%

Abastible13%

Terpel27%

IN4%

Sonacol8%

EBITDA FuelsLast 12 months

Liquid Fuels

FUELS

SIGNIFICANT

PRESENCE IN LATIN AMERICA

CHILE

Liquid Fuels

LPG

Oil Pipelines

Natural Gas

Import facilities

ECUADOR

COLOMBIA

Liquid Fuels

NGV

PANAMA

Liquid FuelsTotal: MMUS$ 714

NGV

MÉXICO

REPÚBLICA DOMINICANA

Liquid Fuels

NGV

Liquid Fuels

PERU

26

SERVICE STATIONS

• 485 th. clients served on average per day

• 59.3% Chilean fuel sale market share

• 42.1% service stations market share

• High operational efficiency: 27% over the closest

competitor

CONVENIENCE STORES

• Largest convenience store network in Chile:

• 82 Pronto stores and 220 Punto stores

• Open 24/7 365 days of the year

FUELS

COPEC

LIQUID FUELS DIVISION

LUBRICANTS

• 108 million liters sold in 2013

• 52.2% market share

• More than 400 different products

INDUSTRIAL CHANNEL

• More than 3,500 industrial clients

• Contracts with 30 large mining companies

• More than 60% market share in large mining

• 56% of share in aeronautical market

27

Copec85%

Shell8%

Other/none1%

Petrobras6%

Terpel0%

4,0 3,8 3,84,0 4,1

4,44,8

5,05,3

5,86,2

6,56,8

7,0

7,6

2,9 3,1 3,1 3,1 3,2 3,33,7 3,8 3,8 4,0 4,2 4,2

4,44,1 4,3

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Copec Others

• Coverage:

• 621 service stations

• 14 storage plants

• COPEC consistently outperforms the rest of the market in terms of operating efficiency:

• Prime locations

• Brand recognition

Fuel sales per Service Station

(thousand tons)

Source: Internal Estimates

Preference of service stations in Chilean highways

2014 market poll

FUELS

COPEC

LIQUID FUELS DIVISION

28

45

50

55

60

65

70

• Copec has reached a stable market share of 58% - 60%.

• Copec’s market share has gradually stabilized within this range following a period of peak demand

related to shortages in gas imports from Argentina

• Consolidation of the new service stations network.

• Customer satisfaction has reached record levels.

• Improvements in logistics and service have allowed to increase market share in the industrial

channel.

Liquid Fuels Share

%

Liquid Fuels - Market Share

As of December 2015

FUELS

COPEC

HISTORICAL PERFORMANCE

IN FUELS BUSINESS

Copec60,6%

Petrobras12,6%

Shell19,4%

Others7,5%

29

FUELS

ACQUISITION OF

TERPEL COLOMBIA

• Through a series of acquisitions in the open

market between May 2010 and March 2012,

Copec reached 58.89% of Terpel

• Total investment reaches US$760 million

US$ 760million

Figures as of Dec-15

% MarketShare

Business Lines

30

417.707

516.763

2011 2015

40%

44%

2011 2015

4.937

6.627

2011 2015

FUELS

ACQUISITION OF

TERPEL COLOMBIA

+34,2%

Liquid fuels sales in Colombia

(th. m3)

EBITDA Terpel

(th. $COP)

+ 4,3%

Market share in Colombia

• High growth potential in the Colombian market:

• Colombia’s vehicular penetration is lower than in Chile

• Low highway vehicular flows

• Low market penetration of convenience stores business

• Areas in which both company’s expertise can generate mutual benefits:

• Copec’s efficiency in its gas stations operation

• Terpel’s experience in the natural gas for vehicles (NGV) market

High growth potential

+23,7%

31

1.817

1.992

2011 2012 2013 2014 2015

# of Service Stations

FUELS

ACQUISITION OF

TERPEL COLOMBIA

44%

Others56%

• 45% liquid fuels market share in Colombia

• 47% in Natural Gas for Vehicles (NGV)

• 2.115 gas stations, largest network in the country

• Presence in 5 other countries in the region

Liquid fuels distribution in

Colombia

NGV distribution in

Colombia

46%

Otros 54%

Colombia80,6%

Panamá9,2%

Ecuador6,0%

Perú1,3%

México0,6%

Rep. Dominicana

2,3%

Panamá7,0%

Ecuador1,6%

Perú0,9%

México2,0%

Colombia

81,2%

República

Dominicana

2,3%

Main player in the Colombian fuels market

Sales by country EBITDA by country

Total:

2,312 million

galons

Total:

$COP 517

million

32 Figures as of Dec-2015

Change in sales points in Colombia*

+ 9.6 %

8.0%

% of Company-owned gas stations

10.5%

*Excludes GNV only Gas-stations

10.1%9.2%

8.9%

FUELS

LPG: ABASTIBLE

Others 64,7%

35,3%

LPG market share in 2015

LPG sales in Chile

(th. tons)

• More than 1.5 million residential clients, 6 million gas cylindersand

1,500 distributors in Chile

• Physical sales over 434 th. Tons of LPG in 2015

• 2nd largest player in Chile

• Significant development potential:

• Substitution of firewood , currently 40% of residential needs

• Expansion of geographic coverage: Arica, Antofagasta, Calama and

Iquique

• New applications: Autogas and Nautigas

321 341 348409 398 392 387 395 404 418 427 434 427 434

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Dec-14

Dec-15

Abastible: Important player in LPG distribution in Chile

Others 63,0%

37,0%

Inversiones del Nordeste: Main player in LPG distribution

in Colombia

• In 2011 Abastible acquired a 51% stake in Inversiones del Nordeste

with a total investment of US$ 77 million

• IN is the main player in the Colombian LPG market. During 2014 it

reached:

• 35% market share

• Sales over 197 th. Tons of LPG

• Regulatory framework with free prices and company-owned cylinders,

very similar to Chile

Inversiones del Nordeste

CAC: 2,8%

33

FUELS

NATURAL GAS: METROGAS

803698 664

397278

391

648 686 701

1.012

1.141

1.303

1.141

1.303

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Dec-14

Dec-15

322 345373

406436 451 456 461 472 489

579614

503

603

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Dec-14

Dec-15

Number of Clients

(th.)

Physical sales

(million of m3)

• Empresas Copec participates in distribution and commercialization of natural gas through its stake in Metrogas

• It owns 39,8% of the company

• Distributes natural gas to more than 500,000 customers in the Metropolitan Region and supplies 90% of industrial consumption.

• Network of over 5 th. kilometers of pipelines

• LNG terminal operating since September 09 provides stable supply and generates new business opportunities

• During 2013 the company started a project to increase in 50% the regasification capacity to 15 million cubic meters per day

CAC: 6,0%

34

MAIN RELATED

COMPANIES

Other InvestmentsFishing

81.93%

66.80% 30.64%

99.87% 50.00%

35

OTHER

INVESTMENTS

MINA INVIERNO

• Coal mine in the Magallanes Region

• Resources: 516 million tons

• Reserves: 250 million tons

• Started operations during 1Q13

• During 2014 production reached 3.9

million tons

GOLDEN OMEGA

• Production of fish oil – based Omega 3

concentrates

• Only vertically integrated producer in

the world

• Started opeations during 2012

• During 2013 capacity increased to 700

annual tons

CAN-CAN

• Diego de Almagro copper mine

under studies

36

November 2015

FORESTRY

LATEST

DEVELOPMENTS

37

ARAUCO PURCHASES 50% OF TAFISA AND ENTERS

EUROPEAN AND SOUTH AFRICAN MARKETS

• The US$150 million investment will allow Arauco to share control

of this company that will operate two panel mills and one saw mill

in Spain; two panel mills and one resin facility in Portugal; four

panel mills in Germany and two in South Africa.

• Once the transaction is complete, the new company will be called

Sonae-Arauco. with estimated annual sales of US$ 900 millions.

• Sonae-Arauco’s production capacity will be aprox. 460,000 m3 of

OSB, 1.45 million m3 of MDF, 2.27 million m3 of PB and 100,000

m3 of sawn timber.

• This operation will rank Arauco as the world’s second largest

producer in the panel industry, with an annual production of about

9 million m3.

February 2015

MINA INVIERNO S.A. RECORDS ASSET IMPAIRMENT

• During 2015 due to a worsening scenario of low international coal

prices, and in line with what companies in the mining industry

have been doing, Laguna Blanca S.A. and its subsidiaries

conducted and completed a new impairment test on the

accounting items included on its balance sheet.

• The results obtained, which were validated by an external firm of

auditors, entail a financial loss for Laguna Blanca S.A. of about

US$290 million, comprising impairment of the amounts of

property, plant and equipment, the realization value of inventories,

intangibles and deferred tax assets.

• The negative effect on the income of Empresas Copec S.A. as of

12/31/2015, amounted to approximately US$145 million,

proportional to its shareholding.

• Such extraordinary accounting effect does not mean a cash

outflow.

FORESTRY / FUELS

LATEST

DEVELOPMENTS

38

TERPEL PARTICIPATES IN BIDING PROCESS FOR

PETROBRAS’ ASSETS IN COLOMBIA

• Terpel’s Board approved presenting a binding bid for the

acquisition of Petrobras’ assets in Colombia.

• The bid considers the acquisition of the fuels distribution

business, a lubricant production plant and convenience

stores.

• The operation involves 113 gas stations and 16

convenience stores.

ARAUCO ANNOUNCES THE CONSTRUCTION OF A PANEL MILL

IN THE UNITED STATES

• Continuing with the internationalization of the company, Arauco

announced the construction of a 750,000 m³/yr Particleboard mill in

Grayling, Michigan.

• The construction is meant to begin late 2016 and is expected to

last two years.

• The addition of panel capacity to this geographical area will

improve customer access to a stable, cost-efficient supply of high

quality particleboard and decorative panel products.

• This $325 million investment (estimated) will be the single largest

continuous particleboard press in North America, and one of the

highest capacity presses in the world.

• Local authority’s permits and the approval of the board are still

pending.

September 2015 September 2015

FORESTRY / FUELS

LATEST

DEVELOPMENTS

39

TERPEL PARTICIPATES IN BIDING PROCESS FOR

PETROBRAS’ ASSETS IN COLOMBIA

• Terpel’s Board approved presenting a binding bid for the

acquisition of Petrobras’ assets in Colombia.

• The bid considers the acquisition of the fuels distribution

business, a lubricant production plant and convenience

stores.

• The operation involves 113 gas stations and 16

convenience stores.

ARAUCO ANNOUNCES THE CONSTRUCTION OF A PANEL MILL

IN THE UNITED STATES

• Continuing with the internationalization of the company, Arauco

announced the construction of a 750,000 m³/yr Particleboard mill in

Grayling, Michigan.

• The construction is meant to begin late 2016 and is expected to

last two years.

• The addition of panel capacity to this geographical area will

improve customer access to a stable, cost-efficient supply of high

quality particleboard and decorative panel products.

• This $325 million investment (estimated) will be the single largest

continuous particleboard press in North America, and one of the

highest capacity presses in the world.

• Local authority’s permits and the approval of the board are still

pending.

September 2015 September 2015

FORESTRY

LATEST

DEVELOPMENTS

40

ENVIRONMENTAL IMPACT STATEMENT (EIS) APPROVED

FOR THE VALDIVIA PROJECT

• In February the environmental assessment department (EAD)

approved the environmental impact statement (EIS) submitted

by Arauco to undertake a textile pulp project at the Valdivia

wood pulp mill.

• This project, entailing an investment of US$185 million, will

enable the company to innovate and be the first in Chile to

produce this kind of pulp, generating a value-added product and

diversifying its offering in the market.

• This project will also increase the electric power generation of

the mill by 15 MW.

ARAUCO WILL INVEST US$ 30 MILLION IN EXPANSION OF

PARTICLEBOARD MILL IN THE UNITED STATES

• The project was approved to expand particleboard and melamine

capacity in one of Flakeboard´s mill in South Carolina.

• The investment will be US$ 30 million and will increase

production by 100,000m3 annually through increased dryer

capacity. The estimated start-up of this expansion is during the

4Q of 2015.

March 2015March 2015

0

5.000

10.000

15.000

20.000

25.000

30.000

Sustainable Sustainable competitive advantages

in every sector in which it participates

Financial strength

ExpansionSignificant expansion plans

DiversificationBusiness, country and market

diversification

EVOLUTION OF MARKET CAPITALIZATION

(MMUS$)

41

Analysts coverage

Contact Information

42

Director of IR and Investments Cristián Palacios cristian.palacios@empresascopec.cl (56 2) 2461 7042

Investor Relations Rodrigo Perera rodrigo.perera@empresascopec.cl (56 2) 2461 7065

Investor Relations Leopoldo Silva leopoldo.silva@empresascopec.cl (56 2) 2461 7015

Banchile Andrew McCarthy andrew.mccarthy@banchile.cl (56 2) 2873 6126

Banco Penta Juan Pablo Moraga juan.moraga@bancopenta.cl (56 2) 2873 3298

Barclays Pedro Grimaldi pedro.grimaldi@barclays.com (55 11) 3757 7297

BBVA Research Hernán Guerrero hguerreroh@bbva.cl (56 2) 2679 1127

BCI Corredores Ana Carolina Santos asantog@bci.cl (56 2) 2692 7457

BICE Julián de la Maza julian.delamaza@bice.cl (56 2) 2692 2523

BTG Pactual Cesar Perez cesar.perez@btgpactual.com (56 2) 2490 5012

Citigroup Juan Tavarez juan.g.tavarez@citi.com (1 212) 816 5791

Compass Group Paulina Rojas paulina.rojas@cgcompass.com (56 2) 2364 4803

Corp Research Vicente Meschi vicente.meschi@corpgroup.cl (56 2) 2660 3620

Credit Suisse Viccenzo Paternostro viccenzo.paternostro@credit-suisse.com (55 11) 3841 6043

Euroamerica Claudio Ormazábal claudio.ormazabal@euroamerica.cl (56 2) 2581 7038

GBM Emilio Acevedo eacevedo@gbms.cl (56 2) 2616 9843

Goldman Sachs Humberto Meireles humberto.meireles@gs.com (55 11) 3371 0766

Credicorp Capital Arturo Prado aprado@imtrust.cl (56 2) 2450 1688

Itaú BBA Barbara Angerstein barbara.angerstein@itau.cl (56 2) 2834 6297

JP Morgan Lucas Ferreira lucas.x.ferreira@jpmorgan.com (55 11) 4950 3629

Larrain Vial Vicente Rodriguez vrodriguez@larrainvial.com (56 2) 2339 8616

MBI Lorena Pizarro lorena.pizarro@mbi.cl (56 2) 2655 3716

Merrill Lynch Thiago Lofiego thiago_lofiego@baml.com (55 11) 2188 4010

Morgan Stanley Carlos de Alba Carlos.De.Alba@morganstanley.com (1 212) 761 4927

NAU Pedro Baptista pedrobaptista@nau-securities.com (44 20) 7947 5510

Santander GBM Yair Avayú yair.avayu@santander.cl (56 2) 2336 3359

Scotiabank Benoit Laprade benoit.laprade@scotiabank.com (514) 287 3627

Security Felipe Galleguillos lgalleguillos@security.cl (56 2) 2584 2391

Company Analyst Contact information

EMPRESAS

COPEC S.A.

www.empresascopec.cl