Empresas Copec S A : Corporate Presentation 3Q23

CORPORATE PRESENTATION

September 2023

EMPRESAS COPEC AT A GLANCE

Chilean industrial group focused in natural resources and energy

Units			FORESTRY
•	Second largest global market pulp producer
Business	•	Second largest global wood panels producer

• Largest sawn timber producer in LatAm

ENERGY

• Main distributor of liquid fuels in Chile and Colombia
• Largest distributor of liquefied gas in Chile, Colombia, Peru and Ecuador
• Stake in the largest natural gas distributor in Chile

OTHERS

•	Participates in metal mining
•	Operations in the fishing industry

Consolidated EBITDA

Energy 50%

	Total of
Forestry	US$ 2,416
million
48%

Others 3%

Pulp & Forestry; 21%

Wood Products; 26%

Liquid Fuels; 42%

LPG; 7%

Others; 3%

Consolidated Assets

Others; 8%

Energy;	Total of
30%
US$ 28,400	Forestry;
	million
	62%

Market capitalization of Chilean companies(*)

US$ million

14.176

11.688 10.536

9.395	8.591

5.217

5.214

5.072

4.962

Americas

Member of the most relevant global indexes in sustainability

Source: Empresas Copec, Bloomberg, RISI. Figures LTM as of September 2023. * Market Cap as of November 14th, 2023.

2

EMPRESAS COPEC AT A GLANCE

Flagship companies in energy and natural resources

ANGELINI GROUP	75.15%

24.85% OTHERS

60.82%

PENSION FUNDS	10.10%

FORESTRY	ENERGY
99.99%				39.83%
100.00%	99.20%

100.00% 58.51%

40.80% 12.00%

29.08% OTHERS

FISHING

OTHER INVESTMENTS

82.37%

39.83%

83.50% 39.79%

51.00%

100.00%

100.00%

As of September 2023

3

HISTORY

Nine decades delivering value to stakeholders

1934	1950-1960	1970-1980	1986	1986-2000	2000-2005
Incorporation	Expansion in energy	Diversification	Entry of Angelini	Investments and	Consolidation and
					group	growth	strategic focus
	•	Abastible	•	Forestry	•	Financial restructuring	•	Alto Paraná	• Angelini assumes control of the Company
	•	Sonacol	•	Mining	•	Strategic Development	•	Arauco II	• Divestiture of shares in non-core businesses
	•	Lubricants	•	Power distribution		Plan	•	Licancel	• Focus in energy, forestry and fishing
			•	Fishing			•	Metrogas

2003

Corporate restructuring

2005-2010

A world scale player

2010-2021

Internationalization in core segments

Creation of Empresas Copec

Arauco becomes the second largest market pulp producer in the world and the third main panel producer

• Expansion of liquid fuels to Colombia, Panama, Dominican Republic, Ecuador, Peru and the US
• Montes del Plata pulp mill in Uruguay(1)
• Growth of the panel business in Brazil, Mexico, US and Europe
• Expansion of LG business to Colombia, Peru and Ecuador

• Consolidation of the lubricant business throughout Latam
• Mina Justa world class project in copper mining in Peru

Source: Empresas Copec

(1) Arauco participates in a joint venture with Stora Enso (50% participation each)

4

COMPETITIVE ADVANTAGES

COMPETITIVE ADVANTAGES

Arauco has a well-balanced exposure to different fibers and is among the most efficient producers in the world

LOW PULP CASH COST

EXPOSURE TO DIFFERENT FIBERS

DP

BSKP

BHKP

13%BSKPDP

700

Int. West Canada

Sweden

Other Europe

26%

9%

BSKP

20%

US$/ADt Cash Cost CIF mill

600

500

400

300

200

0

East Canada	US Japan
Finland
US Coastal BC	China
Japan	Bel/France
Finland
	Sweden
East Europe	Canada
	Iberia
	East Europe
Chile
Other World	Chile/Uruguay
	Other Asia
Brazil
Indonesia

5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000

		Capacity			Post MAPA	Capacity
		4.0 million			5.3 million
EKP
Adt							Adt
39%			UKP		EKP
				54%
			13%
		Fluff
		9%
			SHORT HARVESTING CYCLE
	Softwood (years)			Hardwood (years)
		75
		45					11
					7

UKP 10%

Fluff 7%

38

Annual capacity (000s ADt)

Canada Finland	Brazil	Portugal	Finland

Hawkins Wright, as of December 2022

Source: Empresas Copec

6

COMPETITIVE ADVANTAGES

Arauco has an integrated production system and strong logistical efficiencies

MAXIMIZING THE VALUE OF EVERY TREE	EFFICIENT LOGISTICS BETWEEN FORESTS→ MILLS→ PORTS

(1) Considers only export sales volumes, as of December 2021.

(2) Considers Arauco's Line 3 new capacity and Line 1 shutdown

7

COMPETITIVE ADVANTAGES

Arauco is a world scale player in pulp and panel industries

MARKET PULP INSTALLED CAPACITY**

Million tons

WORLD PANEL INSTALLED CAPACITY**

Million m3

Suzano

CMPC

International Paper

APRIL

Metsa Group

UPM-Kymmene

APP

Stora Enso

Georgia Pacific

5.2* 2nd

Kronospan

Egger

West Fraser

Kastamonu

Swiss Krono

Louisiana Pacific

Pfleiderer

Duratex

Georgia Pacific

8.6*	2nd

• Includes MAPA.
• December 2022

• Doesn't include plywood
• December 2022

8

COMPETITIVE ADVANTAGES

Copec's scale, efficiency and customer preference position the company as a leader for the long run

LARGE SCALE, COVERAGE AND SYNERGIES

• More than 3,372 gas stations*
• Distribution of 25.0 million m³ of liquid fuels**
• Import facilities
• Storage plants
• Industrial clients
• Convenience stores
• Lubricants

STRONG BRAND RECOGNITION

Favorite Brand	Usual Brand
Other	87%	Other
	87%

MARKET SHARE EVOLUTION

Copec Liquid Fuels, Chile

70%

60% 58.0%

50% 48.3%

40%

September 2023

NETWORK EFFICIENCY

MARKET SHARE EVOLUTION

Thousand m3 sold / gas station

10
8
6
4
Other players
in Chile
2
0

4	Thousand m3 sold / gas station
3
2	Other
	players in
	Colombia
1
0

Terpel Liquid Fuels, Colombia

42%

37%

December 2022

• Copec Chile + Terpel + Mapco
• Copec Chile+ Terpel+ Mapco. Figures as of December 2022 (L12M).

December 2022

9

COMPETITIVE ADVANTAGES

Leadership in different geographies allows capturing economies of scale1

FUELS DISTRIBUTION CHILE	LUBRICANTS DISTRIBUTION CHILE2	FUELS DISTRIBUTION COLOMBIA

42%

1st

58%

55%

1st

45%

41%

1st

59%

LG DISTRIBUTION CHILE		LG DISTRIBUTION COLOMBIA		LG DISTRIBUTION PERU3		LG DISTRIBUTION ECUADOR

			21%
38%		35%	41%
1st	1st	1st	1st

62%	66%	60%
		79%

(1)	As of August 2023	10
(2)	As of July 2023
(3)	As of June 2023