Operational Productivity and Efficiency in CMPC

700 600 500 400 300 200 100 2 Pulp production in low-cost, high-yield geographies BHKP CASH COST US$/ton cif China CMPC's pulp facilities cmpc BSKP CASH COST US$/ton cif China 700 600 500 400 300 CMPC's pulp facilities 200 100 0 0 0 5,000 10,000 15,000 20,000 25,000 30,000 0 5,000 10,000 15,000 20,000 25,000 Th. metrics Tons Th. metrics Tons Source: CMPC and Hawkins Wright as of December 2017 11

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